Medline (MDLN)
Market Price (7/23/2026): $37.16 | Market Cap: $30.4 BilSector: Health Care | Industry: Health Care Equipment
Medline (MDLN)
Market Price (7/23/2026): $37.16Market Cap: $30.4 BilSector: Health CareIndustry: Health Care Equipment
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Stock buyback supportStock Buyback 3Y Total is 2.0 Bil Low stock price volatilityVol 12M is 44% Megatrend and thematic driversMegatrends include Aging Population & Chronic Disease, and Digital Health & Telemedicine. Themes include Geriatric Care, Diabetes Management, Show more. | Weak multi-year price returns2Y Excs Rtn is -44%, 3Y Excs Rtn is -75% | Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 32x Key risksMDLN key risks include [1] a substantial debt load from its leveraged buyout, Show more. |
| Stock buyback supportStock Buyback 3Y Total is 2.0 Bil |
| Low stock price volatilityVol 12M is 44% |
| Megatrend and thematic driversMegatrends include Aging Population & Chronic Disease, and Digital Health & Telemedicine. Themes include Geriatric Care, Diabetes Management, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -44%, 3Y Excs Rtn is -75% |
| Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 32x |
| Key risksMDLN key risks include [1] a substantial debt load from its leveraged buyout, Show more. |
Qualitative Assessment
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Medline (MDLN) stock has lost about 15% since 3/31/2026 because of the following key factors:
1. Medline experienced a significant decrease in profitability during fiscal Q1 2026, which ended March 28, 2026. Despite beating analyst estimates for both earnings per share and revenue, the company reported a 25.8% decrease in net income to $239 million and a 10.6% decrease in Adjusted EBITDA to $776 million compared to fiscal Q1 2025. This decline was primarily attributed to higher costs of goods sold, including the impact of tariffs, and margin pressure (net margin decreased to 3.3% from 4.7% a year prior), leading to a 4.93% drop in the stock price after the earnings report on May 6, 2026.
2. A substantial upsized secondary offering of Class A common stock by selling stockholders created downward pressure on the stock. On May 21, 2026, Medline announced the pricing of an offering of 72,554,594 shares at $37.00 per share by affiliated selling stockholders, including Blackstone, Hellman & Friedman, and the Abu Dhabi Investment Authority. The offering closed on May 28, 2026, injecting a significant number of shares into the market.
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Medline (MDLN) stock has lost about 15% since 3/31/2026 because of the following key factors:
1. Medline experienced a significant decrease in profitability during fiscal Q1 2026, which ended March 28, 2026. Despite beating analyst estimates for both earnings per share and revenue, the company reported a 25.8% decrease in net income to $239 million and a 10.6% decrease in Adjusted EBITDA to $776 million compared to fiscal Q1 2025. This decline was primarily attributed to higher costs of goods sold, including the impact of tariffs, and margin pressure (net margin decreased to 3.3% from 4.7% a year prior), leading to a 4.93% drop in the stock price after the earnings report on May 6, 2026.
2. A substantial upsized secondary offering of Class A common stock by selling stockholders created downward pressure on the stock. On May 21, 2026, Medline announced the pricing of an offering of 72,554,594 shares at $37.00 per share by affiliated selling stockholders, including Blackstone, Hellman & Friedman, and the Abu Dhabi Investment Authority. The offering closed on May 28, 2026, injecting a significant number of shares into the market.
3. The destruction of a major distribution center by fire led to operational and financial concerns. On June 11, 2026, a fire destroyed Medline's distribution center in Tracy, California, which was described as one of the largest warehouse fires in U.S. history and resulted in a total loss of the facility. This event likely caused substantial operational disruptions, supply chain challenges, and significant costs for rebuilding and business interruption.
4. Investor confidence was impacted by legal probes concerning manufacturing violations. Multiple law firms initiated investigations into Medline following reports of alleged undisclosed manufacturing violations and failed contamination investigations. These legal probes signal potential regulatory scrutiny and liabilities, which can negatively affect investor sentiment and the company's reputation.
