CompanyGraphMorgan Stanley Direct Lending Corp.
MSDL · NYSE Arca · United States
Financials as of FY2025
What stands out
- Pays more per share than it earned over the last twelve months
At a glance
- Depends onMidstream position: 5 outgoing, 5 incoming connections
- ScaleMarket cap is $1.2B, above the global median of $1.18B
- PositionOperating margin is 80%, higher than 95% of its Asset Management peers (median 29.2%)
- Interpretations1 currently firing — 1
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Sign inWhat the company actually pays, and whether its own cash supports it.
What stands out
- Pays more per share than it earned over the last twelve months
Dividends view
Yield
12.60%
Annual Rate
USD 1.80Paid quarterly
Payout Ratio
275.4%High
Payback Period
7.1 yr
Last Ex-Dividend
Sep 30, 2026
The reported statements, read against the company's own industry.
Financials view
Market Capitalization
1.20BUSDvs all stocks (USD)
Trailing P/E
20.71xvs Asset Management peers
Revenue (TTM)
374.16MUSDvs all stocks (USD)
Profit Margin
15.97%vs Asset Management peers
Beta
0.6360xvs all stocks
52-Week Change
-14.33%vs all stocks
Forward Annual Dividend Yield
12.60%vs all stocks
Market Capitalization
1.20BUSDvs all stocks (USD)
Enterprise Value
3.13BUSDvs all stocks (USD)
Trailing P/E
20.71xvs Asset Management peers
Forward P/E
7.93xvs Asset Management peers
PEG Ratio
-0.2653xvs Asset Management peers
Price to Sales (TTM)
3.21xvs Asset Management peers
Price to Book (MRQ)
0.7328xvs Asset Management peers
Enterprise to Revenue
8.36xvs Asset Management peers
Profit Margin
15.97%vs Asset Management peers
Operating Margin
79.95%vs Asset Management peers
Return on Assets (TTM)
4.89%vs Asset Management peers
Return on Equity (TTM)
3.48%vs Asset Management peers
Revenue (TTM)
374.16MUSDvs all stocks (USD)
Revenue per Share (TTM)
4.35USDUpdated Sep 28, 2026Quarterly Revenue Growth
-10.80%vs Asset Management peers
Gross Profit (TTM)
374.16MUSDvs all stocks (USD)
EBITDA (TTM)
0.00USDvs all stocks (USD)
Net Income (TTM)
59.75MUSDvs all stocks (USD)
Quarterly Earnings Growth (YoY)
-78.00%vs Asset Management peers
Operating Cash Flow (TTM)
282.91MUSDvs all stocks (USD)
Levered Free Cash Flow (TTM)
81.17MUSDvs all stocks (USD)
Forward Annual Dividend Rate
1.80USDUpdated Sep 28, 2026Forward Annual Dividend Yield
12.60%vs all stocks
Trailing Annual Dividend Rate
1.90USDUpdated Sep 28, 2026Trailing Annual Dividend Yield
13.30%vs all stocks
Payout Ratio
275.36%vs Asset Management peers
Revenue
133.07MUSDFY2025 · Dec 31, 2025Pre-tax Income
124.91MUSDFY2025 · Dec 31, 2025Income Tax Expense
2.81MUSDFY2025 · Dec 31, 2025Net Income
122.09MUSDFY2025 · Dec 31, 2025Selling, General & Administrative
9.18MUSDFY2025 · Dec 31, 2025Other Operating Expenses
-1.02MUSDFY2025 · Dec 31, 2025Net Income from Continuing Operations
122.09MUSDFY2025 · Dec 31, 2025Operating Cash Flow
101.52MUSDFY2025 · Dec 31, 2025Cash & Cash Equivalents (End of Period)
81.43MUSDFY2025 · Dec 31, 2025Starting Profit (CF Statement)
122.09MUSDFY2025 · Dec 31, 2025Other Non-cash Items
-24.71MUSDFY2025 · Dec 31, 2025Change in Accounts Receivable (CF)
4.13MUSDFY2025 · Dec 31, 2025Change in Other Assets/Liabilities
0.00USDFY2025 · Dec 31, 2025Long-term Debt Issuance
1.55BUSDFY2025 · Dec 31, 2025Long-term Debt Payments
-1.45BUSDFY2025 · Dec 31, 2025Common Stock Repurchase
