Forensic Analysis · Technology / Software · as of Jun 27, 2026
Shutterstock, Inc. (SSTK)
A forensic read on Shutterstock, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
B · Sound & dependable
Forensic grade
Distress
Financial health
0.6
Altman Z-score
Clean
Earnings quality
5
Forensic signals
-3.6%
ROE
$522M
Market cap
10.15%
Dividend yield
Shutterstock, Inc. earns a B (Sound & dependable) forensic quality grade, and its Altman Z-score is 0.6, placing it in the Distress zone. 5 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
6%Return on invested capital.Return on invested capital is 6% and slipping from 18% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
6% of revStock-based comp load.Stock-based compensation ran 6% of revenue and 49% of free cash flow in FY2025 — about $1.68 per diluted share. Heavy — a large slice of 'free cash flow' is really being paid out in stock, so the true owner cash per share is well below the headline.
42d DSOReceivables vs revenue.Days sales outstanding moved from 37 to 42 days FY2024→FY2025 (receivables +18% vs revenue +6%). Receivables are creeping up relative to sales — watch the trend.
-0.3%/yrShare-count dilution.Diluted share count changed -1% over the last 3 years to FY2025 (-0.3%/yr). Roughly flat — buybacks are about offsetting stock comp, not shrinking the count. Per-share value isn't being meaningfully helped or hurt by the count.
-77%Dividend — cut.The payout was CUT ~77% in FY2020 (from FY2018). It still returns some cash, but it is NOT the dependable, rising dividend an unbroken streak implies — weigh the cut when judging reliability.
Key fundamentals
Net Margin4.6%
Debt / Equity0.47x
Free Cash Flow$123.8M
Latest Revenue$989.9M
Return on Equity7.8%
Revenue Growth YoY+5.8%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on Shutterstock, Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about SSTK's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown