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: $27.1B
Employees: 4,000; $7M revenue each
Net debt / EBITDA: 3.2×; $10.2B net debt
AI in 10-K: 2.0; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 of 7

TSR below peersNo
0 of 1 years
3+ of last 5 years
High CEO pay despite TSRNo
$4M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashYes
0% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
2% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
21% of assets
Over 40% of assets
Shareholder dissentNo
96% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$7M · 97th pct
Bottom quartile of its SIC industry
Quiet on AINo
2.0 per 10K words · 55th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
3.2× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$27.1B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$10.3B net
Net sales over $10M in 12 months

Financials

Metric	FY2023	FY2024	FY2025	YoY	Trend
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: $515M · 5
Open-market sells, 12 mo: $10.5B · 39
Net: −$10.0B

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$4M	$62M	102	101