Share count
414Mpeak FY2022
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GETY, Getty Images Holdings Inc.
We have developed market enhancements across e-commerce, content subscriptions, user-generated content, diverse and inclusive content, and proprietary research alongside investment in our technology platform to become a global, trusted industry leader in the visual content space.
Our comprehensive product offering is designed to address the full spectrum of customers' visual content needs.
Customers can purchase on an a la carte basis and through subscriptions, including our "Premium Access" product, where we enable customers to access our complete library of creative and editorial images and video and music, via one website and one set of terms.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
$981M
+4.5% YoY · 4% 5-yr CAGR
Vital signs · TTM, with 5-yr average
Revenue $984M 5-yr avg $936M
Revenue $227M +1.1% vs yr-ago qtr
Operating margin 13.9% yr-ago 12.2%
Net income ($4M) yr-ago ($103M)
Net margin −2.0% yr-ago −45.8%
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- What it is
- Revenue is Creative (57%), Editorial (38%) and Other (6%).
- Situation
- Unprofitable. No sustained operating profit across the record; an earnings multiple has nothing to rest on. What the record does show is revenue, the gross-margin trajectory, and the burn against the cash on hand. Distress / turnaround. Thin interest coverage, or operating cash burned against real debt, across the record. The balance sheet carries this situation; the debt schedule sets the clock.
- What moves the needle
- Gross margin has run about 73% and operating margin about 19% through the cycle, a wide spread between price and the cost of what it sells — whether that advantage is durable pricing power or a margin that can erode is the question the record is for. The cash cycle has run negative through the cycle (a median of −83 days): the operation is paid before it pays, so working capital releases cash as the business grows rather than tying it up. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
Every line is arithmetic on the company's filings, shown in full in the sections below.
Where the money comes from
read the 10-K →Revenue spreads across 3 lines, the largest Creative at 57%.
Revenue by product line, FY2025
- Creative57%$557M
- Editorial38%$370M
- Other6%$55M
By geographyAmericas59%EMEA31%Asia Pacific10%
From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.
The record
Ten years of arithmetic, read across the cycle.
The record, 2020–2025
realized figures from each filing · older years to the left| 2020’20 | 2021’21 | 2022’22 | 2023’23 | 2024’24 | 2025’25 | TTMTTMMar 2026 | |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| $815M | $919M | $926M | $917M | $939M | $981M | $984M | RevenueRevenue |
| 72% | 73% | 72% | 73% | 73% | 73% | 73% | Gross marginGross mgn |
| 40% | 40% | 41% | 44% | 43% | 42% | 43% | SG&A / revenueSG&A/rev |
| $156M | $202M | $202M | $128M | $181M | $84M | $88M | Operating incomeOp. inc. |
| 19.2% | 22.0% | 21.8% | 13.9% | 19.2% | 8.6% | 9.0% | Operating marginOp. mgn |
| ($101M) | $46M | ($147M) | $19M | $40M | ($206M) | ($108M) | Net incomeNet inc. |
| Cash flow & returns | |||||||
| $148M | $189M | $163M | $133M | $118M | $65M | $90M | Operating cash flowOp. cash |
| $52M | $51M | $50M | $54M | $59M | $62M | $64M | DepreciationDeprec. |
| $189M | $86M | $252M | $21M | ($2M) | $192M | $118M | Working capital & otherWC & other |
