profit from every $100 of sales.
$0$100
Morgan Stanley Direct Lending Fund
$13.94-0.43% today
-16.5% in 1 year
1-year low $12.781-year high $17.79
Trading in the middle of its range for the past year.
The essentials
Four questions every investor asks, answered in one line each.
more sales each year, on average, 2022 to 2025.
0%20% a year
You pay $9.51 for every $1 of profit it makes in a year.
CheapExpensive
of earnings would pay off all its debt.
No debt5 years
Money in, money out
What Morgan Stanley Direct Lending Fund sold, what it kept, and what it did with the cash.
Sales went from $33.0 million in 2022 to $133 million in 2025, with $122 million of profit last year.
SalesProfit
Morgan Stanley Direct Lending Fund handed back more cash to shareholders than it generated last year.
$184M
Free cash flow 2025$151M
Bought back its own shares$42M
Paid as dividends$184M
Cash vs. debt$91M vs. $2.1B
Morgan Stanley Direct Lending Fund vs. similar companies
Morgan Stanley Direct Lending Fund grows the fastest of these 5 and is the cheapest for its profits.
| Company | Profit from $100 of sales | Sales growth a year | Price per $1 of profit |
|---|---|---|---|
| Morgan Stanley Direct Lending Fund | 9.5× · Cheap | ||
 Voya Financial | 14.2× · Cheap | ||
 Twenty One Capital | 2,228.4× · No profit yet | ||
 Enhanced Group | No profit yet | ||
 B. Riley Financial, Inc. 5.50% Senior Notes Due 2026 | No profit yet |
AI analysis
An AI analyst reads Morgan Stanley Direct Lending Fund's last five years, its segments, earnings, insiders and peers, and writes the bull case, the bear case and what the price expects.
Run the AI analysisFull statementsIncome, balance sheet and cash flow, year by year
Income statement
| In millions of USD | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| 33 | 215 | 210 | 133 | |
| – | – | – | – | |
| – | – | – | – | |
| – | – | – | – | |
| 49 | 231 | 216 | 122 | |
| 0.55 | 2.62 | 2.43 | 1.40 | |
| – | – | – | – | |
| – | – | – | – | |
| 146.9% | 107.3% | 102.8% | 91.8% |
Balance sheet
| In millions of USD | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total assets | 2,986 | 3,307 | 3,912 | 3,920 |
| Cash | 81 | 70 | 70 | 91 |
| Total debt | 1,523 | 1,496 | 1,973 | 2,087 |
| Total liabilities | 1,589 | 1,586 | 2,070 | 2,172 |
| 1,397 | 1,721 | 1,842 | 1,748 | |
| 88 | 88 | 89 | 87 | |
| – | – | – | – | |
| 3.5% | 13.4% | 11.7% | 7.0% |
Cash flow
| In millions of USD | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| -430 | -84 | -383 | 151 | |
| – | – | – | – | |
| -430 | -84 | -383 | 151 | |
| Dividends paid | 86 | 110 | 169 | 184 |
| 0 | 0 | 18 | 42 | |
| – | – | – | – |
Valuation
- 9.5×
- 7.6×
- 0.26
- 0.8×
- 8.7×
- 7.7×
- –
- 13.0%
- 10.5%
- 12.6%
Profitability
- 66.4%
- 50.9%
- 91.8%
- 50.9%
- 4.0%
- 4.2%
- 5.0%
- 2.3%
- 4.1%
- –
Growth
- +59.1%
- +36.5%
- −25.1%
- –
- −0.3%
Financial health
- 12.8×
- 1.21
- 53.7%
- 1.2×
- 1.23
- 1.23
- 0.08
How it ranks in Financial Services
Each dot is where the company stands among every company over $300M in the sector. Further right is better.
Bottom 47%of 749
Top 16%of 604
Top 24%of 872
Top 7%of 883
Top 16%of 931
What analysts expect
- Average price target
- $16.81
- Range
- $16.00 – $18.00
- 2 analysts
These targets were collected on May 20, 2026 and our analyst feed has not updated since, so we no longer compare them with today's price.
