Shutterstock (SSTK)
Market Price (6/23/2026): $15.17 | Market Cap: $539.2 MilSector: Communication Services | Industry: Interactive Media & Services
Shutterstock (SSTK)
Market Price (6/23/2026): $15.17Market Cap: $539.2 MilSector: Communication ServicesIndustry: Interactive Media & Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.8%, Dividend Yield is 10%, FCF Yield is 23% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 17%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 12% Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -28% Megatrend and thematic driversMegatrends include Social Media & Creator Economy, Digital Advertising, and Digital Content & Streaming. Themes include Creator Economy Monetization, Show more. | Weak multi-year price returns2Y Excs Rtn is -101%, 3Y Excs Rtn is -141% | Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -1.8%, Rev Chg QQuarterly Revenue Change % is -18% Key risksSSTK key risks include [1] its own generative AI initiatives cannibalizing its core content business amid uncertainty over the long-term sustainability of its AI data licensing revenue, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.8%, Dividend Yield is 10%, FCF Yield is 23% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 17%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 12% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -28% |
| Megatrend and thematic driversMegatrends include Social Media & Creator Economy, Digital Advertising, and Digital Content & Streaming. Themes include Creator Economy Monetization, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -101%, 3Y Excs Rtn is -141% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -1.8%, Rev Chg QQuarterly Revenue Change % is -18% |
| Key risksSSTK key risks include [1] its own generative AI initiatives cannibalizing its core content business amid uncertainty over the long-term sustainability of its AI data licensing revenue, Show more. |
Qualitative Assessment
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Shutterstock (SSTK) stock has lost about 5% since 2/28/2026 because of the following key factors:
1. Shutterstock experienced significant financial underperformance in recent fiscal quarters, notably missing analyst expectations for both Q4 2025 and Q1 2026.
For its first fiscal quarter ended March 31, 2026, the company reported an earnings per share (EPS) of $0.58, missing analysts' consensus estimate of $0.93 by 37.63%. Revenue for Q1 2026 declined 17.9% year-over-year to $199.2 million, falling short of analyst forecasts by 10.2% and resulting in a net loss of $47.6 million, compared to a net income of $18.7 million in the prior year's quarter. This followed a Q4 2025 earnings report on February 17, 2026, where EPS of $0.67 missed estimates of $1.05, and revenue of $220.22 million missed estimates by over $32 million, signaling ongoing revenue headwinds.
2. Regulatory hurdles and uncertainty surrounding the proposed merger with Getty Images negatively impacted investor confidence.
The UK Competition and Markets Authority (CMA) issued an interim report on February 19, 2026, provisionally concluding that the merger could substantially lessen competition in the editorial content market in the U.K.. While the CMA later indicated in April 2026 that a sale of Shutterstock's Rex Features, Backgrid, and Splash News businesses might be an acceptable remedy, the prolonged regulatory review and the prospect of divestitures introduced uncertainty and incurred $7.2 million in merger-related expenses during fiscal Q1 2026. Although the CMA eventually moved to accept final undertakings in June 2026, the period of regulatory doubt likely contributed to stock volatility.
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Shutterstock (SSTK) stock has lost about 5% since 2/28/2026 because of the following key factors:
1. Shutterstock experienced significant financial underperformance in recent fiscal quarters, notably missing analyst expectations for both Q4 2025 and Q1 2026.
For its first fiscal quarter ended March 31, 2026, the company reported an earnings per share (EPS) of $0.58, missing analysts' consensus estimate of $0.93 by 37.63%. Revenue for Q1 2026 declined 17.9% year-over-year to $199.2 million, falling short of analyst forecasts by 10.2% and resulting in a net loss of $47.6 million, compared to a net income of $18.7 million in the prior year's quarter. This followed a Q4 2025 earnings report on February 17, 2026, where EPS of $0.67 missed estimates of $1.05, and revenue of $220.22 million missed estimates by over $32 million, signaling ongoing revenue headwinds.
2. Regulatory hurdles and uncertainty surrounding the proposed merger with Getty Images negatively impacted investor confidence.
