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Shutterfly

Nasdaq:SFLY
Snowflake Description

Moderate growth potential and overvalued.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
SFLY
Nasdaq
$2B
Market Cap
  1. Home
  2. US
  3. Retail
Company description

Shutterfly, Inc. manufactures and retails personalized products primarily in the United States, Canada, and the European Community. The last earnings update was 70 days ago. More info.


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SFLY Share Price and Events
7 Day Returns
0%
NasdaqGS:SFLY
1%
US Online Retail
0.6%
US Market
1 Year Returns
-43.9%
NasdaqGS:SFLY
1.3%
US Online Retail
4.7%
US Market
SFLY Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Shutterfly (SFLY) 0% -0% 25.3% -43.9% 0.1% 4.6%
US Online Retail 1% 6.8% 2.9% 1.3% 123.2% 223.4%
US Market 0.6% 4.2% 2.7% 4.7% 38% 43.5%
1 Year Return vs Industry and Market
  • SFLY underperformed the Online Retail industry which returned 1.3% over the past year.
  • SFLY underperformed the Market in United States of America which returned 4.7% over the past year.
Price Volatility
SFLY
Industry
5yr Volatility vs Market
Related Companies

Value

 Is Shutterfly undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Shutterfly to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Shutterfly.

NasdaqGS:SFLY Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 6 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 14.3%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NasdaqGS:SFLY
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
Online Retail Unlevered Beta Simply Wall St/ S&P Global 1.64
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.635 (1 + (1- 21%) (60.44%))
1.949
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.95
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (1.949 * 5.96%)
14.35%

Discounted Cash Flow Calculation for NasdaqGS:SFLY using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Shutterfly is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

NasdaqGS:SFLY DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 14.35%)
2020 260.60 Analyst x1 227.91
2021 292.36 Analyst x1 223.61
2022 225.71 Analyst x2 150.97
2023 237.58 Analyst x2 138.98
2024 230.64 Est @ -2.92% 117.99
2025 227.81 Est @ -1.23% 101.92
2026 227.72 Est @ -0.04% 89.10
2027 229.52 Est @ 0.79% 78.54
2028 232.67 Est @ 1.37% 69.63
2029 236.81 Est @ 1.78% 61.97
Present value of next 10 years cash flows $1,260.60
NasdaqGS:SFLY DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= $236.81 × (1 + 2.73%) ÷ (14.35% – 2.73%)
$2,094.42
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $2,094.42 ÷ (1 + 14.35%)10
$548.12
NasdaqGS:SFLY Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $1,260.60 + $548.12
$1,808.72
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $1,808.72 / 34.30
$52.73
NasdaqGS:SFLY Discount to Share Price
Calculation Result
Value per share (USD) From above. $52.73
Current discount Discount to share price of $50.54
= -1 x ($50.54 - $52.73) / $52.73
4.2%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Shutterfly is available for.
Intrinsic value
4%
Share price is $50.54 vs Future cash flow value of $52.73
Current Discount Checks
For Shutterfly to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Shutterfly's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • Shutterfly's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Shutterfly's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Shutterfly's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NasdaqGS:SFLY PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $-0.18
NasdaqGS:SFLY Share Price ** NasdaqGS (2019-07-12) in USD $50.54
United States of America Online Retail Industry PE Ratio Median Figure of 29 Publicly-Listed Online Retail Companies 34.26x
United States of America Market PE Ratio Median Figure of 3,084 Publicly-Listed Companies 18.01x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Shutterfly.

NasdaqGS:SFLY PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NasdaqGS:SFLY Share Price ÷ EPS (both in USD)

= 50.54 ÷ -0.18

-280x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Shutterfly is loss making, we can't compare its value to the US Online Retail industry average.
  • Shutterfly is loss making, we can't compare the value of its earnings to the United States of America market.
Price based on expected Growth
Does Shutterfly's expected growth come at a high price?
Raw Data
NasdaqGS:SFLY PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section -280x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts
38.6%per year
United States of America Online Retail Industry PEG Ratio Median Figure of 23 Publicly-Listed Online Retail Companies 2.25x
United States of America Market PEG Ratio Median Figure of 2,125 Publicly-Listed Companies 1.59x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Shutterfly, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Shutterfly's assets?
Raw Data
NasdaqGS:SFLY PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $17.51
NasdaqGS:SFLY Share Price * NasdaqGS (2019-07-12) in USD $50.54
United States of America Online Retail Industry PB Ratio Median Figure of 64 Publicly-Listed Online Retail Companies 3x
United States of America Market PB Ratio Median Figure of 5,239 Publicly-Listed Companies 1.81x
NasdaqGS:SFLY PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NasdaqGS:SFLY Share Price ÷ Book Value per Share (both in USD)

