Invesco Municipal Trust (VKQ) - Net Assets
Based on the latest financial reports, Invesco Municipal Trust (VKQ) has net assets worth $569.48 Million USD as of February 2026. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets ($911.36 Million) and total liabilities ($341.88 Million). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Check tangible equity quality of Invesco Municipal Trust to evaluate the tangible quality of the company's equity base.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | $569.48 Million |
| % of Total Assets | 62.49% |
| Annual Growth Rate | -2.01% |
| 5-Year Change | -19.66% |
| 10-Year Change | -23.07% |
| Growth Volatility | 8.54 |
Invesco Municipal Trust - Net Assets Trend (2004–2026)
This chart illustrates how Invesco Municipal Trust's net assets have evolved over time, based on quarterly financial data. See operational self-sufficiency of Invesco Municipal Trust to measure how many days the company can operate on defensive assets alone.
Annual Net Assets for Invesco Municipal Trust (2004–2026)
The table below shows the annual net assets of Invesco Municipal Trust from 2004 to 2026. For live valuation and market cap data, see VKQ stock market capitalisation.
| Year | Net Assets | Change |
|---|---|---|
| 2026-02-28 | $569.48 Million | -4.15% |
| 2025-02-28 | $594.12 Million | -2.91% |
| 2024-02-29 | $611.95 Million | +3.93% |
| 2023-02-28 | $588.81 Million | -16.93% |
| 2022-02-28 | $708.83 Million | -4.99% |
| 2021-02-28 | $746.05 Million | -3.48% |
| 2020-02-29 | $772.93 Million | +8.35% |
| 2019-02-28 | $713.39 Million | -1.84% |
| 2018-02-28 | $726.75 Million | -1.82% |
| 2017-02-28 | $740.25 Million | -5.16% |
| 2016-02-29 | $780.53 Million | -0.31% |
| 2015-02-28 | $783.00 Million | +6.32% |
| 2014-02-28 | $736.46 Million | -8.56% |
| 2013-02-28 | $805.39 Million | +9.59% |
| 2012-02-29 | $734.90 Million | +5.77% |
| 2011-02-28 | $694.80 Million | -6.32% |
| 2010-02-28 | $741.70 Million | +10.34% |
| 2009-02-28 | $672.20 Million | -27.32% |
| 2008-02-29 | $924.90 Million | -4.48% |
| 2007-02-28 | $968.30 Million | +0.75% |
| 2006-02-28 | $961.10 Million | +6.34% |
| 2005-02-28 | $903.80 Million | +1.45% |
| 2004-02-29 | $890.90 Million | -- |
Equity Component Analysis
This analysis shows how different components contribute to Invesco Municipal Trust's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have decreased by 1940.3% over the analyzed period, potentially due to dividend distributions or operating losses.
Current Equity Component Breakdown (February 2026)
| Component | Amount | Percentage |
|---|---|---|
| Common Stock | $665.17 Million | 116.80% |
| Total Equity | $569.48 Million | 100.00% |
Invesco Municipal Trust Competitors by Market Cap
The table below lists competitors of Invesco Municipal Trust ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Beyond, Inc.
NASDAQ:BYON
|
$541.91 Million |
|
Matrix Concepts Holdings Bhd
KLSE:5236
|
$541.95 Million |
|
Nextdoor Holdings Inc
NYSE:KIND
|
$542.17 Million |
|
Hainan RuiZe New Building Material Co Ltd
SHE:002596
|
$542.40 Million |
|
Kforce Inc.
NASDAQ:KFRC
|
$541.69 Million |
|
SHANGHAI JUNSHI BIO YC1
F:8SJ
|
$541.68 Million |
|
Wiscom System Co Ltd
SHE:002090
|
$541.62 Million |
|
Ipek Dogal Enerji Kaynaklari Arastirma ve Uretim AS
IS:IPEKE
|
$541.41 Million |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Invesco Municipal Trust's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2025 to 2026, total equity changed from 594,122,731 to 569,479,663, a change of -24,643,068 (-4.1%).
- Net income of 17,057,776 contributed positively to equity growth.
- Dividend payments of 25,583,111 reduced retained earnings.
- Other factors decreased equity by 16,117,733.
Equity Change Factors (2025 to 2026)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | $17.06 Million | +3.0% |
| Dividends Paid | $25.58 Million | -4.49% |
| Other Changes | $-16.12 Million | -2.83% |
| Total Change | $- | -4.15% |
Book Value vs Market Value Analysis
This analysis compares Invesco Municipal Trust's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 0.97x
- The company is trading below its book value, potentially indicating the market believes the assets are overvalued on the balance sheet or anticipates future losses.
