When you're the biggest medical supply company most people have never heard of, and you pull off the largest IPO globally in 2025, Wall Street tends to pay attention. Medline Inc. (MDLN) got exactly that treatment on Monday, with a parade of analysts initiating coverage on the company that quietly dominates the unglamorous but essential business of medical-surgical products and supply chain solutions.

Think surgical kits, wheelchairs, crutches, hospital beds, syringes, and pressure monitoring lines. Not exactly sexy stuff, but it's a massive market and someone's got to own it.

In December 2025, Medline closed its upsized initial public offering of 248.44 million shares at $29 per share, hauling in over $7 billion. Reuters confirmed it was the biggest IPO anywhere in the world for 2025. The company now commands a market capitalization of around $32 billion.

The Bullish Chorus

Bank of America Securities kicked things off with a Buy rating and $50 price target, suggesting 23% upside from current levels. Analyst Andrew Obin positioned Medline as the U.S. market leader in manufacturing and distributing medical-surgical products.

"We think the company will deliver sustainable high-single digit organic growth on market share gains and strong med-surg demand. We see upside to estimates from potential M&A," Obin wrote on Monday.

BTIG matched that enthusiasm with its own Buy rating and $50 price forecast. Analyst David Larsen called Medline the "gold standard" for logistics and supply chain services. He noted that stable pricing and disciplined execution have enabled the company to gain and expand market share in a $375 billion total addressable market, including $175 billion in the U.S. alone. Larsen expects 2025 revenue growth of 11% year over year, outpacing many competitors.

RBC Capital Markets initiated with an Outperform rating and $47 price target. Analyst Ryan Halsted wrote, "We believe MDLN is poised to leverage their unique vertically integrated business model during a time of underlying macro tailwinds..."

Here's where it gets interesting: After using IPO proceeds to pay down $4 billion in debt, Medline has roughly $1 billion in dry powder. That capital could fuel acquisitions or international expansion, adding to the company's already strong organic growth trajectory.

The Secret Sauce

Piper Sandler initiated with an Overweight rating and $50 price target. Analyst Jason Bednar got to the heart of what makes Medline special: "MDLN's Prime Vendor strategy is the secret sauce, the crucial element that provides an avenue for sustained growth."

The Piper analyst added that Medline's consistent history of growth and business model differentiation provides a defensible valuation floor.

Stifel joined the party with a Buy rating and $46 price forecast. Analyst Rick Wise wrote on Monday, "Medline's high-single-digit or better sales growth outlook is strongly underpinned by the company's success in annually winning new prime vendor relationships."

Wise emphasized that Medline is the largest pureplay publicly-traded medical-surgical product and distribution company, boasting a 58-year consistent annual growth track record and a unique business model.

TD Cowen rounded out the coverage with a Buy rating and $46 price target. "We believe Medline, the leading med-surg distributor/manufacturer, can continue to take market share, see margin expansion from conversion to branded products, and grow from M&A/entering new markets."

The firm noted that Medline's combined portfolio breadth and low product costs have allowed it to capture significant market share from competitors. Analyst Charles Rhyee added that tariffs represent a large but manageable risk.

MDLN Price Action: Medline shares were up 3.44% at $41.91 at the time of publication on Monday.