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Thryv Holdings
(NASDAQ:THRY)
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Rating:53Neutral
Price Target:
$1.00
▼(-47.37% Downside)
Action:Reiterated
Date:10/07/26
The score is primarily supported by improving financial resilience—strong free cash flow and meaningful deleveraging—plus a constructive strategic shift toward SaaS highlighted in the earnings call and reinforced by the print-directory divestiture. These positives are weighed down by very weak technicals (bearish trend and negative momentum), ongoing revenue contraction, and a negative P/E that reflects still-weak earnings power.
Positive Factors
Strong Cash Generation
Sustained positive operating and free cash flow gives Thryv internal funding capacity while reported earnings remain weak. This liquidity supports debt service, product investment, and restructuring needs, reducing dependence on external financing as the company continues its business transition.
Negative Factors
Persistent Revenue Contraction
Multi-year top-line contraction indicates that Thryv has not yet converted its strategic transition into durable consolidated growth. Continued revenue pressure can limit operating leverage, weaken investment capacity, and make it harder for the SaaS strategy to offset declines in legacy activities.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Cash Generation
Sustained positive operating and free cash flow gives Thryv internal funding capacity while reported earnings remain weak. This liquidity supports debt service, product investment, and restructuring needs, reducing dependence on external financing as the company continues its business transition.
Read all positive factors
Thryv Holdings (THRY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$52.88M
Dividend YieldN/A
Average Volume (3M)638.24K
Price to Earnings (P/E)―
Beta (1Y)1.36
Revenue Growth-6.16%
EPS Growth84.49%
CountryUS
Employees2,716
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)-0.37
Shares Outstanding44,439,110
10 Day Avg. Volume495,009
30 Day Avg. Volume638,237
Financial Highlights & Ratios
PEG Ratio-8.61
Price to Book (P/B)1.21
Price to Sales (P/S)0.34
P/FCF Ratio8.48
Enterprise Value/Market Cap7.74
Enterprise Value/Revenue0.58
Enterprise Value/Gross Profit0.87
Enterprise Value/Ebitda6.57
Forecast
1Y Price Target
$4.00Price Target Upside110.53% Upside
Rating ConsensusHold
Number of Analyst Covering4
EPS Forecast (FY)-0.57
Revenue Forecast (FY)$616.17M
Thryv Holdings Business Overview & Revenue Model
Company Description
Thryv Holdings, Inc. focuses on providing comprehensive digital marketing tools and cloud-based software solutions tailored for small and medium-sized businesses (SMBs). The company operates through three primary business units: Software as a Serv...
How the Company Makes Money
Thryv primarily makes money through recurring subscription revenue from its SMB software platform (Thryv SaaS). Customers pay ongoing fees (typically monthly or annual) to access the platform’s business-management features (e.g., CRM-style custome...
Thryv Holdings Earnings Call Summary
Earnings Call Date:Aug 04, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 05, 2026
Earnings Call Sentiment Neutral
The call presented a balanced picture: strong strategic progress and product milestones (AI-native Thryv Growth Platform launch, partnerships with Wix and Ooma, MSG growth of 21%, ARPU +12% YoY, early client outcome improvements) alongside meaningful near-term financial and operational headwinds (lowered SaaS guidance and EBITDA, 36% decline in Marketing Services billings, a $25M restructuring charge and short-term revenue pressure from deliberate reductions in sales/marketing). Management framed the negatives as disciplined, intentional sequencing to prioritize building a scalable AI-native platform and redirect investments into sales and distribution in H2 2026 and 2027; however, execution and short-term profitability remain key risks to monitor.Positive Updates
SaaS Mix and Classification
SaaS is now 76% of total revenue and Thryv has been added to the GICS as a software company, reflecting the company's transformation to a pure-play SaaS profile.
Negative Updates
Lowered Near-Term SaaS Guidance / Reduced EBITDA
Management revised full-year SaaS revenue guidance to $453–$457 million and SaaS adjusted EBITDA to $42–$44 million, and Q3 SaaS adjusted EBITDA guidance is only $8.5–$9.5 million, reflecting near-term pressure from deliberate allocation choices.
Read all updates
Q2-2026 Updates
Positive
Negative
SaaS Mix and Classification
SaaS is now 76% of total revenue and Thryv has been added to the GICS as a software company, reflecting the company's transformation to a pure-play SaaS profile.
