Medline Inc.

MDLN
About the company

Medline Inc. manufactures med-surg products serving the hospital, surgery centers, physician offices, post-acute facilities, and nursing home sites of care in the United States and Internationally. It operates through two segments: Medline Brand and Supply Chain Solutions. The Medline Brand segment procures and manufactures products from three product categories include surgical solutions, front line care, and laboratory and diagnostics.

Country: United StatesPrice: $39.47Market Cap: $51.9B

Investment snapshot

12%positive consensus
Scored 1d ago

Positive

2

BUY / PASS

Neutral / negative

3 / 11

NEUTRAL / FAIL

Median fair value

$24.91

-36.9% vs price

Models with upside

1 / 17

Positive margin of safety

Strongest signal

6 of 10 pass — Lynch, Dreman, Pabrai +1 more object

Key risk

No clean pass — all 16 investors flag at least one profitability criterion

Framework analysis

VerdictMeaning
BUYPositive purchase signal: the framework's buy requirements are met.
PASSThe company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRALNeither a positive nor negative conclusion. It does not mean to hold an existing position.
FAILThe company does not clear the framework's requirements.
RankedRanked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.

Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.

MetricGraham

Defensive Value

Buffett

Quality Compounder

Lynch

GARP

Greenblatt

Magic Formula

Piotroski

F-Score

Dreman

Contrarian Value

Munger

Quality Focus

Pabrai

Dhandho Framework

Akre

Three-Legged Stool

Marks

Risk-Aware Value

Ackman

Activist Value

Templeton

Global Bargain Hunter

Sleep

Scale Economies Shared

Asness

Systematic Factors

Neff

Low-P/E Total Return

Schloss

Asset-Value Discipline

O'Shaughnessy

Systematic Factor Composite

VerdictFAILFAILFAILFAIL · Rank #1398 (Top 45.1%)NEUTRALFAILPASSFAILFAILFAILPASSFAILFAILNEUTRALFAILFAILNEUTRAL
Score
AnalysisChecking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…
Intrinsic Value (annual)N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Margin of SafetyN/A-57.0%N/A-116.5%N/AN/A-59.9%-18.3%-157.0%N/A+4.8%N/AN/AN/AN/AN/AN/A
Financial Basis

Annual history · FY 2025 · Balance sheet at 2026-09-26

Latest source filing: 2026-11-04

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-02-25

Score computed: 2026-11-14

Annual history · FY 2025 · Balance sheet at 2026-09-26

Latest source filing: 2026-11-04

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-02-25

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-02-25

Score computed: 2026-11-14

Annual history · FY 2025 · Balance sheet at 2026-09-26 · Market data at 2026-11-01

Latest source filing: 2026-11-04

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2025 · Balance sheet at 2026-09-26

Latest source filing: 2026-11-04

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2025

Latest source filing: 2026-02-25

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment · Balance sheet at 2026-09-26

Latest source filing: 2026-11-04

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2026-02-25

Score computed: 2026-11-14

Annual history · FY 2025 · Balance sheet at 2026-09-26 · Market data at 2026-11-01

Latest source filing: 2026-11-04

Score computed: 2026-11-14

Annual history · FY 2025 · Price history 2025-12-01–2026-11-01 · Balance sheet at 2026-09-26

Latest source filing: 2026-11-04

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2026-02-25

Score computed: 2026-11-14

Annual history · FY 2025 · Balance sheet at 2026-09-26 · Price history 2025-12-01–2026-11-01

