Accenture plc Liquidation Value

Accenture plc (ACN) as of February 28, 2026 presents a deeply negative liquidation recovery posture, consistent with the MFFAIS-reported cash liquidation value of approximately negative $19.1 billion and liquid liquidation value of approximately negative $5.3 billion. This is structurally expected for a professional services firm whose asset base is overwhelmingly intangible.

Applying liquidation haircuts to the balance sheet: cash and equivalents of $9.4 billion recover at 100% ($9.4B); accounts receivable net of $13.8 billion recover at 90-95% (approximately $12.4-13.1B); contract assets current of $2.0 billion at a similar haircut; PP&E net of $1.6 billion at 50-70% ($0.8-1.1B); operating lease ROU assets of $2.9 billion have minimal standalone recovery. Goodwill of $24.6 billion and finite-lived intangibles net of $2.5 billion receive zero recovery under liquidation convention. Deferred tax assets of $3.6 billion are non-transferable and receive zero recovery. Capitalized contract costs of $1.1 billion noncurrent similarly zero out.

Total assets are $67.1 billion, but after applying haircuts, recoverable assets are approximately $26-28 billion. Against this, face-value liabilities include current liabilities of $21.0 billion (dominated by employee compensation accruals of $7.8B and deferred revenue of $6.6B, both of which do not extinguish cleanly at face in wind-down), noncurrent liabilities of $13.3 billion (including $5.0B long-term debt, $1.9B pension obligations at face, $2.4B operating lease liabilities noncurrent, $1.4B noncurrent income tax liabilities), and redeemable NCI of $0.5 billion. Total obligations to be settled at face value approximate $35-36 billion. The resulting equity recovery is negative by approximately $7-10 billion under plausible haircut ranges, consistent with the MFFAIS estimates.

Key changes since prior period: no prior filing provided for direct comparison. Within the current period, goodwill increased $2.0 billion from acquisitions ($1.97B acquired). Long-term debt remained at $5.0 billion in senior unsecured notes; no new issuance or repayment occurred in the period. Cash declined from $11.5 billion (August 31, 2025) to $9.4 billion, reflecting $4.0 billion in share repurchases and $2.0 billion in dividends offset by $5.5 billion in operating cash flows. A $308 million business optimization charge (employee severance) was fully recognized in Q1 FY2026 and does not create ongoing contingent liability beyond what is accrued.