SHUTTERSTOCK, INC.

SSTK · Technology · $262.2M mkt cap · FY2025 filings · Wide moat

Wonderful & reasonably priced

Wide moat

The four filters

Pricing power97

Median gross margin 58.9% over 10y, very stable.

Returns on capital92

Median ROIC 28.0%, above the 9% hurdle in 78% of years.

Balance-sheet safety53

Net debt/EBITDA 0.6x, interest coverage 4x.

Capital discipline76

Owner earnings +12.4%/yr, share count growing (dilution).

Margin of safety

Above valueOn sale

77% below value

Owner earnings (normalized): $101.3M
Est. intrinsic value / share: $31.67
Recent price: $7.38
Discount to value: 77% below value

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

Moat Score history

Score history begins 2026-07-17. Check back as the record builds.

Scores are logged append-only and never overwritten — this record can't be backfilled, which is exactly why it's worth keeping.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell SSTK. See the disclaimer.