5. Large-scale insider selling by institutional shareholders signaled a reduction in major investor holdings. Significant insider sales by institutional shareholders, including entities affiliated with Blackstone Inc., Hellman & Friedman LLC, and Carlyle Group, occurred during the period. These sales collectively totaled billions of dollars (e.g., over $2.3 billion by Blackstone-affiliated entities and over $1 billion by Carlyle-affiliated entities), representing a considerable divestment by major investors in the company.
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Stock Movement Drivers
Fundamental Drivers
The -16.4% change in MDLN stock from 3/31/2026 to 7/22/2026 was primarily driven by a -55.6% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 3312026 | 7222026 | Change |
|---|---|---|---|
| Stock Price ($) | 44.50 | 37.18 | -16.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 28,432 | 26,001 | -8.6% |
| Net Income Margin (%) | 4.1% | 4.7% | 15.8% |
| P/E Multiple | 31.2 | 55.4 | 77.6% |
| Shares Outstanding (Mil) | 812 | 1,828 | -55.6% |
| Cumulative Contribution | -16.4% |
Market Drivers
3/31/2026 to 7/22/2026| Return | Correlation | |
|---|---|---|
| MDLN | -16.4% | |
| Market (SPY) | 14.9% | 9.4% |
| Sector (XLV) | 8.7% | 54.3% |
Fundamental Drivers
The -11.5% change in MDLN stock from 12/31/2025 to 7/22/2026 was primarily driven by a 0.0% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 12312025 | 7222026 | Change |
|---|---|---|---|
| Stock Price ($) | 42.00 | 37.18 | -11.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | � | 26,001 | 0.0% |
| Net Income Margin (%) | � | 4.7% | 0.0% |
| P/E Multiple | � | 55.4 | 0.0% |
| Shares Outstanding (Mil) | 1,828 | 1,828 | 0.0% |
| Cumulative Contribution | 0.0% |
Market Drivers
12/31/2025 to 7/22/2026| Return | Correlation | |
|---|---|---|
| MDLN | -11.5% | |
| Market (SPY) | 9.9% | 13.6% |
| Sector (XLV) | 3.4% | 38.6% |
Fundamental Drivers
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Market Drivers
6/30/2025 to 7/22/2026| Return | Correlation | |
|---|---|---|
| MDLN | ||
| Market (SPY) | 22.0% | 14.8% |
| Sector (XLV) | 19.8% | 38.1% |
Fundamental Drivers
nullnull
Market Drivers
6/30/2023 to 7/22/2026| Return | Correlation | |
|---|---|---|
| MDLN | ||
| Market (SPY) | 74.6% | 14.8% |
| Sector (XLV) | 25.8% | 38.1% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| MDLN Return | - | - | - | - | 2% | -7% | -5% |
| Peers Return | 17% | 23% | 17% | 10% | 49% | 2% | 181% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 10% | 100% |
Monthly Win Rates [3] | |||||||
| MDLN Win Rate | - | - | - | - | 100% | 43% | |
| Peers Win Rate | 53% | 60% | 60% | 55% | 72% | 51% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 57% | |
Max Drawdowns [4] | |||||||
| MDLN Max Drawdown | - | - | - | - | - | -34% | |
| Peers Max Drawdown | -16% | -19% | -16% | -16% | -12% | -24% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: MCK, CAH, COR, JNJ, MDT.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 7/22/2026 (YTD)
How Low Can It Go
MDLN has limited trading history. Below is the Health Care sector ETF (XLV) in its place.
| Event | XLV | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -11.7% | -18.8% |
| % Gain to Breakeven | 13.3% | 23.1% |
| Time to Breakeven | 142 days | 79 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -13.8% | -24.5% |
| % Gain to Breakeven | 15.9% | 32.4% |
| Time to Breakeven | 166 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -27.9% | -33.7% |
| % Gain to Breakeven | 38.8% | 50.9% |
| Time to Breakeven | 77 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -15.0% | -19.2% |
| % Gain to Breakeven | 17.6% | 23.8% |
| Time to Breakeven | 191 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -15.9% | -12.2% |
| % Gain to Breakeven | 18.9% | 13.9% |
| Time to Breakeven | 165 days | 62 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -15.8% | -17.9% |
| % Gain to Breakeven | 18.8% | 21.8% |
| Time to Breakeven | 153 days | 123 days |
In The Past
State Street Health Care Select Sector SPDR ETF's stock fell -11.7% during the 2025 US Tariff Shock. Such a loss loss requires a 13.3% gain to breakeven.
