Thryv Holdings, Inc. (THRY) Stock Analysis

Thryv’s principal competitive advantage lies in its integrated, all-in-one software platform tailored for small and medium-sized businesses (SMBs). Unlike point-solution providers such as Square or Mailchimp, Thryv offers a comprehensive suite—CRM, marketing automation, payments, scheduling, and back-office tools—within a single ecosystem. This breadth reduces vendor sprawl and complexity for SMBs, a segment with limited IT resources.

The company’s large, nationwide field sales force (serving ~300,000 SMB clients globally) provides local, high-touch onboarding and support, differentiating Thryv from self-service SaaS competitors like HubSpot or ServiceTitan. Thryv’s focus on customer experience is reflected in its 103% net revenue retention rate (Q2 2025, ex-Keap), which outpaces many SaaS peers and signals strong customer satisfaction and upsell success.

Thryv’s scale and legacy in print/digital marketing services create a low-cost funnel for SaaS client acquisition, leveraging existing relationships as it transitions away from declining print. The company’s SaaS EBITDA margin of 20.3% (Q2 2025) is notable for a business in the midst of transformation.

However, barriers to entry in SMB SaaS remain modest, and Thryv faces competition from both niche and full-suite rivals. Its edge depends on continued product innovation, effective cross-selling, and maintaining high-touch service as it scales. The company’s culture, recognized by Newsweek as a “Most Loved Workplace,” may aid talent retention and execution.