Medline Inc.
MDLN Nasdaq Surgical & Medical Instruments & Apparatus Financials FY2023–FY2025
Last close · Oct 23, 2026
$34.09
2.3%What Medline Inc. does
No business description yet.
- Legal name
- Medline Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 25, 2026
- Accession · CIK
- 0002046386-26-000009
0002046386
Revenue and margins
Medline Inc. had $28.4B of revenue in fiscal 2025, up 11.5% on the year before.
Net income and earnings per share
Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $1.3B in fiscal 2025, 4.6% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Medline Inc. returned $33.0M to shareholders in fiscal 2025, 3% of free cash flow. The diluted share count rose 0.0%.
Balance sheet
Cash, debt and the ratios that show how comfortably Medline Inc. can carry it.
| Fiscal year end | FY23 | FY24 | FY25 |
|---|---|---|---|
| Cash and short-term investments | $1.6B | $199M | $1.9B |
| Debt incl. finance leases | — | $16.5B | $12.6B |
| Net debt / EBITDA | — | 5.2x | 3.3x |
| Debt / equity | — | — | 1.2x |
| Interest coverage | 1.0x | 1.9x | 2.3x |
| Current ratio | — | 3.4x | 4.3x |
| Quick ratio | — | 1.6x | 2.4x |
| Total assets | — | $36.0B | $38.5B |
| Total liabilities | — | $19.5B | $19.2B |
| Shareholders' equity | — | — | $10.7B |
| Net debt (− = net cash) | — | $16.3B | $10.6B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | — | — | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | — | ✓ |
| Current ratio rose | — | — | ✓ |
| Share count didn't rise | — | — | — |
| Gross margin rose | — | ✓ | ✕ |
| Revenue rose relative to assets | — | — | ✓ |
| F-score | — / 3 | — / 4 | 6 / 8 |
| Accruals ratio | — | −1.7% | −1.6% |
| Altman Z'' | — | — | 2.37 |
3 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY23 | FY24 | FY25 |
|---|---|---|---|
| Income statement | |||
| Revenue | $23.2B | $25.5B | $28.4B |
| Gross profit | $5.9B | $7.0B | $7.5B |
| Research and development | $60.0M | $67.0M | $80.0M |
| Operating income | $1.3B | $2.1B | $2.2B |
| Interest expense | $1.2B | $1.1B | $945M |
| Pretax income | $264M | $1.2B | $1.2B |
| Income tax | $30.0M | $46.0M | $91.0M |
| Net income | $234M | $1.2B | $1.2B |
| Diluted EPS | — | — | −$0.01 |
| Diluted shares | — | — | 0.81B |
| Cash flow | |||
| Cash from operations | $1.7B | $1.8B | $1.7B |
| Capital expenditure | $275M | $354M | $447M |
| Free cash flow | $1.4B | $1.4B | $1.3B |
| Depreciation and amortization | $951M | $977M | $1.0B |
| Stock-based compensation | $78.0M | $61.0M | $76.0M |
| Acquisitions | $16.0M | $1.1B | −$6.0M |
| Share buybacks | $0.0M | $20.0M | $33.0M |
| Dividends and buybacks | $0.0M | $20.0M | $33.0M |
| Balance sheet | |||
| Cash and short-term investments | $1.6B | $199M | $1.9B |
| Total debt | — | $16.5B | $12.6B |
| Current assets | — | $8.3B | $10.7B |
| Current liabilities | — | $2.4B | $2.5B |
| Inventory | — | $4.5B | $4.8B |
| Property and equipment, net | — | $4.6B | $4.8B |
| Goodwill | $7.5B | $8.1B | $8.1B |
| Intangible assets | — | $14.6B | $13.9B |
| Total assets | — | $36.0B | $38.5B |
| Total liabilities | — | $19.5B | $19.2B |
| Preferred stock | — | — | $0.0M |
| Shareholders' equity | — | — | $10.7B |
| Margins | |||
| Gross margin | 25.3% | 27.3% | 26.4% |
| Operating margin | 5.4% | 8.4% | 7.8% |
| EBITDA margin | 9.5% | 12.2% | 11.3% |
| Net margin | 1.0% | 4.6% | 4.1% |
| FCF margin | 6.1% | 5.5% | 4.6% |
| Returns | |||
| Return on capital | — | — | 9.6% |
| Return on capital employed | — | 6.4% | 6.1% |
| Return on equity | — | — | 10.8% |
| Return on assets | — | 3.2% | 3.1% |
| Growth | |||
| Revenue growth | — | 9.8% | 11.5% |
| Net income growth | — | 397.0% | −0.3% |
| FCF growth | — | 0.4% | −8.3% |
| Financial health | |||
| Net debt / EBITDA | — | 5.2x | 3.3x |
| Debt / equity | — | — | 1.2x |
| Interest coverage | 1.0x | 1.9x | 2.3x |
| Current ratio | — | 3.4x | 4.3x |
| Quick ratio | — | 1.6x | 2.4x |
| Capital allocation | |||
| Capex / revenue | 1.2% | 1.4% | 1.6% |
| Stock comp / revenue | 0.3% | 0.2% | 0.3% |
| Payouts / FCF | 0.0% | 1.4% | 2.5% |
| Quality scores | |||
| Piotroski F-score | — | — | 6.0 |
| Altman Z'' | — | — | 2.4 |
| Accruals ratio | — | −1.7% | −1.6% |
Source: SEC EDGAR XBRL filings (CIK 0002046386). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.