Medline Inc. key statistics and ratios

In fiscal 2025, Medline Inc. had return on equity of 10.7%, an operating margin of 7.8%, debt equal to 118.8% of equity and a current ratio of 4.29. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Medline Inc.: financial ratios, annual
Fiscal year	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Gross margin	24.3%	25.3%	27.3%	26.4%
Operating margin	4.0%	5.4%	8.4%	7.8%
Net margin	−0.1%	1.0%	4.6%	4.1%
Free-cash-flow margin	—	6.1%	5.5%	4.6%
Return on equity	—	—	—	10.7%
Return on assets	—	—	3.2%	3.1%
Asset turnover	—	—	0.71	0.76
Current ratio	—	—	3.39	4.29
Debt to equity	—	—	—	118.8%
Interest cover (operating income ÷ interest)	—	1.0x	1.9x	2.3x
Effective tax rate	—	11.4%	3.7%	7.3%
R&D as % of revenue	—	0.3%	0.3%	0.3%
SG&A as % of revenue	—	16.6%	16.1%	15.9%
Capital spending as % of revenue	—	1.2%	1.4%	1.6%
Free cash flow ÷ net income	—	602.6%	121.7%	112.5%
Dividends and buybacks ÷ free cash flow	—	0.0%	1.4%	2.5%

US$ thousands unless shown otherwise. Fiscal quarters.

Medline Inc.: financial ratios, quarterly
Quarter	2024 Q3Sept 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Gross margin	27.5%	27.5%	27.7%	26.4%	25.0%	28.8%
Operating margin	9.0%	8.6%	9.3%	8.1%	5.7%	5.1%
Net margin	5.1%	4.8%	4.8%	4.5%	1.8%	0.8%
Free-cash-flow margin	—	8.8%	1.3%	—	4.3%	7.9%
Current ratio	—	—	—	—	4.41	4.33
Debt to equity	—	—	—	—	111.5%	108.7%
SG&A as % of revenue	—	16.1%	15.6%	—	16.7%	16.9%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

1 of 4 checks passed · June 27, 2026

What it owns · $39.4bn

Short-term assets $11.7bnLonger-term assets $27.6bn

What it owes, and who funded it · $31.8bn

Short-term liabilities $2.7bnLonger-term liabilities $17.6bnShareholders' equity $11.6bn

Short-term assets cover short-term liabilities $11.7bn of assets due within a year against $2.7bn of liabilities due within a year.
Short-term assets cover long-term liabilities $11.7bn short-term assets against $17.6bn of longer-dated liabilities.
More cash than debt $2.3bn of cash against $12.6bn of debt.
Debt below 40% of shareholders' equity Debt is 109% of equity.
Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Medline Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Medline Inc.'s SEC filings (10-K and 10-Q), retrieved November 1, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Medline Inc.