Shutterstock, Inc. (SSTK) intrinsic value & 10-year financials
Shutterstock, Inc. (SSTK) has a Graham intrinsic value of $16.91 per share. At $4.44 on Oct 17, 2026, the stock trades 74% below that value. Over the last 10 fiscal years revenue grew 8.0% a year to $989.9M, with an average return on invested capital of 31.2%.
- Graham intrinsic value
- $16.91
- Share price (Oct 17, 2026)
- $4.44
- Price vs Graham value
- 74% below
- Market cap
- $161.0M
- Revenue (FY2025)
- $989.9M
- Revenue growth (10-yr CAGR)
- 8.0%
- ROIC (10-yr avg)
- 31.2%
- Free cash flow (FY2025)
- $123.8M
SSTK 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $989.9M | $45.5M | $1.25 | $123.8M | 7.6% | 6.5% |
| FY2024 | $935.3M | $35.9M | $1.01 | -$14.6M | 7.3% | 6.6% |
| FY2023 | $874.6M | $110.3M | $3.04 | $95.9M | 7.8% | 13.6% |
| FY2022 | $827.8M | $76.1M | $2.08 | $115.2M | 11.3% | 25.7% |
| FY2021 | $773.4M | $91.9M | $2.46 | $188.2M | 14.0% | 83.8% |
| FY2020 | $666.7M | $71.8M | $1.97 | $139.4M | 12.8% | 127.6% |
| FY2019 | $650.5M | $20.1M | $0.57 | $76.6M | 3.1% | 22.5% |
| FY2018 | $623.2M | $54.7M | $1.54 | $67.3M | 5.2% | 8.9% |
| FY2017 | $557.1M | $16.7M | $0.47 | $53.0M | 4.7% | 4.9% |
| FY2016 | $494.3M | $32.6M | $0.91 | $60.8M | 9.3% | 11.7% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Shutterstock, Inc. has demonstrated mature, steady growth, with revenue compounding at 8.0% annually over the past decade.
Shutterstock, Inc. has earned high returns on invested capital, averaging 31.2% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Shutterstock, Inc. has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Shutterstock, Inc. is modeled at 3.6% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $16.91 per share.