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Invesco Ltd.

IVZ Financial Asset Management

Invesco Ltd.’s revenue for fiscal 2025 (year ended December 2025) was $6.4 billion, up 5.11% from fiscal 2024.

Revenue
+14.2%
EPS
−1.49%
Free cash flow
−24.5%
Total debt
+4.48%

Quarter to September 2026, against a year earlier

27.10 0.02 +0.07%
Market cap
$11.9B
P/E
0.0×
Fwd P/E
10.1×
Dividend yield
3.14%
F-score
6/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by products and services Fiscal 2024

  • Investment management fees
  • Service and distribution fees
  • Other
  • Investment Performance

Every year since 2009 →

Insider Decisions last twelve months

Sold, $m 7.23
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — 4 — —
Insider Ownership 2.82%

Capital & Financial Ratios $m

Size
Market Cap 11,900.00
Revenue ttm 7,135.30
Net income ttm (82.30)
Free cash flow ttm 1,777.10
Net debt Q 9,418.80
Valuation
P/E 0.00
Forward P/E 10.10
Price / sales 1.71
Forward P/S Powerpack
Price / FCF 6.85
Price / book 1.12
Financial health
Current ratio Q 1.16
Debt / equity Q 0.78
Interest coverage Q 21.50
Growth
Revenue growth Q +14.19% (above 0%: growing)
Operating income growth Q +61.13% (above 0%: growing)
EPS, this year +37.27% (at or above 15%: strong)
EPS, next year A +18.79% (at or above 15%: strong)
Revenue, next year A −15.89% (below 0%: weak)
EPS, past 5 yrs —
EPS, next 5 yrs A +23.25% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/S against its own 10 years 59.86%
10-year low 10-year high
P/B against its own 10 years 68.51%
10-year low 10-year high

Dividends raised 5 years running

Yield
3.14%
Annual rate
0.85
Payout ratio
—
Growth, 2018–26
−4.05%/yr
  1. 1.19 ’18
  2. 1.23 ’19 +3
  3. 0.78 ’20 −37
  4. 0.67 ’21 −14
  5. 0.73 ’22 +10
  6. 0.79 ’23 +8
  7. 0.82 ’24 +3
  8. 0.84 ’25 +2
  9. 0.86 ’26 +2
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 1,469 987 1,038 966
Receivables 702 741 885 788
Inventory — — — —
Other — — — —
3,090 2,967 3,303 3,119
2023 2024 2025 Q'26
Payables 1,688 1,285 1,304 1,685
ST’ Debt — — — —
Other — — — —
2,589 2,315 2,395 2,679

Compound Annual Growth %

10y 5y 3y
Sales 2.21% 0.74% 1.78%
Cash Flow 3.06% 4.39% 29.45%
Earnings 0.00% 0.00% 0.00%
Book Value 4.05% (2.68%) (6.55%)

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.75 Actual 0.72

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.58 0.62 Beat by 0.04
Q1 FY26 0.58 0.57 Miss by 0.01
Q2 FY26 0.67 0.71 Beat by 0.04
Q3 FY26 0.75 0.72 Miss by 0.03
Q4 FY26 0.79 — Reports 26 January 2027

EPS $

Mar Jun Sep Dec Year
’26 0.51 0.76 0.65 — —
’25 0.38 (0.03) 0.66 (2.61) (1.60)
’24 0.31 0.29 0.12 0.46 1.18
’23 0.32 0.29 0.29 (1.64) (0.73)
’22 0.43 0.26 0.39 0.41 1.49
’21 0.58 0.79 0.71 0.92 2.99
’20 0.18 0.09 0.41 0.46 1.13
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 1,745 1,826 1,873 — —
’25 1,529 1,516 1,640 1,692 6,377
’24 1,475 1,483 1,515 1,593 6,067
’23 1,418 1,443 1,442 1,413 5,716
’22 1,629 1,530 1,446 1,443 6,049
’21 1,660 1,721 1,750 1,763 6,895
’20 1,599 1,419 1,498 1,630 6,146
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 213 734 475 — —
’25 (85) 548 606 456 1,525
’24 (54) 489 438 317 1,190
’23 (99) 331 354 714 1,301
’22 (375) 123 492 464 703
’21 (27) 508 601 (4) 1,078
’20 (77) 338 402 568 1,230
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 198 704 443 — —
’25 (108) 530 586 432 1,441
’24 (75) 462 410 324 1,121
’23 (137) 285 315 674 1,137
’22 (399) 90 429 390 510
’21 (47) 481 575 (39) 969
’20 (96) 310 375 526 1,115
Fiscal quarters ending in the months shown.