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MDLN has limited trading history. Below is the Health Care sector ETF (XLV) in its place.
| Event | XLV | S&P 500 |
|---|---|---|
| 2020 COVID-19 Crash | ||
| % Loss | -27.9% | -33.7% |
| % Gain to Breakeven | 38.8% | 50.9% |
| Time to Breakeven | 77 days | 140 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -37.9% | -53.4% |
| % Gain to Breakeven | 61.1% | 114.4% |
| Time to Breakeven | 767 days | 1085 days |
In The Past
State Street Health Care Select Sector SPDR ETF's stock fell -11.7% during the 2025 US Tariff Shock. Such a loss loss requires a 13.3% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Medline (MDLN)
Medline (MDLN) is the largest provider of medical-surgical ("med-surg") products and supply chain solutions, dedicated to improving clinical, financial, and operational outcomes across the healthcare continuum. The company serves a wide array of customers, including hospitals, surgery centers, physician offices, and post-acute facilities, by delivering mission-critical products used daily. Medline's integrated business model combines manufacturing and distribution capabilities to provide a comprehensive and cost-effective solution for healthcare providers.
The company operates with two main segments: Medline Brand and Supply Chain Solutions. The Medline Brand segment offers a vast portfolio of approximately 190,000 products, many of which are manufactured by Medline itself, such as surgical and procedural kits, gloves, protective apparel, urological and incontinence care, wound care, and consumable lab and diagnostics products. These proprietary products significantly contribute to the company's profitability. The Supply Chain Solutions segment provides roughly 145,000 third-party products and customized supply chain optimization services. Medline's "Prime Vendor" model is a key differentiator, involving long-term agreements where Medline acts as the consolidated distributor and logistics provider, ensuring efficient next-day delivery to most U.S. customers through its extensive global distribution network and owned fleet.
Medline has a proven track record of resilience and consistent growth, with net sales increasing every year since its founding in 1966 and a 14% compound annual growth rate over the past decade, demonstrating strength even during economic downturns and global crises. Approximately 90% of its Medline Brand net sales are recurring, reflecting the consumable nature of its products and stable customer relationships. The company plans to sustain its growth through expanding Prime Vendor relationships, increasing adoption of its higher-margin Medline Brand products, developing new offerings, strategic acquisitions, and scaling its international presence, leveraging its market leadership and customer-centric approach.
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1. Amazon for medical supplies.
2. Grainger for the healthcare industry.
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- Medical-Surgical Products: A vast portfolio of consumable medical products, including surgical and procedural kits, gloves, protective apparel, urological and incontinence care, wound care, and consumable lab and diagnostics products.
- Supply Chain Solutions: Comprehensive services that optimize and manage the distribution and logistics of medical-surgical products for healthcare providers.
- Prime Vendor Services: Long-term agreements where Medline acts as the consolidated distributor and logistics provider for customers' complete medical-surgical product needs.
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Medline (MDLN) primarily sells its medical-surgical products and supply chain solutions to other companies and organizations within the healthcare sector.
The provided background information does not name specific major customer companies. Instead, it describes the broad categories of healthcare facilities and points of care that Medline serves:
- Hospitals
- Surgery centers
- Physician offices
- Post-acute facilities
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Jim Boyle, Chief Executive Officer
Jim Boyle has served as Chief Executive Officer of Medline since 2023, having also joined its board of directors in the same year. He began his career at Medline in 1996 as a sales representative in San Antonio, Texas. Prior to his current role, he held positions as a Sales Trainer, Senior Account Manager, Division Vice President, and Senior Vice President. From 2018 to 2023, Mr. Boyle was an Executive Vice President, responsible for the strategic direction and execution of commercial functions across all healthcare sales divisions, as well as operations and logistics.
