Cash flow quality remains erratic, highlighted by an OCF/NI ratio that swung from -2.30 in 2025Q4 to 3.93 in 2025Q3, complicating the assessment of true free cash flow generation.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Cash from Operations | 75.48M | 63.53M | 89.78M | 148.23M | 148.57M | 170.57M | 232.77M | 270.6M | 347.06M | 240.79M | 200.23M | 218.94M | 388M | 360M | 349M |
| Operating CF Margin % | - | 8.09% | 10.89% | 16.16% | 12.36% | 15.32% | 20.98% | 19.04% | 19.36% | 18.27% | 21.23% | 14.61% | 21.38% | 24.93% | 27.31% |
| Operating CF Growth % | 93.83% | -29.24% | -39.43% | -0.23% | -12.9% | -26.72% | -13.98% | -22.03% | 44.13% | 20.26% | -8.54% | -43.57% | 7.78% | 3.15% | - |
| Net Income | 14.47M | 307K | -74.22M | -259.3M | 54.35M | 101.58M | 149.22M | 35.5M | 51.05M | -171.32M | 674.08M | -263.46M | -371M | -819M | 41M |
| Depreciation & Amortization | 37.11M | 39.46M | 52.79M | 63.25M | 88.39M | 105.47M | 146.52M | 206.27M | 266.98M | 301.44M | 270.11M | 389.34M | 643M | 765M | 419M |
| Stock-Based Compensation | 22.26M | 25.25M | 24.12M | 22.2M | 14.63M | 8.09M | -2.9M | 14.12M | 39.6M | 23.36M | 2.79M | 2.24M | 4M | 4M | 5M |
| Deferred Taxes | 26.64M | 10.63M | -5.27M | -12.9M | -15.12M | -20.44M | -147.33M | -20.74M | -34.11M | -164.25M | 0 | 0 | 11M | -351M | 6M |
| Other Non-Cash Items | 2.76M | 41.3M | 110.67M | 322.36M | 86.1M | 23.12M | 140.93M | 131.92M | 46.78M | 86.75M | -886.68M | 47.98M | 59M | 538M | -65M |
| Working Capital Changes | -27.76M | -53.41M | -18.31M | 12.62M | -79.78M | -47.25M | -53.68M | -96.47M | -23.24M | 164.82M | 139.93M | 42.84M | 42M | 223M | -57M |
| Change in Receivables | -31.66M | -9.85M | 23.95M | 54M | -2.48M | 80M | 41.75M | 16.46M | 9.62M | 232.16M | 177.5M | 2.63M | 41M | 291M | -11M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 69.24M | 0 | 0 | 0 | 0 | 11M | 11M | 0 |
| Change in Payables | -22.02M | -12.73M | -26.53M | -37.75M | -41.1M | -125.88M | -86.16M | -69.24M | 0 | 0 | 0 | 0 | -27M | -35M | 0 |
| Cash from Investing | -32.23M | -32.53M | -110.42M | -42.52M | -52.03M | -196.57M | -26.21M | -25.36M | -28.66M | -600.39M | -18.04M | -11.77M | -5M | 130M | -23M |
| Capital Expenditures | -15.41M | -32.39M | 0 | -33.39M | -29.23M | -26.85M | -27.76M | -26.07M | -27.43M | -19.99M | -20.5M | -16.57M | -18M | -24M | -23M |
| CapEx % of Revenue | 2% | 4.13% | 4.07% | 3.64% | 2.43% | 2.41% | 2.5% | 1.83% | 1.53% | 1.52% | 2.17% | 1.11% | 0.99% | 1.66% | 1.8% |
| Acquisitions | 286K | -143K | -76.89M | -8.9M | -22.79M | -175.37M | 0 | -147K | -1.25M | -587.73M | 0 | 0 | 13M | 154M | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -17.11M | 0 | -33.54M | -225K | 0 | 5.64M | 1.55M | 847K | 17K | 7.33M | 2.45M | 4.8M | 13M | 130M | 0 |
| Cash from Financing | -48.18M | -38.47M | 19.22M | -103.49M | -91.1M | 39.09M | -206.07M | -277.49M | -286.27M | 320.23M | -315.84M | -203.59M | -368M | -506M | -412M |
| Debt Issued (Net) | -48.6M | -34.71M | -69.37M | -125.71M | -97.89M | 32.08M | -186.55M | 0 | -283.15M | 324.4M | -313.69M | -198.66M | -367M | -505M | -401M |
| Equity Issued (Net) | -5M | -5M | 86.9M | 0 | 0 | 0 | -30.18M | -437.96M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -5M | -5M | -499K | 0 | 0 | 0 | -30.63M | -437.96M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 5.43M | 1.23M | 1.68M | 22.22M | 6.79M | 7.01M | 10.66M | 160.47M | -3.12M | -4.17M | -2.15M | -4.93M | -1M | -1M | -11M |
| Net Change in Cash | -4.38M | -6.89M | -2.77M | 2.35M | 4.62M | 11.15M | 494K | -32.26M | 32.13M | -39.37M | -37.13M | 4.06M | 15M | -16M | -86M |
| Free Cash Flow | 67.71M | 31.14M | 56.25M | 114.83M | 119.34M | 143.72M | 205.01M | 244.53M | 319.63M | 220.8M | 179.73M | 202.36M | 370M | 336M | 326M |
