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1. Company Snapshot

1.a. Company Description

Shutterstock, Inc., a technology company, provides quality content, and creative workflow solutions in North America, Europe, and internationally.It offers image services consisting of photographs, vectors, and illustrations, which is used in visual communications, such as websites, digital and print marketing materials, corporate communications, books, publications, and others; footage services, including video clips, filmed by industry experts and cinema grade video effects, and HD and 4K formats that are integrated into Websites, social media, marketing campaigns, and cinematic productions; and music services comprising music tracks and sound effects, which are used to complement images and footage.The company provides its services under the Shutterstock, Bigstock, Offset, TurboSquid,PremiumBeat brand names, as well as Application programming interface to enhance workflow and project management needs, and search capabilities.


It serves corporate professionals and organizations, media and broadcast companies, and small and medium-sized businesses, and individual creators.The company was founded in 2003 and is headquartered in New York, New York.

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1.b. Last Insights on SSTK

The recent 3-month performance of Shutterstock, Inc. was negatively impacted by the company's Q4 earnings miss, with quarterly earnings of $0.67 per share, missing the Zacks Consensus Estimate of $0.92 per share. Additionally, the company's transaction with Getty Images has raised concerns, with the Ademi Firm continuing its investigation into possible breaches of fiduciary duty and other violations of law. Furthermore, the U.S. Department of Justice has issued a second request for documents and information regarding the transaction, which may implicate antitrust issues.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Shutterstock Reports Third Quarter 2025 Financial Results

Nov -05

Source: prnewswire.com

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UK regulator refers Getty-Shutterstock merger for an in-depth investigation

Nov -03

Source: reuters.com

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UK Competition and Markets Authority Refers Proposed Merger of Shutterstock and Getty Images for Phase 2 Review

Nov -03

Source: prnewswire.com

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UK Competition and Markets Authority Refers Proposed Merger of Getty Images and Shutterstock for Phase 2 Review

Nov -03

Source: globenewswire.com

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Contrasting Shutterstock (NYSE:SSTK) & DHI Group (NYSE:DHX)

Oct -29

Source: defenseworld.net

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Is Creative Impact in Crisis? New Data Shows Why Consumer Connection is Falling, Despite Rise in Marketing Spend

Oct -23

Source: prnewswire.com

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UK Competition and Markets Authority to Refer Proposed Merger of Shutterstock and Getty Images for Phase 2 Review

Oct -20

Source: prnewswire.com

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Getty Images Merger With Shutterstock Raises U.K. Competition Issues, Regulator Says

Oct -20

Source: wsj.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (9.01%)

6. Segments

E-Commerce

Expected Growth: 10%

Shutterstock's e-commerce segment growth is driven by increasing online shopping, rising demand for digital content, and strategic partnerships. The company's expanding product offerings, improved user experience, and aggressive marketing efforts also contribute to its 10% growth. Additionally, the growing need for businesses to establish a strong online presence and the rise of social commerce further fuel this segment's growth.

Enterprise

Expected Growth: 8%

Shutterstock's 8% growth is driven by increasing demand for digital content, expansion into new markets, and strategic acquisitions. The rise of e-commerce, social media, and online advertising has fueled the need for high-quality visual content, benefiting Shutterstock's subscription-based model. Additionally, the company's investments in artificial intelligence and machine learning have improved customer experience, driving retention and growth.

7. Detailed Products

Stock Photos

High-quality, royalty-free images for commercial and personal use

Vectors and Illustrations

Customizable, scalable vector graphics and illustrations for various design projects

Footage and Video Clips

High-definition, royalty-free video footage for film, television, and digital media

Music and Audio Tracks

Royalty-free music and sound effects for multimedia projects

Editorial Images

Newsworthy, timely, and relevant images for editorial use

Shutterstock Studios

Custom content creation services for brands and agencies

Shutterstock Editorial Partnerships

Exclusive partnerships with renowned news agencies and publishers

8. Shutterstock, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Shutterstock's products are unique and have a strong brand presence, but there are substitutes available in the market. However, the company's strong network effects and high-quality content make it difficult for substitutes to gain traction.

Bargaining Power Of Customers

Shutterstock's customers have low bargaining power due to the company's strong brand presence and the lack of alternative options. The company's subscription-based model also reduces the bargaining power of customers.

Bargaining Power Of Suppliers

Shutterstock's suppliers, mainly the contributors, have low bargaining power due to the company's large contributor base and the ease of finding alternative suppliers. The company's platform also provides a low-cost and efficient way for contributors to sell their content.

Threat Of New Entrants

The threat of new entrants is low due to the high barriers to entry in the stock image market. Shutterstock's strong brand presence, large contributor base, and high-quality content make it difficult for new entrants to compete.

Intensity Of Rivalry

The intensity of rivalry in the stock image market is high due to the presence of established players like Getty Images and Adobe Stock. However, Shutterstock's strong brand presence and high-quality content help the company to maintain its market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 11.50%
Debt Cost 3.95%
Equity Weight 88.50%
Equity Cost 9.58%
WACC 8.93%
Leverage 12.99%

11. Quality Control: Shutterstock, Inc. passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
NextNav

A-Score: 5.2/10

Value: 8.0

Growth: 7.3

Quality: 3.6

Yield: 0.0

Momentum: 10.0

Volatility: 2.0

1-Year Total Return ->

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Shutterstock

A-Score: 4.5/10

Value: 5.7

Growth: 3.9

Quality: 6.1

Yield: 7.0

Momentum: 1.0

Volatility: 3.3

1-Year Total Return ->

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Stock-Card
IZEA

A-Score: 4.1/10

Value: 7.8

Growth: 2.0

Quality: 4.0

Yield: 0.0

Momentum: 8.5

Volatility: 2.0

1-Year Total Return ->

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Stock-Card
MediaAlpha

A-Score: 3.6/10

Value: 7.0

Growth: 4.7

Quality: 5.8

Yield: 0.0

Momentum: 1.0

Volatility: 3.0

1-Year Total Return ->

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Stock-Card
Zedge

A-Score: 3.5/10

Value: 8.0

Growth: 3.3

Quality: 4.6

Yield: 1.0

Momentum: 3.0

Volatility: 1.0

1-Year Total Return ->

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Stock-Card
BuzzFeed

A-Score: 3.3/10

Value: 8.3

Growth: 3.1

Quality: 4.8

Yield: 0.0

Momentum: 2.5

Volatility: 1.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

19.11$

Current Price

19.11$

Potential

-0.00%

Expected Cash-Flows