Invesco (IVZ)
Market Price (8/24/2026): $32.04 | Market Cap: $14.5 BilSector: Financials | Industry: Asset Management & Custody Banks
Invesco (IVZ)
Market Price (8/24/2026): $32.04Market Cap: $14.5 BilSector: FinancialsIndustry: Asset Management & Custody Banks
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 29%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 28%, CFO LTM is 2.0 Bil Attractive yieldDividend Yield is 2.6%, FCF Yield is 13% Stock buyback supportStock Buyback 3Y Total is 2.1 Bil Low stock price volatilityVol 12M is 34% Megatrend and thematic driversMegatrends include Digital & Alternative Assets, and Sustainable Finance. Themes include Private Equity, Private Credit, Show more. | Trading close to highsDist 52W High is -1.7%, Dist 3Y High is -1.7% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -490 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -7.1% Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 53% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.3% Key risksIVZ key risks include [1] AUM susceptibility to market downturns, Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 29%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 28%, CFO LTM is 2.0 Bil |
| Attractive yieldDividend Yield is 2.6%, FCF Yield is 13% |
| Stock buyback supportStock Buyback 3Y Total is 2.1 Bil |
| Low stock price volatilityVol 12M is 34% |
| Megatrend and thematic driversMegatrends include Digital & Alternative Assets, and Sustainable Finance. Themes include Private Equity, Private Credit, Show more. |
| Trading close to highsDist 52W High is -1.7%, Dist 3Y High is -1.7% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -490 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -7.1% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 53% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.3% |
| Key risksIVZ key risks include [1] AUM susceptibility to market downturns, Show more. |
Qualitative Assessment
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Invesco (IVZ) stock has gained about 25% since 4/30/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Earnings Beat. Invesco reported adjusted earnings per share (EPS) of $0.71 for fiscal Q2 2026 (ended June 30, 2026) on July 28, 2026, surpassing analysts' consensus estimates of $0.67 by $0.04, a positive surprise of 5.97%. Quarterly revenue also rose 20.5% year-over-year to $1.33 billion, exceeding the $1.32 billion consensus estimate. This strong financial performance demonstrated operational effectiveness and resulted in a 4.81% increase in the stock price following the announcement.
2. Record Assets Under Management (AUM) and Robust Net Inflows. The company achieved record net long-term inflows of $45.1 billion in fiscal Q2 2026, primarily driven by strong performance in ETFs and Index products, its China Joint Venture, and Private Markets. This contributed to a record ending AUM of $2.5 trillion as of June 30, 2026, marking a 14.4% increase from the prior quarter and a 23% rise year-over-year. Consistent positive net long-term inflows of $18.9 billion in May and $8.0 billion in June further underscored strong client demand, which is crucial for revenue growth in asset management.
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Invesco (IVZ) stock has gained about 25% since 4/30/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Earnings Beat. Invesco reported adjusted earnings per share (EPS) of $0.71 for fiscal Q2 2026 (ended June 30, 2026) on July 28, 2026, surpassing analysts' consensus estimates of $0.67 by $0.04, a positive surprise of 5.97%. Quarterly revenue also rose 20.5% year-over-year to $1.33 billion, exceeding the $1.32 billion consensus estimate. This strong financial performance demonstrated operational effectiveness and resulted in a 4.81% increase in the stock price following the announcement.
2. Record Assets Under Management (AUM) and Robust Net Inflows. The company achieved record net long-term inflows of $45.1 billion in fiscal Q2 2026, primarily driven by strong performance in ETFs and Index products, its China Joint Venture, and Private Markets. This contributed to a record ending AUM of $2.5 trillion as of June 30, 2026, marking a 14.4% increase from the prior quarter and a 23% rise year-over-year. Consistent positive net long-term inflows of $18.9 billion in May and $8.0 billion in June further underscored strong client demand, which is crucial for revenue growth in asset management.
3. Successful Strategic Restructuring and Enhanced Operational Efficiency. Invesco's strategic initiatives to streamline operations and improve efficiency contributed significantly to the stock's positive trend. Key actions included the sale of its Canadian fund management business in June 2026, which reduces operational resources while maintaining strategic exposure through a sub-advisory agreement. These efforts, combined with the ongoing rollout of a hybrid investment platform, are creating significant operating leverage and led to an adjusted operating margin expansion to 37.5% in fiscal Q2 2026.