= 50.54 ÷ 17.51

2.89x

* Primary Listing of Shutterfly.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Shutterfly is good value based on assets compared to the US Online Retail industry average.
X
Value checks
We assess Shutterfly's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Online Retail industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Online Retail industry average (and greater than 0)? (1 check)
  5. Shutterfly has a total score of 1/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Shutterfly expected to perform in the next 1 to 3 years based on estimates from 6 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
38.6%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Shutterfly expected to grow at an attractive rate?
  • Shutterfly's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Shutterfly's earnings growth is expected to exceed the United States of America market average.
  • Shutterfly's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NasdaqGS:SFLY Future Growth Rates Data Sources
Data Point Source Value (per year)
NasdaqGS:SFLY Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts 38.6%
NasdaqGS:SFLY Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 6 Analysts 3.4%
United States of America Online Retail Industry Earnings Growth Rate Market Cap Weighted Average 26.2%
United States of America Online Retail Industry Revenue Growth Rate Market Cap Weighted Average 16.5%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 14.1%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.5%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NasdaqGS:SFLY Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NasdaqGS:SFLY Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 2,494 336 115 1
2022-12-31 2,425 327 101 1
2021-12-31 2,283 315 98 4
2020-12-31 2,226 346 69 6
2019-12-31 2,166 165 25 6
NasdaqGS:SFLY Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 2,087 182 -6
2018-12-31 1,962 202 50
2018-09-30 1,606 148 -15
2018-06-30 1,432 162 32
2018-03-31 1,198 188 36
2017-12-31 1,190 240 30
2017-09-30 1,158 183 9
2017-06-30 1,150 200 6
2017-03-31 1,144 204 12
2016-12-31 1,134 193 16
2016-09-30 1,121 202 56
2016-06-30 1,101 185 22

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Shutterfly's earnings are expected to grow significantly at over 20% yearly.
  • Shutterfly's revenue is expected to grow by 3.4% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NasdaqGS:SFLY Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below

All data from Shutterfly Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqGS:SFLY Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31 2.95 2.95 2.95 1.00
2022-12-31 2.66 2.66 2.66 1.00
2021-12-31 2.68 2.98 2.35 4.00
2020-12-31 1.81 2.41 1.50 5.00
2019-12-31 0.79 1.01 0.63 5.00
NasdaqGS:SFLY Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 -0.18
2018-12-31 1.52
2018-09-30 -0.47
2018-06-30 0.99
2018-03-31 1.10
2017-12-31 0.91
2017-09-30 0.28
2017-06-30 0.17
2017-03-31 0.36
2016-12-31 0.47
2016-09-30 1.63
2016-06-30 0.63

