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

SSTK •

Communication ServicesInternet ServicesOnline Marketplaces and Classifieds

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 $990M +5.8%
EBITDA $201M +28.5%
Net Income $45M +26.6%
EPS (Diluted) 1.25 +23.8%
Gross Margin 58.9% +2.2%
EBITDA Margin 20.29% +21.4%
Operating Margin 11.11% +51.2%
Net Margin 4.6% +19.6%
ROE 8.28% +20.4%
ROIC 13.15% +53.6%
Debt/Equity 0.23 -61.6%
Interest Coverage 6.54 +0.5%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 8/9
✓High quality earnings: Operating CF exceeds net income
✓Trading at only 1.0x book value

✗Weaknesses

✗Dividend payout exceeds 100% of earnings
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y8.82%

5Y8.23%

3Y6.14%

TTM5.84%

Profit (Net Income) CAGR

10Y8.81%

5Y-8.71%

3Y-15.76%

TTM26.62%

EPS CAGR

10Y8.76%

5Y-8.7%

3Y-15.61%

TTM27.72%

ROCE

10Y Avg13.86%

5Y Avg15.87%

3Y Avg13.03%

Latest15.58%

Peer Comparison

Online Marketplaces and Classifieds

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
ZGZillow Group, Inc. Class A	10.77B	44.80	497.78	15.52%	0.89%	0.47%	2.18%	0.02
ZZillow Group, Inc. Class C	10.73B	44.62	495.78	15.52%	-1.29%	-0.64%	2.19%	0.02
FVRRFiverr International Ltd.	388.19M	10.83	19.34	10.07%	4.87%	5.09%	26.78%	0.01
SSTKShutterstock, Inc.	689.62M	16.80	13.44	5.84%	4.6%	7.83%	17.96%	0.23
ATHMAutohome Inc.	9.19B	19.18	9.89	-2.01%	23.62%	6.31%	1.96%	0.00
GETYGetty Images Holdings, Inc.	320.77M	0.78	8.16	2.48%	-9.6%	-13.31%	18.98%	1.89
EVEREverQuote, Inc.	56.95M	15.80	6.01	38.45%	14.34%	41.72%	100%	-0.00
SEATVivid Seats Inc.	22.72M	5.96	5.32	8.8%	-24.08%	-46.21%	100%	0.66

