Shutterstock (SSTK) AI Stock Analysis

• Market Cap: $597.19M
• Dividend Yield: 7.14%
• Average Volume (3M): 367.42K
• Price to Earnings (P/E): 13.4
• Beta (1Y): 1.06
• 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): -0.43
• Shares Outstanding: 35,546,757
• 10 Day Avg. Volume: 572,411
• 30 Day Avg. Volume: 367,420
• PEG Ratio: 0.56
• Price to Book (P/B): 1.16
• Price to Sales (P/S): 0.68
• P/FCF Ratio: 5.44
• Enterprise Value/Market Cap: 1.23
• Enterprise Value/Revenue: 0.74
• Enterprise Value/Gross Profit: 1.27
• Enterprise Value/Ebitda: 4.85
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 1.95
• Revenue Forecast (FY): $943.35M

• Rating: 65 Neutral
• Price Target: $16.50 ▼(-11.67% Downside)
• Action: Reiterated Date: 02/24/26
• Date: Action: Reiterated 02/24/26

The score is supported by improved financial flexibility (lower leverage) and a strong 2025 free-cash-flow rebound, plus a relatively attractive valuation with a high dividend yield. These positives are tempered by clear technical weakness (downtrend and bearish momentum) and softer fundamentals on the income statement, including slightly negative 2025 revenue growth and compressed profitability.

Positive Factors

Improved leverage & balance sheet

Material deleveraging meaningfully improves financial flexibility and reduces refinancing risk over the next 2–6 months. A stronger equity base and lower absolute debt support capacity for M&A, dividend sustainability, and funding integration costs tied to strategic initiatives without immediate liquidity strain.

Rebound in cash generation

A durable free-cash-flow recovery restores self-funding ability for capex, dividends, and merger integration spend. Consistent positive FCF reduces reliance on external financing and gives management optionality to invest in product development, deal-related synergies, and working-capital needs over coming quarters.

Scale & synergies from Getty merger

Unconditional U.S. clearance materially de-risks a transformational combination that can create a larger content marketplace, reduce duplicated SG&A and infrastructure costs, and expand distribution. If approved by other regulators, the merged scale is a structural advantage in licensing and enterprise deals.

Negative Factors

Softening revenue trend

A structural slowdown in core Content sales and slowing new-customer acquisition weakens top-line visibility and constrains organic growth. Persistent or widening revenue declines would limit ability to finance platform investment, reduce leverage benefits, and make achieving merger uplift targets harder.

Compressed profitability & margin variability

Narrow net margins and volatile EBITDA reduce operational resilience to shocks and make margin expansion dependent on execution of cost synergies or product mix shifts. Persistent margin compression undermines sustained free-cash-flow conversion and increases sensitivity to content payout or platform cost increases.

UK CMA regulatory risk to merger

A UK regulatory adverse decision could block or materially condition the Getty merger, eroding projected synergies and strategic rationale. Prolonged regulatory uncertainty raises integration timing risk, potential divestiture needs, or remediation costs that would affect long-term scale benefits.

Shutterstock Business Overview & Revenue Model

Company Description

Shutterstock, 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.

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

Balance sheet strength and improved leverage (debt-to-equity down to ~0.23) plus a sharp 2025 free-cash-flow rebound (~$124M) support stability and flexibility. Offsetting this, revenue turned slightly negative in 2025 (-2.9%) and profitability has compressed (thin ~4.6% net margin and less consistent EBITDA), reducing earnings visibility.

Income Statement

Revenue growth has slowed and turned slightly negative in 2025 (-2.9%) after modest growth in 2022–2024, signaling demand or pricing pressure. Profitability is mixed: gross margin remains solid (~59% in 2025), but net margin is thin (~4.6% in 2025) and well below the stronger 2022–2023 levels, indicating higher operating costs and/or non-operating drag. EBIT/EBITDA performance is inconsistent year-to-year (notably a much lower EBITDA margin in 2025 vs. 2023–2024), which reduces earnings quality and visibility.

