Pricing Log in Create free account
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%
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

Insider Decisions trades per month

Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 1.60%

Capital & Financial Ratios $m

Market Cap 1,120.00
Revenue 374.16
Net Income 59.75
Free Cash Flow 282.91
Net Debt 1,916.08
Current Ratio 1.71
Debt/Equity 1.20
P/E ratio 18.88
Fwd P/E 11.60
P/S ratio 2.95
P/B ratio 0.67
Past 5Y EPS Growth (10.37%) (below 0%: weak)
This Y EPS Growth (9.81%) (below 0%: weak)
Next Y EPS Growth (0.37%) (below 0%: weak)
Next Y revenue growth (10.85%) (below 0%: weak)
Next 5Y EPS Growth (4.92%) (below 0%: weak)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

Dividends

Payout Ratio 2.68
Annual Dividend Rate 1.85
Annual Dividend Yield 14.20%
total individual payouts
2028 Powerpack
2027 Powerpack
2026 1.81
0.45
0.45
0.45
2025 2.00
0.50
0.50
0.50
0.50
2024 2.00
0.50
0.50
0.10
0.50
0.10
0.50
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 70 63 81 66
Receivables 29 31 27 54
Inventory — — — —
Other — — — —
113 112 136 139
2023 2024 2025 Q'26
Payables 85 91 81 73
ST’ Debt — — — —
Other — — — —
90 96 85 81

Compound Annual Growth %

10y 5y 3y
Sales — 78.53% 19.88%
Cash Flow — 0.00% 0.00%
Earnings — 46.17% 36.00%
Book Value — 42.11% 7.75%

Revenue $m

Mar Jun Sep Dec Year
’26 89 89 — — —
’25 101 100 100 97 397
’24 99 104 110 103 416
’23 84 89 94 101 368
’22 44 50 63 74 231
’21 17 26 32 44 120
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 86 104 — — —
’25 34 24 39 54 151
’24 (54) (107) (117) (105) (383)
’23 (16) 9 (99) 23 (84)
’22 (125) (133) (118) (54) (430)
’21 (276) (352) (445) (587) (1,661)
’20 (83) (119) (89) (322) (613)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 86 104 — — —
’25 34 24 39 54 151
’24 (54) (107) (117) (105) (383)
’23 (16) 9 (99) 23 (84)
’22 (125) (133) (118) (54) (430)
’21 (276) (352) (445) (587) (1,661)
’20 (83) (119) (89) (322) (613)
Fiscal quarters ending in the months shown.

EPS $

Mar Jun Sep Dec Year
’26 (0.05) 0.09 — — —
’25 0.34 0.41 0.32 0.33 1.40
’24 0.59 0.66 0.60 0.58 2.43
’23 0.62 0.79 1.02 0.70 3.11
’22 0.39 (0.06) 0.15 0.31 0.79
’21 0.87 0.78 0.64 0.38 2.67
’20 (1.19) 0.99 0.91 1.71 2.42
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.5
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low — — — — — — — — 19.05 15.70

