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Data is in US dollars, converted at the ECB reference rate of Oct 23, 2026.

Morgan Stanley Direct Lending Fund

MSDL NYSE Financials FY2021–FY2025

Last close · Oct 23, 2026

$13.22

0.2%
Compare
Revenue Total sales reported in the income statement.
$397M
4.5% vs prior year
Operating margin Operating income as a share of revenue.
—
Net income Profit after all expenses, interest and tax.
$122M
43.4%
Free cash flow Cash from operations minus capital spending.
—
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap Last close times the latest diluted share count, so it is approximate.
$1.1B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
19.2x
On $0.69 EPS (TTM)

What Morgan Stanley Direct Lending Fund does

No business description yet.

Legal name
Morgan Stanley Direct Lending Fund
Fiscal year ends
December 31, 2025
Latest annual report
10-K · Feb 26, 2026
Accession · CIK
0001193125-26-076632
0001782524

Revenue and margins

Morgan Stanley Direct Lending Fund had $397M of revenue in fiscal 2025, down 4.5% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2021 to 2025, diluted EPS grew −14.9% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was — in fiscal 2025, — of revenue. Cash from operations minus capital spending.

Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Morgan Stanley Direct Lending Fund returned $226M to shareholders in fiscal 2025. The diluted share count fell 1.6%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Balance sheet

Cash, debt and the ratios that show how comfortably Morgan Stanley Direct Lending Fund can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $74.2M$81.2M$69.7M$72.4M$94.4M
Debt incl. finance leases —$1.5B$1.5B$2.0B$2.1B
Debt / equity —1.1x0.9x1.1x1.2x
Total assets —$3.0B$3.3B$3.9B$3.9B
Total liabilities —$1.6B$1.6B$2.1B$2.2B
Shareholders' equity $1.2B$1.4B$1.7B$1.8B$1.7B
Net debt (− = net cash) —$1.4B$1.4B$1.9B$2.0B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. “Plan” marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$0.0M

0 insiders

Of sales under plans

—

$0.0M

No open-market insider trades in the last 12 months.

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY21FY22FY23FY24FY25
Net income is positive ✓ ✓ ✓ ✓ ✓
Cash from operations is positive ✕ ✕ ✕ ✕ ✓
Return on assets rose — — ✓ ✕ ✕
Cash from operations exceeds net income ✕ ✕ ✕ ✕ ✓
Debt fell relative to assets — — ✓ ✕ ✕
Current ratio rose — — — — —
Share count didn't rise — ✕ ✕ ✕ ✓
Gross margin rose — — — — —
Revenue rose relative to assets — — ✓ ✕ ✕
F-score — / 3— / 44 / 71 / 74 / 7
Accruals ratio —16.0%10.0%16.6%−0.7%
Altman Z'' —————

5 years of figures

Amounts in USD. Hover a ratio’s name for its definition.

Download CSV
Fiscal yearFY21FY22FY23FY24FY25
Income statement
Revenue $120M $231M $368M $416M $397M
Interest expense $21.0M $67.2M $113M $123M $136M
Net income $83.3M $48.5M $231M $216M $122M
Diluted EPS $2.67 $0.79 $3.11 $2.43 $1.40
Diluted shares 0.03B 0.06B 0.07B 0.09B 0.09B
Cash flow
Cash from operations −$1.7B −$430M −$83.8M −$383M $151M
Share buybacks — $0.0M $0.0M $18.1M $42.0M
Dividends paid $38.2M $85.7M $110M $169M $184M
Dividends and buybacks $38.2M $85.7M $110M $187M $226M
Balance sheet
Cash and short-term investments $74.2M $81.2M $69.7M $72.4M $94.4M
Total debt — $1.5B $1.5B $2.0B $2.1B
Total assets — $3.0B $3.3B $3.9B $3.9B
Total liabilities — $1.6B $1.6B $2.1B $2.2B
Preferred stock — $0.0M $0.0M $0.0M $0.0M
Shareholders' equity $1.2B $1.4B $1.7B $1.8B $1.7B
Margins
Net margin 69.5% 21.1% 62.8% 51.8% 30.7%
Returns
Return on equity 7.0% 3.8% 14.8% 12.1% 6.8%
Return on assets — 1.6% 7.3% 6.0% 3.1%
Return on tangible equity 7.0% 3.5% 13.4% 11.7% 7.0%
Growth
Revenue growth — 92.5% 59.5% 13.1% −4.5%
Net income growth — −41.7% 375.9% −6.7% −43.4%
EPS growth — −70.4% 293.7% −21.9% −42.4%
Share count change — 97.9% 20.4% 19.4% −1.6%
Financial health
Debt / equity — 1.1x 0.9x 1.1x 1.2x
Quality scores
Piotroski F-score — — 4.0 1.0 4.0
Accruals ratio — 16.0% 10.0% 16.6% −0.7%

Source: SEC EDGAR XBRL filings (CIK 0001782524). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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