| $45M | $49M | $59M | $57M | $57M | $60M | $60M | CapexCapex |
| 5.5% | 5.4% | 6.4% | 6.2% | 6.1% | 6.1% | 6.1% | Capex / revenueCapex/rev |
| $104M | $140M | $104M | $76M | $61M | $6M | $30M | Owner earningsOwner earn. |
| 12.7% | 15.2% | 11.2% | 8.3% | 6.5% | 0.6% | 3.0% | Owner earnings marginOE mgn |
| $104M | $140M | $104M | $76M | $61M | $6M | $30M | Free cash flowFCF |
| 12.7% | 15.2% | 11.2% | 8.3% | 6.5% | 0.6% | 3.0% | Free cash flow marginFCF mgn |
| — | $89M | $0 | $0 | $15M | $0 | $0 | AcquisitionsAcquis. |
| — | — | -27% | 3% | 6% | -37% | -20% | Return on equityROE |
| — | — | −27% | 3% | 6% | −37% | −20% | Retained to equityRetained/eq |
| Balance sheet | |||||||
| $161M | $186M | $98M | $137M | $121M | $90M | $97M | Cash & investmentsCash+inv |
| — | $143M | $130M | $139M | $151M | $208M | $191M | ReceivablesReceiv. |
| — | $95M | $94M | $103M | $99M | $114M | $107M | Accounts payablePayables |
| — | $48M | $36M | $36M | $52M | $94M | $83M | Operating working capitalOper. WC |
| — | $375M | $270M | $365M | $359M | $1.0B | $1.0B | Current assetsCur. assets |
| — | $346M | $322M | $432M | $453M | $1.3B | $1.3B | Current liabilitiesCur. liab. |
| — | 1.1× | 0.8× | 0.8× | 0.8× | 0.8× | 0.8× | Current ratioCurr. ratio |
| $1.4B | $1.5B | $1.5B | $1.5B | $1.5B | $1.5B | $1.5B | GoodwillGoodwill |
| — | $2.6B | $2.5B | $2.6B | $2.6B | $3.2B | $3.2B | Total assetsAssets |
| — | $1.8B | $1.4B | $1.4B | $1.3B | $2.0B | $2.0B | Total debtDebt |
| — | $1.6B | $1.3B | $1.3B | $1.2B | $1.9B | $1.9B | Net debt / (cash)Net debt |
| 1.3× | 1.7× | 1.7× | 1.0× | 1.4× | 0.5× | 0.5× | Interest coverageInt. cov. |
| ($320M) | ($347M) | $545M | $633M | $670M | $553M | $539M | Shareholders’ equityEquity |
| 1.0% | 0.7% | 1.0% | 4.1% | 2.3% | 1.7% | 1.6% | Stock comp / revenueSBC/rev |
| Per share | |||||||
| 294M | 302M | 415M | 411M | 415M | 414M | 418M | Shares out (diluted)Shares |
| $2.77 | $3.04 | $2.23 | $2.23 | $2.26 | $2.37 | $2.36 | Revenue / shareRev/sh |
| $-0.34 | $0.15 | $-0.35 | $0.05 | $0.10 | $-0.50 | $-0.26 | EPS (diluted)EPS |
| $0.35 | $0.46 | $0.25 | $0.18 | $0.15 | $0.01 | $0.07 | Owner earnings / shareOE/sh |
| $0.35 | $0.46 | $0.25 | $0.18 | $0.15 | $0.01 | $0.07 | Free cash flow / shareFCF/sh |
| $0.15 | $0.16 | $0.14 | $0.14 | $0.14 | $0.14 | $0.14 | Cap. spending / shareCapex/sh |
| $-1.09 | $-1.15 | $1.31 | $1.54 | $1.62 | $1.33 | $1.29 | Book value / shareBVPS |
Share counts before 2023 are restated ×1.5 for a stock split, so per-share figures sit on one basis.
Per-share growththe realized rate an owner's share compounded
| 5-yr | 5-yr | |
|---|---|---|
| Revenue / share | −3.1%/yr | −3.1%/yr |
| Owner earnings / share | −47.8%/yr | −47.8%/yr |
| Capital spending / share | −1.2%/yr | −1.2%/yr |
The year, in the company's words
the filing →Verbatim from the 10-K's management discussion. Each sentence is shown only because its subject, direction, and stated figures check out against the filed numbers on this page. The words are the company's; the arithmetic is the record's.
- Creative+0.7%
“Creative revenue increased on a reported basis 0.7% (0.2% CN) for the year ended December 31, 2025. The increase for the year ended December 31, 2025 was driven by our Creative committed solutions, where there were increases in our Premium Access subscriptions (increased $12.8 million), video subscriptions (increased $6.1 million) and Custom Content (increased $2.0 million), partially offset by declines in our iStock annual subscriptions (decreased $7.8 million).”
