Shutterstock, Inc. (SSTK) · 10+ Years of Financial Ratios

Profitability	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Return on Common Equity (%)	- -	- -	- -	- -	63.2	33.37	22.47	28.84	12.17	44.29	18.03	49.45	46.1	30.36	35.89
Return on Assets (%)	- -	273.22	112.94	55.29	12.44	6.67	4.58	6.72	3.1	9.86	3.46	10.55	11.62	8.78	11.5
Return on Capital (%)	- -	-69.75	-55.7	- -	58.97	33.37	22.47	28.84	12.17	44.29	14.88	37.85	38.48	24.75	29.48
Return on Invested Capital (%)	- -	- -	- -	- -	18.69	9.85	8.48	11.37	4.65	8.6	4.79	15.91	18.95	17.44	10.66
Gross Margin (%)	64.28	61.01	62.17	61.87	61.52	60.36	58.95	58.91	58.16	57.05	57.24	61.07	64.1	62.03	59.68
EBITDA Margin (%)	32.98	24.91	20.3	14.44	20.04	14.2	13.14	13.3	11.1	12.53	10.77	18.99	20.28	21.84	16.94
Operating Margin (%)	32.32	23.86	19.03	12.88	18.4	11.78	9.65	9.26	4.73	5.21	3.1	12.79	13.98	13.56	7.82
Incremental Operating Margin (%)	- -	0.22	8.3	-2.1	32.58	-5.06	2.44	6.89	-30.95	9.23	-45.09	402.84	21.4	7.69	-93.86
Pretax Margin (%)	32.33	23.88	19.04	12.86	18.42	11.64	8.06	9	5.4	10.61	3.83	13.43	13.54	11	14
Profit Margin (%)	30.84	22.82	18.18	28.03	11.24	6.74	4.6	6.6	3	8.77	3.09	10.76	11.88	9.19	12.61
Net Income to Common Margin (%)	30.84	15.02	12.24	22.72	11.24	6.74	4.6	6.6	3	8.77	3.09	10.76	11.88	9.19	12.61
Effective Tax Rate (%)	4.6	4.42	4.52	- -	38.95	42.14	42.95	26.67	44.39	17.28	19.3	19.84	12.27	16.4	9.96
Dvd Payout Ratio (%)	108.8	155.86	145.59	70.05	- -	- -	- -	- -	- -	191.86	- -	34	33.36	45.45	35.07
Sustainable Growth Rate (%)	- -	- -	- -	- -	63.2	33.37	22.47	28.84	12.17	-40.68	18.03	32.64	30.72	16.56	23.3

Credit	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Total Debt	- -	- -	- -	6	- -	- -	- -	- -	- -	- -	47	42	37	86	59
ST Debt	- -	- -	- -	6	- -	- -	- -	- -	- -	- -	- -	- -	- -	50	30
LT Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	47	42	37	36	29
Total Debt/EBITDA	- -	- -	- -	0.24	- -	- -	- -	- -	- -	- -	0.68	0.33	0.24	0.47	0.4
Net Debt/EBITDA	- -	-0.32	-0.58	-3.92	-3.29	-5.01	-4.32	-3.41	-4.1	-2.96	-4.33	-3.38	-2	-0.36	-0.48
Total Debt/EBIT	- -	- -	- -	0.27	- -	- -	- -	- -	- -	- -	2.35	0.49	0.34	0.76	0.87
Net Debt/EBIT	- -	-0.33	-0.62	-4.4	-3.59	-6.04	-5.88	-4.9	-9.62	-7.11	-15.05	-5.03	-2.9	-0.58	-1.03
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-2,341.45	135.3	79.81
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-1,656.78	77.71	43.8
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-1,613.52	84.05	36.85
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1	2
Common Equity/Total Assets	- -	-391.71	-233.06	19.48	19.8	20.13	20.63	25.8	25.18	19.09	19.28	23.12	27	30.8	33.11
Long-Term Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	14.42	9.86	7.89	7.96	5.58
