Shutterstock, Inc. (SSTK) 10-Year Financial Performance & Capital Metrics

SSTK • • Industrial / General

Communication ServicesInternet ServicesDigital Content & Media PlatformsVisual Content & Stock Media

AboutShutterstock, Inc., a technology company, provides quality content, and creative workflow solutions in North America, Europe, and internationally. It offers image services consisting of photographs, vectors, and illustrations, which is used in visual communications, such as websites, digital and print marketing materials, corporate communications, books, publications, and others; footage services, including video clips, filmed by industry experts and cinema grade video effects, and HD and 4K formats that are integrated into Websites, social media, marketing campaigns, and cinematic productions; and music services comprising music tracks and sound effects, which are used to complement images and footage. The company provides its services under the Shutterstock, Bigstock, Offset, TurboSquid,PremiumBeat brand names, as well as Application programming interface to enhance workflow and project management needs, and search capabilities. It serves corporate professionals and organizations, media and broadcast companies, and small and medium-sized businesses, and individual creators. The company was founded in 2003 and is headquartered in New York, New York.Show more

Revenue $935M +6.9%
EBITDA $156M +5.5%
Net Income $36M -67.4%
EPS (Diluted) 1.01 -66.8%
Gross Margin 57.63% -3.4%
EBITDA Margin 16.72% -1.3%
Operating Margin 7.35% -6.1%
Net Margin 3.84% -69.5%
ROE 6.87% -69.6%
ROIC 8.56% -24.6%
Debt/Equity 0.60 +432.0%
Interest Coverage 6.51 -82.3%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Good 3Y average ROE of 15.4%
✓Trading at only 1.3x book value

✗Weaknesses

✗Weak Piotroski F-Score: 3/9
✗Negative free cash flow
✗Dividend payout exceeds 100% of earnings
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y11.05%

5Y7.53%

3Y6.54%

TTM13.06%

Profit (Net Income) CAGR

10Y4.99%

5Y12.31%

3Y-26.87%

TTM65.28%

EPS CAGR

10Y5.17%

5Y12.12%

3Y-25.68%

TTM64.42%

ROCE

10Y Avg13.74%

5Y Avg16.73%

3Y Avg13.98%

Latest10.84%

Peer Comparison

Visual Content & Stock Media

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
SSTKShutterstock, Inc.	675.6M	19.02	18.83	6.94%	5.89%	10.11%		0.60
GETYGetty Images Holdings, Inc.	540.62M	1.30	13.64	2.48%	-9.6%	-13.31%	11.26%	1.89

