MSDL Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

MSDL

NYSE•Financial Services•Asset Management

$15.25+0.05(<0.01%)Market closed

Market Cap

$1.25B

P/E

20.9x

P/S

3.3x

P/B

0.8x

Morgan Stanley Direct Lending Fund is a business development company. It is a Private Debt fund. The fund chiefly invests in riskier bonds, issued by middle-market companies or by private equity firms looking to finance their acquisitions.

How this company scores

AverageMetricSide Score: 43/100

Strongest: Cash & Earnings Quality (19/25); weakest: Growth (5/25).

Profitability10/25

Growth5/25

Balance Sheet & Red Flags9/25

Cash & Earnings Quality19/25

Strengths

Strong marginsNo share dilution

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 20.9x5y range 6.6x – 20.9x

Currently above its 11-quarter median.

P/S · 3.3x5y range 3.1x – 4.9x

Currently near its 11-quarter median.

P/B · 0.8x5y range 0.7x – 1.0x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Watch

Operating margins declined 7.4% — watch for continued compression, which may signal competitive or cost pressure.

Earnings Quality

Watch

FCF/Net Income has dropped below 0.7x in 4 quarters — monitor for earnings quality deterioration.

Price & Volume

Market Cap $1.25B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $374.16M
Q. Revenue: $88.77M
TTM EBITDA: $168.43M
TTM Op. Income: $168.43M
Q. Op. Income: $38.96M
TTM Net Income: $59.75M
Q. Net Income: $7.93M
EPS: $0.09
Shares Out.: $84.75M

$374.16M in TTM revenue declined 9.6% YoY, reaching $88.77M last quarter. TTM EBITDA of $168.43M and TTM operating income of $168.43M show growth is flowing through to the bottom line. TTM net income of $59.75M means revenue is converting into profit. Across the last 8 quarters, TTM revenue has fallen for 5 consecutive quarters — a weakening trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: 43.9%
Op. Margin: 43.9%
Net Margin: 8.9%

Op. margin of 43.9% is down 0.2% YoY — costs are rising relative to revenue. Net margin at 8.9% Over the past year, operating margin is down 0% — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 20.9x
P/S Ratio: 3.3x
P/B Ratio: 0.8x

At 20.9x P/E, the stock trades within typical market levels. P/S of 3.3x and P/B of 0.8x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Across the last 8 quarters, P/E has risen for 7 consecutive quarters — a weakening trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $3.71B
Cash: $65.82M
Long-Term Debt: $1.98B
Book Value: $1.65B
D/E Ratio: 1.2
Debt/EBITDA: 50.9

With $3.71B in assets and $1.98B in long-term debt, D/E is 1.2and book value is $1.65B — moderate leverage. Over the past year, debt/equity is up 5% — an improving trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $103.81M
TTM Free Cash Flow: $282.91M
FCF Margin: 75.6%
FCF / Net Income: 4.7

TTM FCF of $282.91M on $103.81M in operating cash flow. The FCF / Net Income ratio of 4.7x means free cash flow covers net income — earnings are backed by cash. Across the last 8 quarters, free cash flow has risen for 6 consecutive quarters — an improving trend.