The company's capital structure remains fundamentally distorted, evidenced by a negative equity position of $211.9 million and a current ratio of 0.79 as of 2026Q1.
Torrid Holdings Inc. (CURV) balance sheet — 9-year assets, liabilities & shareholders' equity history
| Metric | TTM | Jan'26 | Jan'25 | Jan'24 | Jan'23 | Jan'22 | Jan'21 | Jan'20 | Jan'19 | Jan'18 |
|---|
| Total Current Assets | 186.54M | 193.48M | 226.17M | 179.12M | 216.12M | 220.93M | 242.14M | 164.01M | 136.15M | 155.58M |
| Cash & Short-Term Investments | 22M | 20.02M | 48.52M | 11.73M | 13.57M | 29.02M | 122.95M | 28.8M | 9.18M | 7.53M |
| Cash Only | 22M | 20.02M | 48.52M | 11.73M | 13.57M | 29.02M | 122.95M | 28.8M | 9.18M | 7.53M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 0 | 0 | 2.81M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Sales Outstanding | - | - | 0.93 | - | - | - | - | - | - | - |
| Inventory | 125.6M | 136.48M | 148.49M | 142.2M | 180.06M | 170.61M | 105.84M | 119.7M | 106.22M | 125.53M |
| Days Inventory Outstanding | 78.63 | 76.39 | 78.52 | 69.58 | 79.31 | 81.96 | 60.06 | 68.17 | 66.15 | 90.55 |
| Other Current Assets | 38.93M | 36.98M | 5.23M | 11.34M | 7.74M | 11.85M | 8.81M | 12.75M | 10.28M | 13.26M |
| Total Non-Current Assets | 184.91M | 206.86M | 262.27M | 297.82M | 311.14M | 357.57M | 406.07M | 471.98M | 181.11M | 170.97M |
| Property, Plant & Equipment | 140.06M | 159.82M | 218.32M | 265.96M | 290.79M | 337.2M | 387.97M | 456.86M | 168.95M | 159.48M |
| Fixed Asset Turnover | 6.09x | 6.26x | 5.06x | 4.33x | 4.43x | 3.79x | 2.51x | 2.27x | 5.38x | 5.04x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 8.4M | 8.4M | 8.4M | 8.4M | 8.4M | 8.4M | 8.4M | 8.4M | 8.9M | 9.03M |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 17.39M | 19.57M | 18.93M | 14.78M | 8.65M | 7.1M | 3.56M | 6.72M | 3.26M | 2.46M |
| Total Assets | 371.45M | 400.34M | 488.44M | 476.95M | 527.26M | 578.5M | 648.21M | 635.99M | 317.26M | 326.55M |
| Asset Turnover | 2.41x | 2.50x | 2.26x | 2.42x | 2.44x | 2.21x | 1.50x | 1.63x | 2.87x | 2.46x |
| Asset Growth % | -57.51% | -18.04% | 2.41% | -9.54% | -8.86% | -10.75% | 1.92% | 100.46% | -2.85% | - |
| Total Current Liabilities | 234.86M | 248.94M | 263.13M | 232.11M | 267.33M | 297.01M | 261.11M | 186.58M | 130.73M | 119.97M |
| Accounts Payable | 57.72M | 56.76M | 72.38M | 46.18M | 76.21M | 77.45M | 70.85M | 35.95M | 29.69M | 25.69M |
| Days Payables Outstanding | 38.12 | 31.77 | 38.27 | 22.6 | 33.57 | 37.2 | 40.21 | 20.47 | 18.49 | 18.53 |
| Short-Term Debt | 55.83M | 79.33M | 16.14M | 23.41M | 24.52M | 20.52M | 11.51M | 9.03M | 15.48M | 12.34M |
| Deferred Revenue (Current) | 3.1M | 0 | 2.78M | 1.95M | 1.47M | 2.88M | 1.51M | 2.36M | 0 | 0 |
| Other Current Liabilities | 94.66M | 112.72M | 10.33M | 11.3M | 10.95M | 10.25M | 14.47M | 13.79M | 42.46M | 33.65M |
| Current Ratio | 0.79x | 0.78x | 0.86x | 0.77x | 0.81x | 0.74x | 0.93x | 0.88x | 1.04x | 1.30x |
| Quick Ratio | 0.26x | 0.23x | 0.30x | 0.16x | 0.13x | 0.17x | 0.52x | 0.24x | 0.23x | 0.25x |
| Cash Conversion Cycle | 40.51 | - | 41.18 | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 342.4M | 364.81M | 416.4M | 456.56M | 490.16M | 539.81M | 450.27M | 544.9M | 0 | 68.76M |
| Long-Term Debt | 248.19M | 256.26M | 272.41M | 288.55M | 304.7M | 320.84M | 193.41M | 240.39M | 0 | 15.31M |
| Capital Lease Obligations | 389.25M | 100.88M | 134.75M | 156.56M | 173.2M | 208.1M | 247.88M | 297.64M | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 7.39M | 7.66M | 9.24M | 11.45M | 12.26M | 10.86M | 8.98M | 6.87M | 0 | 53.45M |
| Total Liabilities | 577.26M | 613.75M | 679.53M | 688.66M | 757.49M | 836.82M | 711.38M | 731.49M | 130.73M | 188.73M |
| Total Debt | 417.49M | 436.48M | 466.63M | 511.28M | 547.43M | 595.18M | 503.79M | 585.46M | 15.48M | 27.65M |
| Net Debt | 395.49M | 416.46M | 418.1M | 499.55M | 533.86M | 566.15M | 380.84M | 556.65M | 6.3M | 20.12M |
| Debt / Equity | -2.03x | - | - | - | - | - | - | - | 0.12x | 0.20x |
| Debt / EBITDA | 9.37x | 4.80x | 8.16x | 5.65x | 3.02x | 4.81x | 3.82x | 3.94x | 0.12x | 0.64x |
| Net Debt / EBITDA | 8.88x | 4.58x | 7.31x | 5.52x | 2.95x | 4.57x | 2.89x | 3.75x | 0.05x | 0.47x |
| Interest Coverage | 0.58x | 0.67x | 1.61x | 1.46x | 3.39x | 1.54x | 2.66x | 4.67x | 98.50x | - |