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	425.15M	494.32M	557.11M	623.25M	650.52M	666.69M	773.41M	827.83M	874.59M	935.26M
Revenue Growth %	0.3%	0.16%	0.13%	0.12%	0.04%	0.02%	0.16%	0.07%	0.06%	0.07%
Cost of Goods Sold+	174.53M	203.13M	233.1M	267.67M	278.18M	259.57M	277.66M	314.31M	352.63M	396.3M
COGS % of Revenue	0.41%	0.41%	0.42%	0.43%	0.43%	0.39%	0.36%	0.38%	0.4%	0.42%
Gross Profit+	250.62M	291.19M	324.01M	355.58M	372.35M	407.11M	495.76M	513.52M	521.96M	538.97M
Gross Margin %	0.59%	0.59%	0.58%	0.57%	0.57%	0.61%	0.64%	0.62%	0.6%	0.58%
Gross Profit Growth %	0.27%	0.16%	0.11%	0.1%	0.05%	0.09%	0.22%	0.04%	0.02%	0.03%
Operating Expenses+	209.6M	245.4M	297.66M	323.13M	352.19M	321.85M	387.65M	419.9M	453.56M	470.26M
OpEx % of Revenue	0.49%	0.5%	0.53%	0.52%	0.54%	0.48%	0.5%	0.51%	0.52%	0.5%
Selling, General & Admin	168.28M	197.61M	245.17M	264.23M	294.98M	275.81M	335.64M	330.46M	352.49M	381.84M
SG&A % of Revenue	0.4%	0.4%	0.44%	0.42%	0.45%	0.41%	0.43%	0.4%	0.4%	0.41%
Research & Development	41.32M	47.79M	52.49M	58.9M	57.22M	46.04M	52.01M	65.43M	96.16M	88.42M
R&D % of Revenue	0.1%	0.1%	0.09%	0.09%	0.09%	0.07%	0.07%	0.08%	0.11%	0.09%
Other Operating Expenses	0	-1.29M	0	0	0	0	0	24.01M	4.91M	0
Operating Income+	41.02M	45.79M	26.35M	32.45M	20.16M	85.27M	108.11M	93.62M	68.4M	68.71M
Operating Margin %	0.1%	0.09%	0.05%	0.05%	0.03%	0.13%	0.14%	0.11%	0.08%	0.07%
Operating Income Growth %	0.06%	0.12%	-0.42%	0.23%	-0.38%	3.23%	0.27%	-0.13%	-0.27%	0%
EBITDA+	55.86M	65.73M	61.84M	78.1M	70.07M	126.63M	156.88M	162.09M	148.13M	156.33M
EBITDA Margin %	0.13%	0.13%	0.11%	0.13%	0.11%	0.19%	0.2%	0.2%	0.17%	0.17%
EBITDA Growth %	0.2%	0.18%	-0.06%	0.26%	-0.1%	0.81%	0.24%	0.03%	-0.09%	0.06%
D&A (Non-Cash Add-back)	14.84M	19.95M	35.49M	45.65M	49.91M	41.36M	48.77M	68.47M	79.73M	87.63M
EBIT	41.02M	45.79M	26.35M	32.45M	20.16M	85.27M	104.8M	92.37M	124.33M	73.11M
Net Interest Income+	27K	149K	891K	2.74M	4.22M	1.19M	137K	-1.25M	2.93M	-4.33M
Interest Income	27K	149K	891K	2.74M	4.22M	1.19M	137K	87K	4.78M	6.23M
Interest Expense	0	0	0	0	0	0	0	1.34M	1.86M	10.56M
Other Income/Expense	-6.75M	-1.29M	3.73M	33.66M	4.76M	4.26M	-3.37M	-2.59M	54.07M	-6.16M
Pretax Income+	34.27M	44.5M	30.08M	66.11M	24.92M	89.52M	104.74M	91.04M	122.47M	62.55M
Pretax Margin %	0.08%	0.09%	0.05%	0.11%	0.04%	0.13%	0.14%	0.11%	0.14%	0.07%
Income Tax+	14.72M	11.87M	13.35M	11.43M	4.81M	17.76M	12.85M	14.93M	12.2M	26.62M
Effective Tax Rate %	0.57%	0.73%	0.56%	0.83%	0.81%	0.8%	0.88%	0.84%	0.9%	0.57%
Net Income+	19.55M	32.63M	16.73M	54.69M	20.11M	71.77M	91.88M	76.1M	110.27M	35.93M
Net Margin %	0.05%	0.07%	0.03%	0.09%	0.03%	0.11%	0.12%	0.09%	0.13%	0.04%
Net Income Growth %	-0.11%	0.67%	-0.49%	2.27%	-0.63%	2.57%	0.28%	-0.17%	0.45%	-0.67%
Net Income (Continuing)	19.55M	32.63M	16.73M	54.69M	20.11M	71.77M	91.88M	76.1M	110.27M	35.93M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	0.54	0.91	0.47	1.54	0.57	1.97	2.46	2.08	3.04	1.01
EPS Growth %	-0.11%	0.69%	-0.48%	2.28%	-0.63%	2.46%	0.25%	-0.15%	0.46%	-0.67%
EPS (Basic)	0.54	0.93	0.48	1.57	0.57	2.00	2.52	2.11	3.07	1.02
Diluted Shares Outstanding	36.32M	35.86M	35.29M	35.42M	35.58M	36.37M	37.32M	36.55M	36.24M	35.66M
