NASDAQ : MDLN
Medline Inc. — Financial statements
Healthcare · Medical Instruments & Supplies · United States
Last price 32 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 42.07B
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Financial statements
Medline Inc. (MDLN) reported revenue of 29.94B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | 29.94B | 28.43B | 25.51B | 23.23B | 21.45B |
| Cost of Revenue | 22.43B | 20.91B | 18.53B | 17.35B | 16.23B |
| Gross Profit | 7.51B | 7.52B | 6.98B | 5.88B | 5.22B |
| Selling, General & Admin | 4.90B | 4.57B | 4.11B | 3.87B | 3.68B |
| Amortization of Goodwill & Intangibles | 706.00M | 704.00M | 685.00M | 662.00M | 660.00M |
| Other Operating Expenses | 409.00M | 68.00M | 35.00M | -55.00M | 20.00M |
| Operating Expenses | 6.02B | 5.34B | 4.83B | 4.47B | 4.36B |
| Operating Income | 1.49B | 2.18B | 2.15B | 1.41B | 861.00M |
| Interest Expense | -781.00M | -945.00M | -1.14B | -1.21B | -899.00M |
| Interest & Investment Income | 147.00M | 133.00M | 280.00M | 237.00M | 27.00M |
| Currency Exchange Gain (Loss) | -88.00M | 7.00M | -11.00M | 11.00M | |
| Other Non Operating Income (Expenses) | -47.00M | -6.00M | -11.00M | 1.00M | 10.00M |
| EBT Excluding Unusual Items | 813.00M | 1.27B | 1.28B | 425.00M | 10.00M |
| Legal Settlements | -10.00M | 33.00M | -2.00M | -161.00M | |
| Other Unusual Items | 274.00M | -58.00M | -32.00M | ||
| Pretax Income | 1.08B | 1.25B | 1.25B | 264.00M | 10.00M |
| Income Tax Expense | 197.00M | 91.00M | 46.00M | 30.00M | 35.00M |
| Earnings From Continuing Operations | 880.00M | 1.16B | 1.20B | 234.00M | -25.00M |
| Minority Interest in Earnings | -187.00M | 2.00M | |||
| Net Income | 693.00M | 1.16B | 1.20B | 234.00M | -25.00M |
| Net Income to Common | 701.00M | 1.16B | 1.20B | 234.00M | -25.00M |
| Shares Outstanding (Basic) | 877.00M | 810.00M | 17.47B | 17.50B | |
| Shares Outstanding (Diluted) | 877.00M | 810.00M | 17.47B | 17.50B | |
| EPS (Basic) | 0.80 | 1.43 | 0.07 | 0.01 | |
| EPS (Diluted) | 0.80 | 1.43 | 0.07 | 0.01 | |
| Free Cash Flow | 1.55B | 1.26B | 1.41B | 1.40B | -67.00M |
| Free Cash Flow Per Share | 1.76 | 1.56 | 0.08 | 0.08 | |
| Gross Margin | 25.09% | 26.44% | 27.35% | 25.33% | 24.32% |
| Operating Margin | 4.99% | 7.66% | 8.42% | 6.07% | 4.01% |
| Profit Margin | 2.34% | 4.08% | 4.71% | 1.01% | -0.12% |
| Free Cash Flow Margin | 5.16% | 4.45% | 5.51% | 6.03% | -0.31% |
| EBITDA | 2.52B | 3.19B | 3.12B | 2.36B | 1.79B |
| EBITDA Margin | 8.41% | 11.22% | 12.25% | 10.17% | 8.36% |
| D&A For EBITDA | 1.02B | 1.01B | 977.00M | 951.00M | 933.00M |
| EBIT | 1.49B | 2.18B | 2.15B | 1.41B | 861.00M |
| EBIT Margin | 4.99% | 7.66% | 8.42% | 6.07% | 4.01% |
| Effective Tax Rate | 18.29% | 7.29% | 3.69% | 11.36% | 350.00% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Cash & Equivalents | 2.33B | 1.94B | 199.00M | 1.56B | |
| Trading Asset Securities | 23.00M | 36.00M | 79.00M | 135.00M | |
| Cash & Short-Term Investments | 2.70B | 1.98B | 278.00M | 1.69B | |
| Receivables | 3.94B | 3.53B | 3.22B | 2.96B | |
| Inventory | 4.67B | 4.77B | 4.46B | 3.81B | |
| Restricted Cash | 2.00M | 3.00M | 51.00M | 29.00M | |
| Other Current Assets | 435.00M | 399.00M | 268.00M | 316.00M | |
| Total Current Assets | 11.74B | 10.68B | 8.27B | 8.81B | |