Long-Term Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	28.02	19.79	13.85	9.97	7.31
Long-Term Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	7.5	5.7	4.34	4.04	2.84
Total Debt/Equity (%)	- -	- -	- -	7.8	- -	- -	- -	- -	- -	- -	14.42	9.86	7.89	19.13	11.27
Total Debt/Capital (%)	- -	- -	- -	17.32	- -	- -	- -	- -	- -	- -	28.02	19.79	13.85	23.98	14.76
Total Debt/Total Assets (%)	- -	- -	- -	4.08	- -	- -	- -	- -	- -	- -	7.5	5.7	4.34	9.72	5.73
Net Debt to Equity	- -	12.05	24.34	-124.91	-85.08	-92.85	-83.62	-78.2	-80.56	-80.53	-92.42	-101.58	-67.03	-14.56	-13.37
Net Debt/Capital (%)	- -	10.75	36.81	142.48	155.03	149.45	166.99	236.6	234.84	178.41	225.67	196.36	666.39	-26.93	-23.34
EBITDA	20	21	24	24	47	47	56	66	62	78	70	127	157	181	148
EBITDA-CapEx	19	20	21	20	33	27	36	10	1	36	37	95	111	104	81
Operating Income (Loss)	20	20	23	22	43	39	41	46	26	32	20	85	108	112	68

Liquidity	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Cash Ratio	- -	0.21	0.3	1.47	2.28	2.4	1.79	1.37	1.03	1.03	1.23	1.67	0.94	0.3	0.22
Current Ratio	- -	0.29	0.39	1.82	2.65	2.69	2.09	1.67	1.39	1.37	1.53	1.9	1.16	0.56	0.65
Quick Ratio	- -	0.25	0.34	1.52	2.37	2.54	1.97	1.56	1.23	1.22	1.42	1.84	1.08	0.48	0.42
CFO/Avg Current Liab	- -	1.86	1.02	0.79	0.7	0.78	0.61	0.56	0.48	0.44	0.44	0.66	0.73	0.44	0.34
Common Equity/Total Assets	- -	-391.71	-233.06	19.48	19.8	20.13	20.63	25.8	25.18	19.09	19.28	23.12	27	30.8	33.11
Long-Term Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	14.42	9.86	7.89	7.96	5.58
Long-Term Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	28.02	19.79	13.85	9.97	7.31
Long-Term Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	7.5	5.7	4.34	4.04	2.84
Total Debt/Equity (%)	- -	- -	- -	7.8	- -	- -	- -	- -	- -	- -	14.42	9.86	7.89	19.13	11.27
Total Debt/Capital (%)	- -	- -	- -	17.32	- -	- -	- -	- -	- -	- -	28.02	19.79	13.85	23.98	14.76
Total Debt/Total Assets (%)	- -	- -	- -	4.08	- -	- -	- -	- -	- -	- -	7.5	5.7	4.34	9.72	5.73
CFO/Total Liabilities	- -	42.14	47.77	64.88	58.79	62.61	47.26	47.03	41.05	41.75	33.95	53.64	56.46	36.53	27.62
CFO/CapEx	36.35	25.74	11.49	10.55	4.01	4.27	4.27	1.8	1.77	2.4	3.13	5.23	4.72	2.06	2.1
Altman's Z-Score	- -	3.4	3.24	9.62	20.37	13.51	6.12	6.98	5.63	5.43	5.03	7.47	9.35	6.8	5

Working Capital	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Accounts Receivable Turnover	- -	474.13	241.27	142.24	60.24	30.75	20.79	15.51	12.66	13.7	14.78	14.67	16.9	14.4	11.04
Days Sales Outstanding	- -	0.77	1.51	2.57	6.06	11.87	17.56	23.54	28.84	26.63	24.7	24.87	21.6	25.34	33.05
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	138.26	39.47	29.11	26.77	27.38	28.73	28.77	32.23	37.25	41.78	60.75	44.3	36.39	43.29