- The price-to-book ratio has increased from 0.41x to 0.97x over the analyzed period, suggesting growing market confidence.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2004-02-29 | $24.50 | $9.97 | x |
| 2005-02-28 | $24.85 | $9.97 | x |
| 2006-02-28 | $24.41 | $9.97 | x |
| 2007-02-28 | $24.59 | $9.97 | x |
| 2008-02-29 | $23.68 | $9.97 | x |
| 2009-02-28 | $17.30 | $9.97 | x |
| 2010-02-28 | $19.07 | $9.97 | x |
| 2011-02-28 | $17.81 | $9.97 | x |
| 2012-02-29 | $18.80 | $9.97 | x |
| 2013-02-28 | $14.56 | $9.97 | x |
| 2014-02-28 | $13.31 | $9.97 | x |
| 2015-02-28 | $14.15 | $9.97 | x |
| 2016-02-29 | $14.11 | $9.97 | x |
| 2017-02-28 | $13.38 | $9.97 | x |
| 2018-02-28 | $13.29 | $9.97 | x |
| 2019-02-28 | $12.90 | $9.97 | x |
| 2020-02-29 | $13.97 | $9.97 | x |
| 2021-02-28 | $13.49 | $9.97 | x |
| 2022-02-28 | $12.81 | $9.97 | x |
| 2023-02-28 | $10.64 | $9.97 | x |
| 2024-02-29 | $11.06 | $9.97 | x |
| 2025-02-28 | $10.74 | $9.97 | x |
| 2026-02-28 | $10.29 | $9.97 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Invesco Municipal Trust utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 3.00%
- The company may be facing challenges in efficiently utilizing shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 47.89%
- • Asset Turnover: 0.04x
- • Equity Multiplier: 1.60x
- Recent ROE (3.00%) is below the historical average (3.16%), suggesting potential challenges in capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2004 | 4.69% | 93.93% | 0.05x | 1.02x | $-47.28 Million |
| 2005 | 5.63% | 115.23% | 0.05x | 1.01x | $-39.46 Million |
| 2006 | 2.24% | 48.71% | 0.05x | 1.01x | $-74.57 Million |
| 2007 | 6.11% | 123.17% | 0.04x | 1.12x | $-37.66 Million |
| 2008 | 0.47% | 7.67% | 0.05x | 1.25x | $-88.18 Million |
| 2009 | -21.37% | -254.33% | 0.07x | 1.19x | $-210.84 Million |
| 2010 | 17.22% | 269.51% | 0.06x | 1.16x | $53.58 Million |
| 2011 | -6.22% | -298.76% | 0.02x | 1.15x | $-112.68 Million |
| 2012 | 14.87% | 262.86% | 0.05x | 1.23x | $35.78 Million |
| 2013 | 6.80% | 117.35% | 0.04x | 1.59x | $-25.79 Million |
| 2014 | -3.09% | -40.23% | 0.05x | 1.63x | $-96.38 Million |
| 2015 | 11.67% | 161.20% | 0.04x | 1.63x | $13.09 Million |
| 2016 | 5.47% | 74.98% | 0.04x | 1.63x | $-35.38 Million |
| 2017 | 0.36% | 4.98% | 0.04x | 1.67x | $-71.36 Million |
| 2018 | 3.61% | 97.12% | 0.02x | 1.67x | $-46.43 Million |
| 2019 | 13.05% | 99.35% | 0.08x | 1.65x | $21.75 Million |
| 2020 | 12.04% | 99.35% | 0.07x | 1.64x | $15.79 Million |
| 2021 | 0.87% | 94.58% | 0.01x | 1.62x | $-68.08 Million |
| 2022 | -0.38% | 0.00% | 0.00x | 1.66x | $-73.56 Million |
| 2023 | -15.36% | 0.00% | -0.09x | 1.66x | $-149.31 Million |
| 2024 | 7.69% | 109.38% | 0.05x | 1.50x | $-14.11 Million |
| 2025 | 3.36% | 46.82% | 0.05x | 1.53x | $-39.47 Million |
| 2026 | 3.00% | 47.89% | 0.04x | 1.60x | $-39.89 Million |
Industry Comparison
This section compares Invesco Municipal Trust's net assets metrics with peer companies in the Asset Management industry.
Industry Context
- Industry: Asset Management
- Average net assets among peers: $1,682,064,627
- Average return on equity (ROE) among peers: -32.17%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Invesco Municipal Trust (VKQ) | $569.48 Million | 4.69% | 0.60x | $541.73 Million |
| Acadian Asset Management Inc (AAMI) | $87.10 Million | 97.59% | 7.07x | $1.86 Billion |
| AllianceBernstein Holding L.P. (AB) | $1.62 Billion | 23.79% | 0.00x | $3.27 Billion |
| Associated Capital Group Inc (AC) | $1.14 Billion | 5.20% | 0.06x | $78.56 Million |
| Abrdn Emerging Markets Equity Income Fund Inc (AEF) | $477.47 Million | 10.91% | 0.11x | $265.69 Million |
| AgriFORCE Growing Systems Ltd (AGRI) | $1.40 Million | -229.54% | 1.40x | $194.14 Million |
| Alpha Compute Corp (ALP) | $481.93K | -226.09% | 0.20x | $5.62 Million |
| Alvarium Tiedemann Holdings Inc. (ALTI) | $782.49 Million | -21.16% | 0.62x | $296.12 Million |
| Affiliated Managers Group Inc (AMG) | $5.39 Billion | 12.79% | 0.61x | $9.37 Billion |
| Ameriprise Financial Inc (AMP) | $7.29 Billion | 9.95% | 10.74x | $40.38 Billion |
| AMTD IDEA Group (AMTD) | $33.87 Million | -5.16% | 13.38x | $40.58 Million |
About Invesco Municipal Trust
Invesco Municipal Trust is a closed-ended fixed income mutual fund launched by Invesco Ltd. The fund is co-managed by Invesco Advisers, Inc., INVESCO Asset Management (Japan) Limited, INVESCO Asset Management Deutschland GmbH, INVESCO Asset Management Limited, Invesco Hong Kong Limited, INVESCO Senior Secured Management, Inc., and Invesco Canada Ltd. It primarily invests in investment grade munic… Read more