✓ figure matches the filed record - Editorial+6.9%
“Editorial revenue increased on a reported basis 6.9% (6.1% CN) for the year ended December 31, 2025. The increase was driven by Editorial subscriptions (increased $11.8 million), assignments (increased $4.1 million) and Editorial ALC (increased $7.7 million).”
✓ figure matches the filed record
The record, charted
FY2020–2025Each measure over its full record; the current point and the worst year marked. Share counts on the current split basis.
Gross margin
73%low FY2020
Net debt ÷ owner earnings
331.0×peak FY2025
Owner earnings vs. net income
Owner earningsNet incomeThe accountant's number, and the cash an owner can take; the gap is the tell.
$6Mowner earningsvs.($206M)net incomelow FY2025
Where the cash went
ReinvestBuybacksDividendsAcquisitionsRetainedEach year's operating cash, by what management did with it: the mix, and how it drifts.
FY2020FY2025
Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.
In fiscal 2025 the business turned a $206M loss into $6M of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Reported net income | ($206M) | $40M | $19M | ($147M) | $46M |
| Depreciation & amortizationnon-cash charge added back | +$62M | +$59M | +$54M | +$50M | +$51M |
| Stock-based compensationreal costnon-cash, but a real cost | +$17M | +$22M | +$38M | +$9M | +$6M |
| Working capital & othertiming of cash in and out, other non-cash items | +$192M | −$2M | +$21M | +$252M | +$86M |
| Cash from operations | $65M | $118M | $133M | $163M | $189M |
| Capital expenditurecash put back in to keep running and to grow | −$60M | −$57M | −$57M | −$59M | −$49M |
| Owner earnings | $6M | $61M | $76M | $104M | $140M |
| Owner-earnings marginowner earnings ÷ revenue | 1% | 6% | 8% | 11% | 15% |
Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position . The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $17M), owner earnings is nearer ($11M).
Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2025 10-K · source on SEC EDGAR →
Will it survive?
- Does not cover its interestOperating income $84M ÷ interest expense $156M
What this means
A full year of operating profit didn't cover the interest bill. This is the zombie zone: the business depends on refinancing, asset sales, or forbearance to service its debt.
- How heavy is the debt, net of cash? $1.9B · 22.4× operating profitHeavy net debtCash $90M − debt $2.0B
What this means
Netting $90M of cash and short-term investments against $2.0B of debt leaves $1.9B owed, about 22.4× a year's operating profit (23.4× on the gross debt, before the cash). Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
- Negative, funded by othersDSO 78 + DIO 0 − DPO 160 days
What this means
Days cash is tied up between paying suppliers and collecting from customers. A negative cycle is a quiet moat: suppliers and customers fund the operation (Buffett's “float”), the company grows on other people's money. (Little or no inventory, a services / asset-light model, so the inventory leg is ~0.)
Is it a good business?
- Not enough dataIndustry peers: median 9%
What this means
The filing data didn't include the inputs for this check.
- Solid through the cycle6-yr median margin, range 1%–15%; latest $6M = operating cash $65M − maintenance capex $60MIndustry peers: median 12%
What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 1% of revenue this year, a 8% median across 6 years. Treating stock comp as the real expense it is (less $17M of SBC) leaves ($11M).
- Loss, but cash-generativeNet income ($206M) · cash from operations $65M
What this means
The company reported a net loss, so a conversion ratio isn't meaningful. What matters then is whether operations still threw off cash, here, they did.
How is the cash used?
- Not enough data
What this means
The filing data didn't include the inputs for this check.
- Investing or harvesting? 0.95×MaintainingCapex $60M ÷ depreciation $62M
What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.
Graham’s defensive tests · 0 of 5 met
Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.
