stockrow
Friday 6 November 2026
Export MSDL’s income statement to Excel — free account
Morgan Stanley Direct Lending Fund
MSDL Financial Asset Management
Morgan Stanley Direct Lending Fund’s revenue for fiscal 2025 (year ended December 2025) was $397.3 million, down 4.52% from fiscal 2024.
- Revenue
- −13.6%
- EPS
- −200.0%
- Free cash flow
- +230.0%
- Total debt
- −8.16%
Quarter to September 2026, against a year earlier
13.85
0.26
−1.84%
Follow MSDL
Alert me
Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Sep ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | — | — | — | — | 22 | 120 | 231 | 368 | 416 | 397 | 361 | +78.5% | 354 | 359 | 347 | (4.5%) | |
| Gross margin, % | — | — | — | — | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 0.0 pt | ||||||
| EBT | — | — | — | (1) | 11 | 73 | 128 | 200 | 223 | 179 | 165 | n/m | ||||||
| EBT margin, % | — | — | — | 0.00 | 48.55 | 60.93 | 55.66 | 54.27 | 53.52 | 45.02 | 45.85 | +45.0 pt | ||||||
| Net income | — | — | — | (1) | 18 | 83 | 49 | 231 | 216 | 122 | 5 | n/m | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | — | — | — | 0.00 | 2.90 | 3.85 | 3.74 | 4.95 | 4.69 | 4.55 | 4.29 | n/m | |||||
| Earnings | — | — | — | (660.57) | 2.42 | 2.67 | 0.79 | 3.11 | 2.43 | 1.40 | 0.05 | n/m | ||||||
| Cash flow | — | — | — | 0.00 | (81.14) | (53.32) | (6.97) | (1.13) | (4.31) | 1.73 | 4.43 | n/m | ||||||
| Capex | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | n/m | ||||||
| Free cash flow | — | — | — | 0.00 | (81.14) | (53.32) | (6.97) | (1.13) | (4.31) | 1.73 | 4.43 | n/m | ||||||
| Book value | — | — | — | (622.78) | 39.90 | 38.15 | 22.66 | 23.18 | 20.78 | 20.03 | 18.69 | n/m | ||||||
| Shares, m | — | — | — | 0 | 8 | 31 | 62 | 74 | 89 | 87 | 85 | +503.9% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | — | — | — | — | 6.59 | 6.59 | 6.59 | 6.59 | 8.50 | 11.77 | 283.60 | 7.8 | |||||
| P/S | — | — | — | — | 4.17 | 4.17 | 4.17 | 4.17 | 4.40 | 3.62 | 3.30 | 4.1 | ||||||
| P/B | — | — | — | — | 0.89 | 0.89 | 0.89 | 0.89 | 0.99 | 0.82 | 0.76 | 0.9 | ||||||
| EV/Sales | — | — | — | — | 8.05 | 8.05 | 8.05 | 8.05 | 8.99 | 8.67 | — | 8.3 | ||||||
| EV/FCF | — | — | — | — | (35.30) | (35.30) | (35.30) | (35.30) | (9.78) | 22.82 | — | (21.4) | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | — | — | — | 0 | (613) | (1,661) | (430) | (84) | (383) | 151 | 373 | n/m | |||||
| Capex | — | — | — | — | — | — | — | — | — | — | 0 | — | ||||||
| Free cash flow | — | — | — | 0 | (613) | (1,661) | (430) | (84) | (383) | 151 | 373 | n/m | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | — | — | — | (1) | (2) | 51 | 47 | 24 | 15 | 50 | (115) | n/m | |||||
| Net debt | — | — | — | 0 | 323 | 1,176 | 1,442 | 1,426 | 1,910 | 2,005 | 1,810 | n/m | ||||||
| Shareholders’ equity | — | — | — | (1) | 302 | 1,189 | 1,397 | 1,721 | 1,842 | 1,748 | 1,570 | n/m | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | — | — | — | 0.00 | 5.56 | 5.29 | 1.77 | 7.34 | 5.97 | 3.12 | 0.13 | +3.1 pt | |||||
| ROIC | — | — | — | 0.00 | 0.87 | 1.66 | 2.38 | 3.51 | 3.44 | 2.96 | 3.06 | +3.0 pt | ||||||
| ROE | — | — | — | 0.00 | 12.18 | 11.17 | 3.75 | 14.82 | 12.10 | 6.80 | 0.29 | +6.8 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | — | — | — | — | — | — | — | — | — | — | — | |||||
| Revenue/emp, $m | — | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | — | n/m | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026
Morgan Stanley Direct Lending Fund vs peers in Asset Management (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| TRIN Trinity Capital Inc. | $1.7B | 9.6× | 8.9× | +25.46% (above 0%: growing) | +25.64% (above 0%: growing) | +63.94% (above 0%: growing) | 100.00% | 80.88% | Compare |
| PAX Patria Investments Limited | $1.6B | 21.9× | 14.5× | +20.52% (above 0%: growing) | −12.50% (below 0%: shrinking) | −41.24% (below 0%: shrinking) | 40.31% | 27.93% | Compare |
| CSWC Capital Southwest Corporation | $1.6B | 13.2× | 11.5× | +17.93% (above 0%: growing) | −26.78% (below 0%: shrinking) | −170.75% (below 0%: shrinking) | 100.00% | 86.58% | Compare |
| MSDL Morgan Stanley Direct Lending Fund | $1.2B | 284× | 15.2× | −13.62% (below 0%: shrinking) | n/m | +230.03% (above 0%: growing) | 100.00% | 0.00% | |
| OCSL Oaktree Specialty Lending Corp. | $1.1B | 26.1× | 22.7× | −7.76% (below 0%: shrinking) | −20.45% (below 0%: shrinking) | +173.07% (above 0%: growing) | 94.24% | 82.04% | Compare |
| RPC Ridgepost Capital, Inc. | $1.0B | 29.6× | 35.2× | +17.11% (above 0%: growing) | +350.00% (above 0%: growing) | +447.90% (above 0%: growing) | 100.00% | 28.63% | Compare |
| GSBD Goldman Sachs BDC, Inc. | $990.6M | 34.0× | 11.6× | −7.97% (below 0%: shrinking) | n/m | +465.71% (above 0%: growing) | 100.00% | 87.38% | Compare |
| BBDC BARINGS BDC, INC. | $915.1M | 10.3× | 9.9× | −11.20% (below 0%: shrinking) | +9.09% (above 0%: growing) | −250.65% (below 0%: shrinking) | 100.00% | 0.00% | Compare |
| BUR Burford Capital Limited | $869.6M | — (loss-making) | — (loss-making) | +110.46% (above 0%: growing) | n/m | −531.48% (below 0%: shrinking) | 100.00% | 66.57% | Compare |
| Median of peers | $1.1B | 21.9× | 11.6× | +17.52% | −1.71% | +11.35% | 100.00% | 73.73% |
Pay and ownership Proxy statement filed 17 April 2026
Ownership
Directors and executive officers, together
less than 1%
MS Credit Partners Holdings Inc.
11.41%
Morgan Stanley
5.10%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement