Thryv Holdings, Inc. (THRY)
NASDAQ:THRY
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Thryv Holdings
(NASDAQ:THRY)
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Rating:58Neutral
Price Target:
$2.50
▼(-10.71% Downside)
Action:ReiteratedDate: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
A durable shift toward recurring SaaS revenue (34% YoY) materially improves revenue predictability and frees the company from legacy services volatility. Over 2–6 months this strengthens cash visibility, supports reinvestment in product, and underpins long-term margin expansion if retention holds.
Negative Factors
Large planned marketing revenue decline
An intentional but sizable contraction of legacy marketing services cuts near-term revenue and cash contribution, concentrating execution risk on SaaS growth. The transition reduces revenue diversification and requires successful SaaS scale-up to offset lost services cash flows over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
SaaS revenue growth
A durable shift toward recurring SaaS revenue (34% YoY) materially improves revenue predictability and frees the company from legacy services volatility. Over 2–6 months this strengthens cash visibility, supports reinvestment in product, and underpins long-term margin expansion if retention holds.
Read all positive factors
Thryv Holdings (THRY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$128.08M
Dividend YieldN/A
Average Volume (3M)1.28M
Price to Earnings (P/E)―
Beta (1Y)1.48
Revenue Growth-10.73%
EPS GrowthN/A
CountryUS
Employees2,986
SectorTechnology
Sector Strength88
IndustryInternet Content & Information
Share Statistics
EPS (TTM)-0.22
Shares Outstanding44,165,024
10 Day Avg. Volume516,623
30 Day Avg. Volume1,279,011
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 Cap2.92
Enterprise Value/Revenue0.48
Enterprise Value/Gross Profit0.70
Enterprise Value/Ebitda5.00
Forecast
1Y Price Target
$4.75Price Target Upside69.64% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering5
EPS Forecast (FY)0.07
Revenue Forecast (FY)$618.49M
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 by selling subscriptions to its SMB-focused software platform (typically under recurring SaaS-style contracts), which provides tools for functions such as customer management and business operations. In addition to soft...
Thryv Holdings Earnings Call Summary
Earnings Call Date:Feb 26, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 30, 2026
Earnings Call Sentiment Positive
Overall the call presented a predominantly positive narrative: strong full-year SaaS growth (34% YoY), improving SaaS margins, rising ARPU (+15% YoY), expanding high-value customer cohort (+18% YoY) and encouraging multi-product adoption. Management framed the significant decline in legacy marketing services and short-term moderation of growth as an intentional, strategic transition toward a higher-quality, AI-enabled unified SaaS platform (Thryv Platform), supported by the Keap acquisition and clear guidance for 2026. The main negatives are an intentional but sizable near-term drop in marketing services billings/revenue, flat blended NRR (94%), and migration-related churn/noise from a legacy small-customer tail. Given that the positives (strong SaaS growth, margin expansion, quality customer expansion, FCF improvement, debt reduction and strategic AI/product initiatives) materially outweigh the intentional headwinds, the overall sentiment is Positive.Positive Updates
Strong Full-Year SaaS Growth
SaaS revenue grew 34.2% year-over-year to $461.0M for the full year 2025, demonstrating continued momentum in the company's transition to a SaaS business.
Negative Updates
Sharp Decline in Marketing Services Billings
Marketing services billings were $60.9M in Q4, down 34% year-over-year. Management expects the decline to persist as they intentionally transition away from legacy marketing services and plan to exit marketing services by 2028.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Full-Year SaaS Growth
SaaS revenue grew 34.2% year-over-year to $461.0M for the full year 2025, demonstrating continued momentum in the company's transition to a SaaS business.
Read all positive updates
Company Guidance
For 2026 Thryv guided Q1 SaaS revenue of $114–$115M and full-year SaaS revenue of $461–$471M, Q1 SaaS adjusted EBITDA of $12–$13M and full-year SaaS adjusted EBITDA of $70–$75M, full-year marketing services revenue of $150–$160M with marketing services adjusted EBITDA of $30–$35M, and free cash flow expected to grow to $40–$50M (versus $31.1M in 2025); management reiterated a conservative near-term view with re‑acceleration later in the year and a plan to exit marketing services by 2028 (cash flows through 2030). Key operating baselines cited: Q4 SaaS revenue $119M (+14.1% YoY), full‑year SaaS $461M (+34.2% YoY), Keap contributed $16.2M in Q4, SaaS adjusted gross margin 70.4% (Q4) / 72.7% (FY), SaaS adjusted EBITDA $20M (Q4) / $73.8M (FY) with margins 16.8% (Q4) / 16.0% (FY), 100,000 SaaS subscribers, ARPU $373 (+15% YoY), seasoned NRR 94%, quality customers ($400+/mo) +3,000 (18% YoY) now >20% of the client base and representing 69% of revenue (vs. 60% prior year), Marketing Center ~2/3 of SaaS revenue, multi‑product clients 19,000 (23% of base), Q4 marketing services revenue $72.6M (billings $60.9M, down 34% YoY), net debt $251M (down $15M) and leverage ~1.7x.Thryv Holdings Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
62
Positive
Cash Flow
66
Positive
| 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 | 508.17M | 537.24M | 578.25M | 780.38M | 705.34M |
| EBITDA | 124.35M | 33.56M | -135.56M | 247.77M | 306.16M |
| Net Income | 307.00K | -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
Neutral
2.80
Price Trends
3.28
Negative
4.48
Negative
8.12
Negative
Market Momentum
-0.11
Negative
47.51
Neutral
77.05
Neutral
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 2.8 is above the 20-day moving average (MA) of 2.77, below the 50-day MA of 3.28, and below the 200-day MA of 8.12, indicating a neutral trend. The MACD of -0.11 indicates Negative momentum. The RSI at 47.51 is Neutral, neither overbought nor oversold. The STOCH value of 77.05 is Neutral, 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 |
|---|---|---|---|---|---|---|---|
74 Outperform | $572.15M | 9.83 | 54.21% | ― | 57.83% | 293.63% | |
73 Outperform | $223.62M | 5.27 | 37.65% | 11.97% | 3.79% | 50.06% | |
65 Neutral | $592.56M | 14.82 | 7.88% | 7.14% | 13.06% | 66.19% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
59 Neutral | $274.72M | 13.76 | 4.41% | ― | -13.14% | 17.25% | |
58 Neutral | $128.08M | -6.82 | 0.14% | ― | -10.73% | ― | |
48 Neutral | $265.68M | -10.30 | -108.27% | ― | ― | ― |
* Technology Sector Average
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Thryv Holdings Corporate Events
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 ...
Business Operations and StrategyExecutive/Board Changes
Thryv Holdings adopts executive retention bonus program
Positive
Jan 9, 2026
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 C...
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.