- Adequate size MissRevenue ≥ $2B · $981M
What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
- Strong liquidity MissCurrent ratio ≥ 2× · 0.77×
What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
- Conservative debt MissDebt ≤ working capital · $2.0B vs ($297M) WC
What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
- Earnings stability MissA profit every year (6-yr record) · 3 loss years
What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
- Dividend record MissUninterrupted dividends · none paid
What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
- Earnings growth —Earnings +33% over the record · —
What this means
Earnings were negative early in the record, a growth rate isn't meaningful.
- Moderate price —P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price
What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $-0.12/share (latest year $-0.49), the averaged base the calculator's gate runs on, and book value is $1.32/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.
Durability & moat, 2020–2025
Whether the record’s returns held, and what the capital reinvested earned.
- Profitable years 3 of 6
What this means
Lost money in 3 year(s), look at what happened there before trusting the average.
- Return on capital ≥ 15% 0 of 5 yrs
What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
- Operating margin 21% → 14% (3-yr avg ends)
What this means
Through the cycle the operating margin slipped — about 21% early to 14% lately, median 19% — competition or costs are biting in.
- Reinvestment, incremental ROIC returns capital
What this means
The capital base barely grew: this business returns cash through dividends and buybacks rather than reinvesting. Judge it on the cash returned, not on compounding.
- Owner earnings growth −23%/yr
What this means
Owner earnings shrank about 23% a year over the record.
- Worst year 2025 · 8.6% op. margin
What this means
Stayed profitable even in its hardest year, the resilience that survives recessions.
Does AI threaten the moat?
Elevated contestabilityThe product is software or information, the very thing capable AI now produces more cheaply, so the moat is more contestable than the record alone implies.
In its own filing Named as a competitive risk
Its FY2025 10-K names artificial intelligence as a competitive threat.
“As new and emerging platforms and content distribution systems continue to emerge, including but not limited to generative AI generated content and services powered by generative AI, including open-source generative AI, our customers may no longer want to source content from distributors such as us.…”
AI has collapsed the cost of building a capable substitute for the very thing this business sells. When a credible alternative can be assembled for a fraction of the incumbent's price, it is pricing power that erodes first, not revenue tomorrow. The live question is whether the moat survives that, not whether it held in the past. Whether that question is answerable at all is yours to decide, against your own circle of competence.
Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.
All figures as filed; the source filing is linked above.
Current Position
as of the latest quarter, Mar 31, 2026Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.
Current assets$1.0B
- Cash & short-term investments$97M
- Receivables$191M
- Other current assets$715M
Current liabilities$1.3B
- Debt due within a year$702M
- Accounts payable$107M
- Other current liabilities$516M
Current ratio0.76×all current assets ÷ what's due · Graham looked for 2×
Quick ratio0.76×stricter: inventory excluded
Cash ratio0.07×strictest: cash alone against what's due
Working capital($322M)the cushion left after near-term bills
Debt due this year vs. cash$702M due · $97M cash
cash alone won't cover the maturities; it leans on refinancing or operating cash · both figures from the Mar 31, 2026 balance sheet
Revenue, latest quarter vs. a year ago+1.1%the freshest read on whether the business is still growing
Current ratio, recent quarters0.8× → 0.8×
Deeper floors
Tangible book value($1.4B)equity stripped of goodwill & intangibles
Net current asset value($1.6B)Graham's net-net: current assets less all liabilities
Debt incl. operating leases$2.0B$27M of it operating leases
Deferred revenue$202Mcustomer cash collected before delivery; operating float
From the company's latest filing.
How the cash was used, 2020–2025
Over the record, the business generated $817M of operating cash; how management split it reads as a balanced allocator, splitting cash between the business, owners, and the balance sheet.
- Reinvested$327M · 40%
- Retained (debt / cash)$489M · 60%
- Net change in share count42.0%
The diluted count rose from 294M to 418M: issuance (stock pay, deals) outran any buybacks, so owners were diluted on net.
- Dividend record—
No dividend line was reported in the filing data over the span; the record here neither confirms nor rules out a payout.
Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.