Accounts Payable Turnover Days	- -	2.64	9.25	12.54	13.63	13.33	12.71	12.69	11.32	9.8	8.74	6.01	8.24	10.03	8.43
Cash Conversion Cycle	- -	-1.87	-7.74	-9.97	-7.57	-1.46	4.85	10.85	17.52	16.84	15.96	18.86	13.37	15.31	24.62
Inventory to Cash Days	- -	0.77	1.51	2.57	6.06	11.87	17.56	23.54	28.84	26.63	24.7	24.87	21.6	25.34	33.05
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Market Capitalization	- -	- -	- -	843	2,886	2,498	1,140	1,663	1,521	1,256	1,513	2,610	4,068	1,863	1,723
- Cash & Cash Equivalents	- -	7	14	102	155	233	241	224	253	231	303	429	314	115	100
+ Preferred Equity and Hybrid Capital	- -	- -	34	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	- -	- -	- -	6	- -	- -	- -	- -	- -	- -	47	42	37	86	59
Enterprise Value	- -	-7	20	747	2,677	2,210	851	1,384	1,268	1,025	1,257	2,223	3,791	1,834	1,682
Total Capital	- -	-54	-24	35	55	77	97	129	146	101	169	210	267	357	402
Total Debt/Capital (%)	- -	- -	- -	17.32	- -	- -	- -	- -	- -	- -	28.02	19.79	13.85	23.98	14.76
Total Debt / EV	- -	- -	- -	0.01	- -	- -	- -	- -	- -	- -	0.04	0.02	0.01	0.05	0.04
EV/Sales	- -	- -	0.16	4.4	11.36	6.74	2	2.8	2.28	1.64	1.93	3.33	4.9	2.21	1.92
EV/EBITDA	- -	- -	0.8	30.49	56.72	47.46	15.24	21.06	20.5	13.12	17.94	17.55	24.16	10.14	11.35
EV/EBIT	- -	- -	0.86	34.17	61.78	57.18	20.76	30.23	48.11	31.59	62.38	26.07	35.06	16.33	24.59
EV/Cash Flow to Firm	- -	- -	0.5	16.4	47.48	26.67	9.98	13.68	11.73	10.03	12.25	13.46	17.52	11.49	11.83
EV/Free Cash Flow to Firm	- -	- -	0.46	14.98	38	21.61	8.09	8.8	7.5	7.08	9.28	11.3	14.46	7.75	8.05
Diluted Market Cap	- -	- -	- -	599	2,833	2,520	1,160	1,713	1,546	1,269	1,517	2,619	4,169	1,900	1,756
Diluted Enterprise Value	- -	-7	20	503	2,678	2,286	919	1,489	1,293	1,038	1,261	2,232	3,892	1,871	1,714
EV per Share	- -	- -	0.94	22.28	76.32	62.06	23.86	39.75	36.52	29.24	35.42	61.32	104.09	51.18	47.28
TTM Sales	61	83	120	170	236	328	425	494	557	623	651	667	773	828	875
TTM EBITDA	20	21	24	24	47	47	56	66	62	78	70	127	157	181	148
TTM Operating Income	20	20	23	22	43	39	41	46	26	32	20	85	108	112	68
TTM Cash Flow to Firm	27	29	40	46	56	83	85	101	108	102	103	165	216	160	142
TTM Free Cash Flow to Firm	28	30	43	50	70	102	105	157	169	145	135	197	262	237	209

Multiples	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Price/Earnings	- -	- -	- -	15.52	105.3	111.91	58.61	51.41	90.71	22.88	74.81	35.96	44.38	24.63	15.76
Price/Earnings Average	- -	- -	- -	15.05	66.69	121.76	91.24	49.73	86.8	29.86	70.26	23.73	39.44	31.74	17.41
Price/Earnings High	- -	- -	- -	16.71	106.56	159.98	133.3	68.56	112.64	34.78	82.81	35.99	49.16	50.77	25.33
Price/Earnings Low	- -	- -	- -	13.37	30.45	99.71	51.4	28.09	65.21	20.77	59.47	14.78	25.82	21.7	11.03
