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THRY

Thryv Holdings, Inc.

THRY

Thryv Holdings, Inc. • NASDAQ
$5.63 ▲ 0.18% (+0.01)
Market Cap $245.40 M
52w High $20.92
52w Low $5.25
Dividend Yield 0%
P/E 11.26
Volume 267.31K
Outstanding Shares 43.59M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $201.555M ▼ $116.426M ▼ $17.288M ▲ 8.577% ▲ $0.13 ▼ $26.92M ▼
Q2-2025 $210.47M ▲ $117.08M ▼ $13.931M ▲ 6.619% ▲ $0.32 ▲ $41.51M ▲
Q1-2025 $181.371M ▼ $122.322M ▼ $-9.618M ▼ -5.303% ▼ $-0.22 ▼ $-3.034M ▼
Q4-2024 $186.596M ▲ $130.229M ▼ $7.883M ▲ 4.225% ▲ $0.19 ▲ $30.829M ▲
Q3-2024 $179.852M $200.55M $-106.821M -59.394% $-2.94 $-77.413M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $11.551M ▲ $701.799M ▲ $480.723M ▲ $221.076M ▲
Q2-2025 $10.838M ▼ $687.704M ▼ $472.82M ▼ $214.884M ▲
Q1-2025 $10.993M ▼ $703.734M ▼ $510.503M ▼ $193.231M ▼
Q4-2024 $16.311M ▲ $712.165M ▲ $515.245M ▼ $196.92M ▲
Q3-2024 $12.453M $654.753M $560.221M $94.532M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $5.654M ▼ $22.246M ▼ $-7.636M ▲ $-13.87M ▲ $739K ▲ $29.331M ▲
Q2-2025 $13.931M ▲ $29.556M ▲ $-7.77M ▼ $-22.339M ▼ $-85K ▲ $21.786M ▲
Q1-2025 $-9.618M ▼ $-10.481M ▼ $-7.228M ▲ $12.279M ▼ $-5.306M ▼ $-17.566M ▼
Q4-2024 $7.883M ▲ $26.143M ▼ $-85.694M ▼ $64.662M ▲ $3.887M ▲ $17.336M ▼
Q3-2024 $-96.071M $35.98M $-8.5M $-34.932M $-7.124M $27.48M

Revenue by Products

Product Q1-2022Q1-2025Q2-2025Q3-2025
Marketing Services
Marketing Services
 $0 ▲$70.00M ▲$100.00M ▲$90.00M ▼
Software As A Service
Software As A Service
 $0 ▲$110.00M ▲$120.00M ▲$120.00M ▲
International Segment
International Segment
 $50.00M ▲$0 ▼$0 ▲$0 ▲
Marketing Services Segment
Marketing Services Segment
 $210.00M ▲$0 ▼$0 ▲$0 ▲
Software as a Service Segment
Software as a Service Segment
 $50.00M ▲$0 ▼$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Thryv has been going through a transition that clearly shows up in its earnings. A few years ago it was consistently profitable, but profits have steadily shrunk and have recently turned into modest losses. Revenue has slipped from earlier peaks, and while the core software business is promising, the overall company still appears to be digesting its shift away from legacy directory services. Margins have narrowed, suggesting rising costs or lower contribution from the older, higher-margin businesses. The good news is that operating performance seems to be stabilizing, with losses smaller than they were at their worst, but the company has not yet re-established a solid, consistent profit trend.

Balance Sheet

Balance Sheet The balance sheet looks reasonable but not especially strong. Total assets have drifted down from earlier levels, which could reflect the runoff of legacy assets or a more streamlined business. Debt has come down steadily over the past few years, which reduces financial risk and interest burden. However, cash on hand appears quite thin, leaving less of a cushion if conditions worsen or if growth investments run higher than expected. Equity levels dropped recently after earlier improvement, which fits with the move from profits to losses. Overall, the company is not overburdened by debt, but it also doesn’t have a lot of excess balance-sheet safety to fall back on.

Cash Flow

Cash Flow Cash flow is a relative bright spot. The business has been consistently generating cash from operations, even as reported earnings have weakened. Free cash flow is positive, though it has slowly declined over time, which means the company is still funding itself but with less headroom than before. Capital spending is very modest and stable, so most cash generation is available for debt reduction, acquisitions, or reinvestment in software and sales efforts rather than heavy physical assets. The key watch point is that cash generation remains healthy enough to support the strategic shift and any integration work from acquisitions, given the low cash balance.

Competitive Edge

Competitive Edge Thryv’s competitive position is built around being a single, integrated software hub for small and mid-sized businesses. Instead of forcing a business owner to stitch together separate tools for customer management, marketing, and payments, Thryv pulls these into one platform. That creates convenience and also makes the service harder to replace, since switching would mean untangling many day-to-day processes. The company focuses on a clearly defined niche—small businesses that are often underserved by large, generic software platforms—and supports them with high-touch, around-the-clock service. This combination of integration, service, and niche focus gives Thryv a defensible position, even though it operates in a crowded and competitive SaaS market.

Innovation and R&D

Innovation and R&D Thryv has reinvented itself as a modern SaaS company and is leaning heavily into innovation to stay relevant. Its main platform bundles core tools—communications, CRM, scheduling, invoicing, payments, and marketing—into a single, easy-to-use system designed for non-technical business owners. The company is layering on more artificial intelligence, including tools to help create marketing content, manage social media, and respond to customer reviews automatically. The recent acquisition of Keap meaningfully deepens its CRM and automation capabilities and adds an international footprint. Thryv is also building industry-specific solutions, starting with home services, which could increase its value for targeted segments. The main execution risk is successfully integrating acquisitions and turning all these innovations into sustained, profitable growth.

Summary

Thryv is a company in the middle of a major transformation: from a traditional directory and marketing services provider into a focused, subscription-based software platform for small businesses. Financially, it has moved from solid profitability to modest losses, while still generating positive cash flow and gradually paying down debt. The balance sheet is acceptable but not especially cushioned, making reliable cash generation and careful execution important. Strategically, its strengths lie in its integrated, “all-in-one” offering, strong customer support, and growing use of AI, all aimed at a specific and often overlooked customer base. The big questions going forward are whether Thryv can restore consistent profitability as legacy revenues fade, fully integrate acquisitions like Keap, and scale its SaaS platform fast enough to offset the drag from its older businesses. If it succeeds, the business profile could become much higher quality; if it stumbles, thin cash reserves and recent losses could become more concerning.

NEWS

November 4, 2025 · 9:05 AM UTC

Thryv Introduces AI-Enabled Marketing Software for Home Services Businesses

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October 30, 2025 · 7:30 AM UTC

Thryv Grows SaaS Revenue 33% in Third Quarter 2025

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October 7, 2025 · 9:05 AM UTC

Thryv to Release Third Quarter 2025 Financial Results on Thursday, October 30

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September 9, 2025 · 9:05 AM UTC

SaaS Leader Sean Wechter Joins Thryv as Chief Technology Officer

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September 2, 2025 · 9:05 AM UTC

Thryv to Participate at B. Riley Securities' 8th Annual Consumer & TMT Conference

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