Latest source filing: 2026-11-04

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-02-25

Score computed: 2026-11-14

Annual history · FY 2025 · Balance sheet at 2026-09-26

Latest source filing: 2026-11-04

Score computed: 2026-11-14

Annual history · FY 2025 · Price history 2025-12-01–2026-11-01

Latest source filing: 2026-02-25

Score computed: 2026-11-14

Where It Passes

  • Cash Flow60% pass✓ 8✗ 4▾

    6 of 10 pass — Lynch, Dreman, Pabrai +1 more object

    Free Cash Flow Proxy$1.7B
    ✓BuffettPositive and growing
    FCF Positive and Growing$1.3B
    ✗LynchPositive and growing
    Operating Cash Flow$1.7B
    ✓PiotroskiCFO > 0
    (CFO / Total Assets) vs ROACFO/Assets=4.53%, ROA=3.01%
    ✓PiotroskiCFO/Assets > ROA
    Price / (CFO / Shares)18.3x
    ✗Dreman< 8x
    P/E or FCF YieldFCF Yield=2.5%
    ✗PabraiP/E < 15 or FCF Yield > 10%
    FCF Positive3/3 years FCF positive
    ✓MarksPositive FCF in majority of recent years
    (OCF - CapEx) / Market Cap4.1%
    ✓Ackman>= 4%
    Price / FCF per Share24.6x
    ✓Ackman<= 25
    Positive Operating Cash Flow frequency3/3 years positive
    ✓SleepPositive OCF in >= 70% of available years
    Operating Cash Flow - Capital Expenditures$1.3B
    ✓Neff> $0 (app proxy for a strong fundamental case)
    (Operating cash flow - capex) / market capitalization+2.50%; #2152/4519 (top 47.6%)
    ✗OshaughnessyTop 10% of eligible cross-section

Where It Falls Short

  • Profitability0% pass✓ 5✗ 30▾

    No clean pass — all 16 investors flag at least one profitability criterion

    Positive EPS (10 years)0/4 years positive
    ✗GrahamPositive EPS every year for 10 years
    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
    Net Income Positive (10+ years)3/4 years positive
    ✗BuffettPositive every year for 10+ years
    ROE (up to 5-year arithmetic mean)6.5%
    ✗Buffett> 15% arithmetic mean (app rule)
    Operating Margin (10-yr trend)
    ✗BuffettStable or rising over 10 years
    Free Cash Flow Proxy$1.7B
    ✓BuffettPositive and growing
    Earnings Variance (10-yr CoV)
    ✗BuffettCoV < 0.3
    Retained Earnings Effectiveness
    ✗Buffett$1 retained -> > $1 market value created
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    ROE10.8%
    ✗Lynch> 15%
    EBIT / Enterprise Value3.5%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=3.5%, ROC=19.9%
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Net Income / Total Assets3.01%
    ✓PiotroskiROA > 0
    ROA Change YoY3.23% -> 3.01% (delta: -0.22%)
    ✗PiotroskiCurrent ROA > Prior ROA
    (CFO / Total Assets) vs ROACFO/Assets=4.53%, ROA=3.01%
    ✓PiotroskiCFO/Assets > ROA
    Gross Margin Change YoY27.3% -> 26.4%
    ✗PiotroskiImproved YoY
    Pre-Tax Income / Revenue4.4%
    ✗Dreman>= 8%
    Net Income / Shareholders' Equity10.8%
    ✗Dreman> 12%
    Margin of SafetyP/B=3.0x
    ✗PabraiP/B < 1.5 or P/E < 15
    Return on Equity6.5% (3-yr avg)
    ✗AkreROE > 20% (3-year avg)
    Discount to Intrinsic ValueN/A (negative normalized EPS)
    ✗Marks>= 20% below intrinsic value
    Positive Net Income Frequency3/3 years positive
    ✓MarksPositive net income in >= 7 of last 10 years
    Operating Income / Revenue7.8%
    ✗Ackman>= 15%
    Net Income / Shareholders Equity10.8%
    ✗Ackman>= 15%
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Operating Margin Trend5.4% (2023) -> 7.8% (2025)
    ✓TempletonNon-negative operating-margin trend over 3 years
    Revenue growth vs. gross and operating margin trendgross margin 25.3% -> 26.4%, operating margin 5.4% -> 7.8%
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    Net income / market capitalization+2.23%; #2650/6340 (top 41.8%)
    ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
    Gross profit / total assets+19.54%; #2078/3702 (top 56.1%)
    ✗AsnessTop 30% of eligible cross-section
    Net income / positive book equity+10.79%; #1690/5226 (top 32.3%)
    ✗AsnessTop 30% of eligible cross-section
    Negative 5-year standard deviation of ROA
    ✗AsnessTop 30% of eligible cross-section
    3-5 Year Diluted EPS CAGR
    ✗Neff7%-20% annualized
    Positive Diluted-EPS Years
    ✗Schloss>= 70% positive over 5-10 observed years (app rule)
  • Debt & Leverage8% pass✓ 3✗ 12▾

