Last 27 quarters of trend data · Financial Services · BDCs & Private Credit
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
| Metric | TTM | Q3 '26 | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 15.64 | — | 42.00 | — | 12.48 | 12.56 | 11.41 | 14.68 | 8.91 | 8.24 | 8.28 | 9.13 | — | — | — | — | — | — | — | — | — |
| — | — | +267.9% | — | +40.2% | +52.4% | +37.9% | +60.7% | — | — | — | — | — | — | — | — | — | — | — | — | — | |
| P/S Ratio | 6.10 | 28.77 | 6.33 | 3.99 | 6.71 | 11.34 | 10.64 | 14.11 | 9.07 | 8.51 | 8.46 | 9.54 | — | — | — | — | — | — | — | — | — |
| — | +153.6% | -40.5% | -71.7% | -26.0% | +33.2% | +25.8% | +47.9% | — | — | — | — | — | — | — | — | — | — | — | — | — | |
| P/B Ratio | 0.68 | 0.73 | 0.78 | 0.71 | 0.82 | 0.79 | 0.91 | 0.97 | 1.00 | 0.95 | 1.05 | 1.02 | — | — | — | — | — | — | — | — | — |
| — | -7.5% | -14.7% | -27.0% | -17.8% | -17.2% | -13.0% | -5.3% | — | — | — | — | — | — | — | — | — | — | — | — | — | |
| P/FCF | 4.73 | — | 3.09 | 3.47 | 6.69 | 8.95 | 10.00 | 12.94 | — | — | 6.50 | 11.70 | — | — | — | — | — | — | — | — | — |
| — | — | -69.1% | -73.2% | — | — | +53.8% | +10.6% | — | — | — | — | — | — | — | — | — | — | — | — | — | |
| EV / EBITDA | 24.50 | — | 19.62 | 30.15 | 13.87 | 30.38 | 24.84 | 30.60 | 17.80 | 16.37 | 14.79 | 15.85 | — | — | — | — | — | — | — | — | — |
| — | — | -21.0% | -1.5% | -22.1% | +85.6% | +68.0% | +93.0% | — | — | — | — | — | — | — | — | — | — | — | — | — | |
| EV / EBIT | 12.24 | — | 19.62 | 30.15 | 13.87 | 30.38 | 24.84 | 30.60 | 17.80 | 16.37 | 14.79 | 15.85 | — | — | — | — | — | — | — | — | — |
| — | — | -21.0% | -1.5% | -22.1% | +85.6% | +68.0% | +93.0% | — | — | — | — | — | — | — | — | — | — | — | — | — |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
| Metric | TTM | Q3 '26 | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 125.0% | — | 100.0% | 79.6% | 130.6% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| — | — | 0.0% | -20.4% | +30.6% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | +27.1% | |
| Operating Margin | 102.9% | — | 95.9% | 34.9% | 115.8% | 91.0% | 94.7% | 96.9% | 103.6% | 103.6% | 103.3% | 105.7% | 108.6% | 106.2% | 108.4% | 109.9% | 130.1% | 165.4% | 45.4% | 118.4% | 109.9% |
| — | — | +1.2% | -64.0% | +11.9% | -12.2% | -8.4% | -8.3% | -4.7% | -2.5% | -4.7% | -3.8% | -16.5% | -35.8% | +138.6% | -7.2% | +18.4% | +50.9% | -56.5% | +13.9% | +6.8% | |
| Net Margin | 48.7% | 412.0% | 15.7% | -6.0% | 53.6% | 89.7% | 94.2% | 94.9% | 101.6% | 102.6% | 102.5% | 104.8% | 105.8% | 106.2% | 108.4% | 109.9% | 128.0% | 165.4% | 45.4% | 118.4% | 109.6% |
| — | +359.5% | -83.4% | -106.3% | -47.2% | -12.6% | -8.1% | -9.4% | -4.0% | -3.4% | -5.5% | -4.6% | -17.3% | -35.8% | +138.6% | -7.2% | +16.8% | +50.9% | -56.5% | +13.9% | +24.2% |
| Metric | TTM | Q3 '26 | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 6.8% | 2.5% | 0.5% | -0.3% | 1.6% | 1.5% | 2.0% | 1.6% | 2.8% | 2.9% | 3.2% | 2.9% | 3.6% | 5.0% | 4.0% | 3.1% | 1.5% | 0.7% | -0.3% | 1.9% | 2.7% |
