olivLaw · US equity research
Invesco Ltd. IVZ
Investment Advice · SIC 6282 · Vertical: Investment Advice (SIC 6282)
Invesco Ltd. is an independent investment manager offering active, passive and alternative capabilities to retail and institutional clients in more than 120 countries. With roughly 2.2 trillion USD in assets under management at the end of 2025 and an adjusted operating margin of 37.5% in the second quarter of 2026, the company is in a phase of stronger net inflows and balance sheet consolidation.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Invesco Ltd. (IVZ) stock was 29.44 USD (+4.18% on the day), with market capitalisation 12.9 bn USD, dividend yield 2.89%, beta 1.62, 52-week range 22.44–33.31 USD. Latest reported quarter (Q3 2026): revenue of 1.9 bn USD (+14.2% YoY), net income of 355.6 m USD (−0.2% YoY), diluted EPS 0.65 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 52.5
- neutral
- Bollinger (20, 2)
- 27.47 – 29.90
- in the upper half of the band · %B 0.81 · band width 8.5%
- SMA 50 / 200
- 30.30 / 27.98
- mixed trend
- MACD (12, 26, 9)
- -0.47 / -0.58
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −3.5% | −1.1% | −2.4 pp | — |
| 3 months | −8.0% | −0.5% | −7.6 pp | — |
| 6 months | +7.6% | +4.4% | +3.2 pp | — |
| Year to date | +12.1% | +12.3% | −0.2 pp | — |
| 1 year | +26.7% | +13.5% | +13.1 pp | −5.9% |
| 3 years | +112.1% | +76.4% | +35.7 pp | +21.9% |
| 5 years | +13.3% | +63.7% | −50.4 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.6 bn | 1.5 bn | 1.5 bn | 1.6 bn | 1.7 bn | 1.7 bn | 1.8 bn | 1.9 bn |
| Operating income | 311.7 m | 277.3 m | 214.2 m | 270.9 m | -1.5 bn | 333.2 m | 364.2 m | 436.5 m |
| Depreciation & amortisation | 44.1 m | 41.5 m | 40.1 m ≈ | 38.3 m ≈ | 36.0 m | 33.2 m | 32.2 m ≈ | 31.6 m ≈ |
| Interest expense | 12.4 m | 13.1 m | 20.7 m | 25.7 m | 23.0 m | 24.3 m | 23.6 m | 20.3 m |
| Pre-tax income | 317.4 m | 344.9 m | 274.4 m | 346.7 m | -1.3 bn | 300.2 m | 455.4 m | 463.9 m |
| Income tax | 78.7 m | 77.6 m | 77.0 m | -9.7 m | -349.5 m | 81.1 m | 116.5 m | 108.3 m |
| Net income | 209.3 m | 171.1 m | 197.4 m | 356.4 m | -995.9 m | 219.1 m | 338.9 m | 355.6 m |
| Diluted EPS | 0.46 ≈ | 0.38 | -0.03 | 0.66 | -2.19 ≈ | 0.51 | 0.76 | 0.65 |
| Operating cash flow | 316.9 m | -84.6 m | 547.9 m ≈ | 606.2 m ≈ | 455.8 m | 212.6 m | 734.2 m ≈ | 475.0 m ≈ |
| Capex | -7.0 m | 23.4 m | 17.5 m ≈ | 19.8 m ≈ | 23.6 m | 14.2 m | 30.5 m ≈ | 32.2 m ≈ |
| Dividends paid | 92.8 m | 92.5 m | 95.2 m ≈ | 95.0 m ≈ | 94.6 m | 95.3 m | 96.8 m ≈ | 98.4 m ≈ |
| Share repurchases | 26.0 m | 43.1 m | 25.5 m ≈ | 29.2 m ≈ | 25.8 m | 69.2 m | 50.4 m ≈ | 75.0 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 5.3 bn | 6.1 bn | 6.1 bn | 6.9 bn | 6.0 bn | 5.7 bn | 6.1 bn | 6.4 bn |
| Revenue YoY | +3.0% | +15.1% | +0.5% | +12.2% | −12.3% | −5.5% | +6.1% | +5.1% |
| Net income | 882.8 m | 564.7 m | 524.8 m | 1.4 bn | 683.9 m | -333.7 m | 538.0 m | -174.8 m |
