Thryv Holdings
THRYNASDAQUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $1.07 Prior regular-session close from the quote source.
- $0.90–$1.14 Regular-session low and high so far today.
- 982.5K Regular-session shares traded · Nov 11, 4:00 PM ET.
- Not yet confirmed The company has not confirmed its next report date. Reported quarters are available in the chart’s Earnings view.
- $0.90–$6.39 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own THRY if Thryv is a turnaround bet that its legacy local-advertising reach can be converted into a profitable AI-enabled SMB software platform before the old revenue base erodes too far.
THRY price history
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Investment thesis
What must happen next
Thryv’s legacy SMB customer access remains a usable distribution wedge for selling its software-led AI and automation platform, rather than becoming a melting-ice-cube advertising base.HoldingMateriality: High
Item 1-derived profile describes Thryv as a software-led platform focused on enabling SMBs to run and grow their businesses more efficiently with AI tools and automations. If this holds, revenue can eventually stabilize without Thryv paying pure-play SaaS customer-acquisition costs; if it breaks, the business is mainly managing decline.
Watch: SMBs increasingly standardize on cheaper point tools from GoDaddy, Intuit Mailchimp, HubSpot, Square, Shopify, or vertical software providers instead of buying a broad Thryv suite.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Item 1-derived profile describes Thryv as a software-led platform focused on enabling SMBs to run and grow their businesses more.
Open source ↗The shift toward software, AI tools, and automation can preserve pricing power and gross margin even while lower-value legacy advertising revenue runs off.StrengtheningMateriality: High
Annual GAAP gross profit was $532.7 million in FY2025 on $785.0 million of revenue, implying a gross margin of about 67.9%. Gross-margin resilience is what makes a smaller Thryv potentially more valuable; margin erosion would mean the transition is being bought with discounts, services labor, or reseller costs.
Watch: GoDaddy, HubSpot, Intuit Mailchimp, and vertical SaaS vendors bundle similar SMB marketing and workflow tools at lower effective prices.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Annual GAAP gross profit was $532.7 million in FY2025 on $785.0 million of revenue, implying a gross margin of about.
Open source ↗Management can resize the legacy cost base while investing enough in the SMB software platform, allowing operating leverage to emerge from the transition.StrengtheningMateriality: Medium
Annual GAAP operating income improved from a loss of $200.0 million in FY2023 to a loss of $33.3 million in FY2024 and positive $56.7 million in FY2025. This determines whether Thryv is a cash-producing software transition or a company that must continually cut just to offset revenue decay.
Watch: Competitive pressure from HubSpot, GoDaddy, Intuit Mailchimp, and SMB vertical platforms forces Thryv to raise product development and sales spending faster than revenue.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Annual GAAP operating income improved from a loss of $200.0 million in FY2023 to a loss of $33.3 million in.
Open source ↗Thryv’s recurring customer base and cost actions generate enough operating cash to fund the software transition without relying on unfavorable financing.HoldingMateriality: Medium
Annual GAAP operating cash flow was positive at $63.5 million in FY2025. If operating cash flow remains durable, owners can benefit from the turnaround; if it erodes, balance-sheet risk and dilution can dominate the equity story.
Watch: SMB churn or weaker upfront billings reduces the cash-conversion benefit before reported revenue fully reflects the damage.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Annual GAAP operating cash flow was positive at $63.5 million in FY2025.
Open source ↗
Full investment case & evidence
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Original research
Thryv’s legacy SMB customer access remains a usable distribution wedge for selling its software-led AI and automation platform, rather than becoming a melting-ice-cube advertising base. If this holds, revenue can eventually stabilize without Thryv paying pure-play SaaS customer-acquisition costs; if it breaks, the business is mainly managing decline.
The shift toward software, AI tools, and automation can preserve pricing power and gross margin even while lower-value legacy advertising revenue runs off. Gross-margin resilience is what makes a smaller Thryv potentially more valuable; margin erosion would mean the transition is being bought with discounts, services labor, or reseller costs.
