Download PDF

1. Company Snapshot

1.a. 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.

Show Full description

1.b. Last Insights on THRY

The recent 3 months performance of Thryv Holdings, Inc. was negatively impacted by the decline in marketing services revenue, which continues to sharply decline. This decline is a significant concern, as it has been a major contributor to the company's revenue in the past. However, the company's SaaS business has shown resilience, with a 41% year-over-year increase in Total SaaS revenue in the fourth quarter of 2024, exceeding guidance. This growth is a positive sign, but it may not be enough to offset the decline in marketing services revenue.

1.c. Company Highlights

2. Thryv Holdings' Q3 2025 Earnings: SaaS Growth and Business Transformation

Thryv Holdings reported SaaS revenue of $115.9 million, a 33% year-over-year increase, with Keap contributing $16.8 million. Excluding Keap, Thryv's SaaS business grew 14% year-over-year. The company's SaaS adjusted gross margin increased 80 basis points to 73%. Adjusted EBITDA was $19.6 million, exceeding guidance. Earnings per share (EPS) came in at $0.23, below estimates of $0.43. The company's SaaS subscriber base reached 103,000, a 7% increase year-over-year, with average revenue per user (ARPU) reaching $365.

Publication Date: Nov -29

📋 Highlights
  • SaaS Revenue Growth:: Thryv reported SaaS revenue of $115.9M (33% YoY increase), with Keap contributing $16.8M, and non-Keap growth at 14% YoY.
  • Adjusted EBITDA Performance:: Adjusted EBITDA reached $19.6M, exceeding guidance, with SaaS adjusted gross margin rising 80 bps to 73%.
  • Subscriber and ARPU Metrics:: Ended with 103,000 SaaS subscribers (7% YoY growth) and achieved an average revenue per user (ARPU) of $365.
  • Vertical Strategy Success:: HVAC vertical pilot saw 10% increase in jobs booked and 25% total revenue growth, driving higher ARPU and larger customer contracts.
  • Guidance Updates:: Raised 2025 SaaS revenue guidance to $460–463M and SaaS adjusted EBITDA to $73–75M, reflecting strong transformation progress.

Business Transformation Progress

The company is making progress in its business transformation, with a solid software client base and strong underlying fundamentals. Thryv's focus is on increasing spend per customer by driving adoption of more products and solutions, especially among high-value clients and larger businesses. Multiproduct adoption is accelerating, with 20% of the base using two or more SaaS products. The company's U.S. field sales force is selling solutions in the $6,000 range, and it is seeing success with its vertical initiatives, including a pilot program in the HVAC industry.

Marketing Services and SaaS Guidance

The Marketing Services segment reported revenue of $85.7 million and adjusted EBITDA of $21.2 million. The company is intentionally shifting its strategy, upgrading legacy digital marketing services products to its SaaS platform, which will lead to a decline in Marketing Services revenue but at a managed pace. For 2025, the company updated its SaaS revenue guidance to $460 million to $463 million and raised its SaaS adjusted EBITDA guidance to $73 million to $75 million.

Valuation and Growth Prospects

With a P/E Ratio of 8.35 and an EV/EBITDA of 2.45, the market appears to have tempered expectations for Thryv's growth. Analysts estimate next year's revenue growth at -16.5%. However, the company's focus on increasing ARPU, improving execution, and driving multiproduct adoption could lead to a reacceleration of growth in 2026. The company's free cash flow yield of 20.74% is also attractive, suggesting that the stock may be undervalued.

3. NewsRoom

Card image cap

Commonwealth of Pennsylvania Public School Empls Retrmt SYS Makes New Investment in Thryv Holdings, Inc. $THRY

Nov -29

Source: defenseworld.net

Card image cap

Thryv Holdings Q3: The Selloff Looks Overdone And The Setup Here Is Compelling

Nov -05

Source: seekingalpha.com

Card image cap

Thryv Introduces AI-Enabled Marketing Software for Home Services Businesses

Nov -04

Source: businesswire.com

Card image cap

Cwm LLC Buys 7,089 Shares of Thryv Holdings, Inc. $THRY

Nov -02

Source: defenseworld.net

Card image cap

Thryv Holdings, Inc. (THRY) Q3 2025 Earnings Call Transcript

Oct -30

Source: seekingalpha.com

Card image cap

Thryv Holdings, Inc. (THRY) Q3 Earnings Miss Estimates

Oct -30

Source: zacks.com

Card image cap

Thryv Holdings: Great Value Play As SaaS Offerings Heat Up

Oct -27

Source: seekingalpha.com

Card image cap

KLP Kapitalforvaltning AS Has $136,000 Stock Holdings in Thryv Holdings, Inc. $THRY

Oct -22

Source: defenseworld.net

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (12.23%)

6. Segments

Thryv United States Marketing Services

Expected Growth: 11.67%

Thryv's 11.67% growth in United States Marketing Services is driven by increasing demand for digital marketing solutions, expansion of its customer base, and strategic acquisitions. The company's focus on providing a comprehensive platform for small businesses to manage their online presence, reputation, and customer engagement has also contributed to its growth.

