NYSE: IVZ
Invesco
Financials · Investment Advice
52-week range
$21.82$33.66
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$11.7B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $12.3B |
| FY2017, ended Dec 31, 2017 | $14.9B |
| FY2018, ended Dec 31, 2018 | $6.65B |
| FY2019, ended Dec 31, 2019 | $8.15B |
| FY2020, ended Dec 31, 2020 | $8.00B |
| FY2021, ended Dec 31, 2021 | $10.6B |
| FY2022, ended Dec 31, 2022 | $8.18B |
| FY2023, ended Dec 31, 2023 | $8.01B |
| FY2024, ended Dec 31, 2024 | $7.82B |
| FY2025, ended Dec 31, 2025 | $11.7B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $11.7B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$6.90B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $4.73B |
| FY2017, ended Dec 31, 2017 | $5.16B |
| FY2018, ended Dec 31, 2018 | $5.31B |
| FY2019, ended Dec 31, 2019 | $6.12B |
| FY2020, ended Dec 31, 2020 | $6.15B |
| FY2021, ended Dec 31, 2021 | $6.89B |
| FY2022, ended Dec 31, 2022 | $6.05B |
| FY2023, ended Dec 31, 2023 | $5.72B |
| FY2024, ended Dec 31, 2024 | $6.07B |
| FY2025, ended Dec 31, 2025 | $6.38B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $6.90B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $854M | $506M |
| FY2017, ended Dec 31, 2017 | $1.13B | $1.05B |
| FY2018, ended Dec 31, 2018 | $883M | $726M |
| FY2019, ended Dec 31, 2019 | $565M | $992M |
| FY2020, ended Dec 31, 2020 | $525M | $1.12B |
| FY2021, ended Dec 31, 2021 | $1.39B | $969M |
| FY2022, ended Dec 31, 2022 | $684M | $510M |
| FY2023, ended Dec 31, 2023 | −$334M | $1.14B |
| FY2024, ended Dec 31, 2024 | $538M | $1.12B |
| FY2025, ended Dec 31, 2025 | −$726M | $1.44B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | −$309M | $1.92B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$915M
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $1.33B |
| FY2017, ended Dec 31, 2017 | $2.01B |
| FY2018, ended Dec 31, 2018 | $1.15B |
| FY2019, ended Dec 31, 2019 | $1.05B |
| FY2020, ended Dec 31, 2020 | $1.41B |
| FY2021, ended Dec 31, 2021 | $1.90B |
| FY2022, ended Dec 31, 2022 | $1.23B |
| FY2023, ended Dec 31, 2023 | $1.47B |
| FY2024, ended Dec 31, 2024 | $987M |
| FY2025, ended Dec 31, 2025 | $1.04B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $915M |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$1.62B
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $2.10B |
| FY2017, ended Dec 31, 2017 | $2.08B |
| FY2018, ended Dec 31, 2018 | $2.41B |
| FY2019, ended Dec 31, 2019 | $2.08B |
| FY2020, ended Dec 31, 2020 | $2.08B |
| FY2021, ended Dec 31, 2021 | $2.09B |
| FY2022, ended Dec 31, 2022 | $1.49B |
| FY2023, ended Dec 31, 2023 | $1.49B |
| FY2024, ended Dec 31, 2024 | $891M |
| FY2025, ended Dec 31, 2025 | $1.83B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $1.62B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Up 9.3% since 2016.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.441M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 404M |
| FY2017, ended Dec 31, 2017 | 407M |
| FY2018, ended Dec 31, 2018 | 397M |
| FY2019, ended Dec 31, 2019 | 453M |
| FY2020, ended Dec 31, 2020 | 459M |
| FY2021, ended Dec 31, 2021 | 461M |
| FY2022, ended Dec 31, 2022 | 455M |
| FY2023, ended Dec 31, 2023 | 449M |
| FY2024, ended Dec 31, 2024 | 448M |
| FY2025, ended Dec 31, 2025 | 444M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | 441M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Net: $68.2M more bought back than issued
