Morgan Stanley Direct Lending (MSDL) Financials

$19.24 +0.02 (+0.10%)

As of 05/6/2025 03:59 PM Eastern

Annual Income Statements for Morgan Stanley Direct Lending

This table shows Morgan Stanley Direct Lending's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2021	2022	2023	2024
Period end date	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	148	128	231	16
Consolidated Net Income / (Loss)	148	128	231	16
Net Income / (Loss) Continuing Operations	75	129	231	-204
Total Pre-Tax Income	75	129	200	-201
Total Operating Income	84	191	-53	346
Total Gross Profit	120	246	25	432
Total Revenue	120	246	25	426
Operating Revenue	120	246	25	426
Total Cost of Revenue	0.10	0.04	0.00	-6.04
Operating Cost of Revenue	0.10	0.04	0.00	-6.04
Total Operating Expenses	36	55	78	86
Selling, General & Admin Expense	4.19	3.79	5.10	7.03
Other Operating Expenses / (Income)	32	51	73	79
Total Other Income / (Expense), net	-9.01	-62	284	-547
Interest Expense	21	67	113	316
Interest & Investment Income	1.90	0.54	358	-226
Other Income / (Expense), net	10	4.36	39	-4.77
Income Tax Expense	0.08	0.33	-	2.44
Other Adjustments to Consolidated Net Income / (Loss)	73	-	-	220
Basic Earnings per Share	$2.67	$0.79	$3.11	$2.43
Weighted Average Basic Shares Outstanding	31.16M	61.68M	74.24M	88.65M
Diluted Earnings per Share	$2.67	$0.79	$3.11	$2.43
Weighted Average Diluted Shares Outstanding	31.16M	61.68M	74.24M	88.65M
Basic & Diluted Earnings per Share	$2.34	$2.08	$2.67	$2.48
Weighted Average Basic & Diluted Shares Outstanding	-	-	88.90M	88.50M

This table shows Morgan Stanley Direct Lending's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	44	48	51	88	8.37	56	-4.03	-44
Consolidated Net Income / (Loss)	44	48	51	88	8.37	56	-4.03	-44
Net Income / (Loss) Continuing Operations	44	48	51	88	-46	56	-63	-151
Total Pre-Tax Income	44	48	51	57	-46	57	-62	-150
Total Operating Income	70	75	78	-275	82	84	92	87
Total Gross Profit	88	93	98	-255	103	106	114	109
Total Revenue	88	93	98	-255	102	105	112	107
Operating Revenue	88	93	98	-255	102	105	112	107
Total Cost of Revenue	0.00	0.00	0.00	-	-1.21	-1.65	-1.68	-1.49
Operating Cost of Revenue	0.00	0.00	0.00	-	-1.21	-1.65	-1.68	-1.49
Total Operating Expenses	18	19	20	21	21	22	21	22
Selling, General & Admin Expense	1.46	1.10	1.44	1.10	1.35	1.76	1.97	1.96
Other Operating Expenses / (Income)	17	18	19	20	20	20	19	20
Total Other Income / (Expense), net	-26	-27	-28	364	-128	-28	-155	-237
Interest Expense	27	28	30	29	71	29	84	132
Interest & Investment Income	0.12	0.00	0.01	358	-54	0.11	-65	-107
Other Income / (Expense), net	0.99	1.20	1.77	35	-2.97	1.62	-5.52	2.10
Income Tax Expense	0.00	0.00	0.00	-	0.44	0.50	0.50	1.00
Basic Earnings per Share	$0.62	$0.79	$1.02	$0.68	$0.59	$0.66	$0.60	$0.58
Weighted Average Basic Shares Outstanding	70.86M	71.34M	71.87M	74.24M	87.36M	89.27M	89.26M	88.65M
Diluted Earnings per Share	$0.62	$0.79	$1.02	$0.68	$0.59	$0.66	$0.60	$0.58
Weighted Average Diluted Shares Outstanding	70.86M	71.34M	71.87M	74.24M	87.36M	89.27M	89.26M	88.65M
Basic & Diluted Earnings per Share	$0.62	$0.67	$0.70	$0.68	$0.63	$0.63	$0.66	$0.56
Weighted Average Basic & Diluted Shares Outstanding	-	-	-	88.90M	89.41M	89.37M	88.77M	88.50M

