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Price: -- -- | CONSENSUS: Hold DETAILS
STRONG
BUY
0
BUY 7
HOLD 10
SELL 1
STRONG
SELL
0
| PRICE TARGET: $67.00 DETAILS
HIGH: $90.00
LOW: $55.00
MEDIAN: $56.00
CONSENSUS: $67.00
UPSIDE: 313.07%
Metric 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009
Revenue
Revenue 989.9 935.3 874.6 827.8 773.4 666.7 650.5 623.2 557.1 494.3 425.1 328.0 235.5 169.6 120.3 83.0 61.1
Cost of Revenue 414.2 396.3 352.6 314.3 277.7 259.6 278.2 267.7 233.1 203.1 174.5 130.0 90.6 64.7 45.5 32.4 21.8
Gross Profit 575.7 539.0 522.0 513.5 495.8 407.1 372.3 355.6 324.0 291.2 250.6 197.9 144.9 104.9 74.8 50.6 39.3
Operating Expenses
R&D Expenses 89.0 88.4 96.2 65.4 52.0 46.0 57.2 58.9 52.5 47.8 41.3 38.3 21.8 16.3 9.8 4.6 2.4
SG&A Expenses 419.0 381.8 352.5 330.5 335.6 275.8 295.0 264.2 245.2 197.6 168.3 121.0 79.8 66.8 42.1 26.2 17.2
Other Expenses (42.3) 0 4.9 24.0 0 0 0 0 0 (1.3) 0 (0.5) 0.1 (0.0) 0 0.0 0
Operating Expenses 465.7 470.3 453.6 419.9 387.6 321.8 352.2 323.1 297.7 245.4 209.6 159.3 101.6 83.1 51.9 30.8 19.5
Operating Income
Operating Income 110.0 68.7 68.4 93.6 108.1 85.3 20.2 32.5 26.3 45.8 41.0 38.6 43.3 21.9 22.9 19.8 19.7
Interest Expense 16.8 10.6 1.9 1.3 0 0 0 0 0 0 0 0 0 0 0 0 0
Interest Income 3.7 6.2 4.8 0.1 0.1 1.2 4.2 2.7 0.9 0.1 0.0 0.1 0.1 0 0.0 0 0.0
Profitability
EBITDA 200.9 160.7 204.1 160.8 153.6 126.6 70.1 78.1 61.8 65.7 55.9 46.1 47.2 24.5 24.4 20.7 20.1
EBIT 110.0 73.1 124.3 92.4 104.8 85.3 20.2 32.5 26.3 45.8 41.0 39.0 43.3 21.9 22.9 19.8 19.7
Income Before Tax 75.3 62.5 122.5 91.0 104.7 89.5 24.9 66.1 30.1 44.5 34.3 38.2 43.4 21.8 22.9 19.8 19.8
Income Tax Expense 29.8 26.6 12.2 14.9 12.9 17.8 4.8 11.4 13.4 11.9 14.7 16.1 16.9 (25.7) 1.0 0.9 0.9
Net Income 45.5 35.9 110.3 76.1 91.9 71.8 20.1 54.7 16.7 32.6 19.6 22.1 26.5 47.5 21.9 18.9 18.8
Per Share Data
EPS (Basic) 1.29 1.02 3.07 2.11 2.52 2.00 0.57 1.57 0.48 0.93 0.54 0.63 0.78 1.79 0.64 0.43 0.62
EPS (Diluted) 1.25 1.01 3.04 2.08 2.46 1.97 0.57 1.54 0.47 0.91 0.54 0.61 0.77 1.79 0.64 0.43 0.90
Shares Outstanding 35.3 35.3 35.9 36.0 36.5 35.8 35.3 34.9 34.6 35.1 35.9 35.2 33.9 23.8 20.8 20.8 20.8
Metric 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016
Current Assets
Cash & Cash Equivalents 178.2 111.3 100.5 115.2 314.0 428.6 303.3 230.9 253.4 224.2
Short-Term Investments 0 0 0 0 0 0 0 0 0 55.0
Net Receivables 112.6 95.2 91.1 67.2 47.7 43.8 47.0 41.0 49.9 38.1
Inventory 0 0 0 0 0 0 0 0 0 0
