# Invesco (IVZ.US)

Canonical: https://gigainvestors.com/s/IVZ

Analysis as of: 2026-10-16T07:29:27.343Z. Financial observations: FY1997–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $28.80 per share; close as of 2026-10-15.

Estimated value: low $26.70 per share, central $30.13 per share, high $34.71 per share. Buy at or below the central value $30.13 per share. Valuation as of 2026-10-16T07:29:27.343Z; scenarios are not confidence intervals.

Expected annual return: 10.4% at the stated quote. About 10.4% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 2 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 3

- Operating margin variation: 1.22×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.25×

- FY2018: 0.23×

- FY2019: 0.13×

- FY2020: 0.15×

- FY2021: 0.26×

- FY2022: 0.22×

- FY2023: -0.08×

- FY2024: 0.14×

- FY2025: -0.11×

- LTM to Jun 2026: -0.07×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 6.4%

- ROIC, second-lowest year: -2.6%

- Typical minus recent gross margin: -1.9 pp

- Typical gross margin (annual median): 41.2%

- Recent gross margin (lower of latest and 3-year median): 43.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.0%

- ROIC including acquisitions, ten-year median: 4.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 14.3%

- FY2017: 16.1%

- FY2018: 12.9%

- FY2019: 5.0%

- FY2020: 5.4%

- FY2021: 10.1%

- FY2022: 7.3%

- FY2023: -2.6%

- FY2024: 5.1%

- FY2025: -4.8%

### economics: fail

- incremental invested capital return below threshold

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: 1.11×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $3.0B

- Net income, five-year total: $2.7B

- Return on incremental invested capital: -19.4%

- Working capital / revenue, annual change: 7.0 pp

- Working capital / revenue, change between three-year averages: 45.3 pp

- Working capital / revenue, final three-year average: 66.9%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.06×

- FY2022: 1.00×

- FY2023: 0.94×

- FY2024: 1.14×

- FY2025: 0.75×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 14.3% vs -2.6%

- Per-share earnings: 2.26 to -0.62 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.6%

- Ordinary dilution, 5-year annual growth: -0.3%

- Market cap gain: -$587M

- Cumulative retained earnings: $1.1B

- Diluted shares, 10-year annual growth: 0.6%

- Diluted shares, 5-year annual growth: -0.3%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: -$2.87

- Per-share value, starting three-year median: $2.26

- Per-share value, ending three-year median: -$0.62

- Buybacks concentrated in cheaper years (correlation): -0.47

- Average buyback yield: 3.5%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: $2.1B

- Cumulative net income, 10 years: $7.0B

- ROIC, first three-year median: 14.3%

- ROIC, last three-year median: -2.6%

Chart: Earnings per share; fiscal year observations.

- FY2016: $2.06

- FY2017: $2.75

- FY2018: $2.14

- FY2019: $1.56

- FY2020: $1.65

- FY2021: $3.50

- FY2022: $2.00

- FY2023: -$0.73

- FY2024: $1.69

- FY2025: -$0.62

### accounting: fail

- latest-year receivables to sales index (DSRI) exceeds 1.465

- restructuring or one-time charges in at least three of five years

- Sloan accruals: -6.7%

- Receivables to sales index (DSRI): 7.51×

- Restructuring years, last five: 3

- Stock compensation / operating cash flow: 5.2%

- Earnings backed by cash: Yes

- Accounting red flags: 2

- Goodwill and intangibles / equity: 1.01×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 0.8%

- FY2017: -0.1%

- FY2018: 0.2%

- FY2019: -1.1%

- FY2020: -1.3%

- FY2021: 1.7%

- FY2022: 0.8%

- FY2023: -5.6%

- FY2024: -1.5%

- FY2025: -6.7%

## Holders

- [Nelson Peltz](https://gigainvestors.com/TF): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Price needs cash profits to grow 0.3% a year for ten years · "Invesco Unlocks $180 Million Windfall After QQQ Vote Passes" (finance.yahoo.com, Dec 2025) · sales +8.2%

Story as of 2026-10-16T09:58:58.598Z; price observation 2026-10-15.

Price needs cash profits to grow 0.3% a year for ten years

- 2025-04-16: Subdued AUM Performance on Weak Markets to Hurt Invesco's Q1 Earnings ([finance.yahoo.com](https://finance.yahoo.com/news/subdued-aum-performance-weak-markets-111500357.html))

- 2025-10-28: IVZ Stock Up on Q3 Earnings Beat, AUM Increases Y/Y to Record $2.12T ([finance.yahoo.com](https://finance.yahoo.com/news/ivz-stock-q3-earnings-beat-165500220.html))

- 2026-01-27: IVZ Stock Gains on Q4 Earnings Beat as AUM, Revenues Increase Y/Y ([finance.yahoo.com](https://finance.yahoo.com/news/ivz-stock-gains-q4-earnings-172600903.html))

- 2026-04-27: Sequential Fall in AUM Balance Likely to Impact Invesco's Q1 Earnings ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/sequential-fall-aum-balance-likely-155200933.html))

- 2026-08-22: Invesco Cuts Fees 20% to Stem Property Fund Redemptions ([finance.yahoo.com](https://finance.yahoo.com/real-estate/articles/invesco-cuts-fees-20-stem-140947495.html))

### Sales · FY2025–2026

sales +8.2%; source https://www.sec.gov/Archives/edgar/data/914208/000091420826000079/ivz-20251231.htm; observed 2026-02-24.