This table details how cash moves in and out of Morgan Stanley Direct Lending's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2021	2022	2023	2024
Period end date	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	63	7.06	-12	2.66
Net Cash From Operating Activities	-1,661	-430	-84	-374
Net Cash From Continuing Operating Activities	-1,661	-430	-84	-374
Net Income / (Loss) Continuing Operations	83	49	231	216
Consolidated Net Income / (Loss)	83	49	231	216
Depreciation Expense	-8.43	80	-33	-12
Amortization Expense	-7.20	-6.13	-5.52	-7.29
Non-Cash Adjustments To Reconcile Net Income	-1,741	-563	-284	-568
Changes in Operating Assets and Liabilities, net	12	11	7.05	-1.78
Net Cash From Investing Activities	0.00	0.00	0.00	0.00
Net Cash From Continuing Investing Activities	0.00	0.00	0.00	0.00
Net Cash From Financing Activities	1,724	437	72	376
Net Cash From Continuing Financing Activities	1,724	437	72	376
Repayment of Debt	-598	-1,294	-438	-716
Repurchase of Common Equity	-0.01	0.00	0.00	-18
Payment of Dividends	-38	-86	-110	-169
Issuance of Debt	1,514	1,566	408	1,189
Issuance of Common Equity	855	255	223	96
Other Financing Activities, net	-8.20	-4.01	-9.94	-5.91
Cash Interest Paid	15	49	105	113

This table details how cash moves in and out of Morgan Stanley Direct Lending's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Net Change in Cash & Equivalents	18	-47	35	-18	-4.94	30	-4.54	-18
Net Cash From Operating Activities	-16	8.93	-99	23	-54	-107	-117	-96
Net Cash From Continuing Operating Activities	-16	8.93	-99	23	-54	-107	-117	-96
Net Income / (Loss) Continuing Operations	44	56	73	57	52	59	53	52
Consolidated Net Income / (Loss)	44	56	73	57	52	59	53	52
Depreciation Expense	0.57	-8.65	-23	-1.93	-2.66	-2.82	-5.44	-0.99
Amortization Expense	-1.20	-1.18	-0.68	-2.45	-1.15	-2.70	-2.63	-0.80
Non-Cash Adjustments To Reconcile Net Income	-52	-48	-117	-67	-89	-182	-146	-152
Changes in Operating Assets and Liabilities, net	-7.49	10	-32	37	-13	22	-16	5.44
Net Cash From Financing Activities	35	-56	135	-41	49	137	112	78
Net Cash From Continuing Financing Activities	35	-56	135	-41	49	137	112	78
Repayment of Debt	0.00	-30	-115	-293	-112	-448	-77	-79
Repurchase of Common Equity	-	-	-	-	-	-	-	-10
Payment of Dividends	-24	-26	-30	-31	-37	-34	-45	-53
Issuance of Debt	60	-	278	70	102	623	244	221
Other Financing Activities, net	-3.94	-	1.33	-7.33	0.00	-4.54	-1.37	0.00
Cash Interest Paid	33	17	38	17	36	16	36	26

