Friday 6 November 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.

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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Market cap: $1.2B
P/E: 272×
Fwd P/E: 15.2×
Dividend yield: 13.6%
F-score: 6/9
Altman Z: n/a
Beneish M: n/a
Dividend safety: n/a

Overview

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

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Columns are period end dates · fundamentals updated 5 Nov 2026

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