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Shutterstock (SSTK) Financials

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$12.96 +0.00 (+0.03%)
Closing price 06/5/2026 03:59 PM Eastern
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$13.04 +0.07 (+0.56%)
As of 08:53 AM 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 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 76 110 36
Consolidated Net Income / (Loss)		 76 110 36
Net Income / (Loss) Continuing Operations		 76 110 36
Total Pre-Tax Income 		91 122 63
Total Operating Income		 94 68 69
Total Gross Profit		 514 522 539
Total Revenue		 828 875 935
Operating Revenue		 828 875 935
Total Cost of Revenue		 314 353 396
Operating Cost of Revenue		 314 353 396
Total Operating Expenses		 420 454 470
Selling, General & Admin Expense		 133 143 159
Marketing Expense		 203 215 223
Research & Development Expense		 65 96 88
Impairment Charge		 19 0.00 0.00
Total Other Income / (Expense), net		 -2.59 54 -6.16
Interest Expense		 1.34 1.86 11
Other Income / (Expense), net		 -1.25 56 4.40
Income Tax Expense		 15 12 27
Basic Earnings per Share		 $2.11 $3.07 $1.02
Weighted Average Basic Shares Outstanding		 36.04M 35.88M 35.33M
Diluted Earnings per Share		 $2.08 $3.04 $1.01
Weighted Average Diluted Shares Outstanding		 36.55M 36.24M 35.66M
Weighted Average Basic & Diluted Shares Outstanding		 35.84M 35.54M 34.89M
Cash Dividends to Common per Share		 $0.96 $1.08 $1.20

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 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 23 7.05 33 50 28 -1.01 16 3.63 18 -1.43
Consolidated Net Income / (Loss)		 23 7.05 33 50 28 -1.01 16 3.63 18 -1.43
Net Income / (Loss) Continuing Operations		 23 7.05 33 50 28 -1.01 16 3.63 18 -1.43
Total Pre-Tax Income 		27 8.51 41 51 28 2.06 20 17 18 8.07
Total Operating Income		 29 7.65 40 8.72 17 2.12 17 21 18 13
Total Gross Profit		 124 130 137 124 139 121 126 129 146 138
Total Revenue		 204 218 215 209 233 217 214 220 251 250
Operating Revenue		 204 218 215 209 233 217 214 220 251 250
Total Cost of Revenue		 80 88 78 84 94 96 88 91 104 112
Operating Cost of Revenue		 80 88 78 84 94 96 88 91 104 112
Total Operating Expenses		 96 122 97 116 122 119 109 108 128 125
Selling, General & Admin Expense		 30 39 34 38 38 33 32 36 44 47
Marketing Expense		 48 48 48 48 56 63 56 52 55 59
Research & Development Expense		 18 17 15 29 28 23 21 20 29 19
Total Other Income / (Expense), net		 -1.55 0.86 1.05 43 10 -0.06 3.64 -4.11 -0.62 -5.08
Other Income / (Expense), net		 -1.55 2.20 1.05 43 11 1.23 3.64 -4.11 3.83 1.03
Income Tax Expense		 4.10 1.46 8.57 1.37 -0.81 3.07 4.27 13 -0.09 9.50
Basic Earnings per Share		 $0.64 $0.20 $0.92 $1.39 $0.79 ($0.03) $0.45 $0.10 $0.50 ($0.03)
Weighted Average Basic Shares Outstanding		 35.93M 36.04M 35.86M 36.05M 35.91M 35.88M 35.59M 35.70M 35.17M 35.33M
Diluted Earnings per Share		 $0.64 $0.20 $0.90 $1.37 $0.79 ($0.02) $0.45 $0.10 $0.50 ($0.04)
Weighted Average Diluted Shares Outstanding		 36.27M 36.55M 36.58M 36.41M 36.08M 36.24M 36.07M 35.98M 35.47M 35.66M
Weighted Average Basic & Diluted Shares Outstanding		 35.82M 35.84M 36.05M 36.08M 35.71M 35.54M 35.84M 35.42M 34.86M 34.89M

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 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Net Change in Cash & Equivalents		 -199 -15 11
Net Cash From Operating Activities		 158 141 33
Net Cash From Continuing Operating Activities		 158 141 33
Net Income / (Loss) Continuing Operations		 76 110 36
Consolidated Net Income / (Loss)		 76 110 36
Depreciation Expense		 68 80 88
Non-Cash Adjustments To Reconcile Net Income		 58 0.21 52
Changes in Operating Assets and Liabilities, net		 -44 -50 -143
Net Cash From Investing Activities		 -276 -54 -166
Net Cash From Continuing Investing Activities		 -276 -54 -166
Purchase of Property, Plant & Equipment		 -47 -45 -47
Acquisitions		 -229 -65 -183
Other Investing Activities, net		 -0.17 55 64
Net Cash From Financing Activities		 -79 -103 150
Net Cash From Continuing Financing Activities		 -79 -103 150
Repayment of Debt		 -0.62 -50 -34
Repurchase of Common Equity		 -73 -28 -42
Payment of Dividends		 -35 -39 -42
Issuance of Debt		 50 30 280
Other Financing Activities, net		 -21 -16 -12
Effect of Exchange Rate Changes		 -2.28 1.80 -5.81
Cash Interest Paid		 1.05 1.72 7.83
Cash Income Taxes Paid		 23 33 34