Valuation

The price implies the dividend a share growing 11.8% a year for ten years. It grew −2.7% a year over the last ten.

Implied
11.8%
10 years, reported
−2.7%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2.3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 4,734 5,160 5,314 6,117 6,146 6,895 6,049 5,716 6,067 6,377 7,135 +3.4% 5,364 5,767 6,184 (1.0%)
Gross margin, % 70.28 71.19 69.74 69.06 68.31 68.83 68.82 68.07 66.61 66.64 65.93 (3.6) pt
EBT 1,207 1,429 1,138 973 1,069 2,501 1,248 (238) 1,005 (379) (126) n/m
EBT margin, % 25.49 27.70 21.42 15.90 17.40 36.27 20.63 (4.16) 16.57 (5.95) (1.76) (31.4) pt
Net income 868 1,161 883 738 808 1,969 926 (168) 752 (175) (82) n/m
Per share, $
Per share, $ Revenue 11.76 12.60 12.89 13.97 13.37 14.90 13.22 12.57 13.28 14.09 15.89 +2.0%
Earnings 2.06 2.75 2.14 1.29 1.14 3.01 1.50 (0.73) 1.18 (1.60) (0.69) n/m
Cash flow 1.62 2.83 2.01 2.55 2.68 2.33 1.54 2.86 2.60 3.37 4.18 +8.4%
Capex (0.37) (0.27) (0.25) (0.28) (0.25) (0.24) (0.42) (0.36) (0.15) (0.19) (0.22) (7.3%)
Free cash flow 1.26 2.56 1.76 2.27 2.43 2.09 1.12 2.50 2.45 3.18 3.96 +10.9%
Book value 18.91 21.87 21.67 32.71 32.23 34.94 34.63 33.36 33.09 28.57 29.68 +4.7%
Shares, m 403 409 412 438 460 463 458 455 457 453 451 +1.3%
Valuation, ×
Valuation, × P/E 15.09 13.22 7.82 13.94 15.16 7.65 12.15 0.00 14.81 0.00 0.00 10.0
P/S 2.63 2.88 1.30 1.29 1.30 1.55 1.38 1.41 1.32 1.86 1.71 1.7
P/B 1.64 1.66 0.77 0.76 0.74 0.88 0.70 0.72 0.72 1.14 1.12 1.0
EV/Sales 3.57 3.73 2.40 2.37 2.46 2.60 2.48 2.75 2.43 3.39 — 2.8
EV/FCF 33.36 18.39 17.53 14.60 13.54 18.50 29.35 13.82 13.16 15.02 — 18.7
Cash, $m
Cash, $m Operating cash flow 654 1,158 829 1,117 1,230 1,078 703 1,301 1,190 1,525 1,878 +9.9%
Capex (148) (112) (102) (124) (115) (109) (193) (164) (69) (84) (100) (6.0%)
Free cash flow 506 1,046 726 992 1,115 969 510 1,137 1,121 1,441 1,777 +12.3%
Balance, $m
Balance, $m Working capital 7,296 7,472 7,753 8,585 8,630 11,214 9,792 501 653 908 440 (20.7%)
Net debt 4,435 4,358 5,829 6,614 7,087 7,274 6,644 7,634 6,757 9,755 9,419 +9.2%
Shareholders’ equity 7,612 8,956 8,936 14,318 14,809 16,168 15,844 15,170 15,124 12,930 13,332 +6.1%
Returns, %
Returns, % ROA 3.26 3.93 2.82 1.60 1.38 4.03 2.19 (1.14) 1.92 (2.68) (1.13) (5.9) pt
ROIC 5.98 6.00 5.10 2.41 2.63 4.77 3.66 (1.19) 2.38 (1.92) (0.89) (7.9) pt
ROE 10.17 13.61 9.87 5.87 4.97 12.14 5.70 (2.90) 4.83 (6.75) (2.81) (16.9) pt
People
People Employees 6,790 7,030 7,459 8,821 8,512 8,513 8,611 8,500 8,500 7,500 — +1.1%
Revenue/emp, $m 0.70 0.73 0.71 0.69 0.72 0.81 0.70 0.67 0.71 0.85 — +2.2%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Business profile

