Morgan Stanley Direct Lending Fund (MSDL) FCF Margin (2022 - 2026)
Morgan Stanley Direct Lending Fund's (MSDL) quarterly FCF Margin came in at 96.95% in Q1 2026, up 6334.0% year-on-year from 1.51% in Q1 2025, and up 74.22% on a QoQ basis from 55.65% in Q4 2025.
Morgan Stanley Direct Lending Fund (MSDL) FCF Margin (2022 - 2026) Analysis & Trends
Morgan Stanley Direct Lending Fund (MSDL) has 5 years of FCF Margin data on file, last reported at 96.95% in Q1 2026.
- On a quarterly basis, FCF Margin rose 6334.0% year-over-year to 96.95% in Q1 2026; TTM through Mar 2026 was 52.78%, a 12322.0% increase from a year earlier, with the FY2025 full-year figure at 37.98%, up 12992.0% from the prior year.
- FCF Margin for Q1 2026 stood at 96.95%, up from 55.65% in the prior quarter.
- Over the last five years, FCF Margin for MSDL reached as high as 96.95% in Q1 2026 and fell as low as 293.03% in Q1 2022.
- Historically, FCF Margin has averaged 60.93% across 5 years, with a median of 54.14% in 2024.
- Across the five-year window, FCF Margin soared 27556 bps in 2023 and tumbled 12322 bps in 2024, its largest moves.
- Year by year, FCF Margin stood at 76.39% in 2022, then jumped by 128 bps to 21.15% in 2023, then tumbled by 582 bps to 102.06% in 2024, then jumped by 155 bps to 55.65% in 2025, then soared by 74 bps to 96.95% in 2026.
- Per Business Quant data, the three most recent FCF Margin figures were 96.95% in Q1 2026, 55.65% in Q4 2025, and 39.12% in Q3 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | FCF Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Brookfield | 1,236.60 Bn | 1,311.20 Bn | 18.56 Bn | - |
| 2 | BlackRock | 161.01 Bn | 148.08 Bn | - | -16.21% |
| 3 | Blackstone | 97.77 Bn | 96.72 Bn | - | 26.47% |
| 4 | Apollo Global Management | 70.80 Bn | 90.38 Bn | -409.00 Mn | 746.54% |
| 5 | State Street | 51.30 Bn | 51.30 Bn | - | -327.00% |
| 6 | Ameriprise Financial | 48.54 Bn | 39.27 Bn | 4.57 Bn | 8.80% |
| 7 | Northern Trust | 32.93 Bn | 32.93 Bn | - | -24.56% |
| 8 | Raymond James Financial | 32.59 Bn | 17.67 Bn | - | 27.31% |
| 9 | Price T Rowe | 24.70 Bn | 21.13 Bn | - | 41.05% |
| 10 | Morgan Stanley Direct Lending Fund | 1.29 Bn | 1.19 Bn | - | 96.95% |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | 96.95% |
| Dec 31, 2025 | 55.65% |
| Sep 30, 2025 | 39.12% |
| Jun 30, 2025 | 24.15% |
| Mar 31, 2025 | 33.61% |
| Dec 31, 2024 | -102.06% |
| Sep 30, 2024 | -106.63% |
| Jun 30, 2024 | -102.38% |
| Mar 31, 2024 | -54.14% |
| Dec 31, 2023 | 21.15% |
| Sep 30, 2023 | -109.18% |
| Jun 30, 2023 | 10.31% |
| Mar 31, 2023 | -20.03% |
| Dec 31, 2022 | -76.39% |
| Sep 30, 2022 | -187.68% |
| Jun 30, 2022 | -265.25% |
| Mar 31, 2022 | -293.03% |