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Shutterstock
(NYSE:SSTK)
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Rating:52Neutral
Price Target:
$4.00
▼(-27.80% Downside)
Action:Reiterated
Date:09/09/26
Overall score is held back primarily by the sharp deterioration in profitability (large TTM net loss and declining revenue) and a clearly bearish long-term price trend (well below key moving averages with negative MACD). Offsetting factors are positive operating and free cash flow and a balance sheet that appears manageable, but weakening cash-flow momentum and equity erosion keep the score in the lower-middle range.
Positive Factors
Cash generation
Positive operating and free cash flow show that the licensing and platform model is still converting activity into cash even while reported earnings are weak. That cash can fund product investment and customer support, although the recent decline in FCF means its durability depends on restoring momentum.
Negative Factors
Profitability deterioration
Revenue contraction combined with a large net loss signals that Shutterstock’s current earnings base is under significant pressure. Even with stable gross margins, operating losses can reduce internally funded investment, weaken financial resilience, and make recovery dependent on sustained cost control and renewed growth.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation
Positive operating and free cash flow show that the licensing and platform model is still converting activity into cash even while reported earnings are weak. That cash can fund product investment and customer support, although the recent decline in FCF means its durability depends on restoring momentum.
Read all positive factors
Shutterstock Key Performance Indicators (KPIs)
Any
Revenue by Geography
Breaks down revenue across different regions, revealing where Shutterstock is strongest and where it may face risk or growth potential due to local economic conditions or market share shifts.
Breaks down revenue across different regions, revealing where Shutterstock is strongest and where it may face risk or growth potential due to local economic conditions or market share shifts.
Data provided by:
The Fly
The FlyShutterstock (SSTK) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$154.44M
Dividend Yield33.01%
Average Volume (3M)897.47K
Price to Earnings (P/E)―
Beta (1Y)1.18
Revenue Growth-10.81%
EPS Growth-409.24%
CountryUS
Employees1,565
SectorCommunication Services
Sector Strength97
IndustryInternet Content & Information
Share Statistics
EPS (TTM)-5.66
Shares Outstanding36,947,685
10 Day Avg. Volume871,736
30 Day Avg. Volume897,466
Financial Highlights & Ratios
PEG Ratio0.56
Price to Book (P/B)1.16
Price to Sales (P/S)0.68
P/FCF Ratio5.44
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-1.02
Revenue Forecast (FY)$783.59M
Shutterstock Business Overview & Revenue Model
Company Description
Shutterstock, Inc. provides platform to connect brands and businesses to high quality content in North America, Europe, and internationally. The company offers image services consisting of photographs, vectors, and illustrations, which is used in ...
How the Company Makes Money
Shutterstock primarily makes money by licensing digital content and providing subscriptions and enterprise solutions that grant customers access to its content library. Key revenue streams include: (1) Content licensing via self-serve plans: Indiv...
Shutterstock Earnings Call Summary
Earnings Call Date:Oct 29, 2024
(Q3-2024)
| % Change Since: |
Next Earnings Date:Oct 27, 2026
Earnings Call Sentiment Positive
The earnings call presented a positive outlook with record revenues and EBITDA, strong performance from the Envato acquisition, and growth in Data Distribution and Services. However, there was a decline in core Content revenues, although improvement was noted. The overall sentiment is upbeat with raised guidance and strategic growth initiatives.Positive Updates
Record Third Quarter Revenues and Adjusted EBITDA
Shutterstock achieved record third quarter revenues of $251 million, representing a 7.4% year-over-year growth, and record adjusted EBITDA of $70 million with a 28% margin.
Negative Updates
Decline in Core Content Revenues
Excluding the Envato contribution, Content revenues declined 7% year-over-year, although this was an improvement from previous quarters' declines.
Read all updates
Q3-2024 Updates
Positive
Negative
Record Third Quarter Revenues and Adjusted EBITDA
Shutterstock achieved record third quarter revenues of $251 million, representing a 7.4% year-over-year growth, and record adjusted EBITDA of $70 million with a 28% margin.
