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Morgan Stanley Direct Lending Fund

MSDL

$15.45 ▲ +0.01 (+0.03%) at close

21 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 $1.3B

Dividend Yield —

Revenue Growth —

Op. Margin —

ROIC —

FCF / Share $1.01

Trailing P/E —

Price / Book 0.8x

FCF Yield 6.5%

Debt / Equity 1.21

info Valuation on last close. End-of-day price, Aug 7, 2026.

21-Year Financial Trajectory

Quarterly

Metric Value Trend Year over Year Percentile

Net Income Profit after all expenses

$-4.51M

↓ -115.7% —

FCF / Share Free cash flow per share

$1.01

↑ +161.0% —

Long-Term Debt Long-term obligations

$2.05B

↓ -1.6% —

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	Q1 FY2026 Mar 31, 2026 10-Q ↗	Q4 FY2025 Dec 31, 2025 10-K ↗	Q3 FY2025 Sep 30, 2025 10-Q ↗	Q2 FY2025 Jun 30, 2025 10-Q ↗	Q1 FY2025 Mar 31, 2025 10-Q ↗	Q4 FY2024 Dec 31, 2024 10-K ↗	Q3 FY2024 Sep 30, 2024 10-Q ↗	Q2 FY2024 Jun 30, 2024 10-Q ↗	Q1 FY2024 Mar 31, 2024 10-Q ↗	Q4 FY2023 Dec 31, 2023 10-K ↗	Q3 FY2023 Sep 30, 2023 10-Q ↗	Q2 FY2023 Jun 30, 2023 10-Q ↗	Q1 FY2023 Mar 31, 2023 10-Q ↗	Q4 FY2022 Dec 31, 2022 10-K ↗	Q3 FY2022 Sep 30, 2022 10-Q ↗	Q2 FY2022 Jun 30, 2022 10-Q ↗	Q1 FY2022 Mar 31, 2022 10-Q ↗	Q4 FY2021 Mar 25, 2022 10-K ↗	Q2 FY2021 Jun 30, 2021 10-Q ↗	Q1 FY2021 Mar 31, 2021 10-Q ↗	Q4 FY2020 Dec 31, 2020 10-K ↗
EPS Growth YoY (%)	N/M	-43.1% Weak → Weak Stable Year-over-year change in earnings per share Optimal: > 10%	-46.7% Weak ↓ Weak Declining Year-over-year change in earnings per share Optimal: > 10%	-37.9% Weak ↓ Weak Declining Year-over-year change in earnings per share Optimal: > 10%	-42.4% Weak ↓ Weak Declining Year-over-year change in earnings per share Optimal: > 10%	-14.7% Weak ↑ Weak Improving Year-over-year change in earnings per share Optimal: > 10%	-41.2% Weak ↓ Weak Declining Year-over-year change in earnings per share Optimal: > 10%	-16.5% Weak ↓ Weak Declining Year-over-year change in earnings per share Optimal: > 10%	-4.8% Weak ↓ Weak Declining Year-over-year change in earnings per share Optimal: > 10%	112.5% Excellent ↓ Excellent Declining Year-over-year change in earnings per share Optimal: > 10%	580.0% Excellent Excellent Year-over-year change in earnings per share Optimal: > 10%	N/M	59.0% Excellent Excellent Year-over-year change in earnings per share Optimal: > 10%	—	—	—	—	—	—	—	—
Net Income Growth YoY (%)	N/M	-44.4% Weak → Weak Stable Year-over-year change in net income	-48.1% Weak ↓ Weak Declining Year-over-year change in net income	-38.9% Weak ↓ Weak Declining Year-over-year change in net income	-42.6% Weak ↓ Weak Declining Year-over-year change in net income	-10.0% Weak ↓ Weak Declining Year-over-year change in net income	-27.5% Weak ↓ Weak Declining Year-over-year change in net income	4.6% Caution ↓ Caution Declining Year-over-year change in net income	18.1% Good ↓ Good Declining Year-over-year change in net income	185.3% Excellent ↓ Excellent Declining Year-over-year change in net income	677.5% Excellent Excellent Year-over-year change in net income	N/M	96.8% Excellent Excellent Year-over-year change in net income	—	—	—	—	—	—	—	—
FCF Growth YoY (%)	161.0% Excellent Excellent Year-over-year change in free cash flow	—	—	—	N/M	—	—	—	-166.0% Weak Weak Year-over-year change in free cash flow	—	—	—	89.5% Excellent Excellent Year-over-year change in free cash flow	—	—	—	—	—	—	—	—
EPS CAGR 3Y (%)	—	1.0% Caution ↓ Caution Declining Compound annual EPS growth over 3 years	28.7% Excellent Excellent Compound annual EPS growth over 3 years	—	-4.5% Weak Weak Compound annual EPS growth over 3 years	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—

