MDLN

Company Overview — What Does Medline Inc. Do?

Our mission is to make healthcare run better by delivering improved clinical, financial, and operational outcomes. We are 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. We deliver mission-critical products used daily across the full range of care settings, from hospitals and surgery centers to physician offices and post-acute facilities. Through our two segments, Medline Brand and Supply Chain Solutions, 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 hold the leading position across several of our end markets and many of our key product families. We distribute these products through our expansive network of 69 global distribution facilities, spanning over 29 million square feet of warehouse space, and our owned fleet of over 2,000 MedTrans trucks, enabling us to provide next-day delivery to 95% of our U.S. customers. Our integrated business model and customer-centric culture drives lower costs and better value for our stakeholders. This is the foundation for our durable recurring revenue base, with our net sales having grown every year since inception of the Company at a compound annual growth rate (“CAGR”) of 18%. --- We were founded in 1966 as a med-surg product manufacturer serving the hospital and nursing home sites of care. Through our deep engagement with customers, we recognized a significant gap in the market—our customers were underserved by a fragmented supplier base and faced challenges navigating a complex supply chain. We identified their need for a supply chain partner that was fully integrated, cost-effective, high-quality, and resilient. Our vision was to create a differentiated model that solved these pain points through an integrated company that combined both manufacturing and distribution capabilities and would become a trusted partner to our customers. Twenty-eight years ago, we began augmenting our platform to bring this vision to life: we invested in our distribution capabilities, continued to expand our product portfolio, and adopted the Prime Vendor model. This enabled us to serve a more diverse customer base across multiple end markets, while lowering costs and delivering superior service levels. As a result, Medline is now the largest provider of med-surg products and supply chain solutions serving all points of care, based on total net sales of med-surg products. The combination of our expansive product portfolio and our differentiated supply chain creates a force multiplier for our business. Our Medline Brand segment offers approximately 190,000 products, including those manufactured in our 33 facilities, as well as those sourced from our more than 500 global partners. Our Supply Chain Solutions segment offers approximately 145,000 third-party products and provides customized supply chain optimization services. Our entire product portfolio across our segments is supported by differentiated logistics capabilities and a dedicated and tenured U.S. commercial team of approximately 3,800 people. These capabilities and our compelling value proposition allow us to serve as a long-term strategic partner to our customers and expand the scope of our relationships over time. Our Prime Vendor relationships demonstrate our role as a trusted partner to our customers. In these relationships, we enter into long-term agreements to act as the consolidated distributor and logistics provider for these customers’ med-surg product needs. These partnerships give us visibility into our customers’ purchasing behaviors and demand dynamics, which allows us to anticipate their needs and deliver industry-leading service levels. As these relationships mature, we believe customers increasingly choose Medline Brand products for their superior value. Our Prime Vendor model is reinforced by the flywheel effect within our business where we drive cost savings for Prime Vendor customers, which, over time, supports incremental purchasing of our Medline Brand products and increases our scale. This dynamic allows us to drive further efficiencies by offering superior or similar quality to third-party products at a more cost-effective price. Due to the higher margin we earn on Medline Brand products compared to sales of comparable third-party products, we are able to reinvest in customer value while increasing our profitability. --- Since our founding, we have invested in building a unique customer-centric culture with an entrepreneurial spirit. Our employees are committed to deeply understanding how our customers operate, what challenges they face, and how Medline can better support them. They also understand that relationships are rooted in trust and that we must earn the right to serve our customers every day. We focus on problem solving across the continuum of care and we deploy a team of dedicated customer success representatives to learn the complex needs of our customers. Our creative and collaborative culture consistently earns Medline recognition as a preferred employer, including Newsweek’s Greatest Workplaces, Forbes’ America’s Best Large Employers, and a Chicago Tribune Top Workplace. We have grown our net sales every year by retaining existing customers while gaining share with new and existing customers, with CAGRs of 18% since our founding and approximately 14% over the past 10 years. Notably, nearly 90% of our growth during the past 10 years has been organic. Our product portfolio predominantly consists of consumables, such that approximately 90% of our Medline Brand net sales were recurring for the year ended December 31, 2024. Our business is uniquely resilient during market downturns, as evidenced by our growth through every recession since our founding and during global healthcare crises. For example, our net sales grew at approximately 17% during the 2008-2009 financial crisis and at approximately 11% CAGR during the 2020-2022 COVID-19 pandemic. Not only does our business have a strong track record of results, but we also see significant runway for future sales and earnings growth. We are positioned to grow with our customers as healthcare utilization increases, as they build and acquire new sites, and as they further consolidate med-surg spend with Medline. In addition, we intend to further extend our leading position by adding new Prime Vendor relationships, increasing the number of non-Prime Vendor customers that choose Medline Brand, continuing our channel expansion, developing new products, executing on selective M&A opportunities, and scaling our international footprint. For the nine months ended September 27, 2025, we generated net sales of $20.6 billion, net income of $1.0 billion, and Adjusted EBITDA of $2.7 billion, representing a net income margin of 4.7% and an Adjusted EBITDA Margin of 12.9%. During that period, 48.4% of total net sales and 81.2% of Segment Adjusted EBITDA were generated from our Medline Brand segment, while 51.6% of total net sales and 18.8% of Segment Adjusted EBITDA were generated from our Supply Chain Solutions segment. For the year ended December 31, 2024, we generated net sales of $25.5 billion, net income of $1.2 billion, and Adjusted EBITDA of $3.4 billion, representing a net income margin of 4.7% and an Adjusted EBITDA Margin of 13.2%. During that period, 49.1% of total net sales and 83.5% of Segment Adjusted EBITDA were generated from our Medline Brand segment, while 50.9% of total net sales and 16.5% of Segment Adjusted EBITDA were generated from our Supply Chain Solutions segment. Our principal executive offices are located in Northfield, Illinois. Medline Inc. (MDLN) is classified as a micro-cap stock in the Manufacturing sector, specifically within the Medical Equipment industry. The company is led by CEO James M. Boyle and employs approximately 43,000 people, headquartered in NORTHFIELD, Illinois. With a market capitalization of $0, MDLN is one of the notable companies in the Manufacturing sector.

