Last 25 quarters of trend data · Financial Services · Financial - Conglomerates
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 10.69 | — | 12.48 | 12.56 | 11.41 | 14.68 | 8.91 | 8.24 | 8.28 | 9.13 | — | — | — |
| — | — | +40.2% | +52.4% | +37.9% | +60.7% | — | — | — | — | — | — | — | |
| P/S Ratio | 3.28 | 3.99 | 4.14 | 5.40 | 5.59 | 6.74 | 5.49 | 5.19 | 5.61 | 6.15 | — | — | — |
| — | -40.8% | -24.6% | +3.9% | -0.4% | +9.7% | — | — | — | — | — | — | — | |
| P/B Ratio | 0.75 | 0.71 | 0.82 | 0.79 | 0.91 | 0.97 | 1.00 | 0.95 | 1.05 | 1.02 | — | — | — |
| — | -26.9% | -17.8% | -17.2% | -13.0% | -5.3% | — | — | — | — | — | — | — | |
| P/FCF | 8.40 | 9.53 | 6.69 | 8.95 | 10.00 | 12.94 | — | — | 6.50 | 11.70 | — | — | — |
| — | -26.4% | — | — | +53.8% | +10.6% | — | — | — | — | — | — | — | |
| EV / EBITDA | 12.68 | 30.31 | 13.87 | 30.38 | 24.84 | 30.60 | 17.80 | 16.37 | 14.79 | 15.85 | — | — | — |
| — | -0.9% | -22.1% | +85.6% | +68.0% | +93.0% | — | — | — | — | — | — | — | |
| EV / EBIT | 12.68 | 30.31 | 13.87 | 30.38 | 24.84 | 30.60 | 17.80 | 16.37 | 14.79 | 15.85 | — | — | — |
| — | -0.9% | -22.1% | +85.6% | +68.0% | +93.0% | — | — | — | — | — | — | — |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
Morgan Stanley Direct Lending Fund's operating margin was 34.9% in Q1 2026, down 36.5 pp QoQ and down 11.4 pp YoY. The trailing four-quarter average of 49.8% exceeds the current quarter, suggesting the latest result may reflect seasonal weakness or a one-off headwind. Gross margin expanded 66.7% YoY, indicating pricing power or improving input costs.
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 81.0% | 79.6% | 80.5% | 47.6% | 52.5% | 47.8% | 60.5% | 61.0% | 66.3% | 64.4% | 65.5% | 70.0% | 65.1% |
| — | +66.7% | +33.1% | -22.0% | -20.8% | -25.8% | -7.6% | -12.8% | +1.8% | +7.5% | +67.3% | +197.9% | +159.8% | |
| Operating Margin | 66.7% | 34.9% | 71.4% | 43.3% | 49.7% | 46.3% | 62.6% | 63.2% | 68.5% | 68.1% | 71.1% | 74.3% | 70.6% |
| — | -24.7% | +14.0% | -31.5% | -27.5% | -32.0% | -11.9% | -15.0% | -3.0% | +3.4% | +39.6% | +91.3% | +242.8% | |
| Net Margin | 31.5% | -6.0% | 33.0% | 42.7% | 49.4% | 45.3% | 61.4% | 62.6% | 67.9% | 67.5% | 69.3% | 74.3% | 70.6% |
| — | -113.3% | -46.2% | -31.8% | -27.3% | -32.8% | -11.3% | -15.8% | -3.8% | +2.6% | +38.3% | +91.3% | +242.8% |
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 6.8% | -0.3% | 1.6% | 1.5% | 2.0% | 1.6% | 2.8% | 2.9% | 3.2% | 2.9% | 3.6% | 5.0% | 4.0% |
| — | -116.2% | -41.6% | -45.9% | -37.3% | -44.2% | -22.0% | -43.0% | -19.3% | -6.7% | +140.9% | +578.1% | +1573.4% | |
| ROA | 3.1% | -0.1% | 0.7% | 0.7% | 0.9% | 0.8% | 1.3% | 1.4% | 1.7% | 1.5% | 1.7% | 2.3% | 1.8% |
| — | -115.4% | -45.4% | -50.8% | -44.9% | -50.8% | -23.1% | -38.2% | -9.1% | +6.4% | +154.1% | +593.9% | +1619.1% | |
| ROIC | 5.1% | 0.5% | 1.2% | 0.5% | 0.7% | 0.6% | 1.1% | 1.1% | 1.3% | 1.2% | 1.4% | 1.8% | 1.4% |
| — | -12.9% | +15.4% | -51.0% | -45.5% | -50.2% | -23.7% | -37.2% | -7.7% | +7.8% | +157.4% | +594.3% | +1618.9% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
Morgan Stanley Direct Lending Fund's Debt/EBITDA ratio is 78.5x, up from 33.6x last quarter — elevated, raising questions about debt serviceability. Debt/Equity has risen for 9 consecutive quarters, indicating increasing financial leverage that investors should watch closely.
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.19 | 1.21 | 1.19 | 1.17 | 1.15 | 1.11 | 1.07 | 0.99 | 0.89 | 0.81 | 0.87 | 1.16 | 1.08 |
| — | +9.9% | +11.4% | +17.8% | +28.1% | +36.6% | +23.2% | -14.4% | -17.2% | -27.7% | -20.3% | +0.6% | -9.3% | |
| Debt / EBITDA | 8.08 | 78.50 | 33.62 | 74.01 | 56.49 | 66.31 | 37.50 | 34.29 | 27.95 | 28.52 | 25.40 | 23.41 | 27.55 |
| — | +18.4% | -10.3% | +115.8% | +102.1% | +132.5% | +47.6% | +46.5% | +1.5% | -21.2% | -65.9% | -85.3% | — | |
| Current Ratio | — | — | — | 1.42 | 1.69 | 1.48 | 1.36 | 1.61 | 1.25 | 1.68 | 39.86 | 2.19 | 1.28 |
| — | — | — | -12.0% | +35.8% | -11.4% | -96.6% | -26.4% | -2.9% | -38.3% | +1803.2% | -30.2% | -27.0% | |
| Quick Ratio | — | — | — | 1.42 | 1.69 | 1.48 | 1.36 | 1.61 | 1.25 | 1.68 | 39.86 | 2.19 | 1.28 |
| — | — | — | -12.0% | +35.8% | -11.4% | -96.6% | -26.4% | -2.9% | -38.3% | +1803.2% | -30.2% | -27.0% | |
| Interest Coverage | 1.90 | 0.85 | 1.86 | 0.83 | 1.05 | 0.89 | 1.58 | 1.62 | 2.03 | 1.91 | 2.06 | 2.47 | 2.02 |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 25 years · Updated daily
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Quick answers to the most common questions about buying MSDL stock.
Morgan Stanley Direct Lending Fund's current P/E is 10.7x. The average P/E over the last 3 quarters is 12.2x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
Morgan Stanley Direct Lending Fund's current operating margin is 66.7%. Margins have been compressing over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking Morgan Stanley Direct Lending Fund's business trajectory between earnings reports.