Medline is the largest provider of medical-surgical products and supply chain solutions in the US. The company generates over 90% of its revenue domestically and serves some of the largest US health systems.
It is a $31.8B healthcare company. Revenue grew 12.2% over the last year, it keeps 2¢ of every dollar of sales as profit, and its net debt equals ~6.7 years of free cash flow. It trades at 68.8× earnings.
- Website
- medline.com
- Location
- Northfield, IL
- Employees
- 45 000
- Sector
- Healthcare
Skills
Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.
Strong quality; Valuation, Profitability and Moat lag behind.
Valuation47
- P/E vs own history85th pct · 0/25
- FCF yield5.0% · 12/25
- P/S1.6x · 25/25
- EV/EBITDAn/a · 10/25
Growth62
- Revenue CAGR9.9% · 12/25
- Net income CAGRn/a · 0/25
- EPS CAGR ~5Y131.3% · 25/25
- Fwd implied growth183.0% · 25/25
Profitability21
- ROIC5.4% · 5/25
- ROE5.5% · 5/25
- Net margin1.7% · 6/25
- Operating margin6.0% · 5/25
Health57
- Altman Z1.65 · 10/25
- Current ratio4.33 · 25/25
- Interest coverage2.4x · 10/25
- Net cash / debtD/A 28% · 12/25
Quality84
- Piotroski F7/9 · 22/25
- Beneish M-2.20 · 12/25
- FCF conversion225% · 25/25
- Margin stabilityσ 1.9% · 25/25
Moat21
- ROIC >12% years0/3 yrs · 0/25
- Median gross margin25.9% · 6/25
- FCF-positive years3/4 yrs · 10/25
- Worst-year net marginworst -0.1% · 5/25
Experience
The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.
- 2025IPOMedline completed an initial public offering, listing on Nasdaq at $29 per share, raising more…
- FY2024FinancialBest year on record$1.20B net income
- FY2023FinancialTurned profitable$234M net income after a loss year
- FY2022FinancialRevenue already above $10B$21.4B in first reported year
- 2022MilestoneMedline was ranked at #15 on the Forbes 2022 list of largest privately held companies in America and employs over…
- 2021AcquisitionIt was acquired by a consortium of private equity firms Blackstone, Carlyle and Hellman & Friedman…
- 2011ProductMedline introduced BioMask, the first-ever FDA-cleared antiviral medical facemask shown to inactivate flu…
- 2009ProductMedline Launched Generation Pink exam gloves to help raise breast cancer awareness and turned the original…
- 2007AcquisitionMedline acquired the Curad brand of first-aid products from Beiersdorf, entering the retail market
- 1995MilestoneMedline opened its first facility for assembling sterile procedure trays (SPTs), in Waukegan, Illinois
- 1972MilestoneMedline opened its first non-textile manufacturing division (Dynacor) with the purchase of an injection…
- 1968MilestoneL.’s grandsons Jim and Jon Mills left Cenco and founded Medline with approximately 12,000 square feet of warehouse…
Achievements
Verifiable track record, straight from the reported numbers.
Strengths & watch-outs
What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.
Strengths
- Revenue growing 12.2% year over year
- Piotroski F-Score 7/9 — fundamentally strong checklist
Watch-outs
- Altman Z-Score 1.65 — elevated financial-distress risk
- Net debt would take ~6.3 years of free cash flow to repay
- Loss-making in 1 of the recent years
- Net debt equals ~6.7 years of free cash flow
- Short reporting history — trends are less reliable
Qualifications
The basics a company should meet before you research it further. Each check uses the reported numbers.
- Revenue growing — the company sells more than a year ago+12.2% YoY
- Profitable — makes more than it spends$504M TTM
- Profit growing — earnings are higher than last year-3.4% YoY
- Generates cash — cash left after running and investing$1.58B TTM
- Debt under control — could handle its obligations~6.7y of cash flow to repay
- Established company — not a micro-cap — lower blow-up risk$31.8B market cap
- Not printing shares — share count not ballooning — you keep your slice-7.4% shares over ~5y
- Proven track record — years of profitability behind it3/4 profitable years
- Financially stable — balance sheet not near distressAltman Z 1.6 — distress
- Pays a dividend — returns cash to shareholdersno data
- Valuation not extreme — price not wildly above earningsP/E 68.8
Peer comparisonMedline Inc. vs 6 largest healthcare peers — cap, P/E, growth and margin side by sideOpen ▾Close ▴
| Company | Market cap | P/E | Revenue growth | Net margin | Profile |
|---|---|---|---|---|---|
| MDLN this company | $31.8B | 68.8 | +12.2% | 1.7% | Solid |
| LLY Eli Lilly & Co. | $1.0T | 41.6 | +49.6% | 33.5% | Solid |
| JNJ Johnson & Johnson | $630.9B | 29.9 | +8.1% | 21.5% | Mixed |
| ABBV Abbvie Inc. | $488.5B | 77.4 | +10.4% | 9.8% | Mixed |
| MRK Merck & Co., Inc. | $361.0B | 113.2 | +4.6% | 4.8% | Mixed |
| UNH UNITEDHEALTH GROUP INCORPORATED (Delaware) | $340.7B | 24.1 | +6.5% | 3.1% | Mixed |
| NVS Novartis AG | $273.2B | 20.3 | +9.6% | 24.7% | Solid |
Head-to-head: MDLN vs LLY · MDLN vs JNJ · MDLN vs ABBV
References
What covering analysts publish about the company — information only, not a recommendation.
Appendix · Financial records
The full statements behind this CV, FY2022–FY2025. For readers who want to check the numbers.
Live data and quarterly detail: stockcv.com/MDLN
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Deeper analysis of MDLN on PreMarketPriceFigures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $36.29 · market cap $31.8B.