Thryv Holdings (THRY) AI Stock Analysis

• Market Cap: $146.63M
• Dividend Yield: N/A
• Average Volume (3M): 1.58M
• Price to Earnings (P/E): 7.8
• Beta (1Y): 1.35
• Revenue Growth: -10.73%
• EPS Growth: N/A
• Country: US
• Employees: 2,986
• Sector: Communication Services
• Sector Strength: 97
• Industry: Internet Content & Information
• EPS (TTM): -0.22
• Shares Outstanding: 44,165,024
• 10 Day Avg. Volume: 2,772,370
• 30 Day Avg. Volume: 1,580,826
• PEG Ratio: -0.08
• Price to Book (P/B): 1.21
• Price to Sales (P/S): 0.34
• P/FCF Ratio: 8.48
• Enterprise Value/Market Cap: 2.62
• Enterprise Value/Revenue: 0.49
• Enterprise Value/Gross Profit: 0.72
• Enterprise Value/Ebitda: 5.14
• 1Y Price Target: $4.75
• Price Target Upside: 43.07% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 5
• EPS Forecast (FY): 0.31
• Revenue Forecast (FY): $655.13M

• Rating: 58 Neutral
• Price Target: $3.00 ▼(-9.64% Downside)
• Action: Reiterated Date: 03/03/26
• Date: Action: Reiterated 03/03/26

The score is anchored by improving fundamentals (return to profitability, positive cash generation, and reduced leverage) and a constructive earnings call with specific 2026 guidance and expected free-cash-flow growth. This is meaningfully offset by weak technicals (downtrend across major moving averages with negative MACD) and an unfavorable/less-informative valuation signal from a highly negative P/E with no dividend yield support.

Positive Factors

SaaS Revenue Growth & Mix Shift

A sustained 34% SaaS growth and rising share of revenue reflect a durable transition from one‑time services to recurring subscriptions. This structurally increases revenue visibility, expands high‑lifetime‑value cohorts and supports upsell and lifecycle monetization over multiple years.

High SaaS Gross Margins and ARPU Expansion

SaaS gross margins above 70% and rising ARPU indicate scalable unit economics: as subscription scale grows, incremental revenue contributes disproportionately to profit. Durable margin structure supports reinvestment in product and AI while improving long‑term free cash flow conversion.

Improving Cash Generation and Deleveraging

Positive free cash flow and a clear plan to raise FCF while reducing net debt to ~1.7x increase financial flexibility. Sustainable cash generation supports product investment, M&A integration (Keap), and liability reduction, lowering structural balance‑sheet risk over the medium term.

Negative Factors

Sharp Marketing Services Contraction

An intentional halving of marketing services revenue is a material near‑term revenue shock and reduces diversification. While strategic, the ~50%+ decline compresses top‑line predictability and forces a reliance on SaaS ramping fast enough to offset lost cash flow and customer relationships.

Stagnant Retention & Small‑Customer Tail

Flat seasoned NRR at 94% and elevated churn among low‑ARPU legacy customers constrain durable revenue expansion from the installed base. The small‑customer tail increases migration friction and makes long‑term retention gains harder, raising execution risk during platform replatforming.

Revenue Volatility and Thin Net Margins Historically

Multi‑year revenue swings and historically thin net margins indicate structural volatility in demand and limited margin buffer. Even with recent profitability, inconsistent top‑line trends and narrow net margins reduce resilience to execution missteps or slower SaaS upsell progress.

Thryv Holdings Business Overview & Revenue Model

Company Description

Thryv Holdings, Inc. provides digital marketing solutions and cloud-based tools to the small-to-medium sized businesses (SMBs). It operates through three segments: SaaS (Software as a Service), Marketing Services, and Thryv International. The company provides Thryv, an SMB end-to-end customer experience platform; Hub by Thryv, a solution for franchisors to offer real time oversight and day-to-day management of multiple locations; Thryv Leads, an integrated local marketing and lead generation solution, as well as related services; and ThryvPay, a payment solution that allows users to get paid through credit card and ACH. It also offers print and digital solutions, including the company's print yellow pages; internet yellow pages, such as yellowpages.com, superpages.com, dexknows.com, and extended search solutions; search engine marketing solutions; and other digital media solutions, including online display and social advertising, online presence and video, and search engine optimization tools. The company was formerly known as Dex Media Holdings, Inc. and changed its name to Thryv Holdings, Inc. in July 2019. Thryv Holdings, Inc. is based in DFW Airport, Texas.