💰 Are margins durable? 1 metrics

Metric	Q1 FY2026 Mar 31, 2026 10-Q ↗	Q4 FY2025 Dec 31, 2025 10-K ↗	Q3 FY2025 Sep 30, 2025 10-Q ↗	Q2 FY2025 Jun 30, 2025 10-Q ↗	Q1 FY2025 Mar 31, 2025 10-Q ↗	Q4 FY2024 Dec 31, 2024 10-K ↗	Q3 FY2024 Sep 30, 2024 10-Q ↗	Q2 FY2024 Jun 30, 2024 10-Q ↗	Q1 FY2024 Mar 31, 2024 10-Q ↗	Q4 FY2023 Dec 31, 2023 10-K ↗	Q3 FY2023 Sep 30, 2023 10-Q ↗	Q2 FY2023 Jun 30, 2023 10-Q ↗	Q1 FY2023 Mar 31, 2023 10-Q ↗	Q4 FY2022 Dec 31, 2022 10-K ↗	Q3 FY2022 Sep 30, 2022 10-Q ↗	Q2 FY2022 Jun 30, 2022 10-Q ↗	Q1 FY2022 Mar 31, 2022 10-Q ↗	Q4 FY2021 Mar 25, 2022 10-K ↗	Q2 FY2021 Jun 30, 2021 10-Q ↗	Q1 FY2021 Mar 31, 2021 10-Q ↗	Q4 FY2020 Dec 31, 2020 10-K ↗
FCF / Net Income (x)	-19.15x Weak ↓ Weak Declining Free cash flow relative to reported net income Optimal: > 1x	1.87x Excellent ↑ Excellent Improving Free cash flow relative to reported net income Optimal: > 1x	1.41x Good ↑ Good Improving Free cash flow relative to reported net income Optimal: > 1x	0.67x Weak ↑ Weak Improving Free cash flow relative to reported net income Optimal: > 1x	1.15x Fair Fair Free cash flow relative to reported net income Optimal: > 1x	-2.04x Weak Weak Free cash flow relative to reported net income Optimal: > 1x	—	—	-1.04x Weak Weak Free cash flow relative to reported net income Optimal: > 1x	0.40x Weak Weak Free cash flow relative to reported net income Optimal: > 1x	—	—	-0.37x Weak ↓ Weak Declining Free cash flow relative to reported net income Optimal: > 1x	-2.70x Weak ↓ Weak Declining Free cash flow relative to reported net income Optimal: > 1x	-12.47x Weak ↓ Weak Declining Free cash flow relative to reported net income Optimal: > 1x	40.64x Excellent Excellent Free cash flow relative to reported net income Optimal: > 1x	-5.63x Weak Weak Free cash flow relative to reported net income Optimal: > 1x	—	—	—	—