Management can resize the legacy cost base while investing enough in the SMB software platform, allowing operating leverage to emerge from the transition. This determines whether Thryv is a cash-producing software transition or a company that must continually cut just to offset revenue decay.
Thryv’s recurring customer base and cost actions generate enough operating cash to fund the software transition without relying on unfavorable financing. If operating cash flow remains durable, owners can benefit from the turnaround; if it erodes, balance-sheet risk and dilution can dominate the equity story.
All standing thesis claims
Original report summary
Thryv is a turnaround bet that its legacy local-advertising reach can be converted into a profitable AI-enabled SMB software platform before the old revenue base erodes too far.
Bull case and bear case
Bull case and bear case for Thryv Holdings
Where the evidence on Thryv Holdings stands: Holding on the latest evidence (Nov 4, 2026). Of its 4 thesis points, 2 strengthening and 2 holding.
Bull case: what the evidence supports
Thryv’s legacy SMB customer access remains a usable distribution wedge for selling its software-led AI and automation platform, rather than becoming a melting-ice-cube advertising base.
The shift toward software, AI tools, and automation can preserve pricing power and gross margin even while lower-value legacy advertising revenue runs off.
Management can resize the legacy cost base while investing enough in the SMB software platform, allowing operating leverage to emerge from the transition.
Thryv’s recurring customer base and cost actions generate enough operating cash to fund the software transition without relying on unfavorable financing.
Bear case: what would count against it
SMBs increasingly standardize on cheaper point tools from GoDaddy, Intuit Mailchimp, HubSpot, Square, Shopify, or vertical software providers instead of buying a broad Thryv suite.
GoDaddy, HubSpot, Intuit Mailchimp, and vertical SaaS vendors bundle similar SMB marketing and workflow tools at lower effective prices.
Competitive pressure from HubSpot, GoDaddy, Intuit Mailchimp, and SMB vertical platforms forces Thryv to raise product development and sales spending faster than revenue.
Thesis-Break Engine
Thesis-break watch · Thryv Holdings
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MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedEntered a material definitive agreement.
Thryv Holdings filed an SEC 8-K on 2026-09-14: Entered a material definitive agreement. It is a dated development that tests the current thesis.
- MixedDirector or principal officer change.
Thryv Holdings filed an SEC 8-K on 2026-08-11: Director or principal officer change. It is a dated development that tests the current thesis.
- MixedReported results of operations (earnings release).
Thryv Holdings filed an SEC 8-K on 2026-08-04: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- SMBs increasingly standardize on cheaper point tools from GoDaddy, Intuit Mailchimp, HubSpot, Square, Shopify, or vertical software providers instead of buying a broad Thryv suite.
- GoDaddy, HubSpot, Intuit Mailchimp, and vertical SaaS vendors bundle similar SMB marketing and workflow tools at lower effective prices.
- Competitive pressure from HubSpot, GoDaddy, Intuit Mailchimp, and SMB vertical platforms forces Thryv to raise product development and sales spending faster than revenue.
- SMB churn or weaker upfront billings reduces the cash-conversion benefit before reported revenue fully reflects the damage.
THRY news
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Financial statements
THRY income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
THRY: quick answers
- Which well-known investors own THRY?
- 1 of the 37 well-known funds tracked here reported THRY shares in their latest 13F filing. By share of the fund's portfolio: Paulson & Co. (John Paulson), 1.3%. Fund portfolios
THRY in well-known investors’ portfolios
1 of 37 funds reported THRY shares in their latest 13F filing. A 13F shows quarter-end positions and arrives up to 45 days later.
| Fund | Of its portfolio | Value | Change | Quarter |
|---|---|---|---|---|
| John PaulsonPaulson & Co. | 1.3% | $33.3M | No change | Q2 2026 |