Mike Drazin, Chief Financial Officer
Mike Drazin joined Medline as Chief Financial Officer in 2018. Before Medline, he was Vice President, Global FP&A and Investor Relations at Illinois Tool Works Inc. from 2016 to 2018, and also served as Vice President, Global Financial Planning & Analysis from 2014 to 2018. From 2008 to 2014, he was a Group Controller at Illinois Tool Works Inc. Earlier in his career, Mr. Drazin held several financial leadership roles, including Group Controller at Click Commerce, Inc., Chief Financial Officer at Presutti Laboratories, Controller at CloudShield Technologies, Inc., Chief Financial Officer at Silicon Valley Internet Capital, and Senior Auditor at Arthur Anderson LLP.
Steve Miller, Chief Operating Officer
Steve Miller has served as Medline's Chief Operating Officer since January 1, 2025. He joined Medline in 2022 as Executive Vice President, Supply Chain, a role he held through 2024. Before joining Medline, Mr. Miller was Senior Vice President, Fulfillment Operations (2020-2022) and Vice President, People (U.S. Supply Chain) (2018-2020) at Walmart. He also held various supply chain, manufacturing operations, corporate strategy, and human resources positions at The Goodyear Tire & Rubber Company and Kimberly-Clark.
Amanda Laabs, Chief Product Officer
Amanda Laabs was appointed Chief Product Officer effective January 1, 2025. She joined Medline in 2006, initially in the medical textiles division. Ms. Laabs has advanced through a series of product management leadership roles, most recently serving as Executive Vice President, Medline Brand from 2023 until January 2025. Her previous roles include leading Medline's surgical drapes and gowns division and personal protection division, and managing the Dynacor kitting division, which involved integrating the acquired Centurion Medical Products company.
Billy Abrams, Executive Vice President, Supply Chain Solutions
Billy Abrams has been the Executive Vice President, Supply Chain Solutions since 2023. He joined Medline in 2009, holding positions such as Vice President of Preferred Healthcare, Executive Vice President of Real Estate & Assets, and President of the Distributed Products Division. While at Medline, he also served as President of Suture Express from 2019 to 2021. Prior to Medline, Mr. Abrams was Founding Principal at Hazel Ravine Partners, LLC from 2004 to 2008, and Chief Executive Officer at InfoPlus Corporation from 2001 to 2003.
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Supply Chain Disruptions and Reliance on Third-Party Suppliers: Medline sources products from over 500 global partners for its Medline Brand segment and offers approximately 145,000 third-party products through its Supply Chain Solutions segment. Any significant disruption to this extensive global supply chain due to geopolitical events, natural disasters, trade restrictions, or issues with key suppliers could severely impact Medline's ability to procure and deliver products, affecting sales and customer relationships.
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Intense Competition and Pricing Pressures: Despite being the largest provider of medical-surgical products and supply chain solutions, Medline operates in a competitive market. The company's strategy relies on driving cost savings for Prime Vendor customers and offering Medline Brand products at a cost-effective price. Competitors could offer more aggressive pricing or innovative solutions, potentially eroding Medline's market share, profitability, or the effectiveness of its Prime Vendor model and the associated "flywheel effect" that supports Medline Brand adoption.
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Dependence on the "Prime Vendor" Model and Ability to Maintain Customer Relationships: The "Prime Vendor" relationships are central to Medline's strategy, involving long-term agreements for consolidated distribution and logistics. A risk exists if Medline struggles to secure new Prime Vendor relationships, if existing Prime Vendor customers choose not to renew their agreements, or if they shift purchasing away from Medline Brand products, which offer higher margins. This could undermine a core part of their growth strategy and profitability drivers.
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For its medical-surgical products, Medline operates in an estimated global total addressable market of $375 billion. This market is further broken down into approximately $175 billion in the United States and about $200 billion outside the U.S..
For its supply chain solutions, the global healthcare supply chain management market size was valued at USD 3.93 billion in 2025 and is projected to grow to USD 11.35 billion by 2034. In North America, this market was valued at USD 1.91 billion in 2025, with the U.S. market specifically valued at USD 1.92 billion by 2026.
