Invesco

Balance sheet strength is solid. As of June 30, 2025, cash was 922.7 million dollars and debt 1,883.9 million dollars, including two new term loans used to retire 1.0 billion dollars of high‑cost preferreds; the 2.5 billion dollar revolver was undrawn.

TTM free cash flow (ex‑CIP) is about 1.06 billion dollars, implying net debt under one times FCF and strong coverage of common dividends and buybacks. Invesco also extended its revolver maturity to 2030 and remains within conservative covenant thresholds. We assess low liquidity risk and ample capacity to absorb shocks.