| Net income YoY | −21.7% | −36.0% | −7.1% | +165.4% | −50.9% | −148.8% | unavailable | −132.5% |
| Diluted EPS | 2.14 | 1.28 | 1.13 | 2.99 | 1.49 | -0.73 | 1.18 | -1.60 |
| Diluted EPS YoY | −22.2% | −40.2% | −11.7% | +164.6% | −50.2% | −149.0% | unavailable | −235.6% |
| net % | 16.6% | 9.2% | 8.5% | 20.2% | 11.3% | -5.8% | 8.9% | -2.7% |
| Free cash flow | 726.3 m | 992.3 m | 1.1 bn | 969.3 m | 510.3 m | 1.1 bn | 1.1 bn | 1.4 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.0 bn USD
- Financial debt
- 1.8 bn USD
- Net debt
- 787.6 m USD
- Equity
- 12.9 bn USD
- Total assets
- 27.1 bn USD
- Debt / equity
- 0.14x
- Current ratio
- unavailable
- ROE
- -1.2%
- ROA
- -0.6%
- FCF margin
- 22.6%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 6.1 bn | 6.9 bn | 6.0 bn | 5.7 bn | 6.1 bn | 6.4 bn | SEC (XBRL)· 24 Feb 2026verified |
| Operating income | 920.4 m | 1.8 bn | 1.3 bn | -434.8 m | 832.1 m | -695.7 m | SEC (XBRL)· 24 Feb 2026verified |
| Depreciation & amortisation | 203.5 m | 205.3 m | 195.3 m | 182.8 m | 179.6 m | 155.9 m | SEC (XBRL)· 24 Feb 2026verified |
| EBITDA | 1.1 bn ≈ | 2.0 bn ≈ | 1.5 bn ≈ | -252.0 m ≈ | 1.0 bn ≈ | -539.8 m ≈ | SEC (XBRL)· 24 Feb 2026derived |
| Interest expense | 129.3 m | 94.7 m | 85.2 m | 70.5 m | 58.0 m | 82.5 m | SEC (XBRL)· 24 Feb 2026verified |
| Pre-tax income | 1.1 bn | 2.5 bn | 1.2 bn | -237.9 m | 1.0 bn | -379.4 m | SEC (XBRL)· 24 Feb 2026verified |
| Income tax | 261.6 m | 531.1 m | 322.2 m | -69.7 m | 252.9 m | -204.6 m | SEC (XBRL)· 24 Feb 2026verified |
| Net income | 524.8 m | 1.4 bn | 683.9 m | -333.7 m | 538.0 m | -174.8 m | SEC (XBRL)· 24 Feb 2026verified |
| Diluted EPS | 1.13 | 2.99 | 1.49 | -0.73 | 1.18 | -1.60 | SEC (XBRL)· 24 Feb 2026verified |
| Weighted average diluted shares | 462.5 m | 465.4 m | 459.5 m | 456.2 m | 457.7 m | 455.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Dividend per share | 0.78 | 0.67 | 0.73 | 0.79 | 0.82 | 0.84 | SEC (XBRL)· 24 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 1.4 bn | 1.9 bn | 1.2 bn | 1.5 bn | 986.5 m | 1.0 bn | SEC (XBRL)· 24 Feb 2026verified |
| Property, plant & equipment, net | 563.8 m | 518.1 m | 561.1 m | 599.5 m | 479.0 m | 378.9 m | SEC (XBRL)· 24 Feb 2026verified |
| Goodwill | 8.9 bn | 8.9 bn | 8.6 bn | 8.7 bn | 8.3 bn | 8.5 bn | SEC (XBRL)· 24 Feb 2026verified |
| Intangibles (excl. goodwill) | 7.3 bn | 7.2 bn | 7.1 bn | 5.8 bn | 5.7 bn | 3.9 bn | SEC (XBRL)· 24 Feb 2026verified |
| Total assets | 36.5 bn | 32.7 bn | 29.8 bn | 28.9 bn | 27.0 bn | 27.1 bn | SEC (XBRL)· 24 Feb 2026verified |
| Long-term debt | 2.1 bn | 2.1 bn | 1.5 bn | 1.5 bn | 890.6 m | 1.8 bn | SEC (XBRL)· 24 Feb 2026verified |
| Total liabilities | 21.5 bn | 16.0 bn | 12.9 bn | 13.0 bn | 11.3 bn | 14.1 bn | SEC (XBRL)· 24 Feb 2026verified |
| Equity | 14.8 bn | 16.2 bn | 15.8 bn | 15.2 bn | 15.1 bn | 12.9 bn | SEC (XBRL)· 24 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 1.2 bn | 1.1 bn | 703.2 m | 1.3 bn | 1.2 bn | 1.5 bn | SEC (XBRL)· 24 Feb 2026verified |