Other Current Assets 47.8 49.5 100.9 33.3 0 0 0 34.8 37.1 22.6
Total Current Assets 338.6 256.0 292.6 215.7 388.2 489.1 377.0 306.7 340.5 339.8
Non-Current Assets
Property, Plant & Equipment 72.3 80.4 79.7 72.1 82.6 90.5 104.3 76.2 85.7 56.1
Goodwill 574.6 569.7 383.3 381.9 219.8 89.4 89.0 88.6 98.7 49.3
Intangible Assets 215.7 248.5 184.4 173.1 123.8 25.8 26.7 29.5 34.2 30.2
Long-Term Investments 19.3 54.5 0 0 0 0 0 15 2.6 2.6
Other Non-Current Assets 74.1 29.2 71.2 21.8 26.7 21.4 19.2 3.1 6.4 0.8
Total Non-Current Assets 1,017.3 1,053.2 743.4 665.5 463.5 240.6 253.5 224.8 237.3 161.9
Total Assets 1,355.9 1,309.2 1,036.0 881.2 851.7 729.6 630.5 531.5 577.8 501.8
Current Liabilities
Account Payables 13.9 9.2 9.1 7.2 10.1 2.4 6.1 7.2 7.2 7.3
Short-Term Debt 166.4 158.1 30 50 0 0 0 0 0 0
Deferred Revenue 213.0 225.5 203.5 187.1 181.0 149.8 141.9 139.6 157.8 122.2
Other Current Liabilities 235.1 98.5 99.3 51.8 57.7 41.9 39.6 61.3 60.9 53.3
Total Current Liabilities 628.4 625.3 452.4 383.7 333.8 256.9 245.9 223.3 245.7 203.5
Non-Current Liabilities
Long-Term Debt 133.9 119.6 0 0 0 0 0 0 0 0
Deferred Tax Liabilities 1.1 2.2 4.2 4.5 2.8 0 0 0.1 1.5 2.1
Other Non-Current Liabilities (5.8) 20.4 22.9 9.9 9.7 9.2 9.2 21.4 16.0 9.4
Total Non-Current Liabilities 146.5 165.5 56.5 50.0 49.4 50.8 56.5 21.5 17.4 11.6
Total Liabilities 774.9 790.8 508.9 433.7 383.2 307.7 302.4 244.8 263.2 215.1
Stockholders' Equity
Common Stock 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4
Retained Earnings 335.2 336.2 342.7 271.1 229.5 168.3 121.2 101.1 145.1 129.1
Accumulated Other Comprehensive Income (4.8) (16.8) (12.0) (15.4) (10.8) (7.7) (6.2) (6.5) (3.6) (17.1)
Total Stockholders' Equity 581.0 518.4 527.1 447.5 468.5 421.9 328.1 286.7 314.6 286.7
Total Liabilities & Equity 1,355.9 1,309.2 1,036.0 881.2 851.7 729.6 630.5 531.5 577.8 501.8
Debt Metrics
Total Debt 317.6 310.8 59.4 85.6 37.0 41.6 47.3 0 0 0
Net Debt 139.3 199.5 (41.1) (29.5) (277.1) (387.0) (255.9) (230.9) (253.4) (224.2)
Metric 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016
Operating Activities
Net Income (16.0) 35.9 110.3 76.1 91.9 71.8 20.1 54.7 16.7 32.6
Depreciation & Amortization 90.9 87.6 79.7 68.5 48.8 41.4 49.9 45.7 35.5 19.9
Stock-Based Compensation 61.1 56.3 48.6 35.7 36.2 28.3 22.8 23.9 25.0 28.1
Change in Working Capital (23.2) (132.1) (23.5) (33.6) 41.2 20.0 11.7 15.8 23.3 14.1
Other Non-Cash Items 46.3 (4.2) (48.4) 22.4 0.1 2.6 0.1 (31.6) (5.0) 4.7
