MSDL (Morgan Stanley Direct Lending Fund) Stock Financials & Earnings | Market Cap Arena

MSDL (Morgan Stanley Direct Lending Fund) Stock Financials & Earnings | Market Cap Arena

MSDLMorgan Stanley Direct Lending Fund

Mkt Cap$1B

Financial Services·Financial - Conglomerates·🇺🇸 United States·NYSE

Revenue (TTM)$397M

Net Income (TTM)$137M

EPS (TTM)$1.40

Free Cash Flow (TTM)$226M

Gross Margin25.3%

Op. Margin23.8%

Net Margin34.6%

FCF Margin56.9%

P/S Ratio (TTM)3.2x

P/E Ratio (TTM)9.3x

YoY Rev Growth+19.5%

Employees—

Earnings Reports

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
Q1 23	$67M	$40M	$44M
Q2 23	$80M	$52M	$56M
Q3 23	$99M	$69M	$73M
Q4 23	$83M	$54M	$59M
Q1 24	$77M	$49M	$52M
Q2 24	$87M	$58M	$60M
Q3 24	$85M	$52M	$54M
Q4 24	$84M	$51M	$53M
Q1 25	$65M	$31M	$30M
Q2 25	$73M	$38M	$36M
Q3 25	$65M	$31M	$28M
Q4 25	$194M	$0	$0

Valuation

Quarter	P/S	P/E
Q1 23	9.3x	18.3x
Q2 23	6.1x	9.9x
Q3 23	4.5x	6.6x
Q4 23	3.9x	5.5x
Q1 24	3.8x	5.4x
Q2 24	3.7x	5.3x
Q3 24	3.9x	5.8x
Q4 24	3.8x	5.9x
Q1 25	4.0x	6.6x
Q2 25	4.2x	7.5x
Q3 25	4.5x	8.8x
Q4 25	3.2x	9.3x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 23	$33M	$33M
Q2 23	$55M	$55M
Q3 23	$13M	$13M
Q4 23	$85M	$85M
Q1 24	$40M	$40M
Q2 24	$75M	$75M
Q3 24	-$117M	-$117M
Q4 24	-$96M	-$96M
Q1 25	$34M	$34M
Q2 25	$41M	$41M
Q3 25	$34M	$34M
Q4 25	$117M	$117M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	+128.3%	+230.0%
Q2 23	+1111.3%	+138.4%
Q3 23	+306.5%	+70.8%
Q4 23	+106.3%	+21.5%
Q1 24	+15.1%	+7.5%
Q2 24	+8.7%	+16.4%
Q3 24	-14.0%	+23.2%
Q4 24	+1.4%	+31.1%
Q1 25	-14.5%	+43.7%
Q2 25	-16.0%	+34.2%
Q3 25	-23.9%	+17.2%
Q4 25	+131.0%	+518.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$0	0.0%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q3 24	$0	0.0%
Q4 24	$0	0.0%
Q1 25	$0	0.0%
Q2 25	$0	0.0%
Q3 25	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A
Q1 23	$2M
Q2 23	$1M
Q3 23	$2M
Q4 23	$1M
Q1 24	$1M
Q2 24	$2M
Q3 24	$2M
Q4 24	$2M
Q1 25	$2M
Q2 25	$2M
Q3 25	$3M
Q4 25	$2M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 23	$100M	$0	$100M
Q2 23	$53M	$0	$53M
Q3 23	$88M	$0	$88M
Q4 23	$70M	$0	$70M
Q1 24	$65M	$0	$65M
Q2 24	$93M	$0	$93M
Q3 24	$90M	$0	$90M
Q4 24	$70M	$0	$70M
Q1 25	$66M	$0	$66M
Q2 25	$76M	$0	$76M
Q3 25	$65M	$10M	$76M
Q4 25	$81M	$0	$81M

Shares Outstanding

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q1 23	88M	+15.9%
Q2 23	88M	+0.0%
Q3 23	88M	+0.0%
Q4 23	82M	-7.1%
Q1 24	87M	+6.6%
Q2 24	89M	+2.2%
Q3 24	89M	-0.0%
Q4 24	89M	+0.0%
Q1 25	88M	-1.0%
Q2 25	87M	-1.4%
Q3 25	87M	-0.4%
Q4 25	87M	+0.5%