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Medline

MDLN on Nasdaq. Medline sells medical products to hospitals, doctors, and group purchasing organizations. Market value $13.0bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

What to watch out for

See Health care stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to June 2026
5.4%fair

For every $100 of what the whole company costs, it produced $5.37 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
21.5×full

You pay 21.5 years of operating profit for the business. The average large US company costs around 18.

Return on capital
five annual reports to December 2025
n/a

The filings do not give us enough to work this out.

Quality score: not known. Price score: 67 of 100. Our list needs 70 on quality and 60 on price.

$35.55 a share, 13% above its 1-year low

Over the past year the price has ranged from $31.49 to $50.88.

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

1.3
1.5
202512 monthsto Jun '26
Revenue
$28.4bn
Operating margin
7.8%
Debt to equity
1.17
Shares outstanding
0.81bn

Health checks

  • Free cash flow positive1 of 1 years
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)Not enough data
  • Profit backed by cash (accruals)Not enough data
  • Debt1.17× equity
  • Revenue growth, five yearsUnknown
  • Buying back its own sharesRoughly flat

Dates

Next results (estimated)
n/a
Last annual report (10-K)
25 February 2026
Next quarterly (estimated, 10-Q)
4 November 2026

Who owns it

4 long-term investors we follow own it, unchanged from 4 last quarter. 406 funds in all.

Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

7 investors own more than 5%.

  • Mozart Holdco, Inc.
    Passive investor
    22.4%
    Since 31 December 2025
  • Carlyle Group Inc.
    Passive investor
    at least 20.6%−3.8 pts
    (filed with 26 related holders)
    Since 31 March 2026
  • BMA VIII L.L.C.
    Passive investor
    at least 16.5%−4.1 pts
    (filed with 15 related holders)
    Since 30 June 2026
  • Hellman & Friedman Investors X, L.P.
    Passive investor
    at least 16.0%−3.8 pts
    (filed with 8 related holders)
    Since 30 June 2026
  • GIC Private Limited
    Passive investor
    at least 14.6%
    (filed with 2 related holders)
    Since 18 December 2025
  • FMR LLC
    Passive investor
    at least 5.5%
    (filed with 1 related holder)
    Since 30 June 2026
  • Abu Dhabi Investment Authority
    Passive investor
    at least 4.9%−1.0 pts
    (filed with 1 related holder)
    Since 31 March 2026

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 3 insiders bought $150m of shares on the open market. 1 sold $4m, $4m of it under preset trading plans.

  • Golwas Douglas P
    Chief Commercial Officer
    Sold
    under a preset trading plan
    Date
    16 June 2026
    Shares
    100,000
    Price
    $36.77
    Value
    $4m
  • CORCORAN JESSI L
    Principal Accounting Officer
    Bought
    Date
    5 June 2026
    Shares
    5,000
    Price
    $34.15
    Value
    $170,750
  • Mills Andrew J.
    Director
    Bought
    Date
    18 December 2025
    Shares
    2,586,206
    Price
    $29.00
    Value
    $75m
  • Mills Charles N.
    Director
    Bought
    Date
    18 December 2025
    Shares
    2,579,310
    Price
    $29.00
    Value
    $75m

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 25 Feb 2026, plus the 10-Q filed 5 Aug 2026 and 5 later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.