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 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
Net Change in Cash & Equivalents		 -7.80 39 -19 -8.69 -12 25 -29 3.06 57 -20
Net Cash From Operating Activities		 38 61 67 30 10 34 8.30 28 -12 7.97
Net Cash From Continuing Operating Activities		 38 61 67 30 10 34 8.30 28 -12 7.97
Net Income / (Loss) Continuing Operations		 23 7.05 33 50 28 -1.01 16 3.63 18 -1.43
Consolidated Net Income / (Loss)		 23 7.05 33 50 28 -1.01 16 3.63 18 -1.43
Depreciation Expense		 18 19 19 19 21 20 21 21 22 23
Non-Cash Adjustments To Reconcile Net Income		 9.46 33 9.43 -27 3.51 14 5.89 18 -32 60
Changes in Operating Assets and Liabilities, net		 -13 2.33 5.60 -13 -43 0.57 -35 -15 -19 -74
Net Cash From Investing Activities		 -18 -18 -16 -50 4.21 7.60 -17 8.30 -148 -10
Net Cash From Continuing Investing Activities		 -18 -18 -16 -50 4.21 7.60 -17 8.30 -148 -10
Purchase of Property, Plant & Equipment		 -14 -12 -12 -10 -12 -9.93 -14 -9.08 -15 -8.92
Acquisitions		 -3.94 -5.63 -3.53 -55 -4.47 -1.37 -20 -0.83 -160 -1.56
Other Investing Activities, net		 -0.00 0.11 -0.03 16 21 19 18 18 27 0.43
Net Cash From Financing Activities		 -25 -9.21 -71 13 -25 -19 -19 -32 213 -12
Net Cash From Continuing Financing Activities		 -25 -9.21 -71 13 -25 -19 -19 -32 213 -12
Repayment of Debt		 - - -50 - - - 0.00 - -32 -1.56
Payment of Dividends		 -8.63 -8.59 -9.66 -9.73 -9.64 -9.64 -11 -11 -11 -10
Other Financing Activities, net		 0.30 -0.63 -11 -3.54 -0.67 -0.63 -7.97 -0.89 -2.86 -0.45
Cash Interest Paid		 0.38 0.57 0.43 0.00 0.80 0.49 0.51 0.50 1.95 4.88
Cash Income Taxes Paid		 6.78 3.97 -5.15 12 9.18 17 2.90 9.66 9.74 12

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 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Total Assets		 881 1,036 1,309
Total Current Assets		 216 293 256
Cash & Equivalents		 115 100 111
Accounts Receivable		 67 91 95
Prepaid Expenses		 33 101 49
Plant, Property, & Equipment, net		 55 64 66
Total Noncurrent Assets		 611 679 987
Goodwill		 382 383 570
Intangible Assets		 173 184 248
Noncurrent Deferred & Refundable Income Taxes		 17 25 71
Other Noncurrent Operating Assets		 39 87 98
Total Liabilities & Shareholders' Equity		 881 1,036 1,309
Total Liabilities		 434 509 791
Total Current Liabilities		 384 452 625
Short-Term Debt		 50 30 158
Accounts Payable		 7.18 9.11 9.22
Accrued Expenses		 128 186 208
Current Deferred Revenue		 187 203 225
Other Current Liabilities		 11 24 25
Total Noncurrent Liabilities		 50 57 166
Long-Term Debt		 - 0.00 120
Noncurrent Deferred & Payable Income Tax Liabilities		 4.47 4.18 2.17
Other Noncurrent Operating Liabilities		 46 52 44
Commitments & Contingencies		 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 447 527 518
Total Preferred & Common Equity		 447 527 518
Total Common Equity		 447 527 518
Common Stock		 392 425 469
Retained Earnings		 271 343 336
Treasury Stock		 -200 -228 -270
Accumulated Other Comprehensive Income / (Loss)		 -15 -12 -17

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 Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024
Period end date 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024
Total Assets		 840 843 1,004 1,016 1,029 1,004 1,349
Total Current Assets		 161 179 273 269 259 241 277
Cash & Equivalents		 76 96 87 75 72 75 131
Accounts Receivable		 53 48 62 85 94 97 92
Prepaid Expenses		 32 35 125 109 93 69 54
Plant, Property, & Equipment, net		 55 57 59 62 63 63 69
Total Noncurrent Assets		 624 607 671 685 706 700 1,003
Goodwill		 380 383 383 382 403 403 607
Intangible Assets		 173 168 202 194 175 165 246
Noncurrent Deferred & Refundable Income Taxes		 12 18 1.61 20 28 24 50
Other Noncurrent Operating Assets		 59 39 85 89 100 109 100
Total Liabilities & Shareholders' Equity		 840 843 1,004 1,016 1,029 1,004 1,349
Total Liabilities		 410 366 485 484 487 483 826
Total Current Liabilities		 360 313 408 424 433 432 663
Short-Term Debt		 50 0.00 30 30 30 30 159
Accounts Payable		 6.47 7.78 6.10 7.15 9.37 11 15
Accrued Expenses		 117 114 153 174 161 163 210
Current Deferred Revenue		 174 181 207 203 198 187 226
Other Current Liabilities		 13 11 11 11 35 43 53
Total Noncurrent Liabilities		 50 53 77 60 54 51 163
Long-Term Debt		 - - - - - - 120
Noncurrent Deferred & Payable Income Tax Liabilities		 3.50 4.77 17 4.37 3.80 3.74 3.12
Other Noncurrent Operating Liabilities		 46 48 60 55 50 47 39
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 431 477 520 532 541 520 523
Total Preferred & Common Equity		 431 477 520 532 541 520 523
Total Common Equity		 431 480 523 532 541 525 523
Common Stock		 381 396 403 413 435 442 454
Retained Earnings		 273 294 335 353 348 341 348
Treasury Stock		 -200 -200 -204 -219 -228 -249 -270
Accumulated Other Comprehensive Income / (Loss)		 -23 -14 -14 -16 -13 -14 -9.49

