Medline Inc. (MDLN) Balance Sheet
MDLN balance sheet, 2025
December 31, 2025 · U.S. dollars$38.48B assets = $19.20B liabilities + $19.29B equity
Both columns are drawn to the same scale: what MDLN owns equals what it owes plus shareholders’ equity. Hover a block for its value.
MDLN financial health
Descriptive bands, not a rating. Fiscal 2025.
MDLN balance sheet trends, 2023–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $36.12B2023 | $38.48B2025 | +3.2%/yr | |
| Total liabilities | $19.14B2023 | $19.20B2025 | +0.1%/yr | |
| Shareholders’ equity | $16.98B2023 | $10.74B2025 | −20.5%/yr | |
| Cash & short-term investments | $1.58B2023 | $1.94B2025 | +10.6%/yr | |
| Total debt | $16.83B2023 | $12.56B2025 | −13.6%/yr | |
| Net cash (debt) | −$15.24B2023 | −$10.62B2025 | +$4.6B | |
| Working capital | $6.68B2023 | $8.19B2025 | +$1.5B | |
| Book value per share | $21.572023 | $13.222025 | −21.7%/yr | |
| Current ratio | 4.132023 | 4.292025 | +0.16 | |
| Debt / equity | 0.992023 | 1.172025 | +0.18 | |
| Shares outstanding | 787.1M2023 | 812.0M2025 | +1.6%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
MDLN assets
MDLN liabilities and equity
MDLN debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
MDLN balance sheet
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Assets | |||
| Cash & short-term investments | $1.94B | $250.0M | $1.58B |
| Cash & equivalents | $1.94B | $250.0M | $1.58B |
| Receivables | $3.53B | $3.22B | $2.96B |
| Inventory | $4.77B | $4.46B | $3.81B |
| Other current assets | $438.0M | $347.0M | $451.0M |
| Total current assets | $10.68B | $8.27B | $8.81B |
| Property, plant & equipment (net) | $4.78B | $4.98B | $4.80B |
| Goodwill & intangible assets | $21.97B | $22.62B | $22.32B |
| Long-term investments | $0 | $0 | $0 |
| Other non-current assets | $1.05B | $103.0M | $196.0M |
| Total assets | $38.48B | $35.98B | $36.12B |
| Liabilities | |||
| Accounts payable | $961.0M | $869.0M | $696.0M |
| Short-term debt | $77.0M | $154.0M | $122.0M |
| Total current liabilities | $2.49B | $2.44B | $2.13B |
| Long-term debt | $12.48B | $0 | $0 |
| Lease obligations | $66.0M | — | — |
| Other long-term liabilities | $4.22B | $17.01B | $17.01B |
| Total liabilities | $19.20B | $19.45B | $19.14B |
| Shareholders' equity | |||
| Common stock & paid-in capital | — | $16.15B | $16.56B |
| Retained earnings (deficit) | −$7.0M | $0 | — |
| Accumulated other comprehensive income | $27.0M | $11.0M | $188.0M |
| Minority interest | $8.55B | $0 | — |
| Total shareholders' equity | $10.74B | $16.52B | $16.98B |
| Key figures | |||
| Total debt | $12.56B | $16.90B | $16.83B |
| Net cash (debt) | −$10.62B | −$16.65B | −$15.24B |
| Working capital | $8.19B | $5.83B | $6.68B |
| Tangible book value | −$11.23B | −$6.10B | −$5.34B |
| Book value per share | $13.22 | $20.99 | $21.57 |
| Shares outstanding | 812.0M | 787.1M | 787.1M |
| Current ratio | 4.29 | 3.39 | 4.13 |
| Quick ratio | 2.20 | 1.42 | 2.13 |
| Debt / equity | 1.17 | 1.02 | 0.99 |
| Equity / assets | 27.9% | 45.9% | 47.0% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | |
|---|---|---|---|---|---|
| Assets | |||||
| Cash & short-term investments | $2.68B | $2.24B | $1.94B | $955.0M | $584.0M |
| Cash & equivalents | $2.33B | $2.24B | $1.94B | $955.0M | $584.0M |
| Short-term investments | $350.0M | — | — | — | — |
| Receivables | $3.66B | $3.67B | $3.53B | $3.42B | $3.34B |
| Inventory | $4.67B | $4.81B | $4.77B | $4.75B | $4.66B |
| Other current assets | $739.0M | $463.0M | $438.0M | $426.0M | $361.0M |
| Total current assets | $11.74B | $11.18B | $10.68B | $9.56B | $8.95B |
