A Business at a Glance
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Invesco Ltd.
IVZ
$13.6B
Mkt Cap
$29.93
+0.44%
Invesco Ltd. (IVZ) has a 5-year average return on invested capital (ROIC) of 1.7%. This is below average and may indicate limited pricing power.
Invesco Ltd. (IVZ) has a market capitalization of $13.3B. It is classified as a large-cap stock.
Yes, Invesco Ltd. (IVZ) pays a dividend with a trailing twelve-month yield of 2.86%. The company also returns capital through share buybacks, with a buyback yield of 1.13%.
Invesco Ltd. (IVZ) operates in the Investment Advice industry, within the Financials sector.
Invesco Ltd. (IVZ) reported annual revenue of $6.4 billion in its most recent fiscal year, based on SEC EDGAR filings.
Invesco Ltd. (IVZ) has a net profit margin of -11.4%. The company is currently unprofitable.
Invesco Ltd. (IVZ) generated $1.4 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Invesco Ltd. is an independent global investment manager with approximately 7,500 employees and operations in over 20 countries, serving clients in more than 120 countries with approximately $2.2 trillion in assets under management as of December 31, 2025. The company operates through two primary distribution channels—retail ($1.5 trillion AUM) and institutional ($654 billion AUM)—offering a comprehensive range of active, passive, and alternative investment capabilities across equity, fixed income, balanced, alternatives, and money market asset classes. Retail products are distributed through third-party financial intermediaries including wirehouses, broker-dealers, banks, and increasingly through digital and online wealth platforms, while institutional products serve corporate clients, pension funds, endowments, foundations, and sovereign wealth funds through dedicated regional sales forces. The company's competitive strengths include its globally diverse investment teams, breadth and depth of investment capabilities across multiple vehicles and geographies, independent business model that avoids conflicts inherent in vertically integrated competitors, and strong long-term investment performance; revenue is derived substantially from investment management contracts with fees varying by asset type, with higher fees on actively managed equities and alternatives and lower fees on fixed income, money market, and exchange-traded funds. Key growth drivers include the China joint venture (Invesco Great Wall, approximately $132.5 billion AUM), expanding private markets capabilities targeting retail and defined contribution channels, and the QQQ ETF platform, while the company benefits from secular trends including increasing private market allocations, continued shift toward passive strategies, and growing demand for personalized investment solutions and digital delivery channels.
【Operating leverage expansion ahead】 Management expects continued operating margin expansion in 2026 driven by disciplined expense management and positive operating leverage, with the hybrid investment platform implementation expected to complete by year-end 2026 and generate run-rate savings beginning in 2027. The company anticipates strong net flows from high-demand offerings including ETFs, China operations, and private markets partnerships, with particular momentum in Asia and EMEA where these regions now represent approximately one-third to 40% of long-term AUM. Capital allocation priorities remain focused on a total payout ratio near 60% through common dividends and share buybacks, while the company continues to reduce leverage through debt repayment and expects leverage ratios to improve as EBITDA grows and revolving credit facility balances decline. Management is investing in talent, technology, and new product development to capture secular growth opportunities in private markets, defined contribution channels, and emerging markets, while maintaining disciplined cost management and simplifying the organizational footprint.
| Metric | Target | Period |
|---|---|---|
| Operating expenses | $3.275 billion | FY2026 (under flat markets) |
| Hybrid platform implementation costs | $10 million-$15 million per quarter | FY2026 |
| Hybrid platform cost base | at least $60 million | Calendar year 2027 |
| Marketing expenses | $60 million-$100 million | FY2026 |
| Net revenue yield | 22%-23% | FY2026 |
| Compensation ratio | midpoint of 38%-42% range | FY2026 |
| Operating income impact from CI transaction | $5 million-$10 million loss | Initial impact starting Q3 2026 |
| Total payout ratio | near 60% | FY2026 |
Operating expenses (FY2026 (under flat markets)): “We expect operating expenses for 2026 to be in the $3.275 billion range under flat markets from the higher April AUM level that we indicated is in the $2.3 trillion range.”
