Medline Inc. (MDLN)
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Medline Inc. (MDLN) reported revenue of $7.7 billion for Q2 FY2026, the quarter ended 27 June 2026, up 11.6% on the same quarter a year earlier. Net income was $59 million, down 82.1% on the year, and diluted earnings per share $0.07. The figures are the company's own, from the 10-Q it filed with the SEC on 5 August 2026.
Revenue$7.7 billionup 11.6%
Net income$59 milliondown 82.1%
Diluted EPS$0.07
QuarterQ2 FY2026ended 27 June 2026
Medline (MDLN) in brief
Medline (MDLN) reported revenue of $28.4 billion for fiscal 2025, the year ended 31 December 2025, up 11.5% on the year before.
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Net income was $1.2 billion and the diluted loss per share $0.01. Revenue was $25.5 billion in fiscal 2024 and $23.2 billion in fiscal 2023. Net income in the same years was $1.2 billion and $234 million. At 27 June 2026 it carried $12.6 billion of debt and $2.3 billion of cash. At the close of 27 October 2026 the market cap of Medline was $27.9 billion.Ratios
From the filings
ROEn/a
ROCEn/a
Operating marginn/a
Net marginn/a
FCF marginn/a
Interest covern/a
Debt to equity1.09
Cash conversionn/a
Share count, last 12 monthsn/a
Sales CAGR, 3 yearsn/a
Profit CAGR, 3 yearsn/a
EPS, TTMn/a
At the close of 27 October 2026
Price$32.38
Market cap$27.9 billion
Stock P/En/a
Price to book2.41
EV / EBITDAn/a
Dividend yieldn/a
Market cap / salesn/a
52-week high$49.99
52-week low$31.64
Price, 1 yearn/a
Price CAGR, 3 yearsn/a
Price CAGR, 5 yearsn/a
Worked from the filed figures; hover a name for the formula.
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The priced ones use the latest price, the last regular-hours trade on IEX. Debt to equity here stands on long-term debt as Medline Inc. files it, with lease liabilities counted separately and never inside it. Nothing here is a valuation or a view.MDLNgreeksoup.ai
Daily prices to 27 October 2026, adjusted for splits; from 28 September 2026 each day's price is the last regular-hours trade on IEX.
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Data provided for free by IEX. By accessing or using IEX Historical Data, you agree to the IEX Historical Data Terms of Use. Day by day for the last three years; before that one point a week, carrying the week's last close and its average daily volume, so a volume bar means the same thing across the whole series; the bars sit under the price on their own scale, on the right. The moving averages need consecutive days and are drawn from the daily part. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Before the quarters on file begin, P/E, price to book and market cap to sales stand on each annual report from the day it was filed. Drawn in your browser; the range and overlay you pick are remembered here only.The public record on MDLN
| Dividends | no dividend in its filings for fiscal 2023 onward |
| Filings | 17 in twelve months: 9 current reports (8-K), about 3 officer or director change; 3 results of operations; 2 material agreement; 2 other events; 1 regulation FD disclosure |
| Planned insider sales | 1 Form 144 notice in twelve months, $3.6 million; latest 16 June 2026 |
| Options tape | put/call 1.21 by open interest at the 27 October 2026 close; the straddle prices a 11.2% move to 20 November 2026 |
| 13F holders | 410 funds reported a position for the quarter to 30 June 2026; largest Carlyle Group Inc. |
| Insider trading | 50 sales and 5 purchases on Form 4 in twelve months |
| Congress | 0 House trades disclosed in six months |
| Short interest | 40.8 million shares short, 5.38 days to cover at 15 October 2026 |
| Documents | the 10-K, the 10-Qs, the proxy and 3 earnings press releases, each linked |
Quarterly results, the last 4 quarters
| Q1 FY2025 | Q2 FY2025 | Q1 FY2026 | Q2 FY2026 | |
|---|---|---|---|---|
| Revenue | 6,644 | 6,886 | 7,352 | 7,685 |
| Cost of revenue | 4,820 | 4,981 | 5,511 | 5,470 |
| Gross profit | 1,824 | 1,905 | 1,841 | 2,215 |
| Gross margin | 27% | 28% | 25% | 29% |
| SG&A | 1,070 | 1,073 | 1,228 | 1,295 |
| Operating income | 571 | 642 | 422 | 395 |
| Operating margin | 9% | 9% | 6% | 5% |
| Interest expense | 244 | 253 | 165 | 168 |
| Pre-tax income | 338 | 359 | 291 | 235 |
| Tax rate | 5% | 7% | 18% | 41% |
| Net income | 319 | 329 | 132 | 59.0 |
| Net margin | 5% | 5% | 2% | 1% |
| Diluted EPS | n/a | n/a | $0.16 | $0.07 |
| Operating cash flow | 682 | 197 | 412 | 715 |
| Capital expenditure | 98.0 | 110 | 96.0 | 111 |
| Free cash flow | 584 | 87.0 | 316 | 604 |
| Buybacks | 9.0 | 6.0 | 0.0 | 0.0 |
| Filing | 10-Q | 10-Q | 10-Q | 10-Q |
Each quarter as filed, linked to its filing.