| Property, plant & equipment (net) | $4.70B | $4.76B | $4.78B | $4.69B | $4.67B |
| Goodwill & intangible assets | $21.61B | $21.79B | $21.97B | $22.14B | $22.32B |
| Long-term investments | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $1.30B | $1.28B | $1.05B | $498.0M | $494.0M |
| Total assets | $39.35B | $39.01B | $38.48B | $36.88B | $36.43B |
| Liabilities | |||||
| Accounts payable | $1.04B | $932.0M | $961.0M | $990.0M | $919.0M |
| Short-term debt | $92.0M | $142.0M | $77.0M | $149.0M | $145.0M |
| Total current liabilities | $2.71B | $2.54B | $2.49B | $2.61B | $2.35B |
| Long-term debt | $12.55B | $12.49B | $12.48B | $0 | $0 |
| Lease obligations | $63.0M | $65.0M | $66.0M | — | — |
| Other long-term liabilities | $5.01B | $4.63B | $4.22B | $17.13B | $17.13B |
| Total liabilities | $20.27B | $19.66B | $19.20B | $19.74B | $19.48B |
| Shareholders' equity | |||||
| Common stock & paid-in capital | — | — | — | $16.72B | $16.52B |
| Retained earnings (deficit) | $182.0M | $122.0M | −$7.0M | — | — |
| Accumulated other comprehensive income | −$6.0M | $18.0M | $27.0M | $52.0M | $62.0M |
| Minority interest | $7.50B | $8.08B | $8.55B | — | — |
| Total shareholders' equity | $11.57B | $11.27B | $10.74B | $17.14B | $16.95B |
| Key figures | |||||
| Total debt | $12.64B | $12.64B | $12.56B | $16.65B | $16.65B |
| Net cash (debt) | −$9.96B | −$10.40B | −$10.62B | −$15.70B | −$16.06B |
| Working capital | $9.03B | $8.64B | $8.19B | $6.95B | $6.60B |
| Tangible book value | −$10.04B | −$10.52B | −$11.23B | −$5.00B | −$5.36B |
| Book value per share | $13.44 | $13.66 | $13.22 | $21.78 | $21.54 |
| Shares outstanding | 861.0M | 825.0M | 812.0M | 787.1M | 787.1M |
| Current ratio | 4.33 | 4.41 | 4.29 | 3.66 | 3.81 |
| Quick ratio | 2.34 | 2.33 | 2.20 | 1.68 | 1.67 |
| Debt / equity | 1.09 | 1.12 | 1.17 | 0.97 | 0.98 |
| Equity / assets | 29.4% | 28.9% | 27.9% | 46.5% | 46.5% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed December 31, 2025); data from EODHD.
MDLN financial position
At the end of fiscal 2025 (December 31, 2025), Medline had total assets of $38.5 billion (up 7.0% from a year earlier), total liabilities of $19.2 billion and shareholders' equity of $10.7 billion. It held $1.9 billion in cash and short-term investments against $12.6 billion of debt, net debt of $10.6 billion. Its current ratio was 4.29. In the latest quarter (ended June 30, 2026) total assets were $39.4 billion and equity $11.6 billion.
Related: MDLN income statement, MDLN cash flow statement, MDLN key metrics. See the MDLN stock overview for the latest quote and news.
MDLN balance sheet FAQ
What are Medline's total assets?
Medline reported total assets of $38.5 billion at the end of fiscal 2025 (December 31, 2025), compared with $36.0 billion a year earlier.
How much debt does Medline have?
Medline had $12.6 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 1.17.
How much cash does Medline have?
Medline held $1.9 billion in cash and short-term investments at the end of fiscal 2025; with $12.6 billion of debt that is net debt of $10.6 billion.
What is Medline's book value?
Medline's shareholders' equity (book value) was $10.7 billion at the end of fiscal 2025, or $13.22 per share.
What is Medline's current ratio?
Medline had current assets of $10.7 billion and current liabilities of $2.5 billion, a current ratio of 4.29 (it can cover its short-term obligations).
How much goodwill does Medline have?
Medline carried $22.0 billion of goodwill and intangible assets, 57.1% of total assets, at the end of fiscal 2025.