Morgan Stanley Direct Lending Fund reported a net margin of 6.92% for the quarter ended Jun 2026. These financial ratios cover 18 quarters of results from Mar 2022 through Jun 2026, standardized by Business Quant from the company’s SEC filings.
| Ratios | Mar2022 | Jun2022 | Sep2022 | Dec2022 | Mar2023 | Jun2023 | Sep2023 | Dec2023 | Mar2024 | Jun2024 | Sep2024 | Dec2024 | Mar2025 | Jun2025 | Sep2025 | Dec2025 | Mar2026 | Jun2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||||||||||
| EBT Margin | 36.49% | 31.26% | 24.26% | 19.24% | 20.99% | 22.37% | 22.12% | 27.67% | 28.08% | 26.22% | 23.76% | 17.98% | 12.49% | 9.20% | 10.26% | 11.03% | 11.99% | 7.82% |
| EBIT Margin | 59.85% | 58.83% | 53.91% | 52.47% | 52.87% | 53.77% | 53.55% | 56.56% | 55.59% | 54.35% | 53.97% | 50.21% | 46.18% | 44.07% | 44.26% | 45.55% | 46.42% | 43.89% |
| EBITDA Margin | 59.85% | 58.83% | 53.91% | 52.47% | 52.87% | 53.77% | 53.55% | 56.56% | 55.59% | 54.35% | 53.97% | 50.21% | 46.18% | 44.07% | 44.26% | 45.55% | 46.42% | 43.89% |
| Operating Margin | 59.85% | 58.83% | 53.91% | 52.47% | 52.87% | 53.77% | 53.55% | 56.56% | 55.59% | 54.35% | 53.97% | 50.21% | 46.18% | 44.07% | 44.26% | 45.55% | 46.42% | 43.89% |
| Net Margin | 36.49% | 31.26% | 24.26% | 19.24% | 20.99% | 22.37% | 22.12% | 26.16% | 27.64% | 25.74% | 23.30% | 17.01% | 11.88% | 8.99% | 9.85% | 9.39% | 11.05% | 6.92% |
| FCF Margin | -282.52% | -265.25% | -187.68% | -73.87% | -19.57% | 10.04% | -105.17% | 22.77% | -54.14% | -102.38% | -106.63% | -102.06% | 33.61% | 24.15% | 39.12% | 55.65% | 96.95% | 116.93% |
| Efficiency | ||||||||||||||||||
| Assets AverageAssets Avg. | 3,022.90M | 3,065.44M | 3,174.05M | 3,291.80M | 3,354.04M | 3,528.62M | 3,724.63M | 3,852.69M | 3,912.09M | 3,917.03M | 3,927.09M | 3,926.19M | 3,872.45M | 3,767.77M | ||||
| Invested CapitalInvested Cap. | 2,920.78M | 2,998.70M | 2,994.74M | 3,199.85M | 3,217.18M | 3,323.69M | 3,526.38M | 3,695.29M | 3,815.64M | 3,826.75M | 3,840.55M | 3,844.01M | 3,834.76M | 3,743.52M | 3,629.76M | |||
| Asset Utilization RatioAsset Util. | 0.09 | 0.10 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.10 | 0.10 | 0.10 | 0.10 | ||||
| Leverage & Solvency | ||||||||||||||||||
| Interest Coverage RatioInterest Cover | 2.56 | 2.13 | 1.82 | 1.58 | 1.66 | 1.71 | 1.70 | 1.96 | 2.02 | 1.93 | 1.79 | 1.56 | 1.37 | 1.26 | 1.30 | 1.32 | 1.35 | 1.22 |
| Debt Ratio | 0.51 | 0.52 | 0.51 | 0.52 | 0.45 | 0.44 | 0.46 | 0.49 | 0.50 | 0.51 | 0.52 | 0.53 | 0.53 | 0.54 | 0.53 | |||
