Latest Ratios: P/E Ratio 601.4x · EV/EBITDA 3.5x · ROE 0.1%. (2012–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $183M | $269M | $550M | $707M | $694M | $1.5B | $456M | $366M | $617M | — | — |
| Enterprise Value | $429M | $515M | $828M | $1.1B | $1.2B | $2.1B | $1.0B | $1.2B | $1.2B | — | — |
| P/E Ratio → | 601.45 | 876.81 | — | — | 12.75 | 14.79 | 3.05 | 10.27 | 12.03 | — | — |
| P/S Ratio | 0.23 | 0.34 | 0.67 | 0.77 | 0.58 | 1.35 | 0.41 | 0.26 | 0.34 | — | — |
| P/B Ratio | 0.85 | 1.23 | 2.79 | 4.63 | 1.81 | 4.77 | 2.32 | 13.42 | 2.33 | — | — |
| P/FCF | 5.89 | 8.64 | 9.77 | 6.15 | 5.81 | 10.44 | 2.23 | 1.50 | 1.93 | — | — |
| P/OCF | 2.89 | 4.24 | 6.12 | 4.77 | 4.67 | 8.80 | 1.96 | 1.35 | 1.78 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.66 | 1.01 | 1.15 | 0.97 | 1.88 | 0.93 | 0.82 | 0.66 | — | — |
| EV / EBITDA | 3.45 | 4.14 | 42.50 | — | 6.24 | 7.07 | 3.47 | 3.03 | 2.76 | — | — |
| EV / EBIT | 5.06 | 6.07 | — | — | 7.35 | 10.41 | 9.45 | 5.89 | 8.27 | — | — |
| EV / FCF | — | 16.54 | 14.73 | 9.15 | 9.81 | 14.53 | 5.06 | 4.79 | 3.71 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 64.7% | 64.7% | 65.2% | 63.1% | 64.9% | 63.4% | 60.4% | 59.1% | 64.3% | 58.0% | 57.4% |
| Operating Margin | 10.8% | 10.8% | -4.0% | -21.8% | 8.3% | 17.1% | 13.7% | 14.5% | 9.0% | -9.9% | -12.1% |
| Net Profit Margin | 0.0% | 0.0% | -9.0% | -28.3% | 4.5% | 9.1% | 13.5% | 2.5% | 2.8% | -13.0% | -66.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 0.1% | 0.1% | -42.5% | -96.9% | 15.6% | 39.7% | 133.2% | 24.3% | 21.4% | -59.1% | -169.8% |
| ROA | 0.0% | 0.0% | -9.9% | -26.4% | 4.4% | 8.1% | 11.5% | 2.5% | 3.2% | -11.4% | -49.7% |
| ROIC | 13.6% | 13.6% | -5.1% | -22.1% | 8.5% | 17.0% | 14.2% | 18.5% | 12.7% | -10.4% | -10.6% |
| ROCE | 16.6% | 16.6% | -6.4% | -28.6% | 10.6% | 19.0% | 14.2% | 17.7% | 12.5% | -10.4% | -10.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.18 | 1.18 | 1.50 | 2.37 | 1.29 | 1.90 | 2.96 | 29.65 | 2.28 | 4.09 | 1.31 |
| Debt / EBITDA | 2.06 | 2.06 | 15.14 | — | 2.63 | 2.03 | 1.95 | 2.09 | 1.41 | 5.12 | 3.08 |
| Net Debt / Equity | — | 1.13 | 1.42 | 2.25 | 1.25 | 1.87 | 2.95 | 29.58 | 2.15 | 4.08 | 1.20 |
| Net Debt / EBITDA | 1.98 | 1.98 | 14.30 | — | 2.54 | 1.99 | 1.95 | 2.09 | 1.33 | 5.11 | 2.82 |
| Debt / FCF | — | 7.90 | 4.95 | 2.99 | 4.00 | 4.09 | 2.83 | 3.30 | 1.78 | 3.94 | 2.45 |
| Interest Coverage | 2.44 | 2.44 | -0.41 | -3.22 | 2.64 | 3.02 | 1.60 | 2.14 | 1.73 | -2.52 | — |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.00 | 1.00 | 1.07 | 1.01 | 1.26 | 1.21 | 1.78 | 1.82 | 1.41 | 1.20 | 2.48 |
| Quick Ratio | 1.00 | 1.00 | 1.07 | 0.88 | 1.18 | 1.21 | 1.78 | 1.82 | 1.41 | 1.20 | 2.48 |
| Cash Ratio | 0.06 | 0.06 | 0.08 | 0.07 | 0.05 | 0.04 | 0.01 | 0.01 | 0.13 | 0.01 | 0.30 |
| Asset Turnover | — | 1.14 | 1.16 | 1.17 | 1.02 | 0.86 | 0.91 | 1.02 | 1.22 | 0.75 | 0.75 |
| Inventory Turnover | — | — | — | 9.82 | 16.82 | — | — | — | — | — | — |
| Days Sales Outstanding | — | 63.42 | 75.27 | 84.19 | 90.71 | 98.03 | 104.22 | 107.55 | 100.62 | 72.56 | 86.26 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 0.2% | 0.1% | — | — | 7.8% | 6.8% | 32.7% | 9.7% | 8.3% | — | — |
| FCF Yield | 17.0% | 11.6% | 10.2% | 16.3% | 17.2% | 9.6% | 44.9% | 66.9% | 51.8% | — | — |
| Buyback Yield | 2.7% | 1.9% | 0.1% | 0.0% | 0.0% | 0.0% | 6.7% | 100.0% | 0.0% | — | — |
| Total Shareholder Yield | 2.7% | 1.9% | 0.1% | 0.0% | 0.0% | 0.0% | 6.7% | 100.0% | 0.0% | — | — |
| Shares Outstanding | — | $44M | $37M | $35M | $37M | $36M | $34M | $34M | $60M | $56M | $56M |
Legacy revenue contraction risk
According to recent market data, THRY trades at a forward P/E of 20.14, which appears to discount the significant uncertainty surrounding the company's ability to successfully pivot its legacy customer base toward a sustainable, high-margin software-as-a-service model compared to pure-play digital competitors.
