Accel Entertainment, Inc. Liquidation Value
Cash & Equivalents
Key Metrics
Cash Liquidation Value
- Finance Lease Liability: not reported in this period (annual-only)
- Operating Lease Liability: not reported in this period (annual-only)
Liquid Liquidation Value
- Finance Lease Liability: not reported in this period (annual-only)
- Operating Lease Liability: not reported in this period (annual-only)
Operating Liquidation Value
- Finance Lease Liability: not reported in this period (annual-only)
- Operating Lease Liability: not reported in this period (annual-only)
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Liquidation Ladder
| Metric | Total | Per Share |
|---|---|---|
| Cash Liquidation Value | $-393.64M | $-4.77 |
| Liquid Liquidation Value | $-380.05M | $-4.60 |
| Operating Liquidation Value | $-371.48M | $-4.50 |
Key Components (as of 2026-03-31)
| Cash & Equivalents | $274.10M |
| Accounts Receivable | $13.59M |
| Inventory | $8.56M |
| Current Liabilities | $117.17M |
| Long-term Debt (?) | $550.56M |
| Op. Lease Liability (?) | N/A |
| Finance Lease (?) | N/A |
| Shares Outstanding | 82.6M |
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Historical
| Period | Cash | AR | Inventory | AP | Curr Liab | LT Debt | Op Lease | Fin Lease |
|---|---|---|---|---|---|---|---|---|
| 2026-03-31 | $274.10M | $13.59M | $8.56M | N/A | $117.17M | $550.56M | N/A | N/A |
| 2025-12-31 | $296.57M | $14.20M | $8.23M | N/A | $131.49M | $569.84M | $5.61M | $656,000 |
| 2025-09-30 | $290.24M | $8.66M | $9.56M | N/A | $129.71M | $565.08M | N/A | N/A |
SEC Filings
| Period | Form | Filed | Link |
|---|---|---|---|
| 2026-03-31 | 10-Q | 2026-05-05 | View |
| 2025-12-31 | 10-K | 2026-03-03 | View |
| 2025-09-30 | 10-Q | 2025-11-04 | View |
| 2025-06-30 | 10-Q | 2025-08-05 | View |
| 2025-03-31 | 10-Q | 2025-05-05 | View |
| 2024-12-31 | 10-K | 2025-03-03 | View |
| 2024-09-30 | 10-Q | 2024-10-30 | View |
| 2024-06-30 | 10-Q | 2024-07-30 | View |
AI Insights
Accel Entertainment (ACEL) presents a deeply negative liquidation posture, consistent with its asset profile as a distributed gaming operator whose balance sheet is dominated by intangibles and debt. MFFAIS-derived liquidation values confirm this: CLV of negative $394M, LLV of negative $380M, OLV of negative $371M as of 2026-03-31.
On the asset side, cash of $274.1M recovers at 100% ($274M). Net receivables of $13.6M recover at ~90-95% (~$13M). Inventory of $8.6M recovers at ~60% (~$5M). PP&E net book value is $349.2M (gross $644.1M less accumulated depreciation of $294.8M); under forced liquidation at 50-70%, recovery is $175-244M. Route and customer acquisition costs (capitalized contract costs, net $31.6M), finite-lived intangibles net $181.5M, goodwill $114.4M, and other intangibles net $60.4M collectively total approximately $387.9M and receive a 0% recovery haircut under the liquidation lens — the core value destruction center.
On the liability side, total liabilities stand at $794.9M at face value. Long-term debt (gross) is $585.0M under the Credit Agreement (September 2025, matures September 2030, SOFR + 175-250bps). Current portion is $30.0M. Deferred tax liabilities net are $59.4M. Contingent consideration (current $3.6M + noncurrent $17.0M = $20.6M total) and other noncurrent liabilities of $8.5M also remain at face. Operating lease and route and customer acquisition cost payable obligations exist but are not separately quantified from the provided XBRL — the filing discusses these in MD&A and footnotes but does not separately tag them in XBRL as distinct balance-sheet line items.
The net result: even under the most favorable PP&E haircut assumption (70%), the liquidated asset pool ($274M cash + $13M AR + $5M inventory + $244M PP&E + minimal other current = ~$550M) falls well short of $795M in face-value liabilities, producing a recovery deficit of approximately $245M or worse before any wind-down costs. Share count has declined from ~86M (Q1 2025) to ~82.6M basic as the repurchase program consumed $12.1M in Q1 2026 alone, but this has no direct effect on liquidation recovery. The Toucan Gaming redeemable noncontrolling interest ($4.1M) sits in mezzanine and is subordinate to all debt in a wind-down.
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