| Capex | 115.0 m | 108.8 m | 192.9 m | 164.3 m | 69.1 m | 84.3 m | SEC (XBRL)· 24 Feb 2026verified |
| Free cash flow | 1.1 bn ≈ | 969.3 m ≈ | 510.3 m ≈ | 1.1 bn ≈ | 1.1 bn ≈ | 1.4 bn ≈ | SEC (XBRL)· 24 Feb 2026derived |
| Investing cash flow | -859.6 m | -847.9 m | -375.6 m | -244.3 m | 68.4 m | -974.4 m | SEC (XBRL)· 24 Feb 2026verified |
| Financing cash flow | -285.9 m | 117.3 m | -966.9 m | -585.4 m | -1.7 bn | -149.5 m | SEC (XBRL)· 24 Feb 2026verified |
| Dividends paid | 357.4 m | 307.7 m | 334.8 m | 357.9 m | 371.5 m | 377.3 m | SEC (XBRL)· 24 Feb 2026verified |
| Share repurchases | — | 60.9 m | 244.7 m | 187.5 m | 79.3 m | 123.6 m | SEC (XBRL)· 24 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 50.0% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 12.9 bn USD
Key indicators
Coverage and freshness
Score by group
50% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 10.97 – 84.26 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)53.88 – 84.26 (Mid 65.54)WACC 8.9% · starting FCFF 1.9 bn USD · terminal value share of EV 74%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): -28.5%
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)10.97 – 14.76 (Mid 12.59)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 50.0% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -1.9% | 9 (vs peers) | 21% |
| Net margin · Quality | -1.2% | 10 (vs peers) | 13% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 1.8% | 15 (on a fixed band) | 17% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -3.6x | 0 (on a fixed band) | 13% |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 13.7% | 100 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | 4.7% | 67 (on a fixed band) | 13% |
| Payout ratio (FCF) · Returns | 21.7% | 100 (on a fixed band) | 8% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial0/100 · 1/3 factors with a value
- Growth· partial15/100 · 1/2 factors with a value
- Quality10/100 · 2/3 factors with a value
- Returns80/100 · 2/2 factors with a value
- Valuation· partial100/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Invesco Ltd. (IVZ). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 6.4 bn USD in 2025; YoY growth 5.1%; net margin -1.2%; ROE -0.6%.
The estimated value range is 32.43–49.51 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 39.06 USD, the price of 29.44 USD leaves a potential of 32.7% (value / price − 1) and a margin of safety of 24.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 50.0% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF yield: 13.7%
- Payout ratio (FCF): 21.7%
- The price is below the estimated value range
What contradicts it
- ROIC: -1.9%
- Net margin: -1.2%
- Revenue CAGR 3Y: 1.8%
- Interest coverage: -3.6x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Current ratio, P/E (TTM), EV/EBITDA.
