Medline MDLN
Nasdaq · Surgical & Medical Instruments & Apparatus · $32.7B$39.76−1.46%Nov 5 close · Databento
MDLN Wire Story Reactions & EOD Technical StudyDaily closes (Databento EOD) pinned with every AlgoThesis Wire story (dot colour = next trading day close) and SEC filing
Nov 5, 2026CLOSE $39.761D −1.46%3M +17.60%SMA20 $35.08SMA50 $34.68RSI(14) 69.8
39.76
RSI (14, Wilder EOD) · 70 Overbought / 30 OversoldRSI 69.8
Data provided by Databento (end of day). Next close = the first close after a story against the close before it; official daily closes only, not a call, not advice.
The numbers
fiscal 2025, as filed with the SEC · 66-metric EOD snapshot via DatabentoMarket cap$32.7B
EV / True FCF35.5x
Revenue$28.4B +11.5%
True FCF (ex-SBC)$1.2B −8.3%
Rule of 4016.1%
ROIC6.9%
True FCF Yield3.7%
EPS, diluted$-0.01
Modern Valuation (EOD)
Market Cap$32.7B
Enterprise Value$43.3B
EV / True FCF35.46
EV / FCF33.39
EV / Gross Profit5.76
EV / EBIT19.58
EV / Sales1.52
P / E (GAAP)0.03
P / FCF25.20
P / Oper. CF18.74
P / Book1.69
Owner & Cash Yields
True FCF Yield3.7%
FCF Yield4.0%
Owner Earn. Yield3541.5%
Earnings Yield3540.0%
Shareholder Yield−0.1%
Buyback Yield0.1%
Dividend Yield—
Dividend / sh—
Payout Ratio—
FCF / sh—
EPS (diluted)$-0.01
Compounder & Returns
Rule of 4016.1%
ROIC6.9%
Cash ROIC (CROIC)4.3%
GP / Assets19.5%
ROE5999.2%
ROA3006.4%
Gross Margin26.4%
Oper. Margin7.8%
Net Margin4069.4%
FCF Margin4.6%
True FCF Margin4.3%
Quality & Dilution
Cash Conversion0%
Accrual Ratio+3001.9%
SBC % of FCF5.9%
SBC % of Rev0.3%
Reinvest. Rate30%
Sales Growth Y/Y+11.5%
Sales 3Y CAGR—
EPS Growth Y/Y—
FCF Growth Y/Y−8.3%
FCF 3Y CAGR—
Share Change Y/Y—
Balance Sheet & Scale
Revenue (FY)$28.4B
Gross Profit (FY)$7.5B
Oper. Income (FY)$2.2B
GAAP Net Income$1,157B
True FCF (ex-SBC)$1.2B
Cash & Equiv$1.9B
Total Debt$12.6B
Net Cash (Debt)$-10.6B
Net Cash % MCap−32.5%
Debt / FCF (yrs)9.7y
Current Ratio4.29
Price & Technicals (EOD)
Perf Week+24.25%
Perf Month+12.16%
Perf Quarter+12.86%
Perf Half Y−5.02%
Perf YTD−16.31%
SMA 20 Dist+13.36%$35.08
SMA 50 Dist+14.64%$34.68
SMA 100 Dist+9.62%$36.27
Window High−16.31%$47.51
Window Low+25.66%$31.64
RSI (14) · Vol69.868%v
Income Distribution & Cash Flow ConversionHow every dollar of MDLN revenue flows through cost of goods, operating expenses, taxes, GAAP net income, and dilution-adjusted free cash flow
Where Every $100 of Revenue Goes (FY2025)
Cost of Revenue (COGS)$20.9B ($73.6 / $100)
R&D Reinvestment$80.0M ($0.3 / $100)
SG&A & Other OpEx$5.2B ($18.4 / $100)
Tax & Non-Operating$0 ($0.0 / $100)
Net Profit Kept$1,157B ($7.8 / $100)
Earnings Quality: GAAP Profit → True Owner Cash (FY2025)
GAAP Net Income$1,157B (4069.4% margin)
Operating Cash Flow (OCF)$1.7B(6.1% of rev)
