The company's financial leverage has increased significantly, with total debt rising to $289.3 million in 2026Q1 from $56.4 million in 2024Q2, while the current ratio remains critically thin at 0.51.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 |
|---|
| Total Current Assets | 321.25M | 338.64M | 255.96M | 292.57M | 215.67M | 388.21M | 489.07M | 376.98M | 306.72M | 340.47M | 339.84M | 335.68M | 323.53M | 243.19M | 125.97M | 18.07M | 9.05M |
| Cash & Short-Term Investments | 162.52M | 178.24M | 111.25M | 100.49M | 115.15M | 314.02M | 428.57M | 303.26M | 230.85M | 253.43M | 279.16M | 288.38M | 288.3M | 209.78M | 102.1M | 14.1M | 6.54M |
| Cash Only | 162.52M | 178.24M | 111.25M | 100.49M | 115.15M | 314.02M | 428.57M | 303.26M | 230.85M | 253.43M | 224.19M | 241.3M | 233.45M | 155.35M | 102.1M | 14.1M | 6.54M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 54.97M | 47.08M | 54.84M | 54.43M | 0 | 0 | 0 |
| Accounts Receivable | 103.36M | 112.63M | 95.22M | 91.14M | 67.25M | 47.71M | 43.85M | 47.02M | 41.03M | 49.93M | 38.11M | 28.46M | 17.7M | 8.16M | 3.11M | 1.78M | 1.2M |
| Days Sales Outstanding | 47.52 | 41.53 | 37.16 | 38.04 | 29.65 | 22.51 | 24 | 26.38 | 24.03 | 32.71 | 28.14 | 24.44 | 19.7 | 12.65 | 6.69 | 5.4 | 5.27 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 55.37M | 47.77M | 49.48M | 100.94M | 33.27M | 0 | 0 | 0 | 34.84M | 37.11M | 22.57M | 11.71M | 5.39M | 5.43M | 18.76M | 1.04M | 955K |
| Total Non-Current Assets | 989.95M | 1.02B | 1.05B | 743.44M | 665.51M | 463.5M | 240.57M | 253.53M | 224.77M | 237.31M | 161.94M | 133.45M | 60.25M | 35.3M | 21.14M | 6.78M | 4.82M |
| Property, Plant & Equipment | 70.97M | 72.32M | 80.36M | 79.69M | 72.14M | 82.64M | 90.46M | 104.29M | 76.19M | 85.7M | 56.1M | 32.09M | 26.74M | 20.26M | 5.25M | 3.84M | 1.7M |
| Fixed Asset Turnover | 12.88x | 13.69x | 11.64x | 10.97x | 11.48x | 9.36x | 7.37x | 6.24x | 8.18x | 6.50x | 8.81x | 13.25x | 12.26x | 11.63x | 32.28x | 31.29x | 48.72x |
| Goodwill | 574.17M | 574.61M | 569.67M | 383.32M | 381.92M | 219.82M | 89.41M | 88.97M | 88.58M | 98.65M | 49.27M | 50.93M | 10.19M | 1.42M | 1.42M | 1.42M | 1.42M |
| Intangible Assets | 203.88M | 215.67M | 248.48M | 184.4M | 173.09M | 123.82M | 25.77M | 26.67M | 29.54M | 34.2M | 30.16M | 29.78M | 4.93M | 853K | 1.04M | 1.03M | 1.25M |
| Long-Term Investments | 86.3M | 19.3M | 54.5M | 0 | 0 | 0 | 0 | 0 | 15M | 2.6M | 2.6M | 1.8M | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 72.75M | 74.1M | 29.21M | 71.15M | 21.83M | 26.7M | 21.37M | 19.21M | 3.09M | 6.4M | 798K | 146K | 1.9M | 2.05M | 182K | 427K | 428K |
| Total Assets | 1.31B | 1.36B | 1.31B | 1.04B | 881.18M | 851.71M | 729.64M | 630.51M | 531.49M | 577.78M | 501.78M | 469.12M | 383.78M | 278.49M | 147.11M | 24.86M | 13.86M |
| Asset Turnover | 0.70x | 0.73x | 0.71x | 0.84x | 0.94x | 0.91x | 0.91x | 1.03x | 1.17x | 0.96x | 0.99x | 0.91x | 0.85x | 0.85x | 1.15x | 4.84x | 5.99x |
| Asset Growth % | 41.69% | 3.57% | 26.36% | 17.57% | 3.46% | 16.73% | 15.72% | 18.63% | -8.01% | 15.15% | 6.96% | 22.24% | 37.81% | 89.3% | 491.89% | 79.29% | - |
| Total Current Liabilities | 629.1M | 628.4M | 625.29M | 452.39M | 383.73M | 333.78M | 256.93M | 245.89M | 223.3M | 245.74M | 203.5M | 160.78M | 120.33M | 91.93M | 69.29M | 46.51M | 30.96M |
| Accounts Payable | 13.53M | 13.9M | 9.22M | 9.11M | 7.18M | 10.09M | 2.44M | 6.1M | 7.21M | 7.16M | 7.3M | 6.82M | 5.33M | 4.16M | 2.61M | 1.84M | 468K |
| Days Payables Outstanding | 13 | 12.25 | 8.49 | 9.43 | 8.34 | 13.27 | 3.43 | 8.01 | 9.83 | 11.21 | 13.13 | 14.25 | 14.97 | 16.77 | 14.71 | 14.74 | 5.28 |