Medline Inc. (MDLN) Stock Rating — Strong Buy (March 2026)

As of March 2026, Medline Inc. receives a Strong Buy rating with a composite score of 80.3/100 and 5 out of 5 stars from the Blank Capital Research quantitative model.MDLN ranks #972 out of 7,333 stocks in our coverage universe. Within the Manufacturing sector, Medline Inc. ranks #391 of 1931 stocks, placing it in the top quartile of its Manufacturing peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).

MDLN Stock Price and 52-Week Range

Medline Inc. (MDLN) currently trades at $43.90. The stock lost $1.95 (4.3%) in the most recent trading session. Recent trading volume was 0 shares, suggesting relatively thin trading activity.

Is MDLN Overvalued or Undervalued? — Valuation Analysis

Medline Inc. (MDLN) carries a value factor score of 50/100 in the Blank Capital model, indicating fair valuation relative to historical norms. The price-to-book ratio stands at 2.00x, versus the sector average of 2.40x. The price-to-sales ratio is 0.34x, compared to 2.28x for the average Manufacturing stock. On an enterprise value basis, MDLN trades at 4.36x EV/EBITDA, versus 11.43x for the sector.

Overall, MDLN's valuation appears roughly in line with sector benchmarks, suggesting the market is pricing the stock fairly given its current fundamentals and growth trajectory. Neither deep value nor significantly overpriced, the stock occupies a middle ground on valuation.

