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Shutterstock (SSTK) Financials

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$5.87 -0.09 (-1.51%)
As of 03:58 PM Eastern
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Annual Income Statements for Shutterstock

Annual Income Statements for Shutterstock

This table shows Shutterstock's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 20 33 17 55 20 72 92 76 110 36 45
Consolidated Net Income / (Loss)		 20 33 17 55 20 72 92 76 110 36 45
Net Income / (Loss) Continuing Operations		 20 33 17 55 20 72 92 76 110 36 45
Total Pre-Tax Income 		34 44 30 66 25 90 105 91 122 63 75
Total Operating Income		 41 46 26 32 20 85 108 94 68 69 75
Total Gross Profit		 251 291 324 356 372 407 496 514 522 539 583
Total Revenue		 425 494 557 623 651 667 773 828 875 935 990
Operating Revenue		 425 494 557 623 651 667 773 828 875 935 990
Total Cost of Revenue		 175 203 233 268 278 260 278 314 353 396 407
Operating Cost of Revenue		 175 203 233 268 278 260 278 314 353 396 407
Total Operating Expenses		 210 245 298 323 352 322 388 420 454 470 508
Selling, General & Admin Expense		 62 71 99 98 113 117 131 133 143 159 198
Marketing Expense		 107 127 146 166 182 159 205 203 215 223 221
Research & Development Expense		 41 48 52 59 57 46 52 65 96 88 89
Total Other Income / (Expense), net		 -6.75 -1.29 3.73 34 4.76 4.26 -3.37 -2.59 54 -6.16 0.27
Interest Expense		 - - - - - - - 1.34 1.86 11 17
Other Income / (Expense), net		 -6.75 -1.29 3.73 34 4.76 4.26 -3.37 -1.25 56 4.40 17
Income Tax Expense		 15 12 13 11 4.81 18 13 15 12 27 30
Basic Earnings per Share		 $0.54 $0.93 $0.48 $1.57 $0.57 $2.00 $2.52 $2.11 $3.07 $1.02 $1.29
Weighted Average Basic Shares Outstanding		 35.88M 35.11M 34.63M 34.94M 35.29M 35.84M 36.51M 36.04M 35.88M 35.33M 35.29M
Diluted Earnings per Share		 $0.54 $0.91 $0.47 $1.54 $0.57 $1.97 $2.46 $2.08 $3.04 $1.01 $1.25
Weighted Average Diluted Shares Outstanding		 36.32M 35.86M 35.29M 35.42M 35.58M 36.37M 37.32M 36.55M 36.24M 35.66M 36.27M
Weighted Average Basic & Diluted Shares Outstanding		 36.20M 35.10M 34.80M 34.80M 35.50M 36.26M 36.36M 35.84M 35.54M 34.89M 35.55M
Cash Dividends to Common per Share		 - - - - - $0.68 $0.84 $0.96 $1.08 $1.20 $1.32

Quarterly Income Statements for Shutterstock

This table shows Shutterstock's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 -1.01 16 3.63 18 -1.43 19 29 13 -16 -48 -156
Consolidated Net Income / (Loss)		 -1.01 16 3.63 18 -1.43 19 29 13 -16 -48 -156
Net Income / (Loss) Continuing Operations		 -1.01 16 3.63 18 -1.43 19 29 13 -16 -48 -156
Total Pre-Tax Income 		2.06 20 17 18 8.07 20 43 31 -20 -49 -161
Total Operating Income		 2.12 17 21 18 13 10 35 32 -2.36 -31 -155
Total Gross Profit		 121 126 129 146 138 142 161 158 123 104 128
Total Revenue		 217 214 220 251 250 243 267 260 220 199 222
Operating Revenue		 217 214 220 251 250 243 267 260 220 199 222
Total Cost of Revenue		 96 88 91 104 112 101 106 103 97 95 94
Operating Cost of Revenue		 96 88 91 104 112 101 106 103 97 95 94
Total Operating Expenses		 119 109 108 128 125 132 126 125 125 135 283
Selling, General & Admin Expense		 33 32 36 44 47 58 48 43 48 68 44
Marketing Expense		 63 56 52 55 59 53 57 59 51 48 48
Research & Development Expense		 23 21 20 29 19 20 21 22 26 19 18
Impairment Charge		 - - - - - - 0.00 - - - 174
Total Other Income / (Expense), net		 -0.06 3.64 -4.11 -0.62 -5.08 10 8.40 -1.09 -17 -18 -5.70
Interest Expense		 - 0.56 0.56 4.45 - 4.30 4.22 4.23 4.08 3.76 3.83
Other Income / (Expense), net		 1.23 4.21 -3.55 3.83 1.03 15 13 3.14 -13 -15 -1.86
Income Tax Expense		 3.07 4.27 13 -0.09 9.50 1.73 14 18 -3.60 -1.81 -4.99
Basic Earnings per Share		 ($0.03) $0.45 $0.10 $0.50 ($0.03) $0.54 $0.84 $0.38 ($0.47) ($1.34) ($4.25)
Weighted Average Basic Shares Outstanding		 35.88M 35.59M 35.70M 35.17M 35.33M 34.89M 35.26M 35.48M 35.29M 35.54M 36.70M
Diluted Earnings per Share		 ($0.02) $0.45 $0.10 $0.50 ($0.04) $0.53 $0.82 $0.37 ($0.47) ($1.34) ($4.25)
Weighted Average Diluted Shares Outstanding		 36.24M 36.07M 35.98M 35.47M 35.66M 35.32M 35.96M 36.64M 36.27M 35.54M 36.70M
Weighted Average Basic & Diluted Shares Outstanding		 35.54M 35.84M 35.42M 34.86M 34.89M 35.25M 35.47M 35.51M 35.55M 36.74M 36.95M

