Thryv Holdings (THRY) AI Stock Analysis

• Market Cap: $166.03M
• Dividend Yield: N/A
• Average Volume (3M): 868.40K
• Price to Earnings (P/E): 9.3
• Beta (1Y): 1.48
• 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: 1,055,995
• 30 Day Avg. Volume: 868,402
• 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: 2.57
• Enterprise Value/Revenue: 0.55
• Enterprise Value/Gross Profit: 0.81
• Enterprise Value/Ebitda: 4.43
• 1Y Price Target: $7.00
• Price Target Upside: 58.01% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 60 Neutral
• Price Target: $4.50 ▲(1.58% 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

Robust SaaS Revenue Growth

Sustained high SaaS growth reflects successful shift toward recurring subscription revenue and strengthens predictable cash flows. The Keap contribution and 14% organic SaaS growth indicate scalable product adoption across SMBs, supporting ARR expansion and long-term revenue visibility.

High and Improving Gross Margins

Elevated gross margins, and improvement in SaaS gross margin, indicate efficient delivery of cloud services and pricing power. Margin strength supports operating leverage as revenue scales, enabling sustained reinvestment in product, AI features, and customer success without eroding profitability.

Low Leverage and Solid ROE

Very low leverage reduces financial risk and interest burden, leaving flexibility for strategic investments or bolt-on M&A. A healthy ROE shows effective capital use; combined these support balance-sheet resilience and the ability to fund SaaS growth and product development over the medium term.

Negative Factors

TTM Free Cash Flow Decline

A sizable TTM decline in free cash flow constrains internal funding for R&D, marketing, and customer acquisition. Even with quarterly improvement, the multi-quarter drop signals pressure on cash conversion that could limit sustained reinvestment or require external financing for growth initiatives.

Low Net Margin and Modest Revenue Growth

Slow overall revenue growth and a thin net margin reduce the company's capacity to absorb costs or scale profitably. Limited profitability constrains free cash generation and increases sensitivity to cost inflation or slower SaaS adoption, making long-term margin expansion an execution risk.

Retention & Mix Pressures (NRR, Subscribers, Marketing Services)

NRR below 100% and muted subscriber growth signal churn and upsell challenges, while a steep Marketing Services decline reflects a difficult legacy-to-SaaS transition. These factors weaken revenue quality and make sustainable organic growth and margin improvement more dependent on successful product adoption and channel execution.

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

Moderate fundamentals: modest TTM revenue growth (2.86%) and strong gross margin (67.36%), but low net margin (3.78%) and a notable TTM free cash flow decline (-31.02%). Balance sheet leverage has improved materially (debt-to-equity 0.04), supporting financial 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	17.85M	-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: 4.43
• 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 4.43 is above the 20-day moving average (MA) of 4.20, below the 50-day MA of 5.14, and below the 200-day MA of 9.92, indicating a bearish trend. The MACD of -0.43 indicates Negative momentum. The RSI at 36.42 is Neutral, neither overbought nor oversold. The STOCH value of 42.17 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
JFIN	73 Outperform	$341.03M	1.42	46.87%	11.97%	3.79%	50.06%
SSTK	67 Neutral	$535.33M	12.01	8.28%	7.14%	13.06%	66.19%
EVER	67 Neutral	$513.09M	10.07	36.81%	―	57.83%	293.63%
Sector *	60 Neutral	$48.67B	4.58	-11.27%	4.14%	2.83%	-41.78%
THRY	60 Neutral	$166.03M	9.31	11.31%	―	-10.73%	―
ANGI	60 Neutral	$350.81M	8.66	4.40%	―	-13.14%	17.25%
TTGT	57 Neutral	$353.57M	―	―	―	―	―

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.