How the Company Makes Money

Thryv Holdings generates revenue through a subscription-based model, offering its software solutions to SMBs on a recurring basis. Key revenue streams include monthly or annual subscription fees for access to its integrated platform, which encompasses CRM, marketing services, and operational management tools. Additional revenue comes from transactional fees related to payment processing services and optional add-on services for enhanced marketing capabilities. The company also benefits from strategic partnerships with various service providers and platforms that expand its service offerings and market reach, contributing to its overall earnings.

Thryv Holdings Financial Statement Overview

Summary

Profitability has rebounded in the TTM period (positive EBIT/EBITDA/net income) and leverage has improved with materially lower debt, while operating cash flow and free cash flow remain positive. Offsetting this, revenue has been volatile over multiple years, net margins are still thin, and TTM free cash flow growth is sharply negative versus prior strong years.

Income Statement

TTM (Trailing-Twelve-Months) shows a clear profitability rebound with positive EBIT, EBITDA, and net income, alongside stronger gross margin versus prior years. However, net margin remains thin, and the multi-year revenue trajectory is volatile—revenue declined sharply from 2022 to 2024 before the strong TTM growth rate, suggesting momentum but not yet a fully stable growth profile.

Balance Sheet

Leverage has improved meaningfully: total debt fell sharply from 2020–2024 levels to a much lower figure in TTM (Trailing-Twelve-Months), and equity has increased, supporting a healthier capital structure. That said, debt relative to equity remains elevated per the provided ratio, and returns on equity have been inconsistent over time (negative in 2023–2024 before turning positive in TTM), indicating the balance sheet is better but not yet “low-risk.”

Cash Flow

Cash generation is a relative strength: TTM (Trailing-Twelve-Months) operating cash flow and free cash flow are positive, and free cash flow is a solid proportion of net income. The main weakness is that cash flow has stepped down versus the very strong 2022–2024 levels and TTM free cash flow growth is sharply negative, pointing to near-term pressure on cash conversion and/or reinvestment needs.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	785.01M	824.16M	916.96M	1.20B	1.11B
Gross Profit	532.71M	537.24M	578.25M	780.38M	705.34M
EBITDA	79.93M	33.56M	-135.56M	247.77M	306.16M
Net Income	33.78M	-74.22M	-259.30M	54.35M	101.58M
Balance Sheet
Total Assets	688.59M	712.16M	783.17M	1.18B	1.30B
Cash, Cash Equivalents and Short-Term Investments	10.75M	16.31M	18.22M	16.03M	11.26M
Total Debt	256.69M	294.99M	362.03M	493.18M	598.59M
Total Liabilities	470.45M	515.25M	630.47M	795.61M	985.79M
Stockholders Equity	218.14M	196.92M	152.70M	382.27M	314.71M
Cash Flow
Free Cash Flow	31.14M	56.25M	114.83M	119.34M	143.72M
Operating Cash Flow	63.53M	89.78M	148.23M	148.57M	170.57M
Investing Cash Flow	-32.53M	-110.42M	-42.52M	-52.03M	-196.57M
Financing Cash Flow	-38.47M	19.22M	-103.49M	-91.10M	39.09M

Thryv Holdings Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 3.32
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For THRY, the sentiment is Negative. The current price of 3.32 is below the 20-day moving average (MA) of 3.50, below the 50-day MA of 4.63, and below the 200-day MA of 9.43, indicating a bearish trend. The MACD of -0.48 indicates Negative momentum. The RSI at 43.29 is Neutral, neither overbought nor oversold. The STOCH value of 58.26 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for THRY.

