Invesco (Invesco) Owner Earnings per Share (TTM)

: -0.48 (As of Dec. 2023)

View and export this data going back to 1994. Start your Free Trial

In 1986 Berkshire Hathaway Shareholder Letter, Warren Buffett defined owner earnings as follows:

"These represent (a) reported earnings plus (b) depreciation, depletion, amortization, and certain other non-cash charges...less (c) the average annual amount of capitalized expenditures for plant and equipment, etc. that the business requires to fully maintain its long-term competitive position and its unit volume (If the business requires additional working capital to maintain its competitive position and unit volume, the increment also should be included in (c))...Our owner-earnings equation does not yield the deceptively precise figures provided by GAAP, since (c) must be a guess - and one sometimes very difficult to make. Despite this problem, we consider the owner earnings figure, not the GAAP figure, to be the relevant item for valuation purposes - both for investors in buying stocks and for managers in buying entire businesses...All of this points up the absurdity of the 'cash flow' numbers that are often set forth in Wall Street reports. These numbers routinely include (a) plus (b) - but do not subtract (c)."

Invesco's Owner Earnings per Share (TTM) ended in Dec. 2023 was $-0.48. It's Price-to-Owner-Earnings ratio for today is 0.

The historical rank and industry rank for Invesco's Owner Earnings per Share (TTM) or its related term are showing as below:

During the past 13 years, the highest Price-to-Owner-Earnings ratio of Invesco was 49.63. The lowest was 4.17. And the median was 12.69.

IVZ's Price-to-Owner-Earnings is not ranked ^*
in the Asset Management industry.
Industry Median: 11.16
* Ranked among companies with meaningful Price-to-Owner-Earnings only.

Invesco's Earnings per Share (Diluted) for the three months ended in Dec. 2023 was $-1.64. Its Earnings per Share (Diluted) for the trailing twelve months (TTM) ended in Dec. 2023 was $-0.74. It's PE Ratio ratio for today is At Loss.

Invesco's EPS without NRI for the three months ended in Dec. 2023 was $0.47. Its EPS without NRI for the trailing twelve months (TTM) ended in Dec. 2023 was $1.51. It's PE Ratio without NRI ratio for today is 10.18.

Invesco Owner Earnings per Share (TTM) Historical Data

The historical data trend for Invesco's Owner Earnings per Share (TTM) can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Invesco Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Owner Earnings per Share (TTM)

2.05

1.70

3.11

1.37

-0.48

Invesco Quarterly Data
	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Owner Earnings per Share (TTM)																1.37	1.75	2.60	2.46	-0.48

Competitive Comparison

For the Asset Management subindustry, Invesco's Price-to-Owner-Earnings, along with its competitors' market caps and Price-to-Owner-Earnings data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Invesco Price-to-Owner-Earnings Distribution

For the Asset Management industry and Financial Services sector, Invesco's Price-to-Owner-Earnings distribution charts can be found below:

* The bar in red indicates where Invesco's Price-to-Owner-Earnings falls into.

Invesco Owner Earnings per Share (TTM) Calculation

In 1986 Berkshire Hathaway Shareholder Letter, Warren Buffett defined owner earnings as follows:

"These represent (a) reported earnings plus (b) depreciation, depletion, amortization, and certain other non-cash charges...less (c) the average annual amount of capitalized expenditures for plant and equipment, etc. that the business requires to fully maintain its long-term competitive position and its unit volume. (If the business requires additional working capital to maintain its competitive position and unit volume, the increment also should be included in (c))...Our owner-earnings equation does not yield the deceptively precise figures provided by GAAP, since (c) must be a guess - and one sometimes very difficult to make. Despite this problem, we consider the owner earnings figure, not the GAAP figure, to be the relevant item for valuation purposes - both for investors in buying stocks and for managers in buying entire businesses...All of this points up the absurdity of the 'cash flow' numbers that are often set forth in Wall Street reports. These numbers routinely include (a) plus (b) - but do not subtract (c)."