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Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.Income statement (profit and loss), 3 fiscal years
Play it forward: change any box and its column follows; every box opens at the company's own record, shown under the row's name, and says when you set it outside every year in the table.
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Each column runs from the latest year filed to the year chosen in its heading, at a yearly rate. Sales growth starts at the company's own five-year rate and eases a third of the way each year toward the median of the 49 peers in Medical Equipment (11.5% a year), because a rate far from the rest rarely lasts. Before you open a year, the strip reads today's price backwards: the yearly sales growth that brings EPS, at the company's own margins, tax and share count, to today's price at the median P/E of the 35 peers in Medical Equipment (26.5). Low, middle, high opens three columns for one year: the low and high cases take the company's own weaker and stronger years in the table (the lower and upper quarter of its yearly sales growth and operating margin) and the lower and higher of today's P/E and its peers'; the middle is the boxes as they open. Net income keeps the share that went to minority holders; EPS is net income over the diluted shares, on the same basis as the EPS in the table. The price is that year's EPS at the P/E you set, and the yearly return runs from today's price to the year's end. These are your assumptions and your arithmetic, not an estimate of ours. The link carries your columns, so you can send the forecast to someone.| FY2023 | FY2024 | FY2025 | |
|---|---|---|---|
| Revenue | 23,231 | 25,507 | 28,432 |
| Cost of revenue | 17,346 | 18,531 | 20,914 |
| Gross profit | 5,885 | 6,976 | 7,518 |
| Gross margin | 25.3% | 27.3% | 26.4% |
| Research and development | 60.0 | 67.0 | 80.0 |
| Selling, general and administrative | 3,867 | 4,108 | 4,524 |
| Operating income | 1,250 | 2,146 | 2,212 |
| Operating margin | 5.4% | 8.4% | 7.8% |
| Interest expense | 1,213 | 1,144 | 945 |
| Pre-tax income | 264 | 1,246 | 1,248 |
| Income tax | 30.0 | 46.0 | 91.0 |
| Effective tax rate | 11.4% | 3.7% | 7.3% |
| Net income | 234 | 1,163 | 1,159 |
| Net margin | 1.0% | 4.6% | 4.1% |
| Diluted EPS | n/a | n/a | -$0.01 |
| Filing | 10-K | 10-K | 10-K |
From each year's 10-K, linked; TTM is the last four quarters.
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Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.Revenue by segment FY2023 to FY2025
| FY2023 | FY2024 | FY2025 | Share of the parts, latest year | |
|---|---|---|---|---|
| Supply Chain Solutions | 11,618 | 12,992 | 14,712 | 51.7% |
| Medline Brand | 11,613 | 12,515 | 13,720 | 48.3% |
Supply Chain SolutionsMedline Brand
$ billion; hover a block for its figure and share
From the company's 10-Ks, in its own words (latest 10-K).
