Where SSTK sits among all investable US stocks
Cheapness against five-year return on assets, as percentiles. Upper left is cheaper with higher returns; larger dark dots are its industry (Internet and Data Services).
Shutterstock looks very cheap on trailing earnings, but falling profits, net debt and a founder holding 31.5% leave a strategic review as the only catalyst.
Shutterstock licenses images, video and music and sells AI training data. Its shares fell 95.5% in five years, close to peer FVRR's 95.1%, while the tech sector rose 130.0%. On Thursday, November 5, 2026 they fell 29.7%, the day it reported a 33% drop in third-quarter revenue. Is 3.1× operating income a bargain or a trap? With earnings sliding and net debt of $154M, it is cheap on paper and risky in practice; only the strategic review could close the gap.
The last five years on the numbers
Where SSTK has ranked among investable US stocks each quarter since 2021. Hollow dot: five years ago; solid dot: the latest quarter. The share price over the same years is in the five-year record below.
Very cheap and high quality on paper, but earnings are falling fast.
3.1× EV to operating income: 1st percentile (industry median 69th). Return on assets (5-yr) 82nd. FCF yield 81.0%; net debt $154M. Return on assets now 15th vs 78th median: under-earning, so multiple likely too high normalized, near 59th.
Against the market, its industry and sector
SSTK as a percentile of all 3,202 investable US stocks, against the 75 in Internet and Data Services and the 414 in the Technology sector.
| Metric | SSTK | Position | In its industry | Industry median | Sector median |
|---|---|---|---|---|---|
| Acquirer's Multiple | 1st | The cheapest of 75 | 69th | 64th | |
| Free cash flow yield | 99th | The highest of 75 | 49th | 44th | |
| Shareholder yield | 100th | The highest of 75 | 43rd | 44th | |
| Dividend yield | 100th | The highest of 75 | 26th | 26th | |
| Return on assets, 5-yr avg | 82nd | #17 of 75 | 31st | 48th | |
| Debt to book equity | 57th | #37 of 75 | 59th | 38th | |
| Market cap | 2nd | #72 of 75 | 46th | 56th |
Percentiles of the number itself. For the Acquirer's Multiple and debt to equity, lower is better: the 5th percentile on the multiple is cheaper than 95% of investable US stocks. Green is the better end, red the worse. Orange dot: SSTK; bar: industry median; diamond: sector median. Data as of 2026-10-31.
Over- or under-earning?
Under-earningReturn on assets ranks at the 15th percentile of investable US stocks, against a median of the 78th and a low of the 15th since 2017. That is well below its usual level, so it may be under-earning, and today's multiple is likely too high on a normalized basis. If earnings normalize, the multiple would likely rise: from the 1st percentile today (cheaper than 99% of investable US stocks) to around the 59th (dearer than 59% of investable US stocks), judging by where it sat in past quarters when returns were at their usual level.
| Percentile | Today | Returns normal | Returns at low |
|---|---|---|---|
| Return on assets (higher is better) | 15th | 78th (median) | 15th (low) |
| Acquirer's Multiple (lower is cheaper) | 1st | 59th | n/a |
Percentiles among investable US stocks. Return on assets is operating income over total assets, trailing 12 months. The last two columns show where it sat in past quarters when returns were within 7.5 points of their median (17 quarters) and of their low (0). The past, not a forecast.
Price v Return
What the shares and assets earn, against the 10-year Treasury.
Its industry against its own history
Internet and Data Services report →Acquirer's Multiple: 71st percentile, cheaper than in 45% of quarters since 1999. Return on assets: 30th percentile, usual range. Free cash flow yield: 47th percentile, higher than in 68%. Debt: most on record. SSTK is cheap in an average-priced industry.
| Metric | Percentile now | Usual range | Against its history | Last 10 years |
|---|---|---|---|---|
| Acquirer's Multiple | 71st | 61st–78th | Usual range | |
| Free cash flow yield | 47th | 33rd–49th | Usual range | |
| Shareholder yield | 42nd | 27th–46th | Higher than usual | |
| Dividend yield | 26th | 24th–30th | Usual range | |
| Return on assets, 5-yr | 30th | 19th–54th | Usual range | |
| Debt to equity | 58th | 19th–54th | Most debt on record | |
| Company size | 47th | 38th–68th | Smaller than usual |
The industry's median stock as a percentile of all investable US stocks on each number. For the Acquirer's Multiple and debt to equity, lower is better: the 10th percentile is cheaper than 90% of the market. For yields, returns and size, higher is bigger. Usual range covers the middle 80% of quarters since 1999; it's the shaded band in each chart. Each chart is zoomed to its own range (the numbers on the left): green shading marks the metric's better side and red its worse side, the dashed line is the 50th percentile, and the dot is today, coloured by where it sits.