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	494.32M	557.11M	623.25M	650.52M	666.69M	773.41M	827.83M	874.59M	935.26M	989.92M
Revenue Growth %	16.27%	12.7%	11.87%	4.38%	2.48%	16.01%	7.04%	5.65%	6.94%	5.84%
Cost of Goods Sold+	203.13M	233.1M	267.67M	278.18M	259.57M	277.66M	314.31M	352.63M	396.3M	406.85M
COGS % of Revenue	41.09%	41.84%	42.95%	42.76%	38.93%	35.9%	37.97%	40.32%	42.37%	41.1%
Gross Profit+	291.19M	324.01M	355.58M	372.35M	407.11M	495.76M	513.52M	521.96M	538.97M	583.08M
Gross Margin %	58.91%	58.16%	57.05%	57.24%	61.07%	64.1%	62.03%	59.68%	57.63%	58.9%
Gross Profit Growth %	16.19%	11.27%	9.74%	4.72%	9.34%	21.77%	3.58%	1.64%	3.26%	8.18%
Operating Expenses+	245.4M	297.66M	323.13M	352.19M	321.85M	387.65M	419.9M	453.56M	470.26M	508.02M
OpEx % of Revenue	49.64%	53.43%	51.85%	54.14%	48.28%	50.12%	50.72%	51.86%	50.28%	51.32%
Selling, General & Admin	197.61M	245.17M	264.23M	294.98M	275.81M	335.64M	330.46M	352.49M	381.84M	418.99M
SG&A % of Revenue	39.98%	44.01%	42.4%	45.34%	41.37%	43.4%	39.92%	40.3%	40.83%	42.33%
Research & Development	47.79M	52.49M	58.9M	57.22M	46.04M	52.01M	65.43M	96.16M	88.42M	89.03M
R&D % of Revenue	9.67%	9.42%	9.45%	8.8%	6.91%	6.73%	7.9%	11%	9.45%	8.99%
Other Operating Expenses	-1.29M	0	0	0	0	0	24.01M	4.91M	0	0
Operating Income+	45.79M	26.35M	32.45M	20.16M	85.27M	108.11M	93.62M	68.4M	68.71M	109.97M
Operating Margin %	9.26%	4.73%	5.21%	3.1%	12.79%	13.98%	11.31%	7.82%	7.35%	11.11%
Operating Income Growth %	11.62%	-42.45%	23.16%	-37.89%	323.05%	26.79%	-13.4%	-26.94%	0.45%	60.05%
EBITDA+	65.73M	61.84M	78.1M	70.07M	126.63M	156.88M	162.09M	148.13M	156.33M	200.86M
EBITDA Margin %	13.3%	11.1%	12.53%	10.77%	18.99%	20.28%	19.58%	16.94%	16.72%	20.29%
EBITDA Growth %	17.67%	-5.92%	26.3%	-10.29%	80.71%	23.89%	3.33%	-8.62%	5.54%	28.48%
D&A (Non-Cash Add-back)	19.95M	35.49M	45.65M	49.91M	41.36M	48.77M	68.47M	79.73M	87.63M	90.89M
EBIT	45.79M	26.35M	32.45M	20.16M	85.27M	104.8M	92.37M	124.33M	73.11M	109.97M
Net Interest Income+	149K	891K	2.74M	4.22M	1.19M	137K	-1.25M	2.93M	-4.33M	-13.17M
Interest Income	149K	891K	2.74M	4.22M	1.19M	137K	87K	4.78M	6.23M	3.65M
Interest Expense	0	0	0	0	0	0	1.34M	1.86M	10.56M	16.83M
Other Income/Expense	-1.29M	3.73M	33.66M	4.76M	4.26M	-3.37M	-2.59M	54.07M	-6.16M	272K
Pretax Income+	44.5M	30.08M	66.11M	24.92M	89.52M	104.74M	91.04M	122.47M	62.55M	75.33M
Pretax Margin %	9%	5.4%	10.61%	3.83%	13.43%	13.54%	11%	14%	6.69%	7.61%
Income Tax+	11.87M	13.35M	11.43M	4.81M	17.76M	12.85M	14.93M	12.2M	26.62M	29.84M
Effective Tax Rate %	73.33%	55.61%	82.72%	80.7%	80.16%	87.73%	83.6%	90.04%	57.45%	60.39%
Net Income+	32.63M	16.73M	54.69M	20.11M	71.77M	91.88M	76.1M	110.27M	35.93M	45.5M
Net Margin %	6.6%	3%	8.77%	3.09%	10.76%	11.88%	9.19%	12.61%	3.84%	4.6%
Net Income Growth %	66.88%	-48.73%	226.94%	-63.23%	256.9%	28.03%	-17.17%	44.89%	-67.41%	26.62%
Net Income (Continuing)	32.63M	16.73M	54.69M	20.11M	71.77M	91.88M	76.1M	110.27M	35.93M	45.5M
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)+	0.91	0.47	1.54	0.57	1.97	2.46	2.08	3.04	1.01	1.25
EPS Growth %	68.52%	-48.35%	227.66%	-62.99%	245.61%	24.87%	-15.45%	46.15%	-66.78%	23.76%
EPS (Basic)	0.93	0.48	1.57	0.57	2.00	2.52	2.11	3.07	1.02	1.29
Diluted Shares Outstanding	35.86M	35.29M	35.42M	35.58M	36.37M	37.32M	36.55M	36.24M	35.66M	36.27M
Basic Shares Outstanding	35.11M	34.63M	34.94M	35.28M	35.84M	36.51M	36.04M	35.88M	35.33M	35.29M
Dividend Payout Ratio	-	-	191.86%	-	34%	33.36%	45.45%	35.07%	117.95%	102.27%