| Times Interest Earned | 2.56 | 2.13 | 1.82 | 1.58 | 1.66 | 1.71 | 1.70 | 1.96 | 2.02 | 1.93 | 1.79 | 1.56 | 1.37 | 1.26 | 1.30 | 1.32 | 1.35 | 1.22 |
| Dividends & Payouts | ||||||||||||||||||
| Dividend Coverage RatioDiv. Cover | 0.73 | 0.77 | 0.72 | 0.64 | 0.74 | 0.77 | 0.70 | 0.85 | 0.74 | 0.79 | 0.57 | 0.33 | 0.23 | 0.20 | 0.23 | 0.21 | 0.23 | 0.16 |
| FCF Payout RatioFCF Cover | -0.18 | -0.15 | -0.18 | -0.41 | -1.46 | 2.88 | -0.30 | 1.36 | -0.69 | -0.32 | -0.38 | -0.51 | 1.56 | 1.83 | 1.11 | 0.81 | 0.50 | 0.37 |
| Dividend YieldDiv. Yield | 1.94% | 1.73% | 2.54% | 2.92% | 3.02% | 2.70% | 3.11% | 3.05% | 3.62% | 3.01% | ||||||||
| Payout Ratio | 1.37 | 1.30 | 1.38 | 1.57 | 1.36 | 1.29 | 1.42 | 1.18 | 1.36 | 1.26 | 1.75 | 3.05 | 4.41 | 4.92 | 4.42 | 4.79 | 4.38 | 6.25 |
| Valuation | ||||||||||||||||||
| Price to EarningsP/E | 69.94 | 72.84 | 68.84 | 104.37 | 145.81 | 181.89 | 142.05 | 156.81 | 121.00 | 208.03 | ||||||||
| Price to SalesP/S | 19.33 | 18.75 | 16.04 | 17.75 | 17.32 | 16.36 | 14.00 | 14.72 | 13.38 | 14.39 | ||||||||
| Price to BookP/B | 1.04 | 1.05 | 0.95 | 0.99 | 0.97 | 0.91 | 0.79 | 0.81 | 0.70 | 0.78 | ||||||||
| Enterprise Value | 1,850.91M | 1,858.58M | 1,670.17M | 1,756.27M | 1,687.47M | 1,548.31M | 1,320.40M | 1,327.42M | 1,090.77M | 1,197.53M | ||||||||
| EV to EBIT | 33.60 | 32.82 | 28.20 | 33.95 | 36.01 | 35.30 | 29.92 | 30.17 | 26.38 | 30.74 | ||||||||
| EV to EBITDA | 33.60 | 32.82 | 28.20 | 33.95 | 36.01 | 35.30 | 29.92 | 30.17 | 26.38 | 30.74 | ||||||||
| Market Capitalization | 1,915.68M | 1,953.54M | 1,760.60M | 1,828.64M | 1,756.87M | 1,627.94M | 1,395.92M | 1,421.83M | 1,191.29M | 1,277.71M | ||||||||
| Price to FCFP/FCF | -35.70 | -18.31 | -15.04 | -17.39 | 51.52 | 67.74 | 35.79 | 26.45 | 13.80 | 12.31 | ||||||||
| EV to FCF | -34.50 | -17.42 | -14.27 | -16.70 | 49.48 | 64.43 | 33.85 | 24.69 | 12.63 | 11.54 | ||||||||
| EV to CFO | -34.50 | -17.42 | -14.27 | -16.70 | 49.48 | 64.43 | 33.85 | 24.69 | 12.63 | 11.54 | ||||||||
| Return Ratios | ||||||||||||||||||
| Return on Sales [ROS]ROS | 59.85% | 58.83% | 53.91% | 52.47% | 52.87% | 53.77% | 53.55% | 56.56% | 55.59% | 54.35% | 53.97% | 50.21% | 46.18% | 44.07% | 44.26% | 45.55% | 46.42% | 43.89% |
| Return on Invested Capital [ROIC]ROIC | 6.11% | 6.30% | 6.25% | 6.14% | 5.78% | 5.44% | 5.08% | 4.64% | 4.35% | 4.23% | 4.14% | |||||||
| Return on Assets [ROA]ROA | 2.07% | 2.18% | 2.28% | 2.57% | 2.82% | 2.88% | 2.85% | 2.53% | 2.10% | 1.64% | 1.23% | 1.02% | 0.97% | 0.93% |