THRY Stock Forecast & Price Target

Thryv Holdings Inc. shows a positive outlook due to significant growth in its core SaaS segment, with monthly average revenue per user (ARPU) increasing by 16% year-over-year and supported by a growing percentage of customers utilizing multiple paid SaaS products. The company's strategic acquisition of Keap has expanded its market reach, positioning Thryv to capitalize on new opportunities and drive further revenue growth as small and medium-sized businesses adopt their solutions. Additionally, the favorable macro environment combined with effective cross-selling and upselling strategies suggests that Thryv could achieve substantial market share gains and improved financial metrics in the upcoming fiscal years.

Thryv Holdings Inc. has experienced a concerning decline in its SaaS subscriber base, ending Q3 2025 with approximately 90,000 core subscribers, reflecting a 6% year-over-year drop and a 2% sequential decline, marking the third consecutive quarter of subscriber loss. The company's seasoned net revenue retention has notably decreased to 94%, down from 103% in the earlier two quarters, indicating weakening customer relationships and potentially diminished future revenue growth. Additionally, while operating expenses have risen, leading to an adjusted EBITDA margin of 20.3%, the overall financial health is jeopardized by reliance on a declining marketing services segment amidst reduced industry demand, further exacerbating the negative outlook for the stock.