| Property, Plant & Equipment | 4.70B | 5.21B | 4.98B | 4.80B | |
| Long-Term Investments | 48.00M | 86.00M | |||
| Goodwill | 8.07B | 8.08B | 8.06B | 7.53B | |
| Other Intangible Assets | 13.54B | 13.89B | 14.56B | 14.79B | |
| Long-Term Deferred Tax Assets | 866.00M | 583.00M | |||
| Other Long-Term Assets | 435.00M | 40.00M | 55.00M | 110.00M | |
| Total Assets | 39.35B | 38.48B | 35.98B | 36.12B | |
| Accounts Payable | 1.04B | 961.00M | 869.00M | 696.00M | |
| Accrued Expenses | 1.04B | 960.00M | 941.00M | 856.00M | |
| Short-Term Debt | 1.00M | 1.00M | 2.00M | 2.00M | |
| Current Portion of Long-Term Debt | 28.00M | 76.00M | 76.00M | 73.00M | |
| Current Portion of Leases | 63.00M | 66.00M | 76.00M | 47.00M | |
| Current Income Taxes Payable | 16.00M | 24.00M | 4.00M | 9.00M | |
| Other Current Liabilities | 514.00M | 402.00M | 472.00M | 448.00M | |
| Total Current Liabilities | 2.71B | 2.49B | 2.44B | 2.13B | |
| Long-Term Debt | 12.55B | 12.48B | 16.42B | 16.45B | |
| Long-Term Leases | 386.00M | 329.00M | 264.00M | ||
| Pension & Post-Retirement Benefits | 49.00M | 42.00M | 33.00M | ||
| Other Long-Term Liabilities | 5.01B | 3.79B | 593.00M | 504.00M | |
| Total Liabilities | 20.27B | 19.20B | 19.82B | 19.38B | |
| Common Stock | 16.15B | 16.56B | |||
| Additional Paid-In Capital | 11.40B | 10.72B | |||
| Retained Earnings | 182.00M | -7.00M | |||
| Comprehensive Income & Other | -6.00M | 27.00M | 11.00M | 188.00M | |
| Total Common Equity | 11.57B | 10.74B | 16.16B | 16.74B | |
| Minority Interest | 7.50B | 8.55B | |||
| Shareholders' Equity | 19.08B | 19.29B | 16.16B | 16.74B | |
| Total Liabilities & Equity | 39.35B | 38.48B | 35.98B | 36.12B | |
| Total Debt | 12.64B | 13.01B | 16.90B | 16.83B | |
| Net Cash (Debt) | -9.94B | -11.04B | -16.62B | -15.14B | |
| Net Cash Per Share | -11.33 | -13.63 | -0.95 | -0.87 | |
| Filing Date Shares Outstanding | 877.35M | 811.65M | 17.47B | 17.50B | |
| Total Common Shares Outstanding | 877.00M | 812.00M | 17.47B | 17.50B | |
| Working Capital | 9.03B | 8.19B | 5.83B | 6.68B | |
| Book Value Per Share | 13.19 | 13.22 | 0.93 | 0.96 | |
| Tangible Book Value | -10.04B | -11.23B | -6.47B | -5.58B | |
| Tangible Book Value Per Share | -11.45 | -13.84 | -0.37 | -0.32 | |
| Land | 586.00M | 599.00M | 590.00M | ||
| Buildings | 2.97B | 2.88B | 2.81B | ||
| Machinery | 1.70B | 1.48B | 1.31B | ||
| Construction In Progress | 466.00M | 316.00M | 164.00M | ||
| Leasehold Improvements | 60.00M | 11.00M | 36.00M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Net Income | 693.00M | 1.16B | 1.20B | 234.00M | -25.00M |
| Depreciation & Amortization | 1.02B | 1.01B | 977.00M | 951.00M | 933.00M |
| Other Amortization | 53.00M | 59.00M | 57.00M | 80.00M | 85.00M |
| Loss (Gain) From Sale of Assets | 6.00M | ||||
| Stock-Based Compensation | 94.00M | 76.00M | 61.00M | 78.00M | 64.00M |
| Provision & Write-off of Bad Debts | 22.00M | 54.00M | 63.00M | 8.00M | 29.00M |
| Other Operating Activities | 711.00M | 168.00M | 86.00M | 135.00M | 14.00M |
| Change in Accounts Receivable | -354.00M | -355.00M | -256.00M | -153.00M | -376.00M |
| Change in Inventory | -220.00M | -264.00M | -545.00M | 444.00M | -195.00M |
| Change in Accounts Payable | 117.00M | 73.00M | 106.00M | 136.00M | -103.00M |
| Change in Other Net Operating Assets | -148.00M | -237.00M | 20.00M | -228.00M | -245.00M |
