Morgan Stanley Direct Lending (MSDL) Financials

$19.75 +0.06 (+0.30%)

As of 05/30/2025 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	2024	2023	2022	2021
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021
Net Income / (Loss) Attributable to Common Shareholders	16	231	128	148
Consolidated Net Income / (Loss)	16	231	128	148
Net Income / (Loss) Continuing Operations	-204	231	129	75
Total Pre-Tax Income	-201	200	129	75
Total Operating Income	346	-53	191	84
Total Gross Profit	432	25	246	120
Total Revenue	426	25	246	120
Operating Revenue	426	25	246	120
Total Cost of Revenue	-6.04	0.00	0.04	0.10
Operating Cost of Revenue	-6.04	0.00	0.04	0.10
Total Operating Expenses	86	78	55	36
Selling, General & Admin Expense	7.03	5.10	3.79	4.19
Other Operating Expenses / (Income)	79	73	51	32
Total Other Income / (Expense), net	-547	284	-62	-9.01
Interest Expense	316	113	67	21
Interest & Investment Income	-226	358	0.54	1.90
Other Income / (Expense), net	-4.77	39	4.36	10
Income Tax Expense	2.44	-	0.33	0.08
Other Adjustments to Consolidated Net Income / (Loss)	220	-	-	73
Basic Earnings per Share	$2.43	$3.11	$0.79	$2.67
Weighted Average Basic Shares Outstanding	88.65M	74.24M	61.68M	31.16M
Diluted Earnings per Share	$2.43	$3.11	$0.79	$2.67
Weighted Average Diluted Shares Outstanding	88.65M	74.24M	61.68M	31.16M
Basic & Diluted Earnings per Share	$2.48	$2.67	$2.08	$2.34
Weighted Average Basic & Diluted Shares Outstanding	88.50M	88.90M	-	-

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 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023
Net Income / (Loss) Attributable to Common Shareholders	46	-44	-4.03	56	8.37	88	51	48	44
Consolidated Net Income / (Loss)	46	-44	-4.03	56	8.37	88	51	48	44
Net Income / (Loss) Continuing Operations	46	-151	-63	56	-46	88	51	48	44
Total Pre-Tax Income	47	-150	-62	57	-46	57	51	48	44
Total Operating Income	79	87	92	84	82	-275	78	75	70
Total Gross Profit	101	109	114	106	103	-255	98	93	88
Total Revenue	100	107	112	105	102	-255	98	93	88
Operating Revenue	100	107	112	105	102	-255	98	93	88
Total Cost of Revenue	-0.38	-1.49	-1.68	-1.65	-1.21	-	0.00	0.00	0.00
Operating Cost of Revenue	-0.38	-1.49	-1.68	-1.65	-1.21	-	0.00	0.00	0.00
Total Operating Expenses	21	22	21	22	21	21	20	19	18
Selling, General & Admin Expense	1.85	1.96	1.97	1.76	1.35	1.10	1.44	1.10	1.46
Other Operating Expenses / (Income)	20	20	19	20	20	20	19	18	17
Total Other Income / (Expense), net	-32	-237	-155	-28	-128	364	-28	-27	-26
Interest Expense	34	132	84	29	71	29	30	28	27
Other Income / (Expense), net	1.68	2.10	-5.52	1.62	-2.97	35	1.77	1.20	0.99
Income Tax Expense	0.63	1.00	0.50	0.50	0.44	-	0.00	0.00	0.00
Basic Earnings per Share	$0.34	$0.58	$0.60	$0.66	$0.59	$0.68	$1.02	$0.79	$0.62
Weighted Average Basic Shares Outstanding	88.41M	88.65M	89.26M	89.27M	87.36M	74.24M	71.87M	71.34M	70.86M
Diluted Earnings per Share	$0.34	$0.58	$0.60	$0.66	$0.59	$0.68	$1.02	$0.79	$0.62
Weighted Average Diluted Shares Outstanding	88.41M	88.65M	89.26M	89.27M	87.36M	74.24M	71.87M	71.34M	70.86M
Basic & Diluted Earnings per Share	$0.52	$0.56	$0.66	$0.63	$0.63	$0.68	$0.70	$0.67	$0.62
Weighted Average Basic & Diluted Shares Outstanding	87.15M	88.50M	88.77M	89.37M	89.41M	88.90M	-	-	-

