Invesco Ltd. (IVZ) vs SEI Investments Company (SEIC)

Invesco Ltd. and SEI Investments Company are both Asset Management companies. Invesco Ltd. and SEI Investments Company are of similar size ($13.6B and $12.6B). Invesco Ltd. has negative trailing earnings, so its P/E is not meaningful; SEI Investments Company trades at 18.2×. Invesco Ltd. grew revenue faster over the last twelve months: 12.2% against 11.1%. SEI Investments Company has the higher net margin (28.9% vs −4.48%) and the higher return on invested capital (19.3% vs −1.34%). Both pay a dividend; Invesco Ltd. yields more (5.33% vs 1.41%). Across the 22 metrics below, SEI Investments Company leads on 14 and Invesco Ltd. on 8.

Valuation

Metric IVZ SEIC Asset Management median
P/E n/m 18.22 14.62
P/S 2.02 5.19 2.97
P/B 1.32 5.01 0.94
Price to free cash flow 7.27 19.20 8.93
EV/EBITDA 16.34 15.59 10.32
EV/Sales 3.43 5.09 5.72
Earnings yield (2.20%) 5.49% 4.53%
Free cash flow yield 13.76% 5.21% 4.65%

Profitability

Metric IVZ SEIC Asset Management median
Gross margin 66.01% 100.00% 100.00%
Operating margin (7.10%) 28.90% 33.03%
Net margin (4.48%) 28.85% 13.53%
Free cash flow margin 27.83% 27.03% 12.44%
Return on equity (2.81%) 29.00% 4.83%
Return on assets (1.10%) 23.76% 1.57%
Return on invested capital (1.34%) 19.29% 3.04%

Growth

Metric IVZ SEIC Asset Management median
Revenue growth (TTM) 12.18% 11.10% 6.97%
EPS growth (last fiscal year) (235.59%) 27.66% —
Revenue growth, 5-year CAGR 0.74% 6.41% 12.13%
Net income growth, 5-year CAGR 0.00% 9.85% 0.00%

Health

Metric IVZ SEIC Asset Management median
Debt to equity 0.81 0.06 0.42
Current ratio 1.31 5.06 1.28
Net debt to EBITDA 7.77 (0.41) 1.06

Dividend

Metric IVZ SEIC Asset Management median
Dividend yield 5.33% 1.41% 6.92%
Payout ratio 0.54 0.29 0.77

Size

Metric IVZ SEIC Asset Management median
Market cap 13.55b 12.58b 721.34m

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