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| Period | Bought back | Paid to employees |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $535M | $160M |
| FY2017, ended Dec 31, 2017 | $63.8M | $175M |
| FY2018, ended Dec 31, 2018 | $0 | $172M |
| FY2019, ended Dec 31, 2019 | $111M | $208M |
| FY2020, ended Dec 31, 2020 | — | $189M |
| FY2021, ended Dec 31, 2021 | $60.9M | $140M |
| FY2022, ended Dec 31, 2022 | $245M | $106M |
| FY2023, ended Dec 31, 2023 | $188M | $115M |
| FY2024, ended Dec 31, 2024 | $79.3M | $105M |
| FY2025, ended Dec 31, 2025 | $124M | $80.0M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $175M | $106M |
Revenue (TTM)
$6.90B
+12.2% YoY
Net income (TTM)
−$309M
−173% YoY
Cash
$915M
−0.8% YoY
Total debt
$1.62B
−13.8% YoY
Valuation
At current price- Market Cap
- $12.3B
- P/E
- n/m. Market cap / net income (TTM)
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 1.8×
- Price / Book
- 1.0×
- EV / EBITDA
- n/m. (Market cap + debt − cash) / EBITDA (TTM)
Growth
Trailing 12 months- Revenue (TTM)
- $6.90B
- Revenue Growth YoY
- 12.2%
- Revenue CAGR 3Y
- 1.8%
- Revenue CAGR 5Y
- 0.7%
- EPS Growth YoY
- −173%
- Net Income Growth YoY
- −173%
Profitability
Trailing 12 months- Gross Margin
- —
- Operating Margin
- −7.1%
- Net Margin
- −4.5%
- FCF Margin
- 27.8%
- Return on Equity
- −2.3%
Earnings
Trailing 12 months- Net Income
- −$309M
- EPS (diluted)
- −$0.68
- EBITDA
- −$350M
- Operating Income
- −$490M
Balance Sheet
As of Jun 30, 2026- Cash and cash equivalents
- $915M
- Total Debt
- $1.62B
- Net Debt
- $709M
- Total Assets
- $27.5B
- Total Liabilities
- $14.0B
- Shareholders' Equity
- $12.5B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $2.01B
- Capital Expenditure
- $88.1M
- Free Cash Flow
- $1.92B
Dividends and risk
Last 12 months- Dividend Yield
- 3.1%
- Dividend / Share
- $0.85
- Beta (5Y)
- 1.65
Every ratio is calculated from the company’s reported figures.
Strength
Revenue is up 12.2% year over year, at $6.90B.
Watch
Lost $309M over the last 12 months.
Strength
Turns 27.8% of revenue into free cash flow.
Note
Pays a 3.1% dividend yield.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-K for the fiscal year ended Dec 31, 2025 · filed Feb 24, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2024 · 10-K74Good news
74Good news
10-K for the fiscal year ended Dec 31, 2024
Filed Feb 25, 2025 · Read the filing on EDGAR
- Invesco returned to profit, earning $538.0 million after a $333.7 million loss in 2023, when a $1.25 billion write-down hit results.
- Operating revenues rose 6.1% to $6.07 billion and managed assets reached $1.85 trillion, helped by $65.1 billion of long-term net inflows, mostly into passive products.
- The company repaid $600 million of notes, leaving about $1 billion of cash, $890.6 million of debt and nothing drawn on its credit line.
- Results included a $147.6 million one-time pay charge and a $52.5 million regulatory settlement; average fees earned on assets kept falling.
Business momentum
Strong improvement
“Higher operating revenues along with expense discipline contributed to an increase in operating income from the prior year.”
Outlook
Positive
“We believe the progress we have made to build financial flexibility has Invesco well-positioned to navigate various market conditions and deliver long-term growth.”
Financial stress
Low
“At December 31, 2024, our leverage ratio was 0.25:1.00 (December 31, 2023: 0.69:1.00), and our interest coverage ratio was 26.84:1.00 (December 31, 2023: 20.40:1.00).”