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	339.84M	340.47M	306.72M	376.98M	489.07M	388.21M	215.67M	292.57M	255.96M	338.64M
Cash & Short-Term Investments	279.16M	253.43M	230.85M	303.26M	428.57M	314.02M	115.15M	100.49M	111.25M	178.24M
Cash Only	224.19M	253.43M	230.85M	303.26M	428.57M	314.02M	115.15M	100.49M	111.25M	178.24M
Short-Term Investments	54.97M	0	0	0	0	0	0	0	0	0
Accounts Receivable	38.11M	49.93M	41.03M	47.02M	43.85M	47.71M	67.25M	91.14M	95.22M	112.63M
Days Sales Outstanding	28.14	32.71	24.03	26.38	24	22.51	29.65	38.04	37.16	41.53
Inventory	0	0	0	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	22.57M	37.11M	34.84M	0	0	0	33.27M	100.94M	49.48M	47.77M
Total Non-Current Assets+	161.94M	237.31M	224.77M	253.53M	240.57M	463.5M	665.51M	743.44M	1.05B	1.02B
Property, Plant & Equipment	56.1M	85.7M	76.19M	104.29M	90.46M	82.64M	72.14M	79.69M	80.36M	72.32M
Fixed Asset Turnover	8.81x	6.50x	8.18x	6.24x	7.37x	9.36x	11.48x	10.97x	11.64x	13.69x
Goodwill	49.27M	98.65M	88.58M	88.97M	89.41M	219.82M	381.92M	383.32M	569.67M	574.61M
Intangible Assets	30.16M	34.2M	29.54M	26.67M	25.77M	123.82M	173.09M	184.4M	248.48M	215.67M
Long-Term Investments	2.6M	2.6M	15M	0	0	0	0	0	54.5M	19.3M
Other Non-Current Assets	798K	6.4M	3.09M	19.21M	21.37M	26.7M	21.83M	71.15M	29.21M	74.1M
Total Assets+	501.78M	577.78M	531.49M	630.51M	729.64M	851.71M	881.18M	1.04B	1.31B	1.36B
Asset Turnover	0.99x	0.96x	1.17x	1.03x	0.91x	0.91x	0.94x	0.84x	0.71x	0.73x
Asset Growth %	6.96%	15.15%	-8.01%	18.63%	15.72%	16.73%	3.46%	17.57%	26.36%	3.57%
Total Current Liabilities+	203.5M	245.74M	223.3M	245.89M	256.93M	333.78M	383.73M	452.39M	625.29M	628.4M
Accounts Payable	7.3M	7.16M	7.21M	6.1M	2.44M	10.09M	7.18M	9.11M	9.22M	13.9M
Days Payables Outstanding	13.13	11.21	9.83	8.01	3.43	13.27	8.34	9.43	8.49	12.47
Short-Term Debt	0	0	0	0	0	0	50M	30M	158.11M	166.44M
Deferred Revenue (Current)	122.23M	157.8M	139.6M	141.92M	149.84M	180.98M	187.07M	203.46M	225.49M	212.98M
Other Current Liabilities	53.3M	60.88M	61.33M	39.59M	41.9M	57.71M	51.76M	99.27M	98.51M	235.07M
Current Ratio	1.67x	1.39x	1.37x	1.53x	1.90x	1.16x	0.56x	0.65x	0.41x	0.54x
Quick Ratio	1.67x	1.39x	1.37x	1.53x	1.90x	1.16x	0.56x	0.65x	0.41x	0.54x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	11.59M	17.45M	21.52M	56.47M	50.79M	49.44M	49.97M	56.53M	165.52M	146.5M
Long-Term Debt	0	0	0	0	0	0	0	0	119.6M	133.89M
Capital Lease Obligations	0	0	0	47.31M	41.62M	36.97M	35.61M	29.4M	23.36M	17.25M
Deferred Tax Liabilities	2.15M	1.49M	77K	0	0	2.78M	4.46M	4.18M	2.17M	1.13M
Other Non-Current Liabilities	9.44M	15.96M	21.44M	9.16M	9.17M	9.7M	9.89M	22.95M	20.38M	-5.77M
Total Liabilities	215.08M	263.19M	244.82M	302.37M	307.72M	383.23M	433.7M	508.92M	790.81M	774.9M
Total Debt+	0	0	0	47.31M	41.62M	36.97M	85.61M	59.4M	310.79M	133.89M
Net Debt	-224.19M	-253.43M	-230.85M	-255.95M	-386.95M	-277.05M	-29.54M	-41.09M	199.53M	-44.36M
Debt / Equity	-	-	-	0.14x	0.10x	0.08x	0.19x	0.11x	0.60x	0.23x
Debt / EBITDA	-	-	-	0.68x	0.33x	0.24x	0.53x	0.40x	1.99x	0.67x
Net Debt / EBITDA	-3.41x	-4.10x	-2.96x	-3.65x	-3.06x	-1.77x	-0.18x	-0.28x	1.28x	-0.22x
Interest Coverage	-	-	-	-	-	-	70.08x	36.85x	6.51x	6.54x
Total Equity+	286.7M	314.58M	286.67M	328.14M	421.93M	468.48M	447.48M	527.09M	518.35M	581.04M
Equity Growth %	-0.65%	9.73%	-8.87%	14.47%	28.58%	11.03%	-4.48%	17.79%	-1.66%	12.09%
Book Value per Share	7.99	8.91	8.09	9.22	11.60	12.55	12.24	14.54	14.54	16.02
Total Shareholders' Equity	286.7M	314.58M	286.67M	328.14M	421.93M	468.48M	447.48M	527.09M	518.35M	581.04M
Common Stock	369K	373K	376K	381K	389K	392K	396K	399K	403K	410K