Thryv United States Software as a Service

Expected Growth: 14.4%

Thryv's 14.4% growth in the US Software as a Service segment is driven by increasing adoption of cloud-based solutions, rising demand for customer relationship management tools, and the company's strategic expansion into new markets. Additionally, Thryv's focus on providing integrated payment processing and marketing services has contributed to its growth.

Thryv International Marketing Services

Expected Growth: 10.27%

Thryv International Marketing Services' 10.27% growth is driven by increasing demand for digital marketing solutions, expansion into new markets, and strategic partnerships. The company's focus on providing end-to-end marketing services, including website design, SEO, and social media management, has resonated with small and medium-sized businesses. Additionally, Thryv's proprietary technology and data analytics capabilities have enabled clients to make data-driven decisions, further fueling growth.

Thryv International Software as a Services

Expected Growth: 14.03%

Thryv International's 14.03% growth is driven by increasing adoption of its Software as a Service (SaaS) solutions, expansion into new markets, and strategic acquisitions. The company's focus on providing end-to-end customer experience management and marketing automation solutions resonates with businesses seeking digital transformation. Additionally, the growing demand for cloud-based services and the need for businesses to adapt to changing consumer behaviors also contribute to Thryv's growth momentum.

7. Detailed Products

Thryv

An all-in-one business management platform that helps small businesses manage their operations, including customer relationship management, marketing, and payment processing.

Hubworks

A suite of back-office software solutions for restaurants, including inventory management, scheduling, and labor management.

Workfolio

A website and online presence solution for small businesses, including website design, hosting, and search engine optimization.

Thryv Leads

A lead generation and management platform that helps small businesses generate and convert leads into customers.

8. Thryv Holdings, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Thryv Holdings, Inc. operates in a highly competitive industry, but the threat of substitutes is mitigated by the company's diversified product offerings and strong brand recognition.

Bargaining Power Of Customers

Thryv Holdings, Inc. has a large customer base, but the bargaining power of customers is limited due to the company's strong brand recognition and diversified product offerings.

Bargaining Power Of Suppliers

Thryv Holdings, Inc. has a moderate level of dependence on its suppliers, but the company's diversified supply chain and strong relationships with suppliers mitigate the bargaining power of suppliers.

Threat Of New Entrants

Thryv Holdings, Inc. operates in a highly competitive industry, and the threat of new entrants is high due to low barriers to entry and the attractiveness of the market.

Intensity Of Rivalry

Thryv Holdings, Inc. operates in a highly competitive industry, and the intensity of rivalry is high due to the large number of competitors and the high stakes of competition.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 69.56%
Debt Cost 8.77%
Equity Weight 30.44%
Equity Cost 8.77%
WACC 8.77%
Leverage 228.49%

11. Quality Control: Thryv Holdings, Inc. passed 1 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
EverQuote

A-Score: 5.6/10

Value: 5.9

Growth: 8.3

Quality: 8.4

Yield: 0.0

Momentum: 7.5

Volatility: 3.3

1-Year Total Return ->

View Full Report
Stock-Card
Arena Group Holdings

A-Score: 5.0/10

Value: 8.5

Growth: 4.7

Quality: 6.2

Yield: 0.0

Momentum: 10.0

Volatility: 0.3

1-Year Total Return ->

View Full Report
Stock-Card
Angi

A-Score: 3.9/10

Value: 8.5

Growth: 4.9

Quality: 6.1

Yield: 0.0

Momentum: 1.5

Volatility: 2.7

1-Year Total Return ->

View Full Report
Stock-Card
Thryv

A-Score: 3.4/10

Value: 7.7

Growth: 1.3

Quality: 7.1

Yield: 0.0

Momentum: 1.0

Volatility: 3.0

1-Year Total Return ->

View Full Report
Stock-Card
Outbrain

A-Score: 3.3/10

Value: 7.8

Growth: 3.2

Quality: 2.2

Yield: 0.0

Momentum: 1.0

Volatility: 5.7

1-Year Total Return ->

View Full Report
Stock-Card
TechTarget

A-Score: 2.9/10

Value: 9.2

Growth: 2.1

Quality: 3.6

Yield: 0.0

Momentum: 0.0

Volatility: 2.3

1-Year Total Return ->

View Full Report

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

6.0$

Current Price

6$

Potential

-0.00%

Expected Cash-Flows