olivLaw · US equity research
Thryv Holdings, Inc. THRY
Services-Advertising · SIC 7310 · Vertical: Services-Advertising (SIC 7310)
Thryv Holdings is a software company offering small and medium-sized businesses a SaaS platform with CRM, automation, payments and AI tools, while gradually winding down its legacy print and digital advertising business by the end of 2028. The current interest comes from SaaS reaching 76% of revenue in the second quarter of 2026, even as total revenue declines and the company announces a restructuring plan.
At the close of 04 Nov 2026, Thryv Holdings, Inc. (THRY) stock was 1.30 USD (+4.00% on the day), with market capitalisation 57.8 m USD, beta 1.41, 52-week range 1.14–7.22 USD. Latest reported quarter (Q2 2026): revenue of 150.7 m USD (−28.4% YoY), net income of -16.7 m USD (−219.6% YoY), diluted EPS -0.38 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 42.7
- weak (30–45)
- Bollinger (20, 2)
- 1.08 – 1.42
- in the upper half of the band · %B 0.64 · band width 26.8%
- SMA 50 / 200
- 1.58 / 3.06
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.10 / -0.14
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −12.8% | −2.0% | −10.8 pp | — |
| 3 months | −46.8% | −2.2% | −44.7 pp | — |
| 6 months | −64.2% | +4.3% | −68.5 pp | — |
| Year to date | −78.5% | +10.6% | −89.1 pp | — |
| 1 year | −80.3% | +10.5% | −90.7 pp | −46.8% |
| 3 years | −93.0% | +73.7% | −166.6 pp | −65.5% |
| 5 years | −95.8% | +61.7% | −157.5 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 179.9 m | 186.6 m | 181.4 m | 210.5 m | 201.6 m | 191.6 m | 167.7 m | 150.7 m |
| Cost of revenue | 67.9 m | 63.6 m | 62.1 m | 63.9 m | 65.1 m | 61.3 m | 58.4 m | 56.2 m |
| Gross profit | 112.0 m | 123.0 m | 119.3 m | 146.6 m | 136.5 m | 130.3 m | 109.3 m | 94.6 m |
| Research & development | — | — | 10.2 m | 8.7 m | — | — | 11.4 m | 7.5 m |
| Operating income | -88.6 m | -7.2 m | -3.0 m | 29.5 m | 20.0 m | 10.2 m | 4.1 m | -1.1 m |
| Depreciation & amortisation | 12.5 m | 11.6 m | 11.5 m | 10.2 m | 9.6 m | 8.1 m | 9.2 m | 10.9 m |
| Interest expense | 11.5 m | 9.7 m | 9.1 m | 9.0 m | 8.6 m | 8.1 m | 6.6 m | 7.5 m |
| Pre-tax income | -101.4 m | 9.5 m | -12.5 m | 22.4 m | 11.5 m | -4.3 m | -1.5 m | -9.5 m |
| Income tax | -5.4 m | 1.6 m | -2.9 m | 8.4 m | 5.8 m | 5.3 m | -6.0 m | 7.2 m |
| Net income | -96.1 m | 7.9 m | -9.6 m | 13.9 m | 5.7 m | -9.7 m | 4.5 m | -16.7 m |
| Diluted EPS | -2.65 | 0.19 ≈ | -0.22 | 0.31 | 0.13 | -0.22 ≈ | 0.10 | -0.38 |
| Operating cash flow | 36.0 m ≈ | 26.1 m | -10.5 m | 29.6 m ≈ | 22.2 m ≈ | 22.2 m | 1.5 m | 25.9 m ≈ |
| Capex | 8.5 m ≈ | 8.8 m | 7.1 m | 7.8 m ≈ | 7.6 m ≈ | 9.9 m | 6.9 m | 9.2 m ≈ |
| Share repurchases | 0 ≈ | 0 | — | — | 5.0 m ≈ | 0 | — | — |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.8 bn | 1.4 bn | 1.1 bn | 1.1 bn | 1.2 bn | 917.0 m | 824.2 m | 785.0 m |
| Revenue YoY | unavailable | −20.3% | −21.9% | +0.4% | +8.0% | −23.7% | −10.1% | −4.7% |
| Net income | 52.3 m | 35.5 m | 149.2 m | 101.6 m | 54.3 m | -259.3 m | -74.2 m | 307.0 k |
| Net income YoY | unavailable | −32.1% | +320.3% | −31.9% | −46.5% | −577.1% | unavailable | unavailable |
| Diluted EPS | 0.88 | 0.82 | 4.42 | 2.78 | 1.49 | -7.47 | -2.00 | 0.01 |
| Diluted EPS YoY | unavailable | −6.8% | +439.0% | −37.1% | −46.4% | −601.3% | unavailable | unavailable |