Retained Earnings	129.06M	145.14M	101.08M	121.19M	168.31M	229.54M	271.05M	342.65M	336.2M	335.17M
Treasury Stock	-77.57M	-100.03M	-100.03M	-100.03M	-100.03M	-127.2M	-200.01M	-228.21M	-269.8M	-269.8M
Accumulated OCI	-17.06M	-3.56M	-6.47M	-6.22M	-7.68M	-10.79M	-15.44M	-11.97M	-16.84M	-4.75M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	101.15M	108.04M	102.2M	102.65M	165.07M	216.37M	158.45M	140.55M	32.65M	166.69M
Operating CF Margin %	20.46%	19.39%	16.4%	15.78%	24.76%	27.98%	19.14%	16.07%	3.49%	16.84%
Operating CF Growth %	18.54%	6.81%	-5.4%	0.43%	60.82%	31.08%	-26.77%	-11.3%	-76.77%	410.59%
Net Income	32.63M	16.73M	54.69M	20.11M	71.77M	91.88M	76.1M	110.27M	35.93M	-16.02M
Depreciation & Amortization	19.95M	35.49M	45.65M	49.91M	41.36M	48.77M	68.47M	79.73M	87.63M	90.89M
Stock-Based Compensation	28.08M	24.96M	23.87M	22.82M	28.31M	36.18M	35.74M	48.58M	56.33M	61.08M
Deferred Taxes	1.77M	12.49M	-6.27M	-2.02M	1.02M	-1.77M	-10.59M	-26.18M	-10.96M	7.57M
Other Non-Cash Items	4.67M	-4.96M	-31.56M	84K	2.58M	137K	22.36M	-48.37M	-4.19M	46.32M
Working Capital Changes	14.05M	23.33M	15.82M	11.75M	20.04M	41.17M	-33.64M	-23.48M	-132.09M	-23.15M
Change in Receivables	-13.23M	-10.02M	2.64M	-6.17M	513K	-4.09M	-22.11M	-24.41M	4.94M	-16.32M
Change in Inventory	-8.47M	-7.42M	3.13M	0	10.85M	0	0	0	0	0
Change in Payables	10.78M	12.04M	6.39M	8.36M	8.59M	34.44M	-24.33M	20.89M	-48.6M	-11.57M
Cash from Investing+	-57.19M	-57.37M	-12.83M	-27.23M	-35.31M	-250.44M	-275.55M	-54.32M	-166.17M	-47.8M
Capital Expenditures	-48M	-58.02M	-38.73M	-29.43M	-28.6M	-37M	-60.12M	-55.74M	-47.22M	-42.86M
CapEx % of Revenue	9.71%	10.42%	6.21%	4.52%	4.29%	4.78%	7.26%	6.37%	5.05%	4.33%
Acquisitions	0	-49.57M	40.96M	2.5M	-1.85M	-181.61M	-211.84M	-53.72M	-179.07M	0
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-9.19M	50.23M	-15.06M	-309K	0	-31.83M	-3.59M	55.15M	60.12M	-4.94M
Cash from Financing+	-53.53M	-33.89M	-109.74M	-1.7M	-4.59M	-77.72M	-79.49M	-102.7M	150.1M	-59.1M
Debt Issued (Net)	0	0	0	0	0	0	50M	-20M	248.44M	-3.13M
Equity Issued (Net)	-1000K	-1000K	0	0	1000K	-1000K	-1000K	-1000K	-1000K	0
Dividends Paid	0	0	-104.92M	0	-24.4M	-30.65M	-34.59M	-38.67M	-42.38M	-46.53M
Share Repurchases	-60.23M	-24.98M	-7.27M	0	0	-26.49M	-73.49M	-28.2M	-41.59M	0
Other Financing	4.89M	-8.91M	-4.81M	-1.7M	-3.34M	-20.58M	-21.41M	-15.83M	-14.37M	-9.44M
Net Change in Cash	-17.11M	29.24M	-22.58M	72.41M	122.7M	-114.56M	-198.86M	-14.66M	10.76M	66.99M
Free Cash Flow+	53.14M	50.01M	63.47M	73.22M	136.47M	179.37M	98.33M	84.81M	-14.57M	123.83M
FCF Margin %	10.75%	8.98%	10.18%	11.26%	20.47%	23.19%	11.88%	9.7%	-1.56%	12.51%
FCF Growth %	-22.24%	-5.89%	26.91%	15.36%	86.38%	31.44%	-45.18%	-13.75%	-117.18%	949.96%
FCF per Share	1.48	1.42	1.79	2.06	3.75	4.81	2.69	2.34	-0.41	3.41
FCF Conversion (FCF/Net Income)	3.10x	6.46x	1.87x	5.10x	2.30x	2.35x	2.08x	1.27x	0.91x	3.66x
Interest Paid	0	0	0	0	0	0	1.04M	1.72M	7.83M	0
Taxes Paid	19.19M	4.98M	580K	1.9M	8.75M	19.09M	23.44M	33.07M	34.03M	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	11.34%	5.56%	18.19%	6.54%	19.14%	20.64%	16.62%	22.63%	6.87%	8.28%
Return on Invested Capital (ROIC)	62.57%	31.96%	41.62%	23.62%	119.34%	71.62%	23.05%	11.35%	8.56%	13.15%
Gross Margin	58.91%	58.16%	57.05%	57.24%	61.07%	64.1%	62.03%	59.68%	57.63%	58.9%
Net Margin	6.6%	3%	8.77%	3.09%	10.76%	11.88%	9.19%	12.61%	3.84%	4.6%
Debt / Equity	-	-	-	0.14x	0.10x	0.08x	0.19x	0.11x	0.60x	0.23x
Interest Coverage	-	-	-	-	-	-	70.08x	36.85x	6.51x	6.54x
FCF Conversion	3.10x	6.46x	1.87x	5.10x	2.30x	2.35x	2.08x	1.27x	0.91x	3.66x
Revenue Growth	16.27%	12.7%	11.87%	4.38%	2.48%	16.01%	7.04%	5.65%	6.94%	5.84%

