MORGAN STANLEY DIRECT LENDING Financials
This page shows MORGAN STANLEY DIRECT LENDING (MSDL) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 4 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
MORGAN STANLEY DIRECT LENDING passes 1 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).
For every $1 of reported earnings, MORGAN STANLEY DIRECT LENDING generates $-1.73 in operating cash flow (-$373.5M OCF vs $215.6M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Key Financial Metrics
MORGAN STANLEY DIRECT LENDING reported $215.6M in net income in fiscal year 2024. This represents a decrease of 6.7% from the prior year.
MORGAN STANLEY DIRECT LENDING earned $2.43 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 21.9% from the prior year.
MORGAN STANLEY DIRECT LENDING held $63.4M in cash against $2.0B in long-term debt as of fiscal year 2024.
MORGAN STANLEY DIRECT LENDING had 89M shares outstanding in fiscal year 2024. This represents an increase of 6.3% from the prior year.
MORGAN STANLEY DIRECT LENDING's ROE was 11.7% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is down 1.7 percentage points from the prior year.
MORGAN STANLEY DIRECT LENDING spent $18.1M on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding.
MSDL Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'23 | Q3'24 | Q2'24 | Q1'24 | Q4'22 |
|---|---|---|---|---|---|---|---|---|
| Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Income | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Interest Expense | $33.9M-2.3% | $34.7M+1.5% | $34.2M | N/A | $29.7M+6.4% | $27.9M+4.6% | $26.7M | N/A |
| Income Tax | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Income | $27.6M-23.5% | $36.1M+21.7% | $29.7M | N/A | $73.4M+30.1% | $56.4M+28.9% | $43.8M | N/A |
| EPS (Diluted) | $0.32-22.0% | $0.41+20.6% | $0.34 | N/A | $1.02+29.1% | $0.79+27.4% | $0.62 | N/A |
MSDL Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'23 | Q3'24 | Q2'24 | Q1'24 | Q4'22 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $3.9B+0.3% | $3.9B+0.2% | $3.9B+18.3% | $3.3B+0.9% | $3.3B+6.7% | $3.1B+0.4% | $3.1B+2.5% | $3.0B |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash & Equivalents | $65.5M+25.4% | $52.2M-24.8% | $69.4M-0.4% | $69.7M-20.9% | $88.1M+66.7% | $52.9M-46.9% | $99.6M+22.6% | $81.2M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $2.2B+1.4% | $2.1B+1.8% | $2.1B+32.1% | $1.6B-11.7% | $1.8B+10.1% | $1.6B-0.8% | $1.6B+3.5% | $1.6B |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Long-Term Debt | $2.1B+1.1% | $2.1B+2.1% | $2.0B+34.3% | $1.5B-12.9% | $1.7B+10.5% | $1.6B-1.9% | $1.6B+4.0% | $1.5B |
| Total Equity | $1.8B-1.0% | $1.8B-1.5% | $1.8B+5.6% | $1.7B+16.2% | $1.5B+2.9% | $1.4B+1.8% | $1.4B+1.2% | $1.4B |
| Retained Earnings | -$7.9M-200.1% | $7.9M-48.3% | $15.3M+80.7% | $8.5M+1880.8% | -$475K+98.5% | -$30.7M+33.9% | -$46.4M+15.3% | -$54.8M |
MSDL Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'23 | Q3'24 | Q2'24 | Q1'24 | Q4'22 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $39.0M+62.3% | $24.0M-29.5% | $34.1M+48.6% | $22.9M+123.1% | -$99.3M-1212.8% | $8.9M+154.5% | -$16.4M+69.9% | -$54.3M |
| Capital Expenditures | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Free Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Investing Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Financing Cash Flow | -$25.8M+20.1% | -$32.3M+12.8% | -$37.1M+10.3% | -$41.3M-130.7% | $134.6M+341.7% | -$55.7M-260.2% | $34.8M-54.1% | $75.7M |
| Dividends Paid | $43.5M-1.2% | $44.0M-17.2% | $53.1M+70.4% | $31.2M+4.8% | $29.8M+15.9% | $25.7M+7.6% | $23.9M+7.4% | $22.2M |
| Share Buybacks | $2.8M-86.1% | $20.4M+112.1% | $9.6M | $0 | N/A | N/A | N/A | N/A |
MSDL Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'23 | Q3'24 | Q2'24 | Q1'24 | Q4'22 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Equity | 1.6%-0.5pp | 2.0%+0.4pp | 1.6% | N/A | 5.0%+1.0pp | 3.9%+0.8pp | 3.1% | N/A |
| Return on Assets | 0.7%-0.2pp | 0.9%+0.2pp | 0.8% | N/A | 2.2%+0.4pp | 1.8%+0.4pp | 1.4% | N/A |
| Current Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt-to-Equity | 1.17+0.0 | 1.15+0.0 | 1.11+0.2 | 0.87-0.3 | 1.16+0.1 | 1.08-0.0 | 1.12+0.0 | 1.09 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
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Frequently Asked Questions
Is MORGAN STANLEY DIRECT LENDING profitable?
Yes, MORGAN STANLEY DIRECT LENDING (MSDL) reported a net income of $215.6M in fiscal year 2024.
What is MORGAN STANLEY DIRECT LENDING's earnings per share (EPS)?
MORGAN STANLEY DIRECT LENDING (MSDL) reported diluted earnings per share of $2.43 for fiscal year 2024. This represents a -21.9% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
How much debt does MORGAN STANLEY DIRECT LENDING have?
As of fiscal year 2024, MORGAN STANLEY DIRECT LENDING (MSDL) had $63.4M in cash and equivalents against $2.0B in long-term debt.
What is MORGAN STANLEY DIRECT LENDING's return on equity (ROE)?
MORGAN STANLEY DIRECT LENDING (MSDL) has a return on equity of 11.7% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.
What is MORGAN STANLEY DIRECT LENDING's operating cash flow?
MORGAN STANLEY DIRECT LENDING (MSDL) generated -$373.5M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are MORGAN STANLEY DIRECT LENDING's total assets?
MORGAN STANLEY DIRECT LENDING (MSDL) had $3.9B in total assets as of fiscal year 2024, including both current and long-term assets.
Does MORGAN STANLEY DIRECT LENDING buy back shares?
Yes, MORGAN STANLEY DIRECT LENDING (MSDL) spent $18.1M on share buybacks during fiscal year 2024, returning capital to shareholders by reducing shares outstanding.
How many shares does MORGAN STANLEY DIRECT LENDING have outstanding?
MORGAN STANLEY DIRECT LENDING (MSDL) had 89M shares outstanding as of fiscal year 2024.
What is MORGAN STANLEY DIRECT LENDING's debt-to-equity ratio?
MORGAN STANLEY DIRECT LENDING (MSDL) had a debt-to-equity ratio of 1.07 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is MORGAN STANLEY DIRECT LENDING's return on assets (ROA)?
MORGAN STANLEY DIRECT LENDING (MSDL) had a return on assets of 5.5% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is MORGAN STANLEY DIRECT LENDING's cash runway?
Based on fiscal year 2024 data, MORGAN STANLEY DIRECT LENDING (MSDL) had $63.4M in cash against an annual operating cash burn of $373.5M. This gives an estimated cash runway of approximately 2 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is MORGAN STANLEY DIRECT LENDING's Piotroski F-Score?
MORGAN STANLEY DIRECT LENDING (MSDL) has a Piotroski F-Score of 1 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are MORGAN STANLEY DIRECT LENDING's earnings high quality?
MORGAN STANLEY DIRECT LENDING (MSDL) has an earnings quality ratio of -1.73x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.