Tone against the previous report
More positive
Red flags
- Minor
Investigation
“The increase was primarily due to a $52.5 million expense related to the settlement of regulatory matters partially offset by lower professional fees of $28.1 million.”
Positives
Return to profit with higher revenue
“Operating income was $832.1 million in the year ended December 31, 2024, as compared to an operating loss of $434.8 million for the year ended December 31, 2023.”
Strong client inflows and record-size asset base growth
“Net long-term flows 65.1 (15.4) 80.5 10.2 (29.0) 39.2”
Stronger balance sheet after repaying debt
“We redeemed our $600 million senior notes, that were due on January 30, 2024, and we ended the year with cash and cash equivalents of $1 billion and a zero balance on our revolving credit facility.”
Concerns
Clients moving to lower-fee products keeps shrinking fee rates
“net revenue yield excluding performance fees and Invesco QQQ Trust declined to 30.2 basis points (bps) for the year ended December 31, 2024 from 32.4 bps for the year ended December 31, 2023.”
Thin cushion against another write-down of acquired fund contracts
“we determined that the estimated fair value of the indefinite-lived intangible assets related to acquired management contracts of U.S. retail mutual funds exceeded its carrying value of $4,572.1 million by $267.4 million or 6%.”
Actively managed funds, which earn higher fees, still losing money
“Net long-term flows 65.1 (15.4) 80.5 10.2 (29.0) 39.2”
New risks since the previous report
Artificial intelligence legal, accuracy and fraud risks
“The recent advancements in and increased use of AI present risks and challenges that may adversely impact our business.”
Higher taxes from global minimum tax and new Bermuda corporate tax
“In addition, in response to the OECD’s minimum tax proposal, Bermuda has enacted a corporate tax regime with a tax rate of 15%, effective January 1, 2025.”
Government-mandated fee cuts in China reducing joint venture revenue
“The decrease in IGW revenues was primarily driven by the shift in AUM toward lower yield products and the introduction of regulatory mandated fee reductions in China in August 2023.”
US limits on outbound investment restricting some products
“Regulations that place restrictions on outbound investments, such as the U.S. Department of Treasury’s Outbound Investment Screening Rule that became effective earlier this year, may impede our ability to provide certain products”
Tariff and trade policy changes unsettling markets
“Changes to tax, tariff and import/export regulations and economic sanctions may have a negative effect on global or regional economic conditions, financial markets and our business.”
Biggest risks named
- Market declines and volatility shrinking managed assets and fees
- Client withdrawals and the shift to lower-fee passive products
- Further impairment of goodwill and acquired fund contracts
- Expanding regulation and enforcement across many countries
- Preferred stock dividends absorbing a large share of cash flow
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | +12 | |
| Outlook | +3 | |
| Tone against the previous report | +2 | |
| Financial stress | 0 | |
| Red flags | −1.5 | |
| New risks | −2 | |
| Score | 74 | |
Written by AI (Claude Opus 5.5) from the report’s text. 15 of 15 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-K | Feb 24, 2026 | Pro | |||
| 10-K | Feb 25, 2025 | 74 | Strong improvement | 1 minor | |
| 10-K | Feb 21, 2024 | 39 | Sharp deterioration | 2 medium | |
| 10-K | Feb 23, 2023 | 42 | Sharp deterioration | None | |
| 10-K | Feb 18, 2022 | 72 | Strong improvement | None | |
| 10-K | Feb 19, 2021 | 49 | Mixed | 2 medium | |
| 10-K | Mar 2, 2020 | 54 | Mixed | 1 minor | |
| 10-K | Feb 22, 2019 | 56 | Mixed | None | |
| 10-K | Feb 23, 2018 | 75 | Strong improvement | None | |
| 10-K | Feb 23, 2017 | 48 | Weakening | 1 medium |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q2 FY2026 (period ended Jun 30, 2026), filed Aug 4, 2026. View filings on SEC EDGAR