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. In the quarter to June 2026, revenue grew 15.7% and free cash flow grew 3.42%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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Medline Inc. (MDLN) Altman Z-score
Medline Inc.'s Altman Z-score for fiscal 2025 is 2.25, in the grey zone (1.81–2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 2.25 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.21 | — | 0.26 | |
| Retained earnings / total assets | 0.00 | — | −0.00 | |
| EBIT / total assets | 0.06 | — | 0.19 | |
| Market value of equity / total liabilities | 1.77 | — | 1.06 | |
| Sales / total assets | 0.74 | — | 0.74 | |
| Altman Z-score | Grey zone | 2.25 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 2.84 | ||
Z and Z″ put Medline Inc. in different zones: grey zone by Z, safe zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| ISRG Intuitive Surgical, Inc. compare | 50.1× |
| WST West Pharmaceutical Services, Inc. compare | 13.9× |
| RMD ResMed Inc. compare | 10.0× |
| RGEN Repligen Corporation compare | 7.5× |
| MDLN Medline Inc. | 2.2× |
| SOLV Solventum Corporation compare | 2.2× |
| BAX Baxter International Inc. compare | 2.1× |
| BDX Becton, Dickinson and Company compare | 1.8× |
| ALC Alcon compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets