{"schemaVersion":1,"research":true,"symbol":"ivz","name":"Invesco","topic":"moat","path":"/stock/ivz/moat","status":"published","version":4,"updatedAt":"2026-10-18T00:56:18.061Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"none","summary":"Invesco demonstrates substantial distribution reach, broad investment capabilities and strong recent organic inflows, but the supplied disclosures do not establish a durable economic moat. Low entry barriers, readily terminable management contracts and continuing fee pressure weaken customer captivity and pricing power. QQQ's conversion improved monetization while reducing investor fees; meanwhile, aggregate net revenue yield declined. Recent growth and operating leverage demonstrate execution, not a protected competitive position.","advantages":[{"mechanism":"intangible_assets","claim":"Established investment capabilities and distribution support current commercial strength: 2025 net long-term inflows reached $81.2 billion, with nearly 40 products each attracting at least $1 billion. These achievements support franchise relevance, but do not establish durable differentiation or pricing power.","durability":"Unproven. Broad product demand and established distribution are useful advantages, but the passages do not demonstrate persistent investment outperformance, exclusive distribution or contractual customer lock-in.","risks":"Clients can withdraw quickly, new managers face relatively few entry barriers, and lower-fee products pressure revenue yield. Private-markets partnerships offer potential expansion rather than demonstrated durable protection.","invalidation":"The current franchise-strength claim would weaken if subsequent comparable disclosures showed sustained net long-term outflows across multiple product groups or loss of distribution access. Conversely, a no-moat verdict should be reconsidered if sustained organic inflows, demonstrated client persistence and stable comparable-product fees establish durable differentiation despite competition.","competitors":[],"evidenceIds":["e1","e2","e3","e4"],"counterEvidenceIds":["e5","e6","e7","e8","e9"]}],"evidence":[{"id":"e1","sourceId":"filing-3","location":"2025 key achievements: AUM, net long-term inflows and organic growth","excerpt":"Schlossberg’s leadership. Overall assets under management increased 17.5% over the prior year to a record high of almost $2.2 trillion generating $81.2 billion in net long-term inflows with 6% organic growth."},{"id":"e2","sourceId":"filing-3","location":"2025 key achievements: breadth of product inflows","excerpt":"Nearly 40 products each generated at least $1.0 billion in net long-term inflows, reflecting the diversity and breadth of our product offering."},{"id":"e3","sourceId":"filing-1","location":"Business: distribution channels and dedicated sales forces","excerpt":"Dedicated sales forces deliver our investment strategies through a variety of vehicles that meet the needs of retail and institutional clients."},{"id":"e4","sourceId":"filing-1","location":"Business: management's claimed investment-capability advantage","excerpt":"Investment Management Capabilities We believe that the proven strength of our distinct and globally located investment teams and their well-defined investment disciplines and risk management approaches provide us with a competitive advantage."},{"id":"e5","sourceId":"filing-1","location":"Management contracts: termination notice","excerpt":"Investment management contracts are generally terminable upon thirty or fewer days' notice."},{"id":"e6","sourceId":"filing-1","location":"Management contracts: retail withdrawals and institutional termination","excerpt":"Typically, retail investors may withdraw their funds at any time without prior notice and institutional clients may elect to terminate their relationship with investment managers or reduce the aggregate amount of AUM with very short notice periods."},{"id":"e7","sourceId":"filing-1","location":"Competition: entry barriers and successful new entrants","excerpt":"There are relatively few barriers to entry by new investment management firms, and the successful efforts of new entrants around the world have also resulted in increased competition."},{"id":"e8","sourceId":"filing-1","location":"Competition: continuing fee pressure and passive alternatives","excerpt":"We continue to face market pressures regarding fee levels in many products, including low fee, passively managed products that compete with our actively managed products."