Thryv Holdings (THRY) AI Stock Analysis

• Market Cap: $252.31M
• Dividend Yield: N/A
• Average Volume (3M): 947.54K
• Price to Earnings (P/E): 14.2
• Beta (1Y): 1.46
• 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): 0.13
• Shares Outstanding: 43,576,893
• 10 Day Avg. Volume: 504,239
• 30 Day Avg. Volume: 947,542
• PEG Ratio: 0.10
• Price to Book (P/B): 2.79
• Price to Sales (P/S): 0.67
• P/FCF Ratio: 9.77
• Enterprise Value/Market Cap: 0.00
• Enterprise Value/Revenue: 0.00
• Enterprise Value/Gross Profit: 0.00
• Enterprise Value/Ebitda: 0.00
• 1Y Price Target: $14.00
• Price Target Upside: 141.80% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 5
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 60 Neutral
• Price Target: $6.00 ▲(3.63% Upside)

The score is driven by improving financial stability (very low leverage) and a solid earnings call backdrop (strong SaaS growth and raised EBITDA guidance), but is held back by weak technicals (below major moving averages with negative MACD) and cash flow pressure reflected in the TTM free cash flow decline.

Positive Factors

Low leverage / strong balance sheet

Material reduction in leverage to a 0.04 debt/equity ratio gives Thryv durable financial flexibility. Low debt supports investment in SaaS product development, M&A optionality, and resilience to downturns without pressuring cash flow or forcing asset sales over the next several quarters.

Robust SaaS revenue growth and guidance

SaaS growth of 33% YoY and raised full-year SaaS revenue/EBITDA guidance reflect a structurally expanding recurring-revenue base. Strong SaaS momentum improves revenue visibility, supports scale economics, and underpins multi-quarter EBITDA improvement as adoption and ARPU gains persist.

High SaaS gross margins and AI product enhancements

A 73% SaaS adjusted gross margin signals highly scalable unit economics. Coupled with AI features (website building, review responses), this supports durable margin expansion and product stickiness, aiding long-term ARPU growth and efficient incremental customer acquisition costs.

Negative Factors

TTM free cash flow decline

A 31% TTM FCF decline is a structural concern for reinvestment capacity. Even with improved operating cash metrics, sustained FCF deterioration can limit funding for product development, integration of acquisitions, and strategic initiatives without raising leverage or diluting equity.

Low net profit margin

A sub-4% net margin indicates limited earnings retention from revenue, reducing internal funding for growth and increasing sensitivity to cost or revenue shocks. Even with strong gross margins, modest net profitability constrains long-term free cash flow conversion and shareholder returns.

Weak retention and modest subscriber growth

NRR below 100% and only 7% subscriber growth signal churn/limited expansion within the base. This undermines durable recurring revenue growth and makes scaling ARPU and SaaS margins harder absent improved retention, partner channel execution, or stronger cross-sell adoption over the next several quarters.

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

Thryv Holdings shows signs of recovery with improved revenue growth and reduced leverage. Profitability remains a challenge, but operational efficiencies are improving. Cash flow management is solid, though recent declines in free cash flow warrant attention. Overall, the company is on a positive trajectory but must continue to enhance profitability and cash flow stability.

Income Statement

Thryv Holdings has shown a modest revenue growth rate of 2.86% in the TTM period, indicating a slight recovery from previous declines. The gross profit margin is strong at 67.36%, reflecting efficient cost management. However, the net profit margin is relatively low at 3.78%, suggesting limited profitability. The EBIT and EBITDA margins have improved but remain moderate, indicating room for operational efficiency improvements.

Balance Sheet

The company's debt-to-equity ratio has significantly improved to 0.04, indicating a strong reduction in leverage and a healthier balance sheet. Return on equity is robust at 14.28%, showing effective use of equity to generate profits. The equity ratio is not explicitly calculated, but the low debt levels suggest a stable financial position.

Cash Flow

Free cash flow has decreased by 31.02% in the TTM period, which is a concern. However, the operating cash flow to net income ratio is healthy at 0.40, indicating good cash generation relative to net income. The free cash flow to net income ratio is strong at 0.87, suggesting efficient cash conversion.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	779.99M	824.16M	916.96M	1.20B	1.11B	1.11B
Gross Profit	525.40M	537.24M	578.25M	780.38M	705.34M	669.69M
EBITDA	96.22M	33.56M	-135.56M	247.77M	306.16M	256.30M
Net Income	29.48M	-74.22M	-259.30M	54.35M	101.58M	149.22M
Balance Sheet
Total Assets	701.80M	712.16M	783.17M	1.18B	1.30B	1.21B
Cash, Cash Equivalents and Short-Term Investments	11.55M	16.31M	18.22M	16.03M	11.26M	2.41M
Total Debt	268.18M	294.99M	362.03M	493.18M	598.59M	583.20M
Total Liabilities	480.72M	515.25M	630.47M	795.61M	985.79M	1.02B
Stockholders Equity	221.08M	196.92M	152.70M	382.27M	314.71M	196.78M
Cash Flow
Free Cash Flow	50.89M	56.25M	114.83M	119.34M	143.72M	205.01M
Operating Cash Flow	67.46M	89.78M	148.23M	148.57M	170.57M	232.77M
Investing Cash Flow	-108.33M	-110.42M	-42.52M	-52.03M	-196.57M	-26.21M
Financing Cash Flow	40.73M	19.22M	-103.49M	-91.10M	39.09M	-206.07M

Thryv Holdings Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 5.79
• 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 5.79 is below the 20-day moving average (MA) of 5.97, below the 50-day MA of 6.31, and below the 200-day MA of 11.08, indicating a bearish trend. The MACD of -0.18 indicates Negative momentum. The RSI at 41.50 is Neutral, neither overbought nor oversold. The STOCH value of 32.24 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	77 Outperform	$914.00M	17.76	36.81%	―	57.83%	293.63%
SSTK	73 Outperform	$694.07M	11.69	10.76%	7.14%	13.06%	66.19%
JFIN	73 Outperform	$361.31M	1.54	46.87%	11.97%	3.79%	50.06%
ANGI	62 Neutral	$606.70M	19.08	3.42%	―	-13.14%	17.25%
Sector *	60 Neutral	$48.67B	4.58	-11.27%	4.14%	2.83%	-41.78%
THRY	60 Neutral	$252.31M	14.18	11.31%	―	-10.73%	―
TTGT	57 Neutral	$392.54M	―	―	―	―	―

Thryv Holdings Corporate Events

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.

Thryv Holdings Reports Strong Q3 2025 SaaS Growth

In the third quarter of 2025, Thryv Holdings reported a 33% year-over-year increase in SaaS revenue, reaching $115.9 million, and a significant improvement in net income compared to the previous year. The company also saw a 19% rise in SaaS monthly ARPU and exceeded its SaaS EBITDA guidance, reflecting its strategic focus on increasing customer spending and leveraging AI for small business growth. Despite a decrease in marketing services revenue, Thryv’s overall financial performance strengthened, as evidenced by a consolidated total revenue increase of 12% year-over-year and a net income of $5.7 million, positioning the company with a stronger balance sheet.

The most recent analyst rating on (THRY) stock is a Hold with a $12.00 price target. To see the full list of analyst forecasts on Thryv Holdings stock, see the THRY Stock Forecast page.