Balance Sheet

Leverage looks manageable and has improved meaningfully: debt-to-equity declined to ~0.23 in 2025 from ~0.60 in 2024, reflecting either debt paydown and/or stronger equity. Equity base is healthy (~$581M vs. ~$134M total debt in 2025), providing balance-sheet resilience. Returns on equity are positive but have cooled to ~7.8% in 2025 versus much higher levels in 2022–2023, suggesting the company is currently generating less profit per dollar of equity than in prior years.

Cash Flow

Cash generation rebounded strongly in 2025, with operating cash flow rising to ~$167M and free cash flow to ~$124M (up ~31% vs. prior year), a clear improvement from 2024 when free cash flow was negative. Over the multi-year view, free cash flow has generally been healthy (except 2024), supporting flexibility. A key watch item is that cash-flow conversion versus earnings has been inconsistent across years (including negative in 2024), indicating variability in working capital and/or timing effects.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	989.92M	935.26M	874.59M	827.83M	773.41M
Gross Profit	575.68M	538.97M	521.96M	513.52M	495.76M
EBITDA	200.86M	160.74M	204.05M	160.84M	153.57M
Net Income	45.50M	35.93M	110.27M	76.10M	91.88M
Balance Sheet
Total Assets	1.36B	1.31B	1.04B	881.18M	851.71M
Cash, Cash Equivalents and Short-Term Investments	178.24M	111.25M	100.49M	115.15M	314.02M
Total Debt	317.58M	310.79M	59.40M	85.61M	36.97M
Total Liabilities	774.90M	790.81M	508.92M	433.70M	383.23M
Stockholders Equity	581.04M	518.35M	527.09M	447.48M	468.48M
Cash Flow
Free Cash Flow	123.83M	-14.57M	84.81M	98.33M	179.37M
Operating Cash Flow	166.69M	32.65M	140.55M	158.45M	216.37M
Investing Cash Flow	-47.80M	-166.17M	-54.32M	-275.55M	-250.44M
Financing Cash Flow	-59.10M	150.10M	-102.70M	-79.49M	-77.72M

Shutterstock Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 18.68
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• 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 18.68 is above the 20-day moving average (MA) of 17.32, above the 50-day MA of 18.27, and below the 200-day MA of 19.56, indicating a bearish trend. The MACD of -0.74 indicates Negative momentum. The RSI at 45.82 is Neutral, neither overbought nor oversold. The STOCH value of 59.71 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	65 Neutral	$597.19M	13.39	8.28%	7.14%	13.06%	66.19%
Sector *	60 Neutral	$48.67B	4.58	-11.27%	4.14%	2.83%	-41.78%
ANGI	60 Neutral	$312.01M	8.34	4.40%	―	-13.14%	17.25%
NXDR	51 Neutral	$678.68M	-12.43	-12.25%	―	6.65%	50.32%
GETY	50 Neutral	$323.54M	-3.53	-13.79%	―	3.10%	-264.21%
SMWB	50 Neutral	$223.47M	-6.65	-129.58%	―	14.25%	-211.21%
GRPN	41 Neutral	$514.33M	-3.62	―	―	-0.76%	-635.75%

Shutterstock Corporate Events

Shutterstock, Getty Images Merger Gains Unconditional U.S. Clearance

On February 23, 2026, Getty Images and Shutterstock announced that the U.S. Department of Justice had completed its antitrust review of their proposed merger of equals and allowed the Hart-Scott-Rodino waiting period to expire without conditions, granting the deal unconditional clearance in the United States. The companies said the decision marks a major step toward combining their complementary operations to strengthen their financial base, capture SG&A and capex synergies and enhance service for customers and contributors, while they continue to seek final regulatory approval in the U.K., where the Competition and Markets Authority’s Phase 2 review is ongoing with a decision due by April 19, and from other regulators worldwide.

The most recent analyst rating on (SSTK) stock is a Hold with a $18.50 price target. To see the full list of analyst forecasts on Shutterstock stock, see the SSTK Stock Forecast page.

