Invesco Ltd.

Finance
Investment Managers
www.invesco.com

Earnings Score
Moat Score
Safety Score

Market Cap $8.01B
PE -19
Debt $890.30M
Cash $1.64B
EV $7.26B
FCF $1.47B

Earnings

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Sales & Net Margins

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Earnings	-$413.60M
EBIT	-$245.60M
ROE	-3%
ROA	-1%
FCF	$1.47B
Equity	$15.33B
Growth Stability	-38%
PE	-19.37
PEG	-6.39
PB	0.52
P/FCF	5.45
P/S	1.36
Price/Cash	0.2
Debt/Equity	0.06
Debt/FCF	0.61
Net Margins	7%
Op. Margins	-4%
Earnings CAGR	-1%
Sales Growth YoY	5%
Sales Growth QoQ	2%
Sales CAGR	3%
FCF CAGR	2%
Equity CAGR	9%
Earnings Stability	0.02
Earnings Growth YoY	-58%
Earnings Growth QoQ	-58%

Earnings CAGR 5Y	3%
Sales CAGR 5Y	-3%
FCF CAGR 5Y	-1%
Equity CAGR 5Y	2%
Earnings CAGR 3Y	-7%
Sales CAGR 3Y	-7%
FCF CAGR 3Y	71%
Equity CAGR 3Y	-2%
Market Cap	$8.01B
Revenue	$5.89B
Dividend Yield	5%
Payout Ratio	-90%
Assets	$27.50B
Total Debt	$890.30M
Cash	$1.64B
Shares Outstanding	449.4M
EV	7.26B
Earnings Score	6%
Moat Score	35%
Safety Score	66%
Final Score	36%
Shares Growth 3y	-1%
Equity Growth QoQ	1%
Equity Growth YoY	-3%

Assets & ROA

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Stockholders Equity & ROE

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Invesco provides investment-management services to retail (67% of managed assets) and institutional (33%) clients. At the end of May 2022, the firm had $1.452 trillion in assets under management spread among its equity (49% of AUM), balanced (5%), fixed-income (22%), alternative investment (14%), and money market (10%) operations. Passive products account for 32% of Invesco's total AUM, including 55% of the company's equity operations and 12% of its fixed-income platform. Invesco's U.S. retail business is one of the 10 largest nonproprietary fund complexes in the country. The firm also has a meaningful presence outside the U.S., with close to one third of its AUM sourced from Canada (2%), the U.K. (3%), continental Europe (11%), and Asia (15%).

SEC Filings

Direct access to Invesco Ltd. (IVZ) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2024
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2023
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2022
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31

Sector Comparison

How does Invesco Ltd. compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Invesco Ltd. compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR -1%

Stability 2%

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Invesco Ltd. Discounted Cash Flow

Fully customizable DCF calculator online for Invesco Ltd..

Years

Calculation mode

= $16B

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$1.5B	$1.5B	$1.5B	$1.5B	$1.6B	$1.6B	$1.6B	$1.7B	$1.7B	$1.7B	$1.7B	$17B
DCF		$1.4B	$1.3B	$1.2B	$1.1B	$992M	$917M	$847M	$783M	$723M	$669M	$6.7B
Value	$16B

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Net Margins	19%	19%	18%	22%	17%	9%	9%	20%	11%	-6%	7%
ROA	-	5%	5%	5%	4%	2%	3%	8%	4%	-1%	-1%
ROE	-	11%	11%	13%	10%	4%	4%	9%	4%	-2%	-3%

Net Margins (7.35%)

Net Margins are at a level that is not too high nor too low. They are not a competitive advantage but they are not a competitive disadvantage either.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Debt over FCF	-	2.23	-114.26	1.65	3.32	2.1	1.87	2.15	2.92	1.31	0.61
Debt over Equity	0.17	0.24	0.28	0.23	0.27	0.15	0.14	0.13	0.09	0.1	0.06
Growth Stability	-	-	-	100%	90%	59%	61%	100%	83%	-38%	-38%

Good Debt/FCF ratio (0.61)

Net Margins are high enough to offer a good protection on the profits in case of higher costs or higher interests. Furthermore higher margins reduce earnings’ volatility.

Good Debt/Equity ratio (0.06)

The company is not overleveraged and has a good balance between equity and debt.

Bad Graham’s Stability (-38%)

The company has a bad stability in its earnings, which is a sign of a bad competitive advantage.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	CAGR 5Y
Revenue YoY growth	-	-0%	-8%	9%	3%	15%	0%	12%	-12%	-5%	-3%
Earnings YoY growth	-	-2%	-11%	32%	-22%	-36%	-7%	165%	-51%	-149%	3%
Equity YoY growth	-	-5%	-12%	18%	-0%	60%	3%	9%	-2%	-4%	2%
FCF YoY growth	-	-13%	-102%	-7K%	-42%	37%	12%	-13%	-47%	123%	-1%