    11 of 12 flag MDLN's debt & leverage — Graham, Buffett, Lynch +8 more

    LT Debt vs Net Current AssetsLT Debt $12.6B vs NCA $9.5B
    ✗GrahamLT Debt <= Net Current Assets
    Debt/Equity & Interest CoverageD/E: 1.17, IC: 2.3x
    ✗BuffettD/E < 0.5 AND Interest Coverage > 5x
    Total Debt / Equity1.07
    ✗Lynch< 0.33
    Cash - Long-term Debt$-10.2B
    ✗LynchPositive preferred
    LT Debt / Total Assets Change45.63% -> 32.44%
    ✓PiotroskiDecreased YoY
    Current Assets / Current Liabilities4.04
    ✓Dreman> 1.5✓SchlossCurrent ratio >= 1.50x (app cutoff)
    Total Debt / Shareholders' Equity1.07
    ✗Dreman< 0.8✗Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✗SchlossD/E < 1.00x
    Debt Levels1.07
    ✗MungerDebt/Equity < 0.5✗AkreDebt/Equity < 0.3
    Interest Coverage & Debt/EBITDAIC=2.3x, D/EBITDA=3.9x
    ✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
    Total Debt / Shareholders Equity1.07
    ✗Ackman<= 1.0
    Negative debt-to-equity (higher means less debt)-1.0660; #3288/4210 (top 78.1%)
    ✗AsnessTop 30% of eligible cross-section
  • Growth13% pass✓ 3✗ 10▾

    7 of 8 flag MDLN's growth — Graham, Lynch, Dreman +4 more

    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    Inventory Growth vs Revenue GrowthInv: 7.0% vs Rev: 11.5%
    ✓LynchInventory growth < Revenue growth
    EPS Growth Direction
    ✗DremanPositive over recent years
    EPS CAGR
    ✗Dreman> 5% annualized
    Positive Net Income Frequency3/3 years positive
    ✓MarksPositive net income in >= 7 of last 10 years
    3yr Median Revenue Growth10.6%
    ✓Ackman>= 5%
    Positive EPS Growth Frequency
    ✗AckmanPositive EPS growth in >= 3 of last 5 years
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Revenue growth vs. gross and operating margin trendgross margin 25.3% -> 26.4%, operating margin 5.4% -> 7.8%
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    5-year Revenue CAGR
    ✗SleepCAGR > 7%
    3-5 Year Diluted EPS CAGR
    ✗Neff7%-20% annualized
  • Verdicts14% pass✓ 2✗ 12▾

    Split decision: 11 FAIL · 3 NEUTRAL · 2 PASS

    Overall verdict
    ✗GrahamFAIL (2/9)✗BuffettFAIL (1/9)✗LynchFAIL (1/7)✗GreenblattRank #1398•PiotroskiNEUTRAL (F-Score 6)✗DremanFAIL (2/11)✓MungerPASS (2/4)✗PabraiFAIL (0/3)✗AkreFAIL (1/6)✗MarksFAIL (2/5)✓AckmanPASS (4/9)✗TempletonFAIL (3/8)✗SleepFAIL (2/6)•AsnessNEUTRAL (Not ranked)✗NeffFAIL (1/6)✗SchlossFAIL (1/7)•OshaughnessyNEUTRAL (Not ranked)
  • Valuation15% pass✓ 3✗ 25▾