| — | +64.5% | -76.3% | -116.2% | -41.6% | -45.9% | -37.3% | -44.2% | -22.0% | -43.0% | -19.3% | -6.7% | +140.9% | +578.1% | +1573.4% | +66.5% | -45.4% | -77.6% | -106.6% | -56.0% | -28.1% | |
| ROA | 3.1% | 1.1% | 0.2% | -0.1% | 0.7% | 0.7% | 0.9% | 0.8% | 1.3% | 1.4% | 1.7% | 1.5% | 1.7% | 2.3% | 1.8% | 1.4% | 0.7% | 0.3% | -0.1% | 0.9% | 1.2% |
| — | +59.9% | -77.2% | -115.4% | -45.4% | -50.8% | -44.9% | -50.8% | -23.1% | -38.2% | -9.1% | +6.4% | +154.1% | +593.9% | +1619.1% | +65.7% | -43.8% | -75.8% | -107.4% | -50.0% | -32.7% | |
| ROIC | 5.1% | — | 1.0% | 0.5% | 1.2% | 0.5% | 0.7% | 0.6% | 1.1% | 1.1% | 1.3% | 1.2% | 1.4% | 1.8% | 1.4% | 1.1% | 0.5% | 0.3% | -0.1% | 0.7% | 0.9% |
| — | — | +39.0% | -12.9% | +15.4% | -51.0% | -45.5% | -50.2% | -23.7% | -37.2% | -7.7% | +7.8% | +157.4% | +594.3% | +1618.9% | +65.7% | -43.0% | -76.1% | -107.2% | -50.9% | -44.3% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
| Metric | TTM | Q3 '26 | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.19 | — | 1.20 | 1.21 | 1.19 | 1.17 | 1.15 | 1.11 | 1.07 | 0.99 | 0.89 | 0.81 | 0.87 | 1.16 | 1.08 | 1.12 | 1.09 | 1.15 | 1.19 | 1.14 | 1.05 |
| — | — | +5.0% | +9.9% | +11.4% | +17.8% | +28.1% | +36.6% | +23.2% | -14.4% | -17.2% | -27.7% | -20.3% | +0.6% | -9.3% | -1.6% | +3.7% | -17.5% | -1.9% | -25.0% | -5.0% | |
| Debt / EBITDA | 8.08 | — | 48.64 | 78.50 | 33.62 | 74.01 | 56.49 | 66.31 | 37.50 | 34.29 | 27.95 | 28.52 | 25.40 | 23.41 | 27.55 | 36.19 | 74.49 | 159.60 | — | 60.95 | 47.17 |
| — | — | -13.9% | +18.4% | -10.3% | +115.8% | +102.1% | +132.5% | +47.6% | +46.5% | +1.5% | -21.2% | -65.9% | -85.3% | — | -40.6% | +57.9% | +239.0% | — | +51.3% | +66.2% | |
| Current Ratio | 1.33 | — | 1.65 | 1.23 | 1.33 | 1.42 | 1.69 | 1.48 | 1.36 | 1.61 | 1.25 | 1.68 | 39.86 | 2.19 | 1.28 | 2.72 | 2.09 | 3.14 | 1.76 | 1.57 | 2.85 |
| — | — | -2.6% | -17.2% | -2.2% | -12.0% | +35.8% | -11.4% | -96.6% | -26.4% | -2.9% | -38.3% | +1803.2% | -30.2% | -27.0% | +73.3% | -26.6% | — | — | — | — | |
| Quick Ratio | 1.33 | — | 1.65 | 1.23 | 1.33 | 1.42 | 1.69 | 1.48 | 1.36 | 1.61 | 1.25 | 1.68 | 39.86 | 2.19 | 1.28 | 2.72 | 2.09 | 3.14 | 1.76 | 1.57 | 2.85 |
| — | — | -2.6% | -17.2% | -2.2% | -12.0% | +35.8% | -11.4% | -96.6% | -26.4% | -2.9% | -38.3% | +1803.2% | -30.2% | -27.0% | +73.3% | -26.6% | — | — | — | — | |
| Interest Coverage | 1.90 | — | 1.27 | 0.85 | 1.86 | 0.83 | 1.05 | 0.89 | 1.58 | 1.62 | 2.03 | 1.91 | 2.06 | 2.47 | 2.02 | 1.64 | 0.84 | 0.51 | -0.24 | 2.15 | 3.41 |
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Includes 30+ ratios · 27 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 15.6x. The average P/E over the last 2 quarters is 27.2x. 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 102.9%. 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.