Annual Cash Flow Statements for Shutterstock

This table details how cash moves in and out of Shutterstock's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 7.85 -16 29 -23 72 123 -115 -199 -15 11 67
Net Cash From Operating Activities		 87 101 108 102 103 165 216 158 141 33 167
Net Cash From Continuing Operating Activities		 87 101 108 102 103 165 216 158 141 33 167
Net Income / (Loss) Continuing Operations		 20 33 17 55 20 72 92 76 110 36 45
Consolidated Net Income / (Loss)		 20 33 17 55 20 72 92 76 110 36 45
Depreciation Expense		 15 20 35 46 50 41 49 68 80 88 91
Non-Cash Adjustments To Reconcile Net Income		 32 31 26 -7.69 23 31 36 58 0.21 -11 46
Changes in Operating Assets and Liabilities, net		 21 17 30 9.55 9.72 21 39 -44 -50 -80 -16
Net Cash From Investing Activities		 -72 -56 -57 -13 -27 -35 -250 -276 -54 -166 -48
Net Cash From Continuing Investing Activities		 -72 -56 -57 -13 -27 -35 -250 -276 -54 -166 -48
Purchase of Property, Plant & Equipment		 -14 -40 -55 -35 -26 -27 -60 -47 -45 -47 -43
Acquisitions		 -65 -8.05 -53 -4.68 -3.34 -2.97 -190 -229 -65 -183 -6.51
Other Investing Activities, net		 -0.29 -0.73 -5.06 27 2.19 -4.86 -0.19 -0.17 55 64 1.57
Net Cash From Financing Activities		 -5.75 -53 -34 -110 -1.70 -4.59 -78 -79 -103 150 -59
Net Cash From Continuing Financing Activities		 -5.75 -53 -34 -110 -1.70 -4.59 -78 -79 -103 150 -59
Repayment of Debt		 - - - - - 0.00 0.00 -0.62 -50 -34 -3.13
Repurchase of Common Equity		 -15 -60 -25 - 0.00 0.00 -26 -73 -28 -42 0.00
Payment of Dividends		 - 0.00 0.00 -105 0.00 -24 -31 -35 -39 -42 -47
Issuance of Debt		 - - - - - 0.00 0.00 50 30 280 0.00
Other Financing Activities, net		 7.20 5.32 -8.91 -4.81 -1.70 -3.34 -21 -21 -16 -12 -9.44
Effect of Exchange Rate Changes		 -1.57 -7.54 12 -2.21 -1.31 -2.48 -2.77 -2.28 1.80 - 7.20
Cash Interest Paid		 - - - - - 0.00 0.00 1.05 1.72 7.83 16
Cash Income Taxes Paid		 14 19 4.98 0.58 1.90 8.75 19 23 33 34 20

Quarterly Cash Flow Statements for Shutterstock

This table details how cash moves in and out of Shutterstock's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Change in Cash & Equivalents		 25 -29 3.06 57 -20 0.98 4.18 49 13 -16 -29
Net Cash From Operating Activities		 34 8.30 28 -12 7.97 25 27 78 36 17 0.62
Net Cash From Continuing Operating Activities		 34 8.30 28 -12 7.97 25 27 78 36 17 0.62
Net Income / (Loss) Continuing Operations		 -1.01 16 3.63 18 -1.43 19 29 13 -16 -48 -156
Consolidated Net Income / (Loss)		 -1.01 16 3.63 18 -1.43 19 29 13 -16 -48 -156
Depreciation Expense		 20 21 21 22 23 23 23 23 23 23 22
Non-Cash Adjustments To Reconcile Net Income		 14 5.89 18 -32 60 5.22 2.96 10 28 57 161
Changes in Operating Assets and Liabilities, net		 0.57 -35 -15 -19 -74 -21 -28 32 1.98 -15 -27
Net Cash From Investing Activities		 7.60 -17 8.30 -148 -10 -11 -15 -11 -10 -11 -10
Net Cash From Continuing Investing Activities		 7.60 -17 8.30 -148 -10 -11 -15 -11 -10 -11 -10
Purchase of Property, Plant & Equipment		 -9.93 -14 -9.08 -15 -8.92 -11 -11 -10 -10 -12 -10
Acquisitions		 -1.37 -20 -0.83 -160 -1.56 -0.90 -4.08 -1.15 -0.38 -0.19 -0.11
Other Investing Activities, net		 19 18 18 27 0.43 0.47 0.43 0.33 0.33 0.64 0.09
Net Cash From Financing Activities		 -19 -19 -32 213 -12 -16 -14 -17 -13 -20 -18
Net Cash From Continuing Financing Activities		 -19 -19 -32 213 -12 -16 -14 -17 -13 -20 -18
Repayment of Debt		 - 0.00 - -32 -1.56 -0.78 -0.78 -0.78 -0.78 -0.78 -0.78
Payment of Dividends		 -9.64 -11 -11 -11 -10 -12 -12 -12 -12 -13 -13
Other Financing Activities, net		 -0.63 -7.97 -0.89 -2.86 -0.45 -3.54 -1.47 -4.09 -0.34 -6.39 -4.46
Effect of Exchange Rate Changes		 3.18 - -1.06 - - 2.79 6.19 - - -2.00 -1.34
Cash Interest Paid		 0.49 0.51 0.50 1.95 4.88 4.36 4.11 4.01 4.01 3.77 3.52
Cash Income Taxes Paid		 17 2.90 9.66 9.74 12 -0.60 15 1.71 3.77 0.74 6.93

Annual Balance Sheets for Shutterstock

This table presents Shutterstock's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 469 502 578 531 631 730 852 881 1,036 1,309 1,356
Total Current Assets		 329 340 340 307 377 489 388 216 293 256 339
Cash & Equivalents		 241 224 253 231 303 429 314 115 100 111 178
Accounts Receivable		 28 38 50 41 47 44 48 67 91 95 113
Prepaid Expenses		 12 23 37 35 27 17 26 33 101 49 48
Plant, Property, & Equipment, net		 32 56 86 76 59 51 48 55 64 66 63
Total Noncurrent Assets		 108 106 152 149 195 190 415 611 679 987 955
Goodwill		 51 49 99 89 89 89 220 382 383 570 575
Intangible Assets		 30 30 34 30 27 26 124 173 184 248 216
Noncurrent Deferred & Refundable Income Taxes		 26 23 9.76 12 14 14 11 17 25 71 61
Other Noncurrent Operating Assets		 1.95 3.40 9.00 18 65 61 61 39 87 98 103
Total Liabilities & Shareholders' Equity		 469 502 578 531 631 730 852 881 1,036 1,309 1,356
Total Liabilities		 181 215 263 245 302 308 383 434 509 791 775
Total Current Liabilities		 161 203 246 223 246 257 334 384 452 625 628
Short-Term Debt		 - - - - - - - 50 30 158 158
Accounts Payable		 6.82 7.31 7.16 7.21 6.10 2.44 10 7.18 9.11 9.22 14
Accrued Expenses		 49 62 79 74 79 94 129 128 186 208 224
Current Deferred Revenue		 98 122 158 140 142 150 181 187 203 225 213
Other Current Liabilities		 7.21 12 1.96 2.13 19 10 14 11 24 25 19
Total Noncurrent Liabilities		 20 12 17 22 56 51 49 50 57 166 146
Long-Term Debt		 - - - - - - - - 0.00 120 117
Noncurrent Deferred & Payable Income Tax Liabilities		 3.78 2.15 1.49 - - 0.00 2.78 4.47 4.18 2.17 1.13
Other Noncurrent Operating Liabilities		 16 9.44 16 22 56 51 47 46 52 44 29
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 289 287 315 287 328 422 468 447 527 518 581
Total Preferred & Common Equity		 289 287 315 287 328 422 468 447 527 518 581
Total Common Equity		 289 287 315 287 328 422 468 447 527 518 581
Common Stock		 214 252 273 292 313 361 377 392 425 469 520
Retained Earnings		 96 129 145 101 121 168 230 271 343 336 335
Treasury Stock		 -16 -78 -100 -100 -100 -100 -127 -200 -228 -270 -270
Accumulated Other Comprehensive Income / (Loss)		 -6.45 -17 -3.56 -6.47 -6.22 -7.68 -11 -15 -12 -17 -4.75