-42.13MUSDFY2025 · Dec 31, 2025Common Dividends Paid
-184.03MUSDFY2025 · Dec 31, 2025Other Financing Charges
0.00USDFY2025 · Dec 31, 2025Net Financing Cash Flow
-120.81MUSDFY2025 · Dec 31, 2025Shares Outstanding
84.50MSharesUpdated Sep 28, 2026Shares Short
4.04MSharesUpdated Sep 28, 2026Short Ratio
9.67daysvs all stocks
Short % of Shares Outstanding
5.46%vs all stocks
% Held by Insiders
0.60%vs all stocks
% Held by Institutions
35.10%vs all stocks
Total Cash (MRQ)
57.46MUSDvs all stocks (USD)
Total Cash per Share (MRQ)
0.6830USDUpdated Sep 28, 2026Total Debt (MRQ)
1.98BUSDvs all stocks (USD)
Total Debt to Equity (MRQ)
1.20xvs Asset Management peers
Current Ratio (MRQ)
1.52xvs Asset Management peers
Book Value per Share (MRQ)
19.50USDUpdated Sep 28, 2026Total Assets
3.92BUSDvs all stocks (USD)
Total Liabilities
2.17BUSDFY2025 · Dec 31, 2025Cash
77.61MUSDFY2025 · Dec 31, 2025Cash Equivalents
12.98MUSDFY2025 · Dec 31, 2025Cash & Cash Equivalents
90.59MUSDFY2025 · Dec 31, 2025Accounts Payable
64.17MUSDFY2025 · Dec 31, 2025Long-term Debt
2.09BUSDFY2025 · Dec 31, 2025Common Stock (Book)
86.00KUSDFY2025 · Dec 31, 2025Retained Earnings
-19.62MUSDFY2025 · Dec 31, 2025Total Shareholders' Equity
1.75BUSDvs all stocks (USD)
52-Week Low
13.66USDUpdated Sep 28, 202652-Week High
17.91USDUpdated Sep 28, 202652-Week Change
-14.33%vs all stocks
Beta
0.6360xvs all stocks
50-Day MA
15.11USDUpdated Sep 28, 2026200-Day MA
15.42USDUpdated Sep 28, 2026Avg 10-Day Volume
360.40KSharesUpdated Sep 28, 2026Avg 30-Day Volume
395.90KSharesUpdated Sep 28, 2026Diluted EPS (TTM)
0.6900USDUpdated Sep 28, 20261 interpretation currently present — each is a set of fired observations whose alignment reads as one structural pattern. Click an observation to see the numbers behind it.
Screen for these patternsIs this company financially stable?
Debt Financing Activity
More cash moved through borrowing and repaying than through the business itself, and most of its debt is long-term.
Reads
An interpretation is present only while every observation it reads stays fired (score ≥ 70). It describes what the aligned readings show — never a verdict, never a prediction.
Shared structure with peers — never a ranking.
Relationships view
Structural observations derived from financial data, industry benchmarks, and supply chain position.
Peer Positioning
Operating margin is 80%, higher than 95% of its Asset Management peers (median 29.2%)Significant
Operating margin: 0.80Industry median: 0.29Industry P95: 0.76Peers compared: 105
Structural Tensions
Pays more per share than it earned over the last twelve monthsSignificant
Payout Ratio: 2.75Dividend per Share: 1.90Earnings per Share: 0.69
Prioritizing buybacks over growth reinvestmentNotable
Buyback Intensity: 0.04Revenue Growth YoY: -0.11
Financial Health
High earnings qualityNotable
Earnings Quality Score: 0.60
Supply Chain
Midstream position: 5 outgoing, 5 incoming connectionsNotable
Outgoing: 5.00Incoming: 5.00
High connectivity hub: 10 industry connectionsNotable
Total Connections: 10.00
Scale
Market cap is $1.2B, above the global median of $1.18BNotable
Market cap (USD): 1,201,862,193Global Median: 1,180,223,658.953
Levered free cash flow is $81.17M, above the global median of $18.73MNotable
Levered free cash flow (USD): 81,169,872Global Median: 18,729,043.027
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