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Friday 6 November 2026
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Medline Inc.
MDLN Healthcare Medical Instruments & Supplies
Medline Inc.’s revenue for fiscal 2025 (year ended December 2025) was $28.4 billion, up 11.5% from fiscal 2024.
- Revenue
- +14.1%
- Free cash flow
- +916.1%
- Total debt
- −23.7%
Quarter to September 2026, against a year earlier
39.11
0.65
−1.63%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Sep ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | — | — | — | — | — | — | — | 23,231 | 25,507 | 28,432 | 30,680 | +10.6% | 31,227 | 33,677 | 36,314 | +8.5% | |
| Gross margin, % | — | — | — | — | — | — | — | 25.33 | 27.35 | 26.44 | 44.88 | +1.1 pt | ||||||
| EBT | — | — | — | — | — | — | — | 264 | 1,246 | 1,248 | 8,699 | +117.4% | ||||||
| EBT margin, % | — | — | — | — | — | — | — | 1.14 | 4.88 | 4.39 | 28.35 | +3.3 pt | ||||||
| Net income | — | — | — | — | — | — | — | 234 | 1,200 | 1,157 | 1,853 | +122.4% | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | — | — | — | — | — | — | — | 0.00 | 0.00 | 35.10 | 35.00 | n/m | |||||
| Earnings | — | — | — | — | — | — | — | — | — | 1.43 | 0.68 | — | ||||||
| Cash flow | — | — | — | — | — | — | — | 0.00 | 0.00 | 2.15 | 4.45 | n/m | ||||||
| Capex | — | — | — | — | — | — | — | 0.00 | 0.00 | (0.55) | (0.91) | n/m | ||||||
| Free cash flow | — | — | — | — | — | — | — | 0.00 | 0.00 | 1.60 | 3.54 | n/m | ||||||
| Book value | — | — | — | — | — | — | — | 0.00 | 0.00 | 23.81 | 22.12 | n/m | ||||||
| Shares, m | — | — | — | — | — | — | — | — | — | 810 | 841 | — | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | — | — | — | — | — | — | — | 50.68 | 50.68 | 50.68 | 58.36 | 50.7 | |||||
| P/S | — | — | — | — | — | — | — | 0.00 | 0.00 | 0.00 | 1.14 | 0.0 | ||||||
| P/B | — | — | — | — | — | — | — | 0.00 | 0.00 | 1.76 | 1.81 | 0.6 | ||||||
| EV/Sales | — | — | — | — | — | — | — | 0.00 | 0.00 | 0.00 | 1.46 | 0.0 | ||||||
| EV/FCF | — | — | — | — | — | — | — | 4.66 | 4.66 | 13.20 | 14.49 | 7.5 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | — | — | — | — | — | — | — | 1,685 | 1,769 | 1,744 | 3,896 | +1.7% | |||||
| Capex | — | — | — | — | — | — | — | (275) | (354) | (447) | (795) | +27.5% | ||||||
| Free cash flow | — | — | — | — | — | — | — | 1,410 | 1,415 | 1,297 | 3,101 | (4.1%) | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | — | — | — | — | — | — | — | — | 5,832 | 8,189 | 9,524 | +40.4% | |||||
| Net debt | — | — | — | — | — | — | — | — | 16,295 | 10,622 | 12,580 | (34.8%) | ||||||
| Shareholders’ equity | — | — | — | — | — | — | — | — | 16,158 | 19,286 | 19,386 | +19.4% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | — | — | — | — | — | — | — | 0.00 | 6.67 | 3.11 | 1.49 | +3.1 pt | |||||
| ROIC | — | — | — | — | — | — | — | 0.00 | 4.13 | 4.62 | 17.80 | +4.6 pt | ||||||
| ROE | — | — | — | — | — | — | — | 0.00 | 0.00 | 6.54 | 3.18 | +6.5 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | — | — | — | — | — | — | — | 43,000 | 45,000 | — | +4.7% | |||||
| Revenue/emp, $m | — | — | — | — | — | — | — | 0.00 | 0.59 | 0.63 | — | n/m | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 4 Nov 2026
Business profile
Where the money comes from and where it goes Fiscal 2025
| Supply Chain Solutions | 14,712 | 51.74% |
|---|---|---|
| Medline Brand | 13,720 | 48.26% |
| Gross margin | 26.44% | |
| Operating margin | 7.78% | |
| Pre-tax margin | 4.39% |