Operating Cash Flow 166.7 32.6 140.6 158.5 216.4 165.1 102.6 102.2 108.0 101.1
Investing Activities
Capital Expenditure (42.9) (47.2) (55.7) (60.1) (37.0) (28.6) (29.4) (38.7) (58.0) (48.0)
Acquisitions 0 (179.1) (53.7) (211.8) (181.6) (1.9) 2.5 41.0 (49.6) 0
Purchases of Investments 0 0 0 0 0 (5) 0 (15.1) (5.1) (9.2)
Sales/Maturities of Investments 0 0 0 0 0 0.1 0 0 55.3 0
Other Investing Activities (4.9) 60.1 55.1 (3.6) (31.8) 0 (0.3) (15.1) 50.2 (9.2)
Investing Cash Flow (47.8) (166.2) (54.3) (275.6) (250.4) (35.3) (27.2) (12.8) (57.4) (57.2)
Financing Activities
Net Debt Issuance (3.1) 248.4 (20) 50 0 0 0 0 0 0
Stock Repurchased 0 (41.6) (28.2) (73.5) (26.5) 0 0 (7.3) (25.0) (60.2)
Dividends Paid (46.5) (42.4) (38.7) (34.6) (30.7) (24.4) 0 (104.9) 0 0
Other Financing Activities (9.4) (14.4) (15.8) (21.4) (20.6) (3.3) (1.7) (4.8) (8.9) 4.9
Financing Cash Flow (59.1) 150.1 (102.7) (79.5) (77.7) (4.6) (1.7) (109.7) (33.9) (53.5)
Cash Position
Net Change in Cash 67.0 10.8 (14.7) (198.9) (114.6) 122.7 72.4 (22.6) 29.2 (17.1)
Cash at Beginning 111.3 100.5 115.2 314.0 428.6 305.9 233.5 256.0 224.2 241.3
Cash at End 178.2 111.3 100.5 115.2 314.0 428.6 305.9 233.5 253.4 224.2
Free Cash Flow 123.8 (14.6) 84.8 98.3 179.4 136.5 73.2 63.5 50.0 53.1
Key Metrics 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009
Income Statement
Revenue 989.9 935.3 874.6 827.8 773.4 666.7 650.5 623.2 557.1 494.3 425.1 328.0 235.5 169.6 120.3 83.0 61.1
Gross Profit 575.7 539.0 522.0 513.5 495.8 407.1 372.3 355.6 324.0 291.2 250.6 197.9 144.9 104.9 74.8 50.6 39.3
Operating Income 110.0 68.7 68.4 93.6 108.1 85.3 20.2 32.5 26.3 45.8 41.0 38.6 43.3 21.9 22.9 19.8 19.7
Net Income 45.5 35.9 110.3 76.1 91.9 71.8 20.1 54.7 16.7 32.6 19.6 22.1 26.5 47.5 21.9 18.9 18.8
EPS (Diluted) 1.25 1.01 3.04 2.08 2.46 1.97 0.57 1.54 0.47 0.91 0.54 0.61 0.77 1.79 0.64 0.43 0.90
Balance Sheet
Cash & Equivalents 178.2 111.3 100.5 115.2 314.0 428.6 303.3 230.9 253.4 224.2
Total Assets 1,355.9 1,309.2 1,036.0 881.2 851.7 729.6 630.5 531.5 577.8 501.8
Total Debt 317.6 310.8 59.4 85.6 37.0 41.6 47.3 0 0 0
Stockholders' Equity 581.0 518.4 527.1 447.5 468.5 421.9 328.1 286.7 314.6 286.7
Cash Flow
Operating Cash Flow 166.7 32.6 140.6 158.5 216.4 165.1 102.6 102.2 108.0 101.1
Capital Expenditure (42.9) (47.2) (55.7) (60.1) (37.0) (28.6) (29.4) (38.7) (58.0) (48.0)
Free Cash Flow 123.8 (14.6) 84.8 98.3 179.4 136.5 73.2 63.5 50.0 53.1