Saturday 17 October 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. 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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| Dec '25 | Dec '24 | Dec '23 | Dec '22 | Dec '21 | Dec '20 | Dec '19 | |
|---|---|---|---|---|---|---|---|
Piotroski F-Score |
6 | 1 | 4 | 3 | — | — | — |
P/E ratio |
11.77 | 8.50 | 6.59 | 6.59 | 6.59 | 6.59 | — |
P/S ratio |
3.62 | 4.40 | 4.17 | 4.17 | 4.17 | 4.17 | — |
P/FCF ratio |
9.53 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | — |
P/Operating CF |
26.76 | (17.42) | 66.78 | 66.78 | 66.78 | 66.78 | — |
P/B ratio |
0.82 | 0.99 | 0.89 | 0.89 | 0.89 | 0.89 | — |
Price to Tangible BV |
0.82 | 0.99 | 0.89 | 0.89 | 0.89 | 0.89 | — |
EV/Sales |
8.67 | 8.99 | 8.05 | 8.05 | 8.05 | 8.05 | — |
EV/EBITDA |
9.31 | 11.50 | 11.27 | 11.27 | 11.27 | 11.27 | — |
EV/Operating CF |
22.82 | (9.78) | (35.30) | (35.30) | (35.30) | (35.30) | — |
EV/FCF |
22.82 | (9.78) | (35.30) | (35.30) | (35.30) | (35.30) | — |
Quick Ratio |
1.27 | 0.98 | 1.10 | 1.60 | 1.72 | 0.64 | 0.01 |
Current Ratio |
1.59 | 1.16 | 1.26 | 1.72 | 1.93 | 0.93 | 0.57 |
Net Debt/EBITDA |
5.42 | 5.87 | 5.43 | 5.53 | 15.03 | 38.99 | 0.03 |
Debt/Assets |
53.23% | 50.45% | 45.24% | 51.02% | 50.13% | 50.83% | 0.00% |
Debt/Equity |
1.19 | 1.07 | 0.87 | 1.09 | 1.05 | 1.11 | 0.00 |
Asset Turnover |
0.10 | 0.12 | 0.12 | 0.08 | 0.08 | 0.07 | — |
Operating CF/Net income |
1.24 | (1.77) | (0.36) | (8.85) | (19.95) | (33.52) | 0.00 |
Capex/Depreciation |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | — |
Interest Coverage |
2.31 | 2.68 | 2.57 | 2.61 | 3.98 | 3.34 | — |
| 6.80% | 12.10% | 14.82% | 3.75% | 11.17% | 12.18% | 0.00% | |
| 3.12% | 5.97% | 7.34% | 1.77% | 5.29% | 5.56% | 0.00% | |
ROIC |
2.96% | 3.44% | 3.51% | 2.38% | 1.66% | 0.87% | 0.00% |
Return on Tangible Assets |
243.03% | 1,421.46% | 977.96% | 102.86% | 163.04% | (1,210.92%) | 103.12% |
Average Days of Receivables |
24.69 | 27.22 | 28.88 | 37.44 | 60.59 | 39.31 | — |
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 |
2.18% | 1.69% | 1.44% | 1.64% | 3.50% | 10.64% | 0.00% |
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 |
(1.42) | (1.07) | (0.96) | (0.96) | (0.96) | (0.96) | — |
Graham Number |
25.12 | 33.71 | 40.41 | 20.03 | 47.89 | 46.62 | — |
Earnings Yield |
8.50% | 11.76% | 15.16% | 15.16% | 15.16% | 15.16% | — |
Free Cash Flow Yield |
10.49% | (20.89%) | (5.47%) | (5.47%) | (5.47%) | (5.47%) | — |
Revenue per Share |
4.55 | 4.69 | 4.95 | 3.74 | 3.85 | 2.90 | 0.00 |
Operating CF per Share |
1.73 | (4.31) | (1.13) | (6.97) | (53.32) | (81.14) | 0.00 |
Capex per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Free Cash Flow per Share |
1.73 | (4.31) | (1.13) | (6.97) | (53.32) | (81.14) | 0.00 |
Cash per Share |
0.93 | 0.72 | 0.94 | 1.32 | 2.38 | 1.49 | 19.44 |
Shareholders Equity per Share |
20.03 | 20.78 | 23.18 | 22.66 | 38.15 | 39.90 | (622.78) |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
20.03 | 20.78 | 23.18 | 22.66 | 38.15 | 39.90 | (622.78) |
Free Cash Flow |
150.90 | (382.51) | (83.82) | (429.83) | (1,661.29) | (613.35) | 0.00 |
Working Capital |
50.24 | 15.17 | 23.62 | 47.19 | 51.06 | (1.51) | (1.12) |
Net Current Asset Value |
(2,036.43) | (1,958.31) | (1,472.41) | (1,476.28) | (1,198.79) | (335.36) | (1.12) |
EV/EBIT |
10.97 | 11.35 | 10.22 | 10.22 | 10.22 | 10.22 | — |
Capex to Sales |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | — |
Price to Operating Income |
8.09 | 8.86 | 8.67 | 8.67 | 8.67 | 8.67 | — |
| Other line items | |||||||
Depreciation/Fixed assets |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | — |
Cash ROIC |
3.85% | (9.86%) | (2.55%) | (14.32%) | (66.12%) | (94.84%) | 0.00% |
Accounts Receivable Turnover |
13.72 | 13.84 | 13.94 | 10.59 | 10.77 | 0.00 | — |
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 |
28.95 | 30.06 | 26.38 | 21.77 | 11.13 | — | — |
Average Payables |
85.89 | 88.05 | 73.76 | 56.83 | 35.45 | 10.65 | — |
Average Assets |
3,916.06 | 3,609.38 | 3,146.43 | 2,739.70 | 1,575.04 | 329.14 | — |
Average Common Equity |
1,795.12 | 1,781.65 | 1,559.23 | 1,292.95 | 745.10 | 150.25 | — |
Columns are period end dates