Medline Inc.
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Range $37 – $55
Price Chart
About the company
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.
- CEO
- James Boyle
- IPO
- 2025
- Employees
- 45,000
- HQ
- Northfield, IL, US
AI snapshot
Six angles, distilled from the data.
The stock is in a recovery phase after a deep pullback from its 52-week high, but it still trades below the 200-day average. The intermediate trend has improved above the 50-day average, which keeps the setup constructive, though the longer-term trend remains unfinished.
Street sentiment is constructive, with a Buy consensus and an average target around $44, above the recent close. Recent changes have mostly been target trims rather than rating downgrades, suggesting valuation reset more than a broken thesis; Barclays and UBS both cut targets to $43 in late September and early October.
The company has beaten EPS in all four reported quarters, including a 56.7% surprise in the latest completed quarter. Next-year EPS estimates point higher to 1.5752 from a 0.4 TTM base, so shareholders should watch whether margin discipline and revenue growth keep pace with that step-up.
Recent insider activity is dominated by heavy selling from GIC Private Ltd, while the CEO and COO awards look like compensation-related grants rather than discretionary buying. The pattern favors caution on near-term supply over conviction buying, especially with no offsetting open-market purchases.
Profitability is modest but improving, with gross margin at 25.1%, net margin at 2.32%, and revenue growth of 11.6% year over year. Cash generation is solid at $2.191 billion of free cash flow, but leverage remains elevated with $12.561 billion of debt against $1.939 billion of cash.
Medline’s edge is scale in med-surg supplies and supply-chain services, which supports steadier demand than many healthcare equipment peers. The valuation still looks premium versus the broader sector at 26.35x earnings, so execution needs to justify the multiple.
Similar companies
Peers in the same neighborhood.
- Market Cap
- $29.91B
- P/E
- 39.64
- Fwd P/E
- 22.91
- PEG
- -1.32
- P/S
- 1.00
- P/B
- 2.52
- EV/EBITDA
- 15.28
- Div Yield
- 0.00%
- Gross Margin
- 25.02%
- Op Margin
- 6.07%
- Net Margin
- 2.31%
- ROE
- 5.45%
- ROIC
- 4.04%
Latest fiscal year · YoY change
- Revenue
- $28.43B+11.5%
- Gross Profit
- $7.52B+19.5%
- Op Income
- $2.21B
- Net Income
- $1.16B-3.4%
- EPS
- $1.43-5.9%
- OCF Growth
- -1.4%
- FCF Growth
- -7.7%
- 52W High
- $50.88
- 52W Low
- $31.49
- 50D MA
- $34.68
- 200D MA
- $39.89
- Beta
- -0.41
- RSI (14)
- 41
- Avg Volume
- 8.02M
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
Medline posted strong second-quarter sales growth and raised full-year organic sales guidance, but also lowered EBITDA outlook as tariff refunds, Tracy fire costs, quality remediation and retail softness weigh on margins.· August 5, 2026
- Q2 net sales rose 12% year over year to $7.7 billion, with first-half sales up 11% to $15 billion.
- Adjusted EBITDA increased 13% year over year to $1.1 billion, with margin up 20 bps to 13.8%; excluding the $243 million IEEPA tariff refund benefit, underlying EBITDA was $817 million.
- Full-year organic sales guidance was raised to 9% to 10% from 8.5% to 9.5%, while full-year adjusted EBITDA guidance was cut to $3.3 billion to $3.4 billion from $3.5 billion to $3.6 billion.
- New customer signings reached more than $650 million in the first half, putting the company ahead of pace toward its $1 billion annual goal.
- The Tracy warehouse fire and related restart costs are significant, but management said it secured 1.6 million square feet across two replacement distribution centers and expects the new Tracy site to begin serving customers in Q4.
Second-quarter net sales increased 12% year over year to $7.7 billion; first-half net sales were $15 billion, up 11%. Medline Brand second-quarter net sales were $3.5 billion, up 7%, and Supply Chain Solutions net sales were $4.1 billion, up 16%. Adjusted EBITDA was $1.1 billion, up 13% year over year, with adjusted EBITDA margin at 13.8%, up 20 basis points. The quarter included a $243 million net benefit from IEEPA tariff refunds, and the Tracy fire reduced net income by $336 million. For 2026, management raised organic sales guidance to 9% to 10% and lowered adjusted EBITDA guidance to $3.3 billion to $3.4 billion; net tariff impacts are now estimated at approximately $350 million, CapEx was raised to $500 million to $600 million, and tax distributions were narrowed to $250 million to $300 million.
Jim Boyle framed the quarter as evidence of broad-based commercial momentum, emphasizing strong demand, new customer wins and the strategic value of Supply Chain Solutions in converting customers to higher-margin Medline Brand products. He stressed that the company is investing ahead of growth in distribution, manufacturing, quality and staffing, even though those actions are pressuring near-term margins. His tone was confident but candid, saying Medline is “not satisfied” with current margin challenges while remaining highly positive on long-term growth opportunities and share gains.
Mike Drazin walked through the quarter’s numbers and the updated outlook, highlighting 12% reported revenue growth, 13% adjusted EBITDA growth, a 13.8% margin and $920 million of free cash flow in the first six months. He said cash and cash equivalents were $2.3 billion, short-term investments were $350 million, and net leverage fell to 2.9x, which he described as reaching the company’s long-term goal of below 3x. On guidance, he explained that the EBITDA cut reflects $70 million of expected Middle East-related impact, Tracy fire costs, growth investments, quality remediation and retail softness, while also noting 2026 net tariff impacts of about $350 million, an assumed roughly half-transitory/half-permanent cost burden, and a full-year Supply Chain Solutions margin expectation of around 4.9% to 5%.
Analysts focused on what the company’s new cost base means for 2027, how much of the EBITDA pressure is transitory versus permanent, and whether the latest spending on operations and quality is simply the new normal. Management said about half of the cost impact is transitory and half is permanent, with Middle East and Tracy costs expected to fade over time, while operational and quality investments are more likely to remain in the base. Questions also centered on the $89 million tariff repayment, which management said is accrued and expected to be paid to customers later this year, and on retail weakness, which management said was Medline-specific and linked to losing part of a customer due to sales execution rather than a broad market issue.
The call showed strong underlying demand, with management saying same-store sales outperformed expectations and that new customer signings are running ahead of pace for the $1 billion annual target. Medline also raised organic sales guidance for the second time this year, continued to generate strong cash flow, and reduced net leverage to 2.9x, giving it flexibility to keep investing.
The main negatives were the lower EBITDA outlook, ongoing Tracy fire costs, quality remediation expenses and retail softness, all of which are pressuring margins. Management also said some costs are more permanent than transitory, suggesting the margin reset may persist into 2027 even as sales remain strong.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 58.1%
- Shares Outstanding
- 877.35M
- Float Shares
- 509.79M
of shares held by institutions
425 13F filers
Buy/sell ratio 0.00. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Carlyle Group Inc. | 187.08M | 0 |
| Blackstone Inc. | 101.79M | ▼ 22.41M |
| H&F Corporate Investors X, Ltd. | 70.87M | ▼ 15.60M |
| Fmr LLC | 46.96M | ▲ 10.41M |
| Capital Research Global Investors | 39.96M | ▲ 16.80M |
| Invesco Ltd. | 38.35M | ▲ 17.38M |
| Blackrock, Inc. | 26.39M | ▲ 9.47M |
| Morgan Stanley | 21.61M | ▲ 5.90M |
| Lone Pine Capital LLC | 20.97M | ▲ 9.18M |
| Massachusetts Financial Services Co | 19.89M | ▲ 8.32M |
| Vanguard Group Inc | 18.89M | ▲ 18.89M |
| Vanguard Capital Management LLC | 17.82M | ▲ 3.09M |
Held by 753 ETFs
Biggest fund positions in MDLN by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| Oct 8, 26 | GIC Private Ltd | sell | 7,816,987 |
| Oct 2, 26 | GIC Private Ltd | sell | 7,146,941 |
| Oct 6, 26 | GIC Private Ltd | sell | 7,183,013 |
| Oct 2, 26 | GIC Private Ltd | sell | 2,570,999 |
| Oct 5, 26 | GIC Private Ltd | sell | 1,688,690 |
| Oct 6, 26 | GIC Private Ltd | sell | 2,088,987 |
| Aug 19, 26 | Boyle James M | other | 764,252 |
| Aug 19, 26 | Miller Stephen L | other | 87,667 |
| Aug 13, 26 | GIC Private Ltd | sell | 1,500,000 |
| Aug 14, 26 | GIC Private Ltd | sell | 100,000 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our MDLN coverage
Recent articles, reports, and earnings notes.

