A Business at a Glance
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Item 1. Business Torrid Holdings Inc. ("Torrid," "we," "us," "our," the "Company") is a direct-to-consumer brand in North America dedicated to offering a diverse assortment of stylish apparel, intimates, and accessories skillfully designed for curvy women. Specializing in sizes 10 to 30, our primary focus is on providing fashionable, comfortable, and affordable options that meet the unique needs of our customers. Our extensive collection features high quality merchandise, including tops, bottoms, denim, dresses, intimates, activewear, footwear, and accessories. Our products are exclusive to us, and each product is meticulously crafted to cater to the needs of the curvy woman, empowering her to love the way she looks and feels. Our collections are artfully curated to suit all aspects of our customers’ lives, including casual weekends, work, dressy and special occasions. Understanding the importance of affordability, we aim to keep our prices reasonable without compromising on quality.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 1.4B | 1.1B | 1.2B | 1.3B | 1.3B | 974M |
| Net Income | 7.0M | 16M | 12M | 50M | -30M | 25M |
| EPS | $0.06 | $0.15 | $0.11 | $0.48 | $-0.27 | $0.22 |
| Free Cash Flow | -9.8M | 63M | 17M | 30M | 104M | 140M |
| ROIC | 57.3% | 66.4% | 45.3% | 92.4% | -158.9% | 208.9% |
| Gross Margin | 34.7% | 37.5% | 35.2% | 35.7% | 41.4% | 33.9% |
| Debt/Equity | 0.00 | -1.43 | -1.36 | -1.32 | -1.24 | -3.06 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 57M | 57M | 57M | 102M | 45M | 57M |
| Operating Margin | 4.1% | 5.2% | 5.0% | 7.9% | 3.5% | 5.8% |
| ROE | 0.0% | - | - | - | - | - |
| Shares Outstanding | 99M | 109M | 106M | 105M | 111M | 112M |
| Metric | 2021 | 2022 | 2023 | |||
|---|---|---|---|---|---|---|
| Income Statement | ||||||
| Revenue | 974M | 1.3B | 1.3B | 1.2B | 1.1B | 1.4B |
| Gross Margin | 33.9% | 41.4% | 35.7% | 35.2% | 37.5% | 34.7% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | N/A | N/A | N/A | N/A | N/A | N/A |
| EBIT | 57M | 45M | 102M | 57M | 57M | 57M |
| Op. Margin | 5.8% | 3.5% | 7.9% | 5.0% | 5.2% | 4.1% |
| Net Income | 25M | -30M | 50M | 12M | 16M | 7.0M |
| Net Margin | 2.5% | -2.3% | 3.9% | 1.0% | 1.5% | 0.5% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | ||||||
| ROIC | N/M | -158.9% | 92.4% | 45.3% | 66.4% | 57.3% |
| ROE | N/A | N/A | N/A | N/A | N/A | 0.0% |
| ROA | 3.8% | -5.2% | 9.5% | 2.4% | 3.4% | 1.7% |
| Cash Flow | ||||||
| Op. Cash Flow | 152M | 121M | 53M | 43M | 77M | 13M |
| Free Cash Flow | 140M | 104M | 30M | 17M | 63M | -9.8M |
| Owner Earnings | 109M | -75M | 5.7M | -3.3M | 33M | -32M |
| CapEx | 12M | 18M | 23M | 26M | 14M | 23M |
| Maint. CapEx | 35M | 37M | 38M | 38M | 37M | 37M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 35M | 37M | 38M | 38M | 37M | 37M |
| CapEx/OCF | N/A | 14.5% | 43.8% | 60.8% | 18.6% | 176.0% |
| Capital Allocation | ||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 23M | 32M | 0 | 0 | 0 |
| Buyback Yield | N/A | 2.4% | 8.2% | N/A | N/A | 0.0% |
| Stock-Based Comp | 7.8M | 160M | 10.0M | 8.0M | 7.6M | 7.6M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | ||||||
| Net Debt | 82M | 312M | 307M | 293M | 240M | 259M |
| Cash & Equiv. | N/A | N/A | N/A | N/A | N/A | 22M |
| Long-Term Debt | 193M | 321M | 305M | 289M | 272M | 272M |
| Debt/Equity | -3.06 | -1.24 | -1.32 | -1.36 | -1.43 | 0.00 |