},{"id":"e9","sourceId":"filing-2","location":"MD&A: first-half 2026 net revenue yield excluding performance fees","excerpt":"As a result, net revenue yield excluding performance fees declined to 22.7 bps for the six months ended June 30, 2026 from 23.4 bps for the six months ended June 30, 2025."},{"id":"e10","sourceId":"filing-2","location":"MD&A: client preferences and lower-yield product mix","excerpt":"As secular shifts in client demand continue, our broad set of investment capabilities have allowed us to capture evolving client product preferences, including products that have lower net revenue yields."},{"id":"e11","sourceId":"filing-3","location":"CEO letter: QQQ conversion, revenue-earning AUM and lower investor fees","excerpt":"In addition, the modernization of the Invesco QQQ Trust converted over $400 billion of AUM into long-term revenue-earning AUM while lowering fees for shareholders."},{"id":"e12","sourceId":"filing-2","location":"MD&A: investment management fee growth drivers excluding foreign exchange","excerpt":"Excluding the impact of foreign exchange movements, Investment management fees increased by $615.6 million primarily driven by QQQ’s investment management fees following its conversion to an open-end fund ETF and higher average AUM."},{"id":"e13","sourceId":"filing-2","location":"Unaudited consolidated income statement: first-half 2026 and 2025 results","excerpt":"Condensed Consolidated Statements of Income (Unaudited) Three months ended June 30, Six months ended June 30, (in millions, except per common share data) 2026 2025 2026 2025 Operating revenues: Investment management fees $ 1,461.8 $ 1,100.9 $ 2,844.0 $ 2,201.2 Service and distribution fees 309.9 363.8 611.7 734.7 Performance fees 3.7 2.6 15.0 6.1 Other 50.2 48.2 99.4 102.7 Total operating revenues 1,825.6 1,515.5 3,570.1 3,044.7 Operating expenses: Third-party distribution, service and advisory 627.1 500.7 1,228.5 1,009.7 Employee compensation 546.7 510.4 1,059.4 975.0 Marketing 36.7 23.1 74.1 40.1 Property, office and technology 109.3 118.2 213.9 232.1 General and administrative 133.5 139.2 280.6 276.5 Amortization of intangible assets 8.1 9.7 16.2 19.8 Total operating expenses 1,461.4 1,301.3 2,872.7 2,553.2 Operating income 364.2 214.2 697.4 491.5 Other income/(expense): Equity in earnings of unconsolidated affiliates 35.1 25.0 69.1 44.6 Interest and dividend income 9.9 10.5 19.1 21.8 Interest expense (23.6) (20.7) (47.9) (33.8) Other gains/(losses), net 105.8 59.7 105.4 35.4 Other income/(expense) of CIP, net (36.0) (14.3) (87.5) 59.8 Income before income taxes 455.4 274.4 755.6 619.3 Income tax provision (116.5) (77.0) (197.6) (154.6) Net income 338.9 197.4 558.0 464.7 Net (income)/loss attributable to noncontrolling interests in consolidated entities 43.4 6.0 92.9 (31.0) Dividends declared on preferred shares (37.0) (56.6) (75.2) (115.8) Cost of preferred share repurchase — (159.3) — (159.3) Net income/(loss) attributable to Invesco Ltd."},{"id":"e14","sourceId":"filing-2","location":"MD&A: comparative expenses and expense-to-revenue ratios","excerpt":"(in millions) Three months ended June 30, 2026 % of Total Operating Expenses % of Total Operating Revenues Three months ended June 30, 2025 % of Total Operating Expenses % of Total Operating Revenues Third-party distribution, service and advisory $ 627.1 42.9 % 34.4 % $ 500.7 38.5 % 33.0 % Employee compensation 546.7 37.4 % 29.9 % 510.4 39.2 % 33.7 % Marketing 36.7 2.5 % 2.0 % 23.1 1.8 % 1.5 % Property, office and technology 109.3 7.5 % 6.0 % 118.2 9.1 % 7.8 % General and administrative 133.5 9.1 % 7.3 % 139.2 10.7 % 9.2 % Amortization of intangibles 8.1 0.6 % 0.4 % 9.7 0.7 % 0.7 % Total operating expenses $ 1,461.4 100.0 % 80.0 % $ 1,301.3 100.0 % 85.9 % (in millions) Six months ended June 30, 2026 % of Total Operating Expenses % of Total Operating Revenues Six months ended June 30, 2025 % of Total Operating Expenses % of Total Operating Revenues Third-party distribution, service and advisory $ 1,228.5 42.8 % 34.4 % $ 1,009.7 39.5 % 33.2 % Employee compensation 1,059.4 36.9 % 29.7 % 975.0 38.2 % 32.0 % Marketing 74.1 2.6 % 2.1 % 40.1 1.6 % 1.3 % Property, office and technology 213.9 7.4 % 6.0 % 232.1 9.1 % 7.6 % General and administrative 280.6 9.8 % 7.9 % 276.5 10.8 % 9.1 % Amortization of intangibles 16.2 0.5 % 0.5 % 19.8 0.8 % 0.7 % Total operating expenses $ 2,872.7 100.0 % 80.6 % $ 2,553.2 100.0 % 83.9 % During the three months ended June 30, 2026, Operating expenses increased $160.1 million compared to the three months ended June 30, 2025."