Shutterstock (SSTK) AI Stock Analysis

• Market Cap: $675.24M
• Dividend Yield: 6.93%
• Average Volume (3M): 243.39K
• Price to Earnings (P/E): 11.4
• Beta (1Y): 1.09
• Revenue Growth: 13.06%
• EPS Growth: 66.19%
• Country: US
• Employees: 1,715
• Sector: Communication Services
• Sector Strength: 97
• Industry: Internet Content & Information
• EPS (TTM): 0.37
• Shares Outstanding: 35,520,350
• 10 Day Avg. Volume: 167,928
• 30 Day Avg. Volume: 243,389
• PEG Ratio: -0.45
• Price to Book (P/B): 2.07
• Price to Sales (P/S): 1.15
• P/FCF Ratio: -73.60
• Enterprise Value/Market Cap: 1.32
• Enterprise Value/Revenue: 0.88
• Enterprise Value/Gross Profit: 1.49
• Enterprise Value/Ebitda: 5.43
• 1Y Price Target: $28.85
• Price Target Upside: 39.04% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 2
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 64 Neutral
• Price Target: $21.00 ▲(1.20% Upside)

Shutterstock's strong financial performance is the most significant factor, supported by robust revenue growth and cash flow. However, technical analysis indicates bearish momentum, which weighs down the overall score. The stock's attractive valuation provides some upside potential, but market concerns about future growth remain.

Positive Factors

Revenue Growth

Shutterstock's revenue growth, driven by its Data, Distribution, and Services business, highlights its ability to expand market reach and enhance product offerings, supporting long-term growth.

Cash Flow Performance

Robust cash flow performance ensures Shutterstock can fund growth initiatives and withstand economic fluctuations, strengthening its financial position.

Product Innovation

Integrating AI into its offerings enhances Shutterstock's competitive edge, attracting new customers and retaining existing ones, fostering sustainable growth.

Negative Factors

Operational Cost Pressures

Decreasing EBIT and EBITDA margins indicate rising operational costs, which could pressure profitability if not managed effectively over time.

Debt Increase

Rising debt levels may limit financial flexibility and increase risk, potentially impacting Shutterstock's ability to invest in growth opportunities.

Regulatory Challenges

The regulatory review of the Getty merger could delay strategic initiatives and create uncertainty, affecting Shutterstock's market positioning and growth plans.

Shutterstock Business Overview & Revenue Model

Company Description

Shutterstock, Inc. is a leading global provider of stock photography, stock footage, stock music, and editing tools. Founded in 2003 and headquartered in New York City, the company operates in the digital media sector, offering a vast library of high-quality images, videos, and music to creatives, marketers, and businesses. Its core products include royalty-free images, videos, and audio tracks, along with creative editing solutions that cater to various industries, including advertising, media, and entertainment.

How the Company Makes Money

Shutterstock generates revenue primarily through the sale of digital content licenses, which allow customers to download and use images, videos, and music in their projects. The company operates a subscription model, offering different tiers of plans that provide users with access to varying amounts of content per month. Additionally, Shutterstock earns money through on-demand image and video purchases, as well as enterprise solutions for larger clients who require extensive content libraries. The company also partners with various platforms and applications, enhancing its distribution network and creating additional revenue opportunities through collaborations with businesses looking to integrate Shutterstock's content into their services.

Shutterstock Financial Statement Overview

Summary

Shutterstock exhibits strong financial health with impressive revenue growth and profitability improvements. The balance sheet is stable with manageable leverage, and cash flow generation is particularly strong, supporting future growth and investment opportunities. While there are some operational cost pressures, the company's financial position remains solid.

Income Statement

Shutterstock has demonstrated strong revenue growth with a TTM increase of 9.41% and consistent gross profit margins around 58%. The net profit margin has improved to 6.36% in the TTM, indicating enhanced profitability. However, the EBIT and EBITDA margins have slightly decreased over the years, suggesting some operational cost pressures.

Balance Sheet

The company maintains a moderate debt-to-equity ratio of 0.51 in the TTM, reflecting a balanced leverage approach. Return on equity has improved to 11.83% in the TTM, showcasing effective utilization of equity. The equity ratio remains stable, indicating a solid financial structure, though there has been an increase in total debt compared to previous years.

