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What is Morgan Stanley Direct Lending Fund PB Ratio?
Morgan Stanley Direct Lending FundMSDL -0.13%38 PB Ratio is 0.79 as of Aug. 21, 2026, which is 16% below its 10-year median of 0.94. GuruFocus rates MSDL with a GF Score™ of 38/100 and a GF Value™ of $7.67 (Significantly Overvalued). The stock has 8 warning signs investors should review. Among 1,594 Asset Management companies, Morgan Stanley Direct Lending Fund ranks better than 74.15% on this metric.
MSDL's PB Ratio is ranked better than 74.15% of 1594
companies
in the Asset Management industry
Industry Median: 0.95
vs MSDL: 0.79
During the past 12 months, Morgan Stanley Direct Lending Fund's average Book Value Per Share Growth Rate was -5.30% per year.
During the past 3 years, the average Book Value Per Share Growth Rate was 8.60% per year.
During the past 5 years, the average Book Value Per Share Growth Rate was 34.70% per year.
During the past 6 years, the highest 3-Year average Book Value Per Share Growth Rate of Morgan Stanley Direct Lending Fund was 78.70% per year. The lowest was 8.60% per year. And the median was 15.60% per year.
The PB Ratio works the best for the businesses that earn most of their profit from their assets, e.g. banks and insurance companies.
Be Aware
Some businesses have very light assets, such as software companies or insurance agencies. The PB Ratio does not work well for these companies. Some companies even have negative equity, so the PB Ratio cannot be applied to them.
Morgan Stanley Direct Lending Fund PB Ratio Related Terms
Morgan Stanley Direct Lending Fund PB Ratio Historical Data
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
For the Asset Management subindustry, Morgan Stanley Direct Lending Fund's PB Ratio, along with its competitors' market caps and PB Ratio data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Morgan Stanley Direct Lending Fund PB Ratio vs Asset Management Industry
For the Asset Management industry and Financial Services sector, Morgan Stanley Direct Lending Fund's PB Ratio distribution charts can be found below:
* The bar in red indicates where Morgan Stanley Direct Lending Fund's PB Ratio falls into.
Morgan Stanley Direct Lending Fund PB Ratio Calculation
The PB Ratio, or Price-to-Book ratio, or Price/Book, is a financial ratio used to compare a company's market price to its Book Value per Share. It is a ratio widely used to value stocks.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
It can also be calculated from the numbers for the whole company:
A closely related ratio is called Price-to-Tangible-Book. The difference between Price-to-Tangible-Book and PB Ratio is that book value other than intangibles are used in the calculation.
Morgan Stanley Direct Lending Fund (MSDL) has a PB Ratio of 0.79 as of Aug. 21, 2026. Price-to-Book ratio is the ratio of share price to a company's book value per share. View historical data on Morgan Stanley Direct Lending Fund and its competitors. This is 16% below median its historical median of 0.94. Over the past decade, Morgan Stanley Direct Lending Fund's PB Ratio has ranged from 0.69 to 1.17. According to the industry distribution chart, Morgan Stanley Direct Lending Fund ranks #412 out of 1594 companies in the Asset Management industry, placing it in the top 25.8%.
Is Morgan Stanley Direct Lending Fund's PB Ratio too high?
Morgan Stanley Direct Lending Fund's current PB Ratio of 0.79 is 16% below median its 10-year median of 0.94. Over the past 10 years, this metric has ranged from a low of 0.69 to a high of 1.17. The Asset Management industry median PB Ratio is 0.95. Morgan Stanley Direct Lending Fund's value of 0.79 is 16.8% below this industry median. Based on the distribution chart, Morgan Stanley Direct Lending Fund ranks #412 out of 1594 companies in the Asset Management industry, which is above the industry midpoint. Overall, Morgan Stanley Direct Lending Fund has a GF Score™ of 38/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Morgan Stanley Direct Lending Fund's PB Ratio compare to JFR and HQH?
According to the Asset Management industry distribution chart, Morgan Stanley Direct Lending Fund ranks #412 out of 1594 companies for PB Ratio. This puts Morgan Stanley Direct Lending Fund in the upper half of its industry. The industry median PB Ratio is 0.95. Morgan Stanley Direct Lending Fund's value of 0.79 is 16.8% below this benchmark. Historically, Morgan Stanley Direct Lending Fund's own PB Ratio has ranged from 0.69 to 1.17 over the past decade. While the company's 10-year median is 0.94 vs. the industry median of 0.95, Morgan Stanley Direct Lending Fund has consistently been below the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good PB Ratio for an Asset Management company?
The median PB Ratio among Asset Management companies is 0.95, based on 1,594 companies in the industry. Companies in the top quartile (top 25%) have a PB Ratio significantly above this median, while those in the bottom quartile fall well below. However, PB Ratio should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Morgan Stanley Direct Lending Fund's current PB Ratio of 0.79 is 16.8% below the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high PB Ratio mean?
A high PB Ratio can signal that a stock is expensive relative to its fundamentals. Price-to-Book ratio is the ratio of share price to a company's book value per share. View historical data on Morgan Stanley Direct Lending Fund and its competitors. For the Asset Management industry, the median PB Ratio is 0.95 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Morgan Stanley Direct Lending Fund's current PB Ratio is 0.79, which is 16% below median its own 10-year median of 0.94. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Morgan Stanley Direct Lending Fund stock overvalued right now?
Based on GuruFocus' analysis, Morgan Stanley Direct Lending Fund (MSDL) is currently considered Significantly Overvalued. The stock's GF Value™ is $7.67, compared to a current price of $15.36 — trading 100.3% above its estimated fair value. The current PB Ratio is 0.79, which is 16% below median its 10-year median of 0.94 and 16.8% below the Asset Management industry median of 0.95. Morgan Stanley Direct Lending Fund's overall GF Score™ is 38/100 with 8 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is PB Ratio calculated?
PB Ratio is calculated from a company's financial statements. For Morgan Stanley Direct Lending Fund (MSDL), the current PB Ratio is 0.79 as of Aug. 21, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Morgan Stanley Direct Lending Fund (MSDL) Overvalued in 2026?
Based on GuruFocus' analysis, Morgan Stanley Direct Lending Fund stock appears to be overvalued.
The current stock price of $15.36 is trading 100.3% above its estimated GF Value™ of $7.67.
GuruFocus considers Morgan Stanley Direct Lending Fund to be Significantly Overvalued.
Key valuation signals for MSDL:
PB Ratio: 0.79 (16% below median its 10-year median of 0.94)
GF Value™: $7.67 vs. price of $15.36 (100.3% above fair value)
Industry Position: 16.8% below the Asset Management median (#412 of 1594)
No single metric tells the full story. See the MSDL stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Morgan Stanley Direct Lending Fund is a fund whose investment objective is to achieve attractive risk-adjusted returns via current income and to a lesser extent, capital appreciation by investing predominantly in directly originated senior secured term loans issued by U.S. middle-market companies backed by private equity sponsors. It invests predominantly in directly originated senior secured term loans including first lien senior secured term loans including unitranche loans and second lien senior secured term loans, with the balance of the investments expected to be in higher-yielding assets such as mezzanine debt, unsecured debt, equity investments and other opportunistic asset purchases.
38GF Score
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