Invesco Ltd. IVZ | NYSE
$30.16
-$0.26 | -0.85%
SIGNAL:
|2026-09-16
|F&G 36
|RSI 40.4
|2026-09-16
|F&G 36
|RSI 40.4
Next Earnings: Oct 27, 2026
Company Overview:
Market Cap:
$13.32B
Trailing PE:
N/A
FWD PE *:
9.9x
Payout Ratio (TTM):
—
52-Week Range:
$20.67 - $33.66
* Forward PE is based on street estimates.
10 Year IVZ Performance Metrics:
Total Return (with DRIP):
48.2% (4.01% CAGR)
Total Return (no DRIP):
23.8% (2.16% CAGR)
Share Price:
-3.5% (-0.36% CAGR)
Yield on Cost (with DRIP):
4.23%
Total Invested:
$10,000
Total Value (with DRIP):
$14,822
Total Return $ (with DRIP):
$4,822
Dividend Increase:
-23.2% (-2.67% CAGR)
Dividend Yield (FWD):
2.85% ($0.86)
IVZ 10-yr Total Return ($10K invested)
1M
3M
6M
YTD
1Y
3Y
5Y
10Y
IVZ Share Price
1M
3M
6M
YTD
1Y
3Y
5Y
10Y
All
IVZ Price CAGR:1Y: 31.47%2Y: 31.05%5Y: 4.58%10Y: -0.36%
IVZ Dividend Charts
IVZ Dividend CAGR:1Y: -2.61%2Y: 2.14%5Y: 4.80%10Y: -2.54%
IVZ Dividend Payout Ratio CAGR:1Y: -53.10%2Y: -33.70%5Y: 1.66%10Y: -3.91%
IVZ Dividend to FCF Ratio CAGR:1Y: -32.72%2Y: -26.35%5Y: -9.01%10Y: -11.04%
Unlock All Reports & Research Dividend Stocks like a BOSS!
Save 25% with annual plan (3 Months Free)
Save 25% with annual plan (3 Months Free)
PRO
$19/mo
$11.40/mo
7-day free trial
- Unlimited Portfolio Tracker
- Portfolio - Lots/Sales/Dividends
- Portfolio Auto-DRIP
- Buy/Sell Signals Dashboard
- Stock Fundamentals
- Compare Stocks Side-by-Side
- Revenue & EPS Estimates
- DCF Valuation Modeling
You save $7.60 (40%)
Most Popular
PREMIUM
$32/mo
$19.20/mo
7-day free trial
- Everything in Pro
- YieldMax PNL Tracker
- YieldMax NAV Erosion Alerts
- YM ETFs Trend Signals
- 9/21 EMA Trend Signals
- Stocks Dashboard
You save $12.80 (40%)
ULTRA
$64/mo
$38.40/mo
7-day free trial
- Everything in Premium
- 15min & 1hr Intraday Signals
- Group & weekly ETF estimates
- YouTuber Mode
- Trades summary + CSV export
- Priority data & support
You save $25.60 (40%)
PRO
$171 ($14.25/mo)
$102.60/yr ($8.55/mo)
7-day free trial
- Unlimited Portfolio Tracker
- Portfolio - Lots/Sales/Dividends
- Portfolio Auto-DRIP
- Buy/Sell Signals Dashboard
- Stock Fundamentals
- Compare Stocks Side-by-Side
- Revenue & EPS Estimates
- DCF Valuation Modeling
You save $125.40 (55%)
Most Popular
PREMIUM
$288 ($24/mo)
$172.80/yr ($14.40/mo)
7-day free trial
- Everything in Pro
- YieldMax PNL Tracker
- YieldMax NAV Erosion Alerts
- YM ETFs Trend Signals
- 9/21 EMA Trend Signals
- Stocks Dashboard
You save $211.20 (55%)
ULTRA
$576 ($48/mo)
$345.60/yr ($28.80/mo)
7-day free trial
- Everything in Premium
- 15min & 1hr Intraday Signals
- Group & weekly ETF estimates
- YouTuber Mode
- Trades summary + CSV export
- Priority data & support
You save $422.40 (55%)
IVZ Fundamentals: Earnings, Revenue, Cash Flow, Ebitda, Cash/Debt, Shares Float, etc:
