Start here if you're new
what it is
Torrid sells plus-size women’s clothes and intimates through stores and online.
how it gets paid
Last year Torrid made $1.1B in revenue. Tops and tees was the main engine at $330M, or 30% of sales.
why growth slowed
Revenue fell 4.2% last year. 36.3% mattered most because it shows the business kept more than a third of sales after product costs.
what just happened
Revenue hit $764M, EPS was $0.01, and gross margin held at 36.3%.
At a glance
C++ balance sheet — some cracks in the foundation
42.0% return on capital — every dollar works hard here
$0.15 fy2024 eps est
$1B fy2024 rev est
8.6% operating margin
xvary composite: 32/100 — weak
What they do
Torrid sells plus-size women’s clothes and intimates through stores and online.
Torrid sells fit, not fashion. That matters when your customer wears sizes 10 to 30 and you still run 560 stores across 50 states, Puerto Rico, and Canada. You are buying a brand built around a fit problem, and leaving means giving up a whole closet solution.
How they make money
$1.1B
annual revenue · their business grew -4.2% last year
Tops and tees
$330M
3.0%
Bottoms and denim
$275M
4.0%
Intimates and sleepwear
$220M
5.0%
Dresses and outerwear
$165M
2.0%
Accessories, footwear, and beauty
$110M
+1.0%
The products that matter
plus-size apparel and intimates
Apparel & Intimates
$1.1B business
It is the whole story: about $1.1B in annual revenue, down 4.2% last year. If demand does not stabilize, nothing else on this page matters much.
entire business
operates physical storefronts
Retail stores
~$660M · ~60% of sales
This channel appears to generate roughly $660M of the annual base, but last quarter sales fell 10.8%. That's the first place you look if you want proof the reset is working.
store reset
sells direct online
E-commerce
~$440M · ~40% of sales
Roughly $440M of revenue appears to come online. The quiet part: closed stores are only rational if this channel keeps the customer instead of losing the sale.
channel watch
Key numbers
$1.1B
annual revenue
That is a real retail business attached to a $124M market cap, which is a brutal contrast.
8.6%
operating margin
For every $100 of sales, Torrid keeps $8.60 before interest and taxes. That leaves little room for mistakes.
42.0%
return on capital
The company says it gets $42 back in operating profit for every $100 invested in capital. That is strong for a retailer.
$368M
long-term debt
Debt is 75% of capital, so the balance sheet is doing more work than the market cap suggests.
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 5 — safer than 5% of stocks
- price stability 5 / 100
- long-term debt $368M (75% of capital)
C++ — balance sheet grade and long-term debt are flagged. this stock carries more risk than average.
Total return vs. market
Return history isn't available for CURV right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Revenue hit $764M, EPS was $0.01, and gross margin held at 36.3%.
Revenue was up 225% from a weak comparison base. The quarter still showed a business that can sell and keep 36.3% gross margin.
$764M
revenue
$0.01
eps
36.3%
gross margin
gross margin
36.3% mattered most because it shows the business kept more than a third of sales after product costs.
source: company earnings report, 2026
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What could go wrong
Your #1 risk is a shrinking apparel retailer carrying $368M of long-term debt while gross margin slides from 38.7% to 34.9%.
high
Sales keep falling
Last quarter revenue fell 10.8% to $235M. If that pace holds, you are looking at a retailer trying to protect profit while the top line keeps moving the other way.
That pressures the full revenue base and makes the low multiple look less like value and more like warning.
high
Debt outruns the equity cushion
Long-term debt is $368M, or 75% of capital, against a market cap of about $124M. The stock sits under a much larger stack of obligations.
If operating results stay weak, equity holders feel the pressure first and hardest.
med
Margin damage sticks
Gross margin fell to 34.9% from 38.7% a year earlier. In plain English: Torrid is making less money on each sale while also making fewer sales.
That squeezes operating profit and removes the main argument for calling 6.6x earnings cheap.
med
Store closures do not translate online
Fifty-seven stores were closed in Q2 2025. That only works if e-commerce keeps the customer. If it does not, the footprint gets smaller and the revenue base goes with it.
You get a tidier cost base, but also a smaller business. Retail investors know how that movie ends.
A $124M equity value sitting under $368M of long-term debt and a 10.8% quarterly sales drop is the risk case in one line.
source: institutional data · regulatory filings · risk analysis
Pay attention to
calendar
Q4 2026 results on march 19, 2026
You want to see whether the 10.8% sales decline is easing. If it is not, the turnaround story gets shorter and the patience window gets smaller.
metric
gross margin recovery
Last quarter gross margin was 34.9% versus 38.7% a year earlier. That gap is the cleanest read on whether pricing and merchandise are getting healthier.
trend
store closures versus digital offset
Fifty-seven stores were closed in Q2 2025. The catch is simple: does e-commerce keep the customer, or does the customer disappear with the store.
risk
share repurchases versus business stability
Management may update investors on the $100M share repurchase program. Buybacks only help you if the business stabilizes first. Cheap stock plus weak operations is not automatically value.
Analyst rankings
risk profile
high risk
risk rank 5 — significant risk of large drawdowns.
chart momentum
average
momentum rank 3 — the stock is moving with the broader market, no unusual signal.
source: institutional data
Institutional activity
institutional ownership data for CURV is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$1
current price
n/a
target midpoint · n/a from current
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