MeritValue

Getty Images Holdings, Inc.

GETYdata completeness 100%6 fiscal years on file
The thesis, from the filings

Getty Images Holdings, Inc. earns about 4% on invested capital, but has diluted owners by 106% over 5 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $0.49 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$918.7M1$926.2M2$916.6M3$939.3M3$981.3M3
Net income$117.4M4−$77.6M5$19.6M6$39.5M6−$206.2M6
Operating cash flow$188.9M7$163.1M8$132.7M9$118.3M9$65.2M9
Capital expenditure$49.3M10$59.3M11$57M12$57.5M12$59.5M12
Free cash flow (derived)$139.6M7$103.8M8$75.7M9$60.9M9$5.67M9
Total debt$1.76B13$1.43B14$2.9B15$2.63B16$3.93B16
Cash & equivalents$186.3M17$97.9M18$136.6M19$121.2M20$90.2M20
Diluted shares201.5M276.9M411.5M414.9M414.3M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$13.34
your share of equity
Profit it earned you last year
−$4.98
Free cash flow it threw off
$0.14
Debt you’d be carrying
$94.96

10 shares is a claim on $13.34 of net worth that earned you −$4.98 and generated $0.14 of cash last year, against $94.96 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
4% avg · 5y
FY21 18%FY22 4%FY23 2%FY24 1%FY25 -3%

It earned an average 4% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+106% shares · 5y

Share count is up 106% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 123% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
negative equity value — refusing to publish per-share figure
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$60.9M
DCF · Growth Exit 5Y
not applicable
negative equity value — refusing to publish per-share figure
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$60.9M
Earnings Power Value
$0.49
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$19.6M
  • growthAssumed0.0%
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001628280-24-011316 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001628280-25-013103 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001628280-26-018160 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001628280-24-011316 (ProfitLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001628280-25-013103 (ProfitLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001628280-26-018160 (ProfitLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001628280-24-011316 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001628280-25-013103 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001628280-26-018160 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001628280-24-011316 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001628280-25-013103 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001628280-26-018160 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001410578-23-000254 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0001628280-24-011316 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0001628280-25-013103 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-31 · accession 0001628280-26-018160 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0001410578-23-000254 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001628280-24-011316 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001628280-25-013103 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001628280-26-018160 (CashAndCashEquivalentsAtCarryingValue)