IVZ Revenue CAGR:1Y: 20.46%2Y: 10.94%5Y: 1.18%10Y: 4.38%
IVZ EPS CAGR:1Y: 0.00%2Y: 61.89%5Y: -3.75%10Y: 3.29%
IVZ Net Income CAGR:1Y: 87.95%2Y: 41.33%5Y: -2.21%10Y: 5.42%
IVZ EBITDA CAGR:1Y: 45.32%2Y: 26.75%5Y: -5.40%10Y: 2.86%
IVZ Free Cash Flow CAGR:1Y: 31.00%2Y: 27.22%5Y: 9.25%10Y: 13.88%
IVZ Free Cash Flow / Share CAGR:1Y: 31.73%2Y: 27.81%5Y: 9.80%10Y: 12.69%
IVZ Operating Income CAGR:1Y: 70.03%2Y: 32.71%5Y: -5.01%10Y: 1.91%
IVZ Gross Profit CAGR:1Y: 260.33%2Y: 108.22%5Y: 8.04%10Y: 8.04%
IVZ Shares Outstanding CAGR:1Y: 0.13%2Y: -0.19%5Y: -0.51%10Y: 1.12%
IVZ Share Buybacks CAGR:1Y: 97.65%2Y: 332.05%5Y: 77.01%10Y: -4.52%
IVZ Stock-Based Comp CAGR:1Y: 0.00%2Y: 0.00%5Y: 0.00%10Y: 0.00%
IVZ Expenses CAGR:1Y: -39.32%2Y: -27.07%5Y: -12.00%10Y: -9.68%
IVZ Revenue CAGR:1Y: 20.46%2Y: 10.94%5Y: 1.18%10Y: 4.38%
IVZ Revenue CAGR:1Y: 20.46%2Y: 10.94%5Y: 1.18%10Y: 4.38%
Revenue, EPS, Net Income & Ebitda - Estimates VS Actual:
IVZ Actual Revenue CAGR:1Y: 20.46%2Y: 10.94%5Y: 1.18%10Y: 4.38%
IVZ Actual EPS CAGR:1Y: 0.00%2Y: 61.89%5Y: -3.75%10Y: 3.29%
IVZ Actual Net Income CAGR:1Y: 87.95%2Y: 41.33%5Y: -2.21%10Y: 5.42%
IVZ Actual EBITDA CAGR:1Y: 45.32%2Y: 26.75%5Y: -5.40%10Y: 2.86%
Ratios, Profit Margins & Return on Capital:
IVZ Net Profit Margin CAGR:1Y: 56.04%2Y: 27.41%5Y: -3.35%10Y: 1.00%
IVZ Gross Profit Margin CAGR:1Y: 199.16%2Y: 87.70%5Y: 6.78%10Y: 3.50%
IVZ Price to Earnings CAGR:1Y: 0.00%2Y: -1.52%5Y: 3.44%10Y: -2.91%
IVZ Price To Sales Ratio CAGR:1Y: 38.15%2Y: 19.61%5Y: -1.92%10Y: -2.87%
IVZ Return on Capital Employed CAGR:1Y: 83.75%2Y: 34.71%5Y: -1.82%10Y: -3.61%
IVZ Return on Invested Capital CAGR:1Y: 228.99%2Y: 76.09%5Y: 4.37%10Y: 1.10%
IVZ Dividends Info:
Annual Dividend:
$0.86
Forward Yield:
2.85%
Ex-Dividend Date:
2026-08-14
Lifetime Dividends / Share:
$19.67
IVZ Dividend History: Dates, Payments & Yield list
Below is a schedule of all IVZ dividend payments, ex-dates, share price on the day of the payment as well as the annualized yield & forward yield
| Ex-Date | Payment Date | Amount | Yield | Forward Yield | Price on Ex-Date |
|---|---|---|---|---|---|
| 08/14/2026 | 08/17/2026 | $0.215 | 2.64% | 2.64% | $32.57 |
| 05/15/2026 | 05/18/2026 | $0.215 | 3.17% | 3.14% | $27.39 |
| 02/13/2026 | 02/16/2026 | $0.210 | 3.17% | 3.32% | $25.33 |
| 11/14/2025 | 11/17/2025 | $0.210 | 3.57% | 3.74% | $22.44 |
| 08/14/2025 | 08/18/2025 | $0.210 | 3.94% | 4% | $21.00 |
| 05/14/2025 | 05/16/2025 | $0.210 | 5.43% | 5.44% | $15.44 |
| 02/14/2025 | 02/17/2025 | $0.205 | 4.43% | 5.13% | $16.00 |
| 11/14/2024 | 11/18/2024 | $0.205 | 4.62% | 4.69% | $17.47 |
| 08/16/2024 | 08/19/2024 | $0.205 | 4.86% | 4.84% | $16.94 |
| 05/13/2024 | 05/15/2024 | $0.205 | 5.19% | 5.03% | $16.31 |
| 02/15/2024 | 02/19/2024 | $0.200 | 5.1% | 5.12% | $15.63 |
