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Friday 6 November 2026
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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
13.62
0.49
−3.47%
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| Dec '19 | Dec '20 | Dec '21 | Dec '22 | Dec '23 | Dec '24 | Dec '25 | |
|---|---|---|---|---|---|---|---|
Piotroski F-Score |
— | — | — | 3 | 4 | 1 | 6 |
P/E ratio |
— | 6.59 | 6.59 | 6.59 | 6.59 | 8.50 | 11.77 |
P/S ratio |
— | 4.17 | 4.17 | 4.17 | 4.17 | 4.40 | 3.62 |
P/FCF ratio |
— | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 9.53 |
P/Operating CF |
— | 66.78 | 66.78 | 66.78 | 66.78 | (17.42) | 26.76 |
P/B ratio |
— | 0.89 | 0.89 | 0.89 | 0.89 | 0.99 | 0.82 |
Price to Tangible BV |
— | 0.89 | 0.89 | 0.89 | 0.89 | 0.99 | 0.82 |
EV/Sales |
— | 8.05 | 8.05 | 8.05 | 8.05 | 8.99 | 8.67 |
EV/EBITDA |
— | 11.27 | 11.27 | 11.27 | 11.27 | 11.50 | 9.31 |
EV/Operating CF |
— | (35.30) | (35.30) | (35.30) | (35.30) | (9.78) | 22.82 |
EV/FCF |
— | (35.30) | (35.30) | (35.30) | (35.30) | (9.78) | 22.82 |
Quick Ratio |
0.01 | 0.64 | 1.72 | 1.60 | 1.10 | 0.98 | 1.27 |
Current Ratio |
0.57 | 0.93 | 1.93 | 1.72 | 1.26 | 1.16 | 1.59 |
Net Debt/EBITDA |
0.03 | 38.99 | 15.03 | 5.53 | 5.43 | 5.87 | 5.42 |
Debt/Assets |
0.00% | 50.83% | 50.13% | 51.02% | 45.24% | 50.45% | 53.23% |
Debt/Equity |
0.00 | 1.11 | 1.05 | 1.09 | 0.87 | 1.07 | 1.19 |
Asset Turnover |
— | 0.07 | 0.08 | 0.08 | 0.12 | 0.12 | 0.10 |
Operating CF/Net income |
0.00 | (33.52) | (19.95) | (8.85) | (0.36) | (1.77) | 1.24 |
Capex/Depreciation |
— | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Interest Coverage |
— | 3.34 | 3.98 | 2.61 | 2.57 | 2.68 | 2.31 |
| 0.00% | 12.18% | 11.17% | 3.75% | 14.82% | 12.10% | 6.80% | |
| 0.00% | 5.56% | 5.29% | 1.77% | 7.34% | 5.97% | 3.12% | |
ROIC |
0.00% | 0.87% | 1.66% | 2.38% | 3.51% | 3.44% | 2.96% |
Return on Tangible Assets |
103.12% | (1,210.92%) | 163.04% | 102.86% | 977.96% | 1,421.46% | 243.03% |
Average Days of Receivables |
— | 39.31 | 60.59 | 37.44 | 28.88 | 27.22 | 24.69 |
Research and Development Expense of Revenue |
— | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Selling, General and Administrative Expense of Revenue |
0.00% | 10.64% | 3.50% | 1.64% | 1.44% | 1.69% | 2.18% |
Intangible Assets out of Total Assets |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Share Based Compensation of Revenue |
— | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Graham Net Nets |
— | (0.96) | (0.96) | (0.96) | (0.96) | (1.07) | (1.42) |
Graham Number |
— | 46.62 | 47.89 | 20.03 | 40.41 | 33.71 | 25.12 |
Earnings Yield |
— | 15.16% | 15.16% | 15.16% | 15.16% | 11.76% | 8.50% |
Free Cash Flow Yield |
— | (5.47%) | (5.47%) | (5.47%) | (5.47%) | (20.89%) | 10.49% |
Revenue per Share |
0.00 | 2.90 | 3.85 | 3.74 | 4.95 | 4.69 | 4.55 |
Operating CF per Share |
0.00 | (81.14) | (53.32) | (6.97) | (1.13) | (4.31) | 1.73 |
Capex per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Free Cash Flow per Share |
0.00 | (81.14) | (53.32) | (6.97) | (1.13) | (4.31) | 1.73 |
Cash per Share |
19.44 | 1.49 | 2.38 | 1.32 | 0.94 | 0.72 | 0.93 |
Shareholders Equity per Share |
(622.78) | 39.90 | 38.15 | 22.66 | 23.18 | 20.78 | 20.03 |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
(622.78) | 39.90 | 38.15 | 22.66 | 23.18 | 20.78 | 20.03 |
Free Cash Flow |
0.00 | (613.35) | (1,661.29) | (429.83) | (83.82) | (382.51) | 150.90 |
Working Capital |
(1.12) | (1.51) | 51.06 | 47.19 | 23.62 | 15.17 | 50.24 |
Net Current Asset Value |
(1.12) | (335.36) | (1,198.79) | (1,476.28) | (1,472.41) | (1,958.31) | (2,036.43) |
EV/EBIT |
— | 10.22 | 10.22 | 10.22 | 10.22 | 11.35 | 10.97 |
Capex to Sales |
— | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Price to Operating Income |
— | 8.67 | 8.67 | 8.67 | 8.67 | 8.86 | 8.09 |
| Other line items | |||||||
Depreciation/Fixed assets |
— | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Cash ROIC |
0.00% | (94.84%) | (66.12%) | (14.32%) | (2.55%) | (9.86%) | 3.85% |
Accounts Receivable Turnover |
— | 0.00 | 10.77 | 10.59 | 13.94 | 13.84 | 13.72 |
Accounts Payable Turnover |
— | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Average Days of Payables |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Average Receivables |
— | — | 11.13 | 21.77 | 26.38 | 30.06 | 28.95 |
Average Payables |
— | 10.65 | 35.45 | 56.83 | 73.76 | 88.05 | 85.89 |
Average Assets |
— | 329.14 | 1,575.04 | 2,739.70 | 3,146.43 | 3,609.38 | 3,916.06 |
Average Common Equity |
— | 150.25 | 745.10 | 1,292.95 | 1,559.23 | 1,781.65 | 1,795.12 |
Columns are period end dates · fundamentals updated 5 Nov 2026