A strategic review is open, but no bidder or activist is visible.
Oringer, owner of about 31.5% (January 2025 filing), is back as CEO. The company continues to evaluate its strategic direction. Getty merger ended July 7, 2026. No activist found; buyback data for 2025–26 not found; dividend suspended.
Catalyst check
Likelihood of a catalyst: ModerateA strategic review is open and the founder is back as CEO, but no bid, sale process or activist has been found.
Earnings are sliding, debt is heavy and the founder holds 31.5%.
Q3 revenue fell to $173.9M from $260.1M; Adjusted EBITDA $41.8M vs $79.4M. Net debt is 141.3% of market cap. The 45.3% dividend yield is stale: dividends were suspended. If operating income falls 20%, illustrative implied price $1.59.
Value-trap check
Trailing grades miss the quarterly profit collapse and the suspended dividend behind the 45.3% yield; cash fell to $110.5M.
Shares fell 95.5% in five years, nearly matching peers; sector rose.
SSTK −95.5%, peer FVRR −95.1%, Technology fund +130.0%, S&P 500 +80.6%. Since October 2025 peak: −84.1% as the Getty deal collapsed, dividend was suspended and executives left. The sector did not cause it.
Five years of moves
SSTK −95.5% since 2021-10-27, against the median of FVRR −95.1%, Technology (XLK) +130.0% and the S&P 500 (SPY) +80.6%. Numbered dots mark inflections (peaks and troughs); shaded bands mark divergences from the sector or market.
What drove each turning point
| # | Turning point | SSTK | Peers | Sector | S&P 500 | Driver |
|---|---|---|---|---|---|---|
| 1 | Divergence vs market · 2021-10-29 → 2022-11-04 | −61.6% | −83.8% | −24.4% | −16.8% | Sector |
| Not among the most significant turning points; not researched. | ||||||
| 2 | Trough · 2022-11-04 → 2023-02-10 | +74.3% | +41.9% | +16.4% | +8.9% | Sector |
| Rebound followed the OpenAI partnership (October 2022) and record Q4 2022 results. Peers rose 41.9%, sector 16.4%, market 8.9%; SSTK gained 74.3%. SEC filing; SEC filing | ||||||
| 3 | Peak · 2023-02-10 → 2023-10-27 | −56.8% | −45.6% | +15.5% | +1.8% | Sector |
| Guidance of only 1-3% sales growth for 2023, with no AI upside included. Peers fell 45.6% while the sector rose 15.5%. Seeking Alpha (1235 days ago); MarketBeat (1365 days ago) | ||||||
| 4 | Divergence vs sector · 2023-02-10 → 2024-07-05 | −54.4% | −40.0% | +67.9% | +38.9% | Sector |
| Weak new-customer acquisition cut Content revenue 9% in Q2 2024. SSTK fell 54.4% while the sector rose 67.9%; peers fell 40.0%. SEC filing; SEC filing | ||||||
| 5 | Trough · 2023-10-27 → 2024-03-08 | +50.5% | +6.7% | +29.0% | +25.1% | Sector |
| Not among the most significant turning points; not researched. | ||||||
| 6 | Peak · 2024-03-08 → 2025-04-17 | −68.3% | +8.7% | −6.2% | +4.5% | Company |
| Company-specific. Content revenue fell 9% in Q2 2024; the Getty deal and a US antitrust request followed. No source explains the peak itself; peers rose 8.7%. SEC filing; stocktitan.net (261 days ago) | ||||||
| 7 | Divergence vs sector · 2024-07-26 → 2025-07-18 | −55.1% | +13.1% | +21.5% | +16.7% | Company |
| Not among the most significant turning points; not researched. | ||||||
| 8 | Trough · 2025-04-17 → 2025-10-17 | +73.3% | −11.1% | +48.2% | +26.9% | Sector |
| Rebound followed Getty merger milestones: S-4 satisfied April 30 and 82% shareholder approval June 10, 2025. Sector rose 48.2%, market 26.9%; peers fell 11.1%. stocktitan.net (261 days ago); investor.shutterstock.com (513 days ago) | ||||||
| 9 | Peak · also −88.8% vs sector · 2025-10-17 → 2026-10-02 | −84.1% | −61.0% | +40.9% | +17.1% | Sector |
| Company events drove it: UK review, Getty ending the merger July 7, 2026, then dividend suspension and a CAO resignation. Peers fell 61.0%; sector rose 40.9%. SEC filing; SEC filing; slaughterandmay.com (162 days ago); SEC filing; Yahoo Finance (105 days ago) | ||||||
Prices: daily closes. Peers chosen by the AI analyst as the closest US-listed businesses. Moves are over each window: for a peak or trough, the move that followed it. Driver is Company, Sector or Market; see Definitions below.
