Invesco Ltd.

IVZ

Financial ServicesAsset ManagementNYSE

$27.59

Market Cap: $12.26B

Invesco Ltd. (IVZ) Valuation Summary

Updated May 10, 2026 11:45

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$7.62 – $634,319,134,955,091,200.00	$61.86	+124.2%
Revenue DCF 10Y	$4.62 – $543,176,158,242,594,050.00	$51.42	+86.4%
▸ Trading Multiples
EV/Revenue	$8.73 – $45.79	$12.76	-53.8%

Valuation History

DCF Analysis

Invesco Ltd. (IVZ) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$51.42

Market Price

$27.59

Upside / Downside

+86.4%

Verdict

Undervalued

Using a Revenue DCF model with operating margin convergence from -10.9% to a target of 23.6% over 5 years, discounted at a WACC of 5.0%, Invesco Ltd. (IVZ) has an intrinsic value of $51.42 per share (range: $4.62 – $543,176,158,242,594,050.00).

Key Assumptions

Current Operating Margin

-10.9%

Target Operating Margin

23.6%

WACC

5.0%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

2.0%

Target CapEx/Rev

6.0%

D&A/Revenue

2.5%

Tax Rate

24.1%

Operating margin fades linearly from the current level to the industry target over the 5-year projection. CapEx intensity fades from the historical average to a maintenance level (D&A × 1.5). Tax is only applied when operating income is positive (NOL shield).

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	5,149	-19.3%	-4.0%	-206	-206	127	(125)	-85	-118	-115
2027	5,458	6.0%	2.9%	158	120	135	(154)	48	53	49
2028	5,617	2.9%	9.8%	550	418	139	(181)	25	351	311
2029	5,868	4.5%	16.7%	979	744	145	(212)	39	638	538
2030	5,754	-1.9%	23.6%	1,358	1,031	142	(231)	-18	960	771
2031	5,690	-1.1%	23.6%	1,343	1,019	141	(251)	-10	919	703
2032	5,674	-0.3%	23.6%	1,339	1,016	140	(273)	-3	887	646
2033	5,704	0.5%	23.6%	1,346	1,022	141	(297)	5	861	597
2034	5,782	1.4%	23.6%	1,364	1,036	143	(324)	12	843	557
2035	5,908	2.2%	23.6%	1,394	1,058	146	(354)	20	830	522

Enterprise Value Bridge

Sum of PV(FCFF)4,578

Terminal Value (Gordon Growth at 3.0%)42,762

PV of Terminal Value26,901

Enterprise Value31,479

(–) Net Debt8,145

Equity Value23,334

(÷) Shares Outstanding454

Fair Value per Share$51.42

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	17.6%	20.6%	23.6%	26.6%	29.6%
3.0%	$277255828958587712	$343735911279589376	$410215993600590784	$476696075921592320	$543176158242594048
4.0%	$77	$100	$123	$145	$168
5.0%	$29	$40	$51	$63	$74
6.0%	$13	$20	$28	$35	$43
7.0%	$5	$10	$16	$21	$27

Current price: $27.59. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 15.5% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Invesco Ltd. (IVZ) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$61.86

Market Price

$27.59

Upside / Downside

+124.2%

Verdict

Undervalued

Using a Revenue DCF model with operating margin convergence from -10.9% to a target of 23.6% over 5 years, discounted at a WACC of 5.0%, Invesco Ltd. (IVZ) has an intrinsic value of $61.86 per share (range: $7.62 – $634,319,134,955,091,200.00).

Key Assumptions

Current Operating Margin

-10.9%

Target Operating Margin

23.6%

WACC

5.0%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

2.0%

Target CapEx/Rev

6.0%

D&A/Revenue

2.5%

Tax Rate

24.1%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	5,149	-19.3%	-4.0%	-206	-206	127	(145)	-85	-139	-135
2027	5,458	6.0%	2.9%	158	120	135	(197)	48	10	9
2028	5,617	2.9%	9.8%	550	418	139	(248)	25	284	252
2029	5,868	4.5%	16.7%	979	744	145	(305)	39	544	459
2030	5,754	-1.9%	23.6%	1,358	1,031	142	(345)	-18	845	679

Enterprise Value Bridge

Sum of PV(FCFF)1,263

Terminal Value (Gordon Growth at 3.0%)43,538

PV of Terminal Value34,956

Enterprise Value36,219

(–) Net Debt8,145

Equity Value28,074

(÷) Shares Outstanding454

Fair Value per Share$61.86

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	17.6%	20.6%	23.6%	26.6%	29.6%
3.0%	$334049660790595840	$409117029331719680	$484184397872843392	$559251766413967104	$634319134955091200
4.0%	$94	$120	$146	$171	$197
5.0%	$36	$49	$62	$75	$87
6.0%	$17	$26	$34	$42	$51
7.0%	$8	$14	$20	$26	$32

Current price: $27.59. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 15.5% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$12.76

Market Price

$27.59

Upside / Downside

-53.8%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Invesco Ltd. (IVZ) has a fair value of $12.76 based on 8 comparable companies in the Asset Management industry.