This table presents Morgan Stanley Direct Lending's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024
Period end date	12/31/2022	12/31/2023	12/31/2024
Total Assets	2,986	3,307	3,912
Total Current Assets	86	72	76
Cash & Equivalents	81	70	72
Short-Term Investments	2.64	2.66	3.39
Prepaid Expenses	0.04	0.05	0.63
Other Current Assets	2.56	0.04	0.00
Plant, Property, & Equipment, net	0.00	0.00	0.00
Total Noncurrent Assets	7.62	14	16
Other Noncurrent Operating Assets	7.62	14	16
Total Liabilities & Shareholders' Equity	2,986	3,307	3,912
Total Liabilities	1,589	1,586	2,070
Total Current Liabilities	55	75	87
Accrued Expenses	3.28	4.10	5.73
Dividends Payable	33	50	53
Other Current Liabilities	1.78	2.01	7.04
Other Current Nonoperating Liabilities	17	19	21
Total Noncurrent Liabilities	1,526	1,499	1,974
Long-Term Debt	1,523	1,496	1,973
Other Noncurrent Operating Liabilities	2.09	2.87	0.03
Commitments & Contingencies	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,397	1,721	1,842
Total Preferred & Common Equity	1,397	1,721	1,842
Preferred Stock	0.00	0.00	0.00
Total Common Equity	1,397	1,721	1,842
Common Stock	1,452	1,713	1,813
Retained Earnings	-55	8.46	30

This table presents Morgan Stanley Direct Lending's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2024	Q2 2024	Q3 2024
Period end date	3/31/2024	6/30/2024	9/30/2024
Total Assets	3,401	3,656	3,793
Total Current Assets	68	97	105
Cash & Equivalents	65	95	90
Short-Term Investments	2.66	-	3.38
Prepaid Expenses	0.30	1.92	11
Other Current Assets	0.00	-	0.00
Plant, Property, & Equipment, net	0.00	0.00	0.00
Total Noncurrent Assets	13	48	17
Other Noncurrent Operating Assets	13	48	17
Total Liabilities & Shareholders' Equity	3,401	3,656	3,793
Total Liabilities	1,564	1,794	1,940
Total Current Liabilities	62	80	82
Accrued Expenses	3.51	15	5.71
Dividends Payable	44	45	54
Other Current Liabilities	5.13	-	6.83
Other Current Nonoperating Liabilities	8.96	21	16
Total Noncurrent Liabilities	1,489	1,714	1,842
Long-Term Debt	1,487	1,664	1,842
Other Noncurrent Operating Liabilities	2.51	49	0.17
Commitments & Contingencies	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,837	1,862	1,854
Total Preferred & Common Equity	1,837	1,862	1,854
Preferred Stock	0.00	0.00	0.00
Total Common Equity	1,837	1,862	1,854
Common Stock	1,821	1,832	1,824
Retained Earnings	16	30	30

This table displays calculated financial ratios and metrics derived from Morgan Stanley Direct Lending's official financial filings.

