Saturday 17 October 2026 Export MSDL’s income statement to Excel — free account

Morgan Stanley Direct Lending Fund

Morgan Stanley Direct Lending Fund’s revenue for fiscal 2025 (year ended December 2025) was $397.3 million, down 4.52% from fiscal 2024. In the quarter to June 2026, revenue fell 10.8%, EPS fell 78.1%, free cash flow grew 331.9% and total debt fell 3.33%, each against the same quarter a year earlier.

13.03 0.26 −1.96%

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Market cap: $1.1B
P/E: 18.9×
Fwd P/E: 11.6×
Dividend yield: 14.2%
F-score: 6/9
Altman Z: n/a
Beneish M: n/a
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

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

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