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what it is
Thryv sells software and marketing help for small businesses.
how it gets paid
Last year Thryv made $785M in revenue.
why growth slowed
Revenue fell 4.7% last year. 67.8% gross margin means 67.8 cents of every sales dollar stayed after direct costs.
what just happened
Revenue hit $593M, and gross margin held at 67.8%.
At a glance
C++ balance sheet — some cracks in the foundation
10/100 earnings predictability — expect surprises
5.7x trailing p/e — the market's not buying it — or you found a deal
0.7% return on capital — nothing to write home about
-$0.55 fy2024 eps est
xvary composite: 40/100 — below average
What they do
Thryv sells software and marketing help for small businesses.
Over 300,000 clients use the platform. Leaving means moving your leads, customer records, and monthly payments at once. Monthly auto-subscription basis means money arrives every month, so you are not starting from zero each quarter.
How they make money
$785M
annual revenue · revenue declined -4.7% last year
total revenue
$785M
4.7%
The products that matter
small-business software platform
Thryv Software
$461M–$471M 2026 target
This is the part management wants you to focus on. The company says revenue can reach $461M–$471M in 2026, up from an estimated $307K last year. That gap is either a turnaround blueprint or a credibility test.
future thesis
legacy ads and marketing services
Marketing Services
$784.7M · -4.7%
This segment still pays the bills, even after declining 4.7%. Thryv plans a full exit by 2028, so you are relying on a shrinking business to finance the replacement business.
current cash source
Key numbers
5.7x
trailing p/e
You are paying 5.7 times trailing earnings for a company with a negative 2024 EPS estimate. Cheap only works if earnings stop falling.
$259M
long-term debt
Debt equals 67% of capital. That limits how much pain the balance sheet can take from another weak year.
12.4%
operating margin
This is the profit left after operating costs. It is decent, but not strong enough to make the debt load feel easy.
0.7%
return on capital
For every $100 of capital, Thryv gets back 70 cents in operating profit. That is a slow machine.
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 3 — safer than 50% of stocks
- price stability 20 / 100
- long-term debt $259M (67% of capital)
C++ — balance sheet grade and long-term debt are flagged. this stock carries more risk than average.
Total return vs. market
Return history isn't available for THRY right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Revenue hit $593M, and gross margin held at 67.8%.
Revenue was up 194% vs. prior year, and EPS came in at $0.22, up 69%. The top line looked huge, but the margin is what keeps the story from turning into a one-quarter stunt.
$593M
revenue
$0.22
eps
67.8%
gross margin
gross margin
67.8% gross margin means 67.8 cents of every sales dollar stayed after direct costs. That gives the company room, even when growth gets weird.
company earnings report, 2026
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What could go wrong
the #1 risk is the marketing services runoff outrunning the software build.
med
The legacy cash engine shrinks too fast
Marketing Services still accounts for $784.7M of revenue and declined 4.7% last year. If that decay speeds up, the segment financing the pivot becomes the thing that breaks it.
Impact: the company would have less cash to support product development, sales investment, and debt service at the same time.
med
The software target proves too ambitious
Management is pointing to $461M–$471M of software revenue in 2026 from an estimated $307K base in this snapshot. That gap is huge. If adoption lags, the valuation will look less like optionality and more like a trap.
Impact: the stock would lose the one forward-looking reason investors tolerate the current weak earnings profile.
med
Debt limits how many mistakes the company gets
Long-term debt stands at $259M, or 67% of total capital, against a market cap of roughly $130M. That does not automatically create distress, but it does mean delays and execution misses get expensive fast.
Impact: refinancing pressure or tighter liquidity could crowd out the very investment needed to make the transition work.
A faster decline in the $784.7M legacy segment would pressure the cash meant to finance a software business targeted at $461M–$471M in 2026, all while $259M of debt stays on the balance sheet.
source: institutional data · regulatory filings · risk analysis
Pay attention to
mix shift
software revenue has to become more than a story
The reported mix here is $307K of software revenue versus $784.7M of marketing services. Until that gap starts closing in the actual numbers, this remains a promise trade.
earnings date
Q1 2026 earnings on may 7, 2026
You want two things at once: software momentum toward the $461M–$471M target and a legacy decline that does not get worse than the current 4.7% pace.
balance sheet
cash flow versus $259M debt
A turnaround can survive ugly quarters. It struggles to survive ugly quarters and a balance sheet that keeps tightening at the same time.
execution risk
late-2026 platform launch timing
The unified AI platform is supposed to simplify the product story. A delay would extend the awkward middle period where the old business fades before the new one is fully ready.
Analyst rankings
earnings predictability
10 / 100
in human-speak, analysts do not trust the quarter-to-quarter path here. expect noise.
price stability
20 / 100
This stock does not behave like a bunker. A wide 52-week range of $2–$16 makes that obvious.
risk rank
3
The formal rank says average risk. The business model says you still need proof that the transition is working.
source: institutional data
Institutional activity
institutional ownership data for THRY is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$4
current price
n/a
target midpoint · n/a from current
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