Quarterly Balance Sheets for Shutterstock

This table presents Shutterstock's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026
Period end date 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026 6/30/2026
Total Assets		 843 1,004 1,016 1,029 1,004 1,349 1,324 1,376 1,376 1,311 1,092
Total Current Assets		 179 273 269 259 241 277 264 309 337 321 279
Cash & Equivalents		 96 87 75 72 75 131 112 116 166 163 133
Accounts Receivable		 48 62 85 94 97 92 112 152 125 103 102
Prepaid Expenses		 35 125 109 93 69 54 40 41 46 55 44
Plant, Property, & Equipment, net		 57 59 62 63 63 69 66 63 63 62 61
Total Noncurrent Assets		 607 671 685 706 700 1,003 995 1,004 976 928 752
Goodwill		 383 383 382 403 403 607 572 575 575 574 400
Intangible Assets		 168 202 194 175 165 246 238 238 227 204 192
Noncurrent Deferred & Refundable Income Taxes		 18 1.61 20 28 24 50 78 77 52 68 77
Other Noncurrent Operating Assets		 39 85 89 100 109 100 106 114 123 82 82
Total Liabilities & Shareholders' Equity		 843 1,004 1,016 1,029 1,004 1,349 1,324 1,376 1,376 1,311 1,092
Total Liabilities		 366 485 484 487 483 826 777 790 781 779 729
Total Current Liabilities		 313 408 424 433 432 663 615 634 631 629 587
Short-Term Debt		 0.00 30 30 30 30 159 158 158 158 158 158
Accounts Payable		 7.78 6.10 7.15 9.37 11 15 16 16 14 14 13
Accrued Expenses		 114 153 174 161 163 210 193 214 228 199 203
Current Deferred Revenue		 181 207 203 198 187 226 226 227 212 209 198
Other Current Liabilities		 11 11 11 35 43 53 22 19 20 50 15
Total Noncurrent Liabilities		 53 77 60 54 51 163 162 156 150 150 142
Long-Term Debt		 - - - - - 120 119 118 117 116 115
Noncurrent Deferred & Payable Income Tax Liabilities		 4.77 17 4.37 3.80 3.74 3.12 1.85 1.93 1.63 0.62 1.32
Other Noncurrent Operating Liabilities		 48 60 55 50 47 39 41 36 31 34 25
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 477 520 532 541 520 523 547 586 594 532 364
Total Preferred & Common Equity		 477 520 532 541 520 523 547 586 594 532 364
Total Common Equity		 480 523 532 541 525 523 547 586 594 532 364
Common Stock		 396 403 413 435 442 454 486 497 506 533 537
Retained Earnings		 294 335 353 348 341 348 343 361 363 275 106
Treasury Stock		 -200 -204 -219 -228 -249 -270 -270 -270 -270 -270 -270
Accumulated Other Comprehensive Income / (Loss)		 -14 -14 -16 -13 -14 -9.49 -13 -2.53 -4.89 -6.35 -9.25