The UK Competition and Markets Authority (CMA) issued an interim report on February 19, 2026, provisionally concluding that the merger could substantially lessen competition in the editorial content market in the U.K.. While the CMA later indicated in April 2026 that a sale of Shutterstock's Rex Features, Backgrid, and Splash News businesses might be an acceptable remedy, the prolonged regulatory review and the prospect of divestitures introduced uncertainty and incurred $7.2 million in merger-related expenses during fiscal Q1 2026. Although the CMA eventually moved to accept final undertakings in June 2026, the period of regulatory doubt likely contributed to stock volatility.
3. The company faced broader industry headwinds and a notable decline in its Data, Distribution, and Services segment.
Shutterstock's CEO acknowledged "ongoing industry headwinds" during fiscal Q1 2026. A key concern was the substantial decrease in revenue from the Data, Distribution, and Services segment, which fell by $18.7 million, or 47%, to $21.0 million compared to fiscal Q1 2025. This decline, in a segment previously showing double-digit growth, suggests challenges in adapting to evolving market dynamics, including the increasing impact of AI on content creation and a potential shift towards "human-centric design" that could challenge traditional stock content models.
4. Shutterstock incurred a $35 million settlement with the U.S. Federal Trade Commission (FTC) over subscription practices.
In May 2026, Shutterstock agreed to pay $35 million to settle charges by the US FTC regarding its subscription plans and cancellation policies. This settlement represented a direct financial cost to the company and highlighted regulatory scrutiny over its business practices, adding to the negative sentiment during the period.
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Stock Movement Drivers
Fundamental Drivers
The -4.5% change in SSTK stock from 2/28/2026 to 6/22/2026 was primarily driven by a -4.4% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 2282026 | 6222026 | Change |
|---|---|---|---|
| Stock Price ($) | 16.45 | 15.71 | -4.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 990 | 946 | -4.4% |
| P/S Multiple | 0.6 | 0.6 | -0.1% |
| Shares Outstanding (Mil) | 36 | 36 | -0.1% |
| Cumulative Contribution | -4.5% |
Market Drivers
2/28/2026 to 6/22/2026| Return | Correlation | |
|---|---|---|
| SSTK | -4.5% | |
| Market (SPY) | 8.8% | 8.7% |
| Sector (XLC) | -9.2% | 6.1% |
Fundamental Drivers
The -21.6% change in SSTK stock from 11/30/2025 to 6/22/2026 was primarily driven by a -15.4% change in the company's P/S Multiple.| (LTM values as of) | 11302025 | 6222026 | Change |
|---|---|---|---|
| Stock Price ($) | 20.05 | 15.71 | -21.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,020 | 946 | -7.2% |
| P/S Multiple | 0.7 | 0.6 | -15.4% |
| Shares Outstanding (Mil) | 35 | 36 | -0.2% |
| Cumulative Contribution | -21.6% |
Market Drivers
11/30/2025 to 6/22/2026| Return | Correlation | |
|---|---|---|
| SSTK | -21.6% | |
| Market (SPY) | 9.5% | 17.4% |
| Sector (XLC) | -6.8% | 17.0% |
Fundamental Drivers
The -8.5% change in SSTK stock from 5/31/2025 to 6/22/2026 was primarily driven by a -5.1% change in the company's P/S Multiple.| (LTM values as of) | 5312025 | 6222026 | Change |
|---|---|---|---|
| Stock Price ($) | 17.17 | 15.71 | -8.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 964 | 946 | -1.8% |
| P/S Multiple | 0.6 | 0.6 | -5.1% |
| Shares Outstanding (Mil) | 35 | 36 | -1.8% |
| Cumulative Contribution | -8.5% |
Market Drivers
5/31/2025 to 6/22/2026| Return | Correlation | |
|---|---|---|
| SSTK | -8.5% | |
| Market (SPY) | 27.7% | 29.2% |
| Sector (XLC) | 6.7% | 31.1% |
Fundamental Drivers
The -64.0% change in SSTK stock from 5/31/2023 to 6/22/2026 was primarily driven by a -68.1% change in the company's P/S Multiple.| (LTM values as of) | 5312023 | 6222026 | Change |
|---|---|---|---|
| Stock Price ($) | 43.58 | 15.71 | -64.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 844 | 946 | 12.1% |
| P/S Multiple | 1.9 | 0.6 | -68.1% |
| Shares Outstanding (Mil) | 36 | 36 | 0.9% |
| Cumulative Contribution | -64.0% |
Market Drivers
5/31/2023 to 6/22/2026| Return | Correlation | |
|---|---|---|
| SSTK | -64.0% | |
| Market (SPY) | 85.1% | 39.9% |
| Sector (XLC) | 77.4% | 35.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| SSTK Return | 56% | -52% | -6% | -35% | -33% | -29% | -78% |