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

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 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023
Net Change in Cash & Equivalents	-2.96	-18	-4.54	30	-4.94	-18	35	-47	18
Net Cash From Operating Activities	34	-96	-117	-107	-54	23	-99	8.93	-16
Net Cash From Continuing Operating Activities	34	-96	-117	-107	-54	23	-99	8.93	-16
Net Income / (Loss) Continuing Operations	30	52	53	59	52	57	73	56	44
Consolidated Net Income / (Loss)	30	52	53	59	52	57	73	56	44
Depreciation Expense	17	-0.99	-5.44	-2.82	-2.66	-1.93	-23	-8.65	0.57
Amortization Expense	-2.20	-0.80	-2.63	-2.70	-1.15	-2.45	-0.68	-1.18	-1.20
Non-Cash Adjustments To Reconcile Net Income	-1.75	-152	-146	-182	-89	-67	-117	-48	-52
Changes in Operating Assets and Liabilities, net	-8.72	5.44	-16	22	-13	37	-32	10	-7.49
Net Cash From Investing Activities	0.00	-	-	-	0.00	-	-	-	0.00
Net Cash From Continuing Investing Activities	0.00	-	-	-	0.00	-	-	-	0.00
Net Cash From Financing Activities	-37	78	112	137	49	-41	135	-56	35
Net Cash From Continuing Financing Activities	-37	78	112	137	49	-41	135	-56	35
Repayment of Debt	-163	-79	-77	-448	-112	-293	-115	-30	0.00
Repurchase of Common Equity	-9.62	-10	-	-	-	-	-	-	-
Payment of Dividends	-53	-53	-45	-34	-37	-31	-30	-26	-24
Issuance of Debt	193	221	244	623	102	70	278	-	60
Issuance of Common Equity	0.00	-	-	-	96	220	-	-	2.56
Other Financing Activities, net	-4.31	0.00	-1.37	-4.54	0.00	-7.33	1.33	-	-3.94
Cash Interest Paid	37	26	36	16	36	17	38	17	33

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

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 2025	Q3 2024	Q2 2024	Q1 2024
Period end date	3/31/2025	9/30/2024	6/30/2024	3/31/2024
Total Assets	3,912	3,793	3,656	3,401
Total Current Assets	3,861	105	97	68
Cash & Equivalents	69	90	95	65
Short-Term Investments	3,792	3.38	-	2.66
Plant, Property, & Equipment, net	0.00	0.00	0.00	0.00
Total Noncurrent Assets	27	17	48	13
Other Noncurrent Operating Assets	27	17	48	13
Total Liabilities & Shareholders' Equity	3,912	3,793	3,656	3,401
Total Liabilities	2,094	1,940	1,794	1,564
Total Current Liabilities	73	82	80	62
Accrued Expenses	4.01	5.71	15	3.51
Dividends Payable	44	54	45	44
Other Current Liabilities	8.98	6.83	-	5.13
Other Current Nonoperating Liabilities	16	16	21	8.96
Total Noncurrent Liabilities	2,009	1,842	1,714	1,489
Long-Term Debt	2,009	1,842	1,664	1,487
Other Noncurrent Operating Liabilities	0.01	0.17	49	2.51
Commitments & Contingencies	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,818	1,854	1,862	1,837
Total Preferred & Common Equity	1,818	1,854	1,862	1,837
Preferred Stock	0.00	0.00	0.00	0.00
Total Common Equity	1,818	1,854	1,862	1,837
Common Stock	1,803	1,824	1,832	1,821
Retained Earnings	15	30	30	16

