Torrid Holdings Inc. (CURV) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+464.2%

$14.19

vs $2.52 price

Levered DCF

$3.60

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.57

Distress zone

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-16.59×	44.13×	46.91×	7.75×	-34.07×	109.77×	63.55×	30.57×
P/B	-0.55×	-3.86×	-2.54×	-1.69×	-3.91×	-42.05×	-27.82×	21.01×
P/S	0.12×	0.67×	0.47×	0.3×	0.79×	2.73×	2.56×	2.92×
EV / EBITDA	5.83×	8.56×	7.6×	5.09×	12.74×	23.05×	21.59×	20.36×
Gross margin	34.8%	37.5%	35.2%	35.7%	40.6%	33.9%	38.2%	35.5%
Operating margin	2.1%	5.2%	5.0%	7.9%	3.5%	5.8%	7.4%	11.4%
Net margin	-0.7%	1.5%	1.0%	3.9%	-2.3%	2.5%	4.0%	9.5%
Current ratio	0.78×	0.86×	0.77×	0.81×	0.74×	0.93×	0.88×	1.04×
Debt / equity	-2.05×	-2.44×	-2.41×	-2.38×	-2.3×	-7.98×	-6.13×	0.12×
Interest coverage	0.67×	1.61×	1.46×	3.39×	1.54×	2.66×	4.67×	98.5×
Dividend yield	0.0%	0.0%	0.0%	0.0%	29.7%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	-1001.9%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	3.3%	-8.5%	-5.5%	-21.8%	11.6%	-38.8%	-43.8%	68.6%
Return on invested capital	6.8%	15.2%	11.8%	21.6%	-24.7%	8.7%	10.7%	43.3%
Return on assets	-1.8%	3.3%	2.4%	9.5%	-5.2%	3.8%	6.6%	27.3%
Free cash flow yield	-18.7%	8.5%	3.1%	7.7%	10.3%	5.3%	2.7%	2.8%
Earnings yield	-6.0%	2.2%	2.2%	12.9%	-3.0%	0.9%	1.6%	3.3%
Enterprise value	$534.9M	$1.2B	$1B	$922M	$1.6B	$3B	$3.2B	$2.7B
Net debt / EBITDA	4.56×	3.1×	3.66×	2.95×	4.57×	2.89×	3.74×	0.05×
Cash conversion cycle (days)	46	41	47	46	45	20	48	48