- FY2017: $5.2B 

- FY2018: $5.3B 

- FY2019: $6.1B 

- FY2020: $6.1B 

- FY2021: $6.9B 

- FY2022: $6.0B 

- FY2023: $5.7B 

- FY2024: $6.1B 

- FY2025: $6.4B 

- FY2026: $6.9B 

### Gross margin · FY2025

gross margin 43.2%; source https://www.sec.gov/Archives/edgar/data/914208/000091420826000079/ivz-20251231.htm; observed 2026-02-24.

- FY2016: 41.4% 

- FY2017: 42.1% 

- FY2018: 41.6% 

- FY2019: 41.1% 

- FY2020: 38.9% 

- FY2021: 41.1% 

- FY2022: 40.3% 

- FY2024: 33.4% 

- FY2025: 43.2% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in asset management; annual sales are USD 6.4 billion.

- Source: https://www.sec.gov/Archives/edgar/data/914208/000091420826000079/ivz-20251231.htm#000091420826000079 (filed 2026-02-24); FY2025: revenue 6377100000; grossProfit 2753400000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 33.4% to 100% during 2023–25; it earns 6.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2023: grossProfit / revenue = 100%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2024: grossProfit / revenue = 33.4%.

- Source: https://www.sec.gov/Archives/edgar/data/914208/000091420826000079/ivz-20251231.htm (filed 2026-02-24); FY2025: grossProfit / revenue = 43.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); 10-year return on capital observations [[2016,0.14273848149936932],[2017,0.16076421957090725],[2018,0.12893670610706381],[2019,0.04970154217338463],[2020,0.054094579551475674],[2021,0.10085219040947162],[2022,0.07308604559074107],[2023,-0.026382887207650065],[2024,0.05066394557811238],[2025,-0.047549270672918864]]; median 0.06359031257110836. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 1.9 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2016: growth capex 0; upkeep 147700000; owner earnings 807700000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2017: growth capex 0; upkeep 111700000; cash acquisitions 299200000; owner earnings 1132400000. Growth capex plus acquisitions / owner earnings = 0.26421759095725894.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2018: growth capex 0; upkeep 102500000; cash acquisitions 1469300000; owner earnings 922400000. Growth capex plus acquisitions / owner earnings = 1.5929098005203817.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2019: growth capex 0; upkeep 124300000; cash acquisitions 290500000; owner earnings 741600000. Growth capex plus acquisitions / owner earnings = 0.39172060409924486.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2020: growth capex 0; upkeep 115000000; cash acquisitions 0; owner earnings 850100000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2021: growth capex 0; upkeep 108800000; cash acquisitions 0; owner earnings 1726300000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2022: growth capex 0; upkeep 192900000; owner earnings 923100000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2024: growth capex 0; upkeep 69100000; cash acquisitions 0; owner earnings 885300000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); Dividend observations: [[2016,460400000],[2017,471600000],[2018,490600000],[2019,652700000],[2020,594200000],[2021,544500000],[2022,571600000],[2023,594700000],[2024,608300000],[2025,581900000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/914208/000091420826000079/ivz-20251231.htm (filed 2026-02-24); FY2025: cash repurchases 1863600000 USD.

### Are managers owners

Insiders own 0.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); IVZ.US SharesStats.PercentInsiders = 0.6 percentage points; cache date 2026-10-16.

### What could break it

"Competitive pressures may force us to reduce the fees we charge to clients" (SEC filing, Feb 2026)

- Source: https://www.sec.gov/Archives/edgar/data/914208/000091420826000079/ivz-20251231.htm (filed 2026-02-24); Competitive pressures may force us to reduce the fees we charge to clients

### What the price says

The price assumes cash profits grow 0.3% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); Ten-year compound average after fade. Initial solved rate -0.008565673159277198. Price 28.8; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 2.183088749126485 → FY2025 -0.46175824175824176. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $28.09 per share