| Peers Return | 21% | -21% | 27% | -5% | -16% | -14% | -17% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 10% | 100% |
Monthly Win Rates [3] | |||||||
| SSTK Win Rate | 58% | 17% | 42% | 17% | 50% | 33% | |
| Peers Win Rate | 65% | 42% | 60% | 48% | 43% | 43% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| SSTK Max Drawdown | -21% | -58% | -57% | -43% | -57% | -34% | |
| Peers Max Drawdown | -18% | -46% | -27% | -33% | -37% | -33% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: GETY, ADBE, NTAP, BOX, DBX. See SSTK Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 6/22/2026 (YTD)
How Low Can It Go
| Event | SSTK | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -45.2% | -18.8% |
| % Gain to Breakeven | 82.3% | 23.1% |
| Time to Breakeven | 190 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -34.4% | -9.5% |
| % Gain to Breakeven | 52.4% | 10.5% |
| Time to Breakeven | 132 days | 24 days |
| 2020 COVID-19 Crash | ||
| % Loss | -28.7% | -33.7% |
| % Gain to Breakeven | 40.2% | 50.9% |
| Time to Breakeven | 114 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -36.5% | -19.2% |
| % Gain to Breakeven | 57.6% | 23.8% |
| Time to Breakeven | 582 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -37.6% | -3.7% |
| % Gain to Breakeven | 60.2% | 3.9% |
| Time to Breakeven | 1302 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -21.5% | -12.2% |
| % Gain to Breakeven | 27.4% | 13.9% |
| Time to Breakeven | 15 days | 62 days |
In The Past
Shutterstock's stock fell -45.2% during the 2025 US Tariff Shock. Such a loss loss requires a 82.3% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
| Event | SSTK | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -45.2% | -18.8% |
| % Gain to Breakeven | 82.3% | 23.1% |
| Time to Breakeven | 190 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -34.4% | -9.5% |
| % Gain to Breakeven | 52.4% | 10.5% |
| Time to Breakeven | 132 days | 24 days |
| 2020 COVID-19 Crash | ||
| % Loss | -28.7% | -33.7% |
| % Gain to Breakeven | 40.2% | 50.9% |
| Time to Breakeven | 114 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -36.5% | -19.2% |
| % Gain to Breakeven | 57.6% | 23.8% |
| Time to Breakeven | 582 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -37.6% | -3.7% |
| % Gain to Breakeven | 60.2% | 3.9% |
| Time to Breakeven | 1302 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -21.5% | -12.2% |
| % Gain to Breakeven | 27.4% | 13.9% |
| Time to Breakeven | 15 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -63.1% | -6.8% |
| % Gain to Breakeven | 171.3% | 7.3% |
| Time to Breakeven | 1722 days | 15 days |
In The Past
Shutterstock's stock fell -45.2% during the 2025 US Tariff Shock. Such a loss loss requires a 82.3% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Shutterstock (SSTK)
Shutterstock, Inc. (SSTK) is a global technology company that provides a comprehensive platform for creative content and workflow solutions. It serves as a vital resource for individuals and organizations seeking high-quality digital assets for various visual and audio communication needs across North America, Europe, and other international markets.
The company's primary offerings include extensive libraries of image services, comprising photographs, vectors, and illustrations suitable for websites, marketing materials, and publications. Additionally, Shutterstock provides footage services with HD and 4K video clips and effects for social media campaigns, cinematic productions, and other visual media. Complementing these are music services, which feature music tracks and sound effects designed to enhance visual content. The company also offers an API to streamline workflow and project management for its users, operating under various brands like Shutterstock, TurboSquid, and PremiumBeat.
Shutterstock caters to a broad spectrum of clients, including corporate professionals and large organizations, media and broadcast companies, small and medium-sized businesses, and individual creators. Its diverse content and solutions support a wide array of creative projects, from casual digital content to professional-grade productions.
AI Analysis | Feedback
Shutterstock is like an Amazon for digital photos, videos, and music used in creative projects.
Shutterstock is like the App Store, but for licensing creative media assets such as images, videos, and music.