Recent earnings
Our results feed has not updated since May 21, 2026. Results reported after that are not in this table yet.
| Date | EPS | Expected | Surprise |
|---|---|---|---|
| May 7, 2026 | 0.47 | 0.45 | +4.4% |
| Feb 26, 2026 | 0.49 | 0.49 | +0.0% |
| Nov 6, 2025 | 0.50 | 0.49 | +2.0% |
| Aug 7, 2025 | 0.50 | 0.52 | −3.8% |
| May 8, 2025 | 0.52 | 0.56 | −7.1% |
| Feb 27, 2025 | 0.57 | 0.63 | −9.5% |
| Nov 7, 2024 | 0.66 | 0.64 | +3.1% |
| Aug 8, 2024 | 0.63 | 0.62 | +1.6% |
12.6%of the share price, paid each year
On $1,000 invested$126a year at today's yield, before tax
–per share
Raised–not every year
Paid per share, each year
$0.60 in 2023 → $2.00 in 2025
How safe it looks
150.7% of its profit
Room to growStretchedMore than it earns: 122.0%
News
Mercury Systems upgraded at J.P. Morgan on strong orders, better profitsSeeking Alpha · Nov 11, 2026Morgan Stanley issues strong opinion on S&P 500Yahoo Finance · Nov 10, 2026Oil prices are set to decline, benefiting equities into 2027 – Morgan Stanley’s Mike WilsonSeeking Alpha · Nov 9, 2026The market’s correction is entering its final phase — but wait before buying the dip, says Morgan Stanley chief strategistMarketWatch · Nov 9, 2026Morgan Stanley Says $300. Michael Burry Says Overvalued. Here's Who Is Right About SpaceX Stock.Yahoo Finance · Nov 8, 2026Insider trades
Our insider feed has not updated since May 26, 2026. Trades filed after that are not listed yet.
No insider trades on file.
The seven classic investing rulebooks
5/7Passes 5 of 7. Each bar is how well the company fits that investor's published rules, from 0 to 100; 60 or more counts as a pass.
Warren Buffett
63Pass
Benjamin Graham
81Pass
Philip Fisher
80Pass
Peter Lynch
98Pass
Joel Greenblatt
25No pass
Charlie Munger
53No pass
Terry Smith
60Pass
Questions about Morgan Stanley Direct Lending Fund
Is Morgan Stanley Direct Lending Fund a good stock to buy?
A business with weak numbers, and the price looks low. 5 of the 7 famous investors' published rulebooks we apply pass it. Whether it suits you depends on your goals and the price you pay; invest-like never tells anyone to buy or sell. The AI analysis lays out the case for and against. Read the Morgan Stanley Direct Lending Fund AI analysis
What does Morgan Stanley Direct Lending Fund do?
Morgan Stanley Direct Lending Fund is a business development and finance company, which engages in lending to middle-market companies. It is in Financial - Conglomerates.
Does Morgan Stanley Direct Lending Fund pay a dividend?
Yes. At today's price the dividend is 12.6% a year, about 151% of its yearly profit. In 2025 it paid out $184 million in dividends.
Is Morgan Stanley Direct Lending Fund stock halal?
No. Morgan Stanley Direct Lending Fund does not pass our halal screen: its main business, financial services, is not permitted. How we check
How has Morgan Stanley Direct Lending Fund stock done over the past year?
Down 16.5% over the past twelve months, to $13.94. It traded between $12.78 and $17.79 and is 21.6% below its high.
Who are Morgan Stanley Direct Lending Fund's competitors?
The largest listed companies in the same industry are Voya Financial, Twenty One Capital, Enhanced Group and B. Riley Financial, Inc. 5.50% Senior Notes Due 2026. The peers table on this page compares their profit, growth and price with Morgan Stanley Direct Lending Fund's.
Prices: daily closes to Nov 11, 2026. Fundamentals: company reports via invest-like data.