| Total Equity | -205.81M | -213.41M | -191.09M | -211.72M | -230.22M | -258.32M | -63.17M | -95.5M | 126.42M | 137.82M |
| Equity Growth % | -38.4% | -11.68% | 9.74% | 8.04% | 10.88% | -308.94% | 33.85% | -175.54% | -8.27% | - |
| Book Value per Share | -2.05 | -2.10 | -1.81 | -2.03 | -2.20 | -2.35 | -0.57 | -0.87 | 1.15 | 1.25 |
| Total Shareholders' Equity | -205.81M | -213.41M | -191.09M | -211.72M | -230.22M | -258.32M | -63.17M | -95.5M | 126.42M | 137.82M |
| Common Stock | 1.06M | 1.05M | 1.05M | 1.04M | 1.04M | 1.08M | 1.1M | 0 | 0 | 0 |
| Retained Earnings | -332.71M | -338.3M | -331.27M | -347.59M | -359.21M | -377.76M | -74.59M | -98.02M | -139.89M | -227.61M |
| Treasury Stock | -20.27M | -20.27M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -798K | -606K | -898K | -313K | -261K | 76K | -8K | -10K | 19K | 153K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying CURV stock.
As of 2025, Torrid Holdings Inc. (CURV) had total assets of $400.3M including $193.5M in current assets.
Torrid Holdings Inc. (CURV) carries total debt of $436.5M, offset by $20.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Torrid Holdings Inc. (CURV) has total shareholders' equity (book value) of $-213.4M ($-2.10 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Torrid Holdings Inc. (CURV) reported a current ratio of 0.78x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Liquidity and solvency pressure
Metrics are mathematically derived from official filings.
Persistent Erosion of Net Equity
As reported in recent financial filings, Torrid's equity position has remained deeply negative, with a deficit of $211.9 million in 2026Q1, reflecting a multi-year trend of accumulated losses that continues to undermine the company's overall balance sheet stability and long-term financial health.
The persistent negative equity suggests that the company has exhausted its retained earnings, leaving the balance sheet reliant on external financing to cover operational deficits. This trajectory indicates that the business model is currently failing to generate the internal capital necessary to offset its historical debt and operational obligations.
Thin Liquidity Buffers Limit Flexibility
Based on the most recent quarterly data, Torrid maintains a current ratio of 0.79, which, when paired with a cash balance of only $22.8 million, suggests a precarious liquidity position that leaves the company with minimal room to maneuver against unexpected operational shocks or seasonal demand volatility.
A current ratio consistently below 1.0 indicates that current liabilities exceed current assets, forcing the company to rely on continuous refinancing or cash flow from operations to meet short-term obligations. Investors should monitor whether this liquidity tightness forces management to prioritize cash preservation over necessary investments in brand and inventory.
Asset Base Reflects Declining Utility
According to historical balance sheet data, net PPE has contracted from $266.0 million in 2023Q4 to $152.0 million in 2026Q1, signaling a significant reduction in the company's physical footprint and potentially reflecting accelerated impairment or reduced capital reinvestment in the store fleet.
The shrinking asset base suggests that the company is rationalizing its physical presence, which may be a necessary response to declining revenue but also limits future growth capacity. The lack of significant goodwill or intangible assets on the balance sheet implies that the company's value is almost entirely tied to its operational performance, which is currently under pressure.
Structural Insolvency Risks Remain Elevated
As evidenced by the provided financial statements, the combination of negative retained earnings totaling $337.9 million and a high debt load relative to assets suggests that the company's capital structure is fundamentally distorted, creating a high-risk environment for equity holders in the event of further operational deterioration.
The reliance on debt to sustain operations while equity remains deeply negative warrants further investigation into the company's long-term solvency. This structure implies that any further decline in operating performance could lead to a breach of debt covenants, potentially necessitating a restructuring that would be highly dilutive to existing shareholders.