Thryv Holdings, Inc.
- Open
- 3.99
- Day high
- 4.36
- Day low
- 3.99
- Prev close
- 3.94
- Volume
- 292K
- Mkt cap
- $191M
- P/E (TTM)
- 13.1
- EPS (TTM)
- $0.33
- P/B
- 0.8
- P/S
- 0.2
- Yield
- —
- Per share
- —
- ▲Insiders net buying $18K over the last 3 months (2 open-market buys, 0 sales)
- ◆Cluster buying — multiple insiders bought within days
- 🏛Institutions mixed (13F)
Thryv Holdings, Inc. (THRY) is a Communication Services company listed on NASDAQ. The stock is down 69% over the past year. Over the trailing 3 months, insiders filed 2 open-market buys and 0 sales (SEC Form 4).
Thryv Holdings, Inc. (THRY) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
THRY earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 30, 2026 | $0.04 | $0.10 | +150.0% | $168M | +3.7% |
| Feb 26, 2026 | $0.40 | $0.55 | +36.5% | $192M | +0.2% |
| Oct 30, 2025 | $0.43 | $0.23 | -46.5% | $202M | +5.4% |
| Jul 30, 2025 | $0.46 | $0.42 | -8.7% | $210M | +4.8% |
| May 1, 2025 | $0.24 | $-0.22 | -191.7% | $181M | -10.7% |
| Feb 27, 2025 | $-0.07 | $0.19 | +371.4% | $187M | +1.8% |
| Nov 7, 2024 | $-2.53 | $-2.65 | -4.7% | $180M | -0.8% |
| Aug 1, 2024 | $0.41 | $0.33 | -19.5% | $224M | +1.0% |
| May 2, 2024 | $0.44 | $0.22 | -50.0% | $234M | +3.1% |
| Feb 22, 2024 | $0.41 | $0.32 | -22.0% | $236M | +1.9% |
| Nov 2, 2023 | $-0.65 | $-0.78 | -20.0% | $184M | +0.5% |
| Aug 3, 2023 | $0.56 | $0.43 | -23.2% | $251M | -0.2% |
THRY insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 15, 2026 | Slater Johndirector | Grant | 38,258 | — |
| Jun 15, 2026 | Akhtar Amerdirector | Grant | 38,258 | — |
| Jun 15, 2026 | Kintzer Bonniedirector | Grant | 38,258 | — |
| Jun 15, 2026 | Orfanos Loudirector | Grant | 38,258 | — |
| Jun 15, 2026 | OHARA RYANdirector | Grant | 38,258 | — |
| Jun 15, 2026 | Vaccarello Laurendirector | Grant | 38,258 | — |
| Jun 9, 2026 | Walsh Joedirector, officer: Chairman and CEO | Tax | 958 | $3.72 |
| Jun 9, 2026 | Walsh Joedirector, officer: Chairman and CEO | Tax | 1,167 | $3.79 |
| May 7, 2026 | Walsh Joedirector, officer: Chairman and CEO | Tax | 1,167 | $3.63 |
| May 7, 2026 | Walsh Joedirector, officer: Chairman and CEO | Tax | 958 | $3.81 |
| May 7, 2026 | Rouse Paul Dofficer: CFO, Executive VP & Treasurer | Option | 5,000 | $3.68 |
| Apr 8, 2026 | Walsh Joedirector, officer: Chairman and CEO | Tax | 1,167 | $2.82 |
| Apr 8, 2026 | Walsh Joedirector, officer: Chairman and CEO | Tax | 958 | $2.82 |
| Mar 23, 2026 | Orfanos Loudirector | Buy | 5,000 | $2.60 |
| Mar 23, 2026 | Slater Johndirector | Buy | 2,000 | $2.66 |
Source: THRY SEC Form 4 filings, latest Jun 15, 2026. For informational purposes only — not investment advice.
