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Introduction Invesco Ltd. (the Parent), along with its consolidated entities (collectively, Invesco or the company), is an independent investment management firm dedicated to delivering a superior investment experience. Our comprehensive range of active, passive and alternative investment capabilities has been constructed over many years to help clients achieve their investment objectives.
The business is unprofitable at the operating level (-10.91% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue grew 5.1%, steady but not accelerating. Margins contracted 24.6pp, which offsets some of the top-line progress.
ROIC dropped from 3.57% to -3.62%, capital efficiency is deteriorating. Operating margin contracted 24.6pp YoY, cost discipline may be slipping.
Profitability & Returns
Revenue (TTM)
$6.59B
▲ +5.1% YoY
Net Income (TTM)
-$667M
▼ -235.0% YoY
Op. Margin
-9.71%
▼ -24.6pp YoY
ROIC
-3.37%
▼ -7.2pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$1.75B
▲ +28.6% YoY
Op. Cash Flow (TTM)
$1.82B
▲ +28.2% YoY
Net Debt
$1.16B
Cash & Equiv.
$807M
5Y CAGR: +0.7%
5Y CAGR: +5.3%
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