Detailed financial statements for Medline Inc. (MDLN): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Medline Inc. is a global manufacturer of medical and surgical products, catering to a broad spectrum of healthcare providers. Their clientele includes hospitals, surgical centers, physician practices, post-acute care facilities, and nursing homes, both domestically and worldwide. The company's operations are divided into two primary divisions: the Medline Brand and Supply Chain Solutions.
Analysis Summary
Trailing-twelve-month margins: gross margin 25.2%, operating margin 5.7%, net margin 2.2%.
At $40.35 (closing price, November 4, 2026), MDLN trades at a P/E of 60.22 and an ROE of 6.06%. Market capitalisation stands at $35.4B, placing it among large-cap names.
Balance sheet quality for MDLN: debt-to-equity ratio of 0.00, current ratio of 4.04 over the last 12 months, net debt of $10.62B at the end of the last fiscal year. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $1.30B represents 112% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | $21.45B | $23.23B | $25.51B | $28.43B |
| Cost of Revenue | $16.89B | $18.01B | $19.22B | $20.91B |
| Gross Profit | $4.56B | $5.22B | $6.29B | $7.52B |
| Research & Development | $58.0M | $60.0M | $67.0M | 0 |
| Selling, General & Admin | $3.62B | $3.81B | $4.04B | $4.52B |
| Operating Expenses | $3.69B | $3.78B | $4.07B | $5.31B |
| Operating Income | $870.0M | $1.44B | $2.23B | $2.21B |
| EBITDA | $1.85B | $2.59B | $3.53B | $2.26B |
| Interest Expense | $911.0M | $1.38B | $1.31B | $812.0M |
| Pre-tax Income | $10.0M | $264.0M | $1.25B | $1.25B |
| Income Tax | $35.0M | $30.0M | $46.0M | $91.0M |
| Net Income | -$25.0M | $234.0M | $1.20B | $1.16B |
| EPS | -$0.03 | $0.30 | $1.52 | $1.43 |
| EPS (Diluted) | -$0.03 | $0.30 | $1.52 | $1.43 |
| Shares Outstanding (Diluted) | 787.1 M | 787.1 M | 787.1 M | 812.0 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $7.79B | $7.35B | $7.68B | $7.86B |
| Gross Profit | $1.91B | $1.67B | $2.21B | $1.93B |
| Operating Income | $425.0M | $422.0M | $395.0M | $500.0M |
| EBITDA | $467.0M | $681.0M | $659.0M | 0 |
| Net Income | $180.0M | $129.0M | $60.0M | $318.0M |
| EPS | $0.22 | $0.16 | $0.07 | $0.23 |
| EPS (Diluted) | $0.22 | $0.16 | $0.07 | $0.22 |
Balance Sheet (10y)
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Cash & Equivalents | $1.58B | $250.0M | $1.94B |
| Short-term Investments | 0 | 0 | 0 |
| Receivables | $2.96B | $3.22B | $3.53B |
| Inventory | $3.81B | $4.46B | $4.77B |
| Total Current Assets | $8.81B | $8.27B | $10.68B |
| Property, Plant & Equipment | $4.80B | $4.98B | $4.78B |
| Goodwill | $7.53B | $8.06B | $8.08B |
| Intangible Assets | $14.79B | $14.56B | $13.89B |
| Total Assets | $36.12B | $35.98B | $38.48B |
| Accounts Payable | $696.0M | $869.0M | $961.0M |
| Short-term Debt | $122.0M | $154.0M | $77.0M |
| Total Current Liabilities | $2.13B | $2.44B | $2.49B |
| Long-term Debt | $16.44B | $16.42B | $12.48B |
| Total Liabilities | $19.14B | $19.45B | $19.20B |
| Retained Earnings | 0 | 0 | -$7.0M |
| Total Equity | $16.98B | $16.52B | $10.74B |
| Total Debt | $16.83B | $16.90B | $12.56B |
| Net Debt | $15.24B | $16.65B | $10.62B |
| Working Capital | $6.68B | $5.83B | $8.19B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $955.0M | $1.94B | $2.24B | $2.33B |
| Total Assets | $36.88B | $38.48B | $39.01B | $39.35B |