AI Analysis | Feedback
- Image Services: Shutterstock offers a vast library of photographs, vectors, and illustrations for various visual communication needs.
- Footage Services: The company provides video clips, including HD and 4K formats, and cinema-grade video effects for diverse media productions.
- Music Services: Shutterstock delivers music tracks and sound effects designed to complement visual content in various projects.
- API Services: An Application Programming Interface is offered to enhance creative workflow, project management, and search capabilities for clients.
AI Analysis | Feedback
Shutterstock (SSTK) serves a diverse customer base, encompassing both businesses and individual creators. Based on the provided information, its major customers can be categorized as:
- Businesses and Organizations: This broad category includes corporate professionals, various organizations, and small to medium-sized businesses that utilize Shutterstock's content for visual communications, marketing materials, corporate communications, and other business needs.
- Media and Broadcast Companies: These companies leverage Shutterstock's image, footage, and music services for their productions, campaigns, and content requirements.
- Individual Creators: Shutterstock also caters to individual artists, designers, marketers, and other creators who require quality content for their personal projects, websites, or creative endeavors.
AI Analysis | Feedback
AI Analysis | Feedback
Paul Hennessy, Chief Executive Officer
Paul Hennessy was appointed CEO of Shutterstock in May 2022 and has also been a member of Shutterstock's Board of Directors since 2015. Prior to his role at Shutterstock, he held leadership positions at companies such as Vroom.com, Priceline.com, and Booking.com.
Rik Powell, Chief Financial Officer
Rik Powell was appointed Chief Financial Officer of Shutterstock in November 2024. He joined Shutterstock in June 2024 as the Senior Vice President, Finance and Investor Relations. Powell possesses a strong financial background, including previous experience at Getty Images, a key competitor in the industry.
Jonathan Oringer, Founder and Executive Chairman
Jonathan Oringer founded Shutterstock in 2003, initially using thousands of his own digital photographs. A serial entrepreneur, he identified the demand for affordable, licensable images and established the first global subscription image marketplace. Before Shutterstock, he founded and served as CEO of SurfSecret Software, a privacy and security software company, for five years (January 1998 – January 2003). He also co-founded Pareto Holdings. Oringer served as CEO of Shutterstock until March 2020 before transitioning to Executive Chairman. He holds an M.S. in Computer Science from Columbia University and a B.S. in Computer Science and Mathematics from The State University of New York at Stony Brook.
Jason McClelland, Chief Marketing Officer
Jason McClelland joined Shutterstock in April 2022 and is responsible for developing an integrated global marketing strategy for the company. His prior experience includes serving as CMO of Heroku, a Salesforce company, where he contributed to the development of their Product-Led Growth and eCommerce-to-Enterprise selling motion. McClelland also spent a significant portion of his career at Adobe, playing a crucial role in the creation of Adobe's Marketing Cloud and the Creative Cloud SaaS transformation. Additionally, he held the position of CMO at Algolia.
Jamie Elden, Chief Revenue Officer
Jamie Elden oversees Shutterstock's Global Revenue, Production, and Studio operations, having joined the company as Chief Revenue Officer in March 2020. He has a track record of leading sales revenues for two public companies across various media platforms including TV, digital, social, OTT, and original programming. Elden previously served as the Chief Revenue Officer and Head of Programming for Media General/Nexstar (NYSE: MEG) and was the Senior Vice President of Digital & Branded Entertainment for Alloy Entertainment (NYSE: ALOY).
AI Analysis | Feedback
The key risks to Shutterstock's business include the disruptive impact of generative artificial intelligence, uncertainties surrounding its proposed merger with Getty Images, and intense competition coupled with slowing organic growth.
1. Generative Artificial Intelligence Disruption
Generative AI poses a significant threat to Shutterstock's core business model, which relies on licensing photographs, vectors, illustrations, video clips, and music. AI-powered tools can create images, videos, and music rapidly and at a lower cost, potentially commoditizing Shutterstock's offerings and reducing demand for traditional stock media. While Shutterstock is actively investing in and integrating generative AI into its platform, aiming to transform this threat into an opportunity, the long-term impact on its revenue streams and market position remains uncertain. The shift to AI-generated content could lead to a decrease in the value of human-created stock media and change how customers acquire visual and audio content.