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

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

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

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023
Growth Metrics	-	-	-	-	-	-	-	-	-
Revenue Growth	-0.53%	142.02%	13.74%	12.27%	15.96%	0.00%	0.00%	0.00%	0.00%
EBITDA Growth	22.15%	135.48%	38.83%	22.06%	7.57%	0.00%	0.00%	0.00%	0.00%
EBIT Growth	-1.61%	136.87%	8.22%	13.50%	11.98%	0.00%	0.00%	0.00%	0.00%
NOPAT Growth	-2.69%	122.00%	-17.61%	12.15%	-17.54%	0.00%	0.00%	0.00%	0.00%
Net Income Growth	-15.41%	-149.78%	-107.97%	17.42%	-81.06%	0.00%	0.00%	0.00%	0.00%
EPS Growth	-42.37%	-14.71%	-41.18%	-16.46%	-4.84%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow Growth	163.56%	-519.19%	-17.82%	-1,295.00%	-227.88%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow Firm Growth	-14.62%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Invested Capital Growth	463.07%	-20.24%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Revenue Q/Q Growth	-6.21%	-4.44%	6.97%	2.47%	140.11%	-358.65%	5.59%	5.84%	0.00%
EBITDA Q/Q Growth	10.42%	10.27%	-2.02%	6.40%	130.86%	-531.48%	-13.85%	-6.23%	0.00%
EBIT Q/Q Growth	-8.63%	2.09%	1.09%	8.24%	133.01%	-399.64%	6.02%	6.79%	0.00%
NOPAT Q/Q Growth	29.18%	-6.30%	-22.61%	44.96%	120.93%	-450.89%	5.35%	6.58%	0.00%
Net Income Q/Q Growth	205.02%	-992.55%	-107.18%	570.18%	-90.53%	74.84%	5.81%	8.08%	0.00%
EPS Q/Q Growth	-41.38%	-3.33%	-9.09%	11.86%	-13.24%	-33.33%	29.11%	27.42%	0.00%
Operating Cash Flow Q/Q Growth	135.46%	17.81%	-9.72%	-98.80%	-333.84%	123.10%	-1,212.83%	154.55%	0.00%
Free Cash Flow Firm Q/Q Growth	7.81%	-4.60%	-42.05%	77.49%	0.00%	0.00%	0.00%	0.00%	0.00%
Invested Capital Q/Q Growth	230.53%	0.00%	0.00%	-660.67%	-53.18%	0.00%	0.00%	0.00%	0.00%
Profitability Metrics	-	-	-	-	-	-	-	-	-
Gross Margin	100.37%	101.40%	101.50%	101.58%	101.18%	0.00%	100.00%	100.00%	100.00%
EBITDA Margin	95.54%	81.15%	70.33%	76.78%	73.94%	0.00%	57.62%	70.62%	79.71%
Operating Margin	79.02%	80.86%	82.46%	80.50%	80.58%	0.00%	79.69%	79.87%	79.32%
EBIT Margin	80.70%	82.83%	77.53%	82.04%	77.67%	0.00%	81.48%	81.15%	80.44%
Profit (Net Income) Margin	46.04%	-41.12%	-3.60%	53.59%	8.19%	0.00%	51.35%	51.24%	50.18%
Tax Burden Percent	98.69%	29.35%	6.47%	98.93%	-18.27%	155.50%	99.99%	100.00%	99.72%
Interest Burden Percent	57.81%	-169.14%	-71.68%	66.02%	-57.75%	-23.64%	63.02%	63.14%	62.55%
Effective Tax Rate	1.34%	0.00%	0.00%	0.88%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	3,939.09%	4,945.30%	456.23%	0.00%	1,741.55%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	3,940.85%	4,951.19%	463.71%	0.00%	1,746.92%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	-3,922.69%	-4,937.64%	-459.65%	0.00%	-1,744.51%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	16.40%	7.66%	-3.41%	10.93%	-2.96%	0.00%	0.00%	0.00%	0.00%
Cash Return on Invested Capital (CROIC)	2,718.62%	4,983.96%	0.00%	0.00%	0.00%	-1,068.07%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	9.39%	9.78%	1.31%	1.14%	0.90%	0.00%	0.00%	0.00%	0.00%
Return on Assets (ROA)	5.36%	-4.85%	-0.06%	0.74%	0.09%	0.00%	0.00%	0.00%	0.00%
Return on Common Equity (ROCE)	16.40%	7.66%	-3.41%	10.93%	-2.96%	0.00%	0.00%	0.00%	0.00%
Return on Equity Simple (ROE_SIMPLE)	0.44%	0.00%	8.03%	10.93%	10.62%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	78	61	65	84	58	-275	78	75	70
NOPAT Margin	77.96%	56.60%	57.73%	79.79%	56.40%	0.00%	79.69%	79.87%	79.32%
Net Nonoperating Expense Percent (NNEP)	-1.76%	-5.89%	-7.48%	-2.92%	-5.37%	21.21%	0.00%	0.00%	0.00%
Return On Investment Capital (ROIC_SIMPLE)	2.05%	1.59%	1.75%	4.74%	3.47%	-8.56%	-	-	-
