Morgan Stanley Direct Lending Fund
MSDL NYSE·
Last close · Oct 23, 2026
$13.22
KIRA · Stoqly’s AI analyst, in plain words
- Morgan Stanley Direct Lending Fund had $397M of revenue in fiscal 2025, down 4.5% on the year before.
- Morgan Stanley Direct Lending Fund made $122M of net profit in fiscal 2025. From fiscal 2021 to 2025, diluted EPS grew −14.9% a year.
- Morgan Stanley Direct Lending Fund returned $226M to shareholders in fiscal 2025. The diluted share count fell 1.6%.
- Morgan Stanley Direct Lending Fund owes $2.0B more than it holds in cash.
Market cap
$1.1B
P/E
19.2x
Revenue
$397M
Net income
$122M
Free cash flow
—
Operating margin
—
Morgan Stanley Direct Lending Fund in 30 seconds · fiscal 2025
Are sales growing?
−4.5%
No. Sales fell 4.5% last year.
Does it make a profit?
30.7%
Yes. It keeps 30.7% of every sale as profit.
How healthy are the accounts?
4 / 7
Mixed. It passes 4 of 7 health tests.
How is the share priced?
19.2x
One share costs 19.2 times its yearly profit per share.
What Morgan Stanley Direct Lending Fund does
No business description yet.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 26, 2026
- Legal name
- Morgan Stanley Direct Lending Fund
- CIK
- 0001782524
Morgan Stanley Direct Lending Fund · MSDL
Results and finances
The last 5 fiscal years. Amounts in USD.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Sales and profit | |||||
| Revenue | $120M | $231M | $368M | $416M | $397M |
| Revenue growth | — | 92.5% | 59.5% | 13.1% | −4.5% |
| Net income | $83.3M | $48.5M | $231M | $216M | $122M |
| Net margin | 69.5% | 21.1% | 62.8% | 51.8% | 30.7% |
| Diluted EPS | $2.67 | $0.79 | $3.11 | $2.43 | $1.40 |
| Cash | |||||
| Cash from operations | −$1.7B | −$430M | −$83.8M | −$383M | $151M |
| Dividends paid | $38.2M | $85.7M | $110M | $169M | $184M |
| Share buybacks | — | $0.0M | $0.0M | $18.1M | $42.0M |
| Share count change | — | 97.9% | 20.4% | 19.4% | −1.6% |
| Debt and strength | |||||
| 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 |
| Shareholders' equity | $1.2B | $1.4B | $1.7B | $1.8B | $1.7B |
| Returns and quality | |||||
| Return on equity | 7.0% | 3.8% | 14.8% | 12.1% | 6.8% |
| Return on tangible equity | 7.0% | 3.5% | 13.4% | 11.7% | 7.0% |
| Piotroski F-score | — | — | 4 | 1 | 4 |
Insiders bought, 12 months
$0.4M
6 insiders
Insiders sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
How to read these numbers
- Revenue:
- Total sales reported in the income statement.
- Operating margin:
- Operating income as a share of revenue.
- Net income:
- Profit after all expenses, interest and tax.
- Free cash flow:
- Cash from operations minus capital spending.
- Net debt / EBITDA:
- Years of EBITDA needed to pay off net debt. Below zero means more cash than debt.
- Return on capital:
- After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Morgan Stanley Direct Lending Fund · MSDL
Charts and comparison
Ten years at a glance, and how it stacks up against similar companies.
Revenue
Net income
Margins, % of revenue
Cash vs debt (incl. leases)
Free cash flow
Dividends and buybacks
KIRA
At $13.22 a share, the company is worth $1.1B: 19.2 times its earnings of the last four quarters.
Source: SEC EDGAR XBRL filings (CIK 0001782524). Data updated October 24, 2026. For information only — not investment advice. Check the original filings before relying on any figure.