Morgan Stanley Direct Lending Fund (MSDL) Earnings History
Annual and quarterly earnings data from 2020 to 2025
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MSDL EPS Growth (CAGR)
Compound annual growth rate of diluted earnings per share
CAGR (Compound Annual Growth Rate) shows the annualized growth rate of EPS over the specified period. A higher CAGR indicates stronger earnings momentum.
MSDL Profitability Analysis
Margin trends over time
| Year | Gross Margin | Operating Margin | Net Margin |
|---|---|---|---|
| 2025 | 81.0% | 66.7% | 31.5% |
| 2024 | 63.0% | 65.6% | 64.8% |
| 2023 | 65.6% | 70.9% | 70.4% |
| 2022 | 33.0% | 48.8% | 48.4% |
| 2021 | 78.7% | 84.5% | 84.4% |
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Morgan Stanley Direct Lending Fund (MSDL) Earnings Overview
As of May 8, 2026, Morgan Stanley Direct Lending Fund (MSDL) reported trailing twelve-month net income of $134M, reflecting -42.4% year-over-year growth. The company earned $1.56 per diluted share over the past four quarters, with a net profit margin of 31.5%.
Looking at the long-term picture, MSDL's 5-year EPS compound annual growth rate (CAGR) stands at +46.1%, indicating exceptional earnings growth. The company achieved its highest annual net income of $231M in fiscal 2023.
Morgan Stanley Direct Lending Fund maintains industry-leading profitability with a gross margin of 81.0%, operating margin of 66.7%, and net margin of 31.5%. This margin structure demonstrates strong pricing power and operational efficiency. View revenue history →
Compared to peers including ARCC ($1.15B net income, 41.3% margin), FSCO (N/A net income, 74.2% margin), OBDC ($544M net income, 37.4% margin), MSDL has room to improve margins relative to the peer group. Compare MSDL vs ARCC →
MSDL Earnings vs Peers
Earnings metrics vs comparable public companies
MSDL Historical Earnings Data (2020–2025)
6 years| Fiscal Year | Net Income | YoY % | Operating Income | EPS (Diluted) | Net Margin | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $122M | -43.4% | $258M | $1.40 | 31.5% | 66.7% |
| 2024 | $216M | -6.7% | $218M | $2.43 | 64.8% | 65.6% |
| 2023 | $231M | +375.9% | $233M | $2.62 | 70.4% | 70.9% |
| 2022 | $49M | -41.7% | $49M | $0.55 | 48.4% | 48.8% |
| 2021 | $83M | +355.0% | $83M | $0.94 | 84.4% | 84.5% |
| 2020 | $18M | - | $18M | $0.21 | 78.0% | 78.0% |
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Start ComparisonMSDL — Frequently Asked Questions
Quick answers to the most common questions about buying MSDL stock.
Is MSDL growing earnings?
MSDL EPS fell to $1.56, with earnings declining -42.4%. This contrasts with the 5-year CAGR of +46.1%. TTM net income dropped to $134M.
What are MSDL's profit margins?
Morgan Stanley Direct Lending Fund net margin is +31.5%, with operating margin at +66.7%. Above-average margins indicate pricing power.
How consistent are MSDL's earnings?
MSDL earnings data spans 2020-2025. The declining earnings trend is -42.4% YoY. Historical data enables comparison across business cycles.