Price/Book Value	- -	- -	- -	29.42	52.34	32.34	11.78	12.85	10.45	12.38	12.45	15.47	17.69	6.86	5.02
Price/Book Value Average	- -	- -	- -	28.52	33.15	35.18	18.33	12.43	10	16.15	11.69	10.21	15.72	8.85	5.55
Price/Book Value High	- -	- -	- -	31.67	52.97	46.23	26.78	17.14	12.98	18.81	13.78	15.48	19.6	14.15	8.07
Price/Book Value Low	- -	- -	- -	25.33	15.14	28.81	10.33	7.02	7.51	11.24	9.9	6.36	10.29	6.05	3.52
Price/Tangible Book Value	- -	- -	- -	11.32	16.01	10.57	5.48	8.02	8.37	7.45	7.12	8.51	32.58	-17.33	-42.41
Price/Tangible Book Value Average	- -	- -	- -	10.97	10.14	11.5	8.54	7.76	8.01	9.72	6.69	5.61	28.96	-22.34	-46.85
Price/Tangible Book Value High	- -	- -	- -	12.19	16.2	15.11	12.47	10.7	10.39	11.32	7.88	8.51	36.09	-35.72	-68.17
Price/Tangible Book Value Low	- -	- -	- -	9.75	4.63	9.42	4.81	4.38	6.02	6.76	5.66	3.5	18.96	-15.27	-29.69
Price/Sales	- -	- -	- -	3.53	11.84	7.54	2.7	3.39	2.72	2.01	2.31	3.87	5.27	2.26	1.99
Price/Sales Average	- -	- -	- -	3.42	7.5	8.2	4.2	3.28	2.61	2.62	2.17	2.55	4.69	2.92	2.19
Price/Sales High	- -	- -	- -	3.8	11.98	10.77	6.13	4.53	3.38	3.05	2.56	3.87	5.84	4.67	3.19
Price/Sales Low	- -	- -	- -	3.04	3.42	6.72	2.36	1.85	1.96	1.82	1.84	1.59	3.07	1.99	1.39
Price/Cash Flow	- -	- -	- -	13.14	49.46	29.83	13.43	16.58	14.04	12.24	14.65	15.63	18.85	11.83	12.37
Price/Cash Flow Average	- -	- -	- -	12.74	31.33	32.46	20.91	16.04	13.44	15.98	13.76	10.32	16.75	15.25	13.66
Price/Cash Flow High	- -	- -	- -	14.15	50.05	42.65	30.54	22.12	17.44	18.61	16.22	15.65	20.88	24.38	19.87
Price/Cash Flow Low	- -	- -	- -	11.31	14.3	26.58	11.78	9.06	10.1	11.12	11.65	6.43	10.97	10.42	8.66
Price/Free Cash Flow	- -	- -	- -	12.02	40.22	24.64	11.02	10.9	9.15	8.76	11.2	13.32	15.9	8.07	8.47
Price/Free Cash Flow Average	- -	- -	- -	11.66	25.48	26.81	17.15	10.54	8.75	11.44	10.52	8.79	14.13	10.41	9.35
Price/Free Cash Flow High	- -	- -	- -	12.95	40.71	35.22	25.06	14.53	11.36	13.32	12.4	13.33	17.61	16.64	13.61
Price/Free Cash Flow Low	- -	- -	- -	10.36	11.63	21.96	9.66	5.95	6.58	7.96	8.9	5.47	9.25	7.11	5.93
EV/Sales	- -	- -	0.16	4.4	11.36	6.74	2	2.8	2.28	1.64	1.93	3.33	4.9	2.21	1.92
EV/Sales Average	- -	- -	0.16	4.25	7.1	7.57	3.61	2.8	2.16	2.26	1.79	2	4.32	2.87	2.13
EV/Sales High	- -	- -	0.16	4.78	11.74	10.18	5.53	4.03	2.94	2.69	2.18	3.34	5.47	4.6	3.12
EV/Sales Low	- -	- -	0.16	3.71	2.88	6.07	1.78	1.38	1.51	1.46	1.46	1.03	2.7	1.95	1.33
EV/EBITDA	- -	- -	0.8	30.49	56.72	47.46	15.24	21.06	20.5	13.12	17.94	17.55	24.16	10.14	11.35
EV/EBITDA Average	- -	-0.32	0.8	29.44	35.45	53.35	27.44	21.07	19.44	18.03	16.63	10.54	21.28	13.12	12.57
EV/EBITDA High	- -	-0.32	0.8	33.13	58.6	71.67	42.09	30.33	26.44	21.48	20.25	17.57	26.95	21.09	18.42
EV/EBITDA Low	- -	-0.32	0.8	25.71	14.39	42.79	13.57	10.41	13.58	11.64	13.52	5.41	13.32	8.92	7.87