Less: Capital Expenditures−$447.0M(1.6% of rev)
Standard Free Cash Flow (FCF)$1.3B(4.6% margin)
Less: Stock-Based Comp (SBC)−$76.0M(5.9% of FCF)
True FCF (Owner Cash ex-SBC)$1.2B(4.3% of rev)
Revenue by fiscal year
Operating leverage — margins
GrossOperatingNet
| Line Item (USD) | FY2023 | FY2024 | FY2025 | YoY Δ | CAGR | Trend |
|---|---|---|---|---|---|---|
| Income Statement | ||||||
| Revenue | $23.2B | $25.5B | $28.4B | +11.5% | +10.6% | |
| Cost of Revenue (COGS) | $17.3B | $18.5B | $20.9B | +12.9% | +9.8% | |
| Gross Profit | $5.9B | $7.0B | $7.5B | +7.8% | +13.0% | |
| Research & Development (R&D) | $60.0M | $67.0M | $80.0M | +19.4% | +15.5% | |
| Selling, General & Admin (SG&A) | $3.9B | $4.1B | $4.5B | +10.1% | +8.2% | |
| Total Operating Expenses | $4.6B | $4.8B | $5.3B | +9.9% | +7.0% | |
| Operating Income (EBIT) | $1.3B | $2.1B | $2.2B | +3.1% | +33.0% | |
| Interest Expense | $1.2B | $1.1B | $945.0M | −17.4% | −11.7% | |
| Income Tax Expense | $30.0M | $46.0M | $91.0M | +97.8% | +74.2% | |
| GAAP Net Income | $234.0M | $1.2B | $1,157B | +99384.1% | +6931.7% | |
| Diluted EPS | — | — | $-0.01 | — | — | |
| Diluted Shares | — | — | 810.0M | — | — | |
| Balance Sheet | ||||||
| Cash & Equivalents | $1.6B | $250.0M | $1.9B | +676.8% | +10.7% | |
| Inventory | $4.8B | $4.5B | $4.8B | +7.0% | −0.4% | |
| Total Current Assets | $12.7B | $8.3B | $10.7B | +29.1% | −8.1% | |
| Total Assets | $40.2B | $36.0B | $38.5B | +7.0% | −2.1% | |
| Total Current Liabilities | $3.1B | $2.4B | $2.5B | +2.0% | −10.8% | |
| Total Debt (Short + Long Term) | $12.6B | $16.5B | $12.6B | −23.8% | −0.1% | |
| Total Liabilities | $20.8B | $19.5B | $19.2B | −1.3% | −3.9% | |
| Stockholders' Equity | $19.4B | $19.4B | $19.3B | −0.5% | −0.3% | |
| Net Cash / (Net Debt) | $-11.0B | $-16.2B | $-10.6B | +34.6% | — | |
| Invested Capital | $30.4B | $35.6B | $29.9B | −16.1% | −0.8% | |
| Cash Flow & Capital Allocation | ||||||
| Operating Cash Flow (OCF) | $1.7B | $1.8B | $1.7B | −1.4% | +1.7% | |
| Depreciation & Amortization (D&A) | $951.0M | $977.0M | $1.0B | +3.5% | +3.1% | |
| Stock-Based Compensation (SBC) | $78.0M | $61.0M | $76.0M | +24.6% | −1.3% | |
| Capital Expenditures (CapEx) | $275.0M | $354.0M | $447.0M | +26.3% | +27.5% | |
| Free Cash Flow (FCF) | $1.4B | $1.4B | $1.3B | −8.3% | −4.1% | |
| True FCF (ex-SBC Owner Cash) | $1.3B | $1.4B | $1.2B | −9.8% | −4.3% | |
| Share Repurchases (Buybacks) | $0 | $20.0M | $33.0M | +65.0% | — | |
Fundamentals, income distribution and multi-year statements from SEC EDGAR filings (public domain). Valuation multiples, performance and technicals computed from Databento 1D EOD closes. For information only, not investment advice.
On the Wire
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