Torrid Holdings
CURV on NYSE. Torrid sells clothing, intimates, and accessories to curvy women in North America. Market value $245m.
Price checks use the past 12 months to July 2026. Quality checks use five annual reports, the latest for the year to January 2026.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Retail & consumer stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-5.35 of spare cash in the past 12 months. A savings account pays about $4.
You pay 26.8 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 66 cents a year. Above 10 is good.
Quality score: 42 of 100. Price score: 5 of 100. Our list needs 70 on quality and 60 on price.
$2.49 a share, 165% above its 1-year low
Over the past year the price has ranged from $0.94 to $2.86.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: a shortfall of $13 million in the past 12 months, a shortfall of $22 million in the year to January 2026.
| Revenue | |||||
| Revenue | $1.3bn | $1.3bn | $1.2bn | $1.1bn | $1.0bn |
| Operating margin | |||||
| Operating margin | 3.5% | 7.9% | 5.0% | 5.2% | 2.1% |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.10bn | 0.10bn | 0.10bn | 0.10bn | 0.10bn |
Health checks
- Free cash flow positive4 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)3 of 9
- Profit backed by cash (accruals)Yes
- DebtUnknown
- Revenue growth, five yearsShrinking, 6.3% a year
- Buying back its own sharesYes, 4% fewer since 2022
The quarter to July 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $232 million last quarter, down 12% on a year ago.
- Profit: $5 million, up 230% on a year ago.
- It keeps 2 cents of each $1 of sales as operating profit, down from 3 cents a year earlier.
- Over the past 12 months it spent $13 million more cash than it brought in, compared with $1 million a year earlier.
- 2% fewer shares than a year ago. Each share owns a bit more of the company.
- Debt is $242 million more than cash, down from $259 million a year ago.
- Sales did not grow on a year ago in any of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| October 2024 | $264m |
| January 2025 | $276m |
| April 2025 | $266m |
| July 2025 | $263m |
| October 2025 | $235m |
| January 2026 | $236m |
| April 2026 | $246m |
| July 2026 | $232m |
| Quarter to | Amount |
|---|---|
| October 2024 | -$1m |
| January 2025 | -$3m |
| April 2025 | $6m |
| July 2025 | $2m |
| October 2025 | -$6m |
| January 2026 | -$8m |
| April 2026 | $414,000 |
| July 2026 | $5m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 31 March 2026
- Next quarterly (estimated, 10-Q)
- 10 December 2026
Who owns it
None of the long-term investors we follow own it. 90 funds in all.
Largest holders overall
- Sycamore Partners Management, L.P.$109m
- Fund 1 Investments$18m
- Nomura Holdings$10mCut
- SG Americas Securities$8mAdded
- Healthcare of Ontario Pension Plan Trust Fund$4m
- BlackRock$4mAdded
- Vanguard Capital Management$3mAdded
- Morgan Stanley$2mAdded
- Shay Capital$1mAdded
- Geode Capital Management$1mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
3 investors own more than 5%.
- Sycamore Partners Torrid, L.L.C.Passive investorat least 58.9%(filed with 7 related holders)Since 30 June 2025
- Fund 1 Investments, LLCPassive investor10.5%+1.6 ptsSince 26 June 2025
- NOMURA HOLDINGS INCPassive investorat least 5.1%−1.2 pts(filed with 1 related holder)Since 30 June 2026
| Holder | Stake | Since | |
|---|---|---|---|
Sycamore Partners Torrid, L.L.C. Passive investor | at least 58.9% (filed with 7 related holders) | 30 June 2025 | |
Fund 1 Investments, LLC Passive investor | 10.5%+1.6 pts | 26 June 2025 | |
NOMURA HOLDINGS INC Passive investor | at least 5.1%−1.2 pts (filed with 1 related holder) | 30 June 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 3 sold $206,988.
- Wheeler AshleeChief Commercial OfficerSold
- Date
- 2 September 2026
- Shares
- 1,951
- Price
- $2.27
- Value
- $4,429
- Abaelu ChinweSee RemarksSold
- Date
- 16 July 2026
- Shares
- 25,401
- Price
- $2.17
- Value
- $54,996
- Dempsey PaulaChief Financial OfficerSold
- Date
- 14 April 2026
- Shares
- 42,785
- Price
- $2.06
- Value
- $88,137
- Wheeler AshleeChief Commercial OfficerSold
- Date
- 13 April 2026
- Shares
- 30,013
- Price
- $1.98
- Value
- $59,426
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 2 September 2026 | Wheeler Ashlee Chief Commercial Officer | Sold | 1,951 | $2.27 | $4,429 |
| 16 July 2026 | Abaelu Chinwe See Remarks | Sold | 25,401 | $2.17 | $54,996 |
| 14 April 2026 | Dempsey Paula Chief Financial Officer | Sold | 42,785 | $2.06 | $88,137 |
| 13 April 2026 | Wheeler Ashlee Chief Commercial Officer | Sold | 30,013 | $1.98 | $59,426 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 31 Mar 2026, plus the 10-Q filed 10 Sep 2026 and 4 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- Sales have shrunk: 6.3% a year.
- It owes more than it owns on paper (negative equity). Often that's from borrowing to buy back shares.
- It isn't cheap on profits: 26.8× operating profit.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.