Morgan Stanley Direct Lending Fund (MSDL) Fair Value & Analysis
Financial Services · US · Market cap $1.3B
Morgan Stanley Direct Lending Fund
MSDL · US
Fair value as of: Jun 26, 2026
From 25 valuation models · updated 7 days ago
Share price −1.3% over the past month.
Price vs Fair Value (12 months)
12‑month range $13.45 – $17.89 · fair‑value band $18.36 – $30.61 · the $15.27 price screens below the $24.49 fair value. As of Jun 26, 2026.
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Morgan Stanley Direct Lending Fund (MSDL) currently trades at $15.27, while our model-based Fair Value estimate is $24.49 — implying the stock looks roughly 60.4% undervalued today. We read business quality at 62/100 (solid quality), in the Financial Services sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high) — always confirm before acting.
Over the trailing twelve months, Morgan Stanley Direct Lending Fund generated revenue of $385M at a net margin of 22.8%. Revenue declined 12.2% year over year. It earns a return on equity of 5.0%. Net debt stands at $2.0B. Fundamentals as of Jun 26, 2026
Key figures & financial health
More key figures
Figures from reported company fundamentals (EODHD) · as of Jun 26, 2026. TTM = trailing twelve months.
About the company
Morgan Stanley Direct Lending Fund is a business development company. The fund chiefly invests in riskier bonds, issued by middle-market companies or by private equity firms looking to finance their acquisitions.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Morgan Stanley Direct Lending Fund reported revenue of $387M in FY2025 versus $98.6M in FY2021, a compound +40.7%/yr. Reported net income was $122M in FY2025, compounding +10.0%/yr from FY2021.
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Frequently asked questions
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data — nothing guessed.
Educational research only · not financial advice · no buy/sell recommendation. Model-based estimates are not certainties; their reliability depends on data quality and assumptions.