Medline (MDLN): Growth vs. Debt Pressure
Medline is growing quickly, but heavy debt and margin pressure keep the stock in disciplined Buy territory. The report sees solid medium-term upside, with fair value above the recent trading price.

Medline Inc. (MDLN) falls 15% after Q2 results
Medline Inc. (MDLN) falls sharply after reporting second-quarter 2026 results, with shares dropping nearly 15% in after-hours trading. The move reflects investor concern over margins, guidance, and whether strong sales growth can translate into better profits.

Medline (MDLN): Scale and Retention Support a Buy
Medline is growing at scale with strong customer retention and a deep med-surg distribution network, but margin pressure and a rich valuation keep the stock from looking cheap.
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MDLN Investigation News: Medline Investors are Notified of the Pending Securities Fraud Investigation – Contact BFA Law if You Lost Money
globenewswire.com · Oct 23
INVESTOR ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Medline Inc. - MDLN
prnewswire.com · Oct 22
MDLN Loss Notice: Medline Investors are Reminded of the Pending Securities Fraud Investigation – Contact BFA Law if You Lost Money
globenewswire.com · Oct 21
INVESTOR ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Medline Inc. - MDLN
globenewswire.com · Oct 20
MDLN Investigation Reminder: Medline Investors that Lost Money after the 13% Stock Drop are Notified to Contact BFA Law
globenewswire.com · Oct 19
Medline $MDLN Stock Acquired by Banque Pictet & Cie SA
defenseworld.net · Oct 17
MDLN Securities Announcement: Medline Investors with Losses may have Rights in an Ongoing Securities Fraud Investigation – Contact BFA Law
globenewswire.com · Oct 16
Medline to build Midwestern network with new 800,000-square-foot facility in Van Buren Township, Mich.
prnewswire.com · Oct 15
Headlines from third-party outlets — TickerSpark isn't affiliated with these sources.
AI analysis · Last refreshed October 18, 2026 · Live quote · Not investment advice