The current P/S multiple of 0.24 suggests that investors are heavily discounting the legacy revenue stream, likely viewing it as a terminal asset rather than a growth engine. This valuation gap relative to high-growth SaaS peers implies that the market requires a significant risk premium for the integration challenges inherent in the company's hybrid business model.
As reported in financial statements, the company's net margin has compressed to a precarious 0.04%, indicating that the high fixed costs associated with legacy print operations are effectively neutralizing the gross profit gains generated by the expanding software segment.
While gross margins remain relatively healthy at 64.73%, the inability to translate this into meaningful net income suggests that the cost of acquiring and supporting non-digital SMBs is significantly higher than anticipated. Investors should monitor whether the company can achieve operating leverage as the legacy segment continues its inevitable decline.
Based on the provided quarterly data, the company's asset turnover ratio of 0.24 indicates a persistent struggle to generate sufficient revenue from its existing asset base, reflecting the inherent inefficiencies of managing a dual-track legacy and digital business model.
The fluctuation in DSO, which has ranged between 63 and 100 over the last ten quarters, suggests that the company faces ongoing challenges in collecting payments from its micro-SMB customer base. This volatility in the cash conversion cycle may indicate that the company's credit risk is higher than that of more digitally-native software peers.
According to the latest balance sheet figures, the company's cash and equivalents have dwindled to $10.75M, providing a minimal liquidity cushion that leaves the firm highly vulnerable to operational shocks or unexpected increases in customer churn within its core SMB segments.
With a current ratio hovering near 1.00, the company lacks the financial flexibility to absorb significant downturns in its legacy marketing services revenue. This tight liquidity position warrants further investigation into the company's ability to fund ongoing R&D and platform development without resorting to dilutive financing.
The most commonly misapplied metric for this business is the standard SaaS-based P/E ratio, which obscures the reality that a significant portion of the company's earnings is derived from a declining legacy media business rather than recurring software subscriptions.
Analysts should instead focus on a sum-of-the-parts valuation that separates the high-multiple SaaS business from the low-multiple, cash-harvesting legacy segment. Relying on aggregate P/E ratios fails to account for the 'stranded cost' risk associated with the legacy infrastructure, which could lead to a sudden margin cliff if not properly modeled.
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Quick answers to the most common questions about buying THRY stock.
Thryv Holdings, Inc.'s current P/E ratio is 601.4x. The historical average is 10.6x. This places it at the 100th percentile of its historical range.
Thryv Holdings, Inc.'s current EV/EBITDA is 3.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.9x.
Thryv Holdings, Inc.'s return on equity (ROE) is 0.1%. The historical average is 6.5%.
Based on historical data, Thryv Holdings, Inc. is trading at a P/E of 601.4x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Thryv Holdings, Inc. has 64.7% gross margin and 10.8% operating margin. Operating margin between 10-20% is typical for established companies.
Thryv Holdings, Inc.'s Debt/EBITDA ratio is 2.1x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.