Hybrid platform implementation costs (FY2026): “Regarding the hybrid investment platform cost for 2026, we expect one-time implementation quarterly cost to continue in the $10 million-$15 million range per quarter going forward, with the push to have implementation completed by year-end.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 6.6B | 6.4B | 6.1B | 5.7B | 6.0B | 6.9B |
| Net Income | -667M | -726M | 538M | -334M | 684M | 1.4B |
| EPS | $-1.50 | $-1.60 | $1.18 | $-0.73 | $1.49 | $2.99 |
| Free Cash Flow | 1.7B | 1.4B | 1.1B | 1.1B | 510M | 969M |
| ROIC | -3.7% | -4.9% | 3.4% | -2.0% | 4.0% | 8.2% |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 0.16 | 0.15 | 0.06 | 0.10 | 0.10 | 0.13 |
| Dividends/Share | $0.86 | $0.84 | $0.82 | $0.79 | $0.73 | $0.67 |
| Operating Income | -640M | -696M | 832M | -435M | 1.3B | 1.8B |
| Operating Margin | -9.7% | -10.9% | 13.7% | -7.6% | 21.8% | 25.9% |
| ROE | -5.4% | -5.4% | 3.7% | -2.2% | 4.5% | 9.3% |
| Shares Outstanding | 443M | 454M | 456M | 457M | 459M | 466M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 5.1B | 5.1B | 4.7B | 5.2B | 5.3B | 6.1B | 6.1B | 6.9B | 6.0B | 5.7B | 6.1B | 6.4B | 6.6B |
| Gross Margin | 72.9% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 397M | 362M | 294M | 307M | 324M | 404M | 481M | 424M | 494M | 568M | 595M | 577M | 586M |
| EBIT | 1.3B | 1.4B | 1.2B | 1.3B | 1.2B | 808M | 920M | 1.8B | 1.3B | -435M | 832M | -696M | -640M |
| Op. Margin | 24.8% | 26.5% | 24.3% | 24.8% | 22.7% | 13.2% | 15.0% | 25.9% | 21.8% | -7.6% | 13.7% | -10.9% | -9.7% |
| Net Income | 988M | 968M | 854M | 1.1B | 883M | 565M | 525M | 1.4B | 684M | -334M | 538M | -726M | -667M |
| Net Margin | 19.2% | 18.9% | 18.0% | 21.8% | 16.6% | 9.2% | 8.5% | 20.2% | 11.3% | -5.8% | 8.9% | -11.4% | -10.1% |
| Non-Recurring | 0 | 16M | 51M | 69M | 6.9M | 1.5M | 119M | 78M | 14M | 30M | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 9.9% | 9.7% | 8.7% | 11.1% | 8.1% | 4.2% | 3.2% | 8.2% | 4.0% | -2.0% | 3.4% | -4.9% | -3.7% |
| ROE | 11.8% | 11.9% | 11.1% | 13.9% | 10.2% | 5.0% | 3.7% | 9.3% | 4.5% | -2.2% | 3.7% | -5.4% | -5.4% |
| ROA | 5.0% | 4.3% | 3.4% | 3.9% | 2.8% | 1.6% | 1.4% | 4.0% | 2.2% | -1.1% | 1.9% | -2.7% | -2.5% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 1.2B | 1.1B | 654M | 1.2B | 829M | 1.1B | 1.2B | 1.1B | 703M | 1.3B | 1.2B | 1.5B | 1.8B |
| Free Cash Flow | 1.1B | 1.0B | 506M | 1.0B | 726M | 992M | 1.1B | 969M | 510M | 1.1B | 1.1B | 1.4B | 1.7B |
| Owner Earnings | 973M | 885M | 393M | 866M | 514M | 732M | 838M | 733M | 402M | 1.0B | 906M | 1.3B | 1.6B |
| CapEx | 133M | 125M | 148M | 112M | 103M | 124M | 115M | 109M | 193M | 164M | 69M | 84M | 75M |
| Maint. CapEx | 89M | 94M | 101M | 117M | 142M | 178M | 204M | 205M | 195M | 183M | 180M | 156M | 148M |
| Growth CapEx | 44M | 31M | 47M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 89M | 94M | 101M | 117M | 142M | 178M | 204M | 205M | 195M | 183M | 180M | 156M | 148M |
| CapEx/OCF | 11.1% | 11.8% | 22.6% | 9.6% | 12.4% | 11.1% | 9.3% | 10.1% | 27.4% | 12.6% | 5.8% | 5.5% | 4.1% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 424M | 455M | 460M | 472M | 491M | 529M | 357M | 308M | 335M | 358M | 372M | 377M | 380M |
| Dividend Yield | 4.3% | 4.6% | 5.8% | 5.2% | 6.4% | 8.9% | 7.8% | 3.3% | 4.6% | 5.5% | 5.3% | 4.5% | 2.9% |
