MFFAIS Liquidation Metrics
All metrics are derived exclusively from SEC EDGAR XBRL filings. No adjusted numbers, no management estimates, no earnings — just the reported balance sheet.
Core Thesis
MFFAIS shows the liquidation reality of public companies. Every metric answers a simple question: if this company stopped operating today and converted its most liquid assets to cash, how much would be left after paying all obligations?
Total Obligations = Current Liabilities + Long-term Debt + Operating Lease Liability + Finance Lease Liability
Liquidation Metrics
Cash Liquidation Value
Cash − Total Obligations
Liquid Liquidation Value
Cash + Accounts Receivable − Total Obligations
Operating Liquidation Value
Cash + Accounts Receivable + Inventory − Total Obligations
Default Discount Factors
| Asset | Discount Factor | Rationale |
|---|---|---|
| Cash & Equivalents | 1.00 | Face value |
| Accounts Receivable | 1.00 | Generally collectible at face value |
| Inventory | 1.00 | Conservative; calculator allows adjustment |
| Short-term Investments | 0.90 | Minor market risk on liquidation |
| Long-term Investments | 0.80 | Longer time to liquidate, higher risk |
Banks and REITs: Financial institutions (banks, insurance companies) and REITs have fundamentally different balance sheet structures. Their current liabilities include customer deposits and policy reserves that are not comparable to operating company obligations. These companies are flagged in the data but not excluded — interpret their liquidation metrics with caution.
ASC 842 Lease Treatment: Total Obligations includes operating and finance lease liabilities recognized under ASC 842 (effective 2019). For companies that adopted ASC 842, these lease obligations appear on the balance sheet. For pre-adoption periods, the fallback tags OperatingLeasesFutureMinimumPaymentsDueTotal and CapitalLeaseObligations are used where available.
These metrics are derived from publicly available financial statements filed with the SEC and involve simplifying assumptions about asset realization and liability settlement. Actual outcomes in a liquidation scenario may differ significantly due to market conditions, legal priorities, asset impairments, and other factors not fully captured in reported data.