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Shutterfly will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Shutterfly's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Shutterfly has a total score of 3/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Shutterfly performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Shutterfly's growth in the last year to its industry (Online Retail).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Shutterfly does not make a profit even though their year on year earnings growth rate was positive over the past 5 years.
  • Unable to compare Shutterfly's 1-year earnings growth to the 5-year average as it is not currently profitable.
  • Unable to compare Shutterfly's 1-year growth to the US Online Retail industry average as it is not currently profitable.
Earnings and Revenue History
Shutterfly's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Shutterfly Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqGS:SFLY Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 2,086.78 -6.06 787.28 183.53
2018-12-31 1,961.82 50.40 686.82 173.70
2018-09-30 1,605.61 -15.50 540.41 169.47
2018-06-30 1,432.30 32.44 414.71 165.25
2018-03-31 1,197.96 36.11 307.52 160.93
2017-12-31 1,190.20 30.09 313.51 168.38
2017-09-30 1,157.67 9.34 331.75 169.01
2017-06-30 1,149.56 5.80 342.61 172.68
2017-03-31 1,144.49 12.15 346.24 174.60
2016-12-31 1,134.22 15.91 352.09 166.91
2016-09-30 1,121.08 56.04 350.86 166.26
2016-06-30 1,101.24 22.12 353.27 161.04
2016-03-31 1,081.16 14.82 358.26 156.23
2015-12-31 1,059.43 -0.84 357.77 154.52
2015-09-30 994.67 -32.31 346.77 148.45
2015-06-30 969.19 -15.47 343.99 143.87
2015-03-31 944.46 -18.75 335.24 139.50
2014-12-31 921.58 -7.86 328.99 133.62
2014-09-30 849.04 -63.86 316.52 128.07
2014-06-30 829.72 -27.77 307.29 122.09
2014-03-31 804.03 -12.52 296.09 116.45
2013-12-31 783.64 9.29 283.00 109.00
2013-09-30 724.63 18.66 259.18 102.80
2013-06-30 700.48 18.33 246.31 96.83
2013-03-31 666.04 20.63 232.29 91.27
2012-12-31 640.62 23.00 219.31 85.75
2012-09-30 552.60 5.38 195.58 78.46

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • It is difficult to establish if Shutterfly has efficiently used shareholders’ funds last year (Return on Equity greater than 20%) as it is loss-making.
  • Shutterfly used its assets less efficiently than the US Online Retail industry average last year based on Return on Assets.
  • It is difficult to establish if Shutterfly improved its use of capital last year versus 3 years ago (Return on Capital Employed) as it is currently loss-making.
X
Past performance checks
We assess Shutterfly's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Online Retail industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Shutterfly has a total score of 0/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Shutterfly's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Shutterfly's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Shutterfly is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Shutterfly's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Shutterfly's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.4x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Shutterfly Company Filings, last reported 3 months ago.

NasdaqGS:SFLY Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 598.63 905.49 180.78
2018-12-31 674.37 1,156.38 555.58
2018-09-30 487.20 1,158.74 204.84
2018-06-30 544.30 1,162.36 200.59
2018-03-31 555.60 646.11 539.48
2017-12-31 550.72 643.19 667.92
2017-09-30 456.77 344.29 100.94
2017-06-30 500.34 340.89 170.63
2017-03-31 541.81 337.49 206.52
2016-12-31 559.16 334.15 315.58
2016-09-30 477.05 330.84 92.86
2016-06-30 508.83 327.59 130.81
2016-03-31 546.09 324.34 169.54
2015-12-31 606.06 321.13 311.78
2015-09-30 521.57 321.54 134.07
2015-06-30 577.28 318.01 189.84
2015-03-31 704.76 305.09 303.59
2014-12-31 757.81 293.75 445.41
2014-09-30 692.85 252.22 248.57
2014-06-30 729.32 249.27 280.32
2014-03-31 753.35 246.36 339.03
2013-12-31 788.10 259.85 499.08
2013-09-30 729.68 240.66 335.14
2013-06-30 728.12 237.89 365.84
2013-03-31 712.80 0.00 164.45
2012-12-31 691.29 0.00 245.09
2012-09-30 630.62 0.00 89.99
  • Shutterfly's level of debt (161.3%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (33.6% vs 161.3% today).
  • Debt is not well covered by operating cash flow (18.9%, less than 20% of total debt).
  • Shutterfly is making a loss, therefore interest payments are not well covered by earnings.
X
Financial health checks
We assess Shutterfly's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Shutterfly has a total score of 1/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Shutterfly's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0%
Current annual income from Shutterfly dividends. Estimated to be 0% next year.
If you bought $2,000 of Shutterfly shares you are expected to receive $0 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Unable to evaluate Shutterfly's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate Shutterfly's dividend against the top 25% market benchmark as the company has not reported any payouts.
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NasdaqGS:SFLY Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below
Global Online Retail Industry Average Dividend Yield Market Cap Weighted Average of 20 Stocks 1.5%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2018 Stocks 2.4%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NasdaqGS:SFLY Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 0.00 1.00
2020-12-31 0.00 1.00
2019-12-31 0.00 1.00