4. Increased Capital Returns to Shareholders and Positive Analyst Sentiment. Invesco demonstrated a commitment to shareholder returns by increasing its quarterly dividend to $0.215 per share in April 2026, representing an annualized yield of approximately 2.7-2.9%. The company also significantly increased common share buybacks by 80% year-to-date through fiscal Q2 2026. This commitment, alongside positive analyst sentiment, further buoyed the stock. For instance, TD Cowen raised its price target to $39 from $37 in August 2026, maintaining a "Buy" rating and increasing adjusted EPS estimates for 2026-2027.
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Stock Movement Drivers
Fundamental Drivers
The 23.9% change in IVZ stock from 4/30/2026 to 8/23/2026 was primarily driven by a 14.5% change in the company's P/S Multiple.| (LTM values as of) | 4302026 | 8232026 | Change |
|---|---|---|---|
| Stock Price ($) | 25.83 | 32.02 | 23.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 6,377 | 6,902 | 8.2% |
| P/S Multiple | 1.8 | 2.1 | 14.5% |
| Shares Outstanding (Mil) | 451 | 451 | 0.0% |
| Cumulative Contribution | 23.9% |
Market Drivers
4/30/2026 to 8/23/2026| Return | Correlation | |
|---|---|---|
| IVZ | 23.9% | |
| Market (SPY) | 6.5% | 64.8% |
| Sector (XLF) | 10.3% | 53.5% |
Fundamental Drivers
The 20.0% change in IVZ stock from 1/31/2026 to 8/23/2026 was primarily driven by a 9.9% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 1312026 | 8232026 | Change |
|---|---|---|---|
| Stock Price ($) | 26.68 | 32.02 | 20.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 6,278 | 6,902 | 9.9% |
| P/S Multiple | 1.9 | 2.1 | 8.9% |
| Shares Outstanding (Mil) | 452 | 451 | 0.2% |
| Cumulative Contribution | 20.0% |
Market Drivers
1/31/2026 to 8/23/2026| Return | Correlation | |
|---|---|---|
| IVZ | 20.0% | |
| Market (SPY) | 11.0% | 66.8% |
| Sector (XLF) | 8.1% | 62.6% |
Fundamental Drivers
The 58.8% change in IVZ stock from 7/31/2025 to 8/23/2026 was primarily driven by a 40.3% change in the company's P/S Multiple.| (LTM values as of) | 7312025 | 8232026 | Change |
|---|---|---|---|
| Stock Price ($) | 20.16 | 32.02 | 58.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 6,121 | 6,902 | 12.8% |
| P/S Multiple | 1.5 | 2.1 | 40.3% |
| Shares Outstanding (Mil) | 453 | 451 | 0.4% |
| Cumulative Contribution | 58.8% |
Market Drivers
7/31/2025 to 8/23/2026| Return | Correlation | |
|---|---|---|
| IVZ | 58.8% | |
| Market (SPY) | 22.2% | 65.5% |
| Sector (XLF) | 11.1% | 63.0% |
Fundamental Drivers
The 119.9% change in IVZ stock from 7/31/2023 to 8/23/2026 was primarily driven by a 83.2% change in the company's P/S Multiple.| (LTM values as of) | 7312023 | 8232026 | Change |
|---|---|---|---|
| Stock Price ($) | 14.56 | 32.02 | 119.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5,838 | 6,902 | 18.2% |
| P/S Multiple | 1.1 | 2.1 | 83.2% |
| Shares Outstanding (Mil) | 458 | 451 | 1.5% |
| Cumulative Contribution | 119.9% |
Market Drivers
7/31/2023 to 8/23/2026| Return | Correlation | |
|---|---|---|
| IVZ | 119.9% | |
| Market (SPY) | 73.2% | 65.0% |
| Sector (XLF) | 70.0% | 66.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| IVZ Return | 36% | -18% | 4% | 3% | 57% | 22% | 129% |
| Peers Return | 38% | -18% | 13% | 17% | 11% | 25% | 108% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 103% |
Monthly Win Rates [3] | |||||||
| IVZ Win Rate | 67% | 42% | 42% | 50% | 75% | 62% | |
| Peers Win Rate | 67% | 43% | 43% | 67% | 55% | 62% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| IVZ Max Drawdown | -25% | -43% | -36% | -21% | -37% | -22% | |
| Peers Max Drawdown | -14% | -40% | -27% | -17% | -26% | -18% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: BLK, STT, TROW, BEN, AMP. See IVZ Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/21/2026 (YTD)
How Low Can It Go
| Event | IVZ | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -33.3% | -18.8% |
| % Gain to Breakeven | 49.8% | 23.1% |
| Time to Breakeven | 101 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -23.8% | -9.5% |
| % Gain to Breakeven | 31.2% | 10.5% |
| Time to Breakeven | 51 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -23.5% | -6.7% |
| % Gain to Breakeven | 30.7% | 7.1% |