Acquisitions & goodwill
from the balance sheet & the 6-year cash-flow recordGoodwill grows only when a company acquires and falls only when it concedes it overpaid. The size of that bet, the cash put into buying rather than building, and how much has already been written off.
Goodwill & intangibles$1.9B60% of all assets; the premium carried on the balance sheet for businesses acquired
Against book equityexceeds itgoodwill alone is larger than the company’s entire book equity; stripped of the acquisition premium, there is no net book worth
Cash spent acquiring$104Mover 6 years buying other businesses, against $327M of capital spent building
None written down over the record; the goodwill is still carried at full cost. That is the deals holding their value on the books so far; whether they keep doing so is the test an owner watches, since the write-down, when it comes, is the admission the price was too high.
Goodwill, acquired intangibles and equity from the latest balance sheet; acquisition spend and write-downs summed across the 6-year record, from the company's own filings.
Management, ownership & pay
read the proxy →From the proxy: how much of the business the people running it own, and how they are paid.
- Insider ownership11.2%
The stake all directors and executive officers hold together, per the 2025 proxy: skin in the game, the first thing Munger reads.
- Stock-based compensation$17M
The slice of the business handed to employees in shares this year, 2% of revenue, equal to 20% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.
What an owner would ask, FY2025
read the 10-K →- Which reported numbers are a judgment call?Management names Revenue recognition, Income taxes, Stock compensation, Contingencies as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →
The questions the record and the charts do not answer on their own; each carries the figure and the place to look.
Peers, Commercial Services & Supplies
The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.
| Company | Revenue | Gross margin | Op. margin | ROIC | Owner earn. margin |
|---|---|---|---|---|---|
| EXLSExlService | $2.1B | 86% | 12.5% | 14% | 12% |
| FICOFair Isaac | $2.0B | 73% | 30.6% | 35% | 29% |
| HQYHealthEquity | $1.3B | 60% | 14.0% | 5% | 24% |
| GETYGetty Images Holdings Inc. | $981M | 73% | 19.2% | — | 10% |
| PRTHPriority Technology Holdings Inc. | $953M | 30% | 8.0% | 16% | 6% |
| NUTXNutex Health Inc. | $875M | 39% | -12.8% | -182% | 10% |
| EEXEmerald Holding Inc. | $463M | 71% | 7.0% | 3% | 23% |
| RMNIRimini Street Inc. (DE) | $422M | 62% | 8.3% | — | 8% |
| Group median | — | 67% | 10.4% | — | 11% |
The price
What a price has to assume.
What the price implies
reverse-DCFType today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Getty Images Holdings Inc. has delivered.
$
Through the cycle, Getty Images Holdings Inc. earns about $96M on its 9.7% median owner-earnings margin. This year’s 0.6% margin runs below that; the reported figure may understate a lean year. Normalize, below, values the price on that through-cycle figure rather than the latest year.
Base
—
The assumptions
9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.
Enter a price above to run it.
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Implied by the price—
Owner-earnings growth · ’21→’25−28%/yr
Owner-earnings growth · ’20→’25−23%/yr
Owner-earnings growth · ’20→’25−23%/yr
Owner-earnings yield—
What a growth belief costs, in multiples
The growth each return requires, at your price
P/E (3-yr earnings ’23–’25)—
P/B—
Graham’s price gate—
Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.
Against a high-grade bond: Graham’s yardstick bond yield%
Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.
Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.
Owner-earnings yield—
High-grade bond yield—
Margin over the bond—
Owner earnings $30M on 419M shares outstanding, per the 10-Q cover, as of 2026-05-07; net debt $1.9B. The base is the latest year by default; Normalize values it on the through-cycle median owner-earnings margin (to avoid paying on a peak year). Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.
Cite: Owner Scorecard, "Getty Images Holdings Inc. (GETY), the owner's record," https://ownerscorecard.com/c/GETY, data as of 2026-07-09.
Manual order: ← GES its page in the Manual GEV →
Industry order: ← GEO the Commercial Services & Supplies chapter GPN →