2. Uncertainty and Challenges Related to the Proposed Merger with Getty Images
Shutterstock's proposed merger with Getty Images introduces substantial risks due to ongoing regulatory scrutiny and potential integration difficulties. Regulators in both the UK (Competition and Markets Authority) and the US (Department of Justice) have expressed concerns regarding potential impacts on competition, particularly in the editorial content market. The inability to secure timely regulatory approvals or a complete block of the merger could negatively affect Shutterstock's business, financial condition, and operational results. Furthermore, even if the merger proceeds, the integration of two large companies presents challenges such as retaining key customers and personnel, and there is no guarantee that the anticipated cost savings and strategic benefits will be fully realized.
3. Intense Competition and Slowing Organic Growth
Shutterstock operates in a highly competitive digital content market characterized by relatively low barriers to entry. The company faces competition not only from major players like Adobe but also from numerous smaller platforms and even free stock content websites that can attract budget-conscious customers. Recent financial reports and analyst forecasts indicate signs of slowing growth, with declining average revenue per request and free cash flow margins. Analysts expect Shutterstock's revenue and earnings growth to decelerate in the coming years, suggesting demand headwinds for its products and services and potential challenges in sustaining historical growth rates.
AI Analysis | Feedback
Generative Artificial Intelligence (AI)
AI Analysis | Feedback
The addressable markets for Shutterstock's main products and services are sized globally, as follows:
- Images: The global stock images market size is estimated to be approximately USD 7.26 billion in 2026.
- Footage (Video): The global stock video market size is estimated to be approximately USD 5.75 billion in 2026.
- Music: The global music production system market size is estimated to be approximately USD 7.61 billion in 2026.
- 3D Models/Assets (via TurboSquid): The global 3D digital asset market is projected to be approximately USD 36.72 billion in 2026.
AI Analysis | Feedback
Shutterstock (SSTK) is focusing on several key areas to drive future revenue growth over the next two to three years, despite some reported challenges in its traditional content business. These growth drivers are largely centered around artificial intelligence, data licensing, and strategic market expansion.
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Growth in Data, Distribution, and Services (DDS) and AI Licensing: Shutterstock has identified its Data, Distribution, and Services segment as a significant driver of revenue growth. This segment experienced double-digit growth, specifically 16%, in 2025. The company plans to continue investing in DDS by offering specialized AI services, including data creation and enrichment, and licensing its content for AI model training. This capitalizes on the increasing demand for high-quality data sets in the rapidly evolving artificial intelligence landscape.
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Expansion of Enterprise Solutions: The enterprise channel has shown strong growth, driven primarily by data revenues. Shutterstock provides tailored solutions for large enterprises and creative teams through its Premier Platform, offering advanced licensing options, unlimited user access, custom search, and specialized services to simplify creative workflows and manage extensive content needs. This focus on larger organizational clients represents a strategic avenue for increasing revenue.
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Integration and Monetization of Generative AI Capabilities: Shutterstock is actively embracing generative AI, integrating AI-generated content into its offerings and developing AI image generators. The company has established relationships with AI developers like OpenAI (DALL-E), NVIDIA, LG AI Research, and Meta, and compensates artists for their work used in training generative models. This strategic pivot towards artificial intelligence is expected to contribute to future revenue, with emerging growth businesses like generative AI capabilities projected to contribute significantly to total revenues by 2027.
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Contributions from Strategic Acquisitions: Recent strategic acquisitions are anticipated to bolster revenue. For example, the full-year inclusion of Envato (acquired in mid-2024) significantly contributed to content revenue growth in 2025. Additionally, the Giphy platform is highlighted as an emerging growth business with potential for significant future contributions. These acquisitions expand Shutterstock's content offerings and market reach.
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- On June 7, 2023, Shutterstock's Board of Directors authorized a stock repurchase program for up to $100 million of its common stock.
- In 2024, Shutterstock repurchased approximately 1.1 million shares at an average cost of $37.42 per share, with $30.2 million remaining under the authorization for future repurchases.
- The company used $41.6 million for common stock repurchases in 2024 and approximately $21.0 million in the third quarter of 2024.
- Shutterstock's shares outstanding were 35.48 million as of March 2026 and at the end of 2025, representing a 1.77% increase from 2024.
- The number of shares outstanding at the end of 2024 was 34.86 million, a decrease of 2.33% from 2023.