Every report on SSTK
Each AI analyst report as it was published, with the share price that day and the move since (today $3.07). Past performance is not a guide to the future.
| Report | Price then | Since | What it said |
|---|---|---|---|
| Nov 5, 2026Latest | $3.07 | +0.0% | Strategic review is the only catalyst at a 3.1× stock after a 29.7% plunge · Catalyst: Moderate |
| Oct 30, 2026 | — | — | Strategic review at a 3.5× operating income stock with founder back as CEO · Catalyst: Moderate |
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Definitions
- Acquirer's Multiple®
- Enterprise value ÷ operating income (trailing 12 months). What an acquirer would pay for the whole business against what it earns before interest and tax. Lower is cheaper.
- Enterprise value
- Market cap at today's price, plus debt, preferred stock and minority interests, less cash.
- Operating income
- Trailing 12 months, after depreciation and amortization.
- Operating earnings yield
- Operating income ÷ enterprise value: the Acquirer's Multiple turned upside down.
- Free cash flow yield
- Trailing 12-month free cash flow (cash from operations less capital spending) ÷ market cap.
- Shareholder yield
- Trailing 12-month dividends plus net buybacks (shares bought back less shares issued) ÷ market cap. Dividend yield and buyback yield are its two parts.
- Return on assets
- Trailing 12-month operating income ÷ total assets at the latest quarter.
- Net debt : market cap
- Debt less cash, as a share of market cap. Negative means net cash.
- E(r)
- Expected annual return if the Acquirer's Multiple doesn't change. It has three parts: return on assets (what the business earns on what it owns); incremental growth (return on assets × the reinvestment rate, where the reinvestment rate is five-year average capital spending ÷ five-year average total assets: what reinvested capital adds); and shareholder yield (what is paid out through dividends and buybacks). E(r) = return on assets × (1 + reinvestment rate) + shareholder yield.
- 10-year Treasury
- The latest monthly 10-year US Treasury yield, the risk-free rate the yields are compared with.
- Percentiles
- Where the stock sits among investable US stocks (price above $3, market cap above $75M, average daily trading above $850,000, no ADRs or MLPs), updated each week. Each is the percentile of the number itself: for the Acquirer's Multiple (here EBIT ÷ enterprise value) and debt (total debt ÷ book equity), lower is better; for yields, five-year average return on assets and market cap, higher is bigger. Stocks outside the investable set, such as ADRs, are placed against it.
- Industry and sector
- FactSet RBICS industry. Industry and sector medians are the middle investable stock's percentile. Industry history is that median each quarter since 1999; the usual range is the middle 80% of quarters.
- Turning points
- Inflection points are the peaks and troughs where the stock's trend reversed by about 25% or more on weekly closes; each is compared over the move that followed. Divergences are stretches where the stock pulled away from its sector fund or the S&P 500 by about 20% or more. Each is set against its peers' median, its sector fund and the S&P 500 over the same window. Driver: Market if the market moved with it (same way, at least half as far) and so did its peers or sector; Sector if only its peers or sector did; Company otherwise.
- Value-trap grades
- Return on assets: Strong at 10% or more, Mixed at 5% or more. Net debt : market cap: Strong at 30% or less, Mixed at 100% or less. Free cash flow yield: Strong at 10% or more, Mixed at 5% or more. Shareholder yield: Strong at 8% or more, Mixed at 3% or more.