Latest Ratios: P/E Ratio -19.2x · EV/EBITDA 17.7x · ROE -2.0%. (1997–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $13.6B | $11.9B | $8.0B | $8.1B | $8.3B | $10.7B | $8.1B | $7.9B | $6.9B | $15.0B | $12.6B |
| Enterprise Value | $21.8B | $20.1B | $14.1B | $15.3B | $15.4B | $18.3B | $15.5B | $14.9B | $12.7B | $19.3B | $17.0B |
| P/E Ratio → | -19.21 | — | 14.81 | — | 12.07 | 7.70 | 15.42 | 14.05 | 7.82 | 13.29 | 14.31 |
| P/S Ratio | 2.16 | 1.89 | 1.33 | 1.44 | 1.39 | 1.58 | 1.34 | 1.32 | 1.33 | 2.96 | 2.71 |
| P/B Ratio | 1.07 | 0.92 | 0.51 | 0.51 | 0.49 | 0.64 | 0.54 | 0.54 | 0.74 | 1.63 | 1.59 |
| P/FCF | 9.46 | 8.27 | 7.14 | 7.16 | 16.20 | 11.05 | 7.23 | 7.98 | 9.51 | 14.32 | 24.87 |
| P/OCF | 8.93 | 7.82 | 6.72 | 6.26 | 11.76 | 9.94 | 6.55 | 7.09 | 8.33 | 12.94 | 19.25 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.19 | 2.34 | 2.70 | 2.58 | 2.69 | 2.57 | 2.49 | 2.45 | 3.82 | 3.67 |
| EV / EBITDA | 17.73 | 16.34 | 13.89 | 17.65 | 10.17 | 9.17 | 13.76 | 15.11 | 9.45 | 13.85 | 13.58 |
| EV / EBIT | — | — | 13.21 | — | 11.55 | 7.04 | 12.91 | 13.44 | 10.19 | 12.69 | 13.10 |
| EV / FCF | — | 13.93 | 12.54 | 13.42 | 30.16 | 18.86 | 13.87 | 15.01 | 17.53 | 18.48 | 33.63 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 43.2% | 43.2% | 33.4% | 35.1% | 40.3% | 41.1% | 38.9% | 41.1% | 41.6% | 42.1% | 41.4% |
| Operating Margin | -10.9% | -10.9% | 13.7% | -7.6% | 21.8% | 25.9% | 15.0% | 13.2% | 22.7% | 24.8% | 24.3% |
| Net Profit Margin | -4.4% | -4.4% | 12.8% | -1.7% | 15.2% | 23.6% | 12.4% | 11.3% | 16.6% | 21.8% | 18.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -2.0% | -2.0% | 4.9% | -0.6% | 5.5% | 10.3% | 5.1% | 5.7% | 9.5% | 13.2% | 10.2% |
| ROA | -1.0% | -1.0% | 2.8% | -0.3% | 2.9% | 4.7% | 2.0% | 2.0% | 2.8% | 3.9% | 3.4% |
| ROIC | -2.3% | -2.3% | 2.6% | -1.3% | 3.8% | 5.3% | 2.9% | 3.0% | 5.5% | 6.3% | 5.6% |
| ROCE | -2.6% | -2.6% | 3.1% | -1.6% | 4.5% | 6.2% | 3.4% | 3.6% | 6.9% | 7.9% | 7.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.78 | 0.78 | 0.48 | 0.57 | 0.51 | 0.58 | 0.61 | 0.59 | 0.82 | 0.75 | 0.82 |
| Debt / EBITDA | 8.25 | 8.25 | 7.46 | 10.47 | 5.66 | 4.87 | 8.11 | 8.80 | 5.67 | 4.93 | 5.19 |
| Net Debt / Equity | — | 0.63 | 0.39 | 0.45 | 0.42 | 0.45 | 0.49 | 0.47 | 0.62 | 0.47 | 0.56 |
| Net Debt / EBITDA | 6.63 | 6.63 | 5.98 | 8.23 | 4.71 | 3.79 | 6.59 | 7.08 | 4.33 | 3.12 | 3.54 |
| Debt / FCF | — | 5.65 | 5.40 | 6.26 | 13.96 | 7.80 | 6.64 | 7.03 | 8.03 | 4.17 | 8.76 |
| Interest Coverage | -6.63 | -6.63 | 18.33 | -2.37 | 15.64 | 27.40 | 9.27 | 8.17 | 11.21 | 16.08 | 13.92 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 43.01 | 43.01 | 3.14 | 1.27 | 1.62 | 1.25 | 0.33 | 0.24 | 0.22 | 0.28 | 1.15 |
| Quick Ratio | 43.01 | 43.01 | 3.14 | 1.27 | 1.62 | 1.25 | 0.33 | 0.24 | 0.22 | 0.28 | 1.15 |
| Cash Ratio | 29.73 | 29.73 | 1.80 | 0.85 | 0.95 | 0.78 | 0.19 | 0.14 | 0.14 | 0.17 | 0.20 |
| Asset Turnover | — | 0.24 | 0.22 | 0.20 | 0.20 | 0.21 | 0.17 | 0.16 | 0.17 | 0.16 | 0.18 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.7% | 3.2% | 4.6% | 4.4% | 4.1% | 2.9% | 4.4% | 6.7% | 7.1% | 3.1% | 3.7% |
| Payout Ratio | — | — | 47.9% | — | 36.4% | 18.9% | 46.9% | 76.9% | 55.6% | 41.8% | 53.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 6.8% | — | 8.3% | 13.0% | 6.5% | 7.1% | 12.8% | 7.5% | 7.0% |
| FCF Yield | 10.6% | 12.1% | 14.0% | 14.0% | 6.2% | 9.0% | 13.8% | 12.5% | 10.5% | 7.0% | 4.0% |
| Buyback Yield | 13.7% | 15.6% | 1.0% | 2.3% | 3.0% | 0.6% | 0.6% | 5.9% | 0.8% | 0.4% | 4.2% |
| Total Shareholder Yield | 16.4% | 18.8% | 5.6% | 6.7% | 7.0% | 3.4% | 5.0% | 12.6% | 7.9% | 3.6% | 7.9% |
| Shares Outstanding | — | $454M | $458M | $456M | $460M | $465M | $463M | $441M | $413M | $410M | $415M |
Includes 30+ ratios · 29 years · Updated daily
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Quick answers to the most common questions about buying IVZ stock.