To make it simple, then you will have:

Owner Earnings per Share (TTM) = (Net Income + Depreciation, Depletion and Amortization + Change In Deferred Tax - 5Y Average of Maintenance Capital Expenditure + Change In Working Capital) / Shares Outstanding (Diluted Average)

Invesco's Owner Earnings per Share (TTM) Calculation:

	TTM / Last Quarter	Average of Last 20 Quarters
Net Income	-97
Depreciation, Depletion and Amortization	183
Change In Deferred Tax	0
5Y Average of Maintenance Capital Expenditure		129
Change In Working Capital	-173
Shares Outstanding (Diluted Average)	453

1. Start with "Net Income" from income statement. Invesco's Net Income for the trailing twelve months (TTM) ended in Dec. 2023 was $-97 Mil.

2. "Depreciation, Depletion and Amortization" is from cashflow statement. Invesco's Depreciation, Depletion and Amortization for the trailing twelve months (TTM) ended in Dec. 2023 was $183 Mil. This needs to be added back because company does not actually need to pay cash for it. It is a non-cash item.

3. Other non-cash charges usually include "Stock Based Compensation" and "Change In Deferred Tax":
However, to be conservative, GuruFocus will not add Stock Based Compensation back to net income. Invesco's Change In Deferred Tax for the trailing twelve months (TTM) ended in Dec. 2023 was $0 Mil.

4. Average maintenance capital expenditure over a business/industry cycle: 5-Year Average Maintenance Capital Expenditure = $129 Mil

It is usually best to take a long-term average of maintenance capital expenditure. Ideally this would be as long as 10 years and include at least one economic downturn. However, since many companies do not have as long as 10-year history, here GuruFocus uses the latest 5 years data to do the calculation. To smooth out unusual years but reflect recent developments, we take an average of the 5 year maintenance capital expenditure.

The following shows how to get maintenance capital expenditure.

First, calculate the revenue change regarding to the previous quarter. If the revenue decreased from the previous quarter, then the Maintenance Capital Expenditure = Capital Expenditure (positive).
Second, if the revenue increased from the previous quarter, then calculate the percentage of Net PPE as of corresponding Revenue.
Growth Capital Expenditure = Percentage of Property, Plant and Equipment as of corresponding Revenue * Revenue Increase
Third, calculate Capital Expenditure (positive) - Growth Capital Expenditure.
If [Capital Expenditure (positive) - Growth Capital Expenditure] was negative, then the Maintenance Capital Expenditure = Capital Expenditure (positive).
If [Capital Expenditure (positive) - Growth Capital Expenditure] was positive, then the Maintenance Capital Expenditure = Capital Expenditure (positive) - Growth Capital Expenditure.
Fourth, get the average of the 5 years maintenance capital expenditure.

Invesco's 5-Year Average Maintenance Capital Expenditure = $129 Mil

5. "Change In Working Capital" is from cashflow statement. Invesco's Change In Working Capital for the trailing twelve months (TTM) ended in Dec. 2023 was $-173 Mil.
Note: GuruFocus' Change in Working Capital is provided by Morningstar. It is calculated by adding the items under "Change in operating assets and liabilities" (may refer to a different name for different company) section in Cash Flow Statement from original financial report. And sometimes it includes non-current parts of assets and liabilities.

6. Invesco's Shares Outstanding (Diluted Average) for the months ended in Dec. 2023 was 453.200 Mil.

Invesco's Onwer Earnings Per Share for Dec. 2023 is calculated as:

	Owner Earnings per Share (TTM)
=	( Net Income	+	Depreciation, Depletion and Amortization	+	Change In Deferred Tax
=	( -96.9	+	182.8	+	0
-	5Y Avg of Maintenance CAPEX	+	Change In Working Capital )	/	Shares Outstanding (Diluted Average)
-	129.29914165591	+	-173)	/	453.200
=	-0.48

Price-to-Owner-Earnings	=	Current Price	/	Owner Earnings per Share (TTM)
	=	15.37	/	-0.48
	=	0

Be Aware

Assumption: Companies usually do not report maintenance capital expenditures and growth capital expenditures separately. Here we use estimated numbers and average them over 5 years. The method to estimate maintenance capital expenditures can be found in above part 4.