| 12/18/2023 | 12/22/2023 | $0.310 | 7.15% | 7.01% | $17.70 |
| 12/28/2023 | 12/22/2023 | $0.400 | 8.85% | 9.04% | $17.70 |
| 11/09/2023 | 11/13/2023 | $0.200 | 6.26% | 6.17% | $12.96 |
| 08/10/2023 | 08/14/2023 | $0.200 | 4.93% | 4.94% | $16.20 |
| 05/08/2023 | 05/10/2023 | $0.200 | 4.91% | 5.02% | $15.93 |
| 02/15/2023 | 02/17/2023 | $0.188 | 3.99% | 4.01% | $18.71 |
| 11/09/2022 | 12/02/2022 | $0.188 | 4.71% | 3.93% | $19.09 |
| 08/11/2022 | 09/02/2022 | $0.188 | 4.06% | 4.62% | $16.25 |
| 05/09/2022 | 06/02/2022 | $0.188 | 4.23% | 3.9% | $19.24 |
| 02/15/2022 | 03/02/2022 | $0.170 | 2.91% | 3.31% | $20.54 |
| 11/10/2021 | 12/02/2021 | $0.170 | 2.66% | 2.99% | $22.75 |
| 08/12/2021 | 09/01/2021 | $0.170 | 2.71% | 2.7% | $25.16 |
| 05/10/2021 | 06/03/2021 | $0.170 | 2.41% | 2.32% | $29.33 |
| 02/12/2021 | 03/02/2021 | $0.155 | 2.73% | 2.59% | $23.95 |
| 11/10/2020 | 12/02/2020 | $0.155 | 4.27% | 3.7% | $16.76 |
| 08/13/2020 | 09/01/2020 | $0.155 | 5.79% | 6.09% | $10.18 |
| 05/08/2020 | 06/03/2020 | $0.155 | 7.77% | 6.78% | $9.15 |
| 02/12/2020 | 03/02/2020 | $0.310 | 6.67% | 8.39% | $14.78 |
| 11/08/2019 | 12/02/2019 | $0.310 | 6.96% | 7.17% | $17.29 |
| 08/14/2019 | 09/03/2019 | $0.310 | 8.09% | 7.98% | $15.53 |
| 05/09/2019 | 06/03/2019 | $0.310 | 5.96% | 6.2% | $19.99 |
| 02/13/2019 | 03/01/2019 | $0.300 | 6.5% | 6.15% | $19.51 |
| 11/09/2018 | 12/03/2018 | $0.300 | 5.75% | 5.81% | $20.65 |
| 08/15/2018 | 09/04/2018 | $0.300 | 4.96% | 5% | $23.98 |
| 05/10/2018 | 06/01/2018 | $0.300 | 4.26% | 4.33% | $27.72 |
| 02/14/2018 | 03/02/2018 | $0.290 | 3.5% | 3.6% | $32.21 |
| 11/13/2017 | 12/04/2017 | $0.290 | 3.36% | 3.15% | $36.88 |
| 08/15/2017 | 09/01/2017 | $0.290 | 3.43% | 3.5% | $33.12 |
| 05/10/2017 | 06/02/2017 | $0.290 | 3.58% | 3.52% | $32.93 |
| 02/14/2017 | 03/03/2017 | $0.280 | 3.5% | 3.46% | $32.33 |
| 11/10/2016 | 12/05/2016 | $0.280 | 3.61% | 3.53% | $31.72 |
| 08/16/2016 | 09/02/2016 | $0.280 | 3.77% | 3.56% | $31.48 |
| 05/11/2016 | 06/03/2016 | $0.280 | 3.86% | 3.68% | $30.41 |
| 02/16/2016 | 03/04/2016 | $0.270 | 4.04% | 3.71% | $29.09 |
| 11/13/2015 | 12/07/2015 | $0.270 | 3.4% | 3.22% | $33.56 |
| 08/18/2015 | 09/04/2015 | $0.270 | 2.9% | 3.38% | $31.95 |
| 05/13/2015 | 06/05/2015 | $0.270 | 2.68% | 2.76% | $39.20 |
| 02/17/2015 | 03/06/2015 | $0.250 | 2.53% | 2.49% | $40.14 |
| 11/14/2014 | 12/05/2014 | $0.250 | 2.49% | 2.43% | $41.15 |
| 08/19/2014 | 09/05/2014 | $0.250 | 2.53% | 2.44% | $40.97 |
| 05/14/2014 | 06/06/2014 | $0.250 | 2.81% | 2.62% | $38.18 |
| 02/18/2014 | 03/07/2014 | $0.225 | 2.64% | 2.61% | $34.52 |
| 11/15/2013 | 12/09/2013 | $0.225 | 2.66% | 2.52% | $35.67 |
| 08/19/2013 | 09/06/2013 | $0.225 | 2.88% | 2.96% | $30.45 |
| 05/15/2013 | 06/07/2013 | $0.225 | 2.6% | 2.61% | $34.44 |
