Torrid Holdings Inc.
CURV Consumer Cyclical Apparel Retail
Torrid Holdings Inc.’s revenue for fiscal 2026 (year ended January 2026) was $1.0 billion, down 9.39% from fiscal 2025. In the quarter to July 2026, revenue fell 11.8%, EPS grew 226.8%, free cash flow fell 120.8% and total debt rose 5.43%, each against the same quarter a year earlier.
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Torrid Holdings Inc. (CURV) Beneish M-score
Torrid Holdings Inc.'s Beneish M-score for fiscal 2026 cannot be worked out: days’ sales in receivables index cannot be worked out.
Beneish M-score, annual
Annual newest first
| Period | Beneish M-score | Change (points) |
|---|
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | — | — | n/a | — |
| Gross margin index | 1.08 | — | 0.57 | |
| Asset quality index | 1.03 | — | 0.41 | |
| Sales growth index | 0.91 | — | 0.81 | |
| Depreciation index | 0.87 | — | 0.10 | |
| SG&A index | 1.01 | — | −0.17 | |
| Total accruals to total assets | 0.01 | — | 0.07 | |
| Leverage index | 1.15 | — | −0.38 | |
| Beneish M-score | n/a — days’ sales in receivables index cannot be worked out | — | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| DLTH Duluth Holdings Inc. compare | −3.3× |
| GCO Genesco Inc. compare | −3.0× |
| SHOE Shoe Station Group Inc. compare | −2.9× |
| LE Lands' End, Inc. compare | −2.9× |
| JILL J.Jill, Inc. compare | −2.7× |
| ZUMZ Zumiez Inc. compare | −2.7× |
| TLYS Tilly's, Inc. compare | −2.4× |
| SFIX Stitch Fix, Inc. compare | — |
| CURV Torrid Holdings Inc. | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI