Morgan Stanley Direct Lending Fund

MSDLNYSEFinancial Services● Active

$15.21

+$0.06(+0.40%)

Market Cap$1.3B

P/E Ratio—

52W High$19.94

52W Low$13.66

Avg Volume712K

Open$15.15

Beta0.62

Free Cash Flow Financials Revenue

Morgan Stanley Direct Lending Fund (MSDL) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

MSDL · free cash flow · updated Jun 8, 2026

Core FCF metrics

MSDL · FCF · TTM · margin & CAGR

Free cash flow was $150.9M for FY2025 (fiscal year ending 2025-12-31), down 25.1% year-over-year The FCF margin was 39.0%. Five-year CAGR stands at +64.8%.

FY2025 Free Cash Flow$150.9M▼ -25.1% YoY

Trailing 12M (TTM)$219.9Mtrailing 4 quarters sum

FCF Margin39.0%$150.9M ÷ revenue

3-Year CAGR+7.5%FY2022 → FY2025

5-Year CAGR+64.8%FY2020 → FY2025

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

MSDL · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$150.9M(0M)$150.9M▼ 25.1%39.0%

FY2024$201.5M(0M)$201.5M▲ +8.4%60.6%

FY2023$185.8M(0M)$185.8M▲ +52.8%56.6%

FY2022$121.6M(0M)$121.6M▲ +79.6%121.3%

FY2021$67.7M(0M)$67.7M▲ +444.5%68.6%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

MSDL · P/FCF · FCF yield · FCF per share

Morgan Stanley Direct Lending Fund (MSDL) trades at a FCF yield of 17.19% and a price-to-free-cash-flow ratio of 6.0x. FCF per share stands at $2.52, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)

17.19%

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

$2.52

TTM FCF ÷ Shares Outstanding

Price / FCF

x6.0

Share Price ÷ FCF per Share

EV / FCF (TTM)

x14.7

Enterprise Value basis

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

MSDL · cash flow statement · operating / investing / financing

For FY2025, Morgan Stanley Direct Lending Fund generated $150.9M in operating cash flow and spent 0M in capital expenditures, yielding $150.9M in free cash flow.

Operating Activities

+$150.9M

Cash from core business operations

2025-12-31

Investing Activities

+$0.0M

CapEx, acquisitions & investments

2025-12-31

Financing Activities

−$132.9M

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF ($150.9M) − |CapEx| (0M) = FCF ($150.9M)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Financial Services)

MSDL vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

Morgan Stanley Direct Lending FundYOU

MSDL

$150.9M-25.1%39.0%

Berkshire Hathaway Inc.

BRK-A

$25.04B+115.6%6.7%

25%

Berkshire Hathaway Inc.

Mastercard Incorporated

$16.91B+18.2%51.6%

17%

Financial Services · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

Morgan Stanley Direct Lending Fund (MSDL) reported free cash flow of $150.9M for FY2025 (fiscal year ending 2025-12-31), down 25.1% year-over-year. The FCF margin was 39.0%.

Based on available data, Morgan Stanley Direct Lending Fund has maintained positive free cash flow for at least 6 fiscal year(s). FCF peaked at $201.5M in FY2024. The 5-year CAGR stands at +64.8%.

Morgan Stanley Direct Lending Fund's FCF yield is 17.19% and price-to-FCF ratio is 6.0x for FY2025, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

MSDL free cash flow · 8 questions

Morgan Stanley Direct Lending Fund free cash flow was $150.9M for FY2025, down 25.1% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $219.9M.

MSDL free cash flowMSDL FCFMSDL FCF 2025MSDL free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · Morgan Stanley Direct Lending Fund · Morgan Stanley Direct Lending Fund SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026