Annual Metrics And Ratios for Shutterstock

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

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Growth Metrics		 - - -
Revenue Growth		 7.04% 5.65% 6.94%
EBITDA Growth		 4.78% 26.87% -21.23%
EBIT Growth		 -11.80% 34.59% -41.20%
NOPAT Growth		 -17.48% -21.31% -35.91%
Net Income Growth		 -17.17% 44.89% -67.41%
EPS Growth		 -15.45% 46.15% -66.78%
Operating Cash Flow Growth		 -26.77% -11.30% -76.77%
Free Cash Flow Firm Growth		 -125.72% 91.52% -1,387.30%
Invested Capital Growth		 147.52% 19.43% 49.98%
Revenue Q/Q Growth		 1.46% -0.06% 3.67%
EBITDA Q/Q Growth		 -0.42% -1.66% 10.76%
EBIT Q/Q Growth		 -4.42% -3.98% 20.99%
NOPAT Q/Q Growth		 -12.49% -9.23% 6.41%
Net Income Q/Q Growth		 -11.45% -6.81% -1.16%
EPS Q/Q Growth		 -10.73% -6.75% -1.94%
Operating Cash Flow Q/Q Growth		 4.38% -16.22% -44.32%
Free Cash Flow Firm Q/Q Growth		 -6.41% 12.78% -28.46%
Invested Capital Q/Q Growth		 -5.44% -6.19% 2.10%
Profitability Metrics		 - - -
Gross Margin		 62.03% 59.68% 57.63%
EBITDA Margin		 19.43% 23.33% 17.19%
Operating Margin		 11.31% 7.82% 7.35%
EBIT Margin		 11.16% 14.22% 7.82%
Profit (Net Income) Margin		 9.19% 12.61% 3.84%
Tax Burden Percent		 83.60% 90.04% 57.45%
Interest Burden Percent		 98.55% 98.51% 85.55%
Effective Tax Rate		 16.40% 9.96% 42.55%
Return on Invested Capital (ROIC)		 29.16% 14.68% 6.92%
ROIC Less NNEP Spread (ROIC-NNEP)		 30.30% -57.10% -0.46%
Return on Net Nonoperating Assets (RNNOA)		 -12.54% 7.95% -0.04%
Return on Equity (ROE)		 16.62% 22.63% 6.87%
Cash Return on Invested Capital (CROIC)		 -55.74% -3.03% -33.07%
Operating Return on Assets (OROA)		 10.66% 12.97% 6.23%
Return on Assets (ROA)		 8.78% 11.50% 3.06%
Return on Common Equity (ROCE)		 16.62% 22.63% 6.87%
Return on Equity Simple (ROE_SIMPLE)		 17.01% 20.92% 6.93%
Net Operating Profit after Tax (NOPAT)		 78 62 39
NOPAT Margin		 9.45% 7.04% 4.22%
Net Nonoperating Expense Percent (NNEP)		 -1.14% 71.78% 7.38%
Return On Investment Capital (ROIC_SIMPLE)		 15.73% 11.06% 4.96%
Cost of Revenue to Revenue		 37.97% 40.32% 42.37%
SG&A Expenses to Revenue		 16.02% 16.31% 17.02%
R&D to Revenue		 7.90% 11.00% 9.45%
Operating Expenses to Revenue		 50.72% 51.86% 50.28%
Earnings before Interest and Taxes (EBIT)		 92 124 73
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 161 204 161
Valuation Ratios		 - - -
Price to Book Value (P/BV)		 4.00 3.17 2.04
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00
Price to Revenue (P/Rev)		 2.16 1.91 1.13
Price to Earnings (P/E)		 23.50 15.14 29.45
Dividend Yield		 1.92% 2.31% 3.95%
Earnings Yield		 4.26% 6.61% 3.40%
Enterprise Value to Invested Capital (EV/IC)		 4.51 3.50 1.79
Enterprise Value to Revenue (EV/Rev)		 2.08 1.83 1.31
Enterprise Value to EBITDA (EV/EBITDA)		 10.71 7.83 7.62
Enterprise Value to EBIT (EV/EBIT)		 18.65 12.86 16.75
Enterprise Value to NOPAT (EV/NOPAT)		 22.02 25.96 31.02
Enterprise Value to Operating Cash Flow (EV/OCF)		 10.88 11.37 37.51
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00
Leverage & Solvency		 - - -
Debt to Equity		 0.11 0.06 0.54
Long-Term Debt to Equity		 0.00 0.00 0.23
Financial Leverage		 -0.41 -0.14 0.09
Leverage Ratio		 1.89 1.97 2.24
Compound Leverage Factor		 1.86 1.94 1.92