| Short-Term Debt | 158.11M | 166.44M | 158.11M | 30M | 50M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6M | 0 | 0 |
| Deferred Revenue (Current) | 859.93M | 212.98M | 225.49M | 203.46M | 187.07M | 180.98M | 149.84M | 141.92M | 139.6M | 157.8M | 122.23M | 98.24M | 75.79M | 52.1M | 37.93M | 28.45M | 19.63M |
| Other Current Liabilities | 79.34M | 235.07M | 98.51M | 99.27M | 51.76M | 57.71M | 41.9M | 39.59M | 61.33M | 60.88M | 53.3M | 45.78M | 10.51M | 9.22M | 4.41M | 13.83M | 10.34M |
| Current Ratio | 0.51x | 0.54x | 0.41x | 0.65x | 0.56x | 1.16x | 1.90x | 1.53x | 1.37x | 1.39x | 1.67x | 2.09x | 2.69x | 2.65x | 1.82x | 0.39x | 0.29x |
| Quick Ratio | 0.51x | 0.54x | 0.41x | 0.65x | 0.56x | 1.16x | 1.90x | 1.53x | 1.37x | 1.39x | 1.67x | 2.09x | 2.69x | 2.65x | 1.82x | 0.39x | 0.29x |
| Cash Conversion Cycle | 34.52 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 150.03M | 146.5M | 165.52M | 56.53M | 49.97M | 49.44M | 50.79M | 56.47M | 21.52M | 17.45M | 11.59M | 19.77M | 12.02M | 3.96M | 889K | 36.27M | 37.21M |
| Long-Term Debt | 115.9M | 133.89M | 119.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 72.52M | 17.25M | 23.36M | 29.4M | 35.61M | 36.97M | 41.62M | 47.31M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 5.31M | 1.13M | 2.17M | 4.18M | 4.46M | 2.78M | 0 | 0 | 77K | 1.49M | 2.15M | 3.78M | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 18.17M | -5.77M | 20.38M | 22.95M | 9.89M | 9.7M | 9.17M | 9.16M | 21.44M | 15.96M | 9.44M | 15.99M | 12.02M | 3.96M | 889K | 36.08M | 37.21M |
| Total Liabilities | 779.12M | 774.9M | 790.81M | 508.92M | 433.7M | 383.23M | 307.72M | 302.37M | 244.82M | 263.19M | 215.08M | 180.56M | 132.34M | 95.89M | 70.18M | 82.78M | 68.17M |
| Total Debt | 289.35M | 317.58M | 310.79M | 59.4M | 85.61M | 36.97M | 41.62M | 47.31M | 0 | 0 | 0 | 0 | 0 | 0 | 6M | 0 | 0 |
| Net Debt | 126.83M | 139.33M | 199.53M | -41.09M | -29.54M | -277.05M | -386.95M | -255.95M | -230.85M | -253.43M | -224.19M | -241.3M | -233.45M | -155.35M | -96.1M | -14.1M | -6.54M |
| Debt / Equity | 0.54x | 0.55x | 0.60x | 0.11x | 0.19x | 0.08x | 0.10x | 0.14x | - | - | - | - | - | - | 0.08x | - | - |
| Debt / EBITDA | 2.46x | 1.58x | 1.99x | 0.40x | 0.53x | 0.24x | 0.33x | 0.68x | - | - | - | - | - | - | 0.24x | - | - |
| Net Debt / EBITDA | 1.08x | 0.69x | 1.28x | -0.28x | -0.18x | -1.77x | -3.06x | -3.65x | -2.96x | -4.10x | -3.41x | -4.32x | -5.01x | -3.29x | -3.92x | -0.58x | -0.32x |
| Interest Coverage | 1.71x | 6.54x | 6.92x | 66.99x | 69.14x | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Equity | 532.08M | 581.04M | 518.35M | 527.09M | 447.48M | 468.48M | 421.93M | 328.14M | 286.67M | 314.58M | 286.7M | 288.56M | 251.43M | 182.6M | 76.93M | -57.93M | -54.3M |
| Equity Growth % | 35.63% | 12.09% | -1.66% | 17.79% | -4.48% | 11.03% | 28.58% | 14.47% | -8.87% | 9.73% | -0.65% | 14.77% | 37.7% | 137.34% | 232.81% | -6.68% | - |
| Book Value per Share | 14.97 | 16.02 | 14.54 | 14.54 | 12.24 | 12.55 | 11.60 | 9.22 | 8.09 | 8.91 | 7.99 | 7.95 | 7.00 | 5.30 | 3.23 | -2.78 | -2.60 |
| Total Shareholders' Equity | 532.08M | 581.04M | 518.35M | 527.09M | 447.48M | 468.48M | 421.93M | 328.14M | 286.67M | 314.58M | 286.7M | 288.56M | 251.43M | 182.6M | 76.93M | -57.93M | -54.3M |
| Common Stock | 410K | 410K | 403K | 399K | 396K | 392K | 389K | 381K | 376K | 373K | 369K | 361K | 356K | 351K | 335K | 5.7M | 5.7M |
| Retained Earnings | 274.82M | 335.17M | 336.2M | 342.65M | 271.05M | 229.54M | 168.31M | 121.19M | 101.08M | 145.14M | 129.06M | 96.44M | 76.89M | 54.8M | 28.32M | -63.63M | -60M |