    11 of 13 flag MDLN's valuation — Graham, Lynch, Greenblatt +8 more

    Price / 3-yr avg EPS
    ✗Graham<= 15x
    Price-to-Book Ratio3.0x
    ✗Graham<= 1.5x
    P/E x P/B
    ✗Graham<= 22.5
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    EBIT / Enterprise Value3.5%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=3.5%, ROC=19.9%
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Price / EPS
    ✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
    Price / (CFO / Shares)18.3x
    ✗Dreman< 8x
    Price / Book Value per Share3.0x
    ✗Dreman< 1.2x✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)
    Valuation ReasonablenessOE Yield=5.4%
    ✓MungerP/E < 25 or Owner Earnings Yield > 5%
    P/E or FCF YieldFCF Yield=2.5%
    ✗PabraiP/E < 15 or FCF Yield > 10%
    P/B or P/E vs. Historical AverageP/B=3.0x
    ✗MarksP/E < 15 or P/B < 2.0
    Discount to Intrinsic ValueN/A (negative normalized EPS)
    ✗Marks>= 20% below intrinsic value
    Price / FCF per Share24.6x
    ✓Ackman<= 25
    Price vs. Trailing Low117% of trailing low ($33.69)
    ✓Templeton<= 120% of trailing low (certified split-adjusted live window)
    Net income / market capitalization+2.23%; #2650/6340 (top 41.8%)
    ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
    Positive book equity / market capitalization+0.2272; #4058/6449 (top 62.9%)
    ✗AsnessTop 30% of eligible cross-section
    Price / Diluted EPS
    ✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
    (EPS CAGR % + Dividend Yield %) / P/E
    ✗Neff> 0.7 (Neff's published traditional edge)
    Price / Tangible Book Value per ShareN/A (non-positive TBVPS)
    ✗SchlossP/TBV <= 1.00x (app cutoff)
    Book Value per Share Change
    ✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
    Revenue / market capitalization+0.5474; #2509/5247 (top 47.8%)
    ✗OshaughnessyTop 10% of eligible cross-section
    (Operating cash flow - capex) / market capitalization+2.50%; #2152/4519 (top 47.6%)
    ✗OshaughnessyTop 10% of eligible cross-section
    Trailing six-month price return through the evaluation date-13.44%; #3621/6202 (top 58.4%)
    ✗OshaughnessyTop 10% of eligible cross-section
  • Valuation models17% pass✓ 1✗ 5▾

    Models split on MDLN at $39.47 — fair values range $15.36–$41.48

    Buffett fair value$25.14
    ✗Buffett-57.0% margin vs $39.47
    Greenblatt fair value$18.23
    ✗Greenblatt-116.5% margin vs $39.47
    Munger fair value$24.68
    ✗Munger-59.9% margin vs $39.47
    Pabrai fair value$33.37
    ✗Pabrai-18.3% margin vs $39.47
    Akre fair value$15.36
    ✗Akre-157.0% margin vs $39.47
    Ackman fair value$41.48
    ✓Ackman+4.8% margin vs $39.47
  • Efficiency38% pass✓ 4✗ 7▾

    5 of 8 flag MDLN's efficiency — Buffett, Greenblatt, Munger +2 more

    Current Ratio4.04
    ✓Graham>= 2.0
    ROIC (3-5 yr avg)6.7%
    ✗Buffett> 10%
    ROIC - WACC-3.3%
    ✗BuffettPositive (WACC = 10%)
    EBIT / (NWC + Net Fixed Assets)19.9%
    ✗Greenblatt> 25%
    Current Ratio Change YoY3.39 -> 4.29
    ✓PiotroskiIncreased YoY
    Revenue / Total Assets Change YoY0.71x -> 0.74x
    ✓PiotroskiImproved YoY
    Current Assets / Current Liabilities4.04
    ✓Dreman> 1.5
    Return on Invested Capital7.5%
    ✗Munger> 15%
    ROIC (high and growing)FY2023: ROIC=unavailable; FY2024: ROIC=5.2%; FY2025: ROIC=7.5%
    ✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
    Reinvestment Rate x ROIC7.5% (RR=100% x ROIC=7.5%)
    ✗AkreReinvestment Rate * ROIC > 10%
    ROIC (5-year)0/2 years above 12% (latest 7.5%)
    ✗SleepROIC > 12% in a majority of years

Business & financials

Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.

Company Profile

Industry: Medical Equipment
SIC Sector: Measuring & Medical Instruments
Size: Large Cap($51.9B)
Revenue: $28.4B+11.5% YoY
Net Income: $1.2B-0.3% YoY

Financial Snapshot

Operating Margin7.8%
Return on Equity10.8%
Debt / Equity1.17
Current Ratio4.29
EPS (Diluted)$-0.01
Buybacks (1y)$33.0M
Buybacks (2y)$53.0M

Similar Companies

ALCALCON INC
$35.6B
PHGKONINKLIJKE PHILIPS NV
$29.7B
WSTWEST PHARMACEUTICAL SERVICES INC
$29.0B
SNNSMITH & NEPHEW PLC
$13.1B

Shareholder Return

Fiscal 2025

Share retirement not available for this company.

