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Thryv Holdings
(NASDAQ:THRY)
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Rating:57Neutral
Price Target:
$3.00
▼(-27.88% Downside)
Action:Reiterated
Date:08/05/26
The score is driven primarily by solid cash generation and improved leverage, which provide financial resilience despite weak reported earnings. This is partially offset by continued revenue contraction and a mixed earnings-call outlook featuring lowered near-term SaaS guidance and restructuring/execution risk. Technically, the stock’s downtrend (price below key moving averages and negative MACD) further pressures the overall rating despite oversold signals.
Positive Factors
Strong cash generation
Consistent positive operating cash flow (~$72M TTM) and robust free cash flow (~$69M TTM, ~19% TTM) give Thryv durable internal funding for product development, debt service and working capital. This reduces reliance on external capital while the business scales its SaaS transition.
Negative Factors
Multi-year revenue decline
Top-line contraction across multiple years erodes scale and operating leverage, complicating the path to sustainable margin expansion. Persistent revenue declines constrain reinvestment capacity and increase pressure on management to prove the new AI platform can reaccelerate recurring growth.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
Consistent positive operating cash flow (~$72M TTM) and robust free cash flow (~$69M TTM, ~19% TTM) give Thryv durable internal funding for product development, debt service and working capital. This reduces reliance on external capital while the business scales its SaaS transition.
Read all positive factors
Thryv Holdings (THRY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$179.62M
Dividend YieldN/A
Average Volume (3M)545.28K
Price to Earnings (P/E)12.3
Beta (1Y)1.62
Revenue Growth-0.07%
EPS GrowthN/A
CountryUS
Employees2,729
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)-0.37
Shares Outstanding44,349,785
10 Day Avg. Volume468,084
30 Day Avg. Volume545,282
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$4.50Price Target Upside8.17% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)0.21
Revenue Forecast (FY)$625.78M
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:Oct 29, 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.
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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 | 51.41M | 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 Risk Analysis
Thryv Holdings disclosed 66 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 |
|---|---|---|---|---|---|---|---|
80 Outperform | $892.11M | 8.30 | 50.29% | ― | 24.49% | 181.60% | |
62 Neutral | $113.03M | 0.81 | 21.99% | 36.57% | -13.48% | -27.51% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
57 Neutral | $179.62M | 12.27 | -7.36% | ― | -0.07% | ― | |
52 Neutral | $229.34M | 12.60 | -25.18% | ― | -9.14% | -60.63% | |
49 Neutral | $198.39M | -9.47 | -3.62% | 24.73% | -1.77% | -152.61% | |
48 Neutral | $324.62M | -0.58 | -93.17% | ― | ― | ― |
* Technology Sector Average
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Thryv Holdings Corporate Events
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 ...
Executive/Board ChangesShareholder Meetings
Thryv Shareholders Reinforce Board Leadership and Governance Support
Positive
Jun 16, 2026
At its annual meeting of stockholders held on June 11, 2026, Thryv Holdings, Inc. shareholders elected two Class III directors, John Slater and Joseph A. Walsh, to three-year terms expiring at the 2029 annual meeting, reinforcing continuity on the...
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.