Medline Inc.
MDLN · Surgical & Medical Instruments & Apparatus · 810.00B shares · EDGAR filings ↗
Reference price $36.60 · est. market cap ~$29.6T — last insider sale, 2026-06-16 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
B74Medical-products distributor (giant) — profitable with very strong free cash flow, though leveraged.
Strengths
- Profitable with very strong FCF — operating margin 8% (75th), ROA 3% (77th), FCF $1.3B (96th)
- Strong liquidity — current ratio 4.3 (64th)
Risks
- Leverage — D/E 1.17 (73rd)
- Thin distribution margins — gross margin 26% (10th)
- Supply-chain/customer-concentration risk — per 10-K
Notable findings
- Restatement• Our amended and restated certificate of incorporation does not limit the ability of our Sponsors, the Mills family, and certain other pre-IPO investors to compete with us, and they may have investme 8-K ↗
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Insider buyingInsider buying — 1 open-market buy(s) by 1 insider(s) (~$170,750, last 6mo) Form 4 ↗
- Insider sellingInsider selling — 21 open-market sale(s) by 6 insider(s) (cluster of 6 insiders, ~$7.8B, last 6mo) Form 4 ↗
- New fund positionNotable fund(s) opened this quarter: RENAISSANCE TECHNOLOGIES LLC
- Notable holderHeld by 5 notable fund(s): FMR LLC, STATE STREET CORP, CITADEL ADVISORS LLC +2 more (as of 2026-03-31)
- AccumulatingInstitutional holders rose 9→14 QoQ (2025-12-31→2026-03-31)
Quarterly revenue
Last 2 quarters · from SEC filings.
Key metrics
Gross margin
26.4%
Operating margin
7.8%
Net margin
4.1%
Return on equity
10.8%
Return on assets
3.0%
ROIC
7.5%
Revenue growth (QoQ)
10.7%
Net-income growth
0.5%
Debt / equity
1.2×
Net debt / EBITDA
3.3×
Current ratio
4.3×
Free cash flow
$1.3B
EBITDA
$3.2B
Tangible book value
-$11.2B
Cash & investments
$1.9B
Stock comp / revenue
0.3%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-16 | Golwas Douglas P | Option exercise | 100K | — |
| 2026-06-16 | Golwas Douglas P | Disposition | 100K | — |
| 2026-06-16 | Golwas Douglas P | Sell | 38K | $37.05 |
| 2026-06-16 | Golwas Douglas P | Sell | 62K | $36.60 |
| 2026-06-15 | Laabs Amanda H. | Tax withheld | 1.9K | $36.61 |
| 2026-06-15 | Liberman Alexander M. | Tax withheld | 872 | $36.61 |
| 2026-06-15 | Miller Stephen L | Tax withheld | 1.9K | $36.61 |
| 2026-06-15 | Shryock Christopher P | Tax withheld | 872 | $36.61 |
| 2026-06-15 | Boyle James M | Tax withheld | 2.4K | $36.61 |
| 2026-06-15 | Golwas Douglas P | Tax withheld | 1.9K | $36.61 |
| 2026-06-15 | Abrams William J | Tax withheld | 1.3K | $36.61 |
| 2026-06-15 | Drazin Michael B | Tax withheld | 1.9K | $36.61 |
| 2026-06-11 | GALANTI RICHARD A | Grant | 5.4K | — |
| 2026-06-11 | Bluedorn Todd M | Grant | 5.4K | — |
| 2026-06-11 | Sweet Thomas W | Grant | 5.4K | — |
| 2026-06-05 | CORCORAN JESSI L | Buy | 5.0K | $34.15 |
| 2026-05-28 | BX Mozart ML-2 Holdco L.P. | Sell | 9.9M | $36.54 |
| 2026-05-28 | BX Mozart ML-2 Holdco L.P. | Other | 438K | — |