| Share Buybacks | 270M | 624M | 535M | 64M | 0 | 111M | 47M | 61M | 245M | 188M | 79M | 124M | 150M |
| Buyback Yield | 2.5% | 6.2% | 7.0% | 0.6% | 1.1% | 7.9% | 0.7% | 0.7% | 3.5% | 2.5% | 1.0% | 1.0% | 1.1% |
| Stock-Based Comp | 138M | 150M | 160M | 175M | 172M | 208M | 189M | 140M | 106M | 115M | 105M | 80M | 99M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | -1.4B | 228M | 781M | 244M | 1.2B | 1.2B | 937M | 283M | 225M | 90M | -158M | 810M | 1.3B |
| Cash & Equiv. | 1.5B | 1.9B | 1.3B | 2.0B | 1.1B | 1.0B | 1.4B | 1.9B | 1.2B | 1.5B | 987M | 1.0B | 700M |
| Long-Term Debt | 1.6B | 2.1B | 2.1B | 2.1B | 2.4B | 2.1B | 2.1B | 2.1B | 1.5B | 1.5B | 891M | 1.8B | 2.0B |
| Debt/Equity | 0.19 | 0.26 | 0.28 | 0.24 | 0.28 | 0.15 | 0.15 | 0.13 | 0.10 | 0.10 | 0.06 | 0.15 | 0.16 |
| Interest Coverage | 17.5 | 16.6 | 12.3 | 13.5 | 10.8 | 6.0 | 7.1 | 18.9 | 15.5 | -6.2 | 14.3 | -8.4 | -8.4 |
| Equity | 8.3B | 7.9B | 7.5B | 8.7B | 8.6B | 13.9B | 14.4B | 15.5B | 15.2B | 14.6B | 14.6B | 12.2B | 12.3B |
| Total Assets | 20.5B | 25.1B | 25.7B | 31.7B | 31.0B | 39.4B | 36.5B | 32.7B | 29.8B | 28.9B | 27.0B | 27.1B | 26.8B |
| Total Liabilities | 11.2B | 16.2B | 17.8B | 22.5B | 21.6B | 24.7B | 21.5B | 16.0B | 12.9B | 13.0B | 11.3B | 14.1B | 13.6B |
| Intangibles | 1.2B | 1.4B | 1.4B | 1.6B | 2.2B | 7.4B | 7.3B | 7.2B | 7.1B | 5.8B | 5.7B | 3.9B | 3.9B |
| Retained Earnings | 3.9B | 4.4B | 4.8B | 5.5B | 5.9B | 5.9B | 6.1B | 7.2B | 7.5B | 6.8B | 7.0B | 5.9B | 6.0B |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||||||||||
| EPS | 2.27 | 2.26 | 2.06 | 2.75 | 2.14 | 1.28 | 1.13 | 2.99 | 1.49 | -0.73 | 1.18 | -1.60 | -1.50 |
| Owner EPS | 2.24 | 2.06 | 0.95 | 2.11 | 1.25 | 1.66 | 1.81 | 1.57 | 0.88 | 2.20 | 1.99 | 2.84 | 3.56 |
| Book Value | 19.13 | 18.41 | 18.10 | 21.21 | 20.80 | 31.42 | 30.92 | 33.26 | 33.15 | 31.93 | 31.93 | 26.94 | 27.64 |
| Cash Flow/Share | 2.76 | 2.63 | 1.58 | 2.82 | 2.01 | 2.53 | 2.65 | 2.31 | 1.53 | 2.85 | 2.61 | 3.36 | -1.17 |
| Dividends/Share | 0.98 | 1.06 | 1.11 | 1.15 | 1.19 | 1.23 | 0.78 | 0.67 | 0.73 | 0.79 | 0.82 | 0.84 | 0.86 |
| Shares Out. | 435.3M | 428.4M | 414.7M | 409.9M | 412.5M | 441.2M | 464.4M | 465.9M | 459.0M | 457.1M | 455.9M | 453.9M | 443.3M |
| Valuation | |||||||||||||
| P/E Ratio | 10.9 | 9.2 | 9.6 | 9.0 | 5.5 | 10.6 | 12.3 | 6.5 | 10.3 | N/A | 14.2 | N/A | -19.9 |
| P/FCF | 10.1 | 8.8 | 16.2 | 9.7 | 6.7 | 6.0 | 5.8 | 9.3 | 13.8 | 6.6 | 6.8 | 8.4 | 7.6 |
| EV/EBIT | 7.3 | 5.3 | 6.5 | 6.5 | 4.1 | 7.4 | 6.2 | 4.7 | 4.6 | N/A | 7.9 | N/A | N/A |
| Price/Book | 1.3 | 1.1 | 1.1 | 1.2 | 0.6 | 0.4 | 0.4 | 0.6 | 0.5 | 0.5 | 0.5 | 1.0 | 1.1 |
| Price/Sales | 1.9 | 1.9 | 1.7 | 1.8 | 1.5 | 1.0 | 0.7 | 1.4 | 1.2 | 1.1 | 1.1 | 1.3 | 2.0 |
| FCF Yield | 9.9% | 11.3% | 6.2% | 10.3% | 15.0% | 16.7% | 17.3% | 10.7% | 7.2% | 15.2% | 14.6% | 11.9% | 13.2% |
| Market Cap | 10.7B | 8.9B | 8.2B | 10.2B | 4.8B | 6.0B | 6.4B | 9.1B | 7.1B | 7.5B | 7.7B | 12.1B | 13.3B |
| Avg. Price | 22.57 | 22.84 | 19.06 | 22.30 | 18.69 | 13.55 | 9.81 | 20.14 | 15.83 | 14.18 | 15.25 | 18.63 | 29.93 |
| Year-End Price | 24.65 | 20.73 | 19.84 | 24.88 | 11.72 | 13.51 | 13.85 | 19.45 | 15.38 | 16.33 | 16.80 | 26.74 | 29.93 |
Invesco Ltd. passes 3 of 9 quality checks, indicating weak fundamentals.
