Shutterstock, Inc. (SSTK) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+3696.9%

$159.47

vs $4.20 price

Levered DCF

$130.89

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

0.25

Distress zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	14.81×	29.75×	15.73×	24.99×	44×	35.85×	75.23×	22.94×
P/B	1.16×	2.07×	3.29×	4.25×	8.64×	6.09×	4.61×	4.39×
P/S	0.68×	1.15×	1.98×	2.3×	5.23×	3.85×	2.33×	2.02×
EV / EBITDA	4.44×	7.91×	8.29×	11.63×	24.56×	17.24×	17.94×	13.15×
Gross margin	58.2%	57.6%	59.7%	62.0%	64.1%	61.1%	57.2%	57.1%
Operating margin	11.1%	7.3%	7.8%	11.3%	14.0%	12.8%	3.1%	5.2%
Net margin	4.6%	3.8%	12.6%	9.2%	11.9%	10.8%	3.1%	8.8%
Current ratio	0.54×	0.41×	0.65×	0.56×	1.16×	1.9×	1.53×	1.37×
Debt / equity	0.55×	0.6×	0.11×	0.19×	0.08×	0.1×	0.14×	0×
Interest coverage	6.54×	6.51×	36.85×	70.08×	1,613.52×	0×	0×	0×
Dividend yield	6.9%	4.0%	2.2%	1.8%	0.8%	0.9%	0.0%	8.3%
Payout ratio	102.3%	118.0%	35.1%	45.5%	33.4%	34.0%	0.0%	191.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	7.8%	6.9%	20.9%	17.0%	19.6%	17.0%	6.1%	19.1%
Return on invested capital	7.4%	4.6%	10.0%	14.3%	18.3%	14.5%	4.2%	8.7%
Return on assets	3.4%	2.7%	10.6%	8.6%	10.8%	9.8%	3.2%	10.3%
Free cash flow yield	18.4%	-1.4%	4.9%	5.2%	4.4%	5.3%	4.8%	5.0%
Earnings yield	6.7%	3.4%	6.4%	4.0%	2.3%	2.8%	1.3%	4.3%
Enterprise value	$813.4M	$1.3B	$1.7B	$1.9B	$3.8B	$2.2B	$1.3B	$1B
Net debt / EBITDA	0.76×	1.24×	-0.2×	-0.18×	-1.8×	-3.06×	-3.65×	-2.96×
Cash conversion cycle (days)	29	29	29	21	9	21	18	14