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to perform a dividend volatility check as Shutterfly has not reported any payouts.
  • Unable to verify if Shutterfly's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of Shutterfly's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as Shutterfly has not reported any payouts.
Future Payout to shareholders
  • No need to calculate the sustainability of Shutterfly's dividends in 3 years as they are not expected to pay a notable one for United States of America.
X
Income/ dividend checks
We assess Shutterfly's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Shutterfly afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Shutterfly has a total score of 0/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Shutterfly's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Ryan O’Hara
TENURE AS CEO 0.1 years
CEO Bio

Mr. Ryan O’Hara has been President, Chief Executive Officer and Director at Shutterfly, Inc. since June 24, 2019. Mr. O’Hara is a seasoned executive with experience across a range of industries. He joins Shutterfly from Move Inc./Realtor.com, where he led a successful turnaround of the business over more than four years as Chief Executive Officer, more than doubling traffic, conversion and revenue, while driving value creation. Prior to Move Inc., he served as President of Content, Distribution and Sales for The Madison Square Garden Company. During his tenure, he helped maximize growth and position a restructuring of the business. In addition, he led the national cable TV business and partner marketing and advertising sales, while developing and implementing an overall strategic vision to maximize the company’s technological capabilities. He also served as the CEO of The Topps Company, reinvigorating a portfolio of assets, driving international growth, and transforming the digital business through aggressive investment. Previously, he served as a top leader at Gemstar-TV Guide, successfully building and selling the company. He has also served in leadership positions across media companies including BSkyB and Fox Cable Networks, was a management consultant with PWC, and began his career in brand management for Nestle. Mr. Ryan Ryan was a member of the public board of directors of REA Group, which owns and operates a number of leading property portals throughout 12 countries in Asia. He earned a Bachelor of Arts in Economics from Stanford University, and a Master of Business Administration from Harvard Business School.

CEO Compensation
  • Insufficient data for Ryan to compare compensation growth.
  • Insufficient data for Ryan to establish whether their remuneration is reasonable compared to companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Shutterfly management team in years:

2.1
Average Tenure
52
Average Age
  • The tenure for the Shutterfly management team is about average.
Management Team

Mike Pope

TITLE
Senior VP
COMPENSATION
$4M
AGE
52
TENURE
3.8 yrs

Satish Menon

TITLE
Senior VP & CTO
COMPENSATION
$3M
AGE
61
TENURE
4.7 yrs

Mickey Mericle

TITLE
Senior VP & Chief Marketing Officer
COMPENSATION
$5M
AGE
52
TENURE
0.8 yrs

Chris North

TITLE
Executive Officer
COMPENSATION
$4M
AGE
48
TENURE
0.1 yrs

Michael Meek

TITLE
President & CEO of Lifetouch
COMPENSATION
$6M
AGE
56
TENURE
3.5 yrs

Ryan O’Hara

TITLE
CEO, President & Director
TENURE
0.1 yrs

Dwayne Black

TITLE
Senior VP & COO
COMPENSATION
$2M
AGE
51
TENURE
12.4 yrs

Shawn Tabak

TITLE
Vice President

Jason Sebring

TITLE
VP & General Counsel

Greg Hintz

TITLE
Senior Vice President of Corporate Development
AGE
40
TENURE
0.3 yrs
Board of Directors Tenure

Average tenure and age of the Shutterfly board of directors in years:

2.9
Average Tenure
59
Average Age
  • The average tenure for the Shutterfly board of directors is less than 3 years, this suggests a new board.
Board of Directors