Medline Inc. vs peers in Medical Instruments & Supplies (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| ISRG Intuitive Surgical, Inc. | $162.4B | 55.7× | 49.8× | +21.70% (above 0%: growing) | −24.24% (below 0%: shrinking) | +51.03% (above 0%: growing) | 68.37% | 19.44% | Compare |
| BDX Becton, Dickinson and Company | $58.2B | 64.1× | 39.2× | −9.55% (below 0%: shrinking) | −31.50% (below 0%: shrinking) | −31.57% (below 0%: shrinking) | 46.46% | 13.31% | Compare |
| MDLN Medline Inc. | $52.3B | 58.4× | — | +14.09% (above 0%: growing) | — | +916.09% (above 0%: growing) | 24.50% | 6.36% | |
| ALC Alcon | $36.9B | 58.4× | 44.5× | +8.74% (above 0%: growing) | n/m | −0.54% (below 0%: shrinking) | 59.33% | 0.39% | Compare |
| RMD ResMed Inc. | $33.7B | 21.7× | 19.6× | +5.93% (above 0%: growing) | +23.11% (above 0%: growing) | −9.79% (below 0%: shrinking) | 61.53% | 32.02% | Compare |
| WST West Pharmaceutical Services, Inc. | $27.3B | 43.8× | 48.1× | +8.69% (above 0%: growing) | +56.69% (above 0%: growing) | +12.32% (above 0%: growing) | 39.73% | 30.58% | Compare |
| SOLV Solventum Corporation | $14.8B | 97.3× | 47.7× | −7.01% (below 0%: shrinking) | n/m | +561.90% (above 0%: growing) | 0.00% | 0.00% | Compare |
| BAX Baxter International Inc. | $13.3B | — (loss-making) | 21.3× | +4.97% (above 0%: growing) | n/m | +255.56% (above 0%: growing) | 33.40% | 7.56% | Compare |
| COO The Cooper Companies, Inc. | $12.1B | 21.7× | 17.5× | +0.56% (above 0%: growing) | +357.14% (above 0%: growing) | +65.96% (above 0%: growing) | 66.77% | 20.82% | Compare |
| Median of peers | $30.5B | 55.7× | 41.9× | +5.45% | +23.11% | +31.68% | 52.90% | 16.38% |
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
57.06%
Held by the ten largest
38.85%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| Carlyle Group Inc. | 187.08m | 14.23% | 0.00 |
| H&F Corporate Investors X, Ltd. | 70.87m | 5.39% | −15.60m |
| Fidelity (FMR) | 46.96m | 3.57% | +10.41m |
| Capital Group | 40.51m | 3.08% | +13.03m |
| Invesco | 38.35m | 2.92% | +17.38m |
| Vanguard | 38.17m | 2.90% | +7.12m |
| BlackRock | 26.39m | 2.01% | +9.47m |
| Morgan Stanley | 21.61m | 1.64% | +5.90m |
| LONE PINE CAPITAL LLC | 20.97m | 1.59% | +9.18m |
| MFS Investment Management | 19.89m | 1.51% | +8.32m |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 23 April 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 3.86m | 61.84m | 102.44 |
Ownership
Directors and executive officers, together
less than 1% of the votes
Mozart HoldCo, Inc.
17.80% of the votes
Blackstone
14.20% of the votes
Carlyle
14.20% of the votes
H&F
14.20% of the votes
GIC Private Limited
9.00% of the votes
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
Medline Inc. (MDLN) Latest News
5 Nov
4 Nov
5 Aug
6 May
MDLN metrics, ten years each
- Revenue
- Net income
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Book value per share
Medline makes and distributes medical-surgical supplies and provides supply chain services to healthcare organizations. Its customers include hospitals, surgery centers, physician offices and post-acute facilities. These organizations use its products in patient care, operations and laboratories.
The company operates through two segments. Medline Brand sells products bearing its own brands, including gloves, wound care supplies, surgical trays and diagnostic products. Supply Chain Solutions distributes products from other manufacturers and offers services to help customers manage inventory, warehouses and deliveries. Across the two segments, Medline offers approximately 335,000 med-surg products.