| Time to Breakeven | 484 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -39.5% | -24.5% |
| % Gain to Breakeven | 65.3% | 32.4% |
| Time to Breakeven | 1022 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -59.1% | -33.7% |
| % Gain to Breakeven | 144.3% | 50.9% |
| Time to Breakeven | 215 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -30.9% | -19.2% |
| % Gain to Breakeven | 44.8% | 23.8% |
| Time to Breakeven | 752 days | 105 days |
In The Past
Invesco's stock fell -33.3% during the 2025 US Tariff Shock. Such a loss loss requires a 49.8% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
| Event | IVZ | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -33.3% | -18.8% |
| % Gain to Breakeven | 49.8% | 23.1% |
| Time to Breakeven | 101 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -23.8% | -9.5% |
| % Gain to Breakeven | 31.2% | 10.5% |
| Time to Breakeven | 51 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -23.5% | -6.7% |
| % Gain to Breakeven | 30.7% | 7.1% |
| Time to Breakeven | 484 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -39.5% | -24.5% |
| % Gain to Breakeven | 65.3% | 32.4% |
| Time to Breakeven | 1022 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -59.1% | -33.7% |
| % Gain to Breakeven | 144.3% | 50.9% |
| Time to Breakeven | 215 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -30.9% | -19.2% |
| % Gain to Breakeven | 44.8% | 23.8% |
| Time to Breakeven | 752 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -31.6% | -12.2% |
| % Gain to Breakeven | 46.1% | 13.9% |
| Time to Breakeven | 494 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -35.7% | -6.8% |
| % Gain to Breakeven | 55.4% | 7.3% |
| Time to Breakeven | 617 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -34.2% | -17.9% |
| % Gain to Breakeven | 51.9% | 21.8% |
| Time to Breakeven | 109 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -22.5% | -15.4% |
| % Gain to Breakeven | 29.1% | 18.2% |
| Time to Breakeven | 80 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -71.8% | -53.4% |
| % Gain to Breakeven | 254.5% | 114.4% |
| Time to Breakeven | 1527 days | 1085 days |
In The Past
Invesco's stock fell -33.3% during the 2025 US Tariff Shock. Such a loss loss requires a 49.8% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Invesco (IVZ)
Invesco Ltd. is a publicly owned global investment manager. The firm actively manages a diverse range of investment portfolios across public equity, fixed income, and alternative markets worldwide, including commodities and currencies. For equities, it invests in growth and value stocks of companies across all market capitalizations. For fixed income, it covers a broad spectrum from government and municipal bonds to high-yield and structured securities. Invesco utilizes various strategies, such as absolute return, global macro, long/short, and quantitative analysis, to manage these investments.
The company offers a comprehensive suite of investment products and services, including launching and managing separate client-focused equity and fixed income portfolios. It also provides a variety of pooled investment vehicles, such as mutual funds, exchange-traded funds (ETFs), and private funds, covering equity, fixed income, commodity, multi-asset, and balanced strategies.
Invesco serves a broad client base, including retail investors, high-net-worth individuals, and a wide array of institutional clients. This institutional client base encompasses corporations, unions, non-profit organizations, endowments, foundations, pension funds, financial institutions, public entities, and sovereign wealth funds.
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Think of Invesco as a BlackRock or Fidelity, an investment manager offering a broad array of mutual funds, ETFs, and customized portfolios for diverse clients.
It's akin to a Vanguard or T. Rowe Price, but managing global investments across equities, fixed income, and alternative markets for individuals and institutions.
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- Portfolio Management (Separate Accounts): Manages customized equity and fixed income portfolios for individual and institutional clients.
- Mutual Funds: Offers a range of pooled investment vehicles across equity, fixed income, commodity, multi-asset, and balanced strategies.