🎯 Is capital allocation efficient? 1 metrics

Metric	Q1 FY2026 Mar 31, 2026 10-Q ↗	Q4 FY2025 Dec 31, 2025 10-K ↗	Q3 FY2025 Sep 30, 2025 10-Q ↗	Q2 FY2025 Jun 30, 2025 10-Q ↗	Q1 FY2025 Mar 31, 2025 10-Q ↗	Q4 FY2024 Dec 31, 2024 10-K ↗	Q3 FY2024 Sep 30, 2024 10-Q ↗	Q2 FY2024 Jun 30, 2024 10-Q ↗	Q1 FY2024 Mar 31, 2024 10-Q ↗	Q4 FY2023 Dec 31, 2023 10-K ↗	Q3 FY2023 Sep 30, 2023 10-Q ↗	Q2 FY2023 Jun 30, 2023 10-Q ↗	Q1 FY2023 Mar 31, 2023 10-Q ↗	Q4 FY2022 Dec 31, 2022 10-K ↗	Q3 FY2022 Sep 30, 2022 10-Q ↗	Q2 FY2022 Jun 30, 2022 10-Q ↗	Q1 FY2022 Mar 31, 2022 10-Q ↗	Q4 FY2021 Mar 25, 2022 10-K ↗	Q2 FY2021 Jun 30, 2021 10-Q ↗	Q1 FY2021 Mar 31, 2021 10-Q ↗	Q4 FY2020 Dec 31, 2020 10-K ↗
Return on Common Equity (%) (%)	-0.3% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15%	1.6% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15%	1.6% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15%	2.0% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15%	1.6% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15%	2.8% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15%	2.9% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15%	3.2% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15%	2.8% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15%	3.3% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15%	5.0% Weak ↑ Weak Improving Profit generated per dollar of shareholder equity Optimal: > 15%	3.9% Weak ↑ Weak Improving Profit generated per dollar of shareholder equity Optimal: > 15%	3.1% Weak ↑ Weak Improving Profit generated per dollar of shareholder equity Optimal: > 15%	1.4% Weak ↑ Weak Improving Profit generated per dollar of shareholder equity Optimal: > 15%	0.7% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15%	-0.3% Weak Weak Profit generated per dollar of shareholder equity Optimal: > 15%	1.9% Weak Weak Profit generated per dollar of shareholder equity Optimal: > 15%	—	—	—	—

⚖️ Is the balance sheet risky? 2 metrics

Metric	Q1 FY2026 Mar 31, 2026 10-Q ↗	Q4 FY2025 Dec 31, 2025 10-K ↗	Q3 FY2025 Sep 30, 2025 10-Q ↗	Q2 FY2025 Jun 30, 2025 10-Q ↗	Q1 FY2025 Mar 31, 2025 10-Q ↗	Q4 FY2024 Dec 31, 2024 10-K ↗	Q3 FY2024 Sep 30, 2024 10-Q ↗	Q2 FY2024 Jun 30, 2024 10-Q ↗	Q1 FY2024 Mar 31, 2024 10-Q ↗	Q4 FY2023 Dec 31, 2023 10-K ↗	Q3 FY2023 Sep 30, 2023 10-Q ↗	Q2 FY2023 Jun 30, 2023 10-Q ↗	Q1 FY2023 Mar 31, 2023 10-Q ↗	Q4 FY2022 Dec 31, 2022 10-K ↗	Q3 FY2022 Sep 30, 2022 10-Q ↗	Q2 FY2022 Jun 30, 2022 10-Q ↗	Q1 FY2022 Mar 31, 2022 10-Q ↗	Q4 FY2021 Mar 25, 2022 10-K ↗	Q2 FY2021 Jun 30, 2021 10-Q ↗	Q1 FY2021 Mar 31, 2021 10-Q ↗	Q4 FY2020 Dec 31, 2020 10-K ↗
Debt to Equity (x)	1.21x Caution → Caution Stable Total debt relative to shareholder equity Optimal: < 0.6x	1.19x Caution → Caution Stable Total debt relative to shareholder equity Optimal: < 0.6x	1.17x Caution ↑ Caution Improving Total debt relative to shareholder equity Optimal: < 0.6x	1.15x Caution ↑ Caution Improving Total debt relative to shareholder equity Optimal: < 0.6x	1.11x 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	0.99x Fair ↑ Fair Improving Total debt relative to shareholder equity Optimal: < 0.6x	0.89x Fair ↓ Fair Declining Total debt relative to shareholder equity Optimal: < 0.6x	0.81x Fair ↓ Fair Declining Total debt relative to shareholder equity Optimal: < 0.6x	—	1.16x Caution ↑ Caution Improving Total debt relative to shareholder equity Optimal: < 0.6x	1.08x Caution Caution Total debt relative to shareholder equity Optimal: < 0.6x	1.12x Caution Caution Total debt relative to shareholder equity Optimal: < 0.6x	—	—	—	—	—	—	—	—
Net Debt (USD)	$1.97B	$2.01B	$2.01B	$2.00B	$1.94B	$1.91B	$1.75B	$1.57B	$1.42B	—	$1.63B	$1.50B	$1.48B	—	—	—	—	—	—	—	—