Metric	2021	2022	2023	2024
Period end date	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-
Revenue Growth	0.00%	105.05%	-89.79%	1,594.08%
EBITDA Growth	0.00%	243.63%	-119.30%	718.65%
EBIT Growth	0.00%	107.95%	-106.98%	2,598.97%
NOPAT Growth	0.00%	127.46%	-127.54%	560.64%
Net Income Growth	0.00%	-13.36%	80.47%	-92.88%
EPS Growth	0.00%	-70.41%	293.67%	-21.87%
Operating Cash Flow Growth	0.00%	74.13%	80.50%	-345.62%
Free Cash Flow Firm Growth	0.00%	0.00%	-130.39%	519.41%
Invested Capital Growth	0.00%	0.00%	0.00%	-20.24%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	563.69%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	847.00%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	1,701.66%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	1,576.29%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	-88.95%
EPS Q/Q Growth	0.00%	0.00%	0.00%	-3.95%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	0.00%	-46.83%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	0.00%
Profitability Metrics	-	-	-	-
Gross Margin	99.92%	99.98%	100.00%	101.42%
EBITDA Margin	65.28%	109.39%	-206.75%	75.50%
Operating Margin	69.87%	77.62%	-208.84%	81.12%
EBIT Margin	78.29%	79.40%	-54.24%	80.01%
Profit (Net Income) Margin	123.02%	51.98%	918.65%	3.86%
Tax Burden Percent	197.26%	99.32%	115.75%	-8.17%
Interest Burden Percent	79.66%	65.92%	-1,463.30%	-59.08%
Effective Tax Rate	0.11%	0.26%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	-1,936.15%	4,961.44%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	-1,969.20%	4,974.13%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	1,962.99%	-4,960.52%
Return on Equity (ROE)	0.00%	0.00%	26.84%	0.92%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	-2,136.15%	4,983.96%
Operating Return on Assets (OROA)	0.00%	0.00%	-0.41%	9.44%
Return on Assets (ROA)	0.00%	0.00%	6.99%	0.46%
Return on Common Equity (ROCE)	0.00%	0.00%	26.84%	0.92%
Return on Equity Simple (ROE_SIMPLE)	0.00%	0.00%	13.42%	0.89%
Net Operating Profit after Tax (NOPAT)	84	191	-53	242
NOPAT Margin	69.80%	77.42%	-208.84%	56.79%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.00%	33.05%	-12.69%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-1.63%	6.34%
Cost of Revenue to Revenue	0.08%	0.02%	0.00%	-1.42%
SG&A Expenses to Revenue	3.49%	1.54%	20.29%	1.65%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	30.05%	22.36%	308.84%	20.29%
Earnings before Interest and Taxes (EBIT)	94	196	-14	341
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	78	269	-52	322
Valuation Ratios	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	1.00
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	1.00
Price to Revenue (P/Rev)	0.00	0.00	0.00	4.31
Price to Earnings (P/E)	0.00	0.00	0.00	111.51
Dividend Yield	0.00%	0.00%	0.00%	10.65%
Earnings Yield	0.00%	0.00%	0.00%	0.90%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	862.42
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.00	8.76
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	11.60
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	10.95
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	15.43
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	15.36
Leverage & Solvency	-	-	-	-
Debt to Equity	0.00	0.00	0.87	1.07
Long-Term Debt to Equity	0.00	0.00	0.87	1.07
Financial Leverage	0.00	0.00	-1.00	-1.00
Leverage Ratio	0.00	0.00	1.92	2.03
Compound Leverage Factor	0.00	0.00	-28.11	-1.20
Debt to Total Capital	0.00%	0.00%	46.50%	51.72%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	46.50%	51.72%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	0.00%	0.00%	53.50%	48.28%
Debt to EBITDA	0.00	0.00	-28.77	6.14
Net Debt to EBITDA	0.00	0.00	-27.38	5.90
Long-Term Debt to EBITDA	0.00	0.00	-28.77	6.14
Debt to NOPAT	0.00	0.00	-28.49	8.16
Net Debt to NOPAT	0.00	0.00	-27.11	7.84
Long-Term Debt to NOPAT	0.00	0.00	-28.49	8.16
Altman Z-Score	0.00	0.00	0.00	0.94
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-
Current Ratio	0.00	0.00	0.97	0.88
Quick Ratio	0.00	0.00	0.97	0.87
Cash Flow Metrics	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	191	-58	243
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	0.00	2.84	-0.51	0.77
Operating Cash Flow to Interest Expense	-79.05	-6.40	-0.74	-1.18
Operating Cash Flow Less CapEx to Interest Expense	-79.05	-6.40	-0.74	-1.18
Efficiency Ratios	-	-	-	-
Asset Turnover	0.00	0.00	0.01	0.12
Accounts Receivable Turnover	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	0.00	0.00
Accounts Payable Turnover	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-
Invested Capital	0.00	0.00	5.43	4.33
Invested Capital Turnover	0.00	0.00	9.27	87.37
Increase / (Decrease) in Invested Capital	0.00	0.00	5.43	-1.10
Enterprise Value (EV)	0.00	0.00	0.00	3,732
Market Capitalization	0.00	0.00	0.00	1,834
Book Value per Share	$0.00	$0.00	$23.18	$20.75
Tangible Book Value per Share	$0.00	$0.00	$23.18	$20.75
Total Capital	0.00	0.00	3,217	3,816
Total Debt	0.00	0.00	1,496	1,973
Total Long-Term Debt	0.00	0.00	1,496	1,973
Net Debt	0.00	0.00	1,424	1,898
Capital Expenditures (CapEx)	0.00	0.00	0.00	0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	0.00	-75	-87
Debt-free Net Working Capital (DFNWC)	0.00	0.00	-2.45	-11
Net Working Capital (NWC)	0.00	0.00	-2.45	-11
Net Nonoperating Expense (NNE)	-64	63	-284	225
Net Nonoperating Obligations (NNO)	0.00	0.00	-1,716	-1,838
Total Depreciation and Amortization (D&A)	-16	74	-38	-19
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	0.00%	-297.50%	-20.32%
Debt-free Net Working Capital to Revenue	0.00%	0.00%	-9.74%	-2.54%
Net Working Capital to Revenue	0.00%	0.00%	-9.74%	-2.54%
Earnings Adjustments	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$3.11	$2.43
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	74.24M	88.65M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$3.11	$2.43
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	74.24M	88.65M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$2.67	$2.48
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	88.90M	88.50M
Normalized Net Operating Profit after Tax (NOPAT)	84	191	-37	242
Normalized NOPAT Margin	69.80%	77.42%	-146.19%	56.79%
Pre Tax Income Margin	62.37%	52.33%	793.65%	-47.26%
Debt Service Ratios	-	-	-	-
EBIT to Interest Expense	4.47	2.91	-0.12	1.08
NOPAT to Interest Expense	3.99	2.84	-0.47	0.76
EBIT Less CapEx to Interest Expense	4.47	2.91	-0.12	1.08
NOPAT Less CapEx to Interest Expense	3.99	2.84	-0.47	0.76
Payout Ratios	-	-	-	-
Dividend Payout Ratio	25.87%	66.99%	47.83%	1,028.05%
Augmented Payout Ratio	25.87%	66.99%	47.83%	1,137.87%