Analyst estimates 2026–2028

Powerpack
High — — — — — — — — 24.18 21.75
People
People Employees — — — — — — — — — —
Revenue/emp, $m — — — — 0.00 0.00 0.00 0.00 0.00 0.00
Income, $m
Income, $m Revenue — — — — 22 120 231 368 416 397
Gross margin, % — — — — 100.00 100.00 100.00 100.00 100.00 100.00
EBT — — — (1) 11 73 128 200 223 179
EBT margin, % — — — 0.00 48.55 60.93 55.66 54.27 53.52 45.02
Net income — — — (1) 18 83 49 231 216 122
Depreciation — — — — (4) (5) 85 (27) (4) 56
Per share, $
Per share, $ Revenue — — — 0.00 2.90 3.85 3.74 4.95 4.69 4.55
Earnings — — — (660.57) 2.42 2.67 0.79 3.11 2.43 1.40
Cash flow — — — 0.00 (81.14) (53.32) (6.97) (1.13) (4.31) 1.73
Capex — — — 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Free cash flow — — — 0.00 (81.14) (53.32) (6.97) (1.13) (4.31) 1.73
Book value — — — (622.78) 39.90 38.15 22.66 23.18 20.78 20.03
Shares, m — — — 0 8 31 62 74 89 87
Valuation, ×
Valuation, × P/E — — — — 6.59 6.59 6.59 6.59 8.50 11.77
P/S — — — — 4.17 4.17 4.17 4.17 4.40 3.62
P/B — — — — 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/FCF — — — — (35.30) (35.30) (35.30) (35.30) (9.78) 22.82
Cash, $m
Cash, $m Operating cash flow — — — 0 (613) (1,661) (430) (84) (383) 151
Capex — — — — — — — — — —
Free cash flow — — — 0 (613) (1,661) (430) (84) (383) 151
Balance, $m
Balance, $m Working capital — — — (1) (2) 51 47 24 15 50
Total debt — — — — 334 1,250 1,523 1,496 1,973 2,087
Net debt — — — 0 323 1,176 1,442 1,426 1,910 2,005
Shareholders’ equity — — — (1) 302 1,189 1,397 1,721 1,842 1,748
Returns, %
Returns, % ROA — — — 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
ROE — — — 0.00 12.18 11.17 3.75 14.82 12.10 6.80
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Morgan Stanley Direct Lending Fund vs peers in Asset Management (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
CSWC Capital Southwest Corporation $1.5B 12.2× 10.5× +9.12% (above 0%: growing) −20.00% (below 0%: shrinking) −366.44% (below 0%: shrinking) 100.00% 87.58% Compare
MSDL Morgan Stanley Direct Lending Fund $1.1B 18.9× 11.6× −10.79% (below 0%: shrinking) −78.05% (below 0%: shrinking) +331.94% (above 0%: growing) 100.00% 79.95%
OCSL Oaktree Specialty Lending Corp. $1.0B 24.1× 22.2× −7.76% (below 0%: shrinking) −20.45% (below 0%: shrinking) +173.07% (above 0%: growing) 94.24% 82.04% Compare
GSBD Goldman Sachs BDC, Inc. $1.0B 16.8× 11.2× −7.97% (below 0%: shrinking) −38.24% (below 0%: shrinking) −69.26% (below 0%: shrinking) 100.00% 87.38% Compare
RPC Ridgepost Capital, Inc. $906.2M 31.8× 35.2× +11.29% (above 0%: growing) +133.33% (above 0%: growing) +108.29% (above 0%: growing) 100.00% 21.90% Compare
BBDC BARINGS BDC, INC. $900.5M 10.2× 9.2× −12.36% (below 0%: shrinking) −10.00% (below 0%: shrinking) +129.93% (above 0%: growing) 100.00% 77.28% Compare
PSEC Prospect Capital Corporation $870.1M 32.0× 6.4× −6.70% (below 0%: shrinking) n/m −475.83% (below 0%: shrinking) 74.95% 70.34% Compare
KBDC Kayne Anderson BDC, Inc. $834.1M 11.4× 9.9× −2.78% (below 0%: shrinking) −54.29% (below 0%: shrinking) −2,950.25% (below 0%: shrinking) 86.61% 84.68% Compare
VRTS Virtus Investment Partners, Inc. $813.9M 6.8× — (loss-making) −4.35% (below 0%: shrinking) +9.87% (above 0%: growing) −24.42% (below 0%: shrinking) 100.00% 13.57% Compare
Median of peers $903.3M 14.5× 10.5× −5.52% −20.00% −46.84% 100.00% 79.66%

All 120 Asset Management stocks →

Morgan Stanley Direct Lending Fund (MSDL) key facts

  • Concern: Morgan Stanley Direct Lending Fund’s revenue for fiscal 2025 (year ended December 2025) was $397.3 million, down 4.52% from fiscal 2024.
  • Concern: Net income was $122.1 million, or $1.40 per share (basic), a net margin of 30.7%.
  • Morgan Stanley Direct Lending Fund (MSDL) is an Asset Management company in the Financial sector, listed on the New York Stock Exchange.
  • As of October 16, 2026, MSDL traded at $13.03, a market capitalization of $1.1 billion.
  • At that price the stock trades at 18.9× trailing-twelve-month earnings and 3.0× sales.
  • Morgan Stanley Direct Lending Fund pays an annual dividend of $1.85 per share, a yield of 14.2%.
  • Return on equity was 6.80% and debt-to-equity 1.20.
  • Its Piotroski F-score is 6 out of 9 for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Morgan Stanley Direct Lending Fund (MSDL) Latest News

No news at this impact. Lower the threshold for more.
stockrow.com/MSDL · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com