Thryv: Good Value, But SaaS Execution Is Shakier (Downgrade)

Gary Alexander33.5K FollowersFollow5ShareSavePlay(8min)CommentsSummaryThryv has lost 60% YTD, pressured by SaaS sector turmoil and macro headwinds.At a 3.4x EV/FY26 adjusted EBITDA multiple, THRY appears deeply discounted, but execution risk remains high.FY26 guidance calls for $611–$631M revenue (-20% to -22%) and $100–$110M adjusted EBITDA (-31% midpoint).I downgrade THRY to neutral, citing weak growth outlook and customer churn risk despite low valuation. Deagreez/iStock via Getty Images Right now, as the stock market sells off on the latest news surrounding oil prices and the conflict in Iran, few investors are willing to touch small-cap stocks even with a ten-foot pole. While I agree that amidThis article was written byGary Alexander33.5K FollowersFollowWith combined experience of covering technology companies on Wall Street and working in Silicon Valley, and serving as an outside adviser to several seed-round startups, Gary Alexander has exposure to many of the themes shaping the industry today. He has been a regular contributor on Seeking Alpha since 2017. He has been quoted in many web publications and his articles are syndicated to company pages in popular trading apps like Robinhood.Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.