Medline Inc. (MDLN) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+112.0%

$70.96

vs $33.48 price

Levered DCF

$47.83

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

2.01

Grey zone

Rating

B-

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022
P/E	29.37×	26.97×	136.67×	-1,289.31×
P/B	3.18×	1.95×	1.9×	0×
P/S	1.2×	1.27×	1.39×	1.5×
EV / EBITDA	19.8×	13.85×	18.35×	0×
Gross margin	26.4%	24.7%	22.5%	21.2%
Operating margin	7.8%	8.7%	6.2%	4.1%
Net margin	4.1%	4.7%	1.0%	-0.1%
Current ratio	4.29×	3.39×	4.13×	0×
Debt / equity	1.17×	1.02×	0.99×	0×
Interest coverage	2.72×	1.7×	1.05×	0.95×
Dividend yield	1.5%	0.0%	0.4%	0.0%
Payout ratio	44.7%	0.0%	48.7%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022
Return on equity	10.8%	7.3%	1.4%	0.0%
Return on invested capital	5.7%	6.4%	3.8%	0.0%
Return on assets	3.0%	3.3%	0.6%	0.0%
Free cash flow yield	3.8%	4.4%	4.3%	-0.2%
Earnings yield	3.4%	3.7%	0.7%	-0.1%
Enterprise value	$44.7B	$48.9B	$47.5B	$0
Net debt / EBITDA	4.7×	4.71×	5.89×	0×
Cash conversion cycle (days)	112	114	110	0