EV/Revenue Valuation — Asset Management

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Invesco Ltd.IVZ	12,520	3.2x	4.4x
Franklin Resources, Inc.BEN	16,135	2.9x	3.9x
Assurant, Inc.AIZ	11,932	1.0x	1.0x
Globe Life Inc.GL	11,851	2.4x	2.4x
American Financial Group, Inc.AFG	10,911	1.3x	1.6x
Jefferies Financial Group Inc.JEF	10,833	1.9x	2.8x
SEI Investments CompanySEIC	10,811	4.5x	4.1x
Janus Henderson Group plcJHG	7,964	2.3x	2.7x
Oxford Lane Capital Corp.OXLC	994	12.4x	4.5x
Industry Median		2.3x	2.8x
(*) Revenue		6,377	4,653
= Enterprise Value		14,933	12,936
(-) Net Debt		8,145	8,145
Equity Value		6,789	4,791
(/) Outstanding shares		454	454
Fair Price		$15	$11

Selected Fair Value (avg of trailing + forward)

$12.76

-53.8%

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

Model

Range

Fair Value

Upside

▸ Discounted Cash Flow

Revenue DCF 5Y

$7.62 – $634,319,134,955,091,200.00

$61.86

+124.2%

Revenue DCF 10Y

$4.62 – $543,176,158,242,594,050.00

$51.42

+86.4%

▸ Trading Multiples

EV/Revenue

$8.73 – $45.79

$12.76

-53.8%

DCF Analysis

Invesco Ltd. (IVZ) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$51.42

Market Price

$27.59

Upside / Downside

+86.4%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-10.9%

Target Operating Margin

23.6%

WACC

5.0%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

2.0%

Target CapEx/Rev

6.0%

D&A/Revenue

2.5%

Tax Rate

24.1%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	5,149	-19.3%	-4.0%	-206	-206	127	(125)	-85	-118	-115
2027	5,458	6.0%	2.9%	158	120	135	(154)	48	53	49
2028	5,617	2.9%	9.8%	550	418	139	(181)	25	351	311
2029	5,868	4.5%	16.7%	979	744	145	(212)	39	638	538
2030	5,754	-1.9%	23.6%	1,358	1,031	142	(231)	-18	960	771
2031	5,690	-1.1%	23.6%	1,343	1,019	141	(251)	-10	919	703
2032	5,674	-0.3%	23.6%	1,339	1,016	140	(273)	-3	887	646
2033	5,704	0.5%	23.6%	1,346	1,022	141	(297)	5	861	597
2034	5,782	1.4%	23.6%	1,364	1,036	143	(324)	12	843	557
2035	5,908	2.2%	23.6%	1,394	1,058	146	(354)	20	830	522

Enterprise Value Bridge

Sum of PV(FCFF)4,578

Terminal Value (Gordon Growth at 3.0%)42,762

PV of Terminal Value26,901

Enterprise Value31,479

(–) Net Debt8,145

Equity Value23,334

(÷) Shares Outstanding454

Fair Value per Share$51.42

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	17.6%	20.6%	23.6%	26.6%	29.6%
3.0%	$277255828958587712	$343735911279589376	$410215993600590784	$476696075921592320	$543176158242594048
4.0%	$77	$100	$123	$145	$168
5.0%	$29	$40	$51	$63	$74
6.0%	$13	$20	$28	$35	$43
7.0%	$5	$10	$16	$21	$27

Current price: $27.59. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 15.5% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$12.76

Market Price

$27.59

Upside / Downside

-53.8%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Invesco Ltd. (IVZ) has a fair value of $12.76 based on 8 comparable companies in the Asset Management industry.

EV/Revenue Valuation — Asset Management

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Invesco Ltd.IVZ	12,520	3.2x	4.4x
Franklin Resources, Inc.BEN	16,135	2.9x	3.9x
Assurant, Inc.AIZ	11,932	1.0x	1.0x
Globe Life Inc.GL	11,851	2.4x	2.4x
American Financial Group, Inc.AFG	10,911	1.3x	1.6x
Jefferies Financial Group Inc.JEF	10,833	1.9x	2.8x
SEI Investments CompanySEIC	10,811	4.5x	4.1x
Janus Henderson Group plcJHG	7,964	2.3x	2.7x
Oxford Lane Capital Corp.OXLC	994	12.4x	4.5x
Industry Median		2.3x	2.8x
(*) Revenue		6,377	4,653
= Enterprise Value		14,933	12,936
(-) Net Debt		8,145	8,145
Equity Value		6,789	4,791
(/) Outstanding shares		454	454
Fair Price		$15	$11

Selected Fair Value (avg of trailing + forward)

$12.76

-53.8%