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Each year's figures come from the most recent 10-K that includes that year. A year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.Revenue by region FY2023 to FY2025
| FY2023 | FY2024 | FY2025 | Share of the parts, latest year | |
|---|---|---|---|---|
| United States | 21,800 | 23,747 | 26,479 | 93.1% |
| International | 1,431 | 1,760 | 1,953 | 6.9% |
United StatesInternational
$ billion; hover a block for its figure and share
From the company's 10-Ks, in its own words (latest 10-K).
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Each year's figures come from the most recent 10-K that includes that year. A year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.Cash flow and capital returned
Follow the cash: free cash flow, which is operating cash flow less capital expenditure and share-based pay, for five years and after, in today's money.
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The figure a share at the top is what a discounted cash flow calls intrinsic value, worked out on your assumptions. Everything after year five is one sum: the sixth year's cash, growing at the long-run rate every year after, added up and brought back to today's money. Each year runs from the latest year filed. Sales growth opens where Play it forward does: the company's own five-year rate, easing a third of the way each year toward the median of the 49 peers in Medical Equipment (11.5% a year); change a year and the years after it follow. Operating cash flow, capital expenditure and share-based pay open at the company's own median share of sales over its last five years, shown under each row. Share-based pay is taken off because operating cash flow adds back the shares paid to staff as if they cost nothing; set it to 0 to leave it in. Capital spending counts every capital line the company files in its cash flow, such as equipment it leases to customers, software, wells or property it develops, named under the row, while the Capital expenditure row in the table below stays the one line as filed; buying a business, securities or a finished property is not counted. The discount rate opens at 10%, about what US stocks have returned a year over the long run, so it is the return you give up by holding this company instead of the market; the growth after year five opens at 3%, a little under the US economy's long-run growth in dollars, because no company outgrows it for ever. Net debt is the debt and short-term borrowings less the cash on the latest balance sheet that shows the debt; the figure per share divides what is left by the diluted share count. These are your assumptions and your arithmetic, not an estimate of ours. The link carries them, so you can send them to someone.| FY2023 | FY2024 | FY2025 | |
|---|---|---|---|
| Operating cash flow | 1,685 | 1,769 | 1,744 |
| Capital expenditure | 275 | 354 | 447 |
| Free cash flow | 1,410 | 1,415 | 1,297 |
| Free cash flow margin | 6.1% | 5.5% | 4.6% |
| Cash from investing | -312 | -1,493 | -474 |
| Cash from financing | -191 | -1,613 | 399 |
| Depreciation and amortisation | 951 | 977 | 1,011 |
| Share-based compensation | 78.0 | 61.0 | 76.0 |
| Buybacks | 0.0 | 20.0 | 33.0 |
| Diluted shares, weighted | n/a | n/a | 810m |
| Filing | 10-K | 10-K | 10-K |
Cash paid in the year, from the cash flow statement.
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The dividend per share is as declared. Diluted shares are the weighted average for the year; a falling count is the buybacks net of issuance. TTM sums the last four quarters; the share counts are the latest quarter's.Balance sheet at year end
| FY2023 | FY2024 | FY2025 | |
|---|---|---|---|
| Funded by | |||
| Shareholders' equity | n/a | n/a | 10,737 |
| Non-controlling interest | n/a | n/a | 8,549 |
| Redeemable equity | 233 | 366 | 0.0 |
| Short-term borrowings | n/a | 2.0 | 1.0 |
| Debt | n/a | 16,492 | 12,560 |
| Operating lease liabilities | n/a | 329 | 386 |
| Other liabilities | n/a | n/a | 6,251 |
| Total liabilities and equity | n/a | 35,978 | 38,484 |
| Owned | |||
| Fixed assets | n/a | 4,595 | 4,778 |
| Goodwill | 7,532 | 8,065 | 8,079 |
| Intangible assets | n/a | 14,559 | 13,893 |
| Investments | n/a | n/a | 0.0 |
| Cash and equivalents | 1,585 | 199 | 1,939 |
| Receivables | n/a | 3,219 | 3,533 |
| Inventory | n/a | 4,456 | 4,769 |
| Other assets | n/a | 885 | 1,493 |
| Total assets | n/a | 35,978 | 38,484 |
| Filing | 10-K | 10-K | 10-K |
At the fiscal year end; the TTM column is the latest quarter end.