| Treasury Stock | -269.8M | -269.8M | -269.8M | -228.21M | -200.01M | -127.2M | -100.03M | -100.03M | -100.03M | -100.03M | -77.57M | -15.63M | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -6.35M | -4.75M | -16.84M | -11.97M | -15.44M | -10.79M | -7.68M | -6.22M | -6.47M | -3.56M | -17.06M | -6.45M | -629K | 9K | -147.11M | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Rising leverage and liquidity
As reported in recent financial statements, Shutterstock's balance sheet has weakened significantly, with total debt rising from $56.4 million in 2024Q2 to $289.3 million by 2026Q1, while equity simultaneously contracted from $581.0 million to $532.1 million over the last five quarters, signaling a concerning trend of capital erosion.
The simultaneous increase in debt and reduction in equity suggests that the company is funding its operations or acquisitions through leverage rather than internal cash generation. This trajectory warrants close monitoring, as the narrowing equity base provides a smaller buffer against potential asset impairments or further operational losses.
Based on the company's reported figures, the debt-to-equity ratio has climbed from a conservative 0.11 in 2024Q1 to 0.54 as of 2026Q1, indicating that management has increasingly relied on external financing to support the business model during a period of declining profitability and operational contraction.
While a D/E ratio of 0.54 is not inherently catastrophic, the rapid pace of this increase in a contracting revenue environment suggests that debt is being used to bridge operational gaps rather than for strategic growth. Investors should consider whether this leverage is sustainable if the current negative net income trend persists.
According to quarterly filings, Shutterstock's current ratio has consistently remained below 1.0, dropping to 0.51 in 2026Q1, which implies that the company's short-term assets are insufficient to cover its immediate liabilities, leaving little room for error in managing its working capital requirements.
A current ratio of 0.51 indicates a structural liquidity mismatch that may force the company to rely on external credit facilities or cash reserves to meet near-term obligations. This lack of a liquidity buffer appears to be a significant vulnerability given the company's recent shift into negative cash flow territory.
As indicated by the balance sheet, goodwill accounts for approximately $574.2 million of the $1.3 billion in total assets as of 2026Q1, representing a substantial portion of the company's book value that may be subject to impairment if recent acquisitions fail to deliver expected synergies.
The high concentration of goodwill relative to total equity suggests that the company's valuation is sensitive to the performance of its acquired assets. If the underlying business units do not meet growth expectations, the company may face significant non-cash write-downs that would further erode its already shrinking equity base.
Quick answers to the most common questions about buying SSTK stock.
As of 2025, Shutterstock, Inc. (SSTK) had total assets of $1.36B including $338.6M in current assets.
Shutterstock, Inc. (SSTK) carries total debt of $317.6M, offset by $178.2M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Shutterstock, Inc. (SSTK) has total shareholders' equity (book value) of $581.0M ($16.02 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Shutterstock, Inc. (SSTK) reported a current ratio of 0.54x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.