Invesco Ltd. (IVZ) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-38.2%

$17.37

vs $28.09 price

Levered DCF

$55.37

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.75

Distress zone

Rating

B-

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-16.32×	14.81×	-24.44×	11.99×	7.65×	15.29×	13.94×	7.82×
P/B	0.97×	0.55×	0.56×	0.54×	0.69×	0.56×	0.57×	0.78×
P/S	1.86×	1.32×	1.42×	1.36×	1.55×	1.3×	1.29×	1.26×
EV / EBITDA	-50.3×	11.3×	988.77×	10.05×	6.51×	11×	11.55×	9×
Gross margin	43.2%	33.4%	35.1%	40.3%	41.1%	38.9%	41.1%	41.6%
Operating margin	-10.9%	13.7%	-7.6%	21.8%	25.9%	15.0%	13.2%	22.7%
Net margin	-4.4%	12.8%	-1.7%	15.2%	23.6%	12.4%	11.3%	16.6%
Current ratio	12×	3.14×	1.27×	1.62×	1.25×	0.33×	0.24×	0.22×
Debt / equity	0.8×	0.52×	0.62×	0.56×	0.63×	0.63×	0.63×	0.89×
Interest coverage	-8.43×	14.35×	-6.17×	15.47×	18.88×	7.12×	5.96×	10.81×
Dividend yield	4.9%	7.6%	7.3%	6.9%	5.1%	7.4%	8.3%	7.3%
Payout ratio	-206.6%	78.5%	-613.7%	62.1%	33.4%	78.0%	94.8%	55.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-2.3%	5.3%	-0.7%	6.1%	10.5%	5.3%	5.0%	10.3%
Return on invested capital	-1.2%	2.4%	-1.2%	3.5%	4.7%	2.5%	7.2%	14.6%
Return on assets	-1.0%	2.9%	-0.3%	3.1%	5.0%	2.1%	1.7%	2.8%
Free cash flow yield	12.2%	14.0%	14.0%	6.2%	9.1%	13.9%	12.6%	10.9%
Earnings yield	-2.4%	9.7%	-1.2%	11.2%	15.3%	9.5%	8.7%	13.2%
Enterprise value	$19.7B	$14B	$15.2B	$15.4B	$18.2B	$15.4B	$14.9B	$12.5B
Net debt / EBITDA	-19.97×	4.87×	461.91×	4.66×	2.7×	5.28×	5.43×	4.19×
Cash conversion cycle (days)	501	64	42	55	66	27	19	29