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Morgan Stanley Direct Lending Fund (MSDL) Ratios
Morgan Stanley Direct Lending Fund Ratios
MSDL's free cash flow for Q2 2026 was $103.81M. For the 2026 fiscal year, MSDL's free cash flow was increased by $0.00 and operating cash flow was $103.81M. See a summary of the company’s cash flow.
| Ratios | Dec 25 | Dec 24 | Dec 23 | Dec 22 | Dec 21 |
|---|---|---|---|---|---|
| Liquidity Ratios | |||||
| Current Ratio | 1.33 | 1.36 | 1.44 | 2.09 | 2.85 |
| Quick Ratio | 1.33 | 1.36 | 1.44 | 2.09 | 2.85 |
| Cash Ratio | 1.00 | 0.94 | 1.01 | 1.62 | 2.25 |
| Solvency Ratio | 0.06 | 0.10 | 0.15 | 0.03 | 0.06 |
| Operating Cash Flow Ratio | 1.86 | 2.70 | 2.70 | 2.43 | 2.05 |
| Short-Term Operating Cash Flow Coverage | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Net Current Asset Value | $ -2.06B | $ -1.97B | $ -1.49B | $ -1.48B | $ -1.21B |
| Leverage Ratios | |||||
| Debt-to-Assets Ratio | 0.53 | 0.50 | 0.45 | 0.51 | 0.50 |
| Debt-to-Equity Ratio | 1.19 | 1.07 | 0.87 | 1.09 | 1.05 |
| Debt-to-Capital Ratio | 0.54 | 0.52 | 0.47 | 0.52 | 0.51 |
| Long-Term Debt-to-Capital Ratio | 0.54 | 0.52 | 0.47 | 0.52 | 0.51 |
| Financial Leverage Ratio | 2.24 | 2.12 | 1.92 | 2.14 | 2.10 |
| Debt Service Coverage Ratio | 1.90 | 1.75 | 2.05 | 0.72 | 3.96 |
| Interest Coverage Ratio | 1.90 | 1.77 | 2.06 | 0.73 | 3.97 |
| Debt to Market Cap | 1.45 | 1.07 | 0.82 | 0.84 | 0.69 |
| Interest Debt Per Share | 25.47 | 23.49 | 18.23 | 18.02 | 14.40 |
| Net Debt to EBITDA | 7.77 | 8.73 | 6.13 | 29.51 | 14.11 |
| Profitability Margins | |||||
| Gross Profit Margin | 81.03% | 63.03% | 65.60% | 32.96% | 78.69% |
| EBIT Margin | 66.73% | 65.56% | 70.87% | 48.77% | 84.50% |
| EBITDA Margin | 66.73% | 65.56% | 70.87% | 48.77% | 84.50% |
| Operating Profit Margin | 66.69% | 65.56% | 70.87% | 48.77% | 84.50% |
| Pretax Profit Margin | 31.55% | 65.56% | 70.87% | 48.77% | 84.50% |
| Net Profit Margin | 31.55% | 64.83% | 70.40% | 48.44% | 84.42% |
| Continuous Operations Profit Margin | 31.55% | 64.83% | 70.40% | 48.44% | 84.42% |
| Net Income Per EBT | 100.00% | 98.88% | 99.35% | 99.32% | 99.90% |
| EBT Per EBIT | 47.31% | 100.00% | 100.00% | 100.00% | 100.00% |
| Return on Assets (ROA) | 3.11% | 5.51% | 6.99% | 1.63% | 3.34% |
| Return on Equity (ROE) | 6.98% | 11.70% | 13.42% | 3.47% | 7.00% |
| Return on Capital Employed (ROCE) | 6.72% | 5.68% | 7.18% | 1.66% | 3.39% |
| Return on Invested Capital (ROIC) | 6.72% | 5.62% | 7.13% | 1.65% | 3.38% |
| Return on Tangible Assets | 3.11% | 5.51% | 6.99% | 1.63% | 3.34% |
| Earnings Yield | 8.49% | 11.69% | 12.68% | 2.66% | 4.57% |
| Efficiency Ratios | |||||
| Receivables Turnover | 14.65 | 10.72 | 11.28 | 4.24 | 4.96 |
| Payables Turnover | 1.14 | 1.65 | 1.64 | 1.34 | 0.64 |
