Invesco Ltd.
- Open
- 26.35
- Day high
- 26.51
- Day low
- 26.23
- Prev close
- 26.39
- Volume
- 152K
- Mkt cap
- $11.8B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 1.0
- P/S
- 1.8
- Yield
- 3.18%
- Per share
- $0.84
Invesco Ltd. (IVZ) is a Financial Services company listed on NYSE. The stock is up 67% over the past year. Drillr has 2 published research articles covering IVZ.
Invesco Ltd. (IVZ) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 7 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
IVZ earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 28, 2026 | $0.58 | $0.57 | -1.7% | $1.3B | -0.3% |
| Jan 27, 2026 | $0.58 | $0.62 | +6.9% | $1.7B | +33.9% |
| Jul 22, 2025 | $0.41 | $0.36 | -12.2% | $1.5B | +29.4% |
| Jan 28, 2025 | $0.49 | $0.52 | +6.1% | $1.6B | +41.5% |
| Oct 22, 2024 | $0.43 | $0.44 | +1.9% | $1.5B | +36.4% |
| Jul 23, 2024 | $0.40 | $0.43 | +7.9% | $1.5B | +36.3% |
| Jan 23, 2024 | $0.39 | $0.47 | +20.5% | $1.4B | +26.7% |
| Jul 25, 2023 | $0.39 | $0.31 | -20.5% | $1.4B | +30.3% |
| Jan 24, 2023 | $0.36 | $0.39 | +8.3% | $1.4B | +33.1% |
| Jul 27, 2022 | $0.52 | $0.39 | -25.0% | $1.5B | +27.9% |
| Jan 25, 2022 | $0.76 | $0.86 | +13.2% | $1.8B | +50.2% |
| Jul 27, 2021 | $0.70 | $0.78 | +11.4% | $1.7B | +29.1% |
IVZ insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| May 19, 2026 | Beshar Sarahdirector | Grant | 8,112 | — |
| May 19, 2026 | Finke Thomas Mdirector | Grant | 8,112 | — |
| May 19, 2026 | Johnson Elizabeth S.director | Grant | 8,112 | — |
| May 19, 2026 | GIBBONS THOMAS Pdirector | Grant | 8,112 | — |
| May 19, 2026 | WAGONER G RICHARD JRdirector | Grant | 8,112 | — |
| May 19, 2026 | Sheinwald Nigeldirector | Grant | 8,112 | — |
| May 19, 2026 | WOMACK CHRISTOPHER Cdirector | Grant | 8,112 | — |
| May 19, 2026 | Tolliver Pauladirector | Grant | 8,112 | — |
| May 19, 2026 | Glavin William Francis Jrdirector | Grant | 8,112 | — |
| May 19, 2026 | WOOD PHOEBE Adirector | Grant | 8,112 | — |
| Feb 10, 2026 | Wong Tonyofficer: Senior Managing Director | Tax | 40,113 | $26.82 |
| Jan 20, 2026 | Sharp Douglas Jofficer: Senior Managing Director | Grant | 29,189 | — |
| Jan 20, 2026 | Sharp Douglas Jofficer: Senior Managing Director | Option | 29,189 | — |
| Jan 20, 2026 | Sharp Douglas Jofficer: Senior Managing Director | Tax | 13,719 | $29.39 |
| Nov 3, 2025 | Sharp Douglas Jofficer: Senior Managing Director | Sell | 160,000 | $23.56 |
Source: IVZ SEC Form 4 filings, latest May 19, 2026. For informational purposes only — not investment advice.
See the full IVZ insider & 13F page →IVZ research & analysis
Which ETF issuers benefit most from custody fee compression as servicing competition intensifies?
Custody fee compression driven by intensifying competition among ETF servicers — including Northern Trust's entry into the ICE ETF Hub — creates a tailwind for large ETF issuers. Invesco (IVZ) and BlackRock (BLK) benefit most from their scale and operating leverage, while custodians BNY Mellon (BK) and State Street (STT) face margin pressure offset partly by productivity gains and innovation.
BLKNTRSSTTWhich Emerging ETF Issuers Are Most Likely to Switch Custodians as Northern Trust Offers a Credible Alternative?