On a free-cash-flow basis, the stock trades at 9.2x vs a median of 7.6x. The company's 5-year average ROIC is 1.7%. Total shareholder yield (dividends + buybacks) is 4.0%. At current prices, the estimated annualized return to fair value is +4.5%.
Invesco Ltd. (IVZ) has a debt-to-equity ratio of 0.15. This indicates a conservatively financed balance sheet.
Invesco Ltd. (IVZ) reported earnings per share (EPS) of $-1.60 in its most recent fiscal year.
Invesco Ltd. (IVZ) has a return on equity (ROE) of -5.4%. A negative ROE may indicate losses or negative equity.
The Ledger Terminal provides 19 years of financial data for Invesco Ltd. (IVZ), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Invesco Ltd. (IVZ) has a book value per share of $26.94, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects continued operating margin expansion in 2026 driven by disciplined expense management and positive operating leverage, with the hybrid investment platform implementation expected to complete by year-end 2026 and generate run-rate savings beginning in 2027. The company anticipates strong net flows from high-demand offerings including ETFs, China operations, and private markets partnerships, with particular momentum in Asia and EMEA where these regions now represent approximately one-third to 40% of long-term AUM. Capital allocation priorities remain focused on a total payout ratio near 60% through common dividends and share buybacks, while the company continues to reduce leverage through debt repayment and expects leverage ratios to improve as EBITDA grows and revolving credit facility balances decline. Management is investing in talent, technology, and new product development to capture secular growth opportunities in private markets, defined contribution channels, and emerging markets, while maintaining disciplined cost management and simplifying the organizational footprint.
Based on recent SEC filings and earnings calls, Invesco Ltd. (IVZ) has provided the following forward guidance: Operating expenses: $3.275 billion (FY2026 (under flat markets)); Hybrid platform implementation costs: $10 million-$15 million per quarter (FY2026); Hybrid platform cost base: at least $60 million (Calendar year 2027); Marketing expenses: $60 million-$100 million (FY2026); Net revenue yield: 22%-23% (FY2026), plus 3 additional metrics.
Hybrid platform cost base (Calendar year 2027): “Looking ahead to the impact the hybrid investment platform will have on operating expenses in 2027 and beyond, we expect the cost base to be at least $60 million in calendar year 2027, including the implementation costs that will roll off after 2026 when the project is complete.”
Marketing expenses (FY2026): “We expect marketing to be in a range of $60 million-$100 million. It's fully in our run rate today, so you've got the full marketing run rate now inclusive of the QQQ and the marketing line item for the first quarter.”
Net revenue yield (FY2026): “That one, consistent with the guidance we gave last quarter, we expect to be in the 22%-23% range with the full impact of the QQQ going forward.”
Compensation ratio (FY2026): “From a compensation standpoint, you know, I'd say as we think about our target has historically been in that 38%-42% range. I think this year we're expecting to be kind of in the midpoint of that range.”
Operating income impact from CI transaction (Initial impact starting Q3 2026): “As that will be a loss of operating income to the tune of kind of $5 million-$10 million, which we expect to improve over time as we continue to really execute the sub-advisory relationship with CI and grow that relationship overall.”
Total payout ratio (FY2026): “We intend to continue a regular common share repurchase program going forward as we target a total payout ratio, including common dividends and share buybacks, to be near 60% for 2026.”