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Capital Expenditures
- Medline maintains and invests in an expansive network of 69 global distribution facilities, spanning over 29 million square feet of warehouse space, and an owned fleet of over 2,000 MedTrans trucks to support its supply chain solutions and ensure next-day delivery to 95% of its U.S. customers.
- The company operates 33 manufacturing facilities for its Medline Brand products, indicating ongoing capital allocation towards production capabilities.
- Future capital expenditures are anticipated to support strategic objectives such as continuing channel expansion, developing new products, and scaling its international footprint.
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 238.08 |
| Mkt Cap | 79.1 |
| Rev LTM | 173,548 |
| Op Inc LTM | 5,379 |
| FCF LTM | 4,898 |
| FCF 3Y Avg | 4,754 |
| CFO LTM | 5,578 |
| CFO 3Y Avg | 5,518 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 10.2% |
| Rev Chg 3Y Avg | 8.2% |
| Rev Chg Q | 9.9% |
| QoQ Delta Rev Chg LTM | 2.4% |
| Op Inc Chg LTM | 22.0% |
| Op Inc Chg 3Y Avg | 13.5% |
| Op Mgn LTM | 4.3% |
| Op Mgn 3Y Avg | 1.4% |
| QoQ Delta Op Mgn LTM | 0.0% |
| CFO/Rev LTM | 3.5% |
| CFO/Rev 3Y Avg | 1.5% |
| FCF/Rev LTM | 2.6% |
| FCF/Rev 3Y Avg | 1.3% |
FDA Approved Drugs Data
Expand for More| Post-Approval Fwd Returns | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| FDA App # | Brand Name | Generic Name | Dosage Form | FDA Approval | 3M Rtn | 6M Rtn | 1Y Rtn | 2Y Rtn | Total Rtn |
| NDA207964 | READYPREP CHG | chlorhexidine gluconate | cloth | 11202018 | |||||
| Post-Approval Fwd Returns | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| FDA App # | Brand Name | Generic Name | Dosage Form | FDA Approval | 3M Rtn | 6M Rtn | 1Y Rtn | 2Y Rtn | Total Rtn |
| NDA207964 | READYPREP CHG | chlorhexidine gluconate | cloth | 11202018 | |||||
Price Behavior
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.21 | -0.12 | 0.48 | 0.41 | 0.27 | -0.33 |
| Up Beta | 1.87 | -0.07 | 1.15 | 0.77 | 0.35 | 0.21 |
| Down Beta | 1.55 | 0.91 | 0.59 | 0.61 | 1.06 | -0.29 |
| Up Capture | -26% | -76% | -10% | 9% | 10% | 1% |
| Bmk +ve Days | 11 | 24 | 40 | 67 | 140 | 429 |
| Stock +ve Days | 11 | 18 | 29 | 60 | 64 | 64 |
| Down Capture | -113% | -21% | 31% | 34% | 32% | 17% |
| Bmk -ve Days | 10 | 17 | 23 | 58 | 112 | 321 |
| Stock -ve Days | 10 | 23 | 34 | 65 | 68 | 68 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MDLN | |
|---|---|---|---|---|
| MDLN | -9.4% | 43.7% | -0.26 | - |
| Sector ETF (XLV) | 23.3% | 15.8% | 1.13 | 38.1% |
| Equity (SPY) | 20.0% | 12.6% | 1.16 | 14.8% |
| Gold (GLD) | 21.2% | 28.1% | 0.67 | 3.3% |
| Commodities (DBC) | 33.0% | 19.1% | 1.36 | -11.5% |
| Real Estate (VNQ) | 13.9% | 14.0% | 0.70 | 22.3% |
| Bitcoin (BTCUSD) | -43.6% | 42.9% | -1.21 | 0.1% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MDLN | |
|---|---|---|---|---|
| MDLN | -1.9% | 43.7% | -0.26 | - |