Basic Shares Outstanding	35.88M	35.11M	34.63M	34.94M	35.28M	35.84M	36.51M	36.04M	35.88M	35.33M
Dividend Payout Ratio	-	-	-	1.92%	-	0.34%	0.33%	0.45%	0.35%	1.18%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	335.68M	339.84M	340.47M	306.72M	376.98M	489.07M	388.21M	215.67M	292.57M	255.96M
Cash & Short-Term Investments	288.38M	279.16M	253.43M	230.85M	303.26M	428.57M	314.02M	115.15M	100.49M	111.25M
Cash Only	241.3M	224.19M	253.43M	230.85M	303.26M	428.57M	314.02M	115.15M	100.49M	111.25M
Short-Term Investments	47.08M	54.97M	0	0	0	0	0	0	0	0
Accounts Receivable	28.46M	38.11M	49.93M	41.03M	47.02M	43.85M	47.71M	67.25M	91.14M	95.22M
Days Sales Outstanding	24.44	28.14	32.71	24.03	26.38	24	22.51	29.65	38.04	37.16
Inventory	0	0	0	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	11.71M	22.57M	37.11M	34.84M	0	0	0	33.27M	100.94M	49.48M
Total Non-Current Assets+	133.45M	161.94M	237.31M	224.77M	253.53M	240.57M	463.5M	665.51M	743.44M	1.05B
Property, Plant & Equipment	32.09M	56.1M	85.7M	76.19M	104.29M	90.46M	82.64M	72.14M	79.69M	80.36M
Fixed Asset Turnover	13.25x	8.81x	6.50x	8.18x	6.24x	7.37x	9.36x	11.48x	10.97x	11.64x
Goodwill	50.93M	49.27M	98.65M	88.58M	88.97M	89.41M	219.82M	381.92M	383.32M	569.67M
Intangible Assets	29.78M	30.16M	34.2M	29.54M	26.67M	25.77M	123.82M	173.09M	184.4M	248.48M
Long-Term Investments	1.8M	2.6M	2.6M	15M	0	0	0	0	0	54.5M
Other Non-Current Assets	146K	798K	6.4M	3.09M	19.21M	21.37M	26.7M	21.83M	71.15M	29.21M
Total Assets+	469.12M	501.78M	577.78M	531.49M	630.51M	729.64M	851.71M	881.18M	1.04B	1.31B
Asset Turnover	0.91x	0.99x	0.96x	1.17x	1.03x	0.91x	0.91x	0.94x	0.84x	0.71x
Asset Growth %	0.22%	0.07%	0.15%	-0.08%	0.19%	0.16%	0.17%	0.03%	0.18%	0.26%
Total Current Liabilities+	160.78M	203.5M	245.74M	223.3M	245.89M	256.93M	333.78M	383.73M	452.39M	625.29M
Accounts Payable	6.82M	7.3M	7.16M	7.21M	6.1M	2.44M	10.09M	7.18M	9.11M	9.22M
Days Payables Outstanding	14.25	13.13	11.21	9.83	8.01	3.43	13.27	8.34	9.43	8.49
Short-Term Debt	0	0	0	0	0	0	0	50M	30M	158.11M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	45.78M	53.3M	60.88M	61.33M	39.59M	41.9M	57.71M	51.76M	99.27M	98.51M
Current Ratio	2.09x	1.67x	1.39x	1.37x	1.53x	1.90x	1.16x	0.56x	0.65x	0.41x
Quick Ratio	2.09x	1.67x	1.39x	1.37x	1.53x	1.90x	1.16x	0.56x	0.65x	0.41x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	19.77M	11.59M	17.45M	21.52M	56.47M	50.79M	49.44M	49.97M	56.53M	165.52M
Long-Term Debt	0	0	0	0	0	0	0	0	0	119.6M
Capital Lease Obligations	0	0	0	0	47.31M	41.62M	36.97M	35.61M	29.4M	23.36M
Deferred Tax Liabilities	3.78M	2.15M	1.49M	77K	0	0	2.78M	4.46M	4.18M	2.17M
Other Non-Current Liabilities	15.99M	9.44M	15.96M	21.44M	9.16M	9.17M	9.7M	9.89M	22.95M	20.38M
Total Liabilities	180.56M	215.08M	263.19M	244.82M	302.37M	307.72M	383.23M	433.7M	508.92M	790.81M
Total Debt+	0	0	0	0	47.31M	41.62M	36.97M	85.61M	59.4M	310.79M
Net Debt	-241.3M	-224.19M	-253.43M	-230.85M	-255.95M	-386.95M	-277.05M	-29.54M	-41.09M	199.53M
Debt / Equity	-	-	-	-	0.14x	0.10x	0.08x	0.19x	0.11x	0.60x
Debt / EBITDA	-	-	-	-	0.68x	0.33x	0.24x	0.53x	0.40x	1.99x
