Equilibrium and stability properties of high‐beta torsatrons are investigated using numerical and semianalytical techniques based on the method of toroidal averaging. The averaged equilibria are compared with those obtained using full three‐dimensional codes. Good agreement is obtained, thus validating the averaged method approach. The stability of plasmas for configurations with different aspect ratios and numbers of field periods is studied. The role of the vertical field is also studied in detail. The main conclusion is that for moderate‐aspect‐ratio torsatrons (Ap≲8), the self‐stabilizing effect of the magnetic axis shift is large enough to open a direct path to the second stability region.