Cost of Revenue to Revenue	-0.37%	-1.40%	-1.50%	-1.58%	-1.18%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	1.84%	1.83%	1.75%	1.68%	1.32%	0.00%	1.46%	1.18%	1.66%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	21.35%	20.53%	19.03%	21.08%	20.61%	0.00%	20.31%	20.13%	20.68%
Earnings before Interest and Taxes (EBIT)	81	89	87	86	79	-240	80	76	71
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	96	87	79	80	76	-245	57	66	70
Valuation Ratios	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.97	1.00	0.93	0.99	0.00	0.00	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	0.97	1.00	0.93	0.99	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	4.15	4.31	26.76	36.35	0.00	0.00	0.00	0.00	0.00
Price to Earnings (P/E)	220.15	111.51	11.54	9.05	0.00	0.00	0.00	0.00	0.00
Dividend Yield	11.02%	10.65%	8.32%	4.85%	2.51%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.45%	0.90%	8.67%	11.05%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	862.42	213.34	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	0.00	8.76	53.99	67.33	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBITDA (EV/EBITDA)	0.00	11.60	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	10.95	296.87	672.37	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	15.43	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	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	15.36	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-
Debt to Equity	1.11	1.07	0.99	0.89	0.81	0.87	0.00	0.00	0.00
Long-Term Debt to Equity	1.11	1.07	0.99	0.89	0.81	0.87	0.00	0.00	0.00
Financial Leverage	-1.00	-1.00	-0.99	-1.01	-1.00	-1.00	0.00	0.00	0.00
Leverage Ratio	2.00	2.03	2.05	1.96	1.85	1.92	0.00	0.00	0.00
Compound Leverage Factor	1.16	-3.43	-1.47	1.30	-1.07	-0.45	0.00	0.00	0.00
Debt to Total Capital	52.50%	51.72%	49.84%	47.20%	44.73%	46.50%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	52.50%	51.72%	49.84%	47.20%	44.73%	46.50%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	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%	0.00%
Common Equity to Total Capital	47.50%	48.28%	50.16%	52.80%	55.27%	53.50%	0.00%	0.00%	0.00%
Debt to EBITDA	5.93	6.14	-182.24	-51.79	-31.85	-28.77	0.00	0.00	0.00
Net Debt to EBITDA	-5.46	5.90	-172.96	-48.83	-30.41	-27.38	0.00	0.00	0.00
Long-Term Debt to EBITDA	5.93	6.14	-182.24	-51.79	-31.85	-28.77	0.00	0.00	0.00
Debt to NOPAT	8.35	8.16	-112.38	-54.97	-37.10	-28.49	0.00	0.00	0.00
Net Debt to NOPAT	-7.69	7.84	-106.66	-51.83	-35.41	-27.11	0.00	0.00	0.00
Long-Term Debt to NOPAT	8.35	8.16	-112.38	-54.97	-37.10	-28.49	0.00	0.00	0.00
Altman Z-Score	1.85	0.72	0.64	0.72	0.00	0.00	0.00	0.00	0.00
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-
Current Ratio	52.57	0.88	1.28	1.21	1.09	0.97	0.00	0.00	0.00
Quick Ratio	52.57	0.87	1.14	1.18	1.09	0.97	0.00	0.00	0.00
Cash Flow Metrics	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	67	62	48	98	55	0.00	0.00	0.00	0.00
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	1.95	0.47	0.58	3.34	0.77	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	1.00	-0.73	-1.40	-3.64	-0.75	0.80	-3.35	0.32	-0.61
Operating Cash Flow Less CapEx to Interest Expense	1.00	-0.73	-1.40	-3.64	-0.75	0.80	-3.35	0.32	-0.61
Efficiency Ratios	-	-	-	-	-	-	-	-	-
Asset Turnover	0.12	0.12	0.02	0.01	0.01	0.01	0.00	0.00	0.00
Accounts Receivable Turnover	0.00	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	0.00
Fixed Asset Turnover	0.00	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	0.00
Days Sales Outstanding (DSO)	0.00	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	0.00
Days Payable Outstanding (DPO)	0.00	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	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-