Shutterstock Responds to UK CMA Concerns on Getty Merger

On February 19, 2026, Shutterstock issued a statement responding to the UK Competition and Markets Authority’s provisional findings on its proposed merger with Getty Images Holdings. The regulator’s interim view found no competition concerns in the global stock content market but raised potential issues of a substantial lessening of competition in the UK editorial market.

Shutterstock said it was pleased with the CMA’s assessment of the global stock segment but disagreed with the concerns about the UK editorial space, arguing the analysis did not reflect actual market composition, regional competition or customer alternatives. The company plans to submit a formal response in line with the CMA’s timetable and continues to cooperate with the U.S. Department of Justice as its review of the merger proceeds.

The most recent analyst rating on (SSTK) stock is a Hold with a $18.50 price target. To see the full list of analyst forecasts on Shutterstock stock, see the SSTK Stock Forecast page.

Shutterstock Posts Record 2025 Results Amid Merger Costs

For the full year ended December 31, 2025, Shutterstock reported record revenue of $989.9 million, up 6% year on year, with adjusted EBITDA rising 10% to $271.8 million and margins reaching 27.5%, helped by a full-year contribution from Envato and strong growth of 16% in its Data, Distribution, and Services business. Net income increased to $45.5 million despite $34.9 million in merger-related professional fees tied to its pending combination with Getty Images, while adjusted free cash flow jumped to $149.5 million and the company continued to return capital via quarterly dividends, even as its core Content segment showed ongoing weakness and new customer acquisition slowed.

In the fourth quarter of 2025, revenue fell 12% to $220.2 million and Shutterstock swung to a net loss of $16.0 million, driven by lower Content and Data, Distribution, and Services revenues, unrealized losses on its Meitu, Inc. investment, and additional merger expenses, although adjusted net income edged up to $24.9 million with stable per-share results. The results underscore a mixed picture for stakeholders, with solid annual profitability and liquidity—cash and equivalents rose to $178.2 million—contrasted by near-term pressure on growth and margins, while management signals a strategic focus on simplifying core content offerings, expanding AI-driven data services, and advancing regulatory approvals for the Getty Images merger.

The most recent analyst rating on (SSTK) stock is a Buy with a $21.50 price target. To see the full list of analyst forecasts on Shutterstock stock, see the SSTK Stock Forecast page.

Shutterstock Board Declares Quarterly Cash Dividend Payment

On January 26, 2026, Shutterstock’s board of directors declared a cash dividend of $0.36 per common share, payable on March 19, 2026, to shareholders of record as of March 5, 2026. The dividend announcement underscores the company’s ongoing return of capital to shareholders and provides income visibility for investors holding the stock on the record date.

The most recent analyst rating on (SSTK) stock is a Buy with a $20.50 price target. To see the full list of analyst forecasts on Shutterstock stock, see the SSTK Stock Forecast page.

Shutterstock Stockholders Back Board, Executive Pay and Auditor

On December 22, 2025, Shutterstock, Inc. held its Annual Meeting of Stockholders, at which a quorum was present with 31,293,114 of 35,520,353 eligible common shares represented. Stockholders elected Class III directors Jonathan Oringer, Rachna Bhasin, and Jaime Teevan to serve until the 2028 Annual Meeting, approved on an advisory basis the compensation of the company’s named executive officers, and ratified the Audit Committee’s appointment of PricewaterhouseCoopers LLP as independent registered public accounting firm for the fiscal year ending December 31, 2025, signaling continued investor support for the existing board, executive pay practices, and audit oversight arrangements.

The most recent analyst rating on (SSTK) stock is a Hold with a $28.85 price target. To see the full list of analyst forecasts on Shutterstock stock, see the SSTK Stock Forecast page.

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.

The most recent analyst rating on (SSTK) stock is a Hold with a $28.85 price target. To see the full list of analyst forecasts on Shutterstock stock, see the SSTK Stock Forecast page.