| 2026-05-28 | BX Mozart ML-2 Holdco L.P. | Sell | 1.5M | $36.54 |
| 2026-05-28 | Hellman & Friedman Capital Partners X (Parallel), L.P. | Sell | 17.9M | $36.54 |
| 2026-05-28 | Hellman & Friedman Capital Partners X (Parallel), L.P. | Sell | 754K | $36.54 |
| 2026-05-28 | Hellman & Friedman Capital Partners X (Parallel), L.P. | Sell | 11.9M | $36.54 |
| 2026-05-28 | Hellman & Friedman Capital Partners X (Parallel), L.P. | Sell | 1.3M | $36.54 |
| 2026-05-28 | Hellman & Friedman Capital Partners X (Parallel), L.P. | Other | 210K | — |
| 2026-05-28 | Hellman & Friedman Capital Partners X (Parallel), L.P. | Other | 1.5M | — |
| 2026-05-28 | Hellman & Friedman Capital Partners X (Parallel), L.P. | Other | 141K | — |
| 2026-05-28 | HEALY PATRICK J | Other | 180K | — |
| 2026-05-28 | HEALY PATRICK J | Other | 22K | — |
| 2026-05-28 | BX Mozart ML-2 Holdco L.P. | Sell | 19.7M | $36.54 |
| 2026-05-28 | BX Mozart ML-2 Holdco L.P. | Sell | 2.3M | $36.54 |
| 2026-05-21 | Hellman & Friedman Capital Partners X (Parallel), L.P. | Other | 18.2M | — |
| 2026-05-21 | BX Mozart ML-1 Holdco L.P. | Conversion | 9.9M | — |
| 2026-05-21 | BX Mozart ML-1 Holdco L.P. | Conversion | 1.5M | — |
| 2026-05-21 | BX Mozart ML-1 Holdco L.P. | Other | 9.9M | — |
| 2026-05-21 | BX Mozart ML-1 Holdco L.P. | Other | 1.5M | — |
| 2026-05-21 | Hellman & Friedman Capital Partners X (Parallel), L.P. | Conversion | 18.2M | — |
| 2026-03-10 | BX Mozart ML-2 Holdco L.P. | Sell | 1.9M | $40.51 |
| 2026-03-10 | BX Mozart ML-2 Holdco L.P. | Sell | 1.2M | $40.51 |
| 2026-03-10 | BX Mozart ML-2 Holdco L.P. | Other | 366K | — |
| 2026-03-10 | Carlyle Mozart Coinvestment Holdings, L.P. | Sell | 26.1M | $41.00 |
| 2026-03-10 | Carlyle Mozart Coinvestment Holdings, L.P. | Other | 2.1M | — |
| 2026-03-10 | CP Circle ML Holdco GP, LLC | Sell | 26.1M | $41.00 |
| 2026-03-10 | CP Circle ML Holdco GP, LLC | Other | 2.1M | — |
| 2026-03-10 | TC Group Cayman Investment Holdings, L.P. | Sell | 26.1M | $41.00 |
| 2026-03-10 | TC Group Cayman Investment Holdings, L.P. | Other | 2.1M | — |
| 2026-03-10 | HEALY PATRICK J | Other | 508K | — |
| 2026-03-10 | HEALY PATRICK J | Other | 70K | — |
| 2026-03-10 | Hellman & Friedman Capital Partners X (Parallel), L.P. | Sell | 14.6M | $40.51 |
| 2026-03-10 | Hellman & Friedman Capital Partners X (Parallel), L.P. | Sell | 630K | $40.51 |
| 2026-03-10 | Hellman & Friedman Capital Partners X (Parallel), L.P. | Sell | 9.8M | $40.51 |
| 2026-03-10 | Hellman & Friedman Capital Partners X (Parallel), L.P. | Sell | 1.1M | $40.51 |
| 2026-03-10 | Hellman & Friedman Capital Partners X (Parallel), L.P. | Other | 539K | — |
| 2026-03-10 | Hellman & Friedman Capital Partners X (Parallel), L.P. | Other | 1.4M | — |
| 2026-03-10 | Hellman & Friedman Capital Partners X (Parallel), L.P. | Other | 114K | — |
| 2026-03-10 | BX Mozart ML-2 Holdco L.P. | Sell | 16.5M | $40.51 |
| 2026-03-10 | BX Mozart ML-2 Holdco L.P. | Sell | 8.2M | $40.51 |