| Sector ETF (XLV) | 6.0% | 15.0% | 0.22 | 38.1% |
| Equity (SPY) | 12.8% | 17.1% | 0.58 | 14.8% |
| Gold (GLD) | 17.3% | 18.4% | 0.76 | 3.3% |
| Commodities (DBC) | 9.3% | 19.5% | 0.37 | -11.5% |
| Real Estate (VNQ) | 2.7% | 18.9% | 0.04 | 22.3% |
| Bitcoin (BTCUSD) | 15.2% | 53.5% | 0.46 | 0.1% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MDLN | |
|---|---|---|---|---|
| MDLN | -1.0% | 43.7% | -0.26 | - |
| Sector ETF (XLV) | 9.8% | 16.6% | 0.48 | 38.1% |
| Equity (SPY) | 15.1% | 17.9% | 0.72 | 14.8% |
| Gold (GLD) | 11.5% | 16.1% | 0.58 | 3.3% |
| Commodities (DBC) | 7.1% | 17.9% | 0.31 | -11.5% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.20 | 22.3% |
| Bitcoin (BTCUSD) | 58.5% | 66.2% | 0.99 | 0.1% |
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Recent Forward Guidance
Updated 7/12/2026Latest: Q1 2026 Earnings Reported 5/6/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Organic Sales Growth | 8.5% | 9.0% | 9.5% | 0.5% | Raised | Guidance: 8.5% for 2026 | |
| 2026 Adjusted EBITDA | 3.50 Bil | 3.55 Bil | 3.60 Bil | 0 | Affirmed | Guidance: 3.55 Bil for 2026 | |
Insider Activity
Updated 6/17/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Golwas, Douglas P | Chief Commercial Officer | Direct | Sell | 6172026 | 36.77 | 100,000 | 3,677,115 | 878,794 | Form |
| 2 | Corcoran, Jessi L | Principal Accounting Officer | Direct | Buy | 6092026 | 34.15 | 5,000 | 170,750 | 170,750 | Form |
| 3 | Hellman, & Friedman Capital Partners X (parallel), LP | Mend Investment Holdings I, L.P. | Sell | 6012026 | 36.54 | 17,947,337 | 655,750,826 | 8,361,242 | Form | |
| 4 | Hellman, & Friedman Capital Partners X (parallel), LP | Mend Partners II, L.P. | Sell | 6012026 | 36.54 | 753,528 | 27,532,029 | 125,056,865 | Form | |
| 5 | Hellman, & Friedman Capital Partners X (parallel), LP | Hellman & Friedman Capital Partners X (Parallel), L.P. | Sell | 6012026 | 36.54 | 11,904,646 | 434,966,003 | 2,286,937,881 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Golwas, Douglas P | Chief Commercial Officer | Direct | Sell | 6172026 | 36.77 | 100,000 | 3,677,115 | 878,794 | Form |
| 2 | Corcoran, Jessi L | Principal Accounting Officer | Direct | Buy | 6092026 | 34.15 | 5,000 | 170,750 | 170,750 | Form |
| 3 | Hellman, & Friedman Capital Partners X (parallel), LP | Mend Investment Holdings I, L.P. | Sell | 6012026 | 36.54 | 17,947,337 | 655,750,826 | 8,361,242 | Form | |
| 4 | Hellman, & Friedman Capital Partners X (parallel), LP | Mend Partners II, L.P. | Sell | 6012026 | 36.54 | 753,528 | 27,532,029 | 125,056,865 | Form | |
| 5 | Hellman, & Friedman Capital Partners X (parallel), LP | Hellman & Friedman Capital Partners X (Parallel), L.P. | Sell | 6012026 | 36.54 | 11,904,646 | 434,966,003 | 2,286,937,881 | Form | |
| 6 | Hellman, & Friedman Capital Partners X (parallel), LP | HFCP X (Parallel - A), L.P. | Sell | 6012026 | 36.54 | 1,262,726 | 46,136,851 | 238,190,228 | Form | |
