olivLaw · US equity research
Shutterstock, Inc. SSTK
Services-Computer Processing & Data Preparation · SIC 7374 · Vertical: Services-Computer Processing & Data Preparation (SIC 7374)
Shutterstock is a global creative content platform that licenses images, footage, music and 3D models to brands and companies, with contributors around the world. In 2026 the company is in a difficult phase: the merger with Getty Images was terminated, quarterly revenue is falling, and management is pursuing cost cuts and a new long-term strategy. Total revenue for 2025 was 989.9 million USD, and in the second quarter of 2026 it fell to 221.8 million USD.
At the close of 04 Nov 2026, Shutterstock, Inc. (SSTK) stock was 4.36 USD (+6.86% on the day), with market capitalisation 161.1 m USD, dividend yield 31.65%, beta 1.30, 52-week range 3.81–22.90 USD. Latest reported quarter (Q2 2026): revenue of 221.8 m USD (−16.9% YoY), net income of -155.9 m USD (−629.7% YoY), diluted EPS -4.25 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 47.9
- neutral
- Bollinger (20, 2)
- 4.01 – 4.74
- in the lower half of the band · %B 0.48 · band width 16.8%
- SMA 50 / 200
- 4.68 / 11.66
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.11 / -0.12
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +8.7% | −1.1% | +9.8 pp | — |
| 3 months | −30.1% | −0.5% | −29.7 pp | — |
| 6 months | −73.6% | +4.4% | −78.0 pp | — |
| Year to date | −77.2% | +12.3% | −89.5 pp | — |
| 1 year | −79.9% | +13.5% | −93.5 pp | −17.2% |
| 3 years | −89.5% | +76.4% | −166.0 pp | −17.8% |
| 5 years | −96.4% | +63.7% | −160.1 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 250.6 m | 250.3 m | 242.6 m | 267.0 m | 260.1 m | 220.2 m | 199.2 m | 221.8 m |
| Cost of revenue | 104.4 m | 112.4 m | 100.9 m | 106.0 m | 102.6 m | 97.4 m | 94.8 m | 93.8 m |
| Research & development | 28.6 m | 18.9 m | 19.9 m | 20.8 m | 22.4 m | 26.0 m | 19.4 m | 17.6 m |
| Operating income | 18.1 m | 13.1 m | 10.2 m | 34.7 m | 32.5 m | -2.4 m | -31.0 m | -155.2 m |
| Depreciation & amortisation | 21.6 m ≈ | 23.3 m | 22.7 m | 22.6 m ≈ | 22.9 m ≈ | 22.7 m | 22.7 m | 22.4 m ≈ |
| Interest expense | 4.5 m | 5.0 m | 4.3 m | 4.2 m | 4.2 m | 4.1 m | 3.8 m | 3.8 m |
| Pre-tax income | 17.5 m | 8.1 m | 20.4 m | 43.1 m | 31.4 m | -19.6 m | -49.4 m | -160.9 m |
| Income tax | -88.0 k | 9.5 m | 1.7 m | 13.7 m | 18.0 m | -3.6 m | -1.8 m | -5.0 m |
| Net income | 17.6 m | -1.4 m | 18.7 m | 29.4 m | 13.4 m | -16.0 m | -47.6 m | -155.9 m |
| Diluted EPS | 0.50 | -0.04 ≈ | 0.53 | 0.82 | 0.37 | -0.43 ≈ | -1.34 | -4.25 |
| Operating cash flow | -11.6 m ≈ | 8.0 m | 25.2 m | 26.8 m ≈ | 78.4 m ≈ | 36.2 m | 17.4 m | 621.0 k ≈ |
| Capex | 14.8 m ≈ | 8.9 m | 10.8 m | 11.3 m ≈ | 10.4 m ≈ | 10.3 m | 11.6 m | 10.1 m ≈ |
| Dividends paid | 10.6 m ≈ | 10.4 m | 11.5 m | 11.6 m ≈ | 11.7 m ≈ | 11.7 m | 12.8 m | 13.2 m ≈ |
| Share repurchases | 21.0 m ≈ | 0 | — | — | 0 ≈ | 0 | — | — |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 623.3 m | 650.5 m | 666.7 m | 773.4 m | 827.8 m | 874.6 m | 935.3 m | 989.9 m |
| Revenue YoY | +11.9% | +4.4% | +2.5% | +16.0% | +7.0% | +5.6% | +6.9% | +5.8% |
| Net income | 54.7 m | 20.1 m | 71.8 m | 91.9 m | 76.1 m | 110.3 m | 35.9 m | 45.5 m |