},{"id":"e15","sourceId":"filing-2","location":"Market risk: expense sensitivity to AUM changes","excerpt":"Certain expenses, including distribution and compensation expenses, may not vary in proportion with the changes in the market value of AUM."},{"id":"e16","sourceId":"filing-1","location":"Capital management: preferred-stock repurchase consideration","excerpt":"Preferred Stock Repurchase During 2025, the company repurchased $1.5 billion of the $4.0 billion outstanding Series A Preferred Stock held by MassMutual for $1.74 billion."},{"id":"e17","sourceId":"filing-1","location":"Capital management: actual common-share repurchases","excerpt":"Common Share Repurchase Plan During 2025, the company repurchased 5.4 million shares for $100.4 million in the open market as compared to 2.9 million shares for $49.6 million during 2024."},{"id":"e18","sourceId":"filing-1","location":"Contractual obligations: purchase commitments at year-end 2025 and 2024","excerpt":"As of December 31, 2025, the company's purchase obligations totaled $1,015.2 million (December 31, 2024: $694.4 million) and primarily reflect standard service contracts for portfolio, market data, office-related services, and third-party marketing and promotional services."},{"id":"e19","sourceId":"filing-2","location":"Interest-rate risk: borrowing exposure and revolving-credit balance","excerpt":"As of June 30, 2026, the interest rates on 24.1% of the company’s borrowings were fixed for a weighted average period of 17.43 years, and the company had a $736.0 million balance on its Revolving Credit Agreement."},{"id":"e20","sourceId":"filing-3","location":"Executive achievements: preferred repurchase benefit conditional on debt repayment","excerpt":"• The $1.5 billion of preferred stock repurchased in 2025 is expected to generate a $0.20 EPS benefit once the associated debt to fund the repurchases is repaid."},{"id":"e21","sourceId":"filing-3","location":"Executive compensation: performance-based share of equity awards","excerpt":"Performance-based equity awards. 50% or more of equity awards are performance-based."},{"id":"e22","sourceId":"filing-3","location":"Executive compensation: relative TSR and three-year average adjusted operating margin","excerpt":"PSU program design. Our performance-based equity awards utilizes relative TSR and three-year average AOM."},{"id":"e23","sourceId":"filing-3","location":"CEO compensation: disclosed 2025 cash and equity awards","excerpt":"Base salary $750 Annual incentive award - Cash $5,321 Annual time-based equity $4,967 Annual performance-based equity $7,450 Total annual incentive compensation $17,738 2025 annual incentive target $13,750 Total annual incentive compensation as a % of 2025 incentive target 129% Total annual compensation $18,488 For 2026, the Committee approved an increase to Mr."},{"id":"e24","sourceId":"filing-3","location":"Compensation governance: independent compensation consultant","excerpt":"Role of the independent compensation consultant The committee has engaged Johnson Associates, an independent consulting firm, to advise it on non-executive director and executive compensation matters."},{"id":"e25","sourceId":"filing-3","location":"Proposal 4: existing director-removal restriction and proposed amendment","excerpt":"FOR Recommendation of the Board of Directors The Board of Directors unanimously recommends a vote “FOR” the appointment of the Bye-Laws PROPOSAL 4: Amendment of company’s Fourth Amended and Restated Bye-Laws to allow shareholders to remove a director with or without cause The company’s Fourth Amended and Restated Bye-Laws provide that a director may be removed only for cause."},{"id":"e26","sourceId":"filing-2","location":"Related parties: MassMutual common and preferred ownership","excerpt":"RELATED PARTIES MassMutual owns approximately 18.4% of the common stock of the company and owns substantially all of the outstanding $2.5 billion in perpetual, non-cumulative preferred shares as of June 30, 2026."},{"id":"e27","sourceId":"filing-2","location":"Related parties: MassMutual minority rights and board representation","excerpt":"Based on the level of shares owned by MassMutual and the corresponding customary minority shareholder rights, which includes representation on Invesco’s Board of Directors, the company considers MassMutual a related party."