Free Trial

Morgan Stanley Direct Lending (MSDL) Financials

Morgan Stanley Direct Lending logo
$19.31 -0.07 (-0.36%)
As of 04/25/2025 03:59 PM Eastern
Annual Income Statements for Morgan Stanley Direct Lending

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
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

Quarterly Income Statements for Morgan Stanley Direct Lending

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
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

Annual Cash Flow Statements for Morgan Stanley Direct Lending

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
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

Quarterly Cash Flow Statements for Morgan Stanley Direct Lending

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
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

Annual Balance Sheets for Morgan Stanley Direct Lending

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
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

Quarterly Balance Sheets for Morgan Stanley Direct Lending

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
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

Annual Metrics and Ratios for Morgan Stanley Direct Lending

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

Metric 2021 2022 2023 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%

Quarterly Metrics and Ratios for Morgan Stanley Direct Lending

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
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.

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%.



This page (NYSE:MSDL) was last updated on 4/26/2025 by MarketBeat.com Staff
From Our Partners