Read all positive updates
Company Guidance
Management revised 2026 guidance and provided detailed near‑term targets: Q2 SaaS revenue was $114.5M with SaaS adjusted gross margin of 66.6% and SaaS adjusted EBITDA of $13.6M (12% margin); SaaS ARPU grew 12% YoY to $394, subscribers were 95,000, seasoned NRR was 90%, and SaaS now represents 76% of total revenue; Market‑Sell‑Grow (MSG) grew 21% YoY and 72% of clients now spend $400+ (up 2 pts). Marketing Services Q2 revenue was $36.2M (adjusted EBITDA $7.3M, 20% margin; billings $48.7M, down 36% YoY), and full‑year Marketing Services revenue guidance was raised to $161–163M with adjusted EBITDA guidance of $31–33M. SaaS guidance was revised to Q3 revenue of $111–112M and adjusted EBITDA of $8.5–9.5M, and full‑year SaaS revenue of $453–457M with adjusted EBITDA of $42–44M. Net debt at quarter end was $241M (2.1x leverage); the company expects a ~$25M restructuring charge (roughly half in 2026, half in H1 2027) to drive about $60M of run‑rate savings.Thryv Holdings Financial Statement Overview
Summary
Income Statement
44
Neutral
Balance Sheet
58
Neutral
Cash Flow
74
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 711.59M | 785.01M | 824.16M | 916.96M | 1.20B | 1.11B |
| Gross Profit | 470.62M | 508.17M | 537.24M | 578.25M | 780.38M | 705.34M |
| EBITDA | 62.30M | 91.26M | 33.56M | -135.56M | 247.77M | 306.16M |
| Net Income | -16.12M | 307.00K | -74.22M | -259.30M | 54.35M | 101.58M |
Balance Sheet | ||||||
| Total Assets | 654.13M | 688.59M | 712.16M | 783.17M | 1.18B | 1.30B |
| Cash, Cash Equivalents and Short-Term Investments | 9.14M | 10.75M | 16.31M | 18.22M | 16.03M | 11.26M |
| Total Debt | 243.73M | 256.69M | 294.99M | 362.03M | 493.18M | 598.59M |
| Total Liabilities | 442.57M | 470.45M | 515.25M | 630.47M | 795.61M | 985.79M |
| Stockholders Equity | 211.56M | 218.14M | 196.92M | 152.70M | 382.27M | 314.71M |
Cash Flow | ||||||
| Free Cash Flow | 52.87M | 31.14M | 56.25M | 114.83M | 119.34M | 143.72M |
| Operating Cash Flow | 71.81M | 63.53M | 89.78M | 148.23M | 148.57M | 170.57M |
| Investing Cash Flow | -33.66M | -32.53M | -110.42M | -42.52M | -52.03M | -196.57M |
| Financing Cash Flow | -41.40M | -38.47M | 19.22M | -103.49M | -91.10M | 39.09M |
Thryv Holdings Technical Analysis
Negative
1.90
Price Trends
1.70
Negative
2.69
Negative
3.17
Negative
Market Momentum
-0.19
Negative
28.35
Positive
20.75
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 1.9 is above the 20-day moving average (MA) of 1.36, above the 50-day MA of 1.70, and below the 200-day MA of 3.17, indicating a bearish trend. The MACD of -0.19 indicates Negative momentum. The RSI at 28.35 is Positive, neither overbought nor oversold. The STOCH value of 20.75 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
70 Outperform | $779.73M | -25.72 | -14.05% | ― | 11.85% | 47.54% | |
62 Neutral | $307.65M | 64.55 | 3.34% | ― | 3.66% | ― | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
58 Neutral | $294.98M | -51.52 | -12.79% | ― | 2.77% | 68.74% | |
58 Neutral | $595.33M | -29.20 | -24.96% | ― | 16.73% | 35.67% | |
53 Neutral | $52.88M | -3.22 | -7.36% | ― | -6.16% | 84.49% | |
44 Neutral | $11.68M | -0.27 | -668.04% | ― | -21.48% | 17.84% |
* Technology Sector Average
THRY
Thryv Holdings
1.19
-10.91
-90.17%
EGHT
8X8
2.13
0.18
9.23%
UPLD
Upland Software
3.95
-17.25
-81.37%
SPT
Sprout Social
12.86
2.04
18.85%
CMRC
Commerce.com
3.56
-1.27
-26.29%
WEAV
Weave Communications
7.40
0.47
6.78%
Thryv Holdings Corporate Events
Business Operations and StrategyM&A Transactions
Thryv Sells Print Directories to Accelerate SaaS Transition
Positive
Sep 14, 2026
On September 14, 2026, Thryv Holdings said its wholly owned unit Thryv, Inc. agreed on September 12 to sell its print Yellow and White Pages directories in the United States, Australia and New Zealand, their digital editions, and the Australia Whi...
Business Operations and StrategyExecutive/Board Changes
Thryv Holdings Adopts Revised H2 2026 Incentive Plan
Neutral
Aug 11, 2026
On August 10, 2026, Thryv Holdings’ compensation committee terminated its previously approved 2026 Short-Term Incentive Plan, originally set in December 2025, and replaced it with an H2 2026 Short-Term Incentive Plan effective July 1, 2026. ...
Business Operations and StrategyFinancial Disclosures
Thryv Holdings Restructures to Accelerate AI-Driven SaaS
Neutral
Aug 4, 2026
On August 4, 2026, Thryv reported second-quarter 2026 results showing SaaS revenue of $114.5 million, down 0.5% year over year but now comprising 76% of total revenue, with SaaS monthly ARPU rising 11.9% to $394 and seasoned net revenue retention ...
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.