SSTKShutterstock, Inc.

Services-Computer Processing & Data Preparation

Revenue: $990M; 5.8% YoY
Operating margin: 7.6%; 3.2% YoY
EBITDA: $166M; 6.2% YoY
Market cap: $152M
Employees: 1,565; $633K revenue each
Net debt / EBITDA: -0.1×; −$18M net debt
AI in 10-K: 9.3; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
366% of net income
Cash flow under 80% of net income
Dilutive SBCNo
6% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
28% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
37% of assets
Over 40% of assets
Shareholder dissentNo
85% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$633K · 65th pct
Bottom quartile of its SIC industry
Quiet on AINo
9.3 per 10K words · 92nd pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 0.1× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedNo
$152M market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$0 net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$773M	$828M	$875M	$935M	$990M	5.8%
Operating income	$108M	$94M	$68M	$69M	$75M	9.2%
Net income	$92M	$76M	$110M	$36M	$45M	27%
Operating cash flow	$216M	$158M	$141M	$33M	$167M	411%
Capex	$28M	$43M	$45M	$47M	$43M	9.2%
Stock-based comp	$36M	$36M	$49M	$56M	$61M	8.4%
Buybacks	$26M	$73M	$28M	$42M	$0	100%
Dividends	$31M	$35M	$39M	$42M	$47M	9.8%

Deal filings

Filed	Form	Acquirer	Price	Premium
Apr 30, 2025	DEFM14A	Getty Images Holdings, Inc.	$9.50	10%

13D filers

Filed	Filer	Form	Stake	Intent
Jan 8, 2025	Oringer Jonathan	SCHEDULE 13D/A	31.5%	Passive
Jun 8, 2023	Oringer Jonathan	SC 13D/A	31.7%	Passive
May 6, 2022	Oringer Jonathan	SC 13D/A	32.9%	Passive
Dec 10, 2021	Oringer Jonathan	SC 13D/A	34.2%	Passive
Aug 16, 2021	Oringer Jonathan	SC 13D/A	35.5%	Passive
May 7, 2021	Oringer Jonathan	SC 13D/A	36.6%	Passive
Jan 8, 2021	Oringer Jonathan	SC 13D/A	37.6%	Passive
Aug 18, 2020	Oringer Jonathan	SC 13D/A	38.8%	Passive
Aug 5, 2020	Shutterstock, Inc.	SC 13D/A	45.2%	Passive

Insider trading

No open-market trades in the last 12 months.

Pay vs performance

No pay-versus-performance disclosure yet.