Medline Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 4 fiscal years, taken from the XBRL data Medline Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2023	FY2025	FY2025	FY2025
Revenue	23,231	25,507		28,432
Cost of revenue	17,346	18,531		20,914
Gross profit	5,885	6,976		7,518
Research and development	60	67		80
Selling, general and administrative	3,867	4,108		4,524
Operating expenses	4,635	4,830		5,306
Operating income	1,250	2,146		2,212
Interest expense	1,213	1,144		945
Interest income	237	280		133
Other non-operating income	-986	-900		-964
Pre-tax income	264	1,246		1,248
Income tax	30	46		91
Net income to minority interests				-2
Net income	234	1,163	1,153	1,159
EBITDA	2,201	3,123		3,223
EPS, basic				-0.01
EPS, diluted				-0.01
Shares, basic (weighted)				810
Shares, diluted (weighted)				810

Balance sheet

	FY2023	FY2025	FY2025
Cash and equivalents	1,585	199	1,939
Short-term investments			0
Receivables		3,219	3,533
Inventory		4,456	4,769
Other current assets		398	438
Total current assets		8,272	10,679
Property, plant and equipment		4,595	4,778
Lease right-of-use assets		384	432
Goodwill	7,532	8,065	8,079
Intangible assets		14,559	13,893
Other non-current assets		23,111	23,027
Total assets		35,978	38,484
Accounts payable		869	961
Accrued liabilities		1,493	1,452
Short-term debt		78	77
Total current liabilities		2,440	2,490
Long-term debt		16,416	12,484
Lease liabilities		329	386
Other non-current liabilities		598	682
Total liabilities		19,454	19,198
Total debt		16,492	12,560
Paid-in capital			10,717
Retained earnings			-7
Other comprehensive income		11	27
Shareholders' equity			10,737
Minority interests			8,549
Total equity			19,286
Total liabilities and equity		35,978	38,484

Cash flow statement

	FY2023	FY2025	FY2025	FY2025
Net income	234	1,163	1,153	1,159
Depreciation and amortization	951	977		1,011
Stock-based compensation	78	61		76
Deferred income tax	-23	-24		-20
Change in receivables	-153	-256		-355
Change in inventory	444	-545		-264
Change in payables	136	106		73
Cash from operations	1,685	1,769		1,744
Capital expenditures	-275	-354		-447
Acquisitions	-16	-1,126		6
Cash from investing	-312	-1,493		-474
Share buybacks	0	-20		-33
Cash from financing	-191	-1,613		399
Exchange rate effect	4	2		23
Net change in cash	1,186	-1,335		1,692
Free cash flow	1,410	1,415		1,297
Interest paid	1,126	1,022		944
Income taxes paid	52	101		62

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $34.70 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	26.4%	Gross profit / revenue.
Operating margin	7.8%	Operating income / revenue.
EBITDA margin	11.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	4.4%	Pre-tax income / revenue.
Net margin	4.1%	Net income / revenue.
FCF margin	4.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	6.1%	Cash from operations / revenue.
Effective tax rate	7.3%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	10.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	3.0%	Net income / average total assets.
Return on invested capital (ROIC)	9.6%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	0.3%	Research and development expense / revenue.
SG&A / revenue	15.9%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.6%	Capital expenditures / revenue.
D&A / revenue	3.6%	Depreciation and amortization / revenue.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	4.29x	Current assets / current liabilities.
Quick ratio	2.20x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.78x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.17x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	32.6%	Total debt / total assets.
Liabilities / assets	49.9%	Total liabilities / total assets.
Net debt	$10.62B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	3.30x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	2.34x	Operating income / interest expense.
Working capital	$8.19B	Current assets - current liabilities.
Goodwill and intangibles / assets	57.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$11.24B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.74x	Revenue / average total assets.
Fixed asset turnover	5.95x	Revenue / average property, plant and equipment.
Inventory turnover	4.39x	Cost of revenue / average inventory.
Days inventory	83 days	365 x average inventory / cost of revenue.
Receivables turnover	8.05x	Revenue / average receivables.
Days sales outstanding	45 days	365 x average receivables / revenue.
Days payables	17 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	112 days	Days inventory + days sales outstanding - days payables.
FCF conversion	111.9%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	25.6%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.01	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	-$0.01	Net income per basic share, as reported (split-adjusted).
Revenue per share	$35.10	Revenue / diluted weighted shares.
FCF per share	$1.60	Free cash flow / diluted weighted shares.
Operating cash flow per share	$2.15	Cash from operations / diluted weighted shares.
Book value per share	$13.26	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$13.87	Tangible book value / shares outstanding.
Cash per share	$2.39	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	2.5%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$45.62B	Share price x shares outstanding.
Enterprise value	$56.24B	Market cap + total debt - cash - short-term investments.
P/E	39.4x	Market cap / net income. Only when net income is positive.
P/S	1.60x	Market cap / revenue.
P/B	4.25x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	35.2x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	26.2x	Market cap / cash from operations, when positive.
EV/Sales	1.98x	Enterprise value / revenue.
EV/EBIT	25.4x	Enterprise value / operating income, when both are positive.
EV/EBITDA	17.5x	Enterprise value / EBITDA, when both are positive.
EV/FCF	43.4x	Enterprise value / free cash flow, when both are positive.
FCF yield	2.8%	Free cash flow / market cap.
Earnings yield	2.5%	Net income / market cap (the inverse of P/E).
Shareholder yield	0.1%	(Dividends paid + share buybacks) / market cap.

What was Medline Inc.'s revenue in fiscal 2025?

Medline Inc. reported revenue of $28.43B for fiscal 2025.

Was Medline Inc. profitable in fiscal 2025?

Yes. Net income was $1.16B, a net margin of 4.1%.

How much free cash flow did Medline Inc. generate in fiscal 2025?

Cash from operations of $1.74B minus capital expenditures of $447.0M left free cash flow of $1.30B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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