Download PDF

1. Company Snapshot

1.a. Company Description

Getty Images Holdings, Inc.operates as a visual content creator and marketplace in the United States and internationally.It maintains privately-owned photographic archives covering approximately 160,000 news, sport, and entertainment events, as well as variety of subjects, including lifestyle, business, science, health and beauty, sports, transportation, and travel under the Getty Images, iStock, and Unsplash brands.


The company also provides music licensing, and digital asset management and distribution services; and sells wall décor products.It serves largest enterprises, smallest businesses, and individual creators.The company was founded in 1995 and is based in Seattle, Washington.

Show Full description

1.b. Last Insights on GETY

Getty Images Holdings, Inc.'s recent performance was negatively impacted by a Q4 loss of $0.01 per share, surpassing the Zacks Consensus Estimate of $0.04. This decline in earnings was a stark contrast to the $0.09 per share earned in the same period last year. The company's revenue of $247.3 million beat estimates, but the modest growth in AI content and the lack of major events in 2025 may lead to a decline in revenue. Additionally, the proposed merger with Shutterstock has been met with a Second Request from the U.S. Department of Justice, potentially delaying the deal.

1.c. Company Highlights

2. Getty Images Q3 2025 Earnings: A Mixed Bag

Getty Images Holdings, Inc. reported its Q3 2025 earnings, with revenue of $240 million, a slight year-over-year decrease of 0.22% on a currency-neutral basis. Adjusted EBITDA was $78.7 million, down 2.4% reported and 4.4% on a currency-neutral basis, at a margin of 32.8% of revenue. The company's actual EPS came out at $0.05, beating estimates of $0.04. The revenue and adjusted EBITDA figures indicate a stable performance, despite headwinds from compares against a strong editorial calendar in Q3 2024, as noted by CFO Jennifer Leyden.

Publication Date: Nov -19

📋 Highlights
  • Revenue Decline:: Q3 revenue fell 0.22% to $240 million (currency-neutral), with adjusted EBITDA down 4.4% to $78.7 million (margin: 32.8%).
  • Subscription Growth:: Subscription revenue rose 11.2% YoY, adding 6,000 active subscribers (304,000 Q3 LTM total), driven by premium access.
  • AI Licensing Momentum:: Secured multiyear AI deals (e.g., Perplexity) and custom training content for customers, signaling potential material revenue growth.
  • Regulatory Hurdles:: UK CMA initiated Phase 2 review of Shutterstock merger; net leverage at 4.3x post-exchange offer for debt maturity extension.
  • Segment Performance:: Agency revenue dropped 22%, media revenue fell 3% due to post-strike production delays, while corporate retention hit 100%.

Segment-wise Performance

The company saw growth in Creative, driven by premium access revenue, and declines in Editorial due to a difficult compare with the 2024 editorial event calendar. Agency revenue declined 22% year-over-year, while subscription revenue grew 11.2% year-over-year, driven by premium access. The company added 6,000 active annual subscribers, reaching 304,000 in the Q3 LTM period. The premium access subscription retention rate is the highest across all subscriptions, with no variability seen in recent periods.

AI Strategy and Licensing Deals

Getty Images inked multiple deals to allow AI large language models to utilize its content, including a multiyear agreement with Perplexity. The company believes these deals could develop into a material revenue stream. The company's AI strategy focuses on providing value to customers, with existing customers getting value from pre-shot content and AI capabilities. The company also licenses data for AI training to third-party platforms and deploys AI to improve operational efficiency.

Valuation and Outlook

The company's guidance for the full year of 2025 indicates reported revenue expected to be $942 million to $951 million, representing year-on-year growth of 0.3% to 1.2%. Adjusted EBITDA is expected to be $291 million to $293 million, a decrease of 3% to 2.3% year-over-year. With a P/S Ratio of 0.64 and EV/EBITDA of 12.86, the stock's valuation appears reasonable. Analysts estimate next year's revenue growth at 2.6%. The company's net leverage was 4.3 times at the end of Q3, and it completed an exchange offer to extend the maturities on its senior unsecured notes.

Customer Segments and Retention

In terms of customer segments, agency revenue was down 22% in the quarter. Media revenue declined 3%, primarily due to broadcast and production segments still feeling the impact of the Hollywood strikes, with production not back to pre-strike levels. Corporate revenue was slightly down but remains a growth segment, with enterprise customers showing 100% retention rates. The subscription business continues to perform well, with high utilization and strong retention.