| Net income YoY | +226.9% | −63.2% | +256.9% | +28.0% | −17.2% | +44.9% | −67.4% | +26.6% |
| Diluted EPS | 1.54 | 0.57 | 1.97 | 2.46 | 2.08 | 3.04 | 1.01 | 1.25 |
| Diluted EPS YoY | +227.7% | −63.0% | +245.6% | +24.9% | −15.4% | +46.2% | −66.8% | +23.8% |
| net % | 8.8% | 3.1% | 10.8% | 11.9% | 9.2% | 12.6% | 3.8% | 4.6% |
| Free cash flow | 67.3 m | 76.6 m | 139.4 m | 188.2 m | 115.2 m | 95.9 m | -14.6 m | 123.8 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 178.2 m USD
- Financial debt
- 274.7 m USD
- Net debt
- 96.5 m USD
- Equity
- 581.0 m USD
- Total assets
- 1.4 bn USD
- Debt / equity
- 0.47x
- Current ratio
- 0.54x
- ROE
- 8.3%
- ROA
- 3.4%
- FCF margin
- 12.5%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 666.7 m | 773.4 m | 827.8 m | 874.6 m | 935.3 m | 989.9 m | SEC (XBRL)· 17 Feb 2026verified |
| Cost of revenue | 259.6 m | 277.7 m | 314.3 m | 352.6 m | 396.3 m | 406.8 m | SEC (XBRL)· 17 Feb 2026verified |
| Gross profit | 407.1 m ≈ | 495.8 m ≈ | 513.5 m ≈ | 522.0 m ≈ | 539.0 m ≈ | 583.1 m ≈ | SEC (XBRL)· 17 Feb 2026derived |
| Research & development | 46.0 m | 52.0 m | 65.4 m | 96.2 m | 88.4 m | 89.0 m | SEC (XBRL)· 17 Feb 2026verified |
| Operating income | 85.3 m | 108.1 m | 93.6 m | 68.4 m | 68.7 m | 75.1 m | SEC (XBRL)· 17 Feb 2026verified |
| Depreciation & amortisation | 41.4 m | 48.8 m | 68.5 m | 79.7 m | 87.6 m | 90.9 m | SEC (XBRL)· 17 Feb 2026verified |
| EBITDA | 126.6 m ≈ | 156.9 m ≈ | 162.1 m ≈ | 148.1 m ≈ | 156.3 m ≈ | 166.0 m ≈ | SEC (XBRL)· 17 Feb 2026derived |
| Interest expense | — | — | 1.3 m | 1.9 m | 10.6 m | 16.8 m | SEC (XBRL)· 17 Feb 2026verified |
| Pre-tax income | 89.5 m | 104.7 m | 91.0 m | 122.5 m | 62.5 m | 75.3 m | SEC (XBRL)· 17 Feb 2026verified |
| Income tax | 17.8 m | 12.9 m | 14.9 m | 12.2 m | 26.6 m | 29.8 m | SEC (XBRL)· 17 Feb 2026verified |
| Net income | 71.8 m | 91.9 m | 76.1 m | 110.3 m | 35.9 m | 45.5 m | SEC (XBRL)· 17 Feb 2026verified |
| Diluted EPS | 1.97 | 2.46 | 2.08 | 3.04 | 1.01 | 1.25 | SEC (XBRL)· 17 Feb 2026verified |
| Weighted average diluted shares | 36.4 m | 37.3 m | 36.5 m | 36.2 m | 35.7 m | 36.3 m | SEC (XBRL)· 17 Feb 2026verified |
| Dividend per share | 0.68 | 0.84 | 0.96 | 1.08 | 1.20 | 1.32 | SEC (XBRL)· 17 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 428.6 m | 314.0 m | 115.2 m | 100.5 m | 111.3 m | 178.2 m | SEC (XBRL)· 17 Feb 2026verified |
| Receivables | 43.8 m | 47.7 m | 67.2 m | 91.1 m | 95.2 m | 112.6 m | SEC (XBRL)· 17 Feb 2026verified |
| Current assets | 489.1 m | 388.2 m | 215.7 m | 292.6 m | 256.0 m | 338.6 m | SEC (XBRL)· 17 Feb 2026verified |
| Property, plant & equipment, net | 50.9 m | 48.1 m | 54.5 m | 64.3 m | 66.4 m | 62.6 m | SEC (XBRL)· 17 Feb 2026verified |
| Goodwill | 89.4 m | 219.8 m | 381.9 m | 383.3 m | 569.7 m | 574.6 m | SEC (XBRL)· 17 Feb 2026verified |
| Intangibles (excl. goodwill) | 25.8 m | 123.8 m | 173.1 m | 184.4 m | 248.5 m | 215.7 m | SEC (XBRL)· 17 Feb 2026verified |
| Total assets | 729.6 m | 851.7 m | 881.2 m | 1.0 bn | 1.3 bn | 1.4 bn | SEC (XBRL)· 17 Feb 2026verified |
| Accounts payable | 2.4 m | 10.1 m | 7.2 m | 9.1 m | 9.2 m | 13.9 m | SEC (XBRL)· 17 Feb 2026verified |