- Exchange-Traded Funds (ETFs): Provides publicly traded funds that invest in various asset classes including equity, fixed income, multi-asset, and balanced portfolios.
- Private Funds: Launches and manages private investment funds, typically for sophisticated investors.
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Invesco (IVZ) serves a diverse client base, encompassing both individual and institutional investors. Based on the provided description, its major customer categories are:
- Retail Clients: These are individual investors seeking investment management services, mutual funds, and exchange-traded funds.
- High-Net Worth Clients: This category comprises individuals with substantial assets who require tailored investment portfolios and specialized financial advice.
- Institutional Clients: This broad category includes a wide array of organizations such as public entities, corporations, unions, non-profit organizations, endowments, foundations, pension funds, financial institutions, and sovereign wealth funds. These clients typically have large pools of assets requiring professional management across various asset classes and investment strategies.
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Andrew R. Schlossberg, President and Chief Executive Officer
Andrew R. Schlossberg has served as the President and Chief Executive Officer of Invesco and a member of its Board since June 2023. He has been with Invesco Ltd. since 2001, holding multiple leadership roles across the company's businesses and locations. Prior to his current role, he was Senior Managing Director and Head of the Americas from 2019 to 2023, overseeing the region and global exchange-traded funds business. From 2015 to 2019, he served as Senior Managing Director and Head of Europe, Middle East and Africa. His earlier roles included Head of US Retail Distribution and Global ETFs, US Chief Marketing Officer, and Head of Global Corporate Development. Before joining Invesco, Mr. Schlossberg began his career as an equity research analyst at Citigroup Asset Management and its predecessors from 1996 to 2000.
L. Allison Dukes, Senior Managing Director and Chief Financial Officer
Allison Dukes is Senior Managing Director and Chief Financial Officer (CFO) of Invesco, a role she assumed in 2020. She leads all global corporate finance functions, including strategic and financial planning, investor relations, accounting, corporate tax, and treasury. Before joining Invesco, Ms. Dukes was CFO at SunTrust Banks, Inc., where she played a key role in structuring the merger of equals with BB&T Corporation, now known as Truist Financial Corporation. Over her 20 years with SunTrust, she held various leadership positions such as head of commercial and business banking, president of the Atlanta division, co-head of private wealth management, and managing director and head of syndicated finance originations for SunTrust Robinson Humphrey. Ms. Dukes began her career at SunTrust in 1997, rejoining in 2002 after serving as finance director at Axiom Global, Inc.
Stephanie C. Butcher, Senior Managing Director, Co-Head of Investments
Stephanie C. Butcher serves as Senior Managing Director and Co-Head of Investments at Invesco.
Shannon Johnston, Senior Managing Director and Chief Information and Operations Officer
Shannon Johnston holds the position of Senior Managing Director and Chief Information and Operations Officer at Invesco.
Jeffrey H. Kupor, Senior Managing Director and General Counsel
Jeffrey H. Kupor is Senior Managing Director and General Counsel for Invesco.
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Market Volatility and Economic Uncertainty: Invesco's financial performance is significantly susceptible to fluctuations in global capital and credit markets, as well as broader economic conditions. Market volatility can directly impact the level of assets under management (AUM), leading to adverse effects on revenues, net income, and liquidity. Geopolitical instability and sector-specific stresses can further exacerbate these impacts, potentially affecting the credit quality of Invesco's investment portfolio.
Competitive Pressures and Fee Compression: The investment management industry is characterized by intense competition and a persistent trend of fee compression. Invesco faces challenges from industry consolidation and increasing client demand for lower-cost investment options, particularly the shift towards passive investing strategies and exchange-traded funds (ETFs). This "race to zero" in passive investment fees, driven by larger competitors, can lead to client outflows from higher-fee active management products and reduce Invesco's net revenue yield.
Regulatory and Legal Risks: As a global investment manager, Invesco operates within a complex and evolving regulatory landscape across multiple jurisdictions. Changes in laws, new regulations, enforcement actions, or legal proceedings can adversely affect the company's reputation, AUM, and financial performance. Specific concerns include increased scrutiny around anti-money laundering (AML), environmental, social, and governance (ESG) disclosures, and data handling. Non-compliance with these regulations or significant data breaches could lead to substantial legal, financial, and reputational consequences.