Cash Flow

Shutterstock's cash flow performance is robust, with a significant free cash flow growth rate of 4717.64% in the TTM. The operating cash flow to net income ratio is healthy, indicating strong cash generation relative to earnings. The free cash flow to net income ratio has improved, reflecting efficient cash management.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	1.02B	935.26M	874.59M	827.83M	773.41M	666.69M
Gross Profit	598.14M	538.97M	521.96M	513.52M	495.76M	407.11M
EBITDA	164.62M	160.74M	204.05M	160.84M	153.57M	126.63M
Net Income	60.09M	35.93M	110.27M	76.10M	91.88M	71.77M
Balance Sheet
Total Assets	1.38B	1.31B	1.04B	881.18M	851.71M	729.64M
Cash, Cash Equivalents and Short-Term Investments	165.54M	111.25M	100.49M	115.15M	314.02M	428.57M
Total Debt	294.61M	310.79M	59.40M	85.61M	36.97M	41.62M
Total Liabilities	781.24M	790.81M	508.92M	433.70M	383.23M	307.72M
Stockholders Equity	594.36M	518.35M	527.09M	447.48M	468.48M	421.93M
Cash Flow
Free Cash Flow	94.27M	-14.57M	84.81M	98.33M	179.37M	136.47M
Operating Cash Flow	138.44M	32.65M	140.55M	158.45M	216.37M	165.07M
Investing Cash Flow	-47.49M	-166.17M	-54.32M	-275.55M	-250.44M	-35.31M
Financing Cash Flow	-58.73M	150.10M	-102.70M	-79.49M	-77.72M	-4.59M

Shutterstock Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 20.75
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SSTK, the sentiment is Negative. The current price of 20.75 is above the 20-day moving average (MA) of 19.64, below the 50-day MA of 21.71, and above the 200-day MA of 19.24, indicating a bearish trend. The MACD of -0.80 indicates Positive momentum. The RSI at 39.60 is Neutral, neither overbought nor oversold. The STOCH value of 37.48 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SSTK.

Shutterstock Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SSTK	64 Neutral	$675.24M	11.37	10.76%	6.93%	13.06%	66.19%
ANGI	62 Neutral	$610.15M	18.47	3.42%	―	-13.14%	17.25%
NXDR	61 Neutral	$788.14M	―	-14.07%	―	6.65%	50.32%
Sector *	60 Neutral	$48.67B	4.58	-11.27%	4.14%	2.83%	-41.78%
SMWB	50 Neutral	$660.05M	―	-120.56%	―	14.25%	-211.21%
GETY	45 Neutral	$627.95M	―	-13.79%	―	3.10%	-264.21%
GRPN	41 Neutral	$689.16M	―	―	―	-0.76%	-635.75%

Shutterstock Corporate Events

Shutterstock Approves RSUs for CEO Amid Getty Merger

On November 25, 2025, Shutterstock‘s Board of Directors approved 375,110 restricted stock units (RSUs) for CEO Paul J. Hennessy, effective December 1, 2025, and vesting on July 1, 2027. This move aims to retain Hennessy through the company’s pending merger with Getty Images, replacing performance stock units with RSUs as per the merger agreement.

Shutterstock Declares Cash Dividend of $0.33 Per Share

Shutterstock, Inc. has announced its 2025 Annual Meeting of Stockholders, scheduled for December 22, 2025, with a record date of November 19, 2025. The company has set a deadline of November 16, 2025, for stockholder proposals and director nominations, ensuring compliance with Rule 14a-8 and its bylaws. Additionally, on November 5, 2025, Shutterstock declared a cash dividend of $0.33 per common share, payable on December 18, 2025, to shareholders of record as of December 4, 2025.

Shutterstock Reports Q3 2025 Revenue Growth Amid Merger Plans

Shutterstock reported its financial results for the third quarter of 2025, highlighting a 4% increase in revenue to $260.1 million compared to the same period in 2024. The growth was driven by a 40% increase in revenue from its Data, Distribution, and Services segment, despite a decline in Content revenue. The company’s net income decreased due to expenses related to a proposed merger with Getty Images and increased taxes, although adjusted EBITDA improved by 13%. The company remains committed to the merger with Getty Images, working with UK regulatory authorities to secure necessary approvals.

Shutterstock’s Getty Merger Faces CMA Phase 2 Review

On November 3, 2025, Shutterstock announced that the UK’s Competition and Markets Authority (CMA) has referred its proposed merger with Getty Images to a Phase 2 review process. Despite Getty Images offering remedies to avoid this, Shutterstock remains committed to the merger and will continue to engage with the CMA to secure necessary clearances, which could impact its market positioning and stakeholder interests.

Shutterstock Faces CMA Review for Getty Merger

On October 20, 2025, Shutterstock announced that the UK’s Competition and Markets Authority (CMA) plans to refer its proposed merger with Getty Images to a Phase 2 review unless competition concerns are addressed. Despite this regulatory hurdle, Shutterstock is determined to proceed with the merger and is actively engaging with the CMA and Getty Images to secure the necessary clearances, highlighting its commitment to the transaction and its potential impact on the company’s strategic positioning in the market.

Shutterstock and Getty Images Waive Debt Condition

On January 6, 2025, Shutterstock, Inc. entered into a merger agreement with Getty Images Holdings, Inc., aiming for a merger-of-equals transaction. The companies agreed on September 18, 2025, to waive the condition requiring Getty Images to amend or refinance its existing debt, facilitating the merger’s progression.