Net Debt / EBITDA	-4.32x	-3.41x	-4.10x	-2.96x	-3.65x	-3.06x	-1.77x	-0.18x	-0.28x	1.28x
Interest Coverage	-	-	-	-	-	-	-	70.08x	36.85x	6.51x
Total Equity+	288.56M	286.7M	314.58M	286.67M	328.14M	421.93M	468.48M	447.48M	527.09M	518.35M
Equity Growth %	0.15%	-0.01%	0.1%	-0.09%	0.14%	0.29%	0.11%	-0.04%	0.18%	-0.02%
Book Value per Share	7.95	7.99	8.91	8.09	9.22	11.60	12.55	12.24	14.54	14.54
Total Shareholders' Equity	288.56M	286.7M	314.58M	286.67M	328.14M	421.93M	468.48M	447.48M	527.09M	518.35M
Common Stock	361K	369K	373K	376K	381K	389K	392K	396K	399K	403K
Retained Earnings	96.44M	129.06M	145.14M	101.08M	121.19M	168.31M	229.54M	271.05M	342.65M	336.2M
Treasury Stock	-15.63M	-77.57M	-100.03M	-100.03M	-100.03M	-100.03M	-127.2M	-200.01M	-228.21M	-269.8M
Accumulated OCI	-6.45M	-17.06M	-3.56M	-6.47M	-6.22M	-7.68M	-10.79M	-15.44M	-11.97M	-16.84M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	85.33M	101.15M	108.04M	102.2M	102.65M	165.07M	216.37M	158.45M	140.55M	32.65M
Operating CF Margin %	0.2%	0.2%	0.19%	0.16%	0.16%	0.25%	0.28%	0.19%	0.16%	0.03%
Operating CF Growth %	0.03%	0.19%	0.07%	-0.05%	0%	0.61%	0.31%	-0.27%	-0.11%	-0.77%
Net Income	19.55M	32.63M	16.73M	54.69M	20.11M	71.77M	91.88M	76.1M	110.27M	35.93M
Depreciation & Amortization	14.84M	19.95M	35.49M	45.65M	49.91M	41.36M	48.77M	68.47M	79.73M	87.63M
Stock-Based Compensation	28.86M	28.08M	24.96M	23.87M	22.82M	28.31M	36.18M	35.74M	48.58M	56.33M
Deferred Taxes	-4.84M	1.77M	12.49M	-6.27M	-2.02M	1.02M	-1.77M	-10.59M	-26.18M	-10.96M
Other Non-Cash Items	6.04M	4.67M	-4.96M	-31.56M	84K	2.58M	137K	22.36M	-48.37M	-4.19M
Working Capital Changes	20.88M	14.05M	23.33M	15.82M	11.75M	20.04M	41.17M	-33.64M	-23.48M	-132.09M
Change in Receivables	-10.68M	-13.23M	-10.02M	2.64M	-6.17M	513K	-4.09M	-22.11M	-24.41M	4.94M
Change in Inventory	6.74M	-8.47M	-7.42M	3.13M	0	10.85M	0	0	0	0
Change in Payables	2.24M	10.78M	12.04M	6.39M	8.36M	8.59M	34.44M	-24.33M	20.89M	-48.6M
Cash from Investing+	-71.85M	-57.19M	-57.37M	-12.83M	-27.23M	-35.31M	-250.44M	-275.55M	-54.32M	-166.17M
Capital Expenditures	-16.98M	-48M	-58.02M	-38.73M	-29.43M	-28.6M	-37M	-60.12M	-55.74M	-47.22M
CapEx % of Revenue	0.04%	0.1%	0.1%	0.06%	0.05%	0.04%	0.05%	0.07%	0.06%	0.05%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-288K	-9.19M	50.23M	-15.06M	-309K	0	-31.83M	-3.59M	55.15M	60.12M
Cash from Financing+	-4.06M	-53.53M	-33.89M	-109.74M	-1.7M	-4.59M	-77.72M	-79.49M	-102.7M	150.1M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	-104.92M	0	-24.4M	-30.65M	-34.59M	-38.67M	-42.38M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	1.69M	4.89M	-8.91M	-4.81M	-1.7M	-3.34M	-20.58M	-21.41M	-15.83M	-14.37M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	68.35M	53.14M	50.01M	63.47M	73.22M	136.47M	179.37M	98.33M	84.81M	-14.57M
FCF Margin %	0.16%	0.11%	0.09%	0.1%	0.11%	0.2%	0.23%	0.12%	0.1%	-0.02%
FCF Growth %	0.06%	-0.22%	-0.06%	0.27%	0.15%	0.86%	0.31%	-0.45%	-0.14%	-1.17%
FCF per Share	1.88	1.48	1.42	1.79	2.06	3.75	4.81	2.69	2.34	-0.41
FCF Conversion (FCF/Net Income)	4.36x	3.10x	6.46x	1.87x	5.10x	2.30x	2.35x	2.08x	1.27x	0.91x
Interest Paid	0	0	0	0	0	0	0	1.04M	1.72M	7.83M