| Short-term debt | — | 0 | 50.0 m | 30.0 m | 158.1 m | 158.1 m | SEC (XBRL)· 17 Feb 2026verified |
| Long-term debt | — | — | — | 0 | 119.6 m | 116.6 m | SEC (XBRL)· 17 Feb 2026verified |
| Current liabilities | 256.9 m | 333.8 m | 383.7 m | 452.4 m | 625.3 m | 628.4 m | SEC (XBRL)· 17 Feb 2026verified |
| Total liabilities | 307.7 m | 383.2 m | 433.7 m | 508.9 m | 790.8 m | 774.9 m | SEC (XBRL)· 17 Feb 2026verified |
| Equity | 421.9 m † | 468.5 m † | 447.5 m † | 527.1 m † | 518.4 m † | 581.0 m † | SEC (XBRL)· 17 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 165.1 m | 216.4 m | 158.5 m | 140.6 m | 32.6 m | 166.7 m | SEC (XBRL)· 17 Feb 2026verified |
| Capex | 25.6 m | 28.1 m | 43.3 m | 44.6 m | 47.2 m | 42.9 m | SEC (XBRL)· 17 Feb 2026verified |
| Free cash flow | 139.4 m ≈ | 188.2 m ≈ | 115.2 m ≈ | 95.9 m ≈ | -14.6 m ≈ | 123.8 m ≈ | SEC (XBRL)· 17 Feb 2026derived |
| Investing cash flow | -35.3 m | -250.4 m | -275.6 m | -54.3 m | -166.2 m | -47.8 m | SEC (XBRL)· 17 Feb 2026verified |
| Financing cash flow | -4.6 m | -77.7 m | -79.5 m | -102.7 m | 150.1 m | -59.1 m | SEC (XBRL)· 17 Feb 2026verified |
| Dividends paid | 24.4 m | 30.7 m | 34.6 m | 38.7 m | 42.4 m | 46.5 m | SEC (XBRL)· 17 Feb 2026verified |
| Share repurchases | 0 | 26.5 m | 73.5 m | 28.2 m | 41.6 m | 0 | SEC (XBRL)· 17 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 51 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 161.1 m USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet0
- Valuation85
- Quality37
- Growth30
- Returns100
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 14.79 – 114.17 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)52.70 – 113.43 (Mid 72.04)WACC 6.6% · starting FCFF 103.5 m USD · terminal value share of EV 82%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: no growth between −30% and +40% justifies the price
- Peers: EV/Sales14.79 – 114.17 (Mid 37.65)12 companies used · median multiple 1.7x · quartiles 0.8x – 4.8xADP, CARS, CLVT, DXC, EVTC, GMHS, IBEX, PLTK, SOPH, VRSK, WDAY, YEXT
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 51/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | 56.9% | 42 (on a fixed band) | 11% |
| EBIT margin · Quality | -17.3% | 27 (vs peers) | 9% |
| FCF margin · Quality | 10.0% | 40 (on a fixed band) | 9% |
| Revenue CAGR 3Y · Growth | 6.1% | 25 (on a fixed band) | 18% |
| Revenue growth (YoY) · Growth | 5.8% | 42 (vs peers) | 9% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 0.5x | 0 (on a fixed band) | 7% |
| EV/Sales · Valuation | 0.3x | 73 (vs peers) | 18% |
| FCF yield · Valuation | 56.0% | 100 (on a fixed band) | 14% |
| Shareholder yield (distributions) · Returns | 30.7% | 100 (on a fixed band) | 5% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial0/100 · 1/2 factors with a value
- Growth30/100 · 2/2 factors with a value
- Quality37/100 · 3/3 factors with a value
- Returns100/100 · 1/1 factors with a value
- Valuation85/100 · 2/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
SHUTTERSTOCK, INC. (SSTK). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 989.9 m USD in 2025; YoY growth 5.8%; net margin -22.9%; ROE -43.4%.
