Adobe Inc. Liquidation Value
Cash & Equivalents
Key Metrics
Cash Liquidation Value
- Operating Lease Liability: not reported in this period (annual-only)
Liquid Liquidation Value
- Operating Lease Liability: not reported in this period (annual-only)
Operating Liquidation Value
- Operating Lease Liability: not reported in this period (annual-only)
- Inventory: not reported
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Liquidation Ladder
| Metric | Total | Per Share |
|---|---|---|
| Cash Liquidation Value | $-9.93B | $-24.46 |
| Liquid Liquidation Value | $-7.84B | $-19.31 |
| Operating Liquidation Value | $-7.84B | $-19.31 |
Key Components (as of 2026-02-27)
| Cash & Equivalents | $6.33B |
| Accounts Receivable | $2.09B |
| Inventory | N/A |
| Current Liabilities | $11.39B |
| Long-term Debt (?) | $4.53B |
| Op. Lease Liability (?) | $344.00M |
| Finance Lease (?) | N/A |
| Shares Outstanding | 406.0M |
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Historical
| Period | Cash | AR | Inventory | AP | Curr Liab | LT Debt | Op Lease | Fin Lease |
|---|---|---|---|---|---|---|---|---|
| 2026-02-27 | $6.33B | $2.09B | N/A | $419.00M | $11.39B | $4.53B | $344.00M | N/A |
| 2025-11-28 | $5.43B | $2.34B | N/A | $417.00M | $10.20B | $6.21B | $361.00M | N/A |
| 2025-08-29 | $4.98B | $2.09B | N/A | $337.00M | $9.24B | $6.20B | $362.00M | N/A |
| 2025-05-30 | $4.93B | $1.74B | N/A | $360.00M | $9.04B | $6.17B | $323.00M | N/A |
SEC Filings
| Period | Form | Filed | Link |
|---|---|---|---|
| 2026-02-27 | 10-Q | 2026-03-25 | View |
| 2025-11-28 | 10-K | 2026-01-15 | View |
| 2025-08-29 | 10-Q | 2025-09-24 | View |
| 2025-05-30 | 10-Q | 2025-06-25 | View |
| 2025-02-28 | 10-Q | 2025-03-26 | View |
| 2024-11-29 | 10-K | 2025-01-13 | View |
| 2024-08-30 | 10-Q | 2024-09-25 | View |
| 2024-05-31 | 10-Q | 2024-06-26 | View |
AI Insights
Adobe Inc. (ADBE) as of February 27, 2026 presents a deeply negative liquidation recovery posture, consistent with its asset-light, intangibles-heavy software business model. MFFAIS reports a cash liquidation value of approximately -$9.9B and a liquid liquidation value of approximately -$7.8B, both of which align with the balance sheet analysis below.
On the asset side, the highest-quality recoverable assets are cash and cash equivalents ($6.33B, 100% recovery) and short-term investments ($558M, treated at near-par given money market and investment-grade fixed income composition). Accounts receivable ($2.09B gross, $2.08B net) yields approximately $1.9-2.0B at a 90-95% haircut. PP&E net book value is $1.85B; at 50-70% recovery, this contributes approximately $0.9-1.3B. Deferred income tax assets ($2.14B) are non-transferable in a wind-down and are assigned zero recovery. Goodwill ($12.87B) and other intangible assets ($454M net) receive zero recovery under the liquidation lens. Other noncurrent assets ($1.70B) and capitalized contract costs ($755M) are effectively zero-value in liquidation.
On the liability side, total liabilities stand at $18.27B at face value. The most significant liability components are: senior notes with a face value of $6.15B (carrying value $6.23B including fair value hedge adjustments), of which $849M is reclassified as current due February 2027; deferred revenue (current $7.28B, noncurrent $95M) totaling $7.37B, which represents obligations to deliver future services that do not extinguish on wind-down and rank as face-value claims; accrued liabilities current of $2.26B; and operating lease liabilities of $428M ($84M current, $344M noncurrent).
The core liquidation math: best-case recoverable assets approximate $11-12B (cash + short-term investments + ~90% AR + ~60% PP&E), against $18.27B in face-value liabilities. This yields an estimated equity recovery of negative $6-7B before professional fees and wind-down costs, consistent with reported MFFAIS values. The $12.87B goodwill balance—representing approximately 43% of total assets—is the single largest drag on recovery. The $7.37B deferred revenue liability is the second most consequential item; it carries no offset in liquidation since the subscription delivery obligation ceases but the liability remains. No prior filing was provided for period-over-period comparison.
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