| 2026-03-05 | Hellman & Friedman Capital Partners X (Parallel), L.P. | Conversion | 2.0M | — |
| 2026-03-05 | BX Mozart ML-1 Holdco L.P. | Conversion | 1.1M | — |
| 2026-03-05 | Liberman Alexander M. | Grant | 12K | — |
| 2026-03-05 | Abrams William J | Grant | 18K | — |
| 2026-03-05 | Laabs Amanda H. | Grant | 26K | — |
| 2026-03-05 | TC Group Cayman Investment Holdings, L.P. | Conversion | 1.2M | — |
| 2026-03-05 | TC Group Cayman Investment Holdings, L.P. | Other | 1.2M | — |
| 2026-03-05 | Boyle James M | Grant | 32K | — |
| 2026-03-05 | Golwas Douglas P | Grant | 26K | — |
| 2026-03-05 | CP Circle ML Holdco GP, LLC | Conversion | 1.2M | — |
| 2026-03-05 | CP Circle ML Holdco GP, LLC | Other | 1.2M | — |
| 2026-03-05 | Miller Stephen L | Grant | 26K | — |
| 2026-03-05 | BX Mozart ML-1 Holdco L.P. | Other | 162K | — |
| 2026-03-05 | Carlyle Mozart Coinvestment Holdings, L.P. | Conversion | 1.2M | — |
| 2026-03-05 | Carlyle Mozart Coinvestment Holdings, L.P. | Other | 1.2M | — |
| 2026-03-05 | Shryock Christopher P | Grant | 12K | — |
| 2026-03-05 | Drazin Michael B | Grant | 26K | — |
| 2026-03-05 | BX Mozart ML-1 Holdco L.P. | Other | 1.1M | — |
| 2026-03-05 | BX Mozart ML-1 Holdco L.P. | Conversion | 162K | — |
| 2026-03-05 | Hellman & Friedman Capital Partners X (Parallel), L.P. | Other | 2.0M | — |
| 2026-03-04 | Carlyle Mozart Coinvestment Holdings, L.P. | Other | 8.1M | — |
| 2026-03-04 | TC Group Cayman Investment Holdings, L.P. | Conversion | 8.1M | — |
| 2026-03-04 | TC Group Cayman Investment Holdings, L.P. | Other | 8.1M | — |
| 2026-03-04 | CP Circle ML Holdco GP, LLC | Conversion | 8.1M | — |
| 2026-03-04 | CP Circle ML Holdco GP, LLC | Other | 8.1M | — |
| 2026-03-04 | Carlyle Mozart Coinvestment Holdings, L.P. | Conversion | 8.1M | — |
| 2026-03-04 | Hellman & Friedman Capital Partners X (Parallel), L.P. | Conversion | 13.2M | — |
| 2026-03-04 | Hellman & Friedman Capital Partners X (Parallel), L.P. | Other | 13.2M | — |
| 2026-03-04 | BX Mozart ML-1 Holdco L.P. | Conversion | 7.2M | — |
| 2026-03-04 | BX Mozart ML-1 Holdco L.P. | Conversion | 1.1M | — |
| 2026-03-04 | BX Mozart ML-1 Holdco L.P. | Other | 7.2M | — |
| 2026-03-04 | BX Mozart ML-1 Holdco L.P. | Other | 1.1M | — |
| 2026-02-11 | CP Circle Holdings, L.P. | Other | 2.6K | — |
| 2026-02-11 | Carlyle Mozart Coinvestment Holdings, L.P. | Other | 15.4M | — |
| 2026-02-11 | CP Circle Holdings, L.P. | Other | 15.4M | — |
| 2026-01-16 | TC Group VIII, L.L.C. | Other | 94.3M | — |
| 2026-01-16 | Carlyle Mozart Coinvestment Holdings, L.P. | Other | 17.6M | — |
| 2026-01-16 | Carlyle Mozart Coinvestment Holdings, L.P. | Other | 55.6M | — |
| 2026-01-16 | Carlyle Mozart Coinvestment Holdings, L.P. | Other | 9.5K | — |
| 2025-12-18 | Hellman & Friedman Capital Partners X (Parallel), L.P. | Other | 2.1M | — |
| 2025-12-18 | Hellman & Friedman Capital Partners X (Parallel), L.P. | Other | 9.0M | — |
