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 solutions such as Square or Mailchimp, Thryv consolidates marketing, sales, payments, scheduling, and back-office functions into a single interface. This reduces complexity for SMBs, a segment often lacking IT resources.

The company’s direct sales force and local presence differentiate it from digital-only competitors like HubSpot and ServiceTitan, enabling higher-touch onboarding and support. Thryv’s customer base of approximately 300,000 SMBs is among the largest in its segment, and its seasoned net revenue retention rate of 103% (Q2 2025) outpaces many SaaS peers, indicating strong customer satisfaction and upsell potential.

Thryv’s recent acquisition of Keap expands its automation capabilities and partner channel, further enhancing cross-sell opportunities and geographic reach. The company’s SaaS EBITDA margin of 20.3% (Q2 2025) is notable for a business in transition, and its multi-product adoption rate is rising—18% of customers now use multiple Thryv products.

However, barriers to entry in SMB SaaS remain modest, and Thryv faces competition from both vertical specialists (e.g., ServiceTitan) and broader platforms (e.g., Salesforce). Its legacy print business is in secular decline, but the company’s culture of product innovation and high employee engagement (Newsweek Top 100 Global Most Loved Workplaces, 2025) supports ongoing adaptation.