},{"id":"e28","sourceId":"filing-3","location":"Compensation peer-group selection: operating-model and industry comparison","excerpt":"The peer group reflects companies that align with our operating model, geographic reach and provide an appropriate industry comparison for measuring long-term relative performance."},{"id":"e29","sourceId":"filing-3","location":"Compensation: relative-TSR peer group","excerpt":"PSU relative TSR peer group1,2 • AllianceBernstein • Bank of NY Mellon • State Street • Artisan Partners • BlackRock • T."},{"id":"e30","sourceId":"filing-3","location":"Compensation: continuation of peer group and committee responsibilities","excerpt":"Rowe Price • Amundi • Franklin Resources • Affiliated Managers Group • Lazard Role of the compensation committee The committee’s responsibilities include: • reviewing and making recommendations to the Board about the company’s overall compensation philosophy; • approving the company-wide incentive pool; • evaluating the performance of, and setting the compensation for, the CEO; and • overseeing management’s annual process for evaluating the performance of, and approving the compensation for, each of the other executive officers."},{"id":"e31","sourceId":"filing-2","location":"Non-GAAP reconciliation notes: completed Canadian management-agreement sale and restructuring","excerpt":"(8) Canadian sale and restructuring: In the second quarter of 2026, the company removed the net benefit arising from the sale of the management agreements associated with Invesco's Canadian fund business to CI Global Asset Management on June 1, 2026 and the restructuring of the company’s Canadian operations."}],"changes":["No comparable previous version; previous accepted analysis is null."],"limitations":["Assessment uses only supplied passages. Source dates are filing dates: February 24, August 4 and April 2, 2026, respectively; they are not retrieval dates.","The filings establish low entry barriers and easy contractual exit, supporting none rather than merely insufficient evidence. This does not imply that Invesco lacks valuable capabilities or a commercially successful franchise.","All evidence is issuer-sourced. Reported historical results and contractual terms carry more weight than management's assertions of competitive advantage.","Competition passages identify generic categories. Named compensation peers are industry comparators, not demonstrated product-level competitors; counterparties and strategic partners are not treated as competitors.","No comparable-product fee history, client-cohort retention, persistent investment-performance comparison, unit-cost comparison or exclusive distribution terms are supplied.","Aggregate revenue-yield decline reflects product mix and does not establish across-the-board fee cuts. QQQ conversion changes monetization and limits straightforward period comparisons.","Proxy compensation disclosures support assessment of actual program design and 2025 awards, but executive ownership holdings and realized long-term vesting outcomes are absent. The proposed director-removal amendment is not treated as shareholder-approved; the later exhibit listing does not establish its substantive terms.","Cash-flow coverage and investment-return outcomes are incomplete. Consolidated investment-product balances should not be treated as unrestricted corporate resources."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":1,"rationale":"Broad product inflows and distribution demonstrate a relevant franchise, but successful entry and relatively low barriers leave structural protection weak. Management's capability claim does not prove an enduring advantage.","evidenceIds":["e1","e2","e3","e4","e7"]},{"criterion":"durability","grade":1,"rationale":"Short termination periods, immediate retail withdrawal rights and continuing fee pressure weaken durability. Recent organic growth is favorable but does not establish long-term protection.","evidenceIds":["e1","e5","e6","e8"]},{"criterion":"customer_dependency","grade":1,"rationale":"Contracts generally permit termination within thirty days or less, and customers can withdraw or reduce assets quickly. No offsetting operational dependency or material switching friction is demonstrated.","evidenceIds":["e5","e6"]},{"criterion":"erosion_resilience","grade":2,"rationale":"Strong organic inflows