Updated

Invesco is an independent investment manager. It invests money for individuals, financial advisers, institutions and other clients through active, passive and alternative strategies. Founded in 1935, it is headquartered in Atlanta, and Andrew Schlossberg is President and Chief Executive Officer.

The firm managed approximately $2.2 trillion at December 31, 2025, spanning equity, fixed income, balanced, alternatives and money-market capabilities. Its investment teams select or track investments on clients’ behalf, while its distribution teams make those strategies available through funds, exchange-traded funds (ETFs), separately managed accounts (SMAs), model portfolios and institutional mandates. An ETF is a fund that trades on an exchange; an SMA is a portfolio managed for a particular client.

Where the money comes from and where it goes Fiscal 2024

Fiscal 2024: revenue by products and services, and margins
Investment management fees 4,342 71.57%
Service and distribution fees 1,480 24.39%
Other 199 3.27%
Investment Performance 46 0.76%
Gross margin 66.61%
Operating margin 13.72%
Pre-tax margin 16.57%

Revenue by segment since 2009

Invesco Ltd. vs peers in Asset Management (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
BEN Franklin Resources Inc $16.4B 23.1× 16.0× +14.26% (above 0%: growing) +106.67% (above 0%: growing) −55.71% (below 0%: shrinking) 100.00% 9.15% Compare
OWL Blue Owl Capital Inc. $15.5B 70.1× 35.0× +10.79% (above 0%: growing) +200.00% (above 0%: growing) +42.36% (above 0%: growing) 100.00% 18.32% Compare
CRBG Corebridge Financial, Inc. $15.0B 7.3× 16.6× +13.81% (above 0%: growing) +1,100.22% (above 0%: growing) +2,420.83% (above 0%: growing) 53.67% 39.88% Compare
CG Carlyle Group Inc. $14.2B 50.0× 14.5× +0.42% (above 0%: growing) n/m +82.56% (above 0%: growing) 100.00% 53.13% Compare
EQH Equitable Holdings, Inc. $14.2B 9.5× 15.9× +167.66% (above 0%: growing) n/m +385.71% (above 0%: growing) 73.90% 37.18% Compare
ARCC Ares Capital Corporation $14.0B 15.6× 14.9× −2.43% (below 0%: shrinking) −22.26% (below 0%: shrinking) +236.09% (above 0%: growing) 100.00% 72.74% Compare
SEIC SEI Investments Company $12.5B 17.9× 17.1× +14.44% (above 0%: growing) +6.77% (above 0%: growing) −9.48% (below 0%: shrinking) 100.00% 29.91% Compare
IVZ Invesco Ltd. $11.9B — (loss-making) 10.1× +14.19% (above 0%: growing) −1.49% (below 0%: shrinking) −24.49% (below 0%: shrinking) 65.64% 23.30%
AMG Affiliated Managers Group, Inc. $9.1B 11.6× 13.7× +29.91% (above 0%: growing) +138.18% (above 0%: growing) +4.18% (above 0%: growing) 100.00% 30.36% Compare
Median of peers $14.2B 16.8× 16.0× +14.04% +122.43% +62.46% 100.00% 33.77%

All 121 Asset Management stocks →

From the latest earnings call

Updated

  • CEO Andrew Schlossberg said Invesco generated $35.1 billion of net long-term inflows in the third quarter, including nearly $29 billion in ETFs and index products.
  • CFO Allison Dukes said Invesco funded an additional $1.5 billion preferred-stock repurchase with a five-year bank loan and expects the transaction to add to earnings in 2027.

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IVZ metrics, ten years each

stockrow.com/IVZ · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com