Thryv Holdings, Inc. (THRY)
NASDAQ:THRY
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Thryv Holdings
(NASDAQ:THRY)
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Rating:59Neutral
Price Target:
$4.00
▲(23.46% Upside)
Action:ReiteratedDate:04/30/26
The score is driven primarily by mixed financial performance—strong and improving free cash flow and improving profitability offset by multi-year revenue contraction and thin net income—supported by a constructive near-term technical setup. Recent earnings commentary and guidance were positive overall, while valuation is less supportive due to a negative P/E and no dividend yield provided.
Positive Factors
SaaS mix shift to recurring revenue
Thryv’s structural shift to SaaS (now ~70% of revenue) increases recurring, higher-margin income and reduces reliance on legacy services. Over 2–6 months this supports more predictable cash flow, stronger gross margins and greater leverage from product-led growth and upsells.
Negative Factors
Multi-year revenue contraction
Sustained top-line declines limit operating scale and threaten long-term margin expansion. Even with SaaS growth, consolidated revenue weakness constrains reinvestment flexibility, makes hit-driven growth targets harder, and heightens dependence on successful SaaS upsell execution.
Read all positive and negative factors
Positive Factors
Negative Factors
SaaS mix shift to recurring revenue
Thryv’s structural shift to SaaS (now ~70% of revenue) increases recurring, higher-margin income and reduces reliance on legacy services. Over 2–6 months this supports more predictable cash flow, stronger gross margins and greater leverage from product-led growth and upsells.
Read all positive factors
Thryv Holdings (THRY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$160.99M
Dividend YieldN/A
Average Volume (3M)739.08K
Price to Earnings (P/E)6.7
Beta (1Y)1.62
Revenue Growth-0.07%
EPS GrowthN/A
CountryUS
Employees2,986
SectorTechnology
Sector Strength88
IndustryInternet Content & Information
Share Statistics
EPS (TTM)0.33
Shares Outstanding44,349,785
10 Day Avg. Volume556,128
30 Day Avg. Volume739,081
Financial Highlights & Ratios
PEG Ratio-8.57
Price to Book (P/B)1.21
Price to Sales (P/S)0.34
P/FCF Ratio8.48
Enterprise Value/Market Cap2.58
Enterprise Value/Revenue0.54
Enterprise Value/Gross Profit0.80
Enterprise Value/Ebitda4.16
Forecast
1Y Price Target
$4.75Price Target Upside46.60% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering5
EPS Forecast (FY)0.11
Revenue Forecast (FY)$619.12M
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 comp...
How the Company Makes Money
Thryv primarily makes money from recurring subscription revenue for its Thryv software platform, typically sold to SMB customers on contract terms that bill monthly or annually. These subscriptions bundle business-management functionality (e.g., C...
Thryv Holdings Earnings Call Summary
Earnings Call Date:Apr 30, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 30, 2026
Earnings Call Sentiment Positive
The call emphasized clear strategic progress: SaaS growth beating expectations, meaningful upmarket traction (ARPU +13% YoY), strong Marketing Center adoption (~30% YoY), accelerating multiproduct adoption, and manageable leverage with upgraded revenue guidance. The principal negatives are an intentional but sizable decline in marketing services billings (-33% YoY), some SaaS gross margin compression and a near-term SaaS EBITDA miss tied to strategic upgrades, and noise in customer counts driven by legacy migrations. Management framed the negatives as deliberate investments to improve long-term economics. Overall, the positives around recurring SaaS growth, product momentum (including AI) and guidance improvements outweigh the transition-related headwinds.Positive Updates
SaaS Revenue Beat and Mix Shift
SaaS reported revenue of $116.7M (CEO referenced ~$117M), up 5% year-over-year and above guidance; SaaS now represents ~70% of total company revenue, marking a structural shift from marketing services to a pure SaaS business.
Negative Updates
Large Decline in Marketing Services Billings
Marketing Services billings for Q1 were $54.5M, down 33% year-over-year. Management characterizes this as an intentional strategic shift tied to upgrades to SaaS, but the decline is material and will persist during the transition.
Read all updates
Q1-2026 Updates
Positive
Negative
SaaS Revenue Beat and Mix Shift
SaaS reported revenue of $116.7M (CEO referenced ~$117M), up 5% year-over-year and above guidance; SaaS now represents ~70% of total company revenue, marking a structural shift from marketing services to a pure SaaS business.