This table displays calculated financial ratios and metrics derived from Morgan Stanley Direct Lending's official financial filings.

Metric	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	0.00%	0.00%	0.00%	15.96%	12.27%	13.74%	142.02%
EBITDA Growth	0.00%	0.00%	0.00%	0.00%	7.57%	22.06%	38.83%	135.48%
EBIT Growth	0.00%	0.00%	0.00%	0.00%	11.98%	13.50%	8.22%	136.87%
NOPAT Growth	0.00%	0.00%	0.00%	0.00%	-17.54%	12.15%	-17.61%	122.00%
Net Income Growth	0.00%	0.00%	0.00%	0.00%	-81.06%	17.42%	-107.97%	-149.78%
EPS Growth	0.00%	0.00%	0.00%	0.00%	-4.84%	-16.46%	-41.18%	-14.71%
Operating Cash Flow Growth	0.00%	0.00%	0.00%	0.00%	-227.88%	-1,295.00%	-17.82%	-519.19%
Free Cash Flow Firm Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Invested Capital Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-20.24%
Revenue Q/Q Growth	0.00%	5.84%	5.59%	-358.65%	140.11%	2.47%	6.97%	-4.44%
EBITDA Q/Q Growth	0.00%	-6.23%	-13.85%	-531.48%	130.86%	6.40%	-2.02%	10.27%
EBIT Q/Q Growth	0.00%	6.79%	6.02%	-399.64%	133.01%	8.24%	1.09%	2.09%
NOPAT Q/Q Growth	0.00%	6.58%	5.35%	-450.89%	120.93%	44.96%	-22.61%	-6.30%
Net Income Q/Q Growth	0.00%	8.08%	5.81%	74.84%	-90.53%	570.18%	-107.18%	-992.55%
EPS Q/Q Growth	0.00%	27.42%	29.11%	-33.33%	-13.24%	11.86%	-9.09%	-3.33%
Operating Cash Flow Q/Q Growth	0.00%	154.55%	-1,212.83%	123.10%	-333.84%	-98.80%	-9.72%	17.81%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	77.49%	-42.05%	-4.60%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	0.00%	-53.18%	-660.67%	0.00%	0.00%
Profitability Metrics	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	0.00%	101.18%	101.58%	101.50%	101.40%
EBITDA Margin	79.71%	70.62%	57.62%	0.00%	73.94%	76.78%	70.33%	81.15%
Operating Margin	79.32%	79.87%	79.69%	0.00%	80.58%	80.50%	82.46%	80.86%
EBIT Margin	80.44%	81.15%	81.48%	0.00%	77.67%	82.04%	77.53%	82.83%
Profit (Net Income) Margin	50.18%	51.24%	51.35%	0.00%	8.19%	53.59%	-3.60%	-41.12%
Tax Burden Percent	99.72%	100.00%	99.99%	155.50%	-18.27%	98.93%	6.47%	29.35%
Interest Burden Percent	62.55%	63.14%	63.02%	-23.64%	-57.75%	66.02%	-71.68%	-169.14%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.88%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	1,741.55%	0.00%	456.23%	4,945.30%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	1,746.92%	0.00%	463.71%	4,951.19%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	-1,744.51%	0.00%	-459.65%	-4,937.64%
Return on Equity (ROE)	0.00%	0.00%	0.00%	0.00%	-2.96%	10.93%	-3.41%	7.66%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	-1,068.07%	0.00%	0.00%	0.00%	4,983.96%
Operating Return on Assets (OROA)	0.00%	0.00%	0.00%	0.00%	0.90%	1.14%	1.31%	9.78%
Return on Assets (ROA)	0.00%	0.00%	0.00%	0.00%	0.09%	0.74%	-0.06%	-4.85%
Return on Common Equity (ROCE)	0.00%	0.00%	0.00%	0.00%	-2.96%	10.93%	-3.41%	7.66%
Return on Equity Simple (ROE_SIMPLE)	0.00%	0.00%	0.00%	0.00%	10.62%	10.93%	8.03%	0.00%
Net Operating Profit after Tax (NOPAT)	70	75	78	-275	58	84	65	61
