Preheat the oven to 350°F. Spread the almonds on a small, shallow pan and toast, stirring once or twice to prevent scorching, until fragrant and slightly darkened, 8–10 minutes. Pour onto a plate to cool.
In a saucepan over medium heat, warm the olive oil. Add the onion and sauté until soft, 7–8 minutes. Add the rice and cook, stirring often, until opaque, 2–3 minutes. Add the broth, cranberries, thyme, and a pinch each of salt and pepper. Cover, reduce the heat to low, and cook until the liquid is absorbed and the rice is tender, about 20 minutes. Alternatively, transfer the mixture to a baking dish, place in a preheated 350°F oven, and cook until the liquid is absorbed and the rice is tender, 30–40 minutes.
If cooked on the stove top, transfer the rice to a warmed serving dish. If baked, serve directly from the baking dish. Sprinkle the toasted almonds over the top and serve right away.