Annual Metrics And Ratios for Shutterstock

This table displays calculated financial ratios and metrics derived from Shutterstock's official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 36,082,717.00 35,128,513.00 34,674,947.00 35,036,943.00 35,456,596.00 36,222,746.00 36,549,234.00 - - - 35,513,216.00
DEI Adjusted Shares Outstanding		 36,082,717.00 35,128,513.00 34,674,947.00 35,036,943.00 35,456,596.00 36,222,746.00 36,549,234.00 - - - 35,513,216.00
DEI Earnings Per Adjusted Shares Outstanding		 0.54 0.93 0.48 1.56 0.57 1.98 2.51 - - - 1.28
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 29.63% 16.27% 12.70% 11.87% 4.38% 2.48% 16.01% 7.04% 5.65% 6.94% 5.84%
EBITDA Growth		 6.55% 31.21% 1.75% 70.45% -33.05% 74.90% 17.29% 4.78% 26.87% -21.23% 13.88%
EBIT Growth		 -10.23% 29.83% -32.40% 119.78% -62.31% 259.30% 16.99% -11.80% 34.59% -41.20% 26.05%
NOPAT Growth		 3.61% 43.47% -56.36% 83.21% -39.41% 320.23% 38.75% -17.48% -21.31% -35.91% 14.85%
Net Income Growth		 -11.49% 66.88% -48.73% 226.94% -63.23% 256.90% 28.03% -17.17% 44.89% -67.41% 26.62%
EPS Growth		 -11.48% 68.52% -48.35% 227.66% -62.99% 245.61% 24.87% -15.45% 46.15% -66.78% 23.76%
Operating Cash Flow Growth		 5.02% 15.75% 7.26% -5.40% 0.43% 60.82% 31.08% -26.77% -11.30% -76.77% 410.59%
Free Cash Flow Firm Growth		 -142.29% 292.15% -248.62% 182.59% 46.64% 111.64% -166.35% -125.72% 91.52% -1,387.30% 127.87%
Invested Capital Growth		 100.50% 4,016.94% 711.75% -8.73% -55.42% -126.72% 2,423.13% 147.52% 19.43% 49.98% -1.06%
Revenue Q/Q Growth		 6.19% 2.95% 4.04% 1.67% 0.67% 2.23% 3.32% 1.46% -0.06% 3.67% -2.95%
EBITDA Q/Q Growth		 4.65% 2.63% 2.46% 8.79% -8.76% 19.52% -8.05% -0.42% -1.66% 10.76% -13.74%
EBIT Q/Q Growth		 -0.40% 0.82% -9.63% 13.49% -24.46% 36.08% -14.83% -4.42% -3.98% 20.99% -23.68%
NOPAT Q/Q Growth		 6.55% 4.98% -38.55% 55.74% -41.67% 41.00% -4.53% -12.49% -9.23% 6.41% -14.18%
Net Income Q/Q Growth		 -0.83% 10.07% -31.80% 30.74% -34.43% 42.85% -8.91% -11.45% -6.81% -1.16% -24.28%
EPS Q/Q Growth		 1.89% 10.98% -32.86% 31.62% -33.72% 40.71% -9.23% -10.73% -6.75% -1.94% -25.60%
Operating Cash Flow Q/Q Growth		 5.08% -2.91% 12.47% -2.71% -7.28% 31.16% -4.56% 4.38% -16.22% -44.32% 20.40%
Free Cash Flow Firm Q/Q Growth		 28.50% -34.18% 14.00% 18.57% -20.30% 38.31% 2.35% -6.41% 12.78% -28.46% 173.09%
Invested Capital Q/Q Growth		 -98.31% 156.17% -15.18% -10.25% -19.36% -193.48% -11.39% -5.44% -6.19% 2.10% -3.80%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 58.95% 58.91% 58.16% 57.05% 57.24% 61.07% 64.10% 62.03% 59.68% 57.63% 58.90%
EBITDA Margin		 11.55% 13.04% 11.77% 17.93% 11.50% 19.63% 19.85% 19.43% 23.33% 17.19% 18.49%
Operating Margin		 9.65% 9.26% 4.73% 5.21% 3.10% 12.79% 13.98% 11.31% 7.82% 7.35% 7.58%
EBIT Margin		 8.06% 9.00% 5.40% 10.61% 3.83% 13.43% 13.54% 11.16% 14.22% 7.82% 9.31%
Profit (Net Income) Margin		 4.60% 6.60% 3.00% 8.77% 3.09% 10.76% 11.88% 9.19% 12.61% 3.84% 4.60%
Tax Burden Percent		 57.05% 73.33% 55.61% 82.72% 80.70% 80.16% 87.73% 83.60% 90.04% 57.45% 60.39%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 98.55% 98.51% 85.55% 81.74%
Effective Tax Rate		 42.95% 26.67% 44.39% 17.28% 19.30% 19.84% 12.27% 16.40% 9.96% 42.55% 39.61%
Return on Invested Capital (ROIC)		 0.00% 870.11% 42.66% 45.90% 40.31% 749.69% 128.32% 29.16% 14.68% 6.92% 6.66%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 870.44% 41.88% 34.40% 38.87% 748.76% 129.12% 30.30% -57.10% -0.46% 6.78%
Return on Net Nonoperating Assets (RNNOA)		 0.00% -858.77% -37.10% -27.71% -33.77% -730.56% -107.68% -12.54% 7.95% -0.04% 1.62%
Return on Equity (ROE)		 7.24% 11.34% 5.56% 18.19% 6.54% 19.14% 20.64% 16.62% 22.63% 6.87% 8.28%
Cash Return on Invested Capital (CROIC)		 -7,457.07% 679.60% -113.47% 55.03% 116.97% 0.00% -42.91% -55.74% -3.03% -33.07% 7.72%
Operating Return on Assets (OROA)		 8.04% 9.17% 5.57% 11.92% 4.29% 13.16% 13.25% 10.66% 12.97% 6.23% 6.92%
Return on Assets (ROA)		 4.58% 6.72% 3.10% 9.86% 3.46% 10.55% 11.62% 8.78% 11.50% 3.06% 3.41%
Return on Common Equity (ROCE)		 7.24% 11.34% 5.56% 18.19% 6.54% 19.14% 20.64% 16.62% 22.63% 6.87% 8.28%
Return on Equity Simple (ROE_SIMPLE)		 6.78% 11.38% 5.32% 19.08% 6.13% 17.01% 19.61% 17.01% 20.92% 6.93% 0.00%
Net Operating Profit after Tax (NOPAT)		 23 34 15 27 16 68 95 78 62 39 45
NOPAT Margin		 5.50% 6.79% 2.63% 4.31% 2.50% 10.25% 12.26% 9.45% 7.04% 4.22% 4.58%
Net Nonoperating Expense Percent (NNEP)		 -1.33% -0.33% 0.78% 11.50% 1.44% 0.93% -0.80% -1.14% 71.78% 7.38% -0.12%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - 15.73% 11.06% 4.96% 5.30%
Cost of Revenue to Revenue		 41.05% 41.09% 41.84% 42.95% 42.76% 38.93% 35.90% 37.97% 40.32% 42.37% 41.10%
SG&A Expenses to Revenue		 14.50% 14.36% 17.72% 15.69% 17.41% 17.48% 16.91% 16.02% 16.31% 17.02% 20.00%
R&D to Revenue		 9.72% 9.67% 9.42% 9.45% 8.80% 6.91% 6.73% 7.90% 11.00% 9.45% 8.99%
Operating Expenses to Revenue		 49.30% 49.64% 53.43% 51.85% 54.14% 48.28% 50.12% 50.72% 51.86% 50.28% 51.32%
Earnings before Interest and Taxes (EBIT)		 34 44 30 66 25 90 105 92 124 73 92
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 49 64 66 112 75 131 154 161 204 161 183
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 3.54 5.09 4.15 4.08 4.30 5.80 8.21 4.00 3.17 2.04 1.17
Price to Tangible Book Value (P/TBV)		 4.91 7.05 7.18 6.94 6.64 7.97 30.82 0.00 0.00 0.00 0.00
Price to Revenue (P/Rev)		 2.40 2.95 2.34 1.88 2.17 3.67 4.98 2.16 1.91 1.13 0.69
Price to Earnings (P/E)		 52.23 44.77 78.05 21.40 70.15 34.08 41.88 23.50 15.14 29.45 14.91
Dividend Yield		 0.00% 0.00% 0.00% 8.98% 0.00% 1.01% 0.80% 1.92% 2.31% 3.95% 6.91%
Earnings Yield		 1.91% 2.23% 1.28% 4.67% 1.43% 2.93% 2.39% 4.26% 6.61% 3.40% 6.71%
Enterprise Value to Invested Capital (EV/IC)		 4,003.61 156.82 17.20 16.83 44.50 0.00 22.88 4.51 3.50 1.79 1.14
Enterprise Value to Revenue (EV/Rev)		 1.72 2.39 1.89 1.51 1.70 3.03 4.57 2.08 1.83 1.31 0.78
Enterprise Value to EBITDA (EV/EBITDA)		 14.92 18.33 16.05 8.41 14.80 15.41 23.02 10.71 7.83 7.62 4.23
Enterprise Value to EBIT (EV/EBIT)		 21.38 26.55 34.98 14.21 44.44 22.53 33.74 18.65 12.86 16.75 8.41
