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Large US manufacturer and distributor of medical supplies (gloves, wound care, PPE) to hospitals, nursing homes and clinics.
Large US manufacturer and distributor of medical supplies (gloves, wound care, PPE) to hospitals, nursing homes and clinics.
Makes many of its own supplies and also distributes other makers' products, selling both in one order to hospitals, nursing homes and clinics, which helps it earn more than a pure distributor. It delivers to facilities directly using its own logistics network. Private-equity firms Blackstone, Carlyle and Hellman & Friedman acquired it in 2021.
Moat: narrow (scale, distribution, switching costs). Owns manufacturing rather than just distributing, plus a broad private-label catalog and direct-to-facility logistics.
Headquarters: Northfield, Illinois, USA · Founded: 1966 · Employees: 45,000
Size Medline (MDLN) is a United States Health Care company (Medical Specialties) with a market value of $52.1B, the 243rd largest of 3,117 United States companies the cockpit tracks. Shares closed at $39.64 on 6 Nov 2026.
Performance Over six months the shares gained 0.3%, against +26.5% for the median peer and -1.1% for the United States market (cap-weighted) — 3rd lowest of 21 in its peer set.
Growth Revenue grew 11.8% over the last twelve months (peer median +8.5%); the operating margin is 6.1% (peer median 21.1%).
Valuation It trades at 26.1× forward earnings against a peer median of 26.7× (9th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 17% a year for seven years (Req g). Recent delivered growth is +10%, so the hurdle is +7 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 1.5 points below its cost of capital (6.2% WACC).
Short interest Short interest is 4.7% of the free float (15 Oct 2026).
Next results Next results expected around 3 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $30.7B | $28.4B | $25.5B | $23.2B | $21.4B |
| Revenue growth | — | +11% | +10% | +8% | — |
| Gross profit | $7.19B | $6.81B | $6.29B | $5.22B | $4.56B |
| EBITDA | $2.90B | $3.25B | $3.20B | $2.40B | $1.80B |
| Net income | $566M | $1.16B | $1.20B | $234M | -$25.0M |
| Free cash flow | n/a | $1.26B | $1.41B | $1.40B | -$67.0M |
| Capital expenditure | n/a | $480M | $364M | $285M | $254M |
| Total debt | $12.6B | $13.0B | $16.9B | $16.8B | n/a |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Medline MDLN | $52.1B | 0% | +12% | 6% | 26.1× | 17.1% |
| Cardinal Health CAH | $62.9B | +48% | +14% | 1% | 20.8× | 8.2% |
| McKesson MCK | $124B | +44% | +9% | 2% | 21.8× | -4.8% |
| Henry Schein HSIC | $9.51B | +22% | +6% | 6% | 14.8× | 9.8% |
| Ansell ANN.AX | $4.42B | +79% | +2% | 15% | 19.2× | 10.3% |
| ConvaTec CTEC.L | $6.44B | +22% | +2% | 16% | 16.7× | 15.6% |
| Solventum SOLV | $15.4B | +23% | -1% | 8% | 12.2× | n/a |
| Smith & Nephew SN..L | $13.1B | +5% | +2% | 17% | 14.4× | 11.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | MDLN | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +10.9% | +11.3% | 11th highest of 21 |
| 6-month return | +0.3% | +26.5% | 3rd lowest of 21 |
| Distance from 52-week high | -22.1% | -8.5% | 5th lowest of 21 |
| Revenue growth (TTM) | +11.8% | +8.5% | 8th highest of 21 |
| Operating margin | 6.1% | 21.1% | lowest of 21 |
| Forward P/E | 26.1× | 26.7× | 9th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 17.1% | 15.5% | 11th least demanding of 21 |
| Growth delivered (Del g) | +9.9% | +9.4% | 9th highest of 21 |
| Hurdle (Req g minus delivered) | +7.3 pp | +4.0 pp | 9th most demanding of 21 |
| ROIC minus cost of capital | -1.5 pp | +4.1 pp | 5th lowest of 21 |
| EV / EBITDA | 23.7× | 18.4× | 9th most expensive of 20 |
| Net debt / EBITDA | 3.1× | 1.1× | 2nd most indebted of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Medline MDLN | United States | $52.1B | 0% | +12% | 6% | 26.1× | 17.1% | +9.9% |
| Idexx Laboratories IDXX | United States | $53.3B | +21% | +12% | 32% | 41.5× | 28.0% | +9.7% |
| Agilent Technologies A | United States | $49.3B | +51% | +9% | 24% | 26.6× | 22.6% | +5.4% |
| Siemens Healthineers SHL.DE | Germany | $55.9B | +31% | -1% | 15% | 18.9× | 9.0% | +10.1% |
| Hoya 7741.T | Japan | $47.4B | -23% | +13% | 31% | 26.7× | 13.3% | +11.6% |
| Becton Dickinson BDX | United States | $57.7B | +43% | -3% | 15% | 16.0× | 9.6% | +6.3% |
| Edwards Lifesciences EW | United States | $58.9B | +28% | +15% | 29% | 31.4× | 17.2% | +6.7% |
| Waters WAT | United States | $45.0B | +29% | +81% | 10% | 28.6× | 46.2% | +6.0% |
| Boston Scientific BSX | United States | $62.0B | -21% | +9% | 21% | 13.8× | 5.0% | +15.2% |
| Alcon ALC.SW | Switzerland | $37.5B | +22% | -1% | 11% | 21.4× | 12.9% | +6.1% |
| GE HealthCare GEHC | United States | $37.2B | +30% | +7% | 14% | 15.4× | 4.3% | +3.7% |
| Mettler Toledo MTD | United States | $34.5B | +53% | +7% | 28% | 33.9× | 20.3% | +5.5% |
| Shenzhen Mindray Bio-Medical Electronics 300760.SZ | China | $33.4B | +9% | +5% | 28% | 27.1× | 0.9% | +9.7% |
| ResMed RMD | United States | $33.1B | +14% | +9% | 34% | 19.1× | 4.9% | +12.1% |
| Illumina ILMN | United States | $32.2B | +50% | +6% | 21% | 35.7× | 27.1% | +6.0% |
| Dexcom DXCM | United States | $29.6B | +31% | +13% | 24% | 27.0× | 18.5% | +19.3% |
| West Pharmaceutical Services WST | United States | $27.9B | +23% | +13% | 23% | 39.8× | 25.2% | +7.5% |
| EssilorLuxottica EL.PA | France | $101B | +12% | +8% | 12% | 26.6× | 19.4% | +14.6% |
| Sartorius Stedim Biotech DIM.PA | France | $24.7B | +38% | +4% | 19% | 45.5× | 33.1% | +9.2% |
| Steris STE | United States | $24.6B | +22% | +8% | 20% | 21.4× | 13.7% | +13.8% |
| Terumo 4543.T | Japan | $23.4B | +25% | +14% | 17% | 24.6× | 8.7% | +13.0% |