Invested Capital	14	4.33	16	-14	2.54	5.43	0.00	0.00	0.00
Invested Capital Turnover	50.53	87.37	7.90	-7.11	30.88	4.64	0.00	0.00	0.00
Increase / (Decrease) in Invested Capital	12	-1.10	16	-14	2.54	0.00	0.00	0.00	0.00
Enterprise Value (EV)	-86	3,732	3,465	3,411	0.00	0.00	0.00	0.00	0.00
Market Capitalization	1,766	1,834	1,718	1,842	0.00	0.00	0.00	0.00	0.00
Book Value per Share	$20.54	$20.75	$20.74	$20.83	$21.03	$23.18	$0.00	$0.00	$0.00
Tangible Book Value per Share	$20.54	$20.75	$20.74	$20.83	$21.03	$23.18	$0.00	$0.00	$0.00
Total Capital	3,827	3,816	3,695	3,526	3,324	3,217	0.00	0.00	0.00
Total Debt	2,009	1,973	1,842	1,664	1,487	1,496	0.00	0.00	0.00
Total Long-Term Debt	2,009	1,973	1,842	1,664	1,487	1,496	0.00	0.00	0.00
Net Debt	-1,852	1,898	1,748	1,569	1,419	1,424	0.00	0.00	0.00
Capital Expenditures (CapEx)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-73	-87	-71	-78	-62	-75	0.00	0.00	0.00
Debt-free Net Working Capital (DFNWC)	3,788	-11	23	17	5.67	-2.45	0.00	0.00	0.00
Net Working Capital (NWC)	3,788	-11	23	17	5.67	-2.45	0.00	0.00	0.00
Net Nonoperating Expense (NNE)	32	105	69	27	49	-364	28	27	26
Net Nonoperating Obligations (NNO)	-1,804	-1,838	-1,837	-1,876	-1,834	-1,716	0.00	0.00	0.00
Total Depreciation and Amortization (D&A)	15	-1.79	-8.07	-5.52	-3.81	-4.38	-24	-9.83	-0.64
Debt-free, Cash-free Net Working Capital to Revenue	-17.26%	-20.32%	-110.46%	-154.44%	-157.47%	-297.50%	0.00%	0.00%	0.00%
Debt-free Net Working Capital to Revenue	890.18%	-2.54%	35.68%	33.02%	14.46%	-9.74%	0.00%	0.00%	0.00%
Net Working Capital to Revenue	890.18%	-2.54%	35.68%	33.02%	14.46%	-9.74%	0.00%	0.00%	0.00%
Earnings Adjustments	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.34	$0.58	$0.60	$0.66	$0.59	$0.68	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic Shares Outstanding	88.41M	88.65M	89.26M	89.27M	87.36M	74.24M	0.00	0.00	0.00
Adjusted Diluted Earnings per Share	$0.34	$0.58	$0.60	$0.66	$0.59	$0.68	$0.00	$0.00	$0.00
Adjusted Weighted Average Diluted Shares Outstanding	88.41M	88.65M	89.26M	89.27M	87.36M	74.24M	0.00	0.00	0.00
Adjusted Basic & Diluted Earnings per Share	$0.52	$0.56	$0.66	$0.63	$0.63	$0.68	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	87.15M	88.50M	88.77M	89.37M	89.41M	88.90M	0.00	0.00	0.00
Normalized Net Operating Profit after Tax (NOPAT)	78	61	65	84	58	-193	55	52	49
Normalized NOPAT Margin	77.96%	56.60%	57.73%	79.79%	56.40%	0.00%	55.78%	55.91%	55.52%
Pre Tax Income Margin	46.65%	-140.10%	-55.57%	54.17%	-44.85%	0.00%	51.35%	51.24%	50.32%
Debt Service Ratios	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.37	0.67	1.04	2.93	1.11	-8.40	2.70	2.71	2.66
NOPAT to Interest Expense	2.29	0.46	0.77	2.85	0.81	-9.62	2.64	2.67	2.62
EBIT Less CapEx to Interest Expense	2.37	0.67	1.04	2.93	1.11	-8.40	2.70	2.71	2.66
NOPAT Less CapEx to Interest Expense	2.29	0.46	0.77	2.85	0.81	-9.62	2.64	2.67	2.62
Payout Ratios	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	2,306.13%	1,028.05%	98.62%	64.85%	63.44%	47.83%	0.00%	0.00%	0.00%
Augmented Payout Ratio	2,651.07%	1,137.87%	103.99%	64.85%	63.44%	47.83%	0.00%	0.00%	0.00%

Frequently Asked Questions About Morgan Stanley Direct Lending's Financials

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

According to the most recent income statement we have on file, Morgan Stanley Direct Lending's financial year ends in December. Their financial 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. View Morgan Stanley Direct Lending's forecast to see where analysts expect Morgan Stanley Direct Lending to go next.

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 5/31/2025 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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