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Both totals are the company's own. Other liabilities is the filed total less the rows above it: payables, deferred revenue, taxes, borrowings the rows above do not carry and the rest; other assets is the same on the other side. Investments add the current and non-current lines as filed. Debt is the company's own stated total where it files one, otherwise its long-term debt with the current maturities, never parts added together. A row is left blank in a year where the lines shown overlap and the remainder would fall below nil.Compounded growth
| 10 years | 5 years | 3 years | TTM | |
|---|---|---|---|---|
| Sales growth, compounded | n/a | n/a | n/a | n/a |
| Profit growth, compounded | n/a | n/a | n/a | n/a |
| Return on equity, average | n/a | n/a | n/a | 10.8% |
Yearly growth, compounded; TTM is the last four quarters against the four before.
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Return on equity is net income over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the parent's shareholders' equity as tagged in the 10-K. Arithmetic on filed numbers, nothing forecast.Questions
What was Medline's revenue in fiscal 2025?
Medline (MDLN) reported revenue of $28.4 billion for fiscal 2025, the year ended 31 December 2025, up 11.5% on the year before.
How much did Medline earn in fiscal 2025?
Net income was $1.2 billion for fiscal 2025, and the diluted loss per share $0.01.
What is Medline's market cap?
The market cap of Medline was $27.9 billion at the close of 27 October 2026.
How much debt does Medline have?
At 27 June 2026 Medline carried $12.6 billion of debt and $2.3 billion of cash.
Peers: Medical Equipment
| Company | Market cap | P/E | ROE | Op. margin | Sales growth TTM | Debt to equity | Div. yield |
|---|---|---|---|---|---|---|---|
| Stryker Corp. SYK | $115.6 billion | 31.24 | 15.5% | 21.4% | 8.5% | 0.62 | 1.2% |
| 3M Co. MMM | $88.7 billion | 25.58 | 85.7% | 18.8% | 1.7% | 3.63 | 1.8% |
| Boston Scientific Corp. BSX | $65.3 billion | 18.25 | 14.7% | 19.8% | 13.5% | 0.51 | n/a |
| Becton Dickinson & Co. BDX | $53.1 billion | 58.74 | 3.9% | 9.6% | -2.6% | 0.69 | 2.1% |
| Resmed Inc. RMD | $36.2 billion | 24.05 | 23.1% | 33.4% | 9.9% | 0.10 | 1.0% |
| Dexcom Inc. DXCM | $29.7 billion | 31.06 | 38.1% | 22.9% | 15.5% | 0.47 | n/a |
| West Pharmaceutical Services Inc. WST | $28.0 billion | 50.99 | 18.9% | 20.5% | 12.4% | 0.07 | 0.2% |
| Medline Inc. MDLN | $27.9 billion | n/a | n/a | n/a | n/a | 1.09 | n/a |
| Solventum Corp. SOLV | $14.1 billion | 10.15 | 29.9% | 25.0% | -0.9% | 1.06 | n/a |
| Baxter International Inc. BAX | $12.9 billion | n/a | -17.1% | -2.4% | 5.4% | 1.52 | 0.8% |
| Penumbra Inc. PEN | $12.8 billion | 79.63 | 10.5% | 12.4% | 17.6% | 0.00 | n/a |