| Total Liabilities | $19.74B | $19.20B | $19.66B | $20.27B |
| Total Equity | $17.14B | $10.74B | $11.27B | $11.57B |
| Total Debt | $16.65B | $12.56B | $12.64B | $12.64B |
Cash Flow (10y)
| Year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Net Income | -$25.0M | $234.0M | $1.20B | $1.16B |
| Depreciation & Amortization | $933.0M | $951.0M | $977.0M | $1.01B |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
| Change in Working Capital | -$919.0M | $199.0M | -$675.0M | -$783.0M |
| Operating Cash Flow | $187.0M | $1.69B | $1.77B | $1.74B |
| Capital Expenditure | -$254.0M | -$285.0M | -$364.0M | -$447.0M |
| Acquisitions | -$17.0M | -$16.0M | -$1.13B | $6.0M |
| Stock Repurchased | 0 | 0 | -$20.0M | -$2.00B |
| Dividends Paid | 0 | -$114.0M | 0 | -$518.0M |
| Free Cash Flow | -$67.0M | $1.40B | $1.41B | $1.30B |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $636.0M | $229.0M | $412.0M | $715.0M |
| Capital Expenditure | -$101.0M | $342.0M | -$96.0M | -$111.0M |
| Free Cash Flow | $535.0M | $571.0M | $316.0M | $604.0M |
| Dividends Paid | 0 | -$96.0M | 0 | 0 |
| Stock-based Compensation | 0 | 0 | 0 | $29.0M |
Growth & Margins (10y)
| Year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth (YoY) | +8.3% | +9.8% | +11.5% | |
| Net Income Growth (YoY) | +1,036.0% | +412.8% | -3.4% | |
| EPS Growth (YoY) | +1,043.4% | +406.7% | -5.9% | |
| Shares Change (YoY) | +0.0% | +0.0% | +3.2% | |
| FCF Growth (YoY) | +2,189.6% | +0.4% | -7.7% | |
| Gross Margin | 21.2% | 22.5% | 24.7% | 26.4% |
| Operating Margin | 4.1% | 6.2% | 8.7% | 7.8% |
| EBITDA Margin | 8.6% | 11.1% | 13.8% | 7.9% |
| Net Margin | -0.1% | 1.0% | 4.7% | 4.1% |
| FCF Margin | -0.3% | 6.0% | 5.5% | 4.6% |
| Effective Tax Rate | 350.0% | 11.4% | 3.7% | 7.3% |
Per-Share Data (10y)
| Year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| FCF Per Share | -$0.09 | $1.78 | $1.78 | $1.60 |
| Dividends Per Share | $0.00 | $0.14 | $0.00 | $0.64 |
| Shares Outstanding (Basic) | 787.1 M | 787.1 M | 787.1 M | 812.0 M |
What to look at in Healthcare / Pharma
The R&D pipeline is the invisible asset. Patents expiring = revenues evaporating. Look at innovation and cash flow.
- R&D / Revenue — Shows investment in future pipeline. Serious pharma reinvests 15-20%
- 5y EPS growth — After patent expirations, are they still growing?
- Gross margin — Branded pharma >70%. Generics much lower — defines the business type
- FCF / Net Income — Earnings quality — big pharma should convert >90%
- ROIC — Capital reinvested efficiently — key in pharma due to long R&D cycles
- Net debt / EBITDA — Pharma acquisitions pile up debt — watch the post-M&A picture
- P/E vs own 10y history — The best comparison is with its own history, not with peers
Profitability
| Return on Equity | 6.06% |
| Return on Invested Capital | 3.68% |
| Return on Assets | 1.71% |
| Gross Margin | 25.16% |
| Operating Margin | 5.68% |
| Net Margin | 2.24% |
Financial Health
| Debt / Equity | 0.00 |
| Current Ratio | 4.04 |
| Piotroski F-Score | 7 |
| Altman Z-Score | 2.25 |
Key Ratios (10y)
| Year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| P/E | -1,289.31 | 136.67 | 26.97 | 29.37 |
| P/B | 0.00 | 1.90 | 1.95 | 3.18 |
| P/S | 1.50 | 1.39 | 1.27 | 1.20 |
| Gross Margin | 21.2% | 22.5% | 24.7% | 26.4% |
| Operating Margin | 4.1% | 6.2% | 8.7% | 7.8% |
| Net Margin | -0.1% | 1.0% | 4.7% | 4.1% |
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