Will Lansing

TITLE
Chairman of the Board
COMPENSATION
$352K
AGE
61
TENURE
2.4 yrs

Ryan O’Hara

TITLE
CEO, President & Director
TENURE
0.1 yrs

Brian Swette

TITLE
Director
COMPENSATION
$235K
AGE
65
TENURE
9.8 yrs

Betsy Rafael

TITLE
Director
COMPENSATION
$275K
AGE
57
TENURE
3.1 yrs

Libby Sartain

TITLE
Director
COMPENSATION
$255K
AGE
64
TENURE
2.6 yrs

Eva Manolis

TITLE
Director
COMPENSATION
$225K
AGE
55
TENURE
2.8 yrs

Michael Zeisser

TITLE
Director
COMPENSATION
$225K
AGE
54
TENURE
6.3 yrs

Ann Mather

TITLE
Director
COMPENSATION
$225K
AGE
59
TENURE
6.2 yrs

Tom Hughes

TITLE
Director
COMPENSATION
$225K
AGE
59
TENURE
4.1 yrs

H. Stansbury

TITLE
Director
COMPENSATION
$225K
AGE
58
TENURE
2.6 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
03. Jul 19 Sell Okumus Fund Management, Ltd. Company 27. Jun 19 01. Jul 19 -946,409 $50.66 $-47,889,090
20. Feb 19 Sell Satish Menon Individual 15. Feb 19 15. Feb 19 -5,216 $45.93 $-239,571
21. Nov 18 Sell Satish Menon Individual 19. Nov 18 19. Nov 18 -12,552 $48.67 $-610,927
X
Management checks
We assess Shutterfly's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Shutterfly has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Calculating The Intrinsic Value Of Shutterfly, Inc. (NASDAQ:SFLY)

(NASDAQ:SFLY) as an investment opportunity by estimating the company's future cash flows and discounting them to their present value. … A DCF is all about the idea that a dollar in the future is less valuable than a dollar today, so we need to discount the sum of these future cash flows to arrive at a present value estimate: 10-year free cash flow (FCF) forecast 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Levered FCF ($, Millions) $205.87 $260.60 $292.36 $225.71 $237.58 $230.64 $227.81 $227.72 $229.52 $232.67 Growth Rate Estimate Source Analyst x1 Analyst x1 Analyst x1 Analyst x2 Analyst x2 Est @ -2.92% Est @ -1.23% Est @ -0.04% Est @ 0.79% Est @ 1.37% Present Value ($, Millions) Discounted @ 14.6% $179.64 $198.42 $194.25 $130.85 $120.19 $101.81 $87.75 $76.54 $67.31 $59.54 Present Value of 10-year Cash Flow (PVCF)= $1.22b "Est" = FCF growth rate estimated by Simply Wall St We now need to calculate the Terminal Value, which accounts for all the future cash flows after this ten year period. … Terminal Value (TV) = FCF2029 × (1 + g) ÷ (r – g) = US$233m × (1 + 2.7%) ÷ (14.6% – 2.7%) = US$2.0b Present Value of Terminal Value (PVTV) = TV / (1 + r)10 = $US$2.0b ÷ ( 1 + 14.6%)10 = $515.25m The total value is the sum of cash flows for the next ten years plus the discounted terminal value, which results in the Total Equity Value, which in this case is $1.73b.

Simply Wall St -

Have Insiders Been Selling Shutterfly, Inc. (NASDAQ:SFLY) Shares?

So shareholders might well want to know whether insiders have been buying or selling shares in Shutterfly, Inc. … View our latest analysis for Shutterfly Shutterfly Insider Transactions Over The Last Year In the last twelve months, the biggest single sale by an insider was when the Senior VP &amp; CTO, Satish Menon, sold US$611k worth of shares at a price of US$48.67 per share. … Insider Ownership Many investors like to check how much of a company is owned by insiders.

Simply Wall St -

Did Changing Sentiment Drive Shutterfly's (NASDAQ:SFLY) Share Price Down A Worrying 51%?

(NASDAQ:SFLY) shareholders should be happy to see the share price up 13% in the last month. … Specifically, the stock price slipped by 51% in that time. … One imperfect but simple way to consider how the market perception of a company has shifted is to compare the change in the earnings per share (EPS) with the share price movement.

Simply Wall St -

Is There An Opportunity With Shutterfly, Inc.'s (NASDAQ:SFLY) 31.25% Undervaluation?

by estimating the company's future cash flows and discounting them to their present value. … discounted cash flows (DCF) … If you want to learn more about discounted cash flow, the basis for my calcs can be read in detail in the Simply Wall St analysis model.

Simply Wall St -

Before You Buy Shutterfly Inc (NASDAQ:SFLY), Consider Its Volatility

Beta is a widely used metric to measure a stock's exposure to market risk (volatility). … Before we go on, it's worth noting that Warren Buffett pointed out in his 2014 letter to shareholders that 'volatility is far from synonymous with risk.' Having said that, beta can still be rather useful. … A stock with a beta below one is either less volatile than the market, or more volatile but not corellated with the overall market.