| Globus Medical Inc. GMED | $10.9 billion | 20.70 | 11.2% | 20.3% | 19.7% | 0.00 | n/a |
All 56 in Medical Equipment
| Company | Market cap | P/E | ROE | Op. margin | Sales growth TTM | Debt to equity | Div. yield |
|---|---|---|---|---|---|---|---|
| Intuitive Surgical Inc. ISRG | $154.6 billion | 53.92 | 18.5% | 28.4% | 20.5% | 0.00 | n/a |
| Medtronic plc MDT | $120.2 billion | 23.14 | 10.4% | 18.1% | 9.8% | 0.56 | 3.0% |
| Stryker Corp. SYK | $115.6 billion | 31.24 | 15.5% | 21.4% | 8.5% | 0.62 | 1.2% |
| 3M Co. MMM | $88.7 billion | 25.58 | 85.7% | 18.8% | 1.7% | 3.63 | 1.8% |
| Boston Scientific Corp. BSX | $65.3 billion | 18.25 | 14.7% | 19.8% | 13.5% | 0.51 | n/a |
| Becton Dickinson & Co. BDX | $53.1 billion | 58.74 | 3.9% | 9.6% | -2.6% | 0.69 | 2.1% |
| Edwards Lifesciences Corp. EW | $52.4 billion | 52.18 | 9.5% | 22.3% | 14.6% | 0.06 | n/a |
| Resmed Inc. RMD | $36.2 billion | 24.05 | 23.1% | 33.4% | 9.9% | 0.10 | 1.0% |
| GE HealthCare Technologies Inc. GEHC | $32.1 billion | 16.30 | 18.1% | 12.9% | 6.5% | 0.92 | 0.2% |
| Dexcom Inc. DXCM | $29.7 billion | 31.06 | 38.1% | 22.9% | 15.5% | 0.47 | n/a |
| West Pharmaceutical Services Inc. WST | $28.0 billion | 50.99 | 18.9% | 20.5% | 12.4% | 0.07 | 0.2% |
| Medline Inc. MDLN | $27.9 billion | n/a | n/a | n/a | n/a | 1.09 | n/a |
| Koninklijke Philips N.V. PHG * | $25.4 billion | 25.37 | 8.2% | 8.0% | -1.0% | 0.74 | 1.5% |
| Steris plc STE | $22.3 billion | 27.93 | 11.2% | 18.9% | 8.4% | 0.26 | 1.1% |
| Zimmer Biomet Holdings, Inc. ZBH | $18.3 billion | 23.38 | 6.4% | 14.2% | 8.6% | 0.59 | 1.0% |
| Solventum Corp. SOLV | $14.1 billion | 10.15 | 29.9% | 25.0% | -0.9% | 1.06 | n/a |
| Smith & Nephew plc SNN * | $13.2 billion | 21.03 | 11.8% | 12.9% | 6.1% | 0.59 | 2.5% |
| Baxter International Inc. BAX | $12.9 billion | n/a | -17.1% | -2.4% | 5.4% | 1.52 | 0.8% |
| Penumbra Inc. PEN | $12.8 billion | 79.63 | 10.5% | 12.4% | 17.6% | 0.00 | n/a |
| Cooper Companies, Inc. COO | $11.4 billion | 20.44 | 6.8% | 12.8% | 4.7% | 0.31 | 0.0% |
| Globus Medical Inc. GMED | $10.9 billion | 20.70 | 11.2% | 20.3% | 19.7% | 0.00 | n/a |
| Align Technology Inc. ALGN | $10.8 billion | 26.43 | 9.8% | 13.2% | 4.4% | 0.00 | n/a |
| Glaukos Corp. GKOS | $10.7 billion | n/a | -27.6% | -31.6% | 41.5% | 0.00 | n/a |
| Insulet Corp. PODD | $10.4 billion | 28.01 | 26.4% | 16.9% | 29.4% | 0.67 | n/a |
| MSA Safety Inc. MSA | $6.9 billion | 22.31 | 22.4% | 21.2% | 6.5% | 0.43 | 1.2% |
| Bausch & Lomb Corp. BLCO | $6.3 billion | n/a | -2.7% | 6.1% | 8.9% | 0.80 | n/a |
| Teleflex Inc. TFX | $5.9 billion | n/a | -35.5% | 2.0% | 30.7% | 0.97 | 1.0% |
| Merit Medical Systems Inc. MMSI | $5.6 billion | 38.66 | 8.7% | 12.8% | 10.2% | 0.44 | n/a |