| 02/19/2013 | 03/08/2013 | $0.172 | 2.49% | 2.45% | $28.11 |
| 11/15/2012 | 12/07/2012 | $0.173 | 2.97% | 2.78% | $24.86 |
| 08/20/2012 | 09/07/2012 | $0.173 | 2.9% | 2.76% | $25.01 |
| 05/16/2012 | 06/08/2012 | $0.173 | 3.13% | 3.02% | $22.82 |
| 02/21/2012 | 03/09/2012 | $0.123 | 1.98% | 1.97% | $24.87 |
| 11/16/2011 | 12/07/2011 | $0.123 | 2.49% | 2.34% | $20.96 |
| 08/18/2011 | 09/08/2011 | $0.123 | 3.02% | 2.84% | $17.25 |
| 05/18/2011 | 06/08/2011 | $0.123 | 1.98% | 2.16% | $22.70 |
| 02/18/2011 | 03/09/2011 | $0.110 | 1.61% | 1.66% | $26.50 |
| 11/17/2010 | 12/08/2010 | $0.110 | 2.05% | 1.91% | $23.08 |
| 08/19/2010 | 09/09/2010 | $0.110 | 2.4% | 2.19% | $20.09 |
| 05/20/2010 | 06/09/2010 | $0.110 | 2.37% | 2.49% | $17.65 |
| 02/19/2010 | 03/10/2010 | $0.103 | 2.1% | 2.05% | $19.97 |
| 11/16/2009 | 12/02/2009 | $0.103 | 1.73% | 1.84% | $22.25 |
| 08/17/2009 | 09/02/2009 | $0.103 | 2.19% | 2.05% | $19.96 |
| 05/18/2009 | 06/03/2009 | $0.103 | 2.63% | 2.35% | $17.43 |
| 02/23/2009 | 03/11/2009 | $0.100 | 3.61% | 3.47% | $11.54 |
| 11/24/2008 | 12/17/2008 | $0.100 | 3.48% | 3.03% | $13.22 |
| 08/18/2008 | 09/09/2008 | $0.100 | 0.77% | 0.84% | $23.74 |
| 05/19/2008 | 06/09/2008 | $0.100 | 0.71% | 0.74% | $26.95 |
| 03/18/2008 | 04/07/2008 | $0.220 | 1.93% | 1.77% | $24.84 |
| 09/19/2007 | 10/25/2007 | $0.164 | 1.28% | 1.13% | $29.08 |
| 04/25/2007 | 06/06/2007 | $0.208 | 1.78% | 1.76% | $23.59 |
| 09/06/2006 | 10/23/2006 | $0.154 | 1.52% | 1.31% | $23.57 |
| 03/29/2006 | 05/15/2006 | $0.191 | 1.99% | 1.82% | $21.04 |
| 09/07/2005 | 10/24/2005 | $0.145 | 2.14% | 2.4% | $12.06 |
| 03/30/2005 | 05/16/2005 | $0.188 | 2.92% | 3.3% | $11.39 |
| 09/22/2004 | 10/25/2004 | $0.089 | 1.59% | 1.71% | $10.38 |
| 03/31/2004 | 05/17/2004 | $0.238 | 3.15% | 3.9% | $12.20 |
| 08/13/2003 | 10/14/2003 | $0.161 | 2.03% | 1.85% | $17.36 |
| 04/02/2003 | 05/12/2003 | $0.236 | 4.71% | 4.15% | $11.36 |
| 08/28/2002 | 10/15/2002 | $0.170 | 2.43% | 3.21% | $10.62 |
| 04/03/2002 | 05/13/2002 | $0.205 | 1.5% | 1.89% | $21.73 |
| 09/05/2001 | 10/15/2001 | $0.144 | 1% | 1.19% | $24.27 |
| 03/28/2001 | 05/14/2001 | $0.193 | 1.32% | 1.09% | $35.45 |
| 09/06/2000 | 10/16/2000 | $0.129 | 0.62% | 0.64% | $40.33 |
| 04/05/2000 | 05/15/2000 | $0.194 | 1.43% | 1.5% | $25.92 |
| 09/01/1999 | 09/03/1999 | $0.124 | 1.46% | 1.44% | $17.30 |
| 04/01/1999 | 04/05/1999 | $0.178 | 3.52% | 3.54% | $20.13 |
| 09/02/1998 | 10/13/1998 | $0.098 | 2.69% | 3.3% | $11.88 |
| 04/01/1998 | 04/03/1998 | $0.146 | 2.66% | 2.65% | $22.00 |
| 08/13/1997 | 08/15/1997 | $0.081 | 2.7% | 2.74% | $11.83 |
| 04/01/1997 | 04/03/1997 | $0.046 | 1.7% | 1.77% | $10.48 |
| 08/26/1996 | 08/28/1996 | $0.062 | 3.27% | 3.25% | $7.58 |
| 05/20/1996 | 05/22/1996 | $0.122 | 6.36% | 6.28% | $7.80 |