Read all positive updates
Company Guidance
During the Q3 2024 earnings call for Shutterstock (SSTK), the company provided updated guidance, raising its revenue expectations to between $935 million and $940 million, representing a 7% to 7.5% year-over-year growth. Adjusted EBITDA guidance was also increased to a range of $247 million to $250 million. The call highlighted record third-quarter revenues of $251 million, a 7.4% year-over-year increase, and adjusted EBITDA of $70 million with a 28% margin. Content revenue reached $204 million, a 14% year-over-year increase, bolstered by Envato's $38 million contribution. Shutterstock's Data Distribution and Services segment generated $47 million in revenue, with substantial growth driven by AI-generated content and partnerships such as GIPHY's collaboration with TikTok. The company remains optimistic about achieving its 2027 targets of $1.2 billion in revenue and $350 million in EBITDA.Shutterstock Financial Statement Overview
Summary
Income Statement
42
Neutral
Balance Sheet
63
Positive
Cash Flow
68
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 901.29M | 989.92M | 935.26M | 874.59M | 827.83M | 773.41M |
| Gross Profit | 510.93M | 575.68M | 538.97M | 521.96M | 513.52M | 495.76M |
| EBITDA | -94.67M | 183.05M | 160.74M | 204.05M | 160.84M | 153.57M |
| Net Income | -206.14M | 45.50M | 35.93M | 110.27M | 76.10M | 91.88M |
Balance Sheet | ||||||
| Total Assets | 1.09B | 1.36B | 1.31B | 1.04B | 881.18M | 851.71M |
| Cash, Cash Equivalents and Short-Term Investments | 133.21M | 178.24M | 111.25M | 100.49M | 115.15M | 314.02M |
| Total Debt | 286.79M | 317.58M | 310.79M | 59.40M | 85.61M | 36.97M |
| Total Liabilities | 728.62M | 774.90M | 790.81M | 508.92M | 433.70M | 383.23M |
| Stockholders Equity | 363.66M | 581.04M | 518.35M | 527.09M | 447.48M | 468.48M |
Cash Flow | ||||||
| Free Cash Flow | 88.81M | 123.83M | -14.57M | 84.81M | 98.33M | 179.37M |
| Operating Cash Flow | 132.59M | 166.69M | 32.65M | 140.55M | 158.45M | 216.37M |
| Investing Cash Flow | -42.88M | -47.80M | -166.17M | -54.32M | -275.55M | -250.44M |
| Financing Cash Flow | -67.81M | -59.10M | 150.10M | -102.70M | -79.49M | -77.72M |
Shutterstock Technical Analysis
Negative
5.54
Price Trends
5.56
Negative
9.45
Negative
13.23
Negative
Market Momentum
-0.48
Positive
27.12
Positive
5.00
Positive
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 5.54 is above the 20-day moving average (MA) of 5.05, below the 50-day MA of 5.56, and below the 200-day MA of 13.23, indicating a bearish trend. The MACD of -0.48 indicates Positive momentum. The RSI at 27.12 is Positive, neither overbought nor oversold. The STOCH value of 5.00 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SSTK.
Shutterstock Risk Analysis
Shutterstock disclosed 55 risk factors in its most recent earnings report. Shutterstock reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Shutterstock Peers Comparison
UnderperformOutperform
Sector (60)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
66 Neutral | $970.99M | -31.93 | -7.27% | ― | 9.79% | 53.33% | |
64 Neutral | $664.01M | -30.19 | -94.75% | ― | 10.16% | 28.29% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
52 Neutral | $154.44M | -0.74 | -39.81% | 33.01% | -10.81% | -409.24% | |
51 Neutral | $866.17M | -6.87 | 212.18% | ― | 1.98% | -1806.09% | |
50 Neutral | $219.81M | -0.99 | -25.18% | ― | -8.83% | -554.39% | |
40 Underperform | $58.24M | -0.36 | -29.19% | ― | 3.29% | -35.93% |
* Communication Services Sector Average
SSTK
Shutterstock
4.18
-15.20
-78.43%
ANGI
Angi
5.42
-11.10
-67.19%
GRPN
Groupon
21.30
-1.95
-8.39%
GETY
Getty Images Holdings
0.14
-1.84
-92.93%
NXDR
Nextdoor Holdings
2.51
0.39
18.40%
SMWB
Similarweb
7.58
-2.02
-21.04%
Shutterstock Corporate Events
Business Operations and StrategyExecutive/Board Changes
Shutterstock Strengthens Board with Three Independent Directors
Positive
Sep 8, 2026
On September 8, 2026, Shutterstock announced the appointment of Timothy Adams, Matthew Salzberg, and Michael Thompson to its board of directors, following a board resolution dated September 4, 2026. Adams and Salzberg join as Class II directors wi...
Business Operations and StrategyFinancial DisclosuresLegal Proceedings
Shutterstock Addresses Weaker Q2 Results After Merger Fallout
Negative
Aug 5, 2026
Shutterstock, Inc., listed on the NYSE as SSTK, operates in the digital media and creative technology industry, providing scalable creative and generative AI solutions. Its portfolio includes one of the world’s largest commercially licensed ...
Business Operations and StrategyExecutive/Board ChangesDividends
Shutterstock Suspends Quarterly Dividends Amid Capital Strategy Shift
Negative
Jul 22, 2026
On July 16, 2026, Shutterstock disclosed that Chief Accounting Officer Steven Ciardiello had tendered his resignation, effective August 28, 2026, following a transition period, with the company currently searching for his successor. The company st...
Business Operations and StrategyExecutive/Board Changes
Shutterstock Names CFO Rik Powell as Interim CEO
Neutral
Jul 13, 2026
On July 12, 2026, Shutterstock’s longtime Chief Executive Officer and board member Paul J. Hennessy stepped down, with Chief Financial Officer Rik Powell appointed as Interim CEO while retaining his CFO role, and Hennessy staying on as an ad...
Business Operations and StrategyLegal ProceedingsM&A TransactionsRegulatory Filings and Compliance
Shutterstock–Getty Images Merger Terminated After Regulatory Hurdles
Negative
Jul 9, 2026
On January 6, 2025, Shutterstock and Getty Images entered into a merger agreement, but the U.K. Competition and Markets Authority required the divestiture of Shutterstock’s editorial business as a condition for approval. After review, Getty ...
Business Operations and StrategyM&A Transactions
Shutterstock Reemphasizes Standalone Strategy After Getty Deal Shift
Neutral
Jul 1, 2026
On January 6, 2025, Shutterstock entered into a merger agreement with Getty Images Holdings, Inc., but the U.K. Competition and Markets Authority conditioned approval on the sale of Shutterstock’s editorial business. On June 30, 2026, Getty ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.