Medline Inc. MDLN
Medline Inc. (together with its subsidiaries, "Medline", "the Company", "we", "ours" and "us") is the largest provider of medical-surgical ("med-surg") products and supply chain solutions serving all points of care, based on total net sales of med-surg products. Medline was founded in 1966 and today delivers mission-critical products used daily across the full range of care settings, from hospitals and surgery centers to physician offices and post-acute facilities. Our mission is to make healthcare run better by delivering improved clinical, financial, and operational outcomes.
We have two reportable segments, Medline Brand and Supply Chain Solutions, the combination of which addresses critical needs in the market through a comprehensive solution. They are both supported by our Prime Vendor model, differentiated distribution network, and robust commercial platform. Through our two segments, we offer approximately 335,000 med-surg products, including surgical and procedural kits, gloves and protective apparel, urological and incontinence care, wound care, and consumable lab and diagnostics products. We distribute these products through our expansive network of global distribution facilities and our owned fleet of MedTrans trucks.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|
| Revenue | $28.43B | $25.51B | $23.23B | — |
| Cost of revenue | $20.91B | $18.53B | $17.35B | — |
| Gross profit | $7.52B | $6.98B | $5.88B | — |
| R&D | $80.0M | $67.0M | $60.0M | — |
| SG&A | $4.52B | $4.11B | $3.87B | — |
| Total operating expenses | $5.31B | $4.83B | $4.63B | — |
| Operating income | $2.21B | $2.15B | $1.25B | — |
| Interest expense | $945.0M | $1.14B | $1.21B | — |
| Pre-tax income | $1.25B | $1.25B | $264.0M | — |
| Income tax | $91.0M | $46.0M | $30.0M | — |
| Net income | $1.16T | $1.16B | $234.0M | — |
| EPS, basic | -0.01 | — | — | — |
| EPS, diluted | -0.01 | — | — | — |
| Shares, diluted (wtd. avg.) | $810.0M | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|
| Cash and equivalents | $1.94B | $199.0M | $1.58B | $399.0M |
| Receivables | $3.53B | $3.22B | — | — |
| Inventory | $4.77B | $4.46B | — | — |
| Total current assets | $10.68B | $8.27B | — | — |
| Property, plant and equipment | $4.78B | $4.59B | — | — |
| Goodwill | $8.08B | $8.06B | $7.53B | — |
| Other intangibles | $13.89B | $14.56B | — | — |
| Total assets | $38.48B | $35.98B | — | — |
| Accounts payable | $961.0M | $869.0M | — | — |
| Short-term debt | $76.0M | $76.0M | — | — |
| Total current liabilities | $2.49B | $2.44B | — | — |
| Long-term debt | $12.48B | $16.42B | — | — |
| Total liabilities | $19.20B | $19.45B | — | — |
| Retained earnings | -$7.0M | — | — | — |
| Total equity | $10.74B | — | — | — |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|
| Operating cash flow | $1.74B | $1.77B | $1.69B | — |
| Depreciation and amortisation | $1.01B | $977.0M | $951.0M | — |
| Stock-based compensation | $76.0M | $61.0M | $78.0M | — |
| Capital expenditure | $447.0M | $354.0M | $275.0M | — |
| Investing cash flow | -$474.0M | -$1.49B | -$312.0M | — |
| Financing cash flow | $399.0M | -$1.61B | -$191.0M | — |
| Buybacks | $33.0M | $20.0M | $0 | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-047092.
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