Thryv Holdings Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
EVER	74 Outperform	$614.13M	9.83	53.19%	―	57.83%	293.63%
JFIN	73 Outperform	$333.03M	2.50	46.87%	11.97%	3.79%	50.06%
SSTK	65 Neutral	$619.22M	14.82	8.28%	7.14%	13.06%	66.19%
Sector *	60 Neutral	$48.67B	4.58	-11.27%	4.14%	2.83%	-41.78%
ANGI	60 Neutral	$376.58M	13.76	4.40%	―	-13.14%	17.25%
THRY	58 Neutral	$146.63M	7.81	0.15%	―	-10.73%	―
TTGT	57 Neutral	$266.98M	-1.36	―	―	―	―

Thryv Holdings Corporate Events

Thryv Highlights Q4 2025 Results and SaaS Transition

Thryv Holdings reported fourth-quarter 2025 results showing a continued shift toward SaaS, with SaaS revenue rising 14.1% year over year to $118.99 million and SaaS adjusted EBITDA reaching $20.04 million, while marketing services revenue fell 11.7% to $72.63 million. Consolidated revenue grew 2.7% to $191.62 million, but the company swung to a net loss of $9.66 million from net income of $7.88 million a year earlier, even as adjusted EBITDA margin improved to 20.3%, reflecting higher-margin SaaS growth, the integration of the October 2024 Keap acquisition, and a strategic pivot toward its AI-enabled unified growth platform.

Operational metrics underscored this transition, with quality SaaS customers generating more than $400 in monthly recurring revenue increasing their share of SaaS revenue to 69% and adjusted SaaS gross margin rising to 70.4% in the quarter. Billings data highlighted a 12% year-over-year increase in SaaS billings versus a 34% decline in marketing services billings, and Thryv issued 2026 guidance calling for total revenue of $611 million to $631 million and adjusted EBITDA of $100 million to $110 million, signaling expectations that SaaS-led growth and higher-value subscribers will continue to reshape its revenue mix despite ongoing pressure in legacy marketing services.

The most recent analyst rating on (THRY) stock is a Hold with a $7.00 price target. To see the full list of analyst forecasts on Thryv Holdings stock, see the THRY Stock Forecast page.

Thryv Holdings Accelerates SaaS Growth Amid Revenue Shift

Thryv Holdings reported that in 2025 its SaaS revenue grew 34.2% year over year to $461 million, helping lift SaaS to more than 62% of total revenue, even as consolidated revenue fell 4.7% to $785 million due to a steep 32.6% decline in Marketing Services revenue. The company posted full-year net income of $0.3 million versus a $74.2 million loss a year earlier, expanded SaaS adjusted EBITDA margin to 16.0%, and delivered strong Q4 2025 SaaS metrics, including a 15% rise in monthly ARPU and more than 50% growth in Marketing Center revenue, underscoring its shift toward an AI-enabled Thryv Platform aimed at helping small businesses market, sell and grow.

The most recent analyst rating on (THRY) stock is a Hold with a $7.00 price target. To see the full list of analyst forecasts on Thryv Holdings stock, see the THRY Stock Forecast page.

Thryv Holdings adopts executive retention bonus program

On January 5, 2026, Thryv Holdings, Inc. approved a one-time cash retention bonus program for certain critical employees, including President Grant Freeman, Chief Operations & Customer Success Officer and Executive Vice President John Wholey, and Chief Legal Officer & Human Resources head Lesley Bolger. Under the plan, each participating executive will receive a retention bonus equal to 50% of their annual base salary, paid in two installments: 60% of the bonus after August 31, 2026, and the remaining 40% after August 31, 2027, with each payment contingent on continued employment and satisfactory performance, underscoring the company’s effort to secure leadership stability over the next two years.

The most recent analyst rating on (THRY) stock is a Hold with a $13.00 price target. To see the full list of analyst forecasts on Thryv Holdings stock, see the THRY Stock Forecast page.