Note: GuruFocus' Change In Working Capital is provided by Morningstar. It is calculated by adding the items under "Change in operating assets and liabilities" (may refer to a different name for different company) section in Cash Flow Statement from original financial report. And it includes non-current parts of assets and liabilities.

Invesco Owner Earnings per Share (TTM) Related Terms

Thank you for viewing the detailed overview of Invesco's Owner Earnings per Share (TTM) provided by GuruFocus.com. Please click on the following links to see related term pages.

Invesco (Invesco) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Financial Services » Asset Management » Invesco Ltd (NYSE:IVZ) » Definitions » Owner Earnings per Share (TTM)

Comparable Companies

Traded in Other Exchanges

3IW:Germany 3IW:Germany

Address

1555 Peachtree Street, N.E., Suite 1800, Two Peachtree Pointe, Atlanta, GA, USA, 30309

Website

https://www.invesco.com

Invesco provides investment-management services to retail (63% of managed assets) and institutional (37%) clients. At the end of October 2023, the firm had $1.451 trillion in assets under management spread among its equity (49% of AUM), balanced (4%), fixed-income (21%), alternative investment (12%), and money market (14%) operations. Passive products account for 35% of Invesco's total AUM, including 62% of the company's equity operations and 15% of its fixed-income platform. Invesco's U.S. retail business is one of the 10 largest nonproprietary fund complexes in the country. The firm also has a meaningful presence outside of North America, with 28% of its AUM sourced from Europe, Africa, and the Middle East (13%) and Asia (15%).

Executives

Thomas P Gibbons	director	THE BANK OF NEW YORK MELLON CORPORATION, 225 LIBERTY STREET, NEW YORK NY 10286
Martin L Flanagan	director, officer: President & CEO	1555 PEACHTREE STREET, SUITE 100, ATLANTA GA 30309
Elizabeth S. Johnson	director	CITIZENS FINANCIAL GROUP, INC., 600 WASHINGTON BLVD., STAMFORD CT 06901
Stephanie Butcher	officer: Senior Managing Director	1555 PEACHTREE ST. NE, ATLANTA GA 30309
Tony Wong	officer: Senior Managing Director	1331 SPRING STREET NW, SUITE 2500, ATLANTA GA 30309
Trian Fund Management, L.p.	director	280 PARK AVENUE, 41ST FLOOR, NEW YORK NY 10017
Jeffrey H Kupor	officer: Senior Managing Director	1331 SPRING STREET NW, SUITE 2500, ATLANTA GA 30309
Mm Asset Management Holding Llc	10 percent owner	1295 STATE STREET, SPRINGFIELD MA 01111
Terry Vacheron	officer: Chief Accounting Officer	1555 PEACHTREE ST. NE, SUITE 1800, ATLANTA GA 30309
Massmutual Holding Llc	10 percent owner	1295 STATE STREET, SPRINGFIELD MA 01111
Massachusetts Mutual Life Insurance Co	10 percent owner	1295 STATE STREET, SPRINGFIELD MA 01111
Gregory Mcgreevey	officer: Senior Managing Director	1555 PEACHTREE ST. NE, SUITE 1800, ATLANTA GA 30309
Jennifer Krevitt	officer: SMD & Chief HR Officer	1555 PEACHTREE ST. NE, SUITE 1800, ATLANTA GA 30309
Meadows Colin	officer: Senior Managing Director	1360 PEACHTREE STREET, ATLANTA GA 30309
Christopher C Womack	director