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Morgan Stanley Direct Lending Fund

MSDL

$14.10 ▼ -0.31 (-2.19%) at close

6 Visible periods

19 Metrics

Peer-ranked Benchmarks

Price Chart

Health

Weak

Bearish

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Analytical Summary

Morgan Stanley Direct Lending Fund faces fundamental challenges with weakness in Debt to Equity. The fundamentals warrant careful consideration of downside risks.

Market Cap $1.2B

Dividend Yield —

Revenue Growth —

Op. Margin —

ROIC —

FCF / Share $1.73 ↗

Trailing P/E 10.1x

Price / Book 0.7x

FCF Yield 12.3%

Debt / Equity 1.19

info Valuation on last close. End-of-day price, Nov 5, 2026.

6-Year Financial Trajectory

Annual

Metric Value Trend Year over Year Percentile

Net Income Profit after all expenses

$122.09M

↓ -43.4% —

FCF / Share Free cash flow per share

$1.73

↑ +140.1% —

Long-Term Debt Long-term obligations

$2.09B

↑ +5.7% —

trending_up

Bullish Indicators

No bullish signals detected.

warning

Bearish Risks

Debt to EquityDebt to Equity is concerning (bottom quartile)

Health Breakdown

Returns →

Financial Health ↑

Cash Quality

Dividend History

Dividend / share · sourced from SEC filings

$0.60 Latest / share

+27.7% YoY

+11.8% 3-yr CAGR

FY 2020

$0.48

FY 2021

$0.47

FY 2022

$0.60

FY 2023

FY 2024

FY 2025

Financial view

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Cadence

Annual Quarterly

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📈 Is growth accelerating? 4 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Mar 25, 2022 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗
EPS Growth YoY (%)	-42.4% Weak ↓ Weak Declining Year-over-year change in earnings per share Optimal: > 10%	-21.9% Weak ↓ Weak Declining Year-over-year change in earnings per share Optimal: > 10%	293.7% Excellent Excellent Year-over-year change in earnings per share Optimal: > 10%	-70.4% Weak Weak Year-over-year change in earnings per share Optimal: > 10%	—	—
Net Income Growth YoY (%)	-43.4% Weak ↓ Weak Declining Year-over-year change in net income	-6.7% Weak ↓ Weak Declining Year-over-year change in net income	375.9% Excellent Excellent Year-over-year change in net income	-41.7% Weak Weak Year-over-year change in net income	—	—
FCF Growth YoY (%)	N/M	-282.2% Weak ↓ Weak Declining Year-over-year change in free cash flow	83.8% Excellent Excellent Year-over-year change in free cash flow	86.9% Excellent Excellent Year-over-year change in free cash flow	—	—
EPS CAGR 3Y (%)	21.0% Excellent Excellent Compound annual EPS growth over 3 years	-3.1% Weak Weak Compound annual EPS growth over 3 years	—	—	—	—

💰 Are margins durable? 1 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Mar 25, 2022 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗
FCF / Net Income (x)	1.24x Good ↑ Good Improving Free cash flow relative to reported net income Optimal: > 1x	-1.77x Weak ↑ Weak Improving Free cash flow relative to reported net income Optimal: > 1x	-0.36x Weak ↑ Weak Improving Free cash flow relative to reported net income Optimal: > 1x	-8.85x Weak Weak Free cash flow relative to reported net income Optimal: > 1x	-19.95x Weak Weak Free cash flow relative to reported net income Optimal: > 1x	—

🎯 Is capital allocation efficient? 1 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Mar 25, 2022 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗
Return on Common Equity (%) (%)	7.0% Caution ↓ Caution Declining Profit generated per dollar of shareholder equity Optimal: > 15%	11.7% Fair ↑ Fair Improving Profit generated per dollar of shareholder equity Optimal: > 15%	13.4% Fair ↑ Fair Improving Profit generated per dollar of shareholder equity Optimal: > 15%	3.5% Weak Weak Profit generated per dollar of shareholder equity Optimal: > 15%	7.0% Caution Caution Profit generated per dollar of shareholder equity Optimal: > 15%	—

⚖️ Is the balance sheet risky? 2 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Mar 25, 2022 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗
Debt to Equity (x)	1.19x Caution ↑ Caution Improving Total debt relative to shareholder equity Optimal: < 0.6x	1.07x Caution ↑ Caution Improving Total debt relative to shareholder equity Optimal: < 0.6x	0.87x Fair Fair Total debt relative to shareholder equity Optimal: < 0.6x	1.09x Caution Caution Total debt relative to shareholder equity Optimal: < 0.6x	—	—
Net Debt (USD)	$2.01B	$1.91B	$1.43B	$1.44B	—	—

📊 What does each share earn? 7 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Mar 25, 2022 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗
Basic EPS, GAAP (USD)	$1.40	$2.43	$3.11	$0.79	$2.67	—
Free Cash Flow per Share (USD)	$1.73	$-4.31	$-1.13	$-6.97	$-53.32	—
Dividend per Share (USD)	—	—	$0.60	$0.47	$0.48	—
Book Value per Share (USD)	$20.26	$20.81	$20.67	$19.81	$20.91	$20.08
Tangible Book Value per Share (USD)	$20.26	$20.81	$20.67	$19.81	$20.91	$20.08
Basic Weighted Avg Shares (shares)	87.27M	88.65M	74.24M	61.68M	31.16M	7.56M
Dividend Payout Ratio (%)	—	—	19.3% Excellent ↓ Excellent Declining Dividends paid as a percentage of earnings Optimal: 30-60%	59.5% Fair Fair Dividends paid as a percentage of earnings Optimal: 30-60%	18.0% Excellent Excellent Dividends paid as a percentage of earnings Optimal: 30-60%	—

🏦 How resilient is the balance sheet? 2 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Mar 25, 2022 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗
LT Debt (USD)	$2.09B	$1.97B	$1.50B	$1.52B	—	—
Total Equity (USD)	$1.75B	$1.84B	$1.72B	$1.40B	$1.19B	$301.62M

📋 What is driving earnings? 2 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Mar 25, 2022 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗
Net Income, GAAP (USD)	$122.09M	$215.56M	$231.01M	$48.54M	$83.25M	—
Operating Cash Flow (USD)	$150.90M	$-382.51M	$-83.82M	$-429.83M	$-1.66B	—

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bar_chart Data from SEC EDGAR XBRL filings

Synced 4 days ago 6 years · 22 quarters

Morgan Stanley Direct Lending Fund

Analytical Summary

6-Year Financial Trajectory

Bullish Indicators

Bearish Risks

Health Breakdown

Dividend History

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