| net % | 2.9% | 2.5% | 13.5% | 9.1% | 4.5% | -28.3% | -9.0% | 0.0% |
| Free cash flow | 319.6 m | 244.5 m | 205.0 m | 143.7 m | 119.3 m | 114.8 m | 56.2 m | 31.1 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 10.8 m USD
- Financial debt
- 253.5 m USD
- Net debt
- 242.7 m USD
- Equity
- 218.1 m USD
- Total assets
- 688.6 m USD
- Debt / equity
- 1.16x
- Current ratio
- 1.00x
- ROE
- 0.1%
- ROA
- 0.0%
- FCF margin
- 4.0%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 1.1 bn | 1.1 bn | 1.2 bn | 917.0 m | 824.2 m | 785.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Cost of revenue | 439.7 m | 408.0 m | 422.0 m | 338.7 m | 286.9 m | 252.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Gross profit | 669.7 m | 705.3 m | 780.4 m | 578.2 m | 537.2 m | 532.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Research & development | — | — | — | 12.7 m | 15.7 m | 39.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Operating income | 152.0 m | 190.0 m | 99.3 m | -200.0 m | -33.3 m | 56.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Depreciation & amortisation | 146.5 m | 105.5 m | 88.4 m | 63.3 m | 52.8 m | 39.5 m | SEC (XBRL)· 26 Feb 2026verified |
| EBITDA | 298.5 m ≈ | 295.5 m ≈ | 187.7 m ≈ | -136.8 m ≈ | 19.5 m ≈ | 96.2 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Interest expense | 68.5 m | 66.4 m | 60.4 m | 61.7 m | 46.8 m | 34.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Pre-tax income | 41.2 m | 134.3 m | 99.0 m | -260.5 m | -66.0 m | 17.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Income tax | -108.0 m | 32.7 m | 44.6 m | -1.2 m | 8.2 m | 16.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Net income | 149.2 m | 101.6 m | 54.3 m | -259.3 m | -74.2 m | 307.0 k | SEC (XBRL)· 26 Feb 2026verified |
| Diluted EPS | 4.42 | 2.78 | 1.49 | -7.47 | -2.00 | 0.01 | SEC (XBRL)· 26 Feb 2026verified |
| Weighted average diluted shares | 33.8 m | 36.5 m | 36.5 m | 34.7 m | 37.1 m | 44.5 m | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 2.4 m | 11.3 m | 16.0 m | 18.2 m | 16.3 m | 10.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Receivables | 296.6 m | 279.1 m | 284.7 m | 205.5 m | 161.6 m | 136.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Current assets | 369.7 m | 370.6 m | 378.3 m | 266.9 m | 210.7 m | 178.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Property, plant & equipment, net | 89.0 m | 50.9 m | 42.3 m | 38.6 m | 44.5 m | — | SEC (XBRL)· 27 Feb 2025verified |
| Goodwill | 609.5 m | 671.9 m | 566.0 m | 302.4 m | 253.3 m | 253.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Intangibles (excl. goodwill) | 31.8 m | 82.6 m | 34.7 m | 18.8 m | 34.3 m | 25.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Total assets | 1.2 bn | 1.3 bn | 1.2 bn | 783.2 m | 712.2 m | 688.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Accounts payable | 8.9 m | 8.6 m | 19.0 m | 10.3 m | 13.0 m | 9.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Short-term debt | 0 | 70.0 m | 70.0 m | 70.0 m | 13.1 m | 17.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Long-term debt | 528.4 m | 492.5 m | 399.8 m | 278.9 m | 271.2 m | 236.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Current liabilities | 207.4 m | 307.1 m | 300.5 m | 263.2 m | 196.3 m | 179.