Morgan Stanley Direct Lending Fund (MSDL) EBIT Margin (2022 - 2026)
Morgan Stanley Direct Lending Fund's (MSDL) quarterly EBIT Margin came in at 45.48% in Q1 2026, down 70.0% year-on-year from 151.61% in Q1 2025, and up 6.69% on a QoQ basis from 42.63% in Q4 2025.
Morgan Stanley Direct Lending Fund (MSDL) EBIT Margin (2022 - 2026) Analysis & Trends
Morgan Stanley Direct Lending Fund (MSDL) has 5 years of EBIT Margin data on file, last reported at 45.48% in Q1 2026.
- On a quarterly basis, EBIT Margin fell 70.0% year-over-year to 45.48% in Q1 2026; TTM through Mar 2026 was 44.09%, a 646.0% decrease from a year earlier, with the FY2025 full-year figure at 44.31%, down 862.0% from the prior year.
- EBIT Margin for Q1 2026 stood at 45.48%, up from 42.63% in the prior quarter.
- Over the last five years, EBIT Margin for MSDL reached as high as 62.07% in Q1 2022 and fell as low as 42.63% in Q4 2025.
- Historically, EBIT Margin has averaged 51.65% across 5 years, with a median of 53.87% in 2024.
- Across the five-year window, EBIT Margin soared 168 bps in 2023 and plunged 979 bps in 2025, its largest moves.
- Year by year, EBIT Margin stood at 53.8% in 2022, then slipped by 5 bps to 51.14% in 2023, then decreased by 6 bps to 47.85% in 2024, then slipped by 11 bps to 42.63% in 2025, then climbed by 7 bps to 45.48% in 2026.
- Per Business Quant data, the three most recent EBIT Margin figures were 45.48% in Q1 2026, 42.63% in Q4 2025, and 44.26% in Q3 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | EBIT Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Brookfield | 1,236.60 Bn | 1,311.20 Bn | 18.56 Bn | 175.98% |
| 2 | BlackRock | 161.01 Bn | 148.08 Bn | - | 42.01% |
| 3 | Blackstone | 97.77 Bn | 96.72 Bn | - | 44.01% |
| 4 | Apollo Global Management | 70.80 Bn | 90.38 Bn | -409.00 Mn | 24.88% |
| 5 | State Street | 51.30 Bn | 51.30 Bn | - | 72.52% |
| 6 | Ameriprise Financial | 48.54 Bn | 39.27 Bn | 4.57 Bn | 18.44% |
| 7 | Northern Trust | 32.93 Bn | 32.93 Bn | - | 170.02% |
| 8 | Raymond James Financial | 32.59 Bn | 17.67 Bn | - | 31.56% |
| 9 | Price T Rowe | 24.70 Bn | 21.13 Bn | - | 36.65% |
| 10 | Morgan Stanley Direct Lending Fund | 1.29 Bn | 1.19 Bn | - | 45.48% |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | 45.48% |
| Dec 31, 2025 | 42.63% |
| Sep 30, 2025 | 44.26% |
| Jun 30, 2025 | 44.07% |
| Mar 31, 2025 | 46.18% |
| Dec 31, 2024 | 47.85% |
| Sep 30, 2024 | 53.97% |
| Jun 30, 2024 | 53.87% |
| Mar 31, 2024 | 55.15% |
| Dec 31, 2023 | 51.14% |
| Sep 30, 2023 | 55.59% |
| Jun 30, 2023 | 55.21% |
| Mar 31, 2023 | 54.12% |
| Dec 31, 2022 | 53.80% |
| Sep 30, 2022 | 53.91% |
| Jun 30, 2022 | 58.83% |
| Mar 31, 2022 | 62.07% |