Enterprise Value to NOPAT (EV/NOPAT)		 31.31 35.19 71.81 35.00 68.07 29.51 37.26 22.02 25.96 31.02 17.09
Enterprise Value to Operating Cash Flow (EV/OCF)		 8.42 11.73 9.74 9.19 10.79 12.22 16.33 10.88 11.37 37.51 4.65
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 45.06 0.00 29.19 23.46 20.19 0.00 0.00 0.00 0.00 14.73
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.11 0.06 0.54 0.47
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.23 0.20
Financial Leverage		 -1.07 -0.99 -0.89 -0.81 -0.87 -0.98 -0.83 -0.41 -0.14 0.09 0.24
Leverage Ratio		 1.58 1.69 1.80 1.84 1.89 1.81 1.78 1.89 1.97 2.24 2.42
Compound Leverage Factor		 1.58 1.69 1.80 1.84 1.89 1.81 1.78 1.86 1.94 1.92 1.98
Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 10.05% 5.39% 34.89% 32.10%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 10.05% 5.39% 19.86% 18.48%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 15.02% 13.63%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 89.95% 94.61% 65.11% 67.90%
Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.31 0.15 1.73 1.50
Net Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.41 -0.35 1.04 0.53
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.74 0.64
Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.64 0.49 7.04 6.06
Net Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.83 -1.14 4.22 2.13
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 3.03 2.57
Altman Z-Score		 5.26 6.04 4.66 4.91 4.48 6.79 7.79 3.96 3.49 1.72 1.57
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 2.04 1.67 1.39 1.37 1.53 1.90 1.16 0.56 0.65 0.41 0.54
Quick Ratio		 1.97 1.56 1.23 1.22 1.42 1.84 1.08 0.48 0.42 0.33 0.46
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -14 26 -39 32 47 100 -66 -150 -13 -189 53
Operating Cash Flow to CapEx		 621.41% 252.07% 196.21% 292.93% 393.57% 600.70% 362.04% 339.20% 314.82% 69.14% 388.94%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -111.97 -6.83 -17.87 3.13
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 118.60 75.69 3.09 9.91
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 83.64 51.65 -1.38 7.36
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 1.00 1.02 1.03 1.12 1.12 0.98 0.98 0.96 0.91 0.80 0.74
Accounts Receivable Turnover		 19.45 14.85 12.66 13.70 14.78 14.67 16.90 14.40 11.04 10.04 9.53
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 14.45 11.21 7.86 7.70 9.64 12.15 15.63 16.13 14.72 14.31 15.35
Accounts Payable Turnover		 28.73 28.77 32.23 37.25 41.78 60.75 44.30 36.39 43.29 43.24 35.20
Days Sales Outstanding (DSO)		 18.77 24.58 28.84 26.63 24.70 24.87 21.60 25.34 33.05 36.37 38.32
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 12.71 12.69 11.32 9.80 8.74 6.01 8.24 10.03 8.43 8.44 10.37
Cash Conversion Cycle (CCC)		 6.06 11.89 17.52 16.84 15.96 18.86 13.37 15.31 24.62 27.92 27.95
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 0.18 7.53 61 56 25 -6.65 154 382 457 685 678
Invested Capital Turnover		 -23.18 128.11 16.22 10.66 16.12 73.12 10.46 3.08 2.09 1.64 1.45
Increase / (Decrease) in Invested Capital		 37 7.35 54 -5.34 -31 -32 161 228 74 228 -7.26
Enterprise Value (EV)		 733 1,181 1,052 940 1,107 2,017 3,534 1,723 1,599 1,224 775
Market Capitalization		 1,021 1,461 1,306 1,170 1,410 2,445 3,848 1,788 1,669 1,058 678
Book Value per Share		 $8.00 $8.16 $9.07 $8.18 $9.25 $11.65 $12.82 $12.49 $14.76 $14.87 $16.36
Tangible Book Value per Share		 $5.76 $5.90 $5.24 $4.81 $5.99 $8.47 $3.42 ($3.00) ($1.14) ($8.60) ($5.89)
Total Capital		 289 287 315 287 328 422 468 497 557 796 856
Total Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 50 30 278 275
Total Long-Term Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 120 117
Net Debt		 -288 -279 -253 -231 -303 -429 -314 -65 -70 166 97
Capital Expenditures (CapEx)		 14 40 55 35 26 27 60 47 45 47 43
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -121 -143 -159 -147 -172 -196 -260 -233 -230 -322 -310
Debt-free Net Working Capital (DFNWC)		 168 136 95 83 131 232 54 -118 -130 -211 -132
Net Working Capital (NWC)		 168 136 95 83 131 232 54 -168 -160 -369 -290
Net Nonoperating Expense (NNE)		 3.85 0.95 -2.08 -28 -3.84 -3.41 2.96 2.16 -49 3.54 -0.16
Net Nonoperating Obligations (NNO)		 -288 -279 -253 -231 -303 -429 -314 -65 -70 166 97
Total Depreciation and Amortization (D&A)		 15 20 35 46 50 41 49 68 80 88 91
Debt-free, Cash-free Net Working Capital to Revenue		 -28.37% -28.89% -28.49% -23.66% -26.47% -29.46% -33.56% -28.17% -26.33% -34.48% -31.31%
Debt-free Net Working Capital to Revenue		 39.46% 27.58% 17.00% 13.38% 20.15% 34.82% 7.04% -14.26% -14.84% -22.58% -13.30%
Net Working Capital to Revenue		 39.46% 27.58% 17.00% 13.38% 20.15% 34.82% 7.04% -20.30% -18.27% -39.49% -29.27%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2.52 $2.11 $3.07 $1.02 $1.29
Adjusted Weighted Average Basic Shares Outstanding		 0.00 0.00 0.00 0.00 0.00 0.00 36.51M 36.04M 35.88M 35.33M 35.29M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2.46 $2.08 $3.04 $1.01 $1.25
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 0.00 0.00 0.00 0.00 0.00 37.32M 36.55M 36.24M 35.66M 36.27M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 0.00 0.00 0.00 0.00 0.00 36.36M 35.84M 35.54M 34.89M 35.55M
Normalized Net Operating Profit after Tax (NOPAT)		 23 34 15 27 16 68 95 94 62 39 45
Normalized NOPAT Margin		 5.50% 6.79% 2.63% 4.31% 2.50% 10.25% 12.26% 11.34% 7.04% 4.22% 4.58%
Pre Tax Income Margin		 8.06% 9.00% 5.40% 10.61% 3.83% 13.43% 13.54% 11.00% 14.00% 6.69% 7.61%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 69.14 66.95 6.92 5.48
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 58.58 33.16 3.74 2.69
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 34.18 42.91 2.45 2.93
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 23.62 9.12 -0.73 0.15
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 191.86% 0.00% 34.00% 33.36% 45.45% 35.07% 117.95% 102.27%
Augmented Payout Ratio		 75.75% 184.60% 149.32% 191.86% 0.00% 34.00% 62.19% 142.01% 60.64% 233.70% 102.27%

