Medline Industries (MDLN +1.31%) is the largest privately held manufacturer and distributor of medical supplies in the United States and provides a wide range of solutions to healthcare providers across all care settings. The company was founded in 1966 by Jim and Jon Mills and has a long history in medical garment manufacturing and supply distribution.
NASDAQ: MDLN
Key Data Points
With more than 335,000 products and operations in at least 100 countries, Medline serves hospitals, physicians' offices, and home health patients around the globe. Medline produces and distributes a vast portfolio of medical and surgical supplies, including wound care products, first aid supplies, compression bandages, medical devices, and home healthcare items.
The company also provides supply chain solutions, analytics, and educational resources to support healthcare providers.
Medline completed its initial public offering (IPO) on Dec. 17, 2025, and is now listed on the Nasdaq Stock Exchange under the ticker symbol MDLN. It was the largest IPO of the year, and the company raised approximately $6.26 billion in its market debut.
IPO
Prior to the IPO, the company was majority-owned by a private equity consortium that included Blackstone (BX +2.23%), Carlyle (CG +0.12%), and Hellman & Friedman, which acquired it in 2021 in a massive $34 billion leveraged buyout. Following the listing, these firms and the founding Mills family retain significant stakes. Here's what investors need to know about how to invest in Medline Industries.
How to buy Medline stock
If you want to buy shares of Medline Industries, here are the steps you need to follow to add any stock to your personal investment portfolio.
- Open your brokerage account: Log in to your brokerage account where you handle your investments. If you don't have one yet, take a look at our favorite brokers and trading platforms to find the right one for you.
- Search for Medline Industries: Enter the ticker MDLN into the search bar to bring up the stock's trading page.
- Decide how many shares to buy: Consider your investment goals and how much of your portfolio you want to allocate to this stock.
- Select order type: Choose between a market order to buy at the current price or a limit order to specify the maximum price you're willing to pay.
- Submit your order: Confirm the details and submit your buy order.
- Review your purchase: Check your portfolio to ensure your order was filled as expected and adjust your investment strategy accordingly.
Should I invest in Medline Industries?
There are numerous factors to consider if you potentially want to put cash to work in Medline Industries. Medline serves as a primary vendor for many healthcare systems and boasts a high customer retention rate of over 98%.
Approximately 50% of revenue comes from the Medline Brand (more than 190,000 items). The company sells its own branded medical supplies and a wide range of products produced by third-party national brands. Medline operates more than 25 manufacturing centers in six countries and over 30 kit assembly plants.
The remainder of its revenue is derived from its Supply Chain Solutions segment, which focuses on procuring and distributing both Medline-branded and third-party products. It provides logistics, inventory management, and other value-added services to healthcare facilities such as hospitals and nursing homes.
Its vertically integrated supply chain is a key competitive advantage. The company manages over 50 distribution centers in North America and 68 globally, covering more than 28 million square feet of warehouse space. Medline operates its own fleet, MedTrans, with more than 2,000 trucks (including 1,600+ in the U.S.) to ensure delivery reliability and next-day service to approximately 95% of U.S. customers.
Beyond hardware, Medline provides education, training, and clinical practice solutions to help frontline teams improve patient outcomes. In 2024, Medline partnered with Microsoft (MSFT -2.42%) to launch Mpower, an artificial intelligence (AI)-driven tool for predictive supply chain management and inventory visibility.
Net sales grew from $21.45 billion in 2022 to $25.5 billion in 2024. For the first six months of 2025, net sales were $13.5 billion, a 9.7% increase year over year. If you want to invest in a leading manufacturer and supplier of medical equipment, Medline could be worth considering. If it's a high-octane growth business you're looking for, though, you might want to look elsewhere.
Is Medline profitable?
Yes, Medline is profitable. After a small net loss of $25 million in 2022, Medline swung to profitability and earned $234 million in 2023, $1.2 billion in 2024, and $655 million in net income in the first half of 2025. Cash flow from operations has also grown significantly, from $187 million in 2022 to $1.77 billion in 2024.
The company intends to use a significant portion of the IPO proceeds to pay down debt accumulated from its 2021 buyout, which is expected to improve its financial margins and free up cash flow in the years ahead.
Does Medline pay a dividend?
No, Medline does not currently pay a dividend. Given that it is newly public, Medline is unlikely to do so anytime soon.
ETFs with exposure to Medline
Medline has very recently completed its IPO, so its stock may not yet be widely held by a large number of ETFs. Some ETFs that hold shares of Medline's publicly traded competitors -- like Cardinal Health (CAH +2.54%) and McKesson (MCK +1.30%)-- and may add Medline to their portfolios in the future include:
- iShares U.S. Medical Devices ETF (IHI +0.30%)
- SPDR S&P Health Care Equipment ETF (XHE +1.21%)
- Health Care Select Sector SPDR Fund (XLV +0.71%)
- Vanguard Health Care ETF (VHT +0.74%).
Will Medline stock split?
Since Medline just went public, it is highly unlikely the company will execute a stock split anytime soon.
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The bottom line on Medline
As the largest private manufacturer and distributor of medical supplies in the U.S., Medline operates in a stable, high-demand industry. Its vertically integrated model, which combines both the manufacturing and distribution sides of the medical supplies business, is a key competitive advantage as well.
Medline could be worth considering for long-term investors who want to gain exposure to a profitable healthcare business that leads a broad, growing addressable market.
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