Projected Future Returns & Dividends for IVZ
Based on past 10-year performance, here are IVZ growth metrics:
Share price CAGR of -0.36%
Dividend CAGR of -2.61%
Using IVZ CAGR metrics, we can estimate that your initial $10000 investment, over the next 10 years, should grow as follows:
| IVZ (DRIP) | IVZ - No DRIP | |
|---|---|---|
| Current Price | $30.16 | $30.16 |
| Start Shares | 331.56 | 331.56 |
| Start Value | $10,000 | $10,000 |
| After 10 years: | ||
| Final Share Count | 428.75 | 331.56 |
| Dividends Payment | $0.17 | $0.17 |
| Annual Dividends | $283 | $219 |
| Yield on cost | 2.83% | 2.19% |
| Share Price | $29.09 | $29.09 |
| Total Dividends | $2,884 | $2,539 |
| Final Value | $12,472 | $12,184 |
Estimated Future Value + Dividends - IVZ
NOTE: Above numbers are our estimate based on IVZ's Dividend and Price CAGR over past 10 years.
These numbers should only be considered as "potential future returns"! DRIP assumes reinvesting dividends; No-DRIP assumes collecting dividends as cash.
We cannot guarantee that your actual returns will meet these estimates.
Get the best Dividend Stock Research Tools:
Save 25% with annual plan (3 Months Free)
Save 25% with annual plan (3 Months Free)
PRO
$19/mo
$11.40/mo
7-day free trial
- Unlimited Portfolio Tracker
- Portfolio - Lots/Sales/Dividends
- Portfolio Auto-DRIP
- Buy/Sell Signals Dashboard
- Stock Fundamentals
- Compare Stocks Side-by-Side
- Revenue & EPS Estimates
- DCF Valuation Modeling
You save $7.60 (40%)
Most Popular
PREMIUM
$32/mo
$19.20/mo
7-day free trial
- Everything in Pro
- YieldMax PNL Tracker
- YieldMax NAV Erosion Alerts
- YM ETFs Trend Signals
- 9/21 EMA Trend Signals
- Stocks Dashboard
You save $12.80 (40%)
ULTRA
$64/mo
$38.40/mo
7-day free trial
- Everything in Premium
- 15min & 1hr Intraday Signals
- Group & weekly ETF estimates
- YouTuber Mode
- Trades summary + CSV export
- Priority data & support
You save $25.60 (40%)
PRO
$171 ($14.25/mo)
$102.60/yr ($8.55/mo)
7-day free trial
- Unlimited Portfolio Tracker
- Portfolio - Lots/Sales/Dividends
- Portfolio Auto-DRIP
- Buy/Sell Signals Dashboard
- Stock Fundamentals
- Compare Stocks Side-by-Side
- Revenue & EPS Estimates
- DCF Valuation Modeling
You save $125.40 (55%)
Most Popular
PREMIUM
$288 ($24/mo)
$172.80/yr ($14.40/mo)
7-day free trial
- Everything in Pro
- YieldMax PNL Tracker
- YieldMax NAV Erosion Alerts
- YM ETFs Trend Signals
- 9/21 EMA Trend Signals
- Stocks Dashboard
You save $211.20 (55%)
ULTRA
$576 ($48/mo)
$345.60/yr ($28.80/mo)
7-day free trial
- Everything in Premium
- 15min & 1hr Intraday Signals
- Group & weekly ETF estimates
- YouTuber Mode
- Trades summary + CSV export
- Priority data & support
You save $422.40 (55%)
Company Info
Invesco Ltd. (IVZ) had its IPO on 1995-08-24, and is traded on NYSE stock exchange.