| 2025-12-18 | Hellman & Friedman Capital Partners X (Parallel), L.P. | Other | 3.2M | — |
| 2025-12-18 | Hellman & Friedman Capital Partners X (Parallel), L.P. | Other | 313K | — |
| 2025-12-18 | Hellman & Friedman Capital Partners X (Parallel), L.P. | Conversion | 2.1M | — |
| 2025-12-18 | Hellman & Friedman Capital Partners X (Parallel), L.P. | Other | 2.1M | — |
| 2025-12-18 | HEALY PATRICK J | Other | 700K | — |
| 2025-12-18 | HEALY PATRICK J | Other | 80K | — |
| 2025-12-18 | HEALY PATRICK J | Other | 39K | — |
| 2025-12-18 | GIC Private Ltd | Sell | 10.2M | $28.37 |
| 2025-12-18 | Mills Andrew J. | Buy | 2.6M | $29.00 |
| 2025-12-18 | Mills Charles N. | Buy | 2.4M | $29.00 |
| 2025-12-18 | Mills Charles N. | Buy | 138K | $29.00 |
| 2025-12-18 | Mozart Holdco, Inc. | Conversion | 253K | — |
| 2025-12-18 | Mozart Holdco, Inc. | Other | 253K | — |
| 2025-12-18 | GIC Private Ltd | Buy | 12.6M | $29.00 |
| 2025-12-18 | TC Group VII S1, L.L.C. | Conversion | 6.8M | — |
| 2025-12-18 | TC Group VII S1, L.L.C. | Other | 6.8M | — |
| 2025-12-18 | TC Group VII S1, L.L.C. | Sell | 19.1M | $29.00 |
| 2025-12-18 | TC Group VII S1, L.L.C. | Other | 1.5M | — |
| 2025-12-18 | Carlyle Mozart Coinvestment Holdings, L.P. | Conversion | 6.8M | — |
| 2025-12-18 | Carlyle Mozart Coinvestment Holdings, L.P. | Other | 6.8M | — |
| 2025-12-18 | Carlyle Mozart Coinvestment Holdings, L.P. | Sell | 19.1M | $29.00 |
| 2025-12-18 | Carlyle Mozart Coinvestment Holdings, L.P. | Other | 1.5M | — |
| 2025-12-18 | Hellman & Friedman Capital Partners X (Parallel), L.P. | Sell | 5.1M | $28.37 |
| 2025-12-18 | Hellman & Friedman Capital Partners X (Parallel), L.P. | Sell | 547K | $28.37 |
| 2025-12-18 | Hellman & Friedman Capital Partners X (Parallel), L.P. | Sell | 462K | $28.37 |
| 2025-12-16 | Sweet Thomas W | Grant | 12K | — |
| 2025-12-16 | Liberman Alexander M. | Grant | 227K | — |
| 2025-12-16 | Liberman Alexander M. | Grant | 234K | — |
| 2025-12-16 | GALANTI RICHARD A | Grant | 11K | — |
| 2025-12-16 | Mills Andrew J. | Grant | 31K | — |
| 2025-12-16 | Drazin Michael B | Grant | 486K | — |
| 2025-12-16 | Bluedorn Todd M | Grant | 10K | — |
| 2025-12-16 | Golwas Douglas P | Grant | 466K | — |
| 2025-12-16 | Laabs Amanda H. | Grant | 251K | — |
| 2025-12-16 | Boyle James M | Grant | 515K | — |
| 2025-12-16 | Boyle James M | Grant | 24K | — |
| 2025-12-16 | Abrams William J | Grant | 496K | — |
| 2025-12-16 | Abrams William J | Grant | 31K | — |
| 2025-12-16 | Mills Charles N. | Grant | 64K | — |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-12 | 2026-06-11 | 0002046386-26-000037 ↗ |
| 8-K | 2026-06-02 | 2026-05-28 | 0001193125-26-252557 ↗ |
| 10-Q | 2026-05-06 | 2026-03-28 | 0002046386-26-000026 ↗ |
| 8-K | 2026-05-06 | 2026-05-06 | 0002046386-26-000022 ↗ |
| 10-K | 2026-02-25 | 2025-12-31 | 0002046386-26-000009 ↗ |
| 8-K | 2026-02-25 | 2026-02-25 | 0002046386-26-000007 ↗ |
| 8-K | 2025-12-22 | 2025-12-16 | 0001193125-25-328884 ↗ |