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Back of Napkin

Invesco Ltd. IVZ

Three-pass checkedFiled since 2026-08-04

Written 2026-06-16. The company has filed a quarterly or annual report since, on 2026-08-04, so figures here predate its latest disclosure.

Invesco sits at $29.24 near a 52-week high after doubling off the $14.46 low, with a 2.9% dividend and a clean balance sheet, but the reported GAAP loss masks a business throwing off $1.8B of operating cash flow.

You're paying about 11x normalized earnings for a scaled global asset manager with ETF tailwinds and roughly $1.8B of annual free cash flow, getting the China JV recovery and the preferred-stock retirement optionality close to free.

Key data

Sector / industryFinancial Services / Asset Management
Price (Jun 16, 2026)$29.24, near the 52w high of $29.82
52-week range$14.46 to $29.82, doubled off the low
Market cap / EV$13.0B / $22.7B
TTM revenue / GAAP EPS$6.38B / ($1.60) diluted
CEOAndrew Ryan Schlossberg
Forward P/E (FY26E)≈11x on normalized EPS of about $2.65
Dividend / yield$0.845 annualized / 2.9%
Beta1.59, levered to equity market beta

IVZ · price with moving averages

Daily · 6MWeekly · 3Y
$11$17$23$29$34 Sep '23Apr '24Nov '24Jun '25Jan '26Aug '26 BID
EMAs82140

Source: market data.

The business

Invesco is a global asset manager serving retail investors, high-net-worth individuals, and institutional clients including pension plans, endowments, sovereign wealth funds, and financial institutions. The firm's product suite spans individually managed accounts, mutual funds, ETFs, and private funds across equity, fixed income, commodity, multi-asset, and balanced strategies. Revenue is fee-based, scaling roughly with AUM, which in turn scales with markets plus net flows. The engine right now is ETFs and index strategies, with active mutual funds in persistent net outflow and institutional flows lumpy.

What the financials don't show is the capital-structure overhang. The 2024 numbers reflect a preferred instrument which has been a steady drag on EPS and a governance complication; Invesco retired $1B (25%) of the $4B Series A Preferred in 2025 (May and December tranches). Remaining preferred is approximately $3B; the catalyst is retirement of the residual $3B, not the full instrument. The FY25 GAAP loss of ($1.60) per share is not the cash business; it reflects a large non-cash charge (the $1.92B D&A line versus $180M in FY24 signals a big impairment or accelerated amortization), while operating cash flow stayed at $1.8B and FCF at $1.76B. The cash machine kept running.

Inside the complete Back of Napkin

  1. 01The business
  2. 02The numbers
  3. 03Management
  4. 04The linchpins
  5. 05Closing
  6. 06Methodology

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