Debt to Total Capital		 10.05% 5.39% 34.89%
Short-Term Debt to Total Capital		 10.05% 5.39% 19.86%
Long-Term Debt to Total Capital		 0.00% 0.00% 15.02%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00%
Common Equity to Total Capital		 89.95% 94.61% 65.11%
Debt to EBITDA		 0.31 0.15 1.73
Net Debt to EBITDA		 -0.41 -0.35 1.04
Long-Term Debt to EBITDA		 0.00 0.00 0.74
Debt to NOPAT		 0.64 0.49 7.04
Net Debt to NOPAT		 -0.83 -1.14 4.22
Long-Term Debt to NOPAT		 0.00 0.00 3.03
Altman Z-Score		 3.96 3.49 1.72
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00%
Liquidity Ratios		 - - -
Current Ratio		 0.56 0.65 0.41
Quick Ratio		 0.48 0.42 0.33
Cash Flow Metrics		 - - -
Free Cash Flow to Firm (FCFF)		 -150 -13 -189
Operating Cash Flow to CapEx		 339.20% 314.82% 69.14%
Free Cash Flow to Firm to Interest Expense		 -111.97 -6.83 -17.87
Operating Cash Flow to Interest Expense		 118.60 75.69 3.09
Operating Cash Flow Less CapEx to Interest Expense		 83.64 51.65 -1.38
Efficiency Ratios		 - - -
Asset Turnover		 0.96 0.91 0.80
Accounts Receivable Turnover		 14.40 11.04 10.04
Inventory Turnover		 0.00 0.00 0.00
Fixed Asset Turnover		 16.13 14.72 14.31
Accounts Payable Turnover		 36.39 43.29 43.24
Days Sales Outstanding (DSO)		 25.34 33.05 36.37
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 10.03 8.43 8.44
Cash Conversion Cycle (CCC)		 15.31 24.62 27.92
Capital & Investment Metrics		 - - -
Invested Capital		 382 457 685
Invested Capital Turnover		 3.08 2.09 1.64
Increase / (Decrease) in Invested Capital		 228 74 228
Enterprise Value (EV)		 1,723 1,599 1,224
Market Capitalization		 1,788 1,669 1,058
Book Value per Share		 $12.49 $14.76 $14.87
Tangible Book Value per Share		 ($3.00) ($1.14) ($8.60)
Total Capital		 497 557 796
Total Debt		 50 30 278
Total Long-Term Debt		 0.00 0.00 120
Net Debt		 -65 -70 166
Capital Expenditures (CapEx)		 47 45 47
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -233 -230 -322
Debt-free Net Working Capital (DFNWC)		 -118 -130 -211
Net Working Capital (NWC)		 -168 -160 -369
Net Nonoperating Expense (NNE)		 2.16 -49 3.54
Net Nonoperating Obligations (NNO)		 -65 -70 166
Total Depreciation and Amortization (D&A)		 68 80 88
Debt-free, Cash-free Net Working Capital to Revenue		 -28.17% -26.33% -34.48%
Debt-free Net Working Capital to Revenue		 -14.26% -14.84% -22.58%
Net Working Capital to Revenue		 -20.30% -18.27% -39.49%
Earnings Adjustments		 - - -
Adjusted Basic Earnings per Share		 $2.11 $3.07 $1.02
Adjusted Weighted Average Basic Shares Outstanding		 36.04M 35.88M 35.33M
Adjusted Diluted Earnings per Share		 $2.08 $3.04 $1.01
Adjusted Weighted Average Diluted Shares Outstanding		 36.55M 36.24M 35.66M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 35.84M 35.54M 34.89M
Normalized Net Operating Profit after Tax (NOPAT)		 94 62 39
Normalized NOPAT Margin		 11.34% 7.04% 4.22%
Pre Tax Income Margin		 11.00% 14.00% 6.69%
Debt Service Ratios		 - - -
EBIT to Interest Expense		 69.14 66.95 6.92
NOPAT to Interest Expense		 58.58 33.16 3.74
EBIT Less CapEx to Interest Expense		 34.18 42.91 2.45
NOPAT Less CapEx to Interest Expense		 23.62 9.12 -0.73
Payout Ratios		 - - -
Dividend Payout Ratio		 45.45% 35.07% 117.95%
Augmented Payout Ratio		 142.01% 60.64% 233.70%