See the full THRY insider & 13F page →Thryv Holdings, Inc. company profile
Overview
Thryv Holdings, Inc. (NASDAQ:THRY) is a digital marketing solutions and cloud-based software company that serves small-to-medium sized businesses (SMBs). Originally founded as Dex Media Holdings, Inc., the company operated as a traditional regional directory publisher before undergoing a strategic transformation. In July 2019, it rebranded to Thryv Holdings to reflect its pivot from legacy yellow pages services to becoming a comprehensive software-as-a-service (SaaS) platform provider. The company is headquartered in DFW Airport, Texas, and went public in April 2018. Today, Thryv operates as a global software company focused on helping small businesses manage their customer relationships, marketing efforts, and business operations through an integrated digital platform.
Business
Thryv operates in the small business software market, providing cloud-based tools and digital marketing solutions specifically designed for companies with 8-25 employees. The company's core offering is the Thryv platform, an end-to-end customer experience management system that helps small businesses attract, retain, and grow their customer base through integrated software tools. The platform consists of multiple "centers" or modules that address different business functions. The Business Center serves as the foundation, providing customer relationship management (CRM) capabilities, appointment scheduling, and communication tools. The Marketing Center enables businesses to create and manage digital marketing campaigns, social media presence, and lead generation activities. Additional centers include payment processing through ThryvPay, reporting and analytics capabilities, and workforce management tools. In October 2024, Thryv significantly expanded its capabilities by acquiring Keap, a business automation platform that specializes in marketing automation, sales pipeline management, and customer lifecycle automation. Keap brings sophisticated automation tools that help businesses streamline repetitive tasks and nurture customer relationships through automated workflows. The company operates through three main business segments: 1. SaaS Business (approximately 60% of revenue): This is the company's primary growth engine, generating recurring monthly subscription revenue from software licenses. The SaaS segment includes both the Thryv platform and the newly acquired Keap platform, serving over 114,000 subscribers globally. 2. Marketing Services (approximately 40% of revenue): This legacy business provides traditional digital marketing services including search engine marketing, online advertising, and directory listings. The company is actively transitioning customers from this segment to its SaaS platform and plans to exit this business entirely by 2028. 3. International Operations: Thryv operates in multiple countries including Australia, Canada, and New Zealand, offering localized versions of its software platform and marketing services.
Revenue model
Thryv generates revenue primarily through two distinct business models that reflect its ongoing transformation from a service provider to a software company. The SaaS subscription model represents the company's primary and fastest-growing revenue stream. Customers pay monthly recurring fees ranging from approximately $320 per month for Thryv platform users to $428 per month for Keap platform users. The company's average revenue per user (ARPU) across all SaaS customers is approximately $335 monthly. Revenue growth in this segment comes from acquiring new subscribers, expanding existing customers to additional product centers, and gradually increasing pricing. The company has achieved a net dollar retention rate of 103%, indicating that existing customers are expanding their usage and spending over time. The Marketing Services model operates on a traditional service fee basis, where customers pay for specific digital marketing campaigns, search engine optimization, online advertising, and directory listing services. This segment generates lower margins and is declining as the company deliberately transitions these customers to its higher-margin SaaS platform. Several factors influence Thryv's profitability margins. Positive margin drivers include the company's ongoing shift toward higher-margin SaaS revenue, successful cross-selling of additional product centers to existing customers, and operational efficiencies gained from platform consolidation. The Keap acquisition brings a robust partner channel ecosystem with hundreds of certified partners, potentially reducing customer acquisition costs. Negative margin pressures include competitive pricing in the crowded small business software market, the costs associated with customer migration from legacy services to SaaS platforms, and the ongoing investment in product development and AI capabilities. Economic downturns could pressure small business customers to reduce software spending, though management notes that their customer base has remained relatively resilient during economic uncertainty. The company's customer base consists entirely of small-to-medium businesses, typically with 8-25 employees, across various industries including professional services, retail, healthcare, and home services. These businesses pay directly for software subscriptions and marketing services, making them the primary revenue source.