US Stock Screener

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

SSTK •

Communication ServicesInternet ServicesOnline Marketplaces and Classifieds

Revenue $990M +5.8%
EBITDA $201M +28.5%
Net Income $45M +26.6%
EPS (Diluted) 1.25 +23.8%
Gross Margin 58.9% +2.2%
EBITDA Margin 20.29% +21.4%
Operating Margin 11.11% +51.2%
Net Margin 4.6% +19.6%
ROE 8.28% +20.4%
ROIC 13.15% +53.6%
Debt/Equity 0.23 -61.6%
Interest Coverage 6.54 +0.5%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 8/9
✓High quality earnings: Operating CF exceeds net income
✓Trading at only 1.0x book value

✗Weaknesses

✗Dividend payout exceeds 100% of earnings
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y8.82%

5Y8.23%

3Y6.14%

TTM5.84%

Profit (Net Income) CAGR

10Y8.81%

5Y-8.71%

3Y-15.76%

TTM26.62%

EPS CAGR

10Y8.76%

5Y-8.7%

3Y-15.61%

TTM27.72%

ROCE

10Y Avg13.86%

5Y Avg15.87%

3Y Avg13.03%

Latest15.58%

Peer Comparison

Online Marketplaces and Classifieds

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
ZGZillow Group, Inc. Class A	10.77B	44.80	497.78	15.52%	0.89%	0.47%	2.18%	0.02
ZZillow Group, Inc. Class C	10.73B	44.62	495.78	15.52%	-1.29%	-0.64%	2.19%	0.02
FVRRFiverr International Ltd.	388.19M	10.83	19.34	10.07%	4.87%	5.09%	26.78%	0.01
SSTKShutterstock, Inc.	689.62M	16.80	13.44	5.84%	4.6%	7.83%	17.96%	0.23
ATHMAutohome Inc.	9.19B	19.18	9.89	-2.01%	23.62%	6.31%	1.96%	0.00
GETYGetty Images Holdings, Inc.	320.77M	0.78	8.16	2.48%	-9.6%	-13.31%	18.98%	1.89
EVEREverQuote, Inc.	56.95M	15.80	6.01	38.45%	14.34%	41.72%	100%	-0.00
SEATVivid Seats Inc.	22.72M	5.96	5.32	8.8%	-24.08%	-46.21%	100%	0.66

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	494.32M	557.11M	623.25M	650.52M	666.69M	773.41M	827.83M	874.59M	935.26M	989.92M
Revenue Growth %	16.27%	12.7%	11.87%	4.38%	2.48%	16.01%	7.04%	5.65%	6.94%	5.84%
Cost of Goods Sold+	203.13M	233.1M	267.67M	278.18M	259.57M	277.66M	314.31M	352.63M	396.3M	406.85M
COGS % of Revenue	41.09%	41.84%	42.95%	42.76%	38.93%	35.9%	37.97%	40.32%	42.37%	41.1%
Gross Profit+	291.19M	324.01M	355.58M	372.35M	407.11M	495.76M	513.52M	521.96M	538.97M	583.08M
Gross Margin %	58.91%	58.16%	57.05%	57.24%	61.07%	64.1%	62.03%	59.68%	57.63%	58.9%
Gross Profit Growth %	16.19%	11.27%	9.74%	4.72%	9.34%	21.77%	3.58%	1.64%	3.26%	8.18%
Operating Expenses+	245.4M	297.66M	323.13M	352.19M	321.85M	387.65M	419.9M	453.56M	470.26M	508.02M
OpEx % of Revenue	49.64%	53.43%	51.85%	54.14%	48.28%	50.12%	50.72%	51.86%	50.28%	51.32%
Selling, General & Admin	197.61M	245.17M	264.23M	294.98M	275.81M	335.64M	330.46M	352.49M	381.84M	418.99M