- 2016-11: $31.31 per share

- 2016-12: $30.34 per share

- 2017-01: $28.92 per share

- 2017-02: $32.19 per share

- 2017-03: $30.63 per share

- 2017-04: $32.94 per share

- 2017-05: $31.70 per share

- 2017-06: $35.19 per share

- 2017-07: $34.77 per share

- 2017-08: $32.78 per share

- 2017-09: $35.04 per share

- 2017-10: $35.79 per share

- 2017-11: $36.17 per share

- 2017-12: $36.54 per share

- 2018-01: $36.13 per share

- 2018-02: $32.54 per share

- 2018-03: $32.01 per share

- 2018-04: $28.97 per share

- 2018-05: $27.32 per share

- 2018-06: $26.56 per share

- 2018-07: $26.99 per share

- 2018-08: $24.10 per share

- 2018-09: $22.88 per share

- 2018-10: $21.71 per share

- 2018-11: $20.35 per share

- 2018-12: $16.74 per share

- 2019-01: $18.22 per share

- 2019-02: $19.35 per share

- 2019-03: $19.31 per share

- 2019-04: $21.97 per share

- 2019-05: $19.54 per share

- 2019-06: $20.46 per share

- 2019-07: $19.19 per share

- 2019-08: $15.70 per share

- 2019-09: $16.94 per share

- 2019-10: $16.82 per share

- 2019-11: $17.56 per share

- 2019-12: $17.98 per share

- 2020-01: $17.30 per share

- 2020-02: $14.40 per share

- 2020-03: $9.08 per share

- 2020-04: $8.62 per share

- 2020-05: $7.97 per share

- 2020-06: $10.76 per share

- 2020-07: $10.04 per share

- 2020-08: $10.20 per share

- 2020-09: $11.41 per share

- 2020-10: $13.11 per share

- 2020-11: $16.23 per share

- 2020-12: $17.43 per share

- 2021-01: $20.59 per share

- 2021-02: $22.42 per share

- 2021-03: $25.22 per share

- 2021-04: $27.00 per share

- 2021-05: $28.53 per share

- 2021-06: $26.73 per share

- 2021-07: $24.38 per share

- 2021-08: $25.32 per share

- 2021-09: $24.11 per share

- 2021-10: $25.41 per share

- 2021-11: $22.33 per share

- 2021-12: $23.02 per share

- 2022-01: $22.66 per share

- 2022-02: $21.24 per share

- 2022-03: $23.06 per share

- 2022-04: $18.38 per share

- 2022-05: $19.34 per share

- 2022-06: $16.13 per share

- 2022-07: $17.74 per share

- 2022-08: $16.47 per share

- 2022-09: $13.70 per share

- 2022-10: $15.32 per share

- 2022-11: $19.11 per share

- 2022-12: $17.99 per share

- 2023-01: $18.51 per share

- 2023-02: $17.66 per share

- 2023-03: $16.40 per share

- 2023-04: $17.13 per share

- 2023-05: $14.38 per share

- 2023-06: $16.81 per share

- 2023-07: $16.80 per share

- 2023-08: $15.92 per share

- 2023-09: $14.52 per share

- 2023-10: $12.97 per share

- 2023-11: $14.27 per share

- 2023-12: $17.84 per share

- 2024-01: $15.83 per share

- 2024-02: $15.41 per share

- 2024-03: $16.59 per share

- 2024-04: $14.17 per share

- 2024-05: $15.71 per share

- 2024-06: $14.96 per share

- 2024-07: $17.26 per share

- 2024-08: $17.09 per share

- 2024-09: $17.56 per share

- 2024-10: $17.34 per share

- 2024-11: $18.09 per share

- 2024-12: $17.48 per share

- 2025-01: $19.23 per share

- 2025-02: $17.39 per share

- 2025-03: $15.17 per share

- 2025-04: $13.93 per share

- 2025-05: $14.46 per share

- 2025-06: $15.77 per share

- 2025-07: $21.01 per share

- 2025-08: $21.89 per share

- 2025-09: $22.94 per share

- 2025-10: $23.70 per share

- 2025-11: $24.45 per share

- 2025-12: $26.27 per share

- 2026-01: $27.29 per share

- 2026-02: $26.26 per share

- 2026-03: $24.29 per share

- 2026-04: $26.21 per share

- 2026-05: $28.46 per share

- 2026-06: $26.39 per share

- 2026-07: $29.60 per share

- 2026-08: $32.78 per share

- 2026-09: $30.16 per share

- 2026-10: $28.80 per share

## Annual estimated value (USD per share)

- FY2016: low $30.74 per share, central $38.65 per share, high $44.40 per share

- FY2017: low $33.95 per share, central $39.94 per share, high $45.57 per share

- FY2018: low $32.80 per share, central $40.65 per share, high $46.80 per share

- FY2019: low $32.85 per share, central $40.76 per share, high $47.01 per share

- FY2020: low $28.21 per share, central $31.63 per share, high $36.17 per share

- FY2021: low $36.63 per share, central $46.88 per share, high $54.13 per share

- FY2022: low $24.82 per share, central $27.84 per share, high $31.87 per share

- FY2023: low $22.93 per share, central $25.54 per share, high $29.02 per share

- FY2024: low $24.15 per share, central $27.06 per share, high $30.94 per share

- FY2025: low $26.43 per share, central $29.51 per share, high $33.61 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:35:11.396Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/914208/000091420826000079/ivz-20251231.htm); period 2025-12-31, filed 2026-02-24.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.