| Interest Coverage | 2.7 | 1.5 | 3.4 | 1.5 | 1.6 | 1.6 |
| Equity | -63M | -258M | -230M | -212M | -191M | -201M |
| Total Assets | 648M | 579M | 527M | 477M | 488M | 414M |
| Total Liabilities | 711M | 837M | 757M | 689M | 680M | 616M |
| Intangibles | 17M | 17M | 17M | 17M | 17M | 17M |
| Retained Earnings | -75M | -378M | -359M | -348M | -331M | -331M |
| Working Capital | -19M | -76M | -51M | -53M | -37M | -37M |
| Current Assets | 242M | 221M | 216M | 179M | 226M | 226M |
| Current Liabilities | 261M | 297M | 267M | 232M | 263M | 263M |
| Per Share Data | ||||||
| EPS | 0.22 | -0.27 | 0.48 | 0.11 | 0.15 | 0.06 |
| Owner EPS | 0.98 | -0.68 | 0.05 | -0.03 | 0.30 | -0.32 |
| Book Value | -0.57 | -2.33 | -2.20 | -2.00 | -1.76 | -2.03 |
| Cash Flow/Share | 1.36 | 1.09 | 0.51 | 0.40 | 0.71 | 0.45 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 111.5M | 110.9M | 104.6M | 105.6M | 108.8M | 99.2M |
| Valuation | ||||||
| P/E Ratio | N/A | N/A | 7.7 | 46.6 | 44.3 | 34.2 |
| P/FCF | N/A | 9.4 | 13.0 | 32.3 | 11.5 | N/A |
| EV/EBIT | N/A | 28.4 | 6.8 | 14.6 | 16.8 | 8.1 |
| Price/Book | N/A | N/A | N/A | N/A | N/A | N/A |
| Price/Sales | N/A | 1.5 | 0.4 | 0.3 | 0.5 | 0.1 |
| FCF Yield | N/A | 10.6% | 7.7% | 3.1% | 8.7% | -4.8% |
| Market Cap | N/A | 978M | 388M | 542M | 722M | 203M |
| Avg. Price | N/A | 17.97 | 5.43 | 3.19 | 5.38 | 2.05 |
| Year-End Price | N/A | 8.82 | 3.71 | 5.13 | 6.64 | 2.05 |
Torrid Holdings Inc. passes 3 of 9 quality checks, indicating weak fundamentals.
Torrid Holdings Inc. trades at 34.2x trailing earnings, compared to its 15-year median P/E of 44.3x, suggesting it is currently Fair relative to its historical range. The company's 5-year average ROIC is 11.3% with a gross margin of 36.7%. At current prices, the estimated annualized return to fair value is -32.9%.
Torrid Holdings Inc. (CURV) has a current P/E ratio of 34.2, compared to its historical median P/E of 44.3. The stock is currently considered Fair based on its historical valuation range.
Torrid Holdings Inc. (CURV) has a 5-year average return on invested capital (ROIC) of 11.3%. This indicates solid capital allocation.
Torrid Holdings Inc. (CURV) has a market capitalization of $203M. It is classified as a small-cap stock.
Torrid Holdings Inc. (CURV) does not currently pay a regular dividend.
Based on historical P/E analysis, Torrid Holdings Inc. (CURV) appears fair. The current P/E of 34.2 is 23% below its historical median of 44.3. The estimated fair value CAGR (P/E method) is -19.4%.
Torrid Holdings Inc. (CURV) operates in the Retail-Apparel & Accessory Stores industry, within the Consumer Cyclical sector.
Torrid Holdings Inc. (CURV) reported annual revenue of $1.1 billion in its most recent fiscal year, based on SEC EDGAR filings.
Torrid Holdings Inc. (CURV) has a net profit margin of 1.5%. This is a modest margin.
Torrid Holdings Inc. (CURV) generated $63 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Torrid Holdings Inc. (CURV) reported earnings per share (EPS) of $0.15 in its most recent fiscal year.
Torrid Holdings Inc. (CURV) has a 5-year average gross margin of 36.7%. This indicates decent pricing power.
The Ledger Terminal provides 5 years of financial data for Torrid Holdings Inc. (CURV), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Torrid Holdings Inc. (CURV) has a book value per share of $-1.76, based on its most recent annual SEC filing.