SG&A % of Revenue	39.98%	44.01%	42.4%	45.34%	41.37%	43.4%	39.92%	40.3%	40.83%	42.33%
Research & Development	47.79M	52.49M	58.9M	57.22M	46.04M	52.01M	65.43M	96.16M	88.42M	89.03M
R&D % of Revenue	9.67%	9.42%	9.45%	8.8%	6.91%	6.73%	7.9%	11%	9.45%	8.99%
Other Operating Expenses	-1.29M	0	0	0	0	0	24.01M	4.91M	0	0
Operating Income+	45.79M	26.35M	32.45M	20.16M	85.27M	108.11M	93.62M	68.4M	68.71M	109.97M
Operating Margin %	9.26%	4.73%	5.21%	3.1%	12.79%	13.98%	11.31%	7.82%	7.35%	11.11%
Operating Income Growth %	11.62%	-42.45%	23.16%	-37.89%	323.05%	26.79%	-13.4%	-26.94%	0.45%	60.05%
EBITDA+	65.73M	61.84M	78.1M	70.07M	126.63M	156.88M	162.09M	148.13M	156.33M	200.86M
EBITDA Margin %	13.3%	11.1%	12.53%	10.77%	18.99%	20.28%	19.58%	16.94%	16.72%	20.29%
EBITDA Growth %	17.67%	-5.92%	26.3%	-10.29%	80.71%	23.89%	3.33%	-8.62%	5.54%	28.48%
D&A (Non-Cash Add-back)	19.95M	35.49M	45.65M	49.91M	41.36M	48.77M	68.47M	79.73M	87.63M	90.89M
EBIT	45.79M	26.35M	32.45M	20.16M	85.27M	104.8M	92.37M	124.33M	73.11M	109.97M
Net Interest Income+	149K	891K	2.74M	4.22M	1.19M	137K	-1.25M	2.93M	-4.33M	-13.17M
Interest Income	149K	891K	2.74M	4.22M	1.19M	137K	87K	4.78M	6.23M	3.65M
Interest Expense	0	0	0	0	0	0	1.34M	1.86M	10.56M	16.83M
Other Income/Expense	-1.29M	3.73M	33.66M	4.76M	4.26M	-3.37M	-2.59M	54.07M	-6.16M	272K
Pretax Income+	44.5M	30.08M	66.11M	24.92M	89.52M	104.74M	91.04M	122.47M	62.55M	75.33M
Pretax Margin %	9%	5.4%	10.61%	3.83%	13.43%	13.54%	11%	14%	6.69%	7.61%
Income Tax+	11.87M	13.35M	11.43M	4.81M	17.76M	12.85M	14.93M	12.2M	26.62M	29.84M
Effective Tax Rate %	73.33%	55.61%	82.72%	80.7%	80.16%	87.73%	83.6%	90.04%	57.45%	60.39%
Net Income+	32.63M	16.73M	54.69M	20.11M	71.77M	91.88M	76.1M	110.27M	35.93M	45.5M
Net Margin %	6.6%	3%	8.77%	3.09%	10.76%	11.88%	9.19%	12.61%	3.84%	4.6%
Net Income Growth %	66.88%	-48.73%	226.94%	-63.23%	256.9%	28.03%	-17.17%	44.89%	-67.41%	26.62%
Net Income (Continuing)	32.63M	16.73M	54.69M	20.11M	71.77M	91.88M	76.1M	110.27M	35.93M	45.5M
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)+	0.91	0.47	1.54	0.57	1.97	2.46	2.08	3.04	1.01	1.25
EPS Growth %	68.52%	-48.35%	227.66%	-62.99%	245.61%	24.87%	-15.45%	46.15%	-66.78%	23.76%
EPS (Basic)	0.93	0.48	1.57	0.57	2.00	2.52	2.11	3.07	1.02	1.29
Diluted Shares Outstanding	35.86M	35.29M	35.42M	35.58M	36.37M	37.32M	36.55M	36.24M	35.66M	36.27M
Basic Shares Outstanding	35.11M	34.63M	34.94M	35.28M	35.84M	36.51M	36.04M	35.88M	35.33M	35.29M
Dividend Payout Ratio	-	-	191.86%	-	34%	33.36%	45.45%	35.07%	117.95%	102.27%