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Invesco Ltd. (IVZ) operates within a substantial global and regional investment management landscape across various product and service categories.
Addressable Markets for Invesco's Main Products and Services:
- Asset Management (Global): The global assets under management (AuM) for the asset and wealth management industry are projected to climb from US$139 trillion in 2024 to $200 trillion by 2030.
- Asset Management (U.S.): The United States asset management market size is projected to reach USD 125.98 trillion by 2031.
- Mutual Funds (Global): The global mutual fund assets market size, valued at approximately USD 67.48 trillion in 2022, is expected to reach USD 145.23 trillion by 2030.
- Mutual Funds (U.S.): Assets under management (AUM) in US mutual funds are forecast to grow to $38 trillion by 2030.
- Exchange-Traded Funds (ETFs) (Global): Assets invested in the global ETF industry reached a record of USD 19.85 trillion at the end of December 2025.
- Exchange-Traded Funds (ETFs) (U.S.): Assets invested in U.S. ETFs reached a record $14.28 trillion at the end of February 2026.
- Alternative Investments (Global): The global alternatives market's assets under management (AUM) are expected to reach $32 trillion by 2030, encompassing private equity, private credit, infrastructure, real estate, hedge funds, and natural resources. The global alternatives industry is also on course to exceed $30 trillion in AUM by 2030.
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Invesco Ltd. (IVZ) is expected to drive future revenue growth over the next 2-3 years through several key strategies and market trends:
- Continued Growth and Expansion of the ETF and Index Platform: Invesco consistently highlights its ETF and Index platform as a significant driver of organic flow growth and increasing Assets Under Management (AUM). Products like QQQM are notable contributors, and the company has been gaining market share in this segment.
- Increase in Assets Under Management (AUM) Driven by Net Long-Term Inflows and Market Appreciation: A fundamental driver for Invesco's revenue is the growth in its overall AUM. This growth is fueled by both positive net long-term inflows from clients and favorable market conditions that lead to higher asset valuations.
- Expansion in Private Markets and Alternative Investment Offerings: Invesco is strategically expanding its presence in alternative investment solutions, including private credit and real estate debt. The firm is also forming partnerships to capitalize on the growing investor demand for these less liquid asset classes.
- Targeted Growth in Key International Markets: Geographical expansion, particularly in regions like Asia Pacific and EMEA, and the performance of the Greater China joint venture, are expected to contribute to revenue. Specific products, such as the Global Equity Income Fund in Japan, have demonstrated strong inflows.
- Leveraging Strategic Initiatives and Product Innovation: Invesco's ongoing strategic business transformation aims to enhance operational efficiency and focus on high-opportunity areas. A notable example is the conversion of the Invesco QQQ Trust into an open-end ETF structure, which allows the company to generate additional revenue and profits from a substantial AUM base.
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Capital Allocation Decisions (Last 3-5 Years)
Share Repurchases
- In February 2026, Invesco's board approved a new 2025 Share Repurchase Plan, authorizing the repurchase of up to an additional $1.0 billion of common stock. This is in addition to the approximately $213.4 million remaining under the prior 2016 plan as of February 2026.
- In May 2025, Invesco repurchased $1.0 billion of its Series A Preferred Stock held by MassMutual, followed by an additional $500 million repurchase in December 2025.
- During the second quarter of 2025, the company repurchased 1.7 million common shares for $25 million in the open market.
Share Issuance
- Invesco's shares outstanding experienced minor fluctuations, with 0.455 billion shares in 2025 (a 0.59% decline from 2024), 0.458 billion shares in 2024 (a 0.33% increase from 2023), and 0.456 billion shares in 2023 (a 0.72% decline from 2022).
Outbound Investments
- In 2025, Invesco Real Estate closed on $3 billion of loans globally in the second half of the year, contributing to total loan commitments of $4.5 billion for the full year, representing a 63% year-over-year increase in investment activity.
- In June 2025, Invesco Ltd. acquired Marketplace at Outlets in West Palm Beach for approximately $130 million.
- In 2025, Invesco completed the sale of Intelliflo and 60% of its interest in Invesco Asset Management (India) Private Limited.