Competitive moat
Thryv's competitive moat is moderate but developing, primarily built around customer switching costs and platform integration rather than strong network effects or proprietary technology. The company's main defensive advantages stem from the integrated nature of its platform, where small businesses become dependent on multiple interconnected tools for managing customers, scheduling, payments, and marketing activities. Once a business has integrated Thryv's system into their daily operations, migrating to alternative solutions requires significant time, effort, and potential business disruption. The Keap acquisition strengthens this moat by adding sophisticated automation capabilities that create additional switching costs. Businesses that have built complex automated workflows and customer journey sequences become increasingly reluctant to recreate these systems elsewhere. The combined platform also benefits from data network effects, where the system becomes more valuable as it accumulates customer interaction data and business insights. However, Thryv faces significant competitive threats from well-funded rivals with deeper resources. Large technology companies like Google, Microsoft, and Salesforce offer competing small business solutions with greater brand recognition and integration with widely-used tools. Specialized competitors such as HubSpot, Mailchimp, and Square provide focused solutions that may be more attractive to specific customer segments. The small business software market is highly fragmented with low barriers to entry, allowing new competitors to target specific niches or geographic markets. The company's moat is further limited by the commoditized nature of many core features like CRM, scheduling, and basic marketing tools. While Thryv's integrated approach provides convenience, individual best-of-breed solutions often offer superior functionality in specific areas. The company's international expansion and partner channel development represent attempts to build stronger competitive positioning, but these initiatives are still in early stages and face established local competitors in each market.
Risks & safety
Thryv's margin of safety appears concerning with several red flags that suggest elevated financial risk. Cash Flow and Liquidity Concerns: - Negative free cash flow of -$17.6 million in Q1 2025, despite positive operating cash flow in prior periods - Low cash position of only $11.0 million against current liabilities of $189.4 million - Current ratio of 1.07 indicates minimal liquidity cushion - Debt-to-equity ratio of 1.55 shows significant leverage Valuation Metrics: - Trading at 2.9x book value with negative recent earnings - EV/EBITDA of -69.6x due to negative EBITDA in latest quarter - Graham Net-Net value of -9.1 indicates the stock trades well above conservative asset-based valuations Other Considerations: - Recent acquisition of Keap adds integration risks and debt burden - Business model transition creates execution risk and potential customer churn - Declining legacy Marketing Services revenue creates pressure on overall profitability - Small business customer base vulnerable to economic downturns - High customer acquisition costs in competitive market
Recent development
Over the past several years, Thryv has executed a fundamental strategic transformation from a traditional directory publisher to a cloud-based software company. The most significant recent development was the October 2024 acquisition of Keap, a business automation platform that added 15,000 customers and approximately $80 million in annual revenue. This acquisition brought sophisticated marketing automation capabilities, a robust partner ecosystem with hundreds of certified partners, and international market presence. The company has systematically expanded its platform capabilities through the launch of multiple product centers. The Marketing Center was introduced to help businesses manage digital marketing campaigns and lead generation, while the Command Center was launched as a freemium offering to attract new customers through a product-led growth strategy. Throughout 2024, Thryv integrated artificial intelligence capabilities across its platform, including AI-powered customer support, automated social media content generation, and AI-enabled review responses. A critical strategic pivot has been the company's decision to exit the Marketing Services business entirely by 2028. Management is actively migrating customers from traditional marketing services to the higher-margin SaaS platform, with SaaS revenue targeted to represent 60% of total revenue in 2025 and generate the majority of EBITDA by 2026. The company has reoriented its sales organization to prioritize monthly recurring revenue over one-time service fees. Thryv has also pursued international expansion, acquiring Yellow Holdings in New Zealand and establishing operations in Australia and Canada. The company is targeting slightly larger small businesses with 15-25 employees, developing more sophisticated reporting and automation tools to serve this market segment. Recent product developments include enhanced reporting capabilities, improved visual sales pipelines, and expanded integration between the Thryv and Keap platforms to enable cross-selling opportunities.
THRY company profile · for informational purposes only — not investment advice.
Track THRY with Drillr
SEC filings, earnings calls, insider activity, alt-data signals — all queryable through Drillr's AI terminal and MCP API.
Try Drillr for free