Invesco Ltd. (IVZ) intrinsic value & 10-year financials
Invesco Ltd. (IVZ) has a Graham intrinsic value of $15.49 per share. At $28.20 on Oct 17, 2026, the stock trades 82% above that value. Over the last 10 fiscal years revenue grew 3.4% a year to $6.4B, with an average return on invested capital of 5.4%.
- Graham intrinsic value
- $15.49
- Share price (Oct 17, 2026)
- $28.20
- Price vs Graham value
- 82% above
- Market cap
- $12.8B
- Revenue (FY2025)
- $6.4B
- Revenue growth (10-yr CAGR)
- 3.4%
- ROIC (10-yr avg)
- 5.4%
- Free cash flow (FY2025)
- $1.4B
IVZ 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $6.4B | -$174.8M | -$1.60 | $1.4B | -10.9% | -2.5% |
| FY2024 | $6.1B | $538.0M | $1.18 | $1.1B | 13.7% | 3.9% |
| FY2023 | $5.7B | -$333.7M | -$0.73 | $1.1B | -7.6% | -2.4% |
| FY2022 | $6.0B | $683.9M | $1.49 | $510.3M | 21.8% | 5.8% |
| FY2021 | $6.9B | $1.4B | $2.99 | $969.3M | 25.9% | 8.4% |
| FY2020 | $6.1B | $524.8M | $1.13 | $1.1B | 15.0% | 4.1% |
| FY2019 | $6.1B | $564.7M | $1.28 | $992.3M | 13.2% | 4.6% |
| FY2018 | $5.3B | $882.8M | $2.14 | $726.3M | 22.7% | 10.0% |
| FY2017 | $5.2B | $1.1B | $2.75 | $1.3B | 24.7% | 12.1% |
| FY2016 | $4.7B | $854.2M | $2.06 | -$18.4M | 24.8% | 10.2% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Invesco has demonstrated mature, steady growth, with revenue compounding at 3.4% annually over the past decade.
Invesco has historically struggled to out-earn its cost of capital, averaging just 5.4% ROIC.
Invesco has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Invesco is modeled at 3.4% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $15.49 per share.