- Cash paid in settlement of tax withholding obligations related to employee stock-based compensation awards amounted to $12.2 million in 2024, $3.5 million in Q1 2025, $1.5 million in Q2 2025, and $4.1 million in Q3 2025.
- Shutterstock acquired Envato in May 2024 for an aggregate consideration of $250 million, which contributed to revenue growth in 2025.
- In February 2024, Shutterstock acquired Backgrid, expanding its editorial offerings.
- The company acquired Giphy for $53 million in May 2023, expanding its reach into social media and communication platforms.
- Capital expenditures for the full year 2025 were $42.9 million, primarily for internal-use software and website development costs, and purchases of software and equipment.
- For the full year 2024, capital expenditures totaled $47.2 million for internal-use software and website development costs, and $4.0 million to acquire digital content distribution rights.
- Capital expenditures are primarily focused on necessary capital investments in internal-use software and website development, as well as AI and machine learning to enhance search capabilities and content recommendations.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Shutterstock Earnings Notes | 12/16/2025 | |
| With Shutterstock Stock Sliding, Have You Assessed The Risk? | 10/17/2025 | |
| SSTK Dip Buy Analysis | 07/10/2025 | |
| Shutterstock Total Shareholder Return (TSR): -29.3% in 2024 and -29.6% 3-yr compounded annual returns (below peer average) | 03/07/2025 | |
| Shutterstock (SSTK) Operating Cash Flow Comparison | 02/17/2025 | |
| Shutterstock (SSTK) Net Income Comparison | 02/16/2025 | |
| Shutterstock (SSTK) Operating Income Comparison | 02/15/2025 | |
| Shutterstock (SSTK) Revenue Comparison | 02/13/2025 | |
| Shutterstock vs. S&P500 Correlation | 10/03/2024 | |
| Shutterstock Price Volatility | 09/24/2024 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 25.08 |
| Mkt Cap | 4.7 |
| Rev LTM | 1,866 |
| Op Inc LTM | 433 |
| FCF LTM | 653 |
| FCF 3Y Avg | 592 |
| CFO LTM | 686 |
| CFO 3Y Avg | 619 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 5.0% |
| Rev Chg 3Y Avg | 3.5% |
| Rev Chg Q | 5.9% |
| QoQ Delta Rev Chg LTM | 1.4% |
| Op Inc Chg LTM | 14.8% |
| Op Inc Chg 3Y Avg | 13.6% |
| Op Mgn LTM | 21.9% |
| Op Mgn 3Y Avg | 20.7% |
| QoQ Delta Op Mgn LTM | -0.0% |
| CFO/Rev LTM | 30.2% |
| CFO/Rev 3Y Avg | 28.5% |
| FCF/Rev LTM | 27.0% |
| FCF/Rev 3Y Avg | 25.8% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 4.7 |
| P/S | 2.6 |
| P/Op Inc | 12.7 |
| P/EBIT | 12.3 |
| P/E | 11.8 |
| P/CFO | 6.8 |
| Total Yield | 5.1% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 7.4% |
| D/E | 0.3 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -4.5% |
| 3M Rtn | 2.5% |
| 6M Rtn | -13.7% |
| 12M Rtn | -19.6% |
| 3Y Rtn | -37.5% |
| 1M Excs Rtn | -2.8% |
| 3M Excs Rtn | -13.8% |
| 6M Excs Rtn | -25.7% |
| 12M Excs Rtn | -46.8% |
| 3Y Excs Rtn | -109.7% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Content | 787 | 760 | 737 | 789 | |
| Data, Distribution, and Services | 203 | 175 | 137 | 39 | |