Quarterly Metrics And Ratios for Shutterstock

This table displays calculated financial ratios and metrics derived from Shutterstock's official financial filings.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
DEI Shares Outstanding		 - - - - - 34,893,659.00 35,253,704.00 35,474,129.00 35,513,216.00 35,546,755.00 36,738,014.00
DEI Adjusted Shares Outstanding		 - - - - - 34,893,659.00 35,253,704.00 35,474,129.00 35,513,216.00 35,546,755.00 36,738,014.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - 0.54 0.84 0.38 -0.45 -1.34 -4.24
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -0.23% -0.45% 5.37% 7.43% 15.23% 13.21% 21.33% 3.79% -12.02% -17.91% -16.93%
EBITDA Growth		 -16.75% -30.94% -46.18% -11.78% 58.02% 12.25% 81.48% 34.12% -80.21% -148.35% -292.50%
EBIT Growth		 -65.92% -50.77% -67.77% -21.99% 322.68% 17.96% 176.59% 62.11% -219.03% -284.56% -431.75%
NOPAT Growth		 -116.38% -58.64% -46.67% 3.09% -124.41% -29.48% 424.04% -24.06% 28.91% -332.07% -558.38%
Net Income Growth		 -114.28% -50.92% -92.75% -38.02% -42.05% 15.92% 712.14% -24.00% -1,020.99% -354.54% -629.68%
EPS Growth		 -110.00% -50.00% -92.70% -36.71% -100.00% 17.78% 720.00% -26.00% -1,075.00% -352.83% -618.29%
Operating Cash Flow Growth		 -44.49% -87.57% -6.20% -215.69% -76.54% 204.18% -4.04% 776.65% 354.59% -31.20% -97.69%
Free Cash Flow Firm Growth		 66.00% 35.01% 85.29% -156.21% -206.09% -92.48% -2,750.36% 88.11% 102.43% 122.98% 154.15%
Invested Capital Growth		 19.43% 31.20% 2.85% 37.81% 49.98% 42.54% 56.87% 5.00% -1.06% -9.60% -32.48%
Revenue Q/Q Growth		 -6.87% -1.34% 2.68% 13.88% -0.11% -3.07% 10.04% -2.58% -15.33% -9.56% 11.36%
EBITDA Q/Q Growth		 -52.05% 85.82% -8.79% 14.81% -14.11% 30.38% 47.65% -16.38% -87.71% -418.56% -487.85%
EBIT Q/Q Growth		 -88.09% 889.81% -18.78% 32.72% -35.48% 89.28% 91.60% -24.76% -143.62% -193.48% -244.40%
NOPAT Q/Q Growth		 -105.86% 1,376.44% -65.83% 303.20% -112.76% 501.11% 153.91% -41.57% -111.95% -1,209.39% -401.51%
Net Income Q/Q Growth		 -103.54% 1,702.49% -77.51% 385.93% -108.11% 1,407.77% 57.53% -54.53% -219.66% -196.95% -227.82%
EPS Q/Q Growth		 -102.53% 2,350.00% -77.78% 400.00% -108.00% 1,425.00% 54.72% -54.88% -227.03% -185.11% -217.16%
Operating Cash Flow Q/Q Growth		 239.02% -75.55% 236.93% -141.43% 168.76% 216.93% 6.29% 192.11% -53.80% -52.03% -96.42%
Free Cash Flow Firm Q/Q Growth		 -16.40% -40.11% 91.80% -1,815.08% -39.06% 11.89% -21.48% 92.01% 128.43% 732.75% 186.21%
Invested Capital Q/Q Growth		 -6.19% 9.39% -4.79% 41.05% 2.10% 3.96% 4.79% -5.59% -3.80% -5.01% -21.73%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 55.88% 58.84% 58.53% 58.34% 55.08% 58.42% 60.30% 60.57% 55.77% 52.41% 57.72%
EBITDA Margin		 10.92% 19.44% 17.27% 17.41% 14.97% 19.53% 26.21% 22.49% 3.27% -11.50% -60.72%
Operating Margin		 0.98% 7.81% 9.39% 7.24% 5.25% 4.20% 13.01% 12.49% -1.07% -15.54% -69.99%
EBIT Margin		 1.54% 9.51% 7.53% 8.77% 5.67% 10.19% 17.74% 13.70% -7.06% -22.90% -70.83%
Profit (Net Income) Margin		 -0.46% 7.52% 1.65% 7.03% -0.57% 7.70% 11.03% 5.15% -7.27% -23.88% -70.31%
Tax Burden Percent		 -48.84% 79.06% 21.89% 100.50% -17.71% 91.53% 68.26% 42.63% 81.64% 96.34% 96.90%
Interest Burden Percent		 61.40% 100.00% 100.00% 79.75% 56.91% 82.61% 91.08% 88.14% 126.24% 108.24% 102.44%
Effective Tax Rate		 148.84% 20.94% 78.11% -0.50% 117.71% 8.47% 31.74% 57.37% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 -1.00% 12.26% 3.88% 11.35% -1.52% 6.12% 14.69% 7.90% -1.09% -15.19% -70.67%
ROIC Less NNEP Spread (ROIC-NNEP)		 -1.04% 8.08% 5.64% 10.13% 0.35% 21.34% 24.67% 7.54% -12.02% -33.95% -102.20%
Return on Net Nonoperating Assets (RNNOA)		 0.15% -1.09% -0.55% 0.99% 0.03% 2.41% 2.56% 1.74% -2.87% -8.69% -32.27%
Return on Equity (ROE)		 -0.85% 11.17% 3.33% 12.33% -1.49% 8.53% 17.25% 9.64% -3.97% -23.88% -102.93%
Cash Return on Invested Capital (CROIC)		 -3.03% -17.60% 5.75% -25.39% -33.07% -28.76% -35.27% 2.80% 7.72% -8.67% 21.29%
Operating Return on Assets (OROA)		 1.41% 8.88% 6.63% 6.69% 4.52% 8.34% 15.06% 10.26% -5.24% -16.45% -51.72%
Return on Assets (ROA)		 -0.42% 7.02% 1.45% 5.36% -0.46% 6.31% 9.36% 3.85% -5.40% -17.16% -51.33%
Return on Common Equity (ROCE)		 -0.85% 11.21% 3.35% 12.33% -1.49% 8.53% 17.33% 9.64% -3.97% -23.88% -102.93%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 17.28% 9.06% 6.95% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -1.04 13 4.52 18 -2.33 9.34 24 14 -1.65 -22 -109
NOPAT Margin		 -0.48% 6.18% 2.06% 7.28% -0.93% 3.85% 8.88% 5.33% -0.75% -10.88% -48.99%
Net Nonoperating Expense Percent (NNEP)		 0.05% 4.19% -1.76% 1.22% -1.87% -15.21% -9.98% 0.36% 10.93% 18.75% 31.53%
Return On Investment Capital (ROIC_SIMPLE)		 -0.19% - - - -0.29% 1.13% 2.75% 1.59% -0.19% -2.69% -17.06%
Cost of Revenue to Revenue		 44.12% 41.16% 41.47% 41.66% 44.92% 41.58% 39.70% 39.43% 44.23% 47.59% 42.28%
SG&A Expenses to Revenue		 15.26% 14.97% 16.54% 17.57% 18.63% 24.03% 18.14% 16.65% 21.78% 33.93% 19.81%
R&D to Revenue		 10.79% 9.82% 9.02% 11.42% 7.55% 8.19% 7.77% 8.60% 11.82% 9.74% 7.92%
Operating Expenses to Revenue		 54.90% 51.03% 49.14% 51.09% 49.83% 54.21% 47.29% 48.08% 56.84% 67.95% 127.70%
Earnings before Interest and Taxes (EBIT)		 3.36 20 17 22 14 25 47 36 -16 -46 -157
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 24 42 38 44 37 47 70 59 7.19 -23 -135
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 3.17 3.00 2.64 2.40 2.04 1.11 1.14 1.24 1.17 1.11 1.41
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Price to Revenue (P/Rev)		 1.91 1.86 1.57 1.39 1.13 0.63 0.66 0.73 0.69 0.62 0.57
Price to Earnings (P/E)		 15.14 17.35 29.41 34.46 29.45 15.72 10.39 12.31 14.91 0.00 0.00
Dividend Yield		 2.31% 2.44% 2.95% 3.31% 3.95% 7.09% 6.65% 6.19% 6.91% 8.13% 9.68%
Earnings Yield		 6.61% 5.76% 3.40% 2.90% 3.40% 6.36% 9.62% 8.12% 6.71% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 3.50 3.17 2.82 2.09 1.79 1.08 1.11 1.21 1.14 1.09 1.30
Enterprise Value to Revenue (EV/Rev)		 1.83 1.81 1.52 1.55 1.31 0.80 0.82 0.83 0.78 0.74 0.72
Enterprise Value to EBITDA (EV/EBITDA)		 7.83 8.62 8.89 9.65 7.62 4.64 4.20 4.00 4.23 6.23 0.00
Enterprise Value to EBIT (EV/EBIT)		 12.86 15.59 20.15 23.18 16.75 10.01 7.73 7.04 8.41 32.16 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 25.96 38.30 33.43 37.76 31.02 20.13 15.06 16.08 17.09 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 11.37 19.27 16.73 23.89 37.51 15.52 17.09 6.14 4.65 4.42 4.92