Quarterly Metrics And Ratios for Shutterstock

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

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
Growth Metrics		 - - - - - - - - - -
Revenue Growth		 4.97% 5.80% 8.11% 0.95% 14.28% -0.23% -0.45% 5.37% 7.43% 15.23%
EBITDA Growth		 33.89% -2.30% 26.33% 79.96% 8.92% -16.75% -30.94% -46.18% -11.78% 58.02%
EBIT Growth		 32.90% -30.24% 26.74% 126.22% 3.82% -65.92% -50.77% -67.77% -21.99% 322.68%
NOPAT Growth		 39.94% -63.74% 23.34% -60.95% -27.34% -116.38% -58.64% -46.67% 3.09% -124.41%
Net Income Growth		 43.74% -58.27% 23.60% 157.20% 23.35% -114.28% -50.92% -92.75% -38.02% -42.05%
EPS Growth		 48.84% -55.56% 26.76% 158.49% 23.44% -110.00% -50.00% -92.70% -36.71% -100.00%
Operating Cash Flow Growth		 -30.98% 12.20% 193.87% -19.10% -73.45% -44.49% -87.57% -6.20% -215.69% -76.54%
Free Cash Flow Firm Growth		 -37.29% -54.21% -93.82% 81.56% 68.54% 66.00% 35.01% 85.29% -156.21% -206.09%
Invested Capital Growth		 131.96% 147.52% 104.34% 17.04% 20.38% 19.43% 31.20% 2.85% 37.81% 49.98%
Revenue Q/Q Growth		 -1.34% 6.68% -1.12% -2.99% 11.69% -6.87% -1.34% 2.68% 13.88% -0.11%
EBITDA Q/Q Growth		 15.74% -37.26% 122.18% 17.04% -29.95% -52.05% 85.82% -8.79% 14.81% -14.11%
EBIT Q/Q Growth		 19.49% -63.72% 386.71% 24.07% -45.16% -88.09% 889.81% -18.78% 32.72% -35.48%
NOPAT Q/Q Growth		 12.10% -74.00% 405.58% -73.50% 108.58% -105.86% 1,376.44% -65.83% 303.20% -112.76%
Net Income Q/Q Growth		 18.49% -69.42% 366.12% 52.28% -43.18% -103.54% 1,702.49% -77.51% 385.93% -108.11%
EPS Q/Q Growth		 20.75% -68.75% 350.00% 52.22% -42.34% -102.53% 2,350.00% -77.78% 400.00% -108.00%
Operating Cash Flow Q/Q Growth		 2.34% 62.17% 9.18% -55.35% -66.41% 239.02% -75.55% 236.93% -141.43% 168.76%
Free Cash Flow Firm Q/Q Growth		 35.53% -7.71% 26.70% 63.77% -9.98% -16.40% -40.11% 91.80% -1,815.08% -39.06%
Invested Capital Q/Q Growth		 2.35% -5.44% -0.43% 21.45% 5.27% -6.19% 9.39% -4.79% 41.05% 2.10%
Profitability Metrics		 - - - - - - - - - -
Gross Margin		 60.85% 59.62% 63.69% 59.58% 59.61% 55.88% 58.84% 58.53% 58.34% 55.08%
EBITDA Margin		 22.24% 13.08% 28.01% 33.80% 21.20% 10.92% 19.44% 17.27% 17.41% 14.97%
Operating Margin		 14.05% 3.51% 18.75% 4.17% 7.37% 0.98% 7.81% 9.39% 7.24% 5.25%
EBIT Margin		 13.30% 4.52% 19.24% 24.60% 12.08% 1.54% 9.51% 7.53% 8.77% 5.67%
Profit (Net Income) Margin		 11.29% 3.24% 15.26% 23.95% 12.18% -0.46% 7.52% 1.65% 7.03% -0.57%
Tax Burden Percent		 84.90% 82.81% 79.30% 97.34% 102.92% -48.84% 79.06% 21.89% 100.50% -17.71%
Interest Burden Percent		 100.00% 86.43% 100.00% 100.00% 98.01% 61.40% 100.00% 100.00% 79.75% 56.91%
Effective Tax Rate		 15.10% 17.19% 20.70% 2.66% -2.92% 148.84% 20.94% 78.11% -0.50% 117.71%
Return on Invested Capital (ROIC)		 33.65% 8.97% 44.27% 8.02% 14.90% -1.00% 12.26% 3.88% 11.35% -1.52%
ROIC Less NNEP Spread (ROIC-NNEP)		 34.45% 8.59% 43.80% -83.07% -15.11% -1.04% 8.08% 5.64% 10.13% 0.35%
Return on Net Nonoperating Assets (RNNOA)		 -12.43% -3.56% -16.83% 7.99% 1.12% 0.15% -1.09% -0.55% 0.99% 0.03%
Return on Equity (ROE)		 21.21% 5.41% 27.44% 16.00% 16.02% -0.85% 11.17% 3.33% 12.33% -1.49%
Cash Return on Invested Capital (CROIC)		 -48.59% -55.74% -38.84% 1.82% -3.27% -3.03% -17.60% 5.75% -25.39% -33.07%
Operating Return on Assets (OROA)		 12.91% 4.32% 19.82% 22.47% 11.39% 1.41% 8.88% 6.63% 6.69% 4.52%
Return on Assets (ROA)		 10.96% 3.09% 15.72% 21.87% 11.49% -0.42% 7.02% 1.45% 5.36% -0.46%
Return on Common Equity (ROCE)		 21.21% 5.41% 27.55% 16.07% 16.02% -0.85% 11.21% 3.35% 12.33% -1.49%
Return on Equity Simple (ROE_SIMPLE)		 19.96% 0.00% 17.29% 21.74% 22.24% 0.00% 17.28% 9.06% 6.95% 0.00%
Net Operating Profit after Tax (NOPAT)		 24 6.33 32 8.48 18 -1.04 13 4.52 18 -2.33
NOPAT Margin		 11.93% 2.91% 14.87% 4.06% 7.59% -0.48% 6.18% 2.06% 7.28% -0.93%
Net Nonoperating Expense Percent (NNEP)		 -0.80% 0.38% 0.47% 91.08% 30.01% 0.05% 4.19% -1.76% 1.22% -1.87%