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Equity | 196.8 m † | 314.7 m † | 382.3 m † | 152.7 m † | 196.9 m † | 218.1 m † | SEC (XBRL)· 26 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 232.8 m | 170.6 m | 148.6 m | 148.2 m | 89.8 m | 63.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Capex | 27.8 m | 26.8 m | 29.2 m | 33.4 m | 33.5 m | 32.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Free cash flow | 205.0 m ≈ | 143.7 m ≈ | 119.3 m ≈ | 114.8 m ≈ | 56.2 m ≈ | 31.1 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Investing cash flow | -26.2 m | -196.6 m | -52.0 m | -42.5 m | -110.4 m | -32.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Financing cash flow | -206.1 m | 39.1 m | -91.1 m | -103.5 m | 19.2 m | -38.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Share repurchases | 30.6 m | 0 | 0 | 0 | 499.0 k | 5.0 m | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 55 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 57.8 m USD
Key indicators
Coverage and freshness
Score by group
- Valuation99
- Returns100
- Quality94
- Balance sheet13
- Growth0
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 20.60 – 59.69 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)20.60 – 59.69 (Mid 31.42)WACC 5.9% · starting FCFF 64.1 m USD · terminal value share of EV 85%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: no growth between −30% and +40% justifies the price
- Peers: EV/EBITDAunavailable · not enough peers
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 55/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 6.0% | 100 (vs peers) | 13% |
| Net margin · Quality | -2.3% | 85 (vs peers) | 8% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -13.2% | 0 (on a fixed band) | 11% |
| EPS CAGR 3Y · Growth | -81.1% | 0 (on a fixed band) | 11% |
| Net debt / EBITDA · Balance sheet | 3.3x | 20 (on a fixed band) | 13% |
| Interest coverage · Balance sheet | 1.1x | 0 (on a fixed band) | 8% |
| Current ratio · Balance sheet | 1.0x | 16 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | 4.1x | 99 (on a fixed band) | 13% |
| FCF yield · Valuation | 66.0% | 100 (on a fixed band) | 11% |
| Shareholder yield (distributions) · Returns | 8.7% | 100 (on a fixed band) | 8% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet13/100 · 3/3 factors with a value
- Growth0/100 · 2/2 factors with a value
- Quality94/100 · 2/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation99/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
THRYV HOLDINGS, INC. (THRY). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 785.0 m USD in 2025; YoY growth -4.7%; net margin -2.3%; ROE -7.6%; net debt/EBITDA 3.3x.
The estimated value range is 20.60–59.69 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 31.42 USD, the price of 1.30 USD leaves a potential of 2,317.1% (value / price − 1) and a margin of safety of 95.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 55/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 6.0%
- Net margin: -2.3%
- EV/EBITDA: 4.1x
- FCF yield: 66.0%
- Shareholder yield (distributions): 8.7%
- The price is below the estimated value range
What contradicts it
- Revenue CAGR 3Y: -13.2%
- EPS CAGR 3Y: -81.1%
- Net debt / EBITDA: 3.3x
- Interest coverage: 1.1x
- Current ratio: 1.0x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, P/E (TTM), Payout ratio (FCF).