📊 What does each share earn? 7 metrics

Metric	Q1 FY2026 Mar 31, 2026 10-Q ↗	Q4 FY2025 Dec 31, 2025 10-K ↗	Q3 FY2025 Sep 30, 2025 10-Q ↗	Q2 FY2025 Jun 30, 2025 10-Q ↗	Q1 FY2025 Mar 31, 2025 10-Q ↗	Q4 FY2024 Dec 31, 2024 10-K ↗	Q3 FY2024 Sep 30, 2024 10-Q ↗	Q2 FY2024 Jun 30, 2024 10-Q ↗	Q1 FY2024 Mar 31, 2024 10-Q ↗	Q4 FY2023 Dec 31, 2023 10-K ↗	Q3 FY2023 Sep 30, 2023 10-Q ↗	Q2 FY2023 Jun 30, 2023 10-Q ↗	Q1 FY2023 Mar 31, 2023 10-Q ↗	Q4 FY2022 Dec 31, 2022 10-K ↗	Q3 FY2022 Sep 30, 2022 10-Q ↗	Q2 FY2022 Jun 30, 2022 10-Q ↗	Q1 FY2022 Mar 31, 2022 10-Q ↗	Q4 FY2021 Mar 25, 2022 10-K ↗	Q2 FY2021 Jun 30, 2021 10-Q ↗	Q1 FY2021 Mar 31, 2021 10-Q ↗	Q4 FY2020 Dec 31, 2020 10-K ↗
Basic EPS, GAAP (USD)	$-0.05	$0.33	$0.32	$0.41	$0.34	$0.58	$0.60	$0.66	$0.59	$0.68	$1.02	$0.79	$0.62	$0.32	$0.15	$-0.06	$0.39	—	—	—	—
Free Cash Flow per Share (USD)	$1.01	—	$0.45	$0.28	$0.39	—	—	—	$-0.61	—	—	—	$-0.23	—	$-1.84	$-2.24	$-2.19	—	—	—	—
Dividend per Share (USD)	—	—	—	—	—	—	—	$0.50	—	—	$0.60	$0.57	$0.50	—	$0.47	$0.47	$0.48	$0.48	—	—	—
Book Value per Share (USD)	$19.81	$20.26	$20.41	$20.59	$20.65	$20.81	$20.83	$20.83	$20.67	$20.67	$20.57	$20.15	$19.93	$19.81	$20.00	$20.32	$20.78	$20.91	—	—	$20.08
Tangible Book Value per Share (USD)	$19.81	$20.26	$20.41	$20.59	$20.65	$20.81	$20.83	$20.83	$20.67	$20.67	$20.57	$20.15	$19.93	$19.81	$20.00	$20.32	$20.78	$20.91	—	—	$20.08
Basic Weighted Avg Shares (shares)	85.78M	—	86.84M	87.19M	88.41M	—	89.26M	89.27M	87.36M	—	71.87M	71.34M	70.86M	—	64.10M	59.23M	57.10M	—	—	—	—
Dividend Payout Ratio (%)	—	—	—	—	—	—	—	75.8% Caution Caution Dividends paid as a percentage of earnings Optimal: 30-60%	—	—	58.8% Fair ↓ Fair Declining Dividends paid as a percentage of earnings Optimal: 30-60%	72.2% Caution ↓ Caution Declining Dividends paid as a percentage of earnings Optimal: 30-60%	80.6% Caution ↑ Caution Improving Dividends paid as a percentage of earnings Optimal: 30-60%	—	313.3% Weak ↑ Weak Improving Dividends paid as a percentage of earnings Optimal: 30-60%	-783.3% Excellent Excellent Dividends paid as a percentage of earnings Optimal: 30-60%	123.1% Weak Weak Dividends paid as a percentage of earnings Optimal: 30-60%	—	—	—	—