and increased operating income show adaptation to demand shifts, while declining revenue yield and ongoing fee pressure demonstrate erosion. This is mixed resilience, not evidence of a moat.","evidenceIds":["e1","e8","e9","e10","e13"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":1,"rationale":"Net revenue yield excluding performance fees declined from 23.4 to 22.7 basis points, partly reflecting lower-yield product demand. QQQ improved company monetization while lowering investor fees. These observed outcomes indicate weak aggregate pricing power rather than demonstrated fee increases.","evidenceIds":["e8","e9","e10","e11","e12"]},{"criterion":"retention","grade":2,"rationale":"Positive net long-term inflows across many products provide indirect evidence of continuing aggregate demand, balanced against easy contractual exit. Net flows combine subscriptions and redemptions; they do not establish a customer retention rate or repeat demand by cohort.","evidenceIds":["e1","e2","e5","e6"]},{"criterion":"margin_resilience","grade":2,"rationale":"First-half operating income increased from $491.5 million to $697.4 million, and expenses fell relative to operating revenues despite lower net revenue yield. QQQ conversion and favorable AUM levels limit attribution to pricing, while imperfect expense flexibility leaves downside exposure. No stress-period durability is established.","evidenceIds":["e9","e12","e13","e14","e15"]},{"criterion":"contractual_freedom","grade":1,"rationale":"Short termination rights and rapid withdrawal materially constrain the ability to impose unfavorable pricing or terms without risking assets. The passages do not disclose unilateral repricing rights or contractual fee escalators.","evidenceIds":["e5","e6","e8"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Actual common repurchases and preferred-capital reduction demonstrate capital actions, but retiring $1.5 billion of preferred stock cost $1.74 billion. Claimed full EPS benefits depend on repayment of associated debt; increased purchase commitments and revolving borrowings temper the assessment. Available cash-flow and return evidence cannot establish superior allocation.","evidenceIds":["e16","e17","e18","e19","e20"]},{"criterion":"incentive_alignment","grade":2,"rationale":"The disclosed program uses performance-based equity, relative TSR and three-year average adjusted operating margin, and actual 2025 CEO compensation includes substantial equity. Cash and time-based awards remain material, and adjusted-margin incentives do not themselves establish capital-return discipline. Executive holdings and realized vesting outcomes are missing.","evidenceIds":["e21","e22","e23"]},{"criterion":"execution","grade":3,"rationale":"Reported 6% organic growth, broad product inflows, completed QQQ monetization and subsequent fee growth demonstrate strong recent execution. The completed Canadian sale adds concrete implementation evidence. Attribution relies partly on indirect operating results, and the record does not establish exceptional durability.","evidenceIds":["e1","e2","e11","e12","e13","e31"]},{"criterion":"governance","grade":2,"rationale":"Disclosed compensation-committee responsibilities and an independent consultant provide oversight mechanisms. Concentrated common and preferred ownership with board representation creates a governance consideration without proving abuse. The April proxy described removal only for cause and proposed broader removal rights; approval and final terms are not established by the supplied passages.","evidenceIds":["e24","e25","e26","e27","e30"]}]}],"qualityPolicy":"quality-scores-2","basisHash":"3d7806bcd554853ead7522f6c0926b016df0a8692fe19e975e252eb0bfbad1db","updatedAt":"2026-10-18T00:56:18.061Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/914208/000091420826000079/ivz-20251231.htm","publishedAt":"2026-02-24","sha256":"0c7a305e6d816b5ac25c7dcc2b976be5931bd233bc5a96f4d7c4467ad64c2085","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/914208/000091420826000235/ivz-20260630.htm","publishedAt":"2026-08-04","sha256":"a1cf3494d2b574527a362ee46f628f67051e59b66c6594bf4e2a6cf5acb04db6","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/914208/000119312526140019/d931607ddef14a.htm","publishedAt":"2026-04-02","sha256":"c8e48e816165415bd3c514dc3561d4f32420d5beb6abe95664157dae0eae44fa","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:a2d2da9d3042628816f5f4dd7706e40d846d247a18ae730f831adb17ae24dce3","usage":{"input_tokens":53555,"cached_input_tokens":20992,"cache_write_input_tokens":0,"output_tokens":3367,"reasoning_output_tokens":164},"basisSupplement":{"previousHash":"b6b4c682b1623fe152d073232e3a19096491bb483f32b8450594ac468a2a5368","checkedAt":"2026-10-18T16:49:32.080Z","rule":"dated