Return On Investment Capital (ROIC_SIMPLE)		 - 1.27% - - - -0.19% - - - -0.29%
Cost of Revenue to Revenue		 39.15% 40.38% 36.31% 40.42% 40.39% 44.12% 41.16% 41.47% 41.66% 44.92%
SG&A Expenses to Revenue		 14.79% 17.71% 15.71% 18.24% 16.11% 15.26% 14.97% 16.54% 17.57% 18.63%
R&D to Revenue		 8.59% 7.86% 7.16% 13.99% 12.05% 10.79% 9.82% 9.02% 11.42% 7.55%
Operating Expenses to Revenue		 46.79% 56.10% 44.94% 55.41% 52.24% 54.90% 51.03% 49.14% 51.09% 49.83%
Earnings before Interest and Taxes (EBIT)		 27 9.85 41 51 28 3.36 20 17 22 14
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 45 28 60 71 49 24 42 38 44 37
Valuation Ratios		 - - - - - - - - - -
Price to Book Value (P/BV)		 4.02 4.00 5.24 3.26 2.51 3.17 3.00 2.64 2.40 2.04
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
Price to Revenue (P/Rev)		 2.12 2.16 2.98 2.02 1.52 1.91 1.86 1.57 1.39 1.13
Price to Earnings (P/E)		 20.16 23.50 30.58 15.13 11.27 15.14 17.35 29.41 34.46 29.45
Dividend Yield		 1.93% 1.92% 1.41% 2.15% 2.84% 2.31% 2.44% 2.95% 3.31% 3.95%
Earnings Yield		 4.96% 4.26% 3.27% 6.61% 8.87% 6.61% 5.76% 3.40% 2.90% 3.40%
Enterprise Value to Invested Capital (EV/IC)		 4.22 4.51 6.37 3.57 2.65 3.50 3.17 2.82 2.09 1.79
Enterprise Value to Revenue (EV/Rev)		 2.09 2.08 2.87 1.95 1.47 1.83 1.81 1.52 1.55 1.31
Enterprise Value to EBITDA (EV/EBITDA)		 10.56 10.71 14.08 8.12 6.21 7.83 8.62 8.89 9.65 7.62
Enterprise Value to EBIT (EV/EBIT)		 17.65 18.65 24.29 12.86 9.95 12.86 15.59 20.15 23.18 16.75
Enterprise Value to NOPAT (EV/NOPAT)		 19.08 22.02 28.75 21.98 18.99 25.96 38.30 33.43 37.76 31.02
Enterprise Value to Operating Cash Flow (EV/OCF)		 11.24 10.88 11.97 8.45 7.68 11.37 19.27 16.73 23.89 37.51
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 211.86 0.00 0.00 0.00 49.76 0.00 0.00
Leverage & Solvency		 - - - - - - - - - -
Debt to Equity		 0.12 0.11 0.00 0.06 0.06 0.06 0.06 0.06 0.53 0.54
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.23 0.23
Financial Leverage		 -0.36 -0.41 -0.38 -0.10 -0.07 -0.14 -0.14 -0.10 0.10 0.09
Leverage Ratio		 1.86 1.89 1.78 1.95 1.93 1.97 1.84 1.93 2.24 2.24
Compound Leverage Factor		 1.86 1.64 1.78 1.95 1.89 1.21 1.84 1.93 1.79 1.28
Debt to Total Capital		 10.40% 10.05% 0.00% 5.46% 5.34% 5.39% 5.25% 5.45% 34.81% 34.89%
Short-Term Debt to Total Capital		 10.40% 10.05% 0.00% 5.46% 5.34% 5.39% 5.25% 5.45% 19.80% 19.86%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 15.01% 15.02%
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%
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%
Common Equity to Total Capital		 89.60% 89.95% 100.79% 95.24% 94.66% 94.61% 94.75% 95.44% 65.19% 65.11%
Debt to EBITDA		 0.31 0.31 0.00 0.15 0.14 0.15 0.16 0.20 1.92 1.73
Net Debt to EBITDA		 -0.16 -0.41 0.00 -0.28 -0.22 -0.35 -0.23 -0.30 1.02 1.04
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.83 0.74
Debt to NOPAT		 0.56 0.64 0.00 0.40 0.44 0.49 0.73 0.75 7.53 7.04
Net Debt to NOPAT		 -0.29 -0.83 0.00 -0.76 -0.67 -1.14 -1.01 -1.12 3.99 4.22
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 3.25 3.03
Altman Z-Score		 3.79 3.65 5.59 3.43 2.91 3.10 3.18 2.90 1.65 1.57
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% -0.41% -0.41% 0.00% 0.00% -0.37% -0.84% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - -
Current Ratio		 0.45 0.56 0.57 0.67 0.64 0.65 0.60 0.56 0.42 0.41
Quick Ratio		 0.36 0.48 0.46 0.37 0.38 0.42 0.38 0.40 0.34 0.33
Cash Flow Metrics		 - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -206 -222 -162 -59 -65 -75 -106 -8.66 -166 -231
Operating Cash Flow to CapEx		 276.46% 504.47% 539.38% 284.21% 84.54% 341.88% 57.40% 308.15% -78.48% 89.33%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 -115.13 0.00 0.00 0.00 -37.24 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 17.82 0.00 0.00 0.00 -2.60 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 -3.26 0.00 0.00 0.00 -5.92 0.00
Efficiency Ratios		 - - - - - - - - - -
Asset Turnover		 0.97 0.96 1.03 0.91 0.94 0.91 0.93 0.88 0.76 0.80