Versus the vertical median
Services-Advertising (SIC 7310) · same industry (4-digit SIC) · compared with 13 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| CCOClear Channel Outdoor Holdings, Inc. | 1.2 bn | — | — | -6.3% | +6.6% | unavailable / unavailable |
| MNTNMNTN, Inc. | 170.5 m | 13.9 | 19.7% | 18.0% | +28.6% | −24% / unavailable |
| EDHLEverbright Digital Holding Ltd. | 161.3 m | — | -70.8% | -120.6% | −32.6% | −56% / unavailable |
| NCMINational Cinemedia, Inc. | 147.7 m | — | -2.2% | -3.1% | unavailable | −64% / −61% |
| FLNTFluent, Inc. | 107.1 m | — | -170.5% | -11.5% | −18.0% | +90% / +9% |
| THRYThryv Holdings, Inc. | 57.8 m | — | -7.6% | -2.3% | −4.7% | −80% / −93% |
| TZOOTravelzoo | 54.5 m | 191.4 | — | 0.5% | +9.3% | −25% / −47% |
| IZEAIZEA Worldwide, Inc. | 40.8 m | — | -5.1% | -9.4% | −12.9% | −53% / −3% |
| TNMGTNL Mediagene | 8.2 m | — | -155.9% | -175.3% | +35.3% | −93% / −100% |
| INUVInuvo, Inc. | 7.3 m | — | -43.9% | -8.6% | +2.9% | −85% / −85% |
| PSQHPSQ Holdings, Inc. | 6.5 m | — | -269.3% | -132.7% | +81.1% | −90% / −98% |
| STFSStar Fashion Culture Holdings Limited | 6.3 m | — | -39.9% | -13.7% | +83.7% | −8% / unavailable |
| ANGIAngi Inc. | — | — | -27.3% | -23.8% | −13.0% | −40% / −70% |
| IBTAIbotta, Inc. | 0 | — | -5.7% | -4.5% | −6.8% | +164% / unavailable |
1- and 3-year price returns: for THRY from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Thryv Holdings is a software company offering small and medium-sized businesses a SaaS platform with CRM, automation, payments and AI tools, while gradually winding down its legacy print and digital advertising business by the end of 2028. The current interest comes from SaaS reaching 76% of revenue in the second quarter of 2026, even as total revenue declines and the company announces a restructuring plan. 13
SWOT
Strengths
- The company has a broad client base and a nationwide sales force focused on small businesses, which supports upselling and new client acquisition 1.
- The SaaS segment makes up a growing share of revenue and shows rising ARPU, a sign of better monetisation of clients 3.
- The unified platform combining CRM, automation and payments reduces complexity for clients and may raise retention 1.
Weaknesses
- Revenue from traditional print and digital advertising is falling, and the segment still forms an important part of the business 12.
- The company reported a net loss in the second quarter of 2026 and needs a restructuring to adjust its costs 3.
- Debt and payment obligations remain substantial, which limits financial flexibility 2.
Opportunities
- If converted advertising clients adopt additional features, SaaS revenue could grow without high acquisition costs 1.
- Strategic partnerships announced in 2026 could extend the platform's distribution to new client groups 3.
- Restructuring savings, if realised from 2027, could improve margins and cash flow 3.
Risks
- Decline of the legacy businesshigh
If print advertising revenue falls faster than SaaS grows, total results could be significantly affected 1.
- Churn of converted clientshigh
Clients moved onto the platform without a sales process could cancel at a higher rate, which would lower retention and ARPU 1.
- Goodwill impairmenthigh
The company noted that a further impairment could arise if market capitalisation stays below book value 12.
- Debt and liquiditymedium
Debt obligations could limit the company's ability to fund investment if cash flow weakens 12.
- Executing the restructuringmedium
The expected savings from the restructuring could be delayed or smaller than estimated, affecting profitability 3.
Investment thesis
What would need to be true (bull case)
- If the SaaS segment keeps raising ARPU and retention, the company could become predominantly recurring with better margins.
- If the restructuring delivers the savings announced from 2027, profitability could recover even with lower total revenue.
- Partnerships with technology providers could extend the platform and attract new clients without high sales costs.
What would break the thesis
- If traditional advertising revenue falls faster than SaaS grows, total revenue could keep contracting.
- Net losses and restructuring charges could prolong the period of pressure on profitability.
- If the client count keeps declining, ARPU growth might not offset the loss of the client base.