Invesco Ltd.'s current P/E ratio is -19.2x. The historical average is 18.8x.
Invesco Ltd.'s current EV/EBITDA is 17.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.1x.
Invesco Ltd.'s return on equity (ROE) is -2.0%. The historical average is 10.3%.
Based on historical data, Invesco Ltd. is trading at a P/E of -19.2x. Compare with industry peers and growth rates for a complete picture.
Invesco Ltd.'s current dividend yield is 2.70%.
Invesco Ltd. has 43.2% gross margin and -10.9% operating margin.
Invesco Ltd.'s Debt/EBITDA ratio is 8.2x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
QQQ concentration and tech exposure
Metrics are mathematically derived from official filings.
Discount Reflecting Impairment Overhang
Invesco trades at 1.12x book and 11.14x forward earnings, a steep discount to TROW's 2.08x P/B, as per peer data, implying the market prices in continued margin pressure and QQQ concentration risk.
The negative trailing P/E of -20.01 is an artifact of the 2025Q4 impairment, but the forward multiple suggests the market expects normalized earnings. The P/B of 1.12x is below the peer median, indicating the market assigns a commodity-like valuation despite the QQQ franchise. This discount may reflect skepticism about the sustainability of record inflows and the ability to convert them into profitability.
Impairments Masking Fee-Based Earnings
ROE swung from -7.6% in 2025Q4 to 2.9% in 2026Q2, as per quarterly data, with the impairment distorting the DuPont decomposition; excluding that quarter, ROE averages around 1.5%, reflecting thin margins on a fee-based model.
The negative net margin of -4.4% TTM is driven by the $1.5B impairment, not core operations. Excluding 2025Q4, the efficiency ratio averages near 20%, indicating strong operating leverage. However, ROE remains low due to high equity base relative to earnings, and the reliance on fee income (99.5% of revenue) means profitability is highly sensitive to market beta and fee compression.
Efficiency Ratio Volatile on One-Time Items
The efficiency ratio spiked to 153.1% in 2025Q4 due to the impairment, but averaged 19.1% in other quarters, as per financial statements, indicating stable cost control and operating leverage in the core business.
Net interest income is negligible, confirming the fee-driven model. The efficiency ratio's volatility is entirely attributable to non-cash charges, not operational inefficiency. The underlying cost structure appears well-managed, with compensation and distribution costs offset by revenue growth, but the pass-through nature of distribution fees limits margin expansion.
Equity Cushion Thinning but Stable
Equity/assets declined from 0.58 in 2024Q1 to 0.48 in 2026Q2, as per balance sheet data, reflecting the impairment and buybacks, yet the debt/equity ratio of 0.78% suggests minimal leverage, providing capital flexibility.
The thinning equity cushion is a result of the 2025Q4 impairment reducing retained earnings, but the low debt levels indicate the firm is not capital-constrained. The stable dividend of $150M per quarter, as per cash flow data, suggests management prioritizes shareholder returns, but the capacity for further buybacks may be limited given the equity decline. Investors should monitor whether the equity base stabilizes as earnings recover.
Securities Portfolio Shift Raises Questions
Investment securities dropped from $10.3B in 2025Q4 to $1.5B in 2026Q2, as per balance sheet data, potentially indicating realized losses or repositioning, while cash rose to $915M, suggesting a defensive liquidity stance.
The sharp reduction in securities is unusual and may reflect sales to fund buybacks or cover impairments, but the lack of disclosure on realized gains/losses warrants scrutiny. The shift to cash improves liquidity but may reduce future income. The provision expense averaging $0.9B per quarter, as per cash flow data, appears to be a non-cash item, possibly related to investment losses, and its recurrence could signal ongoing asset quality issues.
P/E Misleading Due to Impairments
The trailing P/E of -20.01 is meaningless for Invesco due to the 2025Q4 impairment, as per income statement data; investors should use P/B or forward P/E, which better reflect normalized earnings power.
The negative P/E obscures the fact that core operations are profitable, as evidenced by the 2026Q2 EPS of $0.76. The impairment is a non-cash charge that does not affect cash flow, but it distorts GAAP earnings. A more appropriate valuation metric is P/B, which at 1.12x is reasonable for a firm with a strong ETF franchise. Alternatively, EV/EBITDA, though not standard for asset managers, may be used to compare cash earnings, but it is less relevant given the fee-based model.