Accounts Receivable Turnover		 16.64 14.40 18.14 15.31 12.67 11.04 12.28 11.12 10.16 10.04
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 15.69 16.13 15.80 15.11 14.95 14.72 14.56 14.45 13.82 14.31
Accounts Payable Turnover		 52.62 36.39 43.11 55.14 50.64 43.29 42.29 44.41 34.16 43.24
Days Sales Outstanding (DSO)		 21.93 25.34 20.13 23.85 28.80 33.05 29.73 32.83 35.92 36.37
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 6.94 10.03 8.47 6.62 7.21 8.43 8.63 8.22 10.68 8.44
Cash Conversion Cycle (CCC)		 14.99 15.31 11.66 17.23 21.60 24.62 21.10 24.61 25.24 27.92
Capital & Investment Metrics		 - - - - - - - - - -
Invested Capital		 404 382 381 462 487 457 499 476 671 685
Invested Capital Turnover		 2.82 3.08 2.98 1.97 1.96 2.09 1.99 1.89 1.56 1.64
Increase / (Decrease) in Invested Capital		 230 228 194 67 82 74 119 13 184 228
Enterprise Value (EV)		 1,706 1,723 2,423 1,651 1,288 1,599 1,581 1,342 1,401 1,224
Market Capitalization		 1,732 1,788 2,519 1,708 1,333 1,669 1,623 1,387 1,253 1,058
Book Value per Share		 $11.97 $12.49 $13.40 $14.52 $14.74 $14.76 $15.21 $14.66 $14.76 $14.87
Tangible Book Value per Share		 ($3.39) ($3.00) ($1.96) ($1.71) ($1.22) ($1.14) ($1.02) ($1.17) ($9.32) ($8.60)
Total Capital		 481 497 477 550 562 557 571 550 802 796
Total Debt		 50 50 0.00 30 30 30 30 30 279 278
Total Long-Term Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 120 120
Net Debt		 -26 -65 -96 -57 -45 -70 -42 -45 148 166
Capital Expenditures (CapEx)		 14 12 12 10 12 9.93 14 9.08 15 8.92
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -225 -233 -230 -191 -200 -230 -216 -236 -359 -322
Debt-free Net Working Capital (DFNWC)		 -149 -118 -135 -104 -125 -130 -144 -161 -227 -211
Net Working Capital (NWC)		 -199 -168 -135 -134 -155 -160 -174 -191 -386 -369
Net Nonoperating Expense (NNE)		 1.31 -0.71 -0.83 -42 -11 -0.03 -2.88 0.90 0.63 -0.90
Net Nonoperating Obligations (NNO)		 -26 -65 -96 -57 -45 -70 -42 -45 148 166
Total Depreciation and Amortization (D&A)		 18 19 19 19 21 20 21 21 22 23
Debt-free, Cash-free Net Working Capital to Revenue		 -27.61% -28.17% -27.30% -22.61% -22.86% -26.33% -24.71% -26.71% -39.74% -34.48%
Debt-free Net Working Capital to Revenue		 -18.27% -14.26% -15.94% -12.31% -14.26% -14.84% -16.49% -18.25% -25.18% -22.58%
Net Working Capital to Revenue		 -24.39% -20.30% -15.94% -15.86% -17.69% -18.27% -19.93% -21.64% -42.78% -39.49%
Earnings Adjustments		 - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.64 $0.20 $0.92 $1.39 $0.79 ($0.03) $0.45 $0.10 $0.50 ($0.03)
Adjusted Weighted Average Basic Shares Outstanding		 35.93M 36.04M 35.86M 36.05M 35.91M 35.88M 35.59M 35.70M 35.17M 35.33M
Adjusted Diluted Earnings per Share		 $0.64 $0.20 $0.90 $1.37 $0.79 ($0.02) $0.45 $0.10 $0.50 ($0.04)
Adjusted Weighted Average Diluted Shares Outstanding		 36.27M 36.55M 36.58M 36.41M 36.08M 36.24M 36.07M 35.98M 35.47M 35.66M
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
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 35.82M 35.84M 36.05M 36.08M 35.71M 35.54M 35.84M 35.42M 34.86M 34.89M
Normalized Net Operating Profit after Tax (NOPAT)		 24 6.33 32 8.48 12 1.49 13 14 13 9.20
Normalized NOPAT Margin		 11.93% 2.91% 14.87% 4.06% 5.16% 0.68% 6.18% 6.57% 5.07% 3.68%
Pre Tax Income Margin		 13.30% 3.91% 19.24% 24.60% 11.84% 0.95% 9.51% 7.53% 6.99% 3.22%
Debt Service Ratios		 - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 50.13 0.00 0.00 0.00 4.94 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 31.48 0.00 0.00 0.00 4.10 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 29.06 0.00 0.00 0.00 1.62 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 10.41 0.00 0.00 0.00 0.78 0.00
Payout Ratios		 - - - - - - - - - -
Dividend Payout Ratio		 39.16% 45.45% 43.15% 32.41% 31.78% 35.07% 42.40% 86.11% 114.38% 117.95%
Augmented Payout Ratio		 150.64% 142.01% 43.15% 50.61% 47.85% 60.64% 42.40% 181.10% 254.09% 233.70%