historical and missing inputs only; accepted observations and research date retained"}},"signals":[{"period":"2021","end":"2021-12-31","values":{"gross_margin":null,"operating_margin":25.936616143302633,"roic":8.846731159424559,"fcf_margin":14.059032562187252,"sbc_revenue":2.0320545362245266},"issues":{"pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roce":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2022","end":"2022-12-31","values":{"gross_margin":null,"operating_margin":21.78412603944519,"roic":6.023606615776828,"fcf_margin":8.436244606457374,"sbc_revenue":1.7556911173932452},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roce":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roiic":"Invested capital did not increase versus the prior year. ROIIC requires a positive increase.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2023","end":"2023-12-31","values":{"gross_margin":null,"operating_margin":-7.606185711286824,"roic":null,"fcf_margin":19.881393884262824,"sbc_revenue":2.004758239451403},"issues":{"pe":"Trailing earnings is zero or negative, so this ratio is undefined.","peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","ev_ebitda":"Trailing EBITDA is zero or negative, so this ratio is undefined.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roce":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roiic":"Invested capital did not increase versus the prior year. ROIIC requires a positive increase.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","net_debt_ebitda":"Trailing EBITDA is zero or negative, so this ratio is undefined.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2024","end":"2024-12-31","values":{"gross_margin":null,"operating_margin":13.71518048458876,"roic":4.121747732108973,"fcf_margin":18.475358496785894,"sbc_revenue":1.7240810944453602},"issues":{"peg":"Prior-year TTM earnings per diluted share is zero or negative; a growth-adjusted multiple is undefined.","pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roce":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roiic":"Invested capital did not increase versus the prior year. ROIIC requires a positive increase.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2025","end":"2025-12-31","values":{"gross_margin":null,"operating_margin":-10.90934750905584,"roic":null,"fcf_margin":22.59647802292578,"sbc_revenue":1.2544887174420973},"issues":{"pe":"Trailing earnings is zero or negative, so this ratio is undefined.","peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","ev_ebitda":"Trailing EBITDA is zero or negative, so this ratio is undefined.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roce":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roiic":"Invested capital did not increase versus the prior year. ROIIC requires a positive increase.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","net_debt_ebitda":"Trailing EBITDA is zero or negative, so this ratio is undefined.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}}],"sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/914208/000091420826000079/ivz-20251231.htm","publishedAt":"2026-02-24","sha256":"0c7a305e6d816b5ac25c7dcc2b976be5931bd233bc5a96f4d7c4467ad64c2085","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/914208/000091420826000235/ivz-20260630.htm","publishedAt":"2026-08-04","sha256":"a1cf3494d2b574527a362ee46f628f67051e59b66c6594bf4e2a6cf5acb04db6","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/914208/000119312526140019/d931607ddef14a.htm","publishedAt":"2026-04-02","sha256":"c8e48e816165415bd3c514dc3561d4f32420d5beb6abe95664157dae0eae44fa","dateKind":"filed"}],"history":[{"version":4,"updatedAt":"2026-10-18T16:49:32.080Z","verdict":"none","value":null},{"version":3,"updatedAt":"2026-10-18T16:35:43.872Z","verdict":"none","value":null},{"version":2,"updatedAt":"2026-10-18T02:27:49.793Z","verdict":"none","value":null},{"version":1,"updatedAt":"2026-10-18T02:18:02.026Z","verdict":null,"value":null}],"hasRequested":false,"requestStatus":"completed","researchIssue":null,"archivedMoat":null,"scope":"supported_catalog"}