NOPAT Margin	79.32%	79.87%	79.69%	0.00%	56.40%	79.79%	57.73%	56.60%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.00%	0.00%	21.21%	-5.37%	-2.92%	-7.48%	-5.89%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-8.56%	3.47%	4.74%	1.75%	1.59%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	-1.18%	-1.58%	-1.50%	-1.40%
SG&A Expenses to Revenue	1.66%	1.18%	1.46%	0.00%	1.32%	1.68%	1.75%	1.83%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	20.68%	20.13%	20.31%	0.00%	20.61%	21.08%	19.03%	20.53%
Earnings before Interest and Taxes (EBIT)	71	76	80	-240	79	86	87	89
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	70	66	57	-245	76	80	79	87
Valuation Ratios	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.00	0.00	0.99	0.93	1.00
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.99	0.93	1.00
Price to Revenue (P/Rev)	0.00	0.00	0.00	0.00	0.00	36.35	26.76	4.31
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	9.05	11.54	111.51
Dividend Yield	0.00%	0.00%	0.00%	0.00%	2.51%	4.85%	8.32%	10.65%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	11.05%	8.67%	0.90%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	213.34	862.42
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.00	0.00	0.00	67.33	53.99	8.76
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	11.60
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	672.37	296.87	10.95
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	15.43
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	15.36
Leverage & Solvency	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.87	0.81	0.89	0.99	1.07
Long-Term Debt to Equity	0.00	0.00	0.00	0.87	0.81	0.89	0.99	1.07
Financial Leverage	0.00	0.00	0.00	-1.00	-1.00	-1.01	-0.99	-1.00
Leverage Ratio	0.00	0.00	0.00	1.92	1.85	1.96	2.05	2.03
Compound Leverage Factor	0.00	0.00	0.00	-0.45	-1.07	1.30	-1.47	-3.43
Debt to Total Capital	0.00%	0.00%	0.00%	46.50%	44.73%	47.20%	49.84%	51.72%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	46.50%	44.73%	47.20%	49.84%	51.72%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	0.00%	0.00%	0.00%	53.50%	55.27%	52.80%	50.16%	48.28%
Debt to EBITDA	0.00	0.00	0.00	-28.77	-31.85	-51.79	-182.24	6.14
Net Debt to EBITDA	0.00	0.00	0.00	-27.38	-30.41	-48.83	-172.96	5.90
Long-Term Debt to EBITDA	0.00	0.00	0.00	-28.77	-31.85	-51.79	-182.24	6.14
Debt to NOPAT	0.00	0.00	0.00	-28.49	-37.10	-54.97	-112.38	8.16
Net Debt to NOPAT	0.00	0.00	0.00	-27.11	-35.41	-51.83	-106.66	7.84
Long-Term Debt to NOPAT	0.00	0.00	0.00	-28.49	-37.10	-54.97	-112.38	8.16
Altman Z-Score	0.00	0.00	0.00	0.00	0.00	0.72	0.64	0.72
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-
Current Ratio	0.00	0.00	0.00	0.97	1.09	1.21	1.28	0.88
Quick Ratio	0.00	0.00	0.00	0.97	1.09	1.18	1.14	0.87
Cash Flow Metrics	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	0.00	0.00	0.00	55	98	48	62
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.77	3.34	0.58	0.47
Operating Cash Flow to Interest Expense	-0.61	0.32	-3.35	0.80	-0.75	-3.64	-1.40	-0.73
Operating Cash Flow Less CapEx to Interest Expense	-0.61	0.32	-3.35	0.80	-0.75	-3.64	-1.40	-0.73