Northern Trust's entry into ETF custody and administration is cracking open a market long dominated by BNY Mellon and State Street. NTRS is the clearest beneficiary as a credible challenger, State Street is the most structurally exposed incumbent due to its dual role as custodian and rival ETF issuer, and Invesco — a cost-conscious mid-size ETF manager — is the most likely major issuer to explore switching.
NTRSBKSTT
Invesco Ltd. company profile
Overview
Invesco Ltd. (NYSE:IVZ) is a global investment management company founded in December 1935 and headquartered in Atlanta, Georgia. Originally established as H. Lotery & Co. Ltd., the company has undergone several name changes throughout its history, including Invesco PLC, AMVESCAP plc, and Amvesco plc, before becoming Invesco Ltd. The firm went public in 1995 and has grown to become one of the world's largest independent investment managers, serving a diverse range of clients including retail investors, institutional clients, high-net-worth individuals, pension funds, sovereign wealth funds, and financial institutions across the globe.
Business
Invesco operates in the asset management industry, which involves managing investment portfolios on behalf of clients who entrust their money to professional fund managers. The company's core business is creating, managing, and distributing investment products that help clients achieve their financial goals through diversified exposure to various asset classes. The company operates through several key business segments: 1. ETF and Index Strategies (~35% of revenue based on flow patterns): This segment manages exchange-traded funds (ETFs), which are investment funds that trade on stock exchanges like individual stocks but hold a diversified portfolio of underlying assets. ETFs allow investors to gain exposure to broad market indices, specific sectors, or investment themes with lower fees than traditional mutual funds. Invesco's ETF platform has experienced significant growth, generating $65 billion in net inflows in 2024. 2. Fundamental Fixed Income (~25% of revenue): This division manages bond portfolios and other debt securities for clients. Fixed income investments include government bonds, corporate bonds, municipal bonds, and structured securities like mortgage-backed securities. These investments typically provide regular income payments and are considered less risky than stocks. 3. Fundamental Equity (~20% of revenue): This segment manages stock portfolios using active investment strategies where fund managers select individual stocks based on fundamental analysis. Despite being a traditional strength, this segment has experienced persistent outflows as investors have shifted toward passive index investing. 4. Private Markets (~10% of revenue): This growing segment focuses on alternative investments not traded on public exchanges, including real estate, private credit, and direct lending. These investments typically require larger minimum investments and longer holding periods but may offer higher returns and portfolio diversification. 5. Multi-Asset and Solutions (~10% of revenue): This segment creates customized investment solutions that combine multiple asset classes and investment strategies to meet specific client objectives, often used by institutional investors and wealth management platforms.
Revenue model
Invesco generates revenue primarily through management fees charged as a percentage of assets under management (AUM). The company's business model is asset-based, meaning revenue fluctuates with both the value of managed assets and the amount of new money flowing into or out of funds. The company's revenue streams include: Management fees (the largest component) typically ranging from 0.05% to 2.0% annually depending on the product type and complexity, with ETFs charging lower fees (often 0.05-0.75%) while alternative investments and actively managed funds command higher fees (0.75-2.0%); Performance fees earned when funds exceed certain benchmark returns, primarily in alternative investment strategies; and Distribution and service fees from fund administration and distribution partnerships. Factors that increase profitability include rising financial markets that boost AUM values, net positive fund flows from clients, a shift toward higher-fee alternative investments and active strategies, operational leverage as fixed costs are spread across larger AUM, and successful investment performance that attracts new assets and justifies higher fees. Conversely, factors that decrease margins include declining markets that reduce AUM values, net fund outflows particularly in higher-fee products, intense fee compression pressure especially in passive products, the ongoing shift from active to passive investing which typically carries lower fees, increased competition from low-cost providers and robo-advisors, and higher regulatory and compliance costs that increase the fixed cost base. The company's expense structure includes approximately 25-35% variable costs primarily tied to employee compensation, allowing for some flexibility during challenging periods, while the remainder consists of fixed costs including technology infrastructure, regulatory compliance, and facilities.
