MDLN · Medline Inc.
Key customers — 74% of revenue (the year ended December 31, 2025)
“approximately $19.7 billion (or 69% of consolidated net sales and 74% of U.S. net sales) was from sales to member hospitals under contract with our largest GPOs: Vizient Supply, LLC, HealthTrust Purchasing Group, L.P., and Premier Healthcare Alliance, L.P.”
Key customers — 69% of revenue (the year ended December 31, 2025)
“approximately $19.7 billion (or 69% of consolidated net sales and 74% of U.S. net sales) was from sales to member hospitals under contract with our largest GPOs: Vizient Supply, LLC, HealthTrust Purchasing Group, L.P., and Premier Healthcare Alliance, L.P.”
5 customers — 11.3% of revenue (the year ended December 31, 2025)
“For the year ended December 31, 2025, our top five U.S. customers represented approximately $3.2 billion (or 11.3%) of our net sales.”
Income-statement, balance-sheet and cash-flow figures extracted from the company's SEC filings — 10-K annual and 10-Q quarterly reports — and standardised for comparison across periods.
Chart any reported metric, KPI or segment over time — the full statement history lives here
| Line Item | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| $28.43B | $25.51B | $23.23B | |
| $17M | $15M | $17M | |
| $20.91B | $18.53B | $17.35B | |
| $7.52B | $6.98B | $5.89B | |
| 26.44% | 27.35% | 25.33% | |
| $80M | $67M | $60M | |
| $4.52B | $4.11B | $3.87B | |
| $704M | $685M | $662M | |
| $1.01B | $977M | $951M | |
| $5.31B | $4.83B | $4.64B | |
| $2.21B | $2.15B | $1.25B | |
| 7.78% | 8.41% | 5.38% | |
| $3.22B | $3.12B | $2.2B | |
| $945M | $1.14B | $1.21B | |
| $133M | $280M | $237M | |
| -$964M | -$900M | -$986M | |
| $1.25B | $1.25B | $264M | |
| $91M | $46M | $30M | |
| $1.16B | $1.16B | $234M | |
| 4.08% | 4.56% | 1.01% | |
| -$2M | — | — | |
| -$7M | — | — | |
| $1.19B | $1.02B | $160M | |
| USD/shares | -$0.01 | — | — |
| USD/shares | -$0.01 | — | — |
| shares | 810M | — | — |
| shares | 810M | — | — |
Capital Returned to Shareholders
Cash spent on share repurchases and dividends per fiscal year, as reported on the cash-flow statement. Across FY2023–FY2025: $53M in buybacks.
Price & Valuation
Multiples computed on the strict TTM/EV methodology — today's snapshot against peers, and each ratio recomputed as of past filing dates.
Valuation
Peer medians compare against the 15 similar-size Medical Instruments & Supplies companies (of 46 listed).
Revenue Breakdown
Annual revenue as the company disaggregates it in its own XBRL filings. Years a component wasn't reported show a dash.
Share mode is each component's slice of the reported components that year — issuers rarely tag every revenue dollar, so slices need not sum to total revenue.
By Segment (USD)
| Component | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Supply Chain Solutions Segment | $14,712,000,000 | $12,992,000,000 | $11,618,000,000 |
| Medline Brand Segment | $13,720,000,000 | $12,515,000,000 | $11,613,000,000 |
By Geography (USD)
| Component | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| United States | $26,479,000,000 | $23,747,000,000 | $21,800,000,000 |
| Non Us | $1,953,000,000 | $1,760,000,000 | $1,431,000,000 |
By Product & Service (USD)
| Component | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Acute Care | $19,506,000,000 | $17,491,000,000 | $15,906,000,000 |
| Non-Acute Care | $6,973,000,000 | $6,256,000,000 | $5,894,000,000 |