Franklin Resources vs Invesco
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The short version
- Franklin Resources is the larger business, with $8.8B of revenue in fiscal 2025 against $6.4B for Invesco.
- Invesco grew revenue faster (5.1%, against 3.5%).
- Franklin Resources kept more of each dollar of sales as operating profit (6.9% operating margin, against −10.9%).
- Invesco turned more of its sales into free cash flow (22.6% FCF margin, against 10.4%).
- Franklin Resources earned a higher return on the capital invested in it (3.6%, against −3.8%).
| Latest fiscal year | BEN · FY25 | IVZ · FY25 |
|---|---|---|
| Size | ||
| Market cap | $16.0B | $12.8B |
| Revenue | $8.8B | $6.4B |
| Free cash flow | $912M | $1.4B |
| Net income | $525M | −$726M |
| Growth | ||
| Revenue growth | 3.5% | 5.1% |
| 5-year growth | 9.5% | 0.7% |
| Share count change | 1.4% | −0.6% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 6.9% | −10.9% |
| Net margin | 6.0% | −11.4% |
| FCF margin | 10.4% | 22.6% |
| Return on capital | 3.6% | −3.8% |
| Return on equity | 4.3% | −5.4% |
| Balance sheet | ||
| Net debt | −$1.2B | $788M |
| Net debt / EBITDA | −1.7x | — |
| Dividends and buybacks | $924M | $501M |
| Valuation & quality | ||
| P/E | 21.1x | — |
| Piotroski F-score | — | — |
Revenue
FY16
BEN $6.6B
IVZ $4.7B
FY17
BEN $6.4B
IVZ $5.2B
FY18
BEN $6.3B
IVZ $5.3B
FY19
BEN $5.8B
IVZ $6.1B
FY20
BEN $5.6B
IVZ $6.1B
FY21
BEN $8.4B
IVZ $6.9B
FY22
BEN $8.3B
IVZ $6.0B
FY23
BEN $7.8B
IVZ $5.7B
FY24
BEN $8.5B
IVZ $6.1B
FY25
BEN $8.8B
IVZ $6.4B
BEN
IVZ
Operating margin
FY16
BEN 35.8%
IVZ 24.3%
FY17
BEN 35.4%
IVZ 24.8%
FY18
BEN 32.1%
IVZ 22.7%
FY19
BEN 25.4%
IVZ 13.2%
FY20
BEN 18.8%
IVZ 15.0%
FY21
BEN 22.3%
IVZ 25.9%
FY22
BEN 21.4%
IVZ 21.8%
FY23
BEN 14.0%
IVZ −7.6%
FY24
BEN 4.8%
IVZ 13.7%
FY25
BEN 6.9%
IVZ −10.9%
BEN
IVZ
Free cash flow
FY16
BEN $1.6B
IVZ $506M
FY17
BEN $1.1B
IVZ $1.0B
FY18
BEN $2.1B
IVZ $726M
FY19
BEN $34.8M
IVZ $992M
FY20
BEN $980M
IVZ $1.1B
FY21
BEN $1.2B
IVZ $969M
FY22
BEN $1.9B
IVZ $510M
FY23
BEN $940M
IVZ $1.1B
FY24
BEN $794M
IVZ $1.1B
FY25
BEN $912M
IVZ $1.4B
BEN
IVZ
Return on capital
FY16
BEN 30.5%
IVZ 9.6%
FY17
BEN 29.8%
IVZ 11.9%
FY18
BEN 22.0%
IVZ 9.7%
FY19
BEN 23.8%
IVZ 4.8%
FY20
BEN 10.9%
IVZ 4.5%
FY21
BEN 15.7%
IVZ 8.9%
FY22
BEN 12.8%
IVZ 6.0%
FY23
BEN 7.7%
IVZ −2.2%
FY24
BEN 2.6%
IVZ 4.1%
FY25
BEN 3.6%
IVZ −3.8%
BEN
IVZ
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.