Versus the vertical median
Investment Advice (SIC 6282) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BXBlackstone Inc. | 94.3 bn | 28.1 | 40.5% | 21.8% | +9.2% | −14% / +12% |
| KKRKkr & Co. Inc. | 91.0 bn | 28.9 | 10.6% | 14.8% | −11.0% | −17% / +34% |
| APOApollo Global Management, Inc. | 72.5 bn | 43.8 | 9.3% | 5.2% | +22.7% | −7% / +33% |
| AMPAmeriprise Financial, Inc. | 45.8 bn | 11.9 | 72.0% | 20.7% | +5.5% | +16% / +49% |
| TROWPrice T Rowe Group Inc | 24.0 bn | 11.3 | 19.7% | 28.4% | +3.1% | +10% / +12% |
| BENFranklin Resources Inc | 17.2 bn | 22.8 | 6.8% | 8.7% | +3.5% | +50% / +37% |
| CGCarlyle Group Inc. | 15.2 bn | 44.6 | 5.2% | 10.1% | −11.9% | −22% / +25% |
| ARESAres Management Corporation | 14.1 bn | 22.2 | 15.3% | 12.0% | +28.9% | −13% / +22% |
| IVZInvesco Ltd. | 12.9 bn | — | -0.6% | -1.2% | +5.1% | +27% / +112% |
| AMGAffiliated Managers Group, Inc. | 9.4 bn | 17.8 | 18.9% | 26.9% | +1.6% | +36% / +169% |
| MORNMorningstar, Inc. | 9.1 bn | 21.4 | 35.1% | 17.0% | +7.5% | +14% / −14% |
| VCTRVictory Capital Holdings, Inc. | 7.4 bn | 20.6 | 19.0% | 29.6% | +46.2% | +91% / +274% |
| MAASMAASE Inc. | 4.9 bn | — | -7.2% | -102.1% | −75.2% | +182% / −95% |
| LAZLazard, Inc. | 4.5 bn | 24.4 | 20.6% | 5.5% | +1.5% | −19% / +36% |
| PJTPJT Partners Inc. | 3.9 bn | 19.7 | 83.2% | 10.6% | +14.8% | −6% / +76% |
| CNSCohen & Steers, Inc. | 3.9 bn | 23.3 | 29.2% | 28.2% | +7.5% | +20% / +29% |
| APAMArtisan Partners Asset Management Inc. | 3.3 bn | 9.3 | 73.1% | 24.5% | +7.6% | −2% / +7% |
| AAMIAcadian Asset Management Inc. | 3.3 bn | 32.4 | — | 15.2% | +11.5% | +104% / +425% |
| NOAHNoah Holdings Ltd | 2.4 bn | 30.7 | 5.8% | 21.4% | +4.8% | −31% / −45% |
| VRTSVirtus Investment Partners, Inc. | 853.6 m | 7.4 | 12.6% | 14.0% | −6.0% | −19% / −34% |
| GCMGGCM Grosvenor Inc. | 550.6 m | 30.0 | 682.1% | 7.8% | +8.5% | +19% / +61% |
| VALUValue Line, Inc. | 416.6 m | 21.0 | 18.7% | 60.3% | −4.7% | +20% / +6% |
| WHGWestwood Holdings Group, Inc. | 182.5 m | 21.9 | 6.4% | 7.8% | +3.2% | +14% / +75% |
| RILYBRC Group Holdings, Inc. | 154.0 m | 0.3 | — | 35.9% | +29.6% | −12% / −79% |
| BVCBitVentures Limited | 138.6 m | 39.8 | 28.9% | 687.6% | unavailable | +1,203% / −76% |
1- and 3-year price returns: for IVZ from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 04 Aug 2026; since then the company filed 10-Q (03 Nov 2026), 8-K (27 Oct 2026 · results).
In brief
Invesco Ltd. is an independent investment manager offering active, passive and alternative capabilities to retail and institutional clients in more than 120 countries. With roughly 2.2 trillion USD in assets under management at the end of 2025 and an adjusted operating margin of 37.5% in the second quarter of 2026, the company is in a phase of stronger net inflows and balance sheet consolidation.
SWOT
Strengths
- Diversification across capabilities, distribution channels and geographies helps reduce the impact of different market cycles on the company, according to its filings 2.
- Its status as an independent manager avoids conflicts found in institutions that both manage and distribute products, which the company treats as a competitive advantage 1.
- The company showed solid operating momentum in 2026, with expanding adjusted margins and record net inflows, which points to operating leverage 3.
Weaknesses
- Revenues depend almost entirely on the value of managed assets, so market declines or outflows reduce fees directly 1.
- Most expenses are fixed, so a drop in revenues can reduce profit by a larger proportion than the revenue decline 1.
- Some annual results were hit by operating losses and impairments, which shows sensitivity to unusual items 1.
Opportunities
- Private markets and multi-alternative solutions for U.S. channels could bring new revenue, especially through the partnerships already announced 1.
- Demand for ETF and index products could keep growing, and the conversion of QQQ into an open-end ETF could open new revenue streams 1.
- China and other growth markets in EMEA and Asia-Pacific could offer expansion if the company maintains its presence there 1.
Threats
- Market volatility, geopolitical tensions and changes in trade policy could reduce managed assets and affect flows 1.
- Fee pressure and the growth of low-fee passive products could compress margins over the long term 1.
- Changes in interest rates could trigger outflows from money market funds, with direct effects on revenue 1.
Risks
- Market volatility and outflowshigh
Declines in asset values or investor withdrawals can reduce fees, and the company says revenues and net income could fall by more than revenues because most costs are fixed 1.