Financials Breakdown Chart

Key Financial Trends

Shutterstock’s 2024 results show a business that is still profitable on an annual basis, but the quarterly trend weakened materially at the end of the year. Revenue was essentially flat year over year in Q4 2024, but operating expenses rose enough to push the company to a net loss. Cash flow remained positive, yet operating cash generation also softened compared with earlier periods.

Top-line performance was stable in the latest quarter. Q4 2024 revenue came in at $250.3 million, roughly in line with $250.6 million in Q3 2024 and slightly above $217.2 million in Q4 2023. For the full trend across the year, revenue held up reasonably well, but growth appears limited.

Profitability, however, deteriorated in Q4. The company posted a net loss of $1.4 million in Q4 2024, versus net income of $17.6 million in Q3 2024 and a net loss of $1.0 million in Q4 2023. On the income statement, gross profit was $137.9 million, but operating expenses of $124.7 million left only $13.1 million in operating income before interest and taxes. Income taxes then pushed the quarter into the red.

Cash generation stayed positive, but weaker than the prior quarter. Shutterstock generated $8.0 million in operating cash flow in Q4 2024, down from $27.0 million in Q2 2024 and far below the $33.9 million reported in Q4 2023. That said, the company still produced positive operating cash flow despite the quarterly loss.

The balance sheet looks more levered than it did a year ago. At Q3 2024, total debt was $279.2 million, up from $30.0 million at Q2 2024 and $30.0 million at Q3 2023, reflecting a sizable increase in borrowing. Total liabilities rose to $825.9 million from $483.5 million a year earlier, largely because of the debt increase and acquisition-related liabilities.

Some of the balance sheet growth reflects acquisitions. Goodwill jumped to $607.4 million in Q3 2024 from $402.8 million in Q2 2024, and intangible assets rose to $245.7 million from $164.5 million. That suggests recent deal activity or purchase accounting effects, which can support growth but also increase integration and impairment risk.

Liquidity remains adequate for now. Cash and equivalents were $131.4 million in Q3 2024, up from $74.9 million in Q2 2024, helped by financing inflows. Current assets exceeded current liabilities, though the cushion is not especially large considering the debt load and acquisition-related commitments.

  • Revenue stayed relatively steady year over year in the latest quarter, showing the business is not experiencing a major top-line collapse.
  • Operating cash flow was positive in Q4 2024, which helps support dividends and debt service.
  • Gross profit remained solid at $137.9 million in Q4, indicating the core model still produces meaningful margin.
  • Cash balance improved to $131.4 million in Q3 2024 from $74.9 million in Q2 2024.
  • Q4 earnings were negative but small, suggesting the company is near breakeven rather than in a deep loss position.
  • Acquisition activity is clearly reshaping the balance sheet, but the long-term payoff is still uncertain.
  • Dividend payments continued, which may appeal to income-focused investors, though they also use cash.
  • Q4 operating income fell sharply to $13.1 million as marketing and other expenses stayed elevated.
  • Debt increased dramatically to $279.2 million in Q3 2024 from $30.0 million a quarter earlier.
  • Net income turned negative in Q4 2024 after a profitable Q3, showing earnings volatility remains an issue.

Bottom line: Shutterstock appears to be a cash-generating media and services business with decent gross margins, but recent quarters show pressure from higher operating costs and a more heavily leveraged balance sheet. Investors will likely want to watch whether the company can convert stable revenue into more consistent operating income while managing its larger debt burden.

06/08/26 09:22 AM ETAI Generated. May Contain Errors.

Shutterstock Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Shutterstock's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

Shutterstock's net income appears to be on a downward trend, with a most recent value of $35.93 million in 2024, falling from $76.10 million in 2022. The previous period was $110.27 million in 2023. Check out Shutterstock's forecast to explore projected trends and price targets.

Shutterstock's total operating income in 2024 was $68.71 million, based on the following breakdown:
  • Total Gross Profit: $538.97 million
  • Total Operating Expenses: $470.26 million

Over the last 2 years, Shutterstock's total revenue changed from $827.83 million in 2022 to $935.26 million in 2024, a change of 13.0%.

Shutterstock's total liabilities were at $790.81 million at the end of 2024, a 55.4% increase from 2023, and a 82.3% increase since 2022.

In the past 2 years, Shutterstock's cash and equivalents has ranged from $100.49 million in 2023 to $115.15 million in 2022, and is currently $111.25 million as of their latest financial filing in 2024.

Over the last 2 years, Shutterstock's book value per share changed from 12.49 in 2022 to 14.87 in 2024, a change of 19.0%.


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Financial statements for NYSE:SSTK last updated on 4/6/2025 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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