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Nasdaq · Healthcare

Medline Inc. (MDLN)

As-reported financials and SEC filings for Medline Inc. The latest annual period is FY2025. The latest reported quarter is Q2 FY2026. Financial statements come straight from the company’s EDGAR filings; valuation figures such as P/E and market cap use market data.

About Medline Inc.

Medline Inc. is a provider of medical-surgical products and supply chain solutions serving various healthcare settings such as hospitals, surgery centers, and physician offices. The company offers approximately 335,000 products, including surgical kits, gloves, wound care items, and diagnostic equipment, through its Medline Brand and Supply Chain Solutions segments. Medline operates a network of global distribution centers and its own fleet of trucks to deliver products and supply chain services to healthcare providers.

Snapshot

Revenue
$28.43B
Revenue growth (YoY)
—
Net income
$1.16B
Diluted EPS
$-0.01
Gross margin
26.4%
Operating margin
7.8%
Net margin
4.1%
FCF margin
4.6%
ROE
6.0%
net income / fiscal-year-end equity
P/E
89.9×
trailing when available, otherwise FY EPS
Market cap
$48.38B
Long-term debt / equity
0.65×
non-current term debt only

Fundamentals are from SEC filings for FY2025, the latest annual period (ended December 31, 2025). P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and typically within the past week.

What changed at Medline

  • Operating margin is 7.8% in FY2025, +2.4 pp against 5.4% in FY2022.
  • Most recent quarter Q2 FY2026: revenue $7.7B, up 11.6% from Q2 FY2025.
  • Free cash flow was $1.3B in FY2025, 4.6% of revenue.
  • Net income rose 0.5% to $1.2B in FY2025.

Computed from the as-reported figures in the statements below. A change we cannot state from filed figures is left out rather than estimated.

Peer comparison

Where Medline’s fundamentals sit among the 88 medical device companies. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).

Gross margin26.4%
3rd percentile of 77
Operating margin7.8%
66th percentile of 80
Net margin4.1%
66th percentile of 81
FCF margin4.6%
62nd percentile of 75
ROE6.0%
65th percentile of 79
P/E89.9×
90th percentile of 30
Long-term debt / equity0.65×
60th percentile of 54
Short interest5.08d
53rd percentile of 88

Medline’s gross margin of 26.4% ranks in the 3rd percentile of the 77 medical device companies reporting it. Medline’s P/E of 89.9 ranks in the 90th percentile of the 30 peers with a meaningful P/E.

No reported insider purchases (code P) in the last 90 days; 12 insider sales totaling $1.15B. For context, about 15% of companies in the universe saw any reported insider purchase (code P) in the same window. Browse insider activity →

Percentiles describe where a figure sits among industry peers reporting it (100th = highest). They are position within a peer group, not a rating, and not investment advice. Short interest ranking uses days to cover from FINRA Consolidated Short Interest data; FINRA is the owner and source of that data, included at no additional charge.

Institutional ownership

Held by 5 of the superinvestors we track (plus 4 quant / multi-strat books), based on each investor’s most recent 13F; periods vary by investor (newest: Q2 2026).

Conviction investors
5
+4 quant / multi-strat
Initiated / added
4
2 new, 2 added
Reduced / exited
8
5 trimmed, 3 exited
Combined position
$1.14B
reported long value
InvestorAs ofPosition valueSharesChange
Lone Pine CapitalQ2 2026$827.0M21.0MAdded
Viking Global InvestorsQ2 2026$190.9M4.8MReduced
Soros Fund ManagementQ2 2026$64.6M1.6MAdded
Millennium ManagementquantQ2 2026$42.0M1.1MReduced
Two Sigma InvestmentsquantQ2 2026$7.7M194.6KReduced
Citadel AdvisorsquantQ2 2026$1.3M32.6KReduced
Bridgewater AssociatesQ2 2026$782,76619.8KNew
AQR Capital ManagementquantQ2 2026$423,04610.7KNew
Gotham Asset ManagementQ2 2026$323,1718.2KReduced

No longer held by: Maverick Capital (as of Q2 2026), Point72 Asset Management (as of Q2 2026), Renaissance Technologies (as of Q2 2026)

From quarterly Form 13F filings, which can be up to 45 days delayed. Long US-listed positions only: excludes short positions, options, cash, bonds, and non-US holdings, so this is not a manager’s complete portfolio. Counts are of the investors we track, not all institutions. Not investment advice.

Recent insider activity

Non-derivative buys and sells (codes P/S) reported by officers, directors and 10% owners on SEC Form 4.

