Financial health
- Total debt ($2.1B) exceeds cash ($81M); net debt is $2.0B.
Shareholder returns
- Dividends have been paid for 5 consecutive years, consuming 150.7% of earnings.
- The dividend has grown 48.1% per year over the past 4 years.
MSDL Financials Morgan Stanley Direct Lending Fund
5 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Overview →
RevenueNet income
GrossOperatingNet
Free cash flow
CashTotal debt
OperatingInvestingFinancing
Key annual figures
| FY | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| 2025 | — | $122M | — | — | — | $2.1B | $81M |
| 2024 | — | $216M | — | — | — | $2.0B | $63M |
| 2023 | — | $231M | — | — | — | $1.5B | $70M |
| 2022 | — | $49M | — | — | — | $1.5B | $81M |
| 2021 | — | $83M | — | — | — | — | — |
RevenueNet income
GrossOperatingNet
Free cash flow
CashTotal debt
OperatingInvestingFinancing
Key quarterly figures
| Quarter | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| Mar '26 | — | -$5M | — | — | — | $2.1B | $81M |
| Dec '25 | — | $29M | — | — | — | $2.1B | $81M |
| Sep '25 | — | $28M | — | — | — | $2.1B | $65M |
| Jun '25 | — | $36M | — | — | — | $2.1B | $52M |
| Mar '25 | — | $30M | — | — | — | $2.0B | $69M |
| Dec '24 | — | $52M | — | — | — | $2.0B | $63M |
| Sep '24 | — | $53M | — | — | — | $1.8B | $90M |
| Jun '24 | — | $59M | — | — | — | $1.7B | $95M |
| Mar '24 | — | $52M | — | — | — | $1.5B | $65M |
| Dec '23 | — | $57M | — | — | — | $1.5B | $70M |
| Sep '23 | — | $73M | — | — | — | $1.7B | $88M |
| Jun '23 | — | $56M | — | — | — | $1.6B | $53M |
| Mar '23 | — | $44M | — | — | — | $1.6B | $100M |
| Dec '22 | — | $20M | — | — | — | $1.5B | $81M |
| Sep '22 | — | $9M | — | — | — | — | — |
| Jun '22 | — | -$3M | — | — | — | — | — |
| Mar '22 | — | $22M | — | — | — | — | — |
Valuation over time
How the market has priced MSDL against its own fundamentals since 2024-01 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.
- The price-to-earnings ratio has risen from 7.5× (Jan '24) to 10.6× (Jun '26).
- The dividend yield has risen from 6.4% (Jan '24) to 14.2% (Jun '26).
P/E
Dividend yield %
Frequently asked questions
Is MSDL growing its revenue and profit?
See the revenue and net-income charts above for Morgan Stanley Direct Lending Fund's multi-year trend.
How much debt does MSDL have?
As of FY2025, Morgan Stanley Direct Lending Fund reported $2.1B of total debt against $81M of cash.
What is MSDL's profit margin?
In FY2025, gross margin was —, operating margin —, and net margin —.
What is MSDL's P/E ratio?
As of Jun '26, Morgan Stanley Direct Lending Fund traded at a price-to-earnings ratio of about 10.6× (market cap ÷ latest annual net income). The valuation charts above show how its P/E and dividend yield have moved with the share price. These are computed facts, not advice.
Where does this data come from?
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.