Efficiency Ratios	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.00	0.00	0.01	0.01	0.01	0.02	0.12
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-
Invested Capital	0.00	0.00	0.00	5.43	2.54	-14	16	4.33
Invested Capital Turnover	0.00	0.00	0.00	4.64	30.88	-7.11	7.90	87.37
Increase / (Decrease) in Invested Capital	0.00	0.00	0.00	0.00	2.54	-14	16	-1.10
Enterprise Value (EV)	0.00	0.00	0.00	0.00	0.00	3,411	3,465	3,732
Market Capitalization	0.00	0.00	0.00	0.00	0.00	1,842	1,718	1,834
Book Value per Share	$0.00	$0.00	$0.00	$23.18	$21.03	$20.83	$20.74	$20.75
Tangible Book Value per Share	$0.00	$0.00	$0.00	$23.18	$21.03	$20.83	$20.74	$20.75
Total Capital	0.00	0.00	0.00	3,217	3,324	3,526	3,695	3,816
Total Debt	0.00	0.00	0.00	1,496	1,487	1,664	1,842	1,973
Total Long-Term Debt	0.00	0.00	0.00	1,496	1,487	1,664	1,842	1,973
Net Debt	0.00	0.00	0.00	1,424	1,419	1,569	1,748	1,898
Capital Expenditures (CapEx)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	0.00	0.00	-75	-62	-78	-71	-87
Debt-free Net Working Capital (DFNWC)	0.00	0.00	0.00	-2.45	5.67	17	23	-11
Net Working Capital (NWC)	0.00	0.00	0.00	-2.45	5.67	17	23	-11
Net Nonoperating Expense (NNE)	26	27	28	-364	49	27	69	105
Net Nonoperating Obligations (NNO)	0.00	0.00	0.00	-1,716	-1,834	-1,876	-1,837	-1,838
Total Depreciation and Amortization (D&A)	-0.64	-9.83	-24	-4.38	-3.81	-5.52	-8.07	-1.79
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	0.00%	0.00%	-297.50%	-157.47%	-154.44%	-110.46%	-20.32%
Debt-free Net Working Capital to Revenue	0.00%	0.00%	0.00%	-9.74%	14.46%	33.02%	35.68%	-2.54%
Net Working Capital to Revenue	0.00%	0.00%	0.00%	-9.74%	14.46%	33.02%	35.68%	-2.54%
Earnings Adjustments	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.00	$0.68	$0.59	$0.66	$0.60	$0.58
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	0.00	74.24M	87.36M	89.27M	89.26M	88.65M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.68	$0.59	$0.66	$0.60	$0.58
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	0.00	74.24M	87.36M	89.27M	89.26M	88.65M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.68	$0.63	$0.63	$0.66	$0.56
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	0.00	88.90M	89.41M	89.37M	88.77M	88.50M
Normalized Net Operating Profit after Tax (NOPAT)	49	52	55	-193	58	84	65	61
Normalized NOPAT Margin	55.52%	55.91%	55.78%	0.00%	56.40%	79.79%	57.73%	56.60%
Pre Tax Income Margin	50.32%	51.24%	51.35%	0.00%	-44.85%	54.17%	-55.57%	-140.10%
Debt Service Ratios	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.66	2.71	2.70	-8.40	1.11	2.93	1.04	0.67
NOPAT to Interest Expense	2.62	2.67	2.64	-9.62	0.81	2.85	0.77	0.46
EBIT Less CapEx to Interest Expense	2.66	2.71	2.70	-8.40	1.11	2.93	1.04	0.67
NOPAT Less CapEx to Interest Expense	2.62	2.67	2.64	-9.62	0.81	2.85	0.77	0.46
Payout Ratios	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	47.83%	63.44%	64.85%	98.62%	1,028.05%
Augmented Payout Ratio	0.00%	0.00%	0.00%	47.83%	63.44%	64.85%	103.99%	1,137.87%