What to watch
- Delivery against the third and fourth quarter SaaS and Marketing Services guidanceQ4 2026
- Trend in Seasoned Net Revenue Retention and the number of SaaS clientsQ1 2027
- Realisation of restructuring savings and the actual charges recorded2027
- Possible goodwill impairment of the SaaS segment, flagged as a possibilitynext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Thryv presents itself as a software company building a unified platform for small and medium-sized businesses, covering client acquisition, engagement, operations and retention. The platform combines the Keap CRM and automation engine, the Thryv Marketing Center, the ThryvPay and KeapPay payment solutions, and extensions and professional services. The company reports two segments, SaaS and Marketing Services, and served approximately 230000 SMB clients as of December 31, 2025 1. By mid-2026 the figure had fallen to approximately 215000 2.
Segments
SaaS
The SaaS segment is the company's growth engine and generated 461.0 million USD of revenue in 2025 1. In the second quarter of 2026 SaaS revenue was 114.5 million USD, down 0.5% year-over-year, as marketing initiatives grew but headwinds in legacy CRM products offset them 3. Monthly ARPU was 394 USD, up 11.9% 3.
Marketing Services
The Marketing Services segment includes the Yellow Pages print directories and digital advertising, and is in scheduled decline, with a full exit planned by the end of 2028 1. Revenue was 324.0 million USD in 2025 1 and 36.2 million USD in the second quarter of 2026 3. The company has converted digital clients to the SaaS platform, which shifts revenue between segments 1.
Market context
The target market is small and medium-sized businesses in the United States, Australia, New Zealand, Canada and Europe 1. Demand for integrated solutions has grown with remote work and virtual interactions, as both documents describe 12. However, demand for print advertising is declining significantly across the industry, which adds pressure on the legacy business 1.
Trends
- Shift to the SaaS modelmixed
The company is moving clients from digital advertising to the platform, which could stabilise recurring revenue if retention holds 1. If converted clients do not stay, churn could weigh on results.
- Decline of print advertisingheadwind
Demand for print advertising has fallen significantly in recent years, and the company expects the trend to continue 1. This decline reduces revenue in the legacy segment.
- AI embedded in the platformtailwind
Artificial intelligence is built into analytics, content generation and automation, and the company presents it as a growth driver 13. If AI features drive adoption they could support ARPU, though the risks of managing AI remain significant 1.
- Restructuring and cost pressuremixed
The restructuring plan aims to cut costs and streamline the SaaS operating model, with savings expected from 2027 3. Restructuring charges could temporarily weigh on results, and liquidity and debt pressure remain a point of attention 2.
Competitive position
Thryv faces intense competition from cloud business automation providers, CRM software vendors, email marketing software vendors and digital marketing agencies 1. Larger competitors can offer products at little or no extra cost by bundling them, and search engines and directory platforms can change their algorithms or commercial terms 1. Competitive pressure could force lower subscription prices 1.
- CRM and automation software vendors
CRM and automation vendors sell functions that compete for small-business budgets and can integrate marketing into their suites 1.
- Search engines and online directory platforms
Search engines and online directories compete for advertising budgets and can change the traffic flowing to client websites 1.
- Digital marketing agencies
Agencies offering search marketing, social advertising and SEO compete directly with the company's digital solutions 1.
- Enterprise SaaS suites moving down-market
Large SaaS suite providers are extending their offers toward small and medium businesses with far greater resources 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report14 Sept 2026Material agreement · Financial statements and exhibits
- Current report11 Aug 2026Departure or appointment of officers · Financial statements and exhibits
- Quarterly report04 Aug 2026
- Current report04 Aug 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report16 Jun 2026Shareholder vote
- Proxy statement30 Apr 2026
- Quarterly report30 Apr 2026
- Current report30 Apr 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report26 Feb 2026Regulation FD disclosure · Financial statements and exhibits
- Annual report26 Feb 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Thryv Holdings, Inc. · 26 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Thryv Holdings, Inc. · 04 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Thryv Holdings, Inc. · 04 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.