| Single Segment | 773 | ||||
| Total | 990 | 935 | 875 | 828 | 773 |
| $ Mil | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|
| Content Segment | 133 | 130 | 124 | 208 |
| Other and Corporate | -113 | -97 | -97 | -5 |
| Unallocated corporate expenses | -157 | |||
| Total | 20 | 32 | 26 | 46 |
Price Behavior
| Market Price | $15.71 | |
| Market Cap ($ Bil) | 0.6 | |
| First Trading Date | 10/11/2012 | |
| Distance from 52W High | -38.2% | |
| 50 Days | 200 Days | |
| DMA Price | $15.81 | $18.29 |
| DMA Trend | down | down |
| Distance from DMA | -0.7% | -14.1% |
| 3M | 1YR | |
| Volatility | 57.8% | 53.2% |
| Downside Capture | 42.89 | 124.42 |
| Upside Capture | 1.35 | 78.80 |
| Correlation (SPY) | 17.0% | 31.5% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.79 | 0.77 | 0.51 | 0.93 | 1.46 | 1.37 |
| Up Beta | 0.88 | 0.46 | 0.45 | 1.39 | 1.82 | 1.53 |
| Down Beta | -1.19 | -2.07 | -0.43 | 0.50 | 1.53 | 1.14 |
| Up Capture | 5% | 28% | 39% | 34% | 97% | 92% |
| Bmk +ve Days | 13 | 28 | 36 | 67 | 141 | 432 |
| Stock +ve Days | 10 | 20 | 32 | 61 | 123 | 352 |
| Down Capture | 302% | 343% | 124% | 135% | 140% | 111% |
| Bmk -ve Days | 7 | 13 | 27 | 57 | 109 | 318 |
| Stock -ve Days | 10 | 21 | 31 | 63 | 127 | 398 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SSTK | |
|---|---|---|---|---|
| SSTK | -13.3% | 53.1% | -0.08 | - |
| Sector ETF (XLC) | 4.6% | 13.6% | 0.09 | 29.7% |
| Equity (SPY) | 26.1% | 12.4% | 1.59 | 28.4% |
| Gold (GLD) | 24.1% | 27.5% | 0.77 | -2.7% |
| Commodities (DBC) | 18.5% | 18.8% | 0.77 | -8.2% |
| Real Estate (VNQ) | 11.8% | 13.8% | 0.57 | 25.5% |
| Bitcoin (BTCUSD) | -40.2% | 42.5% | -1.09 | 20.6% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SSTK | |
|---|---|---|---|---|
| SSTK | -27.7% | 48.2% | -0.51 | - |
| Sector ETF (XLC) | 7.0% | 20.7% | 0.25 | 44.3% |
| Equity (SPY) | 13.4% | 17.1% | 0.61 | 46.2% |
| Gold (GLD) | 17.1% | 18.3% | 0.76 | 5.4% |
| Commodities (DBC) | 7.5% | 19.4% | 0.28 | 7.6% |
| Real Estate (VNQ) | 2.1% | 18.9% | 0.01 | 39.8% |
| Bitcoin (BTCUSD) | 9.4% | 54.1% | 0.37 | 23.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SSTK | |
|---|---|---|---|---|
| SSTK | -7.2% | 45.4% | -0.00 | - |
| Sector ETF (XLC) | 8.7% | 22.2% | 0.45 | 42.2% |
| Equity (SPY) | 15.4% | 18.0% | 0.73 | 41.1% |
| Gold (GLD) | 12.2% | 16.1% | 0.62 | 4.2% |
| Commodities (DBC) | 6.0% | 18.0% | 0.26 | 11.2% |
| Real Estate (VNQ) | 5.4% | 20.7% | 0.23 | 30.9% |
| Bitcoin (BTCUSD) | 59.9% | 66.8% | 1.00 | 15.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/2/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/28/2026 | -2.0% | -8.5% | -9.8% |
| 2/17/2026 | -11.9% | -10.1% | -0.1% |
| 11/5/2025 | 5.5% | 2.8% | -10.9% |
| 7/29/2025 | 2.7% | 1.3% | 5.5% |
| 5/2/2025 | 2.0% | 14.2% | 9.7% |
| 2/25/2025 | -6.9% | -15.0% | -20.2% |
| 10/29/2024 | 11.3% | 10.2% | 6.3% |
| 8/6/2024 | -3.3% | -7.7% | -8.8% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 13 | 10 |
| # Negative | 12 | 11 | 14 |
| Median Positive | 8.0% | 9.2% | 9.3% |
| Median Negative | -5.7% | -8.5% | -9.0% |
