Invesco (IVZ)
Financials · $13.5B market cap · SEC CIK 0000914208
fundamentals score out of 100
Next reports on Oct 26, 2026, before the open, with analysts expecting $0.75 in earnings per share.
The case for IVZ
- Trades at 0.94× book value, below what the balance sheet says it owns.
- Earnings per share up 87.7%.
- Pays a 5.8% dividend while you wait.
- Gross margin of 66% absorbs cost shocks.
The case against
- Losing money over the last year: net margin -7.8%, return on equity -1%.
- Revenue fell 14.5% year over year.
- Pays a dividend while losing money over the last twelve months.
- Swings harder than the market (beta 1.66).
- Value is weak (29/100): no earnings to pay for, 2.6× sales.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Financials companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 29 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 24 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 17 |
| Momentumhow the price has behaved lately | 79 |
| Stabilityhow violently it moves, what it owes and what it pays you | 34 |
- It is losing money, so it has no P/E; that counts against value rather than being skipped.
- Its debt and cash flow are not scored, as for every company in the Financials sector: for banks, insurers and brokers, borrowing is the business.
- Each factor except momentum is half fixed thresholds, half rank among the 74 Financials companies.
Key numbers
| Price / earnings | n/a |
|---|---|
| Price / book | 0.94× |
| Price / sales | 2.6× |
| Revenue growth (YoY) | -14.5% |
| EPS growth (YoY) | +87.7% |
| Gross margin | 66% |
| Operating margin | -14% |
| Net margin | -8% |
| Return on equity | -1% |
| Debt / equity | 0.85× |
| Current ratio | 0.71 |
| Dividend yield | 5.79% |
| Beta | 1.66 |
| 52-week range | $20.67 – $33.66 |
| Position in that range | 78% of the way up |
| 3-month return | +11.5% |
| 1-year return | +39.5% |
Five years of financials, as filed
Pulled from Invesco's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $6.4B | $6.1B | $5.7B | $6.0B | $6.9B |
| Operating income | -$696M | $832M | -$435M | $1.3B | $1.8B |
| Net income | — | $538M | -$334M | $684M | $1.4B |
| Operating cash flow | $1.5B | $1.2B | $1.3B | $703M | $1.1B |
| Capital expenditure | $84.3M | $69.1M | $164M | $193M | $109M |
| Total assets | $27.1B | $27.0B | $28.9B | $29.8B | $32.7B |
| Total liabilities | $14.1B | $11.3B | $13.0B | $12.9B | $16.0B |
| Shareholder equity | $12.2B | $14.6B | $14.6B | $15.2B | $15.5B |
| Cash | $1.0B | $987M | $1.5B | $1.2B | $1.9B |
| Long-term debt | $1.8B | $891M | $1.5B | $1.5B | $2.1B |
| Free cash flow | $1.4B | $1.1B | $1.1B | $510M | $969M |
| Operating margin | -10.9% | 13.7% | -7.6% | 21.8% | 25.9% |
| Net margin | — | 8.9% | -5.8% | 11.3% | 20.2% |
| Diluted shares | 455M | 458M | 456M | 460M | 465M |
Share count is essentially flat over 4 years.
What Invesco says it does
Risk Management section contains a broader discussion of the company's overall approach to risk management. 54 Table of Contents Credit and Liquidity Risk The company manages its capital by reviewing annual and projected cash flow forecasts and by monitoring credit, liquidity and market risks, such as interest rate and foreign currency risks (as discussed in Item 7A, "Quantitative and Qualitative Disclosures About Market Risk"). Credit Risk Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to meet an obligation. The company is primarily exposed to credit risk through its cash and cash equivalent deposits, which are held by external firms. The company invests its cash balances in its own institutional money market products, as well as with external high credit-quality financial institutions. These arrangements create exposure to concentrations of credit risk. As…
Risk factors IVZ lists in its 10-K
- Risks Related to Market Dynamics and Volatility
- Declines in the market value of AUM in client portfolios
- Redemptions and other withdrawals from, or shifting among, client portfolios
- Our revenues and net income from money market and other fixed income assets may be harmed by interest rate volatility, prolonged high or low rates, liquidity, and credit volatility
- Our financial condition and liquidity would be adversely affected by losses on our seed capital and co-investments
- As many of our subsidiary operations are located outside of the U.S. and have functional currencies other than the U.S. Dollar, changes in the exchange rates to the U.S. Dollar impact our reported financial results
- Risks Related to Investment Performance and Competition
- Poor investment performance of our products could reduce the level of our AUM or affect our sales, and negatively impact our revenues and net income
- Failure to properly address the increased transformative pressures affecting the asset management industry could negatively impact our business
- Competitive pressures may force us to reduce the fees we charge to clients, which could reduce our profitability
- We may be unable to develop new products and services, and the development of new products and services may expose us to additional costs or operational risk
- The failure or negative performance of products offered by competitors may have a negative impact on similar Invesco products irrespective of our performance
- Risks Related to Human Capital, Operations and Technology
- Changes in the distribution channels on which we depend could reduce our net income and