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	339.84M	340.47M	306.72M	376.98M	489.07M	388.21M	215.67M	292.57M	255.96M	338.64M
Cash & Short-Term Investments	279.16M	253.43M	230.85M	303.26M	428.57M	314.02M	115.15M	100.49M	111.25M	178.24M
Cash Only	224.19M	253.43M	230.85M	303.26M	428.57M	314.02M	115.15M	100.49M	111.25M	178.24M
Short-Term Investments	54.97M	0	0	0	0	0	0	0	0	0
Accounts Receivable	38.11M	49.93M	41.03M	47.02M	43.85M	47.71M	67.25M	91.14M	95.22M	112.63M
Days Sales Outstanding	28.14	32.71	24.03	26.38	24	22.51	29.65	38.04	37.16	41.53
Inventory	0	0	0	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	22.57M	37.11M	34.84M	0	0	0	33.27M	100.94M	49.48M	47.77M
Total Non-Current Assets+	161.94M	237.31M	224.77M	253.53M	240.57M	463.5M	665.51M	743.44M	1.05B	1.02B
Property, Plant & Equipment	56.1M	85.7M	76.19M	104.29M	90.46M	82.64M	72.14M	79.69M	80.36M	72.32M
Fixed Asset Turnover	8.81x	6.50x	8.18x	6.24x	7.37x	9.36x	11.48x	10.97x	11.64x	13.69x
Goodwill	49.27M	98.65M	88.58M	88.97M	89.41M	219.82M	381.92M	383.32M	569.67M	574.61M
Intangible Assets	30.16M	34.2M	29.54M	26.67M	25.77M	123.82M	173.09M	184.4M	248.48M	215.67M
Long-Term Investments	2.6M	2.6M	15M	0	0	0	0	0	54.5M	19.3M
Other Non-Current Assets	798K	6.4M	3.09M	19.21M	21.37M	26.7M	21.83M	71.15M	29.21M	74.1M
Total Assets+	501.78M	577.78M	531.49M	630.51M	729.64M	851.71M	881.18M	1.04B	1.31B	1.36B
Asset Turnover	0.99x	0.96x	1.17x	1.03x	0.91x	0.91x	0.94x	0.84x	0.71x	0.73x
Asset Growth %	6.96%	15.15%	-8.01%	18.63%	15.72%	16.73%	3.46%	17.57%	26.36%	3.57%
Total Current Liabilities+	203.5M	245.74M	223.3M	245.89M	256.93M	333.78M	383.73M	452.39M	625.29M	628.4M
Accounts Payable	7.3M	7.16M	7.21M	6.1M	2.44M	10.09M	7.18M	9.11M	9.22M	13.9M
Days Payables Outstanding	13.13	11.21	9.83	8.01	3.43	13.27	8.34	9.43	8.49	12.47
Short-Term Debt	0	0	0	0	0	0	50M	30M	158.11M	166.44M
Deferred Revenue (Current)	122.23M	157.8M	139.6M	141.92M	149.84M	180.98M	187.07M	203.46M	225.49M	212.98M
Other Current Liabilities	53.3M	60.88M	61.33M	39.59M	41.9M	57.71M	51.76M	99.27M	98.51M	235.07M
Current Ratio	1.67x	1.39x	1.37x	1.53x	1.90x	1.16x	0.56x	0.65x	0.41x	0.54x
Quick Ratio	1.67x	1.39x	1.37x	1.53x	1.90x	1.16x	0.56x	0.65x	0.41x	0.54x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	11.59M	17.45M	21.52M	56.47M	50.79M	49.44M	49.97M	56.53M	165.52M	146.5M
Long-Term Debt	0	0	0	0	0	0	0	0	119.6M	133.89M
Capital Lease Obligations	0	0	0	47.31M	41.62M	36.97M	35.61M	29.4M	23.36M	17.25M
Deferred Tax Liabilities	2.15M	1.49M	77K	0	0	2.78M	4.46M	4.18M	2.17M	1.13M
Other Non-Current Liabilities	9.44M	15.96M	21.44M	9.16M	9.17M	9.7M	9.89M	22.95M	20.38M	-5.77M
Total Liabilities	215.08M	263.19M	244.82M	302.37M	307.72M	383.23M	433.7M	508.92M	790.81M	774.9M
Total Debt+	0	0	0	47.31M	41.62M	36.97M	85.61M	59.4M	310.79M	133.89M
Net Debt	-224.19M	-253.43M	-230.85M	-255.95M	-386.95M	-277.05M	-29.54M	-41.09M	199.53M	-44.36M
Debt / Equity	-	-	-	0.14x	0.10x	0.08x	0.19x	0.11x	0.60x	0.23x
Debt / EBITDA	-	-	-	0.68x	0.33x	0.24x	0.53x	0.40x	1.99x	0.67x
Net Debt / EBITDA	-3.41x	-4.10x	-2.96x	-3.65x	-3.06x	-1.77x	-0.18x	-0.28x	1.28x	-0.22x
Interest Coverage	-	-	-	-	-	-	70.08x	36.85x	6.51x	6.54x
Total Equity+	286.7M	314.58M	286.67M	328.14M	421.93M	468.48M	447.48M	527.09M	518.35M	581.04M
Equity Growth %	-0.65%	9.73%	-8.87%	14.47%	28.58%	11.03%	-4.48%	17.79%	-1.66%	12.09%
Book Value per Share	7.99	8.91	8.09	9.22	11.60	12.55	12.24	14.54	14.54	16.02
Total Shareholders' Equity	286.7M	314.58M	286.67M	328.14M	421.93M	468.48M	447.48M	527.09M	518.35M	581.04M
Common Stock	369K	373K	376K	381K	389K	392K	396K	399K	403K	410K
Retained Earnings	129.06M	145.14M	101.08M	121.19M	168.31M	229.54M	271.05M	342.65M	336.2M	335.17M
Treasury Stock	-77.57M	-100.03M	-100.03M	-100.03M	-100.03M	-127.2M	-200.01M	-228.21M	-269.8M	-269.8M
Accumulated OCI	-17.06M	-3.56M	-6.47M	-6.22M	-7.68M	-10.79M	-15.44M	-11.97M	-16.84M	-4.75M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	101.15M	108.04M	102.2M	102.65M	165.07M	216.37M	158.45M	140.55M	32.65M	166.69M