The estimated value range is 33.75–113.80 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 54.85 USD, the price of 4.36 USD leaves a potential of 1,157.9% (value / price − 1) and a margin of safety of 92.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 51/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- EV/Sales: 0.3x
- FCF yield: 56.0%
- Shareholder yield (distributions): 30.7%
- The price is below the estimated value range
What contradicts it
- EBIT margin: -17.3%
- Revenue CAGR 3Y: 6.1%
- Current ratio: 0.5x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA.
Versus the vertical median
Services-Computer Processing & Data Preparation (SIC 7374) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ADPAutomatic Data Processing, Inc. | 119.8 bn | 27.7 | 77.0% | 20.1% | +6.7% | +19% / +32% |
| WDAYWorkday, Inc. | 44.4 bn | 40.9 | 16.0% | 12.3% | +13.1% | −6% / −25% |
| VRSKVerisk Analytics, Inc. | 25.9 bn | 30.1 | — | 29.3% | +6.6% | −12% / −18% |
| ATHMAutohome Inc. | 10.4 bn | 53.5 | 6.3% | 443.2% | +11.1% | −5% / −18% |
| DXCDxc Technology Company | 2.3 bn | 21.9 | 3.7% | 0.9% | −1.8% | +13% / −36% |
| EVTCEVERTEC, Inc. | 2.1 bn | 22.9 | 14.4% | 9.0% | +10.2% | +20% / −6% |
| INFQInfleqtion, Inc. | 1.9 bn | — | -70.8% | — | unavailable | unavailable / unavailable |
| INODInnodata Inc | 1.5 bn | 32.8 | 37.7% | 14.7% | +47.6% | −25% / +541% |
| CLVTClarivate PLC | 1.4 bn | — | -8.2% | -15.1% | −4.0% | −44% / −73% |
| LZLegalZoom.com, Inc. | 1.1 bn | 56.0 | 12.1% | 2.6% | +10.9% | −26% / −40% |
| PLTKPlaytika Holding Corp. | 808.6 m | — | — | -9.9% | +8.1% | −48% / −76% |
| YEXTYext, Inc. | 775.0 m | 40.6 | 27.8% | 5.9% | +6.1% | −7% / +18% |
| NRDSNerdWallet, Inc. | 754.4 m | 13.3 | 18.2% | 7.6% | +21.7% | −21% / +1% |
| NXTTNext Technology Holding Inc. | 736.5 m | — | -59.4% | -2,356.0% | +545.3% | −99% / −100% |
| CARSCars.com Inc. | 682.5 m | 22.4 | 7.4% | 4.7% | +0.6% | +10% / −32% |
| IBEXIBEX Limited | 593.6 m | 14.3 | 30.4% | 7.2% | +15.4% | +27% / +152% |
| SOPHSOPHiA GENETICS SA | 477.3 m | — | -110.0% | -102.2% | +18.6% | +42% / +73% |
| GRVYGravity Co., Ltd. | 475.7 m | 0.0 | 16.5% | 17.0% | −31.0% | +19% / −6% |
| SOHUSohu.com Limited | 355.1 m | 1.0 | 35.8% | 67.4% | −2.4% | −12% / +70% |
| MOVECorvex, Inc. | 176.9 m | — | -9.6% | -623.5% | −57.3% | −17% / −93% |
| SSTKShutterstock, Inc. | 161.1 m | — | -43.4% | -22.9% | +5.8% | −80% / −90% |
| TRAKRepositrak, Inc. | 132.7 m | 18.7 | 14.9% | 32.5% | +3.0% | −46% / −29% |
| GMHSGamehaus Holdings Inc. | 51.4 m | 8.5 | 11.8% | 4.1% | −11.3% | −35% / −93% |
| DDIDoubleDown Interactive Co., Ltd. | 34.1 m | 0.3 | 11.4% | 28.5% | +5.5% | +48% / +72% |
| SJScienjoy Holding Corporation | 23.5 m | — | -66.6% | -47.3% | −4.9% | +28% / −68% |
1- and 3-year price returns: for SSTK from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Shutterstock is a global creative content platform that licenses images, footage, music and 3D models to brands and companies, with contributors around the world. In 2026 the company is in a difficult phase: the merger with Getty Images was terminated, quarterly revenue is falling, and management is pursuing cost cuts and a new long-term strategy. Total revenue for 2025 was 989.9 million USD, and in the second quarter of 2026 it fell to 221.8 million USD.