| Max Positive | 23.6% | 37.8% | 33.9% |
| Max Negative | -11.9% | -15.0% | -28.3% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/28/2026 | -2.0% | -8.5% | -9.8% |
| 2/17/2026 | -11.9% | -10.1% | -0.1% |
| 11/5/2025 | 5.5% | 2.8% | -10.9% |
| 7/29/2025 | 2.7% | 1.3% | 5.5% |
| 5/2/2025 | 2.0% | 14.2% | 9.7% |
| 2/25/2025 | -6.9% | -15.0% | -20.2% |
| 10/29/2024 | 11.3% | 10.2% | 6.3% |
| 8/6/2024 | -3.3% | -7.7% | -8.8% |
| 5/2/2024 | -1.6% | -8.9% | -3.5% |
| 2/21/2024 | -1.3% | 6.4% | 7.0% |
| 10/31/2023 | 18.6% | 23.1% | 30.0% |
| 8/1/2023 | -9.8% | -15.0% | -18.0% |
| 4/25/2023 | 3.0% | -0.3% | -21.1% |
| 2/9/2023 | 4.6% | 9.9% | -2.5% |
| 10/25/2022 | 10.5% | 9.2% | 13.5% |
| 7/26/2022 | -7.9% | 0.3% | -2.9% |
| 4/26/2022 | -3.9% | -0.8% | -28.3% |
| 2/10/2022 | -8.2% | -4.1% | -6.9% |
| 10/26/2021 | 3.0% | 0.1% | -7.9% |
| 7/27/2021 | -6.1% | -0.5% | 4.2% |
| 4/27/2021 | -5.3% | -9.5% | -9.1% |
| 2/11/2021 | 23.6% | 37.8% | 33.9% |
| 10/27/2020 | 11.8% | 4.0% | 8.9% |
| 7/28/2020 | 17.6% | 26.4% | 13.9% |
| SUMMARY STATS | |||
| # Positive | 12 | 13 | 10 |
| # Negative | 12 | 11 | 14 |
| Median Positive | 8.0% | 9.2% | 9.3% |
| Median Negative | -5.7% | -8.5% | -9.0% |
| Max Positive | 23.6% | 37.8% | 33.9% |
| Max Negative | -11.9% | -15.0% | -28.3% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 04/28/2026 | 10-Q |
| 12/31/2025 | 02/17/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 07/29/2025 | 10-Q |
| 03/31/2025 | 05/02/2025 | 10-Q |
| 12/31/2024 | 02/25/2025 | 10-K |
| 09/30/2024 | 10/29/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/26/2024 | 10-K |
| 09/30/2023 | 10/31/2023 | 10-Q |
| 06/30/2023 | 08/01/2023 | 10-Q |
| 03/31/2023 | 04/25/2023 | 10-Q |
| 12/31/2022 | 02/14/2023 | 10-K |
| 09/30/2022 | 10/25/2022 | 10-Q |
| 06/30/2022 | 07/26/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 04/28/2026 | 10-Q |
| 12/31/2025 | 02/17/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 07/29/2025 | 10-Q |
| 03/31/2025 | 05/02/2025 | 10-Q |
| 12/31/2024 | 02/25/2025 | 10-K |
| 09/30/2024 | 10/29/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/26/2024 | 10-K |
| 09/30/2023 | 10/31/2023 | 10-Q |
| 06/30/2023 | 08/01/2023 | 10-Q |
| 03/31/2023 | 04/25/2023 | 10-Q |
| 12/31/2022 | 02/14/2023 | 10-K |
| 09/30/2022 | 10/25/2022 | 10-Q |
| 06/30/2022 | 07/26/2022 | 10-Q |
| 03/31/2022 | 04/26/2022 | 10-Q |
| 12/31/2021 | 02/10/2022 | 10-K |
| 09/30/2021 | 10/26/2021 | 10-Q |
| 06/30/2021 | 07/27/2021 | 10-Q |
| 03/31/2021 | 04/27/2021 | 10-Q |
| 12/31/2020 | 02/11/2021 | 10-K |
| 09/30/2020 | 10/27/2020 | 10-Q |
| 06/30/2020 | 07/28/2020 | 10-Q |
| 03/31/2020 | 04/28/2020 | 10-Q |
| 12/31/2019 | 02/13/2020 | 10-K |
| 09/30/2019 | 11/05/2019 | 10-Q |
| 06/30/2019 | 08/06/2019 | 10-Q |
Industry Resources
| Communication Services Resources |
| Variety |
| The Hollywood Reporter |
| Adweek |
| Interactive Media & Services Resources |
| Social Media Today |
| Search Engine Land |
| Nieman Journalism Lab |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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