Thryv Holdings, Inc. THRY
Thryv is a software-led platform company focused on enabling small and medium-sized businesses ("SMBs") to run and grow their businesses more efficiently with artificial intelligence ("AI") tools and automations. Our strategy is centered on delivering a unified, extensible SaaS platform that supports customer acquisition, engagement, operations, and retention across the SMB lifecycle.
As of December 31, 2025, we serve approximately 230,000 SMB clients through our two business segments: SaaS and Marketing Services. SaaS represents the strategic growth engine of the Company. Marketing Services is our legacy segment that we are actively managing and exiting as part of a multi-year transition to a pure SaaS business model.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2014 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $785.0M | $824.2M | $917.0M | $1.20B | $1.11B | $1.11B | $1.42B | $1.78B | — | $1.81B |
| Cost of revenue | $252.3M | $286.9M | $338.7M | $422.0M | $408.0M | $439.7M | $581.3M | — | — | $576.0M |
| Gross profit | $532.7M | $537.2M | $578.2M | $780.4M | $705.3M | $669.7M | $840.1M | — | — | $1.24B |
| R&D | $39.1M | $15.7M | $12.7M | — | — | — | — | — | — | — |
| SG&A | $211.2M | $217.3M | $208.9M | $216.4M | $153.9M | $177.6M | $196.5M | $238.6M | — | $164.0M |
| Total operating expenses | $476.0M | $570.5M | $778.3M | $681.1M | $515.3M | $517.7M | $634.0M | $1.62B | — | $1.82B |
| Operating income | $56.7M | -$33.3M | -$200.0M | $99.3M | $190.0M | $152.0M | $206.1M | $162.3M | — | -$4.0M |
| Interest expense | $34.8M | $46.8M | $61.7M | $60.4M | $66.4M | $68.5M | $93.0M | $82.7M | — | $356.0M |
| Pre-tax income | $17.0M | -$66.0M | -$260.5M | $99.0M | $134.3M | $41.2M | $53.6M | $60.8M | — | -$358.0M |
| Income tax | $16.7M | $8.2M | $1.2M | $44.6M | $32.7M | $108.0M | $18.1M | $8.5M | — | $13.0M |
| Net income | $307.0K | -$74.2M | -$259.3M | $54.3M | $101.6M | $149.2M | $35.5M | $52.3M | — | -$371.0M |
| EPS, basic | 0.01 | -2.00 | -7.47 | 1.58 | 3.02 | 4.73 | 0.87 | 0.91 | — | — |
| EPS, diluted | 0.01 | -2.00 | -7.47 | 1.49 | 2.78 | 4.42 | 0.82 | 0.88 | — | -21.43 |
| Shares, diluted (wtd. avg.) | $44.5M | $37.1M | $34.7M | $36.5M | $36.5M | $33.8M | $43.5M | $59.6M | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2014 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $10.8M | $16.3M | $20.5M | $18.2M | $13.6M | $2.4M | $1.9M | $34.2M | $2.0M | $171.0M |
| Receivables | $136.4M | $161.6M | $205.5M | $284.7M | $279.1M | $296.6M | $369.7M | — | — | $151.0M |
| Total current assets | $178.9M | $210.7M | $266.9M | $378.3M | $370.6M | $369.7M | $478.6M | — | — | $497.0M |
| Property, plant and equipment | — | $44.5M | $38.6M | $42.3M | $50.9M | $89.0M | $101.5M | — | — | $64.0M |
| Goodwill | $253.8M | $253.3M | $302.4M | $566.0M | $671.9M | $609.5M | $609.5M | $609.5M | — | $315.0M |
| Other intangibles | $25.9M | $34.3M | $18.8M | $34.7M | $82.6M | $31.8M | $147.5M | $312.2M | — | $794.0M |
| Total assets | $688.6M | $712.2M | $783.2M | $1.18B | $1.30B | $1.21B | $1.39B | — | — | $1.72B |
| Accounts payable | $9.8M | $13.0M | $10.3M | $19.0M | $8.6M | $8.9M | $16.1M | — | — | $14.0M |
| Short-term debt | $17.5M | $13.1M | $70.0M | $70.0M | $70.0M | $0 | — | — | — | $124.0M |
| Total current liabilities | $179.6M | $196.3M | $263.2M | $300.5M | $307.1M | $207.4M | $257.4M | — | — | $404.0M |
| Long-term debt | $236.0M | $271.2M | $278.9M | $399.8M | $492.5M | $528.4M | $714.4M | — | — | $2.27B |
| Retained earnings | -$572.1M | -$572.4M | -$498.2M | -$238.9M | -$293.3M | -$394.8M | -$544.1M | — | — | -$2.59B |
| Total equity | $218.1M | $196.9M | $152.7M | $382.3M | $314.7M | $196.8M | $27.3M | $428.3M | $213.6M | -$1.12B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2014 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $63.5M | $89.8M | $148.2M | $148.6M | $170.6M | $232.8M | $270.6M | $347.1M | — | $388.0M |
| Depreciation and amortisation | $31.1M | $36.8M | $37.8M | $36.9M | $33.3M | $30.9M | $39.9M | $267.0M | — | $643.0M |
| Stock-based compensation | $25.2M | $24.1M | $22.2M | $14.6M | $8.1M | -$2.9M | $14.1M | $39.6M | — | $4.0M |
| Capital expenditure | $32.4M | $33.5M | $33.4M | $29.2M | $26.8M | $27.8M | $26.1M | $27.4M | — | $18.0M |
| Investing cash flow | -$32.5M | -$110.4M | -$42.5M | -$52.0M | -$196.6M | -$26.2M | -$25.4M | -$28.7M | — | -$5.0M |
| Financing cash flow | -$38.5M | $19.2M | -$103.5M | -$91.1M | $39.1M | -$206.1M | -$277.5M | -$286.3M | — | -$368.0M |
| Buybacks | $5.0M | $499.0K | $0 | $0 | $0 | $30.6M | $12.6M | $0 | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001556739-26-000029.
Others in SIC 7310
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| CCO | Clear Channel Outdoor Holdings, Inc. | $1.21B | 59.5x | 13.1% |
| MNTN | MNTN, Inc. | $957.3M | — | 28.6% |
| IBTA | Ibotta, Inc. | $893.7M | 319.9x | -6.8% |
| NCMI | National CineMedia, Inc. | $233.3M | — | 1.0% |
| ANGI | Angi Inc. | $198.2M | 5.2x | -13.0% |
| FLNT | Fluent, Inc. | $99.6M | — | -18.0% |
| TZOO | TRAVELZOO | $63.8M | 15.2x | 9.3% |
| IZEA | IZEA Worldwide, Inc. | $52.1M | — | -12.9% |