3. NewsRoom

Card image cap

With All Eyes On A Merger Delay, Getty Images Beats Earnings Yet Again

Nov -13

Source: seekingalpha.com

Card image cap

Getty Images reports earnings beat for Q3, raises sales guidance

Nov -11

Source: proactiveinvestors.com

Card image cap

Getty Images Holdings, Inc. (GETY) Q3 2025 Earnings Call Transcript

Nov -11

Source: seekingalpha.com

Card image cap

Getty Images Holdings, Inc. (GETY) Q3 Earnings Surpass Estimates

Nov -11

Source: zacks.com

Card image cap

Getty Images Reports Third Quarter 2025 Results

Nov -10

Source: globenewswire.com

Card image cap

Getty Images largely loses lawsuit against UK AI firm

Nov -04

Source: techxplore.com

Card image cap

Getty Images issues statement on ruling in Stability AI UK litigation

Nov -04

Source: globenewswire.com

Card image cap

Getty Images largely loses landmark UK lawsuit over AI image generator

Nov -04

Source: reuters.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (3.23%)

6. Segments

Creative

Expected Growth: 3.5%

Getty Images Holdings, Inc.'s Creative segment growth of 3.5% is driven by increasing demand for digital content, expansion into new markets, and strategic partnerships. Additionally, the company's focus on providing high-quality, exclusive content and its ability to adapt to changing customer needs have contributed to its growth.

Editorial

Expected Growth: 2.8%

Getty Images Holdings, Inc.'s 2.8% growth is driven by increasing demand for visual content, expansion into new markets, and strategic partnerships. The rise of digital media, e-commerce, and social platforms has fueled the need for high-quality images, contributing to the company's growth. Additionally, Getty's diversified revenue streams, including creative and editorial content, have helped maintain a steady growth pace.

Other

Expected Growth: 2.2%

Getty Images Holdings, Inc.'s 2.2% growth is driven by increasing demand for digital media, expansion into new markets, and strategic partnerships. The rise of social media and online advertising has boosted demand for high-quality visual content, while the company's efforts to diversify its revenue streams and improve operational efficiency have also contributed to its growth.

7. Detailed Products

Editorial Images

Getty Images' editorial images provide access to a vast library of news, sports, and entertainment images, offering customers a unique perspective on the world's most significant events and stories.

Creative Images

Getty Images' creative images offer a diverse range of high-quality, royalty-free images, including photographs, illustrations, and vectors, suitable for commercial use.

iStock by Getty Images

iStock is a budget-friendly, royalty-free image platform offering a vast collection of stock photos, illustrations, and videos.

Getty Images Music

Getty Images Music provides a comprehensive library of royalty-free music tracks, sound effects, and loops for use in various media productions.

Getty Images Video

Getty Images Video offers a vast collection of royalty-free and rights-managed video footage, including HD and 4K content.

Getty Images API

The Getty Images API provides developers with access to Getty Images' vast library of images, enabling integration into various applications and platforms.

8. Getty Images Holdings, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Getty Images Holdings, Inc. operates in a niche market with a strong brand presence, making it difficult for substitutes to emerge. However, the rise of free image platforms and social media has increased the threat of substitutes.

Bargaining Power Of Customers

Getty Images Holdings, Inc. has a diverse customer base, including media outlets, advertising agencies, and corporate clients. While customers have some bargaining power, the company's strong brand and unique offerings mitigate this threat.

Bargaining Power Of Suppliers

Getty Images Holdings, Inc. has a large network of photographers and content creators, reducing its dependence on individual suppliers. This limits the bargaining power of suppliers.

Threat Of New Entrants

The rise of digital platforms and social media has lowered the barriers to entry in the stock image market, making it easier for new entrants to emerge. Getty Images Holdings, Inc. must continue to innovate and differentiate itself to maintain its market position.

Intensity Of Rivalry

The stock image market is highly competitive, with several established players vying for market share. Getty Images Holdings, Inc. must focus on differentiating its offerings and providing exceptional customer service to maintain its market position.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 68.98%
Debt Cost 3.95%
Equity Weight 31.02%
Equity Cost 14.65%
WACC 7.26%
Leverage 222.42%

11. Quality Control: Getty Images Holdings, Inc. passed 1 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
EverQuote

A-Score: 5.6/10

Value: 5.9

Growth: 8.3

Quality: 8.4

Yield: 0.0

Momentum: 7.5

Volatility: 3.3

1-Year Total Return ->

View Full Report
Stock-Card
Arena Group Holdings

A-Score: 5.0/10

Value: 8.5

Growth: 4.7

Quality: 6.2

Yield: 0.0

Momentum: 10.0

Volatility: 0.3

1-Year Total Return ->

View Full Report
Stock-Card
Angi

A-Score: 3.9/10

Value: 8.5

Growth: 4.9

Quality: 6.1

Yield: 0.0

Momentum: 1.5

Volatility: 2.7

1-Year Total Return ->

View Full Report
Stock-Card
Thryv

A-Score: 3.4/10

Value: 7.7

Growth: 1.3

Quality: 7.1

Yield: 0.0

Momentum: 1.0

Volatility: 3.0

1-Year Total Return ->

View Full Report
Stock-Card
TechTarget

A-Score: 2.9/10

Value: 9.2

Growth: 2.1

Quality: 3.6

Yield: 0.0

Momentum: 0.0

Volatility: 2.3

1-Year Total Return ->

View Full Report
Stock-Card
Getty Images

A-Score: 2.8/10

Value: 7.0

Growth: 3.1

Quality: 3.9

Yield: 0.0

Momentum: 1.0

Volatility: 2.0

1-Year Total Return ->

View Full Report

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

1.46$

Current Price

1.46$

Potential

-0.00%

Expected Cash-Flows