Invesco vs T. Rowe Price
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The short version
- T. Rowe Price is the larger business, with $7.3B of revenue in fiscal 2025 against $6.4B for Invesco.
- Invesco grew revenue faster (5.1%, against 3.1%).
- T. Rowe Price kept more of each dollar of sales as operating profit (29.9% operating margin, against −10.9%).
- Invesco turned more of its sales into free cash flow (22.6% FCF margin, against 20.2%).
- T. Rowe Price earned a higher return on the capital invested in it (21.7%, against −3.8%).
| Latest fiscal year | IVZ · FY25 | TROW · FY25 |
|---|---|---|
| Size | ||
| Market cap | $12.8B | $22.3B |
| Revenue | $6.4B | $7.3B |
| Free cash flow | $1.4B | $1.5B |
| Net income | −$726M | $2.1B |
| Growth | ||
| Revenue growth | 5.1% | 3.1% |
| 5-year growth | 0.7% | 3.3% |
| Share count change | −0.6% | −1.3% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | −10.9% | 29.9% |
| Net margin | −11.4% | 28.5% |
| FCF margin | 22.6% | 20.2% |
| Return on capital | −3.8% | 21.7% |
| Return on equity | −5.4% | 19.7% |
| Balance sheet | ||
| Net debt | $788M | −$3.4B |
| Net debt / EBITDA | — | — |
| Dividends and buybacks | $501M | $1.8B |
| Valuation & quality | ||
| P/E | — | 10.5x |
| Piotroski F-score | — | — |
Revenue
FY16
IVZ $4.7B
TROW $4.3B
FY17
IVZ $5.2B
TROW $4.9B
FY18
IVZ $5.3B
TROW $5.4B
FY19
IVZ $6.1B
TROW $5.6B
FY20
IVZ $6.1B
TROW $6.2B
FY21
IVZ $6.9B
TROW $7.7B
FY22
IVZ $6.0B
TROW $6.5B
FY23
IVZ $5.7B
TROW $6.5B
FY24
IVZ $6.1B
TROW $7.1B
FY25
IVZ $6.4B
TROW $7.3B
IVZ
TROW
Operating margin
FY16
IVZ 24.3%
TROW 40.5%
FY17
IVZ 24.8%
TROW 43.4%
FY18
IVZ 22.7%
TROW 44.0%
FY19
IVZ 13.2%
TROW 42.5%
FY20
IVZ 15.0%
TROW 44.2%
FY21
IVZ 25.9%
TROW 48.4%
FY22
IVZ 21.8%
TROW 36.6%
FY23
IVZ −7.6%
TROW 30.7%
FY24
IVZ 13.7%
TROW 32.9%
FY25
IVZ −10.9%
TROW 29.9%
IVZ
TROW
Free cash flow
FY16
IVZ $506M
TROW $22.2M
FY17
IVZ $1.0B
TROW $43.4M
FY18
IVZ $726M
TROW $1.5B
FY19
IVZ $992M
TROW $1.3B
FY20
IVZ $1.1B
TROW $1.7B
FY21
IVZ $969M
TROW $3.2B
FY22
IVZ $510M
TROW $2.1B
FY23
IVZ $1.1B
TROW $911M
FY24
IVZ $1.1B
TROW $1.3B
FY25
IVZ $1.4B
TROW $1.5B
IVZ
TROW
Return on capital
FY16
IVZ 9.6%
TROW 30.0%
FY17
IVZ 11.9%
TROW 34.5%
FY18
IVZ 9.7%
TROW 40.6%
FY19
IVZ 4.8%
TROW 36.6%
FY20
IVZ 4.5%
TROW 39.3%
FY21
IVZ 8.9%
TROW 43.3%
FY22
IVZ 6.0%
TROW 23.5%
FY23
IVZ −2.2%
TROW 19.7%
FY24
IVZ 4.1%
TROW 22.8%
FY25
IVZ −3.8%
TROW 21.7%
IVZ
TROW
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.