# Invesco Ltd. (IVZ)

> Source: Nexqual · https://nexqual.com/IVZ · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Invesco Ltd. (IVZ), nexqual.com/IVZ" · informational, not investment advice.

**Price:** USD 28.79 (-1.57% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 28.79 · day 28.51–29.38 · 52w 20.67–33.66 · market cap null · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $6.90B, net income -$81.5M (-1.2% margin), free cash flow $1.92B (SEC filings).
- 1 of 80 tracked superinvestors hold IVZ (13F, Q2 2026): 0 new, 0 added, 1 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 4 Form 4 filings, $7.2M; 4 not under a Rule 10b5-1 plan ($7.2M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.47 on a 1–5 scale) (15 analysts), mean target USD 34.71 (range 30–41).
- Total return with dividends: 1Y +31.0% vs S&P 500 +14.9%; 5Y +41.6% vs S&P 500 +80.3%.
- Next earnings: 2026-10-27, EPS estimate USD 0.74, revenue estimate $1.38B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $6.89B | $6.05B | $5.72B | $6.07B | $6.38B | $6.90B |
| Operating income | $1.79B | $1.32B | -$435M | $832M | -$696M | -$490M |
| Net income | $1.39B | $684M | -$334M | $538M | -$175M | -$81.5M |
| EPS (diluted) | $2.99 | $1.49 | -$0.73 | $1.18 | -$1.60 | — |
| Free cash flow | $969M | $510M | $1.14B | $1.12B | $1.44B | $1.92B |
| Operating margin | 25.9% | 21.8% | -7.6% | 13.7% | -10.9% | -7.1% |
| Net margin | 20.2% | 11.3% | -5.8% | 8.9% | -2.7% | -1.2% |
| Revenue growth | +12.2% | -12.3% | -5.5% | +6.1% | +5.1% | — |
| Cash + short-term investments | $1.90B | $1.23B | $1.47B | $987M | $1.04B | — |
| Total debt | $2.09B | $1.49B | $1.49B | $891M | $1.83B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)

P/E at fiscal year-ends: Dec 2024 14.9x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold IVZ. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Nelson Peltz | Trian Fund Management | 1.01% | $42.9M | Reduced -45.3% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 4 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-11 | Wood Phoebe A | Director | 3,000 | $97K | 2.7% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-09-08…2026-09-09 | Lo Andrew Tak Shing | Senior Managing Director | 143,370 | $4.6M | 15% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-09-09 | Butcher Stephanie | Senior Managing Director | 45,095 | $1.5M | 81.5% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-09-04 | Dukes Laura Allison | Chief Financial Officer | 31,075 | $1.0M | 11% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.47 on a 1–5 scale), 15 analysts; mean target USD 34.71 (low 30, high 41).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-22 | Morgan Stanley | Target raised | Equal-Weight | $31 → $32 |
| 2026-10-13 | BMO Capital | Target raised | Outperform | $34 → $36 |
| 2026-10-12 | TD Cowen | Target lowered | Buy | $39 → $38 |
| 2026-10-09 | Evercore ISI Group | Target lowered | In-Line | $37 → $34 |
| 2026-10-09 | RBC Capital | Target raised | Outperform | $35 → $36 |
| 2026-09-25 | Morgan Stanley | Target raised | Equal-Weight | $30 → $31 |
| 2026-09-09 | Evercore ISI Group | Target raised | In-Line | $35 → $37 |
| 2026-08-13 | TD Cowen | Target raised | Buy | $37 → $39 |
| 2026-08-10 | Evercore ISI Group | Target raised | In-Line | $33 → $35 |
| 2026-07-29 | JP Morgan | Target raised | Neutral | $29 → $29.5 |
| 2026-07-29 | RBC Capital | Target raised | Outperform | $33 → $35 |
| 2026-07-29 | Barclays | Target raised | Equal-Weight | $31 → $32 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +31.0% | +41.6% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +31.1% | +7.2% |
| Volatility (annualized) | 34.0% | 35.6% |
| Max drawdown | -22.0% (Jan 2026→Apr 2026) | -47.8% (Nov 2021→Oct 2023) |

## Peers (Asset Management)
SEIC (SEI Investments Company) USD 104.5 -3.62% · ARCC (Ares Capital Corporation) USD 18.79 +2.12% · CG (The Carlyle Group Inc.) USD 39.2 +5.18% · OWL (Blue Owl Capital Inc.) USD 9.71 +5.89% · PHYS ("Sprott Physical Gold Trust") USD 30.39 -2.72% · EQH (Equitable Holdings, Inc.) USD 55.04 +1.23%

## More
Full page: https://nexqual.com/IVZ · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in IVZ's own 10-K filed 2026-02-24 (https://www.sec.gov/Archives/edgar/data/914208/000091420826000079/ivz-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Invesco Great Wall Fund Management | "In addition, Invesco Great Wall Fund Management Company Limited (IGW or Invesco Great Wall), our joint venture in China, is one of the largest asset managers in China, with total AUM of approximately $132.5 billion at De…" |

Other companies that name IVZ in their own reports (relationship from IVZ's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Hess Midstream LP (HESM) | 10-K 2026-02-25 | "This information is as of February 18, 2026 for the named directors and executive officers and entities affiliated with the General Partner, September 30, 2025 for Goldman Sachs Asset Management, Dece…" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Investment management fees | $1.46B | 80.1% | +32.8% |
| Service and distribution fees | $309.9M | 17.0% | -14.8% |
| Other | $50.2M | 2.7% | +4.1% |
| Investment Performance | $3.7M | 0.2% | +42.3% |
| Total revenue | $1.83B | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Americas | $1.39B | 76.0% | +21.5% |
| EMEA | $362.6M | 19.9% | +19.9% |
| APAC | $76.0M | 4.2% | +6.0% |
| Total revenue | $1.83B | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.74 | $0.76 | -2.8% | $1.38B | 14 |
| Next quarter (ends 2026-12-31) | $0.78 | $0.81 | -3.7% | $1.43B | 12 |
| Current fiscal year (ends 2026-12-31) | $2.80 | $2.78 | +0.8% | $5.41B | 15 |
| Next fiscal year (ends 2027-12-31) | $3.25 | $3.21 | +1.3% | $5.84B | 15 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-10-27): ±8.7%; last 8 reports averaged ±4.8%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 37.9% | ±8.7% |
| 2026-12-18 | 56 | 36.6% | ±11.6% |
| 2027-01-15 | 84 | 34.1% | ±13.2% |
| 2027-04-16 | 175 | 34.8% | ±19.2% |