| Operating Cash Flow | 1.99B | 1.74B | 1.77B | 1.69B | 187.00M |
| Capital Expenditures | -446.00M | -480.00M | -364.00M | -285.00M | -254.00M |
| Cash Acquisitions | 6.00M | -1.13B | -16.00M | -17.00M | |
| Investment in Securities | -350.00M | 7.00M | |||
| Other Investing Activities | -3.00M | -11.00M | |||
| Investing Cash Flow | -796.00M | -474.00M | -1.49B | -312.00M | -264.00M |
| Short-Term Debt Issued | 179.00M | 166.00M | 80.00M | ||
| Long-Term Debt Issued | 7.57B | 15.93B | |||
| Total Debt Issued | 12.30B | 7.75B | 16.10B | 80.00M | |
| Short-Term Debt Repaid | -179.00M | -166.00M | -80.00M | ||
| Long-Term Debt Repaid | -11.66B | -15.99B | -77.00M | -61.00M | |
| Total Debt Repaid | -16.41B | -11.84B | -16.16B | -77.00M | -141.00M |
| Net Debt Issued (Repaid) | -4.11B | -4.09B | -63.00M | -77.00M | -61.00M |
| Issuance of Common Stock | 7.05B | 7.05B | |||
| Repurchase of Common Stock | -1.99B | -2.00B | -20.00M | ||
| Common Dividends Paid | -215.00M | -518.00M | -1.52B | -114.00M | -23.00M |
| Other Financing Activities | -166.00M | -36.00M | -12.00M | ||
| Financing Cash Flow | 564.00M | 399.00M | -1.61B | -191.00M | -84.00M |
| Foreign Exchange Rate Adjustments | -15.00M | 23.00M | 2.00M | 4.00M | -30.00M |
| Net Cash Flow | 1.75B | 1.69B | -1.33B | 1.19B | -191.00M |
| Free Cash Flow | 1.55B | 1.26B | 1.41B | 1.40B | -67.00M |
| Free Cash Flow Margin | 5.16% | 4.45% | 5.51% | 6.03% | -0.31% |
| Free Cash Flow Per Share | 1.76 | 1.56 | 0.08 | 0.08 | |
| Levered Free Cash Flow | 850.62M | 791.25M | 759.50M | ||
| Unlevered Free Cash Flow | 1.29B | 1.32B | 1.42B | ||
| Cash Interest Paid | 796.00M | 944.00M | 1.02B | 1.13B | 800.00M |
| Cash Income Tax Paid | 33.00M | 62.00M | 101.00M | 52.00M | 54.00M |
| Change in Working Capital | -605.00M | -783.00M | -675.00M | 199.00M | -919.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Market Capitalization | 42.23B | 34.95B | |||
| Enterprise Value | 52.17B | 50.61B | |||
| Last Close Price | 32.12 | 42.00 | |||
| PE Ratio | 40.36 | 30.16 | |||
| PS Ratio | 1.41 | 1.23 | |||
| PB Ratio | 2.43 | 1.81 | |||
| P/FCF Ratio | 27.31 | 27.65 | |||
| P/OCF Ratio | 21.20 | 20.04 | |||
| EV/Sales Ratio | 1.74 | 1.78 | |||
| EV/EBITDA Ratio | 20.72 | 15.86 | |||
| EV/EBIT Ratio | 34.92 | 23.22 | |||
| EV/FCF Ratio | 33.74 | 40.04 | |||
| Debt / Equity Ratio | 0.66 | 0.68 | 1.05 | 1.00 | |
| Debt / EBITDA Ratio | 4.76 | 3.92 | 5.23 | 6.89 | |
| Debt / FCF Ratio | 8.18 | 10.29 | 12.03 | 12.02 | |
| Net Debt / Equity Ratio | 0.52 | 0.57 | 1.03 | 0.90 | |
| Net Debt / EBITDA Ratio | 3.95 | 3.46 | 5.32 | 6.41 | |
| Net Debt / FCF Ratio | 6.43 | 8.73 | 11.83 | 10.81 | |
| Asset Turnover | 0.79 | 0.76 | 0.71 | ||
| Inventory Turnover | 4.81 | 4.53 | 4.48 | ||
| Quick Ratio | 2.45 | 2.21 | 1.43 | 2.18 | |
| Current Ratio | 4.33 | 4.29 | 3.39 | 4.13 | |
| Return on Equity (ROE) | 4.93% | 6.53% | 7.29% | ||
| Return on Assets (ROA) | 2.46% | 3.66% | 3.72% | ||
| Return on Invested Capital (ROIC) | 4.16% | 6.40% | 6.40% | 3.92% | |
| Return on Capital Employed (ROCE) | 4.10% | 6.10% | 6.40% | 4.20% | |
| Earnings Yield | 2.48% | 3.32% | |||
| FCF Yield | 3.66% | 3.62% | |||
| Payout Ratio | 44.69% | 126.50% | 48.72% | ||
| Buyback Yield / Dilution | 94.99% | 95.36% | 0.19% |