Peer Outperformance in Asset Management & Custody Banks
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| IVZ | Invesco | 6.4% | -224.0x | 53.3% | 141.3% | 60.1% | — |
| BNY | Bank of New York Mellon | 7.7% | 17.3x | 57.3% | 291.3% | 232.9% | +173pp |
| STT | State Street | 7.2% | 15.0x | 66.2% | 203.7% | 144.8% | +85pp |
| NTRS | Northern Trust | 10.3% | 15.1x | 44.6% | 167.0% | 82.5% | +22pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Investment Banking & Brokerage | 13 | 5.7% | 134.1% | 133.9% | IBKR 512% · SNEX 252% · GS 187% |
| Reinsurance | 6 | 19.3% | 80.7% | 117.8% | SPNT 140% · MTG 130% · RGA 128% |
| Diversified Banks | 12 | 37.4% | 131.6% | 101.7% | JPM 153% · CM 148% · RY 135% |
| Life & Health Insurance | 19 | 11.2% | 56.2% | 84.8% | UNM 285% · FG 197% · MFC 172% |
| Regional Banks | 263 | 25.9% | 86.0% | 64.5% | GCBC 395% · ESQ 364% · NBN 297% |
| Property & Casualty Insurance | 42 | 11.1% | 74.2% | 63.8% | ASIC 2583900% · HRTG 433% · UVE 278% |
| Multi-line Insurance | 9 | 13.5% | 78.4% | 57.8% | GNW 176% · L 101% · SLF 86% |
| Consumer Finance | 30 | 10.1% | 87.8% | 34.4% | ENVA 660% · EZPW 391% · FCFS 185% |
| Multi-Sector Holdings | 6 | 1.4% | 16.7% | 33.9% | JEF 78% · BRK-B 73% · VOYA 66% |
| Insurance Brokers | 15 | -9.5% | 11.4% | 33.7% | LIFE 571% · AJG 94% · ARX 87% |
| Asset Management & Custody Banks ← | 83 | -8.7% | 23.5% | 25.5% | SII 341% · WT 303% · VCTR 289% |
| Financial Exchanges & Data | 15 | -1.6% | 14.2% | 13.9% | VIRT 216% · CBOE 156% · CME 69% |
| Commercial & Residential Mortgage Finance | 12 | -31.1% | 19.6% | 4.5% | FNMA 474% · FMCC 460% · ESNT 60% |
| Specialized Finance | 3 | 18.7% | 53.6% | 3.7% | EFC 36% · CACC 4% · HASI -14% |
| Mortgage REITs | 34 | -7.2% | 13.6% | -11.5% | RITM 61% · NREF 53% · DX 41% |
| Transaction & Payment Processing Services | 15 | 1.4% | 8.4% | -41.3% | MA 65% · V 65% · CPAY 58% |
| Diversified Capital Markets | 21 | -29.3% | -4.7% | -45.9% | BTCS 584% · OPY 176% · LPLA 153% |
| Diversified Financial Services | 5 | -6.3% | 63.2% | -58.0% | FRHC 166% · EQH 80% · TMS -58% |
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Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 149.32 |
| Mkt Cap | 37.4 |
| Rev LTM | 12,190 |
| Op Inc LTM | 1,959 |
| FCF LTM | 1,970 |
| FCF 3Y Avg | 1,423 |
| CFO LTM | 2,741 |
| CFO 3Y Avg | 1,637 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 11.4% |
| Rev Chg 3Y Avg | 6.9% |
| Rev Chg Q | 15.5% |
| QoQ Delta Rev Chg LTM | 3.6% |
| Op Inc Chg LTM | 13.4% |
| Op Inc Chg 3Y Avg | 7.4% |
| Op Mgn LTM | 23.5% |
| Op Mgn 3Y Avg | 23.8% |
| QoQ Delta Op Mgn LTM | 0.1% |
| CFO/Rev LTM | 24.3% |
| CFO/Rev 3Y Avg | 21.6% |
| FCF/Rev LTM | 17.7% |
| FCF/Rev 3Y Avg | 18.4% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Investment management | 6,377 | 6,067 | 5,716 | 6,049 | |
| Investment management fees | 4,996 | ||||
| Other | 246 | ||||
| Performance fees | 56 | ||||
| Service and distribution fees | 1,596 | ||||