Frequently Asked Questions About Morgan Stanley Direct Lending's Financials

When does Morgan Stanley Direct Lending's financial year end?

According to the most recent income statement we have on file, Morgan Stanley Direct Lending's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Morgan Stanley Direct Lending's net income changed over the last 3 years?

Morgan Stanley Direct Lending's net income appears to be on a downward trend, with a most recent value of $16.45 million in 2024, falling from $147.75 million in 2021. The previous period was $231.01 million in 2023. Check out Morgan Stanley Direct Lending's forecast to explore projected trends and price targets.

What is Morgan Stanley Direct Lending's operating income?

Morgan Stanley Direct Lending's total operating income in 2024 was $345.60 million, based on the following breakdown:

Total Gross Profit: $432.05 million
Total Operating Expenses: $86.45 million

How has Morgan Stanley Direct Lending revenue changed over the last 3 years?

Over the last 3 years, Morgan Stanley Direct Lending's total revenue changed from $120.10 million in 2021 to $426.01 million in 2024, a change of 254.7%.

How much debt does Morgan Stanley Direct Lending have?

Morgan Stanley Direct Lending's total liabilities were at $2.07 billion at the end of 2024, a 30.5% increase from 2023, and a 30.3% increase since 2022.

How much cash does Morgan Stanley Direct Lending have?

In the past 2 years, Morgan Stanley Direct Lending's cash and equivalents has ranged from $69.71 million in 2023 to $81.22 million in 2022, and is currently $72.37 million as of their latest financial filing in 2024.

How has Morgan Stanley Direct Lending's book value per share changed over the last 3 years?

Over the last 3 years, Morgan Stanley Direct Lending's book value per share changed from 0.00 in 2021 to 20.75 in 2024, a change of 2,075.2%.

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This page (NYSE:MSDL) was last updated on 5/7/2025 by MarketBeat.com Staff

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Morgan Stanley Direct Lending (MSDL) Financials

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Morgan Stanley Direct Lending (MSDL) Financials

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