# Medline Inc. Class A common stock (MDLN) — Stock CV

Medline Inc. 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.

> 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.

## Identity

- **Ticker**: MDLN
- **Sector**: Healthcare
- **Industry**: Surgical & Medical Instruments & Apparatus
- **Headquarters**: NORTHFIELD, IL
- **Employees**: 45 000
- **Website**: https://www.medline.com
- **Market cap**: $31.8B
- **Last price**: $36.29
- **Financial profile**: Solid

## Vitals (TTM)

- **Revenue**: $29.9B
- **Net income**: $504M
- **Free cash flow**: $1.58B
- **Net debt**: $10.6B
- **P/E**: 68.8
- **Revenue growth (YoY)**: 12.2%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 47 |
| Growth | 62 |
| Profitability | 21 |
| Health | 57 |
| Quality | 84 |
| Moat | 21 |

## Qualifications (beginner checklist) — 5 of 10 passed

- [x] Revenue growing — +12.2% YoY
- [x] Profitable — $504M TTM
- [ ] Profit growing — -3.4% YoY
- [x] Generates cash — $1.58B TTM
- [ ] Debt under control — ~6.7y of cash flow to repay
- [x] Established company — $31.8B market cap
- [x] Not printing shares — -7.4% shares over ~5y
- [ ] Proven track record — 3/4 profitable years
- [ ] Financially stable — Altman Z 1.6 — distress
- [ ] Valuation not extreme — P/E 68.8

## Experience (career milestones)

- **2025** — Medline completed an initial public offering, listing on Nasdaq at $29 per share, raising more…
- **FY2024** — Best year on record: $1.20B net income
- **FY2023** — Turned profitable: $234M net income after a loss year
- **FY2022** — Revenue already above $10B: $21.4B in first reported year
- **2022** — Medline was ranked at #15 on the Forbes 2022 list of largest privately held companies in America and employs over…
- **2021** — It was acquired by a consortium of private equity firms Blackstone, Carlyle and Hellman & Friedman…
- **2011** — Medline introduced BioMask, the first-ever FDA-cleared antiviral medical facemask shown to inactivate flu…
- **2009** — Medline Launched Generation Pink exam gloves to help raise breast cancer awareness and turned the original…
- **2007** — Medline acquired the Curad brand of first-aid products from Beiersdorf, entering the retail market
- **1995** — Medline opened its first facility for assembling sterile procedure trays (SPTs), in Waukegan, Illinois
- **1972** — Medline opened its first non-textile manufacturing division (Dynacor) with the purchase of an injection…
- **1968** — L.’s grandsons Jim and Jon Mills left Cenco and founded Medline with approximately 12,000 square feet of warehouse…

## 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

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2022 | $21.4B | -$25.0M | -$67.0M |
| FY2023 | $23.2B | $234M | $1.40B |
| FY2024 | $25.5B | $1.20B | $1.41B |
| FY2025 | $28.4B | $1.16B | $1.30B |

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Source: https://stockcv.com/MDLN — derived from company filings; may be delayed or incomplete. Information, not investment advice.