Invesco Ltd. engages in the investment management business. Its products include mutual funds, unit trusts, exchange-traded funds, closed-end funds, and retirement plans. The company was founded in December 1935 and is headquartered in Atlanta, GA.
IVZ website: https://www.invesco.com
Get Full Access to All Reports with DRIPCalc PRO
Save 25% with annual plan (3 Months Free)
Save 25% with annual plan (3 Months Free)
PRO
$19/mo
$11.40/mo
7-day free trial
- Unlimited Portfolio Tracker
- Portfolio - Lots/Sales/Dividends
- Portfolio Auto-DRIP
- Buy/Sell Signals Dashboard
- Stock Fundamentals
- Compare Stocks Side-by-Side
- Revenue & EPS Estimates
- DCF Valuation Modeling
You save $7.60 (40%)
Most Popular
PREMIUM
$32/mo
$19.20/mo
7-day free trial
- Everything in Pro
- YieldMax PNL Tracker
- YieldMax NAV Erosion Alerts
- YM ETFs Trend Signals
- 9/21 EMA Trend Signals
- Stocks Dashboard
You save $12.80 (40%)
ULTRA
$64/mo
$38.40/mo
7-day free trial
- Everything in Premium
- 15min & 1hr Intraday Signals
- Group & weekly ETF estimates
- YouTuber Mode
- Trades summary + CSV export
- Priority data & support
You save $25.60 (40%)
PRO
$171 ($14.25/mo)
$102.60/yr ($8.55/mo)
7-day free trial
- Unlimited Portfolio Tracker
- Portfolio - Lots/Sales/Dividends
- Portfolio Auto-DRIP
- Buy/Sell Signals Dashboard
- Stock Fundamentals
- Compare Stocks Side-by-Side
- Revenue & EPS Estimates
- DCF Valuation Modeling
You save $125.40 (55%)
Most Popular
PREMIUM
$288 ($24/mo)
$172.80/yr ($14.40/mo)
7-day free trial
- Everything in Pro
- YieldMax PNL Tracker
- YieldMax NAV Erosion Alerts
- YM ETFs Trend Signals
- 9/21 EMA Trend Signals
- Stocks Dashboard
You save $211.20 (55%)
ULTRA
$576 ($48/mo)
$345.60/yr ($28.80/mo)
7-day free trial
- Everything in Premium
- 15min & 1hr Intraday Signals
- Group & weekly ETF estimates
- YouTuber Mode
- Trades summary + CSV export
- Priority data & support
You save $422.40 (55%)
Loading signals…
DCF Model — IVZ
Value from:
🔒 Upgrade to unlock
The full DCF valuation — fair value, implied growth and the price path — is a paid feature.
Upgrade
Pay up to today
—
vs current price $30.16
—
Cash flow & implied price by year
FCF is negative or missing for this company (common for banks) — the model discounts EPS instead.
EPS is negative or missing for this company — Simple mode uses free cash flow per share instead.
Free cash flow today
—
grows for the next years
Then mature
—
every future dollar counted back to today
Pile of today-dollars
—
÷ shares
Implied price path
| Year | FCF | Implied price |
|---|
Sensitivity — fair value: growth ↓ × target return →