Buys (90d)
0
code P
Bought (90d)
—
code P value
Sells (90d)
12
$1.15B
Reported activity
Net selling
by $ value, 90d
Trade dateInsiderTypeSharesPriceValue
2026-10-08
filed 2026-10-13
GIC Private Ltd10% ownerSell7.8M$35.15$274.8M
2026-10-06
GIC Private Ltd10% ownerSell7.2M$35.05$251.8M
2026-10-06
GIC Private Ltd10% ownerSell2.1M$35.05$73.2M
2026-10-05
filed 2026-10-06
GIC Private Ltd10% ownerSell1.7M$35.78$60.4M
2026-10-02
filed 2026-10-06
GIC Private Ltd10% ownerSell7.1M$34.33$245.4M
2026-10-02
filed 2026-10-06
GIC Private Ltd10% ownerSell2.6M$35.35$90.9M
2026-08-14
filed 2026-08-17
GIC Private Ltd10% ownerSell100.0K$35.80$3.6M
2026-08-13
filed 2026-08-17
GIC Private Ltd10% ownerSell1.5M$35.80$53.7M
2026-08-07
filed 2026-08-11
GIC Private Ltd10% ownerSell590.3K$35.58$21.0M
2026-08-06
filed 2026-08-07
GIC Private Ltd10% ownerSell272.0K$35.33$9.6M
2026-08-05
filed 2026-08-07
GIC Private Ltd10% ownerSell1.7M$35.46$60.7M
2026-08-05
filed 2026-08-07
GIC Private Ltd10% ownerSell265.7K$36.48$9.7M

Reported non-derivative purchases and sales (codes P/S), which may be open-market or private. Excludes option exercises, grants, and shares withheld for taxes. Dates shown are the trade date; a Form 4 can be filed days to years later. A sale can be routine (e.g. a pre-set 10b5-1 plan), so read individual transactions in context. From SEC Form 4. Not investment advice.

Short interest

Total shares sold short as of each twice-monthly FINRA settlement. Rising short interest means more investors are positioned against the stock; days to cover estimates how many trading days of average volume that position represents.

Shares short
52.7M
settled 2026-09-30
Change vs prior
+27.5%
vs previous settlement
Days to cover
5.08
at avg daily volume
Avg daily volume
10.4M
FINRA reported
SettlementShares shortChangeDays to cover
2026-09-3052.7M+27.5%5.08
2026-09-1541.3M+4.6%6.43
2026-08-3139.5M+9.2%6.07
2026-08-1436.2M+4.7%3.83
2026-07-3134.6M+17.4%6.84
2026-07-1529.5M-18.9%4.48
2026-06-3036.3M+31.3%3.73
2026-06-1527.6M+21.4%2.33

Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data, which is included at no additional charge for your own personal or professional use; republishing or redistributing it is not permitted. Settlement dates are shown; FINRA publishes each settlement about nine business days later, so the latest figure can be two to four weeks old. Not presented as a percentage of float. No FINRA endorsement of this product is implied. Not investment advice.

Income statement (as reported)

 FY2025FY2024FY2023FY2022
Revenue$28.43B—$25.51B$23.23B
Gross profit—
Operating income$2.21B—$2.15B$1.25B
Net income$1.16B$1.15B$1.16B$234.0M
Diluted EPS$-0.01———

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Full details: where the numbers come from.

Balance sheet (as reported)

 FY2025FY2024FY2023FY2022
Cash and equivalents$1.94B—$199.0M$1.58B
Current assets$10.68B—$8.27B—
Total assets$38.48B—$35.98B—
Current liabilities$2.49B—$2.44B—
Long-term debt$12.48B—$16.42B—
Total liabilities$19.20B—$19.45B—
Total equity$19.29B———

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Full details: where the numbers come from.

Cash flow (as reported)

 FY2025FY2024FY2023FY2022
Operating cash flow$1.74B—$1.77B$1.69B
Capital expenditure$447.0M—$354.0M$275.0M
Free cash flow—

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Full details: where the numbers come from.

Quarterly trend

QuarterRevenueRevenue YoYNet incomeDiluted EPS
Q2 FY2026$7.68B11.6%$139.0M$0.07
Q1 FY2026$7.35B10.7%$239.0M$0.16
Q2 FY2025$6.89B—$329.0M—
Q1 FY2025$6.64B—$319.0M—

Latest 4 quarters, from company XBRL filings on SEC EDGAR. Revenue YoY is our calculation: each quarter against the same quarter a year earlier.

Company facts

ExchangeNasdaq
SectorHealthcare
SIC industrySurgical & Medical Instruments & Apparatus
Latest annual periodFY2025 (ended December 31, 2025)
Latest reported quarterQ2 FY2026 (ended June 27, 2026)
Oldest indexed filing2024
SEC CIK2046386

Selected SEC filings

10-K2026-02-25
View on EDGAR →
10-Q2026-08-05
View on EDGAR →
10-Q2026-05-06
View on EDGAR →
8-K2026-10-15
View on EDGAR →
8-K2026-08-05
View on EDGAR →
8-K2026-07-09
View on EDGAR →
8-K2026-06-12
View on EDGAR →

Largest medical device peers

All medical device stocks →All Healthcare companies →

MDLN head to head

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Data sourced from SEC EDGAR. Figures are as-reported and may be unaudited or restated; verify against the source filing before relying on them. Informational only. Not investment advice.