Morgan Stanley Direct Lending Fund (MSDL) P/E Ratio History
UndervaluedTrading at 15.6x vs 5Y avg 36.0x · 82th percentile · Below historical baseline · Data 2024–2026
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P/E Ratio Analysis
As of November 8, 2026, Morgan Stanley Direct Lending Fund (MSDL) trades at a price-to-earnings ratio of 15.6x, with a stock price of $13.62 and trailing twelve-month earnings per share of $0.87.
The current P/E is 57% below its 5-year average of 36.0x. Over the past five years, MSDL's P/E has ranged from a low of 7.8x to a high of 287.6x, placing the current valuation at the 82th percentile of its historical range.
Compared to the Financial Services sector median P/E of 12.1x, MSDL trades at a 30% premium to its sector peers. The sector includes 763 companies with P/E ratios ranging from 0.0x to 190.1x.
The PEG ratio of 0.34 (P/E divided by -42% EPS growth) suggests the stock may be undervalued relative to its earnings growth. Peter Lynch popularized the rule that a PEG below 1.0 indicates an attractive entry point.
Relative to the broader market, MSDL trades at a notable discount to the S&P 500 median P/E of 21.8x. Investors should consider the company's growth prospects, competitive position, and earnings quality when evaluating whether the current valuation is justified.
For a comprehensive intrinsic value estimate using discounted cash flow analysis, see our MSDL DCF Valuation Calculator →
Note: P/E ratio is just one valuation metric. It does not account for balance sheet strength, cash flow quality, or growth sustainability. Always conduct comprehensive due diligence before making investment decisions.
MSDL Cross-Benchmark Valuation
How does the current P/E compare to sector peers and the broader market?
MSDL P/E vs Peers
Mid-Cap and Venture BDCs peers sorted by market cap
| Company | Market Cap | P/E Ratio | PEG Ratio | EPS Growth (1Y) |
|---|---|---|---|---|
| $14B | 15.7 | 1.53 | -24% | |
| $1B | 6.8Lowest | - | -20% | |
| $5B | 15.8 | 3.60 | -19% | |
| $3B | 22.6 | 0.73 | +4% | |
| $177M | 8.2 | 8.05 | +49%Best | |
| $776M | 11.1 | 0.17Best | -36% | |
| $3B | 9.1 | - | +15% | |
| $644M | 11.1 | 0.31 | -3% | |
| $683M | 13.6 | 1.53 | -49% |
Lower P/E can signal a discount or weaker growth expectations; PEG adds growth context.
MSDL Historical P/E Data (2024–2026)
Quarterly P/E ratios calculated from closing price and TTM EPS
| Quarter | Period End | Price | TTM EPS | P/E Ratio | vs Avg |
|---|---|---|---|---|---|
| FY2026 Q3 | Sep 30 2026 | $13.63 | $0.05 | 287.6x | +699% |
| FY2026 Q2 | - | $15.12 | $0.69 | 22.0x | -39% |
| FY2026 Q1 | - | $13.96 | $1.01 | 13.9x | -61% |
| FY2025 Q4 | Dec 31 2025 | $16.48 | $1.40 | 11.8x | -67% |
| FY2025 Q3 | - | $16.08 | $1.65 | 9.7x | -73% |
| FY2025 Q2 | Jun 30 2025 | $18.72 | $1.93 | 9.7x | -73% |
| FY2025 Q1 | Mar 31 2025 | $19.96 | $2.18 | 9.2x | -75% |
| FY2024 Q4 | - | $20.66 | $2.43 | 8.5x | -76% |
| FY2024 Q3 | Sep 30 2024 | $19.78 | $2.55 | 7.8x | -78% |
| FY2024 Q2 | Jun 30 2024 | $21.85 | $2.78 | 7.9x | -78% |
| FY2024 Q1 | Mar 31 2024 | $21.55 | $2.76 | 7.8x | -78% |
Average P/E for displayed period: 36.0x
MSDL Chart Terminal
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Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
Historical Returns
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Peer Comparison
Compare growth, multiples, and margins vs sector.
MSDL — Frequently Asked Questions
Quick answers to the most common questions about buying MSDL stock.
What is MSDL's P/E ratio?
Morgan Stanley Direct Lending Fund (MSDL) trailing twelve-month P/E ratio is 15.6x, based on TTM diluted EPS of $0.87. The 5-year average P/E is 36.0x and the historical range spans 7.8x to 287.6x.
Is MSDL stock overvalued or undervalued?
MSDL trades at 15.6x P/E, below its 5-year average of 36.0x. At the 82th percentile of its historical range (7.8x–287.6x), the stock is priced at a discount to its own history.
Is MSDL stock expensive?
No, MSDL is not expensive on a historical basis. The current P/E of 15.6x is below the 5-year average of 36.0x and sits at the 82th percentile of its valuation range.
What is MSDL's historical P/E range?
Over the past 5 years, MSDL's P/E ratio has ranged from 7.8x to 287.6x, with a median of 9.7x and an average of 36.0x. The current P/E of 15.6x places the stock at the 82th percentile of this range. Full historical data spans 2024–2026.
How does MSDL's P/E compare to the S&P 500?
MSDL trades at 15.6x P/E versus the S&P 500 median of 21.8x. The 28% discount to the market suggests lower growth expectations or perceived higher risk.
How does MSDL's valuation compare to Financial Services peers?
Morgan Stanley Direct Lending Fund P/E of 15.6x compares to the Financial Services sector median of 12.1x. The premium reflects expected growth above peers or stronger fundamentals. See the peer comparison table on this page for ticker-by-ticker P/E and PEG.
What is MSDL's PEG ratio?
MSDL PEG ratio is 0.34, based on a P/E of 15.6x and EPS growth of -42.4%. A PEG below 1.0 indicates the valuation is supported by the earnings growth rate — typically considered attractive.
What is MSDL's earnings yield?
MSDL earnings yield is 6.39%, the inverse of its 15.6x P/E ratio. Earnings yield represents the percentage of each dollar invested that the company earns. It can be compared directly to bond yields to assess relative attractiveness of stocks versus fixed income.