| Total | 6,377 | 6,067 | 5,716 | 6,049 | 6,894 |
| $ Mil | 2005 |
|---|---|
| AIM | 459 |
| INVESCO | 199 |
| Private Wealth/Retirement | -33 |
| Total | 625 |
Price Behavior
| Market Price | $32.02 | |
| Market Cap ($ Bil) | 14.4 | |
| First Trading Date | 08/25/1995 | |
| Distance from 52W High | -1.7% | |
| 50 Days | 200 Days | |
| DMA Price | $29.33 | $26.40 |
| DMA Trend | up | up |
| Distance from DMA | 9.2% | 21.3% |
| 3M | 1YR | |
| Volatility | 37.6% | 33.8% |
| Downside Capture | 147.49 | 149.45 |
| Upside Capture | 211.46 | 168.50 |
| Correlation (SPY) | 65.8% | 65.6% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.81 | 1.69 | 1.69 | 1.71 | 1.69 | 1.49 |
| Up Beta | 3.04 | 1.28 | 1.38 | 1.90 | 1.71 | 1.36 |
| Down Beta | 3.45 | 2.01 | 2.01 | 1.88 | 1.85 | 1.77 |
| Up Capture | 368% | 203% | 200% | 177% | 234% | 331% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 14 | 25 | 37 | 70 | 143 | 407 |
| Down Capture | 160% | 145% | 143% | 145% | 132% | 108% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 7 | 17 | 24 | 54 | 107 | 336 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with IVZ | |
|---|---|---|---|---|
| IVZ | 59.3% | 33.8% | 1.41 | - |
| Sector ETF (XLF) | 10.1% | 14.6% | 0.44 | 62.6% |
| Equity (SPY) | 21.1% | 12.9% | 1.22 | 65.5% |
| Gold (GLD) | 37.5% | 28.8% | 1.10 | 18.9% |
| Commodities (DBC) | 43.2% | 20.2% | 1.66 | -18.6% |
| Real Estate (VNQ) | 12.9% | 13.8% | 0.64 | 29.3% |
| Bitcoin (BTCUSD) | -31.6% | 44.1% | -0.73 | 35.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with IVZ | |
|---|---|---|---|---|
| IVZ | 10.0% | 36.9% | 0.34 | - |
| Sector ETF (XLF) | 10.1% | 18.4% | 0.41 | 71.7% |
| Equity (SPY) | 12.9% | 17.2% | 0.57 | 69.2% |
| Gold (GLD) | 20.6% | 18.6% | 0.90 | 11.9% |
| Commodities (DBC) | 10.4% | 19.6% | 0.41 | 12.0% |
| Real Estate (VNQ) | 2.3% | 18.9% | 0.02 | 56.6% |
| Bitcoin (BTCUSD) | 10.4% | 52.8% | 0.38 | 32.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with IVZ | |
|---|---|---|---|---|
| IVZ | 5.6% | 39.3% | 0.26 | - |
| Sector ETF (XLF) | 13.5% | 22.0% | 0.56 | 74.9% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 69.2% |
| Gold (GLD) | 12.7% | 16.2% | 0.64 | 4.3% |
| Commodities (DBC) | 8.0% | 18.0% | 0.36 | 22.0% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.20 | 57.4% |
| Bitcoin (BTCUSD) | 63.1% | 66.1% | 1.03 | 18.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 8/11/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/28/2026 | -2.3% | 2.7% | |
| 4/28/2026 | 1.5% | 2.2% | 9.2% |
| 1/27/2026 | -5.1% | -4.3% | -5.7% |
| 10/28/2025 | 2.1% | 0.5% | 4.2% |
| 7/22/2025 | 5.2% | 7.3% | 4.1% |
| 4/22/2025 | 8.3% | 11.9% | 23.3% |
| 1/28/2025 | 9.0% | 3.3% | -2.1% |
| 10/22/2024 | 0.1% | -0.7% | -3.0% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 14 | 13 |
| # Negative | 13 | 10 | 10 |
| Median Positive | 2.1% | 3.3% | 6.6% |
| Median Negative | -2.3% | -4.3% | -5.8% |
| Max Positive | 9.0% | 11.9% | 30.5% |