🏦 How resilient is the balance sheet? 2 metrics

Metric	Q1 FY2026 Mar 31, 2026 10-Q ↗	Q4 FY2025 Dec 31, 2025 10-K ↗	Q3 FY2025 Sep 30, 2025 10-Q ↗	Q2 FY2025 Jun 30, 2025 10-Q ↗	Q1 FY2025 Mar 31, 2025 10-Q ↗	Q4 FY2024 Dec 31, 2024 10-K ↗	Q3 FY2024 Sep 30, 2024 10-Q ↗	Q2 FY2024 Jun 30, 2024 10-Q ↗	Q1 FY2024 Mar 31, 2024 10-Q ↗	Q4 FY2023 Dec 31, 2023 10-K ↗	Q3 FY2023 Sep 30, 2023 10-Q ↗	Q2 FY2023 Jun 30, 2023 10-Q ↗	Q1 FY2023 Mar 31, 2023 10-Q ↗	Q4 FY2022 Dec 31, 2022 10-K ↗	Q3 FY2022 Sep 30, 2022 10-Q ↗	Q2 FY2022 Jun 30, 2022 10-Q ↗	Q1 FY2022 Mar 31, 2022 10-Q ↗	Q4 FY2021 Mar 25, 2022 10-K ↗	Q2 FY2021 Jun 30, 2021 10-Q ↗	Q1 FY2021 Mar 31, 2021 10-Q ↗	Q4 FY2020 Dec 31, 2020 10-K ↗
LT Debt (USD)	$2.05B	$2.09B	$2.07B	$2.05B	$2.01B	$1.97B	$1.84B	$1.66B	$1.49B	—	$1.72B	$1.55B	$1.58B	—	—	—	—	—	—	—	—
Total Equity (USD)	$1.69B	$1.75B	$1.77B	$1.79B	$1.82B	$1.84B	$1.85B	$1.86B	$1.84B	$1.72B	$1.48B	$1.44B	$1.41B	$1.40B	$1.31B	$1.24B	$1.19B	$1.19B	$1.24B	$1.19B	$301.62M

📋 What is driving earnings? 2 metrics

Metric	Q1 FY2026 Mar 31, 2026 10-Q ↗	Q4 FY2025 Dec 31, 2025 10-K ↗	Q3 FY2025 Sep 30, 2025 10-Q ↗	Q2 FY2025 Jun 30, 2025 10-Q ↗	Q1 FY2025 Mar 31, 2025 10-Q ↗	Q4 FY2024 Dec 31, 2024 10-K ↗	Q3 FY2024 Sep 30, 2024 10-Q ↗	Q2 FY2024 Jun 30, 2024 10-Q ↗	Q1 FY2024 Mar 31, 2024 10-Q ↗	Q4 FY2023 Dec 31, 2023 10-K ↗	Q3 FY2023 Sep 30, 2023 10-Q ↗	Q2 FY2023 Jun 30, 2023 10-Q ↗	Q1 FY2023 Mar 31, 2023 10-Q ↗	Q4 FY2022 Dec 31, 2022 10-K ↗	Q3 FY2022 Sep 30, 2022 10-Q ↗	Q2 FY2022 Jun 30, 2022 10-Q ↗	Q1 FY2022 Mar 31, 2022 10-Q ↗	Q4 FY2021 Mar 25, 2022 10-K ↗	Q2 FY2021 Jun 30, 2021 10-Q ↗	Q1 FY2021 Mar 31, 2021 10-Q ↗	Q4 FY2020 Dec 31, 2020 10-K ↗
Net Income, GAAP (USD)	$-4.51M	$28.73M	$27.60M	$36.10M	$29.67M	$51.63M	$53.21M	$59.05M	$51.68M	$57.39M	$73.41M	$56.44M	$43.78M	$20.12M	$9.44M	$-3.26M	$22.25M	—	—	—	—
Operating Cash Flow (USD)	$86.35M	$53.75M	$39.01M	$24.03M	$34.10M	$-105.16M	—	—	$-53.66M	$22.95M	—	—	$-16.36M	$-54.35M	$-117.71M	$-132.61M	$-125.17M	—	—	—	—

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bar_chart Data from SEC EDGAR XBRL filings

Synced 1 week ago 6 years · 21 quarters

Morgan Stanley Direct Lending Fund

Analytical Summary

21-Year Financial Trajectory

Bullish Indicators

Bearish Risks

Health Breakdown

Dividend History

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