Buybacks
$33.0M
Dividends
—

Company Financials

Latest TTM and quarters alongside annual years

TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.

The latest annual period end is unavailable. Showing the latest fiscal cycle’s quarters; quarter and annual columns may overlap. Quarterly shows the full quarter history.

MetricQ3 FY 2026

2026-06-28 – 2026-09-26

Sources · derived quarter values

Derived from cumulative filings: operating cash flow, depreciation amortization, capex, buybacks.

Q2 FY 2026

2026-03-29 – 2026-06-27

Sources · derived quarter values

Derived from cumulative filings: operating cash flow, depreciation amortization, capex, buybacks.

Q1 FY 2026

2026-01-01 – 2026-03-28

Sources
FY 2025
Sources
  • 10-K · 2026-02-25
FY 2024
Sources
  • 10-K · 2026-02-25
FY 2023
Sources
  • 10-K · 2026-02-25
FY 2022
Sources
  • 10-K · 2026-02-25
Market Cap$51.9Bcurrent----$35.8Best.------
Revenue$7.9B$7.7B$7.4B$28.4B↑11%$25.5B↑10%$23.2B--
Operating Income$500.0M$395.0M$422.0M$2.2B↑3%$2.1B↑72%$1.3B--
Net Income$318.0M$139.0M$239.0M$1.2B$1.2B↑397%$234.0M--
EPS (Diluted)$0.22$0.07$0.16$-0.01------
Gross Margin24.5%28.8%25.0%26.4%↓3%27.3%↑8%25.3%—
Operating Margin6.4%5.1%5.7%7.8%↓8%8.4%↑56%5.4%—
ROE———10.8%↑50%7.2%↑415%1.4%—
Total Debt$12.6B$12.6B$12.6B$12.6B↓24%$16.5B----
Shareholders' Equity$11.8B$11.6B$11.3B$10.7B↓34%$16.2B↓3%$16.7B↑1%$16.6B
Current Ratio4.044.334.414.29↑27%3.39——
Debt / Equity1.071.091.121.17↑15%1.02——
Operating Cash Flow$1.0B$715.0M$412.0M$1.7B↓1%$1.8B↑5%$1.7B--
Free Cash Flow$884.0M$604.0M$316.0M$1.3B↓8%$1.4B$1.4B--

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Medical Equipment

MDLN vs Peers — Financial Grading

Revenue$28.4BTop 25%
Net Income$1.2BTop 25%
ROE10.8%Median
D/E1.17Bottom 25%
Op. Margin7.8%Bottom 25%
Curr. Ratio4.29Top 25%
CompanyMarket CapPriceRevenueNet IncomeROED/EOp. MarginCurr. RatioGrahamBuffettLynchGreenblattPiotroskiDreman
ALCON INCALC$35.6B$74.12$10.4B$980.0M4.4%0.2113.1%2.122/91/93/70/3F-Score 64/11
KONINKLIJKE PHILIPS NVPHG$29.7B$30.34$21.0B$1.1B8.2%0.648.0%1.321/91/91/70/3F-Score 53/11
WEST PHARMACEUTICAL SERVICES INCWST$29.0B$416.42$3.1B$493.7M15.5%0.0619.0%3.024/96/96/71/3F-Score 75/11
SMITH & NEPHEW PLCSNN$13.1B$31.28$6.2B$625.0M11.8%0.5912.9%2.572/90/91/70/3F-Score 64/11
MSA Safety IncMSA$6.7B$174.17$1.9B$278.9M20.4%0.4219.8%3.015/95/94/71/3F-Score 57/11
STAAR SURGICAL COSTAA$1.3B$26.39$239.4M$80.4M-23.4%—-38.3%4.552/92/92/70/3F-Score 33/11
ARTIVION, INC.AORT$931.9M$19.10$441.3M$9.8M2.2%0.487.6%3.532/90/90/70/3F-Score 71/11
InMode Ltd.INMD$763.6M$13.27$370.5M$93.8M13.7%—23.0%9.885/93/90/73/3F-Score 44/11