Competitive moat
Invesco's competitive moat is moderate but faces significant challenges in the evolving asset management landscape. The company's primary defensive characteristics include its global distribution network with established relationships across retail, institutional, and wealth management channels, particularly strong market positions in specific regions like China and product categories like ETFs and fixed income. The firm benefits from scale advantages in areas like ETF management where fixed costs can be spread across large asset bases, and regulatory expertise that creates barriers for smaller competitors. Invesco's diversified product lineup across asset classes and geographies provides some stability, while its established track record and brand recognition help retain institutional relationships. However, the company's moat is under pressure from several structural industry challenges. The secular shift toward passive investing has commoditized much of traditional active management, leading to persistent fee compression and outflows from higher-margin active equity strategies. Low-cost competitors like Vanguard and BlackRock have significant scale advantages in passive products, while technological disruption from robo-advisors and direct indexing platforms threatens traditional distribution channels. The asset management industry exhibits limited network effects compared to platform businesses, and client switching costs, while present, are not insurmountable. Investment performance, which is crucial for retaining assets, can be cyclical and difficult to sustain consistently. The company's fundamental equity business, historically a core strength, has experienced persistent outflows as investors increasingly favor low-cost index funds over active stock picking. Invesco's best defensive positioning appears to be in specialized areas like ETF innovation, alternative investments, and geographic markets where it maintains strong distribution relationships, but overall competitive dynamics in asset management remain challenging with limited pricing power in most product categories.
Risks & safety
Invesco demonstrates a solid financial safety profile with strong liquidity and manageable debt levels, though profitability can be volatile due to market-dependent revenues. • Liquidity and Solvency: Strong cash position of $1.5 billion with minimal debt (debt-to-equity ratio of 0.52), achieving near net cash position by Q4 2024. Current ratio of 3.14 indicates strong short-term liquidity. • Cash Generation: Positive free cash flow of $1.1 billion for FY 2024, demonstrating the business model's cash-generative nature. Operating cash flow can be volatile quarter-to-quarter due to working capital timing but generally positive. • Valuation Metrics: Trading at attractive valuation multiples - P/E ratio of 7.4x, P/B ratio of 0.55x, and EV/EBITDA of 3.6x (Q1 2025), suggesting the stock may be undervalued relative to historical norms. • Operational Leverage: Variable cost structure (25-35% of expenses tied to compensation) provides flexibility during market downturns, with management demonstrating ability to adjust expenses when needed. • Dividend Coverage: The company maintains a dividend policy and returned 54% of earnings to shareholders in 2024 through dividends and buybacks, indicating sustainable capital returns. • Key Risks: Revenue volatility tied to market performance and fund flows, ongoing pressure on fee rates from industry competition, and execution risk from technology platform migration (Alpha platform implementation).
Recent development
Over the past few years, Invesco has undergone significant strategic transformation focused on operational efficiency and growth in higher-margin segments. The company has been implementing its Alpha platform migration, a multi-year technology consolidation project designed to reduce operational complexity and costs while improving client service capabilities. This initiative, expected to peak in implementation costs during 2025, represents a major operational overhaul that should deliver efficiency benefits starting in 2026. The firm has aggressively expanded its ETF and passive investment capabilities, achieving record growth with $65 billion in net inflows during 2024 and 25% organic growth rates. Management has broadened the ETF product lineup internationally and is exploring active ETF strategies to combine the tax efficiency of ETFs with active management capabilities. In private markets, Invesco has formed strategic partnerships to accelerate growth, most notably the collaboration with MassMutual and Barings announced in Q1 2025. This partnership involves MassMutual's $1 billion preferred stock repurchase and $650 million investment in new product development, specifically targeting private credit solutions for the wealth management market. The company has also established joint ventures in high-growth markets, including a new partnership in India. Geographic expansion has been another key focus, particularly in Asia-Pacific markets where the company achieved 10% organic growth in 2024. The China joint venture has returned to positive flows, while the firm continues to build distribution capabilities across emerging markets. The company has also undertaken significant organizational restructuring, consolidating investment teams, globalizing marketing platforms, and reducing the product lineup by over 150 products to focus resources on the most promising strategies. Management identified $50 million in annual expense savings through these efficiency initiatives while maintaining investment in key growth areas.
IVZ company profile · for informational purposes only — not investment advice.
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