| FCF Margin % | 8.78% | 3.97% | 6.82% | 12.52% | 9.93% | 12.91% | 18.48% | 17.2% | 17.83% | 16.75% | 19.06% | 13.51% | 20.39% | 23.27% | 25.51% |
| FCF Growth % | 67.11% | -44.64% | -51.02% | -3.78% | -16.96% | -29.9% | -16.16% | -23.5% | 44.76% | 22.85% | -11.18% | -45.31% | 10.12% | 3.07% | - |
| FCF per Share | 1.50 | 0.70 | 1.51 | 3.31 | 3.27 | 3.94 | 6.07 | 7.14 | 5.36 | 3.91 | 3.24 | 6.21 | 38.50 | 40.59 | 33.72 |
| FCF Conversion (FCF/Net Income) | 4.68x | 206.93x | -1.21x | -0.57x | 2.73x | 1.68x | 1.56x | 7.62x | 6.80x | -1.41x | -0.32x | -0.83x | -1.05x | -0.44x | 8.51x |
| Interest Paid | 8.22M | 0 | 44.02M | 57.03M | 57.08M | 66.74M | 72.93M | 0 | 80.97M | 64.63M | 0 | 0 | 269M | 254M | 165M |
| Taxes Paid | 2.19M | 0 | 15.41M | 9.31M | 58.26M | 63.89M | 24.8M | 0 | 44.03M | 96.71M | 0 | 0 | 4M | 14M | 2M |
Legacy revenue contraction risk
As reported in financial statements, the relationship between net income and operating cash flow is highly erratic, with the OCF/NI ratio swinging from -2.30 in 2025Q4 to 3.93 in 2025Q3, indicating significant volatility in the underlying quality of reported earnings.
The frequent divergence between net income and operating cash flow suggests that non-cash items and working capital fluctuations are heavily distorting the company's true cash-generating ability. Investors should monitor whether this instability reflects aggressive revenue recognition or simply the inherent difficulty of managing a legacy business alongside a growing SaaS segment.
Based on recent SEC filings, Thryv's free cash flow trajectory is inconsistent, with margins fluctuating from a negative 9.7% in 2025Q1 to a peak of 15.3% in 2024Q3, highlighting the difficulty in maintaining a stable cash conversion profile during the ongoing business transition.
The lack of a clear upward trend in FCF margins suggests that the company has not yet achieved the operating leverage necessary to decouple its cash generation from the declining legacy revenue base. This volatility may indicate that the SaaS segment is not yet mature enough to offset the capital requirements of the broader organization.
According to the provided cash flow data, working capital changes have been a major source of volatility, including a significant $25.7M outflow in 2025Q1, which suggests that the company's cash collection cycle remains highly sensitive to the operational challenges of its SMB customer base.
These erratic working capital movements imply that the company may be struggling with efficient collections or inventory management within its legacy segments. Such unpredictability in cash flow timing warrants further investigation into the credit quality of the remaining legacy customer base and the potential for future liquidity constraints.
As indicated by the quarterly data, stock-based compensation remains a persistent cash-equivalent expense, consistently ranging between $4.8M and $7.7M per quarter, which effectively masks the true cost of talent acquisition and retention during this critical business pivot.
By excluding these substantial non-cash charges from operational metrics, the company may be presenting a more favorable cash flow picture than is supported by its actual economic performance. Analysts should adjust for these recurring equity-based costs to better understand the true cash burn associated with maintaining the current platform.
Quick answers to the most common questions about buying THRY stock.
Thryv Holdings, Inc. (THRY) generated $63.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Thryv Holdings, Inc. (THRY) generated $31.1M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Thryv Holdings, Inc. (THRY) spent $32.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Thryv Holdings, Inc. (THRY) spent $5.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.