| 7 | Bcp, 8 Holdings Mozart Manager Llc | See Footnotes | Sell | 6012026 | 36.54 | 33,317,824 | 1,217,349,994 | 56,231 | Form | |
| 8 | Bx, Mozart Ml-2 Holdco LP | See Footnotes | Sell | 6012026 | 36.54 | 33,317,824 | 1,217,349,994 | 56,231 | Form | |
| 9 | Hellman, & Friedman Capital Partners X (parallel), LP | Mend Investment Holdings I, L.P. | Sell | 3122026 | 40.51 | 14,639,754 | 593,027,155 | 22,615,900 | Form | |
| 10 | Hellman, & Friedman Capital Partners X (parallel), LP | Mend Partners II, L.P. | Sell | 3122026 | 40.51 | 629,933 | 25,517,326 | 169,170,603 | Form | |
| 11 | Hellman, & Friedman Capital Partners X (parallel), LP | Hellman & Friedman Capital Partners X (Parallel), L.P. | Sell | 3122026 | 40.51 | 9,801,455 | 397,037,339 | 3,075,835,916 | Form | |
| 12 | Hellman, & Friedman Capital Partners X (parallel), LP | HFCP X (Parallel - A), L.P. | Sell | 3122026 | 40.51 | 1,060,095 | 42,942,328 | 319,830,185 | Form | |
| 13 | Carlyle, Group Inc | See footnotes | Sell | 3122026 | 41.00 | 26,105,840 | 1,070,339,440 | 5,230,276,684 | Form | |
| 14 | Carlyle, Mozart Coinvestment Holdings, LP | See footnotes | Sell | 3122026 | 41.00 | 26,105,840 | 1,070,339,440 | 5,230,276,684 | Form | |
| 15 | Cp, Circle ML Holdco Gp, Llc | See footnotes | Sell | 3122026 | 41.00 | 26,105,840 | 1,070,339,440 | 5,230,276,684 | Form | |
| 16 | Tc, Group Cayman Investment Holdings, LP | See footnotes | Sell | 3122026 | 41.00 | 26,105,840 | 1,070,339,440 | 5,230,276,684 | Form | |
| 17 | Bcp, 8 Holdings Mozart Manager Llc | See Footnotes | Sell | 3122026 | 40.51 | 27,852,986 | 1,128,268,757 | 62,342 | Form | |
| 18 | Bx, Mozart Ml-2 Holdco LP | See Footnotes | Sell | 3122026 | 40.51 | 27,852,986 | 1,128,268,757 | 62,342 | Form | |
| 19 | Hellman, & Friedman Capital Partners X (parallel), LP | Hellman & Friedman Capital Partners X (Parallel), L.P. | Sell | 12222025 | 28.37 | 5,079,306 | 144,091,276 | 2,521,676,655 | Form | |
| 20 | Hellman, & Friedman Capital Partners X (parallel), LP | HFCP X (Parallel - A), L.P. | Sell | 12222025 | 28.37 | 547,305 | 15,526,112 | 262,937,064 | Form | |
| 21 | Hellman, & Friedman Capital Partners X (parallel), LP | Mend Partners II, L.P. | Sell | 12222025 | 28.37 | 461,760 | 13,099,346 | 136,342,589 | Form | |
| 22 | Gic, Private Ltd | Hux Investment Pte. Ltd. | Sell | 12222025 | 28.37 | 10,204,351 | 289,480,090 | 2,597,272,387 | Form | |
| 23 | Gic, Private Ltd | Direct | Buy | 12222025 | 29.00 | 12,586,206 | 364,999,974 | 789,999,962 | Form | |
| 24 | Tc, Group Vii S1, Llc | See footnotes | Sell | 12222025 | 29.00 | 19,136,333 | 554,953,657 | 4,231,822,796 | Form | |
| 25 | Carlyle, Mozart Coinvestment Holdings, LP | See footnotes | Sell | 12222025 | 29.00 | 19,136,333 | 554,953,657 | 4,231,822,796 | Form | |
| 26 | Carlyle, Group Inc | See footnotes | Sell | 12222025 | 29.00 | 19,136,333 | 554,953,657 | 4,231,822,796 | Form | |
| 27 | Mozart, Aggregator II LP | See Footnotes | Sell | 12222025 | 28.37 | 13,462,600 | 381,911,076 | 4,061,977,900 | Form | |