SWOT
Strengths
- The company has a large global library of licensed content, a diversified contributor network and a recognised brand 13.
- The platform benefits from network effects between customers and contributors, which improve search and attract new users 1.
- The company still generates solid operating cash flow, which gives it flexibility in allocating capital 3.
Weaknesses
- Content revenue fell in the second quarter of 2026, mainly because of weak new customer acquisition 3.
- The company recorded a significant goodwill impairment, reflecting the decline in its value after the terminated merger was announced 3.
- The number of subscribers has fallen from the prior year, which signals erosion of the recurring customer base 2.
Opportunities
Threats
- Competitive pressure and low barriers to entry could lead to lower prices and higher service costs 1.
- Regulation on artificial intelligence and copyright could limit how content is used for training 1.
- If strategic uncertainty persists, customers and employees could reduce their ties to the company 13.
Risks
- Terminated mergerhigh
The merger with Getty Images was terminated, and the company bore transaction costs and a goodwill impairment 23.
- Decline in subscription revenuehigh
The number of subscribers and subscription revenue have fallen compared with the prior year 23.
- Consumer regulation and litigationmedium
The company paid a significant amount to settle an investigation into its subscription practices, which could indicate similar risks in future 3.
- Artificial intelligence risksmedium
The use of AI in products could lead to reputational harm, liability and adverse financial results 1.
- Dependence on contributors and contentlow
The company could be exposed to infringement claims related to content in its library 1.
Investment thesis
What would need to be true (bull case)
- If cost reductions materialise and demand for AI data grows, margins and cash flow could support the company through its transition.
- The recognised brand, large content library and contributor network provide a base that a new strategy could build on.
- The Giphy and Studios assets could generate additional revenue if the company develops them after the strategic update.
What would break the thesis
- The decline in Content revenue and weak new customer acquisition could continue if competition remains intense.
- The terminated merger and goodwill impairment suggest lower value for the company, and strategic uncertainty could persist.
- If regulation on AI and copyright tightens, compliance costs could rise.
What to watch
- Strategic update announced by managementAugust 2026
- Trend in Content revenue and new customer acquisitionQ3 2026
- Progress on the 60 million USD cost reduction targetend of 2026
- Subscriber count and subscription revenueQ3 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Shutterstock, Inc. is a global creative platform that connects brands and businesses to high quality content. Users search, license and download content, and contributors upload materials to the platform and receive royalties based on paid downloads 1. Licensed content covers images, footage, music and 3D models, and Content revenue makes up the majority of the business 1. Beyond licences, the company offers metadata for training artificial intelligence models, distribution and advertising services through Giphy, and custom production through Shutterstock Studios 1.
The sales model combines self-service digital channels, where most customers buy through monthly, annual or transactional plans, with a direct sales team for customers with special needs such as extended licences or multi-brand packages 1. The customer base includes corporate professionals, media and broadcast companies, and small and medium-sized businesses and individual creators 1. The company said its five highest-earning contributors accounted for less than 4% of downloads in 2025, which shows a diversified contributor base 1.
During 2026 Shutterstock has entered a phase of reorganization. The merger with Getty Images, announced in January 2025, was terminated on June 30, 2026 2. The company recorded a non-cash goodwill impairment charge in the second quarter of 2026, and it will not host the earnings call or issue guidance for the rest of the year ahead of its updated strategy announcement 3.