Read all positive updates
Company Guidance
Thryv’s guidance: Q2 SaaS revenue $114–$115M with Q2 SaaS adjusted EBITDA $12–$13M; full‑year SaaS revenue raised to $463–$471M while full‑year SaaS adjusted EBITDA is maintained at $70–$75M; full‑year Marketing Services revenue raised to $157–$163M with Marketing Services adjusted EBITDA maintained at $30–$35M. Management cautioned Q2 carries a lighter print publication schedule that will create timing variability in Marketing Services EBITDA (no impact to billings or free cash flow), reiterated the plan to exit Marketing Services by 2028 (cash flows through 2030), said the company is now ~70% SaaS, reported net debt of $258M (leverage 1.7x), and expects to return to overall top‑line growth in 2027.Thryv Holdings Financial Statement Overview
Summary
Income Statement
44
Neutral
Balance Sheet
46
Neutral
Cash Flow
72
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 771.33M | 785.01M | 824.16M | 916.96M | 1.20B | 1.11B |
| Gross Profit | 522.68M | 508.17M | 537.24M | 578.25M | 780.38M | 705.34M |
| EBITDA | 99.87M | 124.35M | 33.56M | -135.56M | 247.77M | 306.16M |
| Net Income | 14.47M | 307.00K | -74.22M | -259.30M | 54.35M | 101.58M |
Balance Sheet | ||||||
| Total Assets | 693.74M | 688.59M | 712.16M | 783.17M | 1.18B | 1.30B |
| Cash, Cash Equivalents and Short-Term Investments | 7.95M | 10.75M | 16.31M | 18.22M | 16.03M | 11.26M |
| Total Debt | 258.56M | 256.69M | 294.99M | 362.03M | 493.18M | 598.59M |
| Total Liabilities | 468.33M | 470.45M | 515.25M | 630.47M | 795.61M | 985.79M |
| Stockholders Equity | 225.41M | 218.14M | 196.92M | 152.70M | 382.27M | 314.71M |
Cash Flow | ||||||
| Free Cash Flow | 60.79M | 31.14M | 56.25M | 114.83M | 119.34M | 143.72M |
| Operating Cash Flow | 75.48M | 63.53M | 89.78M | 148.23M | 148.57M | 170.57M |
| Investing Cash Flow | -32.23M | -32.53M | -110.42M | -42.52M | -52.03M | -196.57M |
| Financing Cash Flow | -48.18M | -38.47M | 19.22M | -103.49M | -91.10M | 39.09M |
Thryv Holdings Technical Analysis
Neutral
3.24
Price Trends
3.14
Positive
4.35
Negative
7.90
Negative
Market Momentum
0.02
Negative
56.64
Neutral
81.78
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For THRY, the sentiment is Neutral. The current price of 3.24 is above the 20-day moving average (MA) of 2.89, above the 50-day MA of 3.14, and below the 200-day MA of 7.90, indicating a neutral trend. The MACD of 0.02 indicates Negative momentum. The RSI at 56.64 is Neutral, neither overbought nor oversold. The STOCH value of 81.78 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for THRY.
Thryv Holdings Risk Analysis
Thryv Holdings disclosed 65 risk factors in its most recent earnings report. Thryv Holdings reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Thryv Holdings Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | $727.63M | 7.42 | 75.44% | ― | 24.49% | 181.60% | |
70 Outperform | $257.98M | 5.27 | 37.65% | 11.97% | 7.45% | 46.54% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
61 Neutral | $605.81M | -3.10 | -3.62% | 7.14% | -1.77% | -152.61% | |
59 Neutral | $160.99M | 6.67 | 0.14% | ― | -0.07% | ― | |
55 Neutral | $192.50M | ― | 4.41% | ― | -9.14% | -60.63% | |
49 Neutral | $430.14M | -10.30 | -108.27% | ― | ― | ― |
* Technology Sector Average
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Thryv Holdings Corporate Events
Business Operations and StrategyFinancial Disclosures
Thryv Highlights Q1 2026 SaaS Growth and Profitability
Positive
Apr 30, 2026
On April 30, 2026, Thryv reported first-quarter 2026 results showing SaaS revenue rose 5% year over year to $116.7 million and reached 70% of total revenue, while marketing services revenue fell 27.5% to $50.9 million, driving a 7.5% decline in co...
Business Operations and StrategyFinancial Disclosures
Thryv Highlights Q4 2025 Results and SaaS Transition
Neutral
Feb 26, 2026
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....
Business Operations and StrategyFinancial Disclosures
Thryv Holdings Accelerates SaaS Growth Amid Revenue Shift
Positive
Feb 26, 2026
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 ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.