MDLNMedline Inc.
Surgical & Medical Instruments & Apparatus
- Revenue
- $28.4B
- 11% YoY
- Operating margin
- 7.8%
- 7.5% YoY
- EBITDA
- $3.2B
- 3.2% YoY
- Market cap
- —
- Employees
- —
- Net debt / EBITDA
- 3.2×
- $10.2B net debt
- AI in 10-K
- —
Red flags 1 of 9
- TSR below peersClear—3+ of last 5 years
- High CEO pay despite TSRClear—Median CEO pay ≥ $15M and TSR flag
- Active 13DClear0 filingsActive-intent 13D in 18 months
- Net insider sellingClear$0 netNet sales over $10M in 12 months
- Earnings not backed by cashFired0% of net incomeCash flow under 80% of net income
- Dilutive SBCClear0% of revenueOver 10% of revenue
- Payouts exceed cash flowClear2% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyClear21% of assetsOver 40% of assets
- Shareholder dissentClear—Any vote under 80% support
Financials
| Metric | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|
| Revenue | $23.2B | $25.5B | $28.4B | 11% |
| Operating income | $1.3B | $2.1B | $2.2B | 3.1% |
| Net income | — | — | $1.2T | |
| Operating cash flow | $1.7B | $1.8B | $1.7B | 1.4% |
| Capex | $275M | $354M | $447M | 26% |
| Stock-based comp | $78M | $61M | $76M | 25% |
| Buybacks | $0 | $20M | $33M | 65% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $2.1B · 10
- Net
- −$2.1B
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $4M | $62M | 102 | 101 |