Medline Inc. Profitability — ROE, Margins, and Quality Score

Medline Inc. (MDLN) earns a quality factor score of 81/100, reflecting elite profitability and capital efficiency that places it among the highest-quality businesses in the market. The return on equity (ROE) is 24.0%, compared to the Manufacturing sector average of -5.5%, which demonstrates strong shareholder value creation. Return on assets (ROA) comes in at 12.0% versus the sector average of -1.9%.

On a margin basis, Medline Inc. reports gross margins of 26.4%, compared to 42.7% for the sector. The operating margin is 7.8% (sector: 0.7%). Net profit margin stands at 4.1%, versus -1.0% for the average Manufacturing stock. These metrics collectively paint a picture of a highly profitable business with durable competitive advantages.

MDLN Debt, Balance Sheet, and Financial Health

Medline Inc. has a debt-to-equity ratio of 100.0%, compared to the Manufacturing sector average of 20.0%. Leverage is within a manageable range for the industry, though investors should monitor debt trends over time. The current ratio is 4.00x, indicating strong short-term liquidity.

The stability factor score for Medline Inc. is 98/100, indicating low-volatility characteristics and consistent price behavior that appeals to risk-averse investors.

Medline Inc. Revenue and Earnings History — Quarterly Trend

In TTM 2026, Medline Inc. reported revenue of $28.43B and earnings per share (EPS) of $-0.01. Net income for the quarter was $1.16B. Gross margin was 2644.0%. Operating income came in at $2.21B.

In FY 2025, Medline Inc. reported revenue of $28.43B and earnings per share (EPS) of $-0.01. Net income for the quarter was $1.16B. Gross margin was 26.4%. Operating income came in at $2.21B.

MDLN Dividend Yield and Income Analysis

Medline Inc. (MDLN) does not currently pay a dividend. This is common among smaller companies in the Medical Equipment industry that prefer to reinvest cash flows into business expansion rather than returning capital to shareholders. Income-focused investors looking for Manufacturing dividend stocks may want to explore other Manufacturing stocks or use the stock screener to filter by dividend yield.

MDLN Momentum and Technical Analysis Profile

Medline Inc. (MDLN) has a momentum factor score of 0/100, signaling weak relative price performance. Stocks with low momentum scores have historically tended to continue underperforming in the near term. The investment factor score is 50/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 45/100 reflects moderate short selling activity.

MDLN vs Competitors — Manufacturing Sector Ranking and Peer Comparison

Within the Manufacturing sector, Medline Inc. (MDLN) ranks #391 out of 1931 stocks based on the Blank Capital composite score. This places MDLN in the top quartile of all Manufacturing stocks in our coverage universe. Key competitors and sector peers include INTERPARFUMS INC (IPAR) with a score of 94.5/100, BK Technologies Corp (BKTI) with a score of 91.7/100, Fitell Corp (FTEL) with a score of 90.7/100, Adicet Bio, Inc. (ACET) with a score of 86.8/100, and Park Ha Biological Technology Co., Ltd. (BYAH) with a score of 85.0/100.

Comparing MDLN against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full MDLN vs S&P 500 (SPY) comparison to assess how Medline Inc. stacks up against the broader market across all factor dimensions.

MDLN Next Earnings Date

No upcoming earnings date has been announced for Medline Inc. (MDLN) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.

Should You Buy MDLN? — Investment Thesis Summary

The bull case for Medline Inc. rests on several quantitative strengths. The quality score of 81/100 indicates above-average profitability and business fundamentals. Momentum is weak at 0/100, a headwind for near-term performance. Low volatility (stability score 98/100) reduces downside risk.

In summary, Medline Inc. (MDLN) earns a Strong Buy rating with a composite score of 80.3/100 as of March 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on MDLN stock.

Related Resources for MDLN Investors

Explore more research and tools: MDLN vs S&P 500 comparison, top Manufacturing stocks, stock screener, our methodology, quality factor explained, value factor explained, momentum factor explained. Compare MDLN head-to-head with peers: MDLN vs IPAR, MDLN vs BKTI, MDLN vs FTEL.