Segments
Content
The Content segment includes licences for images, footage, music, 3D models and generative AI content, distributed under the Shutterstock, Pond5, TurboSquid, PicMonkey, PremiumBeat, Splash News, Bigstock and Envato brands 1. Content revenue was 786.7 million USD in 2025 1, but in the second quarter of 2026 it fell to 165.7 million USD, which the company attributed mainly to weakness in new customer acquisition 3.
Data, Distribution and Services
This segment groups metadata licences for AI model training, Giphy distribution and advertising services, and custom Shutterstock Studios production 1. Revenue rose to 203.3 million USD in 2025 1, but in the second quarter of 2026 it fell to 56.1 million USD, and the company noted that revenue recognition in its data offering may vary from quarter to quarter 3.
Market context
The market for licensed creative content is competitive with low barriers to entry, and the company recognises that pricing pressure and demand for additional services could increase 1. Demand for data and ethically sourced content used to train AI has grown, which opened a new segment for providers 1. Customers in North America generate about 51% of revenue and Europe about 27% 1.
The advertising and marketing market directly influences demand, because companies adjust budgets to economic conditions, and the company has identified this exposure as a risk 1. If the decline in new customer acquisition persists, demand for subscriptions could stay below earlier levels, while the data segment could depend on individual contracts with large technology companies 13.
Trends
- Rising demand for AI training datatailwind
The company has seen growing demand for access to metadata associated with content, used to train generative artificial intelligence models 1. This trend could support the Data, Distribution and Services segment if demand holds.
- Pressure on new customer acquisitionheadwind
The fall in Content revenue in the second quarter of 2026 was attributed mainly to weakness in new customer acquisition 3. If this trend continues, subscription revenue could decline further.
- Operating cost reductionmixed
Management has taken cost actions equating to over 70 million USD in annualized run-rate savings and targets an additional 60 million USD by year end 3. This could help margins, but it reduces capacity to invest in product and marketing.
- Uncertainty after the terminationheadwind
After the Getty Images merger was terminated, the company changed its strategic plan and announced an update in the coming weeks 23. A lack of clear direction could affect customer and employee confidence if the period is prolonged.
Competitive position
The company operates in an industry with intense competition and low barriers to entry, and competitive pressure could lead to lower prices 1. The company did not name competitors in the sources reviewed, so the competitive landscape must be assessed on the basis of the risks described by management 1.
The proposed merger with Getty Images showed the importance of consolidation in this sector, but the transaction was terminated, leaving the company to compete independently 2. Competition from generative AI platforms offering algorithmically created images is a point of attention, since the company also includes generative AI content in its own offering 1.
- Getty ImagesGETY
Partner in the terminated merger of June 2026; it had been a potential consolidated competitor 2.
- Generative AI image platforms
Providers of algorithmically created content, a category the company includes in its own offering 1.
- Video and music content providers
Markets for footage and music in which the company competes through the Pond5 and PremiumBeat brands 1.
- Online graphic design platforms
Competitors for users who use content in projects, a segment covered by PicMonkey 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Getty Images is going private after failed Shutterstock mergerThe Verge · 13 Oct 2026 · EN
- Getty Images отказалась от слияния с ShutterstockKommersant (RU) · 07 Jul 2026 · RU
- Cleared by the US, derailed by the UK: Getty’s Shutterstock merger falls apartThe Verge · 01 Jul 2026 · EN
- Shutterstock Shares Fall After Getty Says It Will End MergerBloomberg Markets · 30 Jun 2026 · EN
- Shutterstock to pay $35M over hard-to-cancel subscriptionsHacker News · 18 May 2026 · EN
The latest news item in our archive is from 13 Oct 2026; the newest SEC filing is from 29 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report29 Oct 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Current report08 Sept 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report07 Aug 2026
- Current report05 Aug 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report22 Jul 2026Departure or appointment of officers · Other events · Financial statements and exhibits
- Current report13 Jul 2026Departure or appointment of officers · Regulation FD disclosure · Other events · Financial statements and exhibits
- Current report09 Jul 2026Termination of a material agreement
- Current report01 Jul 2026Regulation FD disclosure · Other events · Financial statements and exhibits
- Current report15 May 2026Other events · Financial statements and exhibits
- Current report14 May 2026Other events
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Shutterstock, Inc. · 17 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Shutterstock, Inc. · 07 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Shutterstock, Inc. · 05 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.