Taxes Paid	14.48M	19.19M	4.98M	580K	1.9M	8.75M	19.09M	23.44M	33.07M	34.03M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	7.24%	11.34%	5.56%	18.19%	6.54%	19.14%	20.64%	16.62%	22.63%	6.87%
Return on Invested Capital (ROIC)	94.31%	62.57%	31.96%	41.62%	23.62%	119.34%	71.62%	23.05%	11.35%	8.56%
Gross Margin	58.95%	58.91%	58.16%	57.05%	57.24%	61.07%	64.1%	62.03%	59.68%	57.63%
Net Margin	4.6%	6.6%	3%	8.77%	3.09%	10.76%	11.88%	9.19%	12.61%	3.84%
Debt / Equity	-	-	-	-	0.14x	0.10x	0.08x	0.19x	0.11x	0.60x
Interest Coverage	-	-	-	-	-	-	-	70.08x	36.85x	6.51x
FCF Conversion	4.36x	3.10x	6.46x	1.87x	5.10x	2.30x	2.35x	2.08x	1.27x	0.91x
Revenue Growth	29.63%	16.27%	12.7%	11.87%	4.38%	2.48%	16.01%	7.04%	5.65%	6.94%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Content	-	-	-	-	-	-	-	-	737.26M	760.01M
Content Growth	-	-	-	-	-	-	-	-	-	3.09%
E-Commerce	-	-	-	-	392.24M	412.52M	490.21M	501.38M	439.94M	-
E-Commerce Growth	-	-	-	-	-	5.17%	18.83%	2.28%	-12.25%	-
Enterprise	-	-	-	254.81M	258.28M	254.16M	283.2M	326.44M	434.65M	-
Enterprise Growth	-	-	-	-	1.36%	-1.59%	11.42%	15.27%	33.15%	-
Product and Service, Other	-	-	-	-	-	-	-	-	-	-
Product and Service, Other Growth	-	-	-	-	-	-	-	-	-	-
Content	-	483.28M	541.09M	-	-	-	-	-	-	-
Content Growth	-	-	11.96%	-	-	-	-	-	-	-
Corporate and Other	-	-	16.02M	-	-	-	-	-	-	-
Corporate and Other Growth	-	-	-	-	-	-	-	-	-	-
Others	7.84M	274.98M	-	-	-	-	-	-	-	-
Others Growth	-	3407.82%	-	-	-	-	-	-	-	-
Content Business	417.31M	-	-	-	-	-	-	-	-	-
Content Business Growth	-	-	-	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
North America	166.22M	197.65M	218.87M	230.89M	228.19M	236.6M	290.98M	353.2M	427.75M	474.68M
North America Growth	-	18.91%	10.73%	5.49%	-1.17%	3.69%	22.98%	21.38%	21.11%	10.97%
Europe	144.1M	161.91M	181.69M	207.63M	217.4M	220.66M	253.48M	243.03M	231.05M	245.68M
Europe Growth	-	12.35%	12.22%	14.28%	4.70%	1.50%	14.87%	-4.12%	-4.93%	6.33%
All Regions Of The World Except North America And Europe	114.82M	134.76M	156.55M	184.73M	204.94M	209.42M	228.96M	231.6M	215.79M	214.9M
All Regions Of The World Except North America And Europe Growth	-	17.37%	16.17%	18.00%	10.94%	2.19%	9.33%	1.16%	-6.83%	-0.41%

Frequently Asked Questions

Valuation & Price

Shutterstock, Inc. (SSTK) has a price-to-earnings (P/E) ratio of 18.8x. This is roughly in line with market averages.

Growth & Financials

Shutterstock, Inc. (SSTK) reported $1.02B in revenue for fiscal year 2024. This represents a 748% increase from $120.3M in 2011.

Shutterstock, Inc. (SSTK) grew revenue by 6.9% over the past year. This is steady growth.

Yes, Shutterstock, Inc. (SSTK) is profitable, generating $60.1M in net income for fiscal year 2024 (3.8% net margin).

Dividend & Returns

Yes, Shutterstock, Inc. (SSTK) pays a dividend with a yield of 6.25%. This makes it attractive for income-focused investors.

Shutterstock, Inc. (SSTK) has a return on equity (ROE) of 6.9%. This is below average, suggesting room for improvement.

Shutterstock, Inc. (SSTK) generated $94.3M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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