- Investment performancehigh
Weak performance of products relative to benchmarks or competitors can lead to redemptions and client losses, which would weigh on revenues 1.
- Fee pressuremedium
Competition and low-fee passive products can reduce average fees, which could affect profitability if the company fails to grow in scale 1.
- Currency exposuremedium
Many subsidiaries use functional currencies other than the U.S. dollar, so a stronger dollar could have a significant negative effect on reported results 1.
- Seed capital and liquiditylow
Seed capital and co-investments may need to be written down in adverse markets, which could affect results or liquidity 1.
Investment thesis
What would need to be true (bull case)
- The company reported record net long-term inflows in the second quarter of 2026 and a higher adjusted operating margin, which suggests growing operating leverage 3.
- Diversification across capabilities, channels and regions could reduce dependence on a single market cycle, and the balance sheet has improved through debt reduction and share buybacks 2.
- If private markets and ETF products keep growing, the company could capture revenue from higher-fee or fast-growing categories 1.
What would break the thesis
- Revenues depend on asset values, so a market decline could reduce profit more than proportionally because of high fixed costs 1.
- Competitive pressure and the shift to lower-fee products could compress margins over the long term, especially if the company does not grow its scale 1.
- The company recorded an operating loss for 2025 on a U.S. GAAP basis, which shows profitability can be volatile when impairments or unusual items arise 1.
What to watch
- Trend in net asset inflows and organic growth rateQ3 2026
- Adjusted operating margin and the effect of the Canadian fund saleQ3 2026
- Pace of share buybacks and debt reduction2027
- Results of the U.S. private markets partnershipsnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 04 Aug 2026; since then the company filed 10-Q (03 Nov 2026), 8-K (27 Oct 2026 · results).
The business
Invesco Ltd. is an independent investment manager organized in Bermuda and listed on the NYSE under the symbol IVZ, which describes its offering as a comprehensive range of active, passive and alternative capabilities built over many years to support investor objectives 1. The company has about 7,500 employees and an on-the-ground presence in more than 20 countries, serving clients in over 120 countries 1. Its revenues come almost entirely from investment management contracts, with fees varying by asset type 1. Per the financial statements, operating revenues were 6,377.1 million USD in 2025, and adjusted net revenues were 4,658.5 million USD 1.
The business is split between retail distribution, with AUM of 1,515.7 billion USD at December 31, 2025, and institutional distribution, with AUM of 654.2 billion USD at the same date 1. Retail products are mainly distributed through third-party intermediaries, while institutional sales teams serve pension funds, insurers, foundations and sovereign wealth funds 1. The company also notes that digital platforms and tokenization are becoming more important for asset flows 1.
In 2025 and the first half of 2026, Invesco simplified its portfolio, including the sale of the intelliflo business, a 60% stake in Invesco Asset Management (India) and the sale of management agreements for Canadian funds to CI GAM 12. The company also cites strategic partnerships with Barings and LGT Capital Partners to develop multi-alternative private markets solutions for U.S. wealth and retirement channels 1.
Segments
Retail
The retail segment includes publicly offered funds across all major asset classes, distributed through intermediary networks in the Americas and EMEA, where the company ranks among the largest managers in its channel 1. ETFs and products linked to the Nasdaq-100 are among the largest components of retail AUM 1.
Institutional
The institutional segment offers active, passive, quantitative, multi-asset and alternative strategies, including money market funds, to pension funds, banks, insurers and sovereign wealth funds 1. Institutional clients showed net long-term outflows of 2.2 billion USD in the second quarter of 2026 3.
Trends
- Growth of passive products and ETFsmixed
Investors are shifting more of their portfolios toward passive strategies, and the company believes this trend will continue; demand for ETFs and index products contributed a large share of net inflows 13. If the shift accelerates, revenue per dollar of assets could decline.
- Growth of private marketstailwind
Allocations to private markets are rising and becoming more important in retail portfolios, which could support fee growth and product innovation 1. Invesco has signed partnerships for private markets solutions aimed at U.S. channels 1.
- Industry consolidation and distributor selectivitymixed
Distributors are becoming more selective and working with fewer partners, which could reduce the number of trusted managers they use 1. The company expects these changes to drive consolidation, which may favor managers with large scale.