| Inventory Turnover | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Fixed Asset Turnover | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Asset Turnover | 0.10 | 0.09 | 0.10 | 0.03 | 0.04 |
| Working Capital Turnover Ratio | 14.47 | 11.71 | 7.74 | 1.73 | 3.06 |
| Cash Conversion Cycle | -294.07 | -187.53 | -190.09 | -185.91 | -499.06 |
| Days of Sales Outstanding | 24.92 | 34.05 | 32.37 | 86.15 | 73.62 |
| Days of Inventory Outstanding | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Days of Payables Outstanding | 318.99 | 221.58 | 222.46 | 272.07 | 572.68 |
| Operating Cycle | 24.92 | 34.05 | 32.37 | 86.15 | 73.62 |
| Cash Flow Ratios | |||||
| Operating Cash Flow Per Share | 1.73 | 2.26 | 2.10 | 1.38 | 0.77 |
| Free Cash Flow Per Share | 1.73 | 2.26 | 2.10 | 1.38 | 0.77 |
| Dividend Paid and CapEx Coverage Ratio | 0.82 | 1.19 | 1.68 | 1.42 | 1.77 |
| Capital Expenditure Coverage Ratio | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Operating Cash Flow Coverage Ratio | 0.07 | 0.10 | 0.12 | 0.08 | 0.05 |
| Operating Cash Flow to Sales Ratio | 0.39 | 0.61 | 0.57 | 1.21 | 0.69 |
| Free Cash Flow Yield | 10.49% | 10.92% | 10.20% | 6.67% | 3.71% |
| Valuation Ratios | |||||
| Price-to-Earnings (P/E) Ratio | 11.77 | 8.50 | 7.89 | 37.54 | 21.89 |
| Price-to-Sales (P/S) Ratio | 3.72 | 5.55 | 5.55 | 18.18 | 18.48 |
| Price-to-Book (P/B) Ratio | 0.82 | 1.00 | 1.06 | 1.30 | 1.53 |
| Price-to-Free Cash Flow (P/FCF) Ratio | 9.53 | 9.15 | 9.81 | 14.98 | 26.92 |
| Price-to-Operating Cash Flow Ratio | 9.53 | 9.15 | 9.81 | 14.98 | 26.92 |
| Price-to-Earnings Growth (PEG) Ratio | -0.28 | -1.17 | 0.02 | -0.90 | 0.06 |
| Enterprise Value Multiple | 13.34 | 17.19 | 13.97 | 66.79 | 35.97 |
| Enterprise Value | 3.44B | 3.75B | 3.25B | 3.26B | 3.00B |
| EV to EBITDA | 13.34 | 17.19 | 13.97 | 66.79 | 35.97 |
| EV to Sales | 8.90 | 11.27 | 9.90 | 32.57 | 30.40 |
| EV to Free Cash Flow | 22.82 | 18.60 | 17.49 | 26.85 | 44.29 |
| EV to Operating Cash Flow | 22.82 | 18.60 | 17.49 | 26.85 | 44.29 |
| Tangible Book Value Per Share | 20.03 | 20.64 | 19.50 | 15.83 | 13.46 |
| Shareholders’ Equity Per Share | 20.03 | 20.64 | 19.50 | 15.83 | 13.46 |
| Tax and Other Ratios | |||||
| Effective Tax Rate | 0.00 | 0.01 | 0.01 | 0.01 | 0.00 |
| Revenue Per Share | 4.43 | 3.73 | 3.72 | 1.14 | 1.12 |
| Net Income Per Share | 1.40 | 2.41 | 2.62 | 0.55 | 0.94 |
| Tax Burden | 1.00 | 0.99 | 0.99 | 0.99 | 1.00 |
| Interest Burden | 0.47 | 1.00 | 1.00 | 1.00 | 1.00 |
| Research & Development to Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| SG&A to Revenue | 0.02 | 0.02 | 0.02 | 0.04 | 0.05 |
| Stock-Based Compensation to Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Income Quality | 1.24 | 0.93 | 0.80 | 2.50 | 0.81 |
Currency in USD