Simply Wall St -

With An ROE Of 5.96%, Has Shutterfly Inc's (NASDAQ:SFLY) Management Done Well?

Though SFLY's recent performance is underwhelming, it is useful to understand what ROE is made up of and how it should be interpreted. … Knowing these components can change your views on SFLY's below-average returns. … Today I will look at how components such as financial leverage can influence ROE which may impact the sustainability of SFLY's returns

Simply Wall St -

Is It The Right Time To Buy Shutterfly Inc (NASDAQ:SFLY)?

received a lot of attention from a substantial price movement on the NasdaqGS over the last few months, increasing to $97.47 at one point, and dropping to the lows of $80.92. … A question to answer is whether Shutterfly's current trading price of $86.71 reflective of the actual value of the? … Let’s take a look at Shutterfly’s outlook and value based on the most recent financial data to see if there are any catalysts for a price change

Simply Wall St -

Calculating The Intrinsic Value Of Shutterfly Inc (NASDAQ:SFLY)

by taking the expected future cash flows and discounting them to their present value. … discounted cash flows (DCF). … If you want to learn more about discounted cash flow, the basis for my calcs can be read in detail in the Simply Wall St analysis model

Simply Wall St -

Does Shutterfly Inc's (NASDAQ:SFLY) PE Ratio Signal A Selling Opportunity?

SFLY is priced at an enormous multiple of 86.42x based on its prior year’s earnings,. … which is 2.1 times more expensive than the 41.13x average multiple of the Online Retail. … However, a static multiple such as PE is never conclusive on its own.

Simply Wall St -

Shutterfly Inc (NASDAQ:SFLY): Immense Growth Potential?

Since Shutterfly Inc (NASDAQ:SFLY) released its earnings in December 2017, the consensus outlook from analysts appear highly confident, as earnings are expected to increase by more than twofold next year, against the previous 5-year average growth rate of 0.47%. … To understand the overall trajectory of SFLY's earnings growth over these next fews years, I've fitted a line through these analyst earnings forecast to determine an annual growth rate from the slope. … NasdaqGS:SFLY Future Profit Mar 16th 18 From the current net income level of US$30.09M and the final forecast of US$94.69M by 2021, the annual rate of growth for SFLY’s earnings is 23.09%.

Simply Wall St -

Company Info

Description

Shutterfly, Inc. manufactures and retails personalized products primarily in the United States, Canada, and the European Community. The company operates through three reportable segments: Shutterfly Consumer, Lifetouch, and Shutterfly Business Solutions. The Shutterfly Consumer segment provides products, such as portraits, cards and stationery items, professionally-bound photo books and year books, personalized gifts and home décor products, and calendars and prints; and mugs, ornaments, candles, pillows, and blankets through the Shutterfly, Tiny Prints, and Groovebook domains, as well as rents photographic and video equipment under BorrowLenses brand. The Lifetouch segment offers photography services for schools, preschools, and retail stores under the under the JCPenney portrait brand at approximately 400 retail studios, as well as churches and other groups. The Shutterfly Business Solutions provides direct marketing and other end-consumer communications, as well as just-in-time and inventory free printing services. Shutterfly, Inc. was founded in 1999 and is headquartered in Redwood City, California.

Details
Name: Shutterfly, Inc.
SFLY
Exchange: NasdaqGS
Founded: 1999
$1,733,513,863
34,299,839
Website: http://www.shutterflyinc.com
Address: Shutterfly, Inc.
2800 Bridge Parkway,
Redwood City,
California, 94065,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NasdaqGS SFLY Common Stock Nasdaq Global Select US USD 29. Sep 2006
DB P1Q Common Stock Deutsche Boerse AG DE EUR 29. Sep 2006
Number of employees
Current staff
Staff numbers
7,094
Shutterfly employees.
Industry
Internet and Direct Marketing Retail
Retail
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/07/15 00:01
End of day share price update: 2019/07/12 00:00
Last estimates confirmation: 2019/07/03
Last earnings filing: 2019/05/06
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.