- Tokenization and digitalizationmixed
Digital platforms, tokenization and artificial intelligence could change distribution and operating efficiency, but pressure from fintech firms and global platforms may intensify price competition 1.
Competitive position
The investment management industry is highly competitive, and Invesco compares itself on investment performance, fees, product range, brand recognition, reputation and financial strength 1. The company acknowledges that many competitors have greater financial resources and stronger brand recognition, but argues that its independence avoids conflicts inherent in institutions that both manage and distribute products 1.
Competitive pressure could force the company to reduce fees, and the relatively low barriers to entry, together with new entrants from outside financial services such as technology providers, may intensify competition 1. Failure to achieve scale or operating efficiencies could compress margins 1.
- Large U.S. and global asset managers
The company names a large number of investment managers, commercial banks, investment banks and insurers as competitors, many with greater resources than its own 1.
- Fintech firms and global platforms
New entrants from outside financial services, including fintech firms and global platforms, may accelerate technology trends and increase price pressure 1.
- Digital advisers and AI-based investment platforms
Digital advisers and AI-based investment platforms are described as a new form of competition that could affect the company if it does not remain technologically competitive 1.
- Local managers in China
Local managers in China are described as a growth area in which the company operates through its joint venture, but also as a market with different client needs and preferences 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Better Energy Sector ETF: Vanguard's VDE Targeting Traditional Oil and Gas Giants vs. Invesco's Solar-Focused TANYahoo Finance — News · 22 Sept 2026 · EN
- Forget JEPI: Invesco’s Equal-Weight Income Fund Is Beating It by 6+ Points With Lower FeesYahoo Finance — News · 21 Sept 2026 · EN
- Vanguard Russell 1000 Growth vs. Invesco SmallCap 600 Revenue: Which Is Better for a Diversified Portfolio?Yahoo Finance — News · 17 Sept 2026 · EN
- Invesco Aerospace & Defense vs. Global X Defense Tech: Which ETF Is Best for Your Portfolio?Yahoo Finance — News · 16 Sept 2026 · EN
- 'More Risky' If Fed Doesn't Hike Rates, Invesco SaysBloomberg Markets · 16 Sept 2026 · EN
- Invesco Powers the QQQ ETF. That Makes Its Stock a Smart Buy.Yahoo Finance — News · 04 Sept 2026 · EN
- Healthcare ETF Comparison: Fidelity's FHLC vs. Invesco's Biotech-Focused IBBQYahoo Finance — News · 02 Sept 2026 · EN
- ETF League Tables: Invesco Inflows JumpYahoo Finance — News · 01 Sept 2026 · EN
- Better Growth Stock ETF: Vanguard's Large-Cap VUG vs. Invesco's Small-Cap RZGYahoo Finance — News · 29 Aug 2026 · EN
- Which Consumer Staples ETF Is a Better Buy: Invesco's RSPS or SPDR's XLP?Yahoo Finance — News · 22 Aug 2026 · EN
- Invesco Cuts Fees 20% to Stem Property Fund RedemptionsYahoo Finance — News · 22 Aug 2026 · EN
- Invesco and Rathbones Cut Gilts on UK Exposure to Politics, OilBloomberg Markets · 28 Jul 2026 · EN
- Invesco’s Brill Gives SpaceX Bond a Red Card for ‘Very Sloppy’ PerformanceBloomberg Markets · 02 Jul 2026 · EN
- Invesco’s Kriskey: Oil Price Freefall Is ‘Overdone'Bloomberg Markets · 26 Jun 2026 · EN
- Invesco CEO on Private Assets, QQQ Growth and Nasdaq PartnershipBloomberg Markets · 14 May 2026 · EN
The latest news item in our archive is from 22 Sept 2026; the newest SEC filing is from 03 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report03 Nov 2026
- Current report27 Oct 2026Results of operations · Financial statements and exhibits
- Current report27 Oct 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Current report (amendment)09 Oct 2026Regulation FD disclosure · Financial statements and exhibits
- Current report09 Oct 2026Regulation FD disclosure · Financial statements and exhibits
- Current report10 Sept 2026Regulation FD disclosure · Financial statements and exhibits
- Current report31 Aug 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Current report11 Aug 2026Regulation FD disclosure · Financial statements and exhibits
- Quarterly report04 Aug 2026
- Current report28 Jul 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Invesco Ltd. · 24 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Invesco Ltd. · 04 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Invesco Ltd. · 28 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.