| Haemonetics Corp. HAE | $5.5 billion | 58.78 | 11.5% | 11.9% | 0.4% | 1.42 | n/a |
| MiniMed Group, Inc. MMED | $5.3 billion | n/a | n/a | n/a | n/a | 0.00 | n/a |
| Heartflow, Inc. HTFL | $5.0 billion | n/a | -42.3% | -37.8% | n/a | 0.00 | n/a |
| LivaNova plc LIVN | $4.4 billion | 23.77 | 14.2% | 12.7% | 12.4% | 0.22 | n/a |
| Integer Holdings Corp. ITGR | $4.3 billion | 34.60 | 7.5% | 9.7% | 2.7% | 0.72 | n/a |
| ICU Medical Inc. ICUI | $4.1 billion | 138.35 | 1.4% | 3.3% | -9.0% | 0.57 | n/a |
| iRhythm Holdings, Inc. IRTC | $4.1 billion | n/a | -7.5% | -3.0% | 25.6% | 3.50 | n/a |
| Envista Holdings Corp. NVST | $3.8 billion | 40.66 | 3.1% | 9.6% | 11.9% | 0.47 | n/a |
| Pulse Biosciences, Inc. PLSE | $3.8 billion | n/a | -80.5% | -7,007.8% | n/a | 0.00 | n/a |
| AtriCure, Inc. ATRC | $3.1 billion | 293.19 | 2.0% | 2.3% | 13.9% | 0.12 | n/a |
| Warby Parker Inc. WRBY | $2.8 billion | 358.29 | 2.0% | 0.2% | 11.0% | 0.00 | n/a |
| TransMedics Group, Inc. TMDX | $2.4 billion | 17.92 | 29.3% | 12.2% | 25.8% | 0.99 | 0.0% |
| UFP Technologies Inc. UFPT | $2.3 billion | 31.78 | 15.6% | 15.3% | 7.3% | 0.25 | n/a |
| Inspire Medical Systems, Inc. INSP | $2.1 billion | 15.44 | 16.4% | 6.0% | 4.3% | 0.00 | n/a |
| Axogen, Inc. AXGN | $2.0 billion | n/a | -13.1% | -5.1% | 23.6% | 0.00 | n/a |
| Establishment Labs Holdings Inc. ESTA | $2.0 billion | n/a | -180.0% | -7.6% | 38.6% | 12.11 | n/a |
| Lemaitre Vascular Inc. LMAT | $1.9 billion | 29.38 | 15.6% | 29.5% | 11.8% | 0.40 | 1.1% |
| Dentsply Sirona Inc. XRAY | $1.9 billion | n/a | -40.4% | -8.5% | -0.8% | 1.65 | 6.8% |
| Kestra Medical Technologies, Ltd. KMTS | $1.8 billion | n/a | -67.4% | -134.5% | 60.7% | 0.33 | n/a |
| NovoCure Ltd. NVCR | $1.7 billion | n/a | -43.9% | -22.1% | 11.0% | 0.58 | n/a |
| Alphatec Holdings, Inc. ATEC | $1.7 billion | n/a | n/a | -6.0% | 19.5% | n/a | n/a |
| Conmed Corp. CNMD | $1.4 billion | 25.47 | 5.4% | 8.0% | 3.4% | 0.80 | 1.3% |
| Tandem Diabetes Care Inc. TNDM | $1.3 billion | n/a | -48.6% | -4.4% | 4.0% | 4.62 | n/a |
| National Vision Holdings, Inc. EYE | $1.3 billion | 26.52 | 5.6% | 4.1% | 7.8% | 0.26 | n/a |
| Enovis Corp. ENOV | $1.2 billion | n/a | -74.6% | -45.1% | 4.9% | 0.87 | n/a |
| Staar Surgical Co. STAA | $1.2 billion | 345.14 | 1.1% | 4.0% | 51.3% | 0.00 | n/a |
| Artivion, Inc. AORT | $1.1 billion | n/a | -0.7% | 4.4% | 16.4% | 0.82 | 0.0% |
| Integra LifeSciences Holdings Corp. IART | $932 million | 70.50 | 1.2% | 4.4% | 0.8% | 1.71 | n/a |
31 companies share its SEC industry code (Surgical & Medical Instruments & Apparatus); the rest are the names nearest in size in its wider industry, Medical Equipment, one of the Fama-French 48 industries, a published grouping of SEC industry codes.