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Asset Utilization RatioAssets AverageEBIT MarginEBITDA MarginEBT MarginEnterprise ValueEquity AverageEquity RatioFCF MarginFCF Payout RatioInterest Coverage RatioInvested CapitalNet MarginOperating MarginReturn on AssetsReturn on EquityReturn on Invested CapitalReturn on SalesTimes Interest Earned

Morgan Stanley Direct Lending Fund (MSDL) Operating Margin (2022 - 2025)

Morgan Stanley Direct Lending Fund (MSDL) has disclosed Operating Margin for 4 consecutive years, with 45.54% as the latest value for Q4 2025.

  • On a quarterly basis, Operating Margin fell 467.0% to 45.54% in Q4 2025 year-over-year; TTM through Dec 2025 was 45.02%, a 850.0% decrease, with the full-year FY2025 number at 45.02%, down 850.0% from a year prior.
  • Operating Margin was 45.54% for Q4 2025 at Morgan Stanley Direct Lending Fund, up from 44.26% in the prior quarter.
  • In the past five years, Operating Margin ranged from a high of 62.07% in Q1 2022 to a low of 44.07% in Q2 2025.
  • A 4-year average of 52.2% and a median of 53.21% in 2023 define the central range for Operating Margin.
  • Peak YoY movement for Operating Margin: surged 343bps in 2023, then crashed -1027bps in 2025.
  • Morgan Stanley Direct Lending Fund's Operating Margin stood at 49.11% in 2022, then rose by 7bps to 52.54% in 2023, then decreased by -4bps to 50.21% in 2024, then dropped by -9bps to 45.54% in 2025.
  • Per Business Quant, the three most recent readings for MSDL's Operating Margin are 45.54% (Q4 2025), 44.26% (Q3 2025), and 44.07% (Q2 2025).