| Max Negative | -8.5% | -9.6% | -15.8% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/28/2026 | -2.3% | 2.7% | |
| 4/28/2026 | 1.5% | 2.2% | 9.2% |
| 1/27/2026 | -5.1% | -4.3% | -5.7% |
| 10/28/2025 | 2.1% | 0.5% | 4.2% |
| 7/22/2025 | 5.2% | 7.3% | 4.1% |
| 4/22/2025 | 8.3% | 11.9% | 23.3% |
| 1/28/2025 | 9.0% | 3.3% | -2.1% |
| 10/22/2024 | 0.1% | -0.7% | -3.0% |
| 7/23/2024 | 1.9% | 3.1% | 2.2% |
| 4/23/2024 | -6.4% | -7.2% | 3.8% |
| 1/23/2024 | -8.3% | -5.6% | -9.2% |
| 10/24/2023 | 4.1% | 3.4% | 11.5% |
| 7/25/2023 | -7.5% | -6.5% | -15.8% |
| 4/25/2023 | -0.3% | -0.4% | -9.5% |
| 1/24/2023 | -2.0% | -4.3% | -5.9% |
| 10/25/2022 | 0.0% | 1.8% | 30.5% |
| 7/27/2022 | -0.6% | 5.3% | 6.6% |
| 4/26/2022 | -8.5% | -9.6% | -10.3% |
| 1/25/2022 | -1.1% | 5.1% | -1.3% |
| 10/26/2021 | 3.3% | 7.2% | -0.5% |
| 7/27/2021 | -3.2% | -2.6% | 0.3% |
| 4/27/2021 | -0.3% | 3.4% | 0.7% |
| 1/26/2021 | -0.5% | 1.7% | 11.3% |
| 10/27/2020 | 1.3% | -2.2% | 25.5% |
| SUMMARY STATS | |||
| # Positive | 11 | 14 | 13 |
| # Negative | 13 | 10 | 10 |
| Median Positive | 2.1% | 3.3% | 6.6% |
| Median Negative | -2.3% | -4.3% | -5.8% |
| Max Positive | 9.0% | 11.9% | 30.5% |
| Max Negative | -8.5% | -9.6% | -15.8% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/04/2026 | 10-Q |
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 02/24/2026 | 10-K |
| 09/30/2025 | 11/04/2025 | 10-Q |
| 06/30/2025 | 08/01/2025 | 10-Q |
| 03/31/2025 | 04/28/2025 | 10-Q |
| 12/31/2024 | 02/25/2025 | 10-K |
| 09/30/2024 | 10/29/2024 | 10-Q |
| 06/30/2024 | 07/31/2024 | 10-Q |
| 03/31/2024 | 05/01/2024 | 10-Q |
| 12/31/2023 | 02/21/2024 | 10-K |
| 09/30/2023 | 10/31/2023 | 10-Q |
| 06/30/2023 | 08/02/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 02/23/2023 | 10-K |
| 09/30/2022 | 11/02/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/04/2026 | 10-Q |
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 02/24/2026 | 10-K |
| 09/30/2025 | 11/04/2025 | 10-Q |
| 06/30/2025 | 08/01/2025 | 10-Q |
| 03/31/2025 | 04/28/2025 | 10-Q |
| 12/31/2024 | 02/25/2025 | 10-K |
| 09/30/2024 | 10/29/2024 | 10-Q |
| 06/30/2024 | 07/31/2024 | 10-Q |
| 03/31/2024 | 05/01/2024 | 10-Q |
| 12/31/2023 | 02/21/2024 | 10-K |
| 09/30/2023 | 10/31/2023 | 10-Q |
| 06/30/2023 | 08/02/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 02/23/2023 | 10-K |
| 09/30/2022 | 11/02/2022 | 10-Q |
| 06/30/2022 | 08/03/2022 | 10-Q |
| 03/31/2022 | 04/29/2022 | 10-Q |
| 12/31/2021 | 02/18/2022 | 10-K |
| 09/30/2021 | 10/29/2021 | 10-Q |
| 06/30/2021 | 07/30/2021 | 10-Q |
| 03/31/2021 | 04/30/2021 | 10-Q |
| 12/31/2020 | 02/19/2021 | 10-K |
| 09/30/2020 | 10/30/2020 | 10-Q |
| 06/30/2020 | 07/31/2020 | 10-Q |
| 03/31/2020 | 04/23/2020 | 10-Q |
| 12/31/2019 | 03/02/2020 | 10-K |
| 09/30/2019 | 10/23/2019 | 10-Q |
Investor Activity (13F)
Updated Aug 24, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
| Active Manager |
|---|
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