Operating CF Margin %	20.46%	19.39%	16.4%	15.78%	24.76%	27.98%	19.14%	16.07%	3.49%	16.84%
Operating CF Growth %	18.54%	6.81%	-5.4%	0.43%	60.82%	31.08%	-26.77%	-11.3%	-76.77%	410.59%
Net Income	32.63M	16.73M	54.69M	20.11M	71.77M	91.88M	76.1M	110.27M	35.93M	-16.02M
Depreciation & Amortization	19.95M	35.49M	45.65M	49.91M	41.36M	48.77M	68.47M	79.73M	87.63M	90.89M
Stock-Based Compensation	28.08M	24.96M	23.87M	22.82M	28.31M	36.18M	35.74M	48.58M	56.33M	61.08M
Deferred Taxes	1.77M	12.49M	-6.27M	-2.02M	1.02M	-1.77M	-10.59M	-26.18M	-10.96M	7.57M
Other Non-Cash Items	4.67M	-4.96M	-31.56M	84K	2.58M	137K	22.36M	-48.37M	-4.19M	46.32M
Working Capital Changes	14.05M	23.33M	15.82M	11.75M	20.04M	41.17M	-33.64M	-23.48M	-132.09M	-23.15M
Change in Receivables	-13.23M	-10.02M	2.64M	-6.17M	513K	-4.09M	-22.11M	-24.41M	4.94M	-16.32M
Change in Inventory	-8.47M	-7.42M	3.13M	0	10.85M	0	0	0	0	0
Change in Payables	10.78M	12.04M	6.39M	8.36M	8.59M	34.44M	-24.33M	20.89M	-48.6M	-11.57M
Cash from Investing+	-57.19M	-57.37M	-12.83M	-27.23M	-35.31M	-250.44M	-275.55M	-54.32M	-166.17M	-47.8M
Capital Expenditures	-48M	-58.02M	-38.73M	-29.43M	-28.6M	-37M	-60.12M	-55.74M	-47.22M	-42.86M
CapEx % of Revenue	9.71%	10.42%	6.21%	4.52%	4.29%	4.78%	7.26%	6.37%	5.05%	4.33%
Acquisitions	0	-49.57M	40.96M	2.5M	-1.85M	-181.61M	-211.84M	-53.72M	-179.07M	0
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-9.19M	50.23M	-15.06M	-309K	0	-31.83M	-3.59M	55.15M	60.12M	-4.94M
Cash from Financing+	-53.53M	-33.89M	-109.74M	-1.7M	-4.59M	-77.72M	-79.49M	-102.7M	150.1M	-59.1M
Debt Issued (Net)	0	0	0	0	0	0	50M	-20M	248.44M	-3.13M
Equity Issued (Net)	-1000K	-1000K	0	0	1000K	-1000K	-1000K	-1000K	-1000K	0
Dividends Paid	0	0	-104.92M	0	-24.4M	-30.65M	-34.59M	-38.67M	-42.38M	-46.53M
Share Repurchases	-60.23M	-24.98M	-7.27M	0	0	-26.49M	-73.49M	-28.2M	-41.59M	0
Other Financing	4.89M	-8.91M	-4.81M	-1.7M	-3.34M	-20.58M	-21.41M	-15.83M	-14.37M	-9.44M
Net Change in Cash	-17.11M	29.24M	-22.58M	72.41M	122.7M	-114.56M	-198.86M	-14.66M	10.76M	66.99M
Free Cash Flow+	53.14M	50.01M	63.47M	73.22M	136.47M	179.37M	98.33M	84.81M	-14.57M	123.83M
FCF Margin %	10.75%	8.98%	10.18%	11.26%	20.47%	23.19%	11.88%	9.7%	-1.56%	12.51%
FCF Growth %	-22.24%	-5.89%	26.91%	15.36%	86.38%	31.44%	-45.18%	-13.75%	-117.18%	949.96%
FCF per Share	1.48	1.42	1.79	2.06	3.75	4.81	2.69	2.34	-0.41	3.41
FCF Conversion (FCF/Net Income)	3.10x	6.46x	1.87x	5.10x	2.30x	2.35x	2.08x	1.27x	0.91x	3.66x
Interest Paid	0	0	0	0	0	0	1.04M	1.72M	7.83M	0
Taxes Paid	19.19M	4.98M	580K	1.9M	8.75M	19.09M	23.44M	33.07M	34.03M	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	11.34%	5.56%	18.19%	6.54%	19.14%	20.64%	16.62%	22.63%	6.87%	8.28%
Return on Invested Capital (ROIC)	62.57%	31.96%	41.62%	23.62%	119.34%	71.62%	23.05%	11.35%	8.56%	13.15%
Gross Margin	58.91%	58.16%	57.05%	57.24%	61.07%	64.1%	62.03%	59.68%	57.63%	58.9%
Net Margin	6.6%	3%	8.77%	3.09%	10.76%	11.88%	9.19%	12.61%	3.84%	4.6%
Debt / Equity	-	-	-	0.14x	0.10x	0.08x	0.19x	0.11x	0.60x	0.23x
Interest Coverage	-	-	-	-	-	-	70.08x	36.85x	6.51x	6.54x
FCF Conversion	3.10x	6.46x	1.87x	5.10x	2.30x	2.35x	2.08x	1.27x	0.91x	3.66x
Revenue Growth	16.27%	12.7%	11.87%	4.38%	2.48%	16.01%	7.04%	5.65%	6.94%	5.84%

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

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare SSTK vs Peers

vs ZG

vs Z

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Profit & Loss

Balance Sheet

Cash Flow

Key Ratios

Deep Dive Analysis

Valuation Overview

Total Return Calculator

Dividend History

Earnings History

Price History

Revenue History

Financial Ratios

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

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare SSTK vs Peers

vs ZG

vs Z

Compare Top 5

Profit & Loss

Balance Sheet

Cash Flow

Key Ratios

Deep Dive Analysis

Valuation Overview

Total Return Calculator

Dividend History

Earnings History

Price History

Revenue History

Financial Ratios