TORRID HOLDINGS INC.

CURV · Consumer Discretionary · $224.4M mkt cap · FY2026 filings · Narrow moat

Wonderful & reasonably priced

Narrow moat

The four filters

Pricing power58

Median gross margin 35.7% over 7y, very stable.

Returns on capital100

Median ROIC 71.5%, above the 9% hurdle in 100% of years.

Balance-sheet safety40

Net debt/EBITDA 4.4x, no material interest expense disclosed.

Capital discipline39

Owner earnings -13.0%/yr, share count shrinking (buybacks).

Margin of safety

Above valueOn sale

14% below value

Owner earnings (normalized): $23.6M
Est. intrinsic value / share: $2.64
Recent price: $2.26
Discount to value: 14% below value

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

Moat Score history

Score history begins 2026-07-17. Check back as the record builds.

Scores are logged append-only and never overwritten — this record can't be backfilled, which is exactly why it's worth keeping.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell CURV. See the disclaimer.