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 49.76 0.00 0.00 0.00 0.00 44.12 14.73 0.00 4.91
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.06 0.06 0.06 0.53 0.54 0.51 0.47 0.46 0.47 0.52 0.75
Long-Term Debt to Equity		 0.00 0.00 0.00 0.23 0.23 0.22 0.20 0.20 0.20 0.22 0.32
Financial Leverage		 -0.14 -0.14 -0.10 0.10 0.09 0.11 0.10 0.23 0.24 0.26 0.32
Leverage Ratio		 1.97 1.84 1.93 2.24 2.24 2.16 2.15 2.44 2.42 2.44 2.60
Compound Leverage Factor		 1.21 1.84 1.93 1.79 1.28 1.79 1.96 2.15 3.06 2.64 2.66
Debt to Total Capital		 5.39% 5.25% 5.45% 34.81% 34.89% 33.61% 32.03% 31.67% 32.10% 33.99% 42.90%
Short-Term Debt to Total Capital		 5.39% 5.25% 5.45% 19.80% 19.86% 19.18% 18.33% 18.18% 18.48% 19.61% 24.82%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 15.01% 15.02% 14.42% 13.70% 13.49% 13.63% 14.38% 18.08%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 94.61% 94.75% 95.44% 65.19% 65.11% 66.39% 67.97% 68.33% 67.90% 66.01% 57.10%
Debt to EBITDA		 0.15 0.16 0.20 1.92 1.73 1.67 1.40 1.30 1.50 2.43 -2.97
Net Debt to EBITDA		 -0.35 -0.23 -0.30 1.02 1.04 0.99 0.81 0.52 0.53 0.99 -1.52
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.83 0.74 0.72 0.60 0.55 0.64 1.03 -1.25
Debt to NOPAT		 0.49 0.73 0.75 7.53 7.04 7.24 5.02 5.22 6.06 -2.16 -2.50
Net Debt to NOPAT		 -1.14 -1.01 -1.12 3.99 4.22 4.31 2.91 2.08 2.13 -0.88 -1.28
Long-Term Debt to NOPAT		 0.00 0.00 0.00 3.25 3.03 3.11 2.15 2.22 2.57 -0.91 -1.05
Altman Z-Score		 3.10 3.18 2.90 1.65 1.57 1.30 1.44 1.51 1.31 1.07 0.57
Noncontrolling Interest Sharing Ratio		 0.00% -0.37% -0.84% 0.00% 0.00% 0.00% -0.45% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.65 0.60 0.56 0.42 0.41 0.43 0.49 0.53 0.54 0.51 0.48
Quick Ratio		 0.42 0.38 0.40 0.34 0.33 0.36 0.42 0.46 0.46 0.42 0.40
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -75 -106 -8.66 -166 -231 -203 -247 -20 5.61 47 134
Operating Cash Flow to CapEx		 341.88% 57.40% 308.15% -78.48% 89.33% 233.60% 237.23% 752.16% 351.11% 149.81% 6.14%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 -37.24 0.00 -47.26 -58.41 -4.67 1.37 12.41 34.85
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 -2.60 0.00 5.87 6.35 18.55 8.88 4.62 0.16
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 -5.92 0.00 3.36 3.68 16.08 6.35 1.54 -2.48
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.91 0.93 0.88 0.76 0.80 0.82 0.85 0.75 0.74 0.72 0.73
Accounts Receivable Turnover		 11.04 12.28 11.12 10.16 10.04 9.37 8.11 9.39 9.53 8.80 7.10
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 14.72 14.56 14.45 13.82 14.31 14.93 15.99 15.53 15.35 14.84 14.48
Accounts Payable Turnover		 43.29 42.29 44.41 34.16 43.24 32.09 31.94 29.07 35.20 27.03 26.82
Days Sales Outstanding (DSO)		 33.05 29.73 32.83 35.92 36.37 38.97 45.01 38.89 38.32 41.48 51.44
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 8.43 8.63 8.22 10.68 8.44 11.38 11.43 12.56 10.37 13.50 13.61
Cash Conversion Cycle (CCC)		 24.62 21.10 24.61 25.24 27.92 27.59 33.58 26.33 27.95 27.97 37.83
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 457 499 476 671 685 712 746 704 678 644 504
Invested Capital Turnover		 2.09 1.99 1.89 1.56 1.64 1.59 1.65 1.48 1.45 1.40 1.44
Increase / (Decrease) in Invested Capital		 74 119 13 184 228 212 270 34 -7.26 -68 -242
Enterprise Value (EV)		 1,599 1,581 1,342 1,401 1,224 770 828 850 775 702 653
Market Capitalization		 1,669 1,623 1,387 1,253 1,058 605 668 740 678 590 512
Book Value per Share		 $14.76 $15.21 $14.66 $14.76 $14.87 $15.68 $16.63 $16.75 $16.36 $14.97 $9.90
Tangible Book Value per Share		 ($1.14) ($1.02) ($1.17) ($9.32) ($8.60) ($7.55) ($6.44) ($5.84) ($5.89) ($6.92) ($6.22)
Total Capital		 557 571 550 802 796 824 862 870 856 806 637
Total Debt		 30 30 30 279 278 277 276 275 275 274 273
Total Long-Term Debt		 0.00 0.00 0.00 120 120 119 118 117 117 116 115
Net Debt		 -70 -42 -45 148 166 165 160 110 97 111 140
Capital Expenditures (CapEx)		 9.93 14 9.08 15 8.92 11 11 10 10 12 10
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -230 -216 -236 -359 -322 -305 -284 -302 -310 -312 -282
Debt-free Net Working Capital (DFNWC)		 -130 -144 -161 -227 -211 -193 -167 -136 -132 -150 -149
Net Working Capital (NWC)		 -160 -174 -191 -386 -369 -351 -326 -294 -290 -308 -307
Net Nonoperating Expense (NNE)		 -0.03 -2.88 0.90 0.63 -0.90 -9.35 -5.73 0.46 14 26 47
Net Nonoperating Obligations (NNO)		 -70 -42 -45 148 166 165 160 110 97 111 140
Total Depreciation and Amortization (D&A)		 20 21 21 22 23 23 23 23 23 23 22
Debt-free, Cash-free Net Working Capital to Revenue		 -26.33% -24.71% -26.71% -39.74% -34.48% -31.69% -28.09% -29.57% -31.31% -32.99% -31.33%
Debt-free Net Working Capital to Revenue		 -14.84% -16.49% -18.25% -25.18% -22.58% -20.04% -16.57% -13.34% -13.30% -15.82% -16.55%
Net Working Capital to Revenue		 -18.27% -19.93% -21.64% -42.78% -39.49% -36.45% -32.22% -28.84% -29.27% -32.53% -34.09%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.03) $0.45 $0.10 $0.50 ($0.03) $0.54 $0.84 $0.38 ($0.47) ($1.34) ($4.25)
Adjusted Weighted Average Basic Shares Outstanding		 35.88M 35.59M 35.70M 35.17M 35.33M 34.89M 35.26M 35.48M 35.29M 35.54M 36.70M
Adjusted Diluted Earnings per Share		 ($0.02) $0.45 $0.10 $0.50 ($0.04) $0.53 $0.82 $0.37 ($0.47) ($1.34) ($4.25)
Adjusted Weighted Average Diluted Shares Outstanding		 36.24M 36.07M 35.98M 35.47M 35.66M 35.32M 35.96M 36.64M 36.27M 35.54M 36.70M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 35.54M 35.84M 35.42M 34.86M 34.89M 35.25M 35.47M 35.51M 35.55M 36.74M 36.95M
Normalized Net Operating Profit after Tax (NOPAT)		 1.49 13 14 13 9.20 9.34 24 23 -1.65 -22 13
Normalized NOPAT Margin		 0.68% 6.18% 6.57% 5.07% 3.68% 3.85% 8.88% 8.74% -0.75% -10.88% 5.84%
Pre Tax Income Margin		 0.95% 9.51% 7.53% 6.99% 3.22% 8.42% 16.15% 12.07% -8.91% -24.79% -72.56%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 4.94 0.00 5.75 11.21 8.43 -3.81 -12.13 -40.99
NOPAT to Interest Expense		 0.00 0.00 0.00 4.10 0.00 2.17 5.61 3.28 -0.41 -5.76 -28.35
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 1.62 0.00 3.24 8.53 5.96 -6.34 -15.22 -43.62
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.78 0.00 -0.34 2.93 0.81 -2.94 -8.85 -30.99
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 35.07% 42.40% 86.11% 114.38% 117.95% 112.27% 68.69% 75.34% 102.27% -230.29% -23.97%
Augmented Payout Ratio		 60.64% 42.40% 181.10% 254.09% 233.70% 112.27% 101.35% 75.34% 102.27% -230.29% -23.97%

