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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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| Older periods | Dec '25 | Mar '26 | Jun '26 | Sep '26 From the 10-Q filed 5 Nov | |
|---|---|---|---|---|---|
P/E ratio |
+8 more quarters Free account |
11.77 | 13.82 | 21.91 | 272.60 |
P/S ratio |
3.62 | 3.11 | 3.43 | 3.18 | |
P/FCF ratio |
9.53 | 5.89 | 4.53 | 3.07 | |
P/Operating CF |
26.76 | 13.87 | 12.35 | 8.90 | |
P/B ratio |
0.82 | 0.71 | 0.78 | 0.73 | |
Price to Tangible BV |
0.82 | 0.71 | 0.78 | 0.73 | |
EV/Sales |
8.67 | 8.24 | 8.55 | — | |
EV/EBITDA |
9.31 | 8.42 | 8.32 | — | |
EV/Operating CF |
22.82 | 15.60 | 11.30 | — | |
EV/FCF |
22.82 | 15.60 | 11.30 | — | |
Quick Ratio |
1.27 | 1.41 | 1.48 | 0.81 | |
Current Ratio |
1.47 | 1.61 | 1.71 | 0.00 | |
Net Debt/EBITDA |
23.51 | 18.64 | 19.84 | 0.00 | |
Debt/Assets |
53.23% | 53.68% | 53.41% | 53.05% | |
Debt/Equity |
1.19 | 1.21 | 1.20 | 1.21 | |
Asset Turnover |
0.10 | 0.10 | 0.10 | 0.10 | |
Operating CF/Net income |
1.87 | (19.15) | 13.09 | (4.71) | |
Capex/Depreciation |
0.00 | 0.00 | 0.00 | — | |
Interest Coverage |
2.32 | 2.35 | 2.22 | 0.00 | |
Research and Development Expense of Revenue |
0.00% | 0.00% | 0.00% | 0.00% | |
Selling, General and Administrative Expense of Revenue |
2.33% | 1.90% | 2.21% | 0.00% | |
Intangible Assets out of Total Assets |
0.00 | 0.00 | 0.00 | 0.00 | |
Share Based Compensation of Revenue |
0.00% | 0.00% | 0.00% | 0.00% | |
Graham Net Nets |
(1.42) | (1.67) | (1.50) | (1.64) | |
Graham Number |
25.12 | 21.16 | 17.37 | 4.58 | |
Earnings Yield |
8.50% | 7.23% | 4.56% | 0.37% | |
Free Cash Flow Yield |
10.49% | 16.96% | 22.08% | 32.54% | |
Revenue per Share |
1.11 | 1.04 | 1.05 | 1.03 | |
Operating CF per Share |
0.62 | 1.01 | 1.22 | 1.53 | |
Capex per Share |
0.00 | 0.00 | 0.00 | 0.00 | |
Free Cash Flow per Share |
0.62 | 1.01 | 1.22 | 1.53 | |
Cash per Share |
0.93 | 0.94 | 0.78 | 1.11 | |
Shareholders Equity per Share |
20.03 | 19.71 | 19.44 | 18.69 | |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | |
Book value per Share |
20.03 | 19.71 | 19.44 | 18.69 | |
Free Cash Flow |
53.75 | 86.35 | 103.81 | 128.74 | |
Working Capital |
39.85 | 49.55 | 57.71 | (114.51) | |
Net Current Asset Value |
(2,046.82) | (2,003.50) | (1,924.18) | (2,017.90) | |
EV/EBIT |
10.97 | 10.36 | 10.72 | — | |
Capex to Sales |
0.00 | 0.00 | 0.00 | 0.00 | |
Price to Operating Income |
8.09 | 6.91 | 7.61 | 6.93 | |
| Other line items | |||||
Average Receivables |
28.95 | 30.78 | 39.70 | — | |
Average Payables |
85.89 | 80.03 | 75.72 | — | |
Average Assets |
3,916.06 | 3,868.49 | 3,816.31 | 3,760.15 | |
Average Common Equity |
1,795.12 | 1,754.14 | 1,719.08 | 1,670.87 |
Columns are period end dates · fundamentals updated 5 Nov 2026