EV/EBIT	- -	- -	0.86	34.17	61.78	57.18	20.76	30.23	48.11	31.59	62.38	26.07	35.06	16.33	24.59
EV/EBIT Average	- -	-0.33	0.86	33	38.61	64.28	37.37	30.24	45.62	43.39	57.82	15.66	30.88	21.12	27.22
EV/EBIT High	- -	-0.33	0.86	37.13	63.84	86.36	57.31	43.55	62.06	51.7	70.41	26.09	39.11	33.94	39.89
EV/EBIT Low	- -	-0.33	0.86	28.82	15.68	51.55	18.49	14.95	31.88	28.02	46.99	8.04	19.33	14.36	17.03
Last Price	- -	- -	- -	25.15	82.3	70.16	31.94	47.77	43.82	35.82	42.63	72	111.7	52	48.44
High Price	- -	- -	- -	27.08	83.29	100.29	72.64	63.71	54.41	54.44	47.19	72.06	123.72	107.2	77.86
Low Price	- -	- -	- -	21.66	23.8	62.51	28.01	26.1	31.5	32.52	33.89	29.59	64.99	45.82	33.91
Enterprise Value	- -	-7	20	747	2,677	2,210	851	1,384	1,268	1,025	1,257	2,223	3,791	1,834	1,682
Enterprise Value Average	- -	-7	20	721	1,673	2,484	1,533	1,385	1,202	1,408	1,165	1,335	3,338	2,372	1,862
Enterprise Value High	- -	-7	20	811	2,766	3,337	2,351	1,994	1,635	1,678	1,419	2,225	4,228	3,811	2,728
Enterprise Value Low	- -	-7	20	630	679	1,992	758	685	840	909	947	686	2,090	1,612	1,165

Per Share Data Items	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Shares Outstanding	30	21	21	34	35	36	36	35	35	35	35	36	36	36	36
Diluted Weighted Avg Shares	30	21	21	24	34	36	36	36	35	35	36	36	37	37	36
Basic Weighted Avg Shares	30	21	21	24	34	35	36	35	35	35	35	36	37	36	36
Revenue per Share	2.02	3.98	5.77	7.13	6.95	9.31	11.85	14.08	16.09	17.84	18.44	18.6	21.18	22.97	24.38
EBITDA per Share	0.67	0.99	1.17	1.03	1.39	1.32	1.56	1.87	1.79	2.24	1.99	3.53	4.3	5.02	4.13
Operating Income per Share	0.65	0.95	1.1	0.92	1.28	1.1	1.14	1.3	0.76	0.93	0.57	2.38	2.96	3.12	1.91
Basic EPS, GAAP	0.62	0.6	0.71	1.62	0.78	0.63	0.54	0.93	0.48	1.57	0.57	2	2.52	2.11	3.07
Basic EPS from Cont Ops	0.62	0.91	1.05	2	0.78	0.63	0.54	0.93	0.48	1.57	0.57	2	2.52	2.11	3.07
Diluted EPS, GAAP	0.62	0.6	0.71	1.62	0.77	0.62	0.54	0.91	0.47	1.54	0.57	1.97	2.46	2.08	3.04
Diluted EPS from Cont Ops	0.62	0.91	1.05	1.99	0.77	0.62	0.54	0.91	0.47	1.54	0.57	1.97	2.46	2.08	3.04
Dividend per Share	0.68	1.24	1.37	1.51	- -	- -	- -	- -	- -	3	- -	0.68	0.84	0.96	1.08
Cash Flow per Share	0.9	1.38	1.9	1.91	1.66	2.35	2.38	2.88	3.12	2.93	2.91	4.61	5.93	4.4	3.92
Free Cash Flow per Basic Share	0.87	1.32	1.73	1.73	1.25	1.8	1.82	1.28	1.36	1.71	1.98	3.72	4.67	2.26	2.05
Cash & Equivalents per Share	- -	0.31	0.68	3.05	5.98	8.1	8.08	8.02	7.3	6.58	8.54	11.82	8.62	3.21	2.83
Book Value per Share	- -	-2.6	-2.78	0.85	1.57	2.17	2.71	3.72	4.19	2.89	3.42	4.65	6.31	7.58	9.64
Tangible Book Value per Share	- -	-2.73	-4.51	2.22	5.14	6.64	5.82	5.95	5.24	4.81	5.99	8.46	3.43	-3	-1.14

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