Financials Breakdown Chart

Key Financial Trends

Shutterstock’s latest quarter shows a sharp rebound in profitability from the prior quarter, but the business is still under pressure compared with last year’s results. In Q1 2026, revenue was $199.2 million and the company posted a net loss of $47.6 million, or $1.34 per share. Operating cash flow was positive at $17.4 million, which remains an important support for the balance sheet.

Over the last four years, Shutterstock has generally remained cash-generative, but earnings and revenue have become more volatile. The company’s quarterly revenue has drifted down from the low-$200 million range in 2023 to roughly $199 million in Q1 2026, while operating margins have swung materially quarter to quarter. That suggests a business that still produces meaningful gross profit, but one that is struggling to convert that into consistent bottom-line growth.

  • Operating cash flow remained positive in Q1 2026 at $17.4 million, showing the business is still generating cash from operations despite the net loss.
  • Cash and equivalents increased sequentially to $162.5 million from $165.5 million in Q3 2025 and well above the $112.2 million reported in Q1 2025.
  • Debt appears manageable relative to liquidity, with $274.0 million of total debt versus $532.1 million of equity in Q1 2026.
  • Gross profit remained strong at $104.4 million in Q1 2026, indicating the core content/licensing model still carries solid margin structure.
  • Earlier periods showed stronger earnings power, including Q2 2025 and Q3 2025, when Shutterstock generated net income of $29.4 million and $13.4 million, respectively.
  • Revenue has been relatively range-bound over the past year, generally moving between about $199 million and $267 million per quarter.
  • Deferred revenue remains sizable at $208.7 million in Q1 2026, which can support future recognized revenue if customer demand holds up.
  • Share count has stayed fairly steady, suggesting no major recent dilution trend from the income statement data provided.
  • Q1 2026 was a loss-making quarter, with operating income of negative $31.0 million and net loss of $47.6 million.
  • Profitability weakened sharply versus late 2025, when Q3 2025 produced $13.4 million in net income and Q4 2025 still had much better operating performance than Q1 2026.

The most concerning trend is the decline in operating performance since mid-2025. In Q3 2025, Shutterstock generated $32.5 million of operating income and $13.4 million of net income. By Q4 2025, operating income had dropped to a loss of $2.4 million, and in Q1 2026 it worsened to a loss of $31.0 million. That kind of swing usually points to either weaker top-line momentum, higher costs, or both.

Looking longer term, Shutterstock has also expanded its balance sheet through acquisition-related assets. Goodwill was $574.2 million in Q1 2025 and $574.2 million in Q1 2026, while intangible assets remained above $200 million. That leaves a large portion of the asset base tied to prior deals, which can be a risk if acquired businesses do not deliver expected returns.

Bottom line: Shutterstock still has liquidity, continues to generate operating cash, and carries a decent equity base. But the recent earnings trend is negative, and investors should watch whether the company can stabilize revenue and restore operating margin in upcoming quarters.

08/10/26 11:48 PM ETAI Generated. May Contain Errors.

Shutterstock Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Shutterstock's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Shutterstock's net income appears to be on an upward trend, with a most recent value of $45.50 million in 2025, rising from $19.55 million in 2015. The previous period was $35.93 million in 2024. View Shutterstock's forecast to see where analysts expect Shutterstock to go next.

Shutterstock's total operating income in 2025 was $75.06 million, based on the following breakdown:
  • Total Gross Profit: $583.08 million
  • Total Operating Expenses: $508.02 million

Over the last 10 years, Shutterstock's total revenue changed from $425.15 million in 2015 to $989.93 million in 2025, a change of 132.8%.

Shutterstock's total liabilities were at $774.90 million at the end of 2025, a 2.0% decrease from 2024, and a 329.2% increase since 2015.

In the past 10 years, Shutterstock's cash and equivalents has ranged from $100.49 million in 2023 to $428.57 million in 2020, and is currently $178.24 million as of their latest financial filing in 2025.

Over the last 10 years, Shutterstock's book value per share changed from 8.00 in 2015 to 16.36 in 2025, a change of 104.6%.


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Financial statements for NYSE:SSTK last updated on 7/2/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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