| 28 | Mills, Andrew J | See Footnote | Buy | 12222025 | 29.00 | 2,586,206 | 74,999,974 | 74,999,974 | Form | |
| 29 | Mills, Charles N | See Footnote | Buy | 12222025 | 29.00 | 2,441,379 | 70,799,991 | 70,799,991 | Form | |
| 30 | Mills, Charles N | Spouse | Buy | 12222025 | 29.00 | 137,931 | 3,999,999 | 3,999,999 | Form |
Investor Activity (13F)
Updated Jul 23, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| MBB Public Markets I LLC | $108.6 Mil | 13.0% | 24 | Hold | 13F |
| SurgoCap Partners LP | $270.3 Mil | 9.0% | 14 | New | 13F |
| Lone Pine Capital LLC | $524.6 Mil | 4.2% | 36 | Hold | 13F |
| Durable Capital Partners LP | $323.3 Mil | 3.3% | 37 | ADD +5.3% | 13F |
| Broad Bay Capital Management, LP | $30.0 Mil | 3.1% | 24 | New | 13F |
| Khrom Capital Management LLC | $31.3 Mil | 2.9% | 14 | New | 13F |
| Eminence Capital, LP | $101.4 Mil | 2.3% | 33 | ADD +51.4% | 13F |
| Egerton Capital (UK) LLP | $194.3 Mil | 2.2% | 24 | New | 13F |
| Lexington Partners L.P. | $6.0 Mil | 1.6% | 3 | Hold | 13F |
| Oribel Capital Management, LP | $10.7 Mil | 1.6% | 41 | New | 13F |
| Unisphere Establishment | $110.5 Mil | 0.9% | 50 | ADD +50.5% | 13F |
| WELLCOME TRUST LTD (THE) as trustee of the WELLCOME TRUST | $6.5 Mil | 0.1% | 21 | New | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| SurgoCap Partners LP | $270.3 Mil | 9.0% | 14 | New | 13F |
| Egerton Capital (UK) LLP | $194.3 Mil | 2.2% | 24 | New | 13F |
| Khrom Capital Management LLC | $31.3 Mil | 2.9% | 14 | New | 13F |
| Broad Bay Capital Management, LP | $30.0 Mil | 3.1% | 24 | New | 13F |
| Oribel Capital Management, LP | $10.7 Mil | 1.6% | 41 | New | 13F |
| WELLCOME TRUST LTD (THE) as trustee of the WELLCOME TRUST | $6.5 Mil | 0.1% | 21 | New | 13F |
| Eminence Capital, LP | $101.4 Mil | 2.3% | 33 | ADD +51.4% | 13F |
| Unisphere Establishment | $110.5 Mil | 0.9% | 50 | ADD +50.5% | 13F |
| Durable Capital Partners LP | $323.3 Mil | 3.3% | 37 | ADD +5.3% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Lone Pine Capital LLC | $524.6 Mil | 4.2% | 36 | Hold | 13F |
| Durable Capital Partners LP | $323.3 Mil | 3.3% | 37 | ADD +5.3% | 13F |
| SurgoCap Partners LP | $270.3 Mil | 9.0% | 14 | New | 13F |
| Egerton Capital (UK) LLP | $194.3 Mil | 2.2% | 24 | New | 13F |
| Unisphere Establishment | $110.5 Mil | 0.9% | 50 | ADD +50.5% | 13F |
| MBB Public Markets I LLC | $108.6 Mil | 13.0% | 24 | Hold | 13F |
| Eminence Capital, LP | $101.4 Mil | 2.3% | 33 | ADD +51.4% | 13F |
| Khrom Capital Management LLC | $31.3 Mil | 2.9% | 14 | New | 13F |
| Broad Bay Capital Management, LP | $30.0 Mil | 3.1% | 24 | New | 13F |
| Oribel Capital Management, LP | $10.7 Mil | 1.6% | 41 | New | 13F |
| WELLCOME TRUST LTD (THE) as trustee of the WELLCOME TRUST | $6.5 Mil | 0.1% | 21 | New | 13F |
| Lexington Partners L.P. | $6.0 Mil | 1.6% | 3 | Hold | 13F |
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