Popular, Inc. Liquidation Value
Cash & Equivalents
Key Metrics
Cash Liquidation Value
Liquid Liquidation Value
- Accounts Receivable: not reported
- Current Liabilities: not reported
Operating Liquidation Value
- Accounts Receivable: not reported
- Current Liabilities: not reported
- Inventory: not reported
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Liquidation Ladder
| Metric | Total | Per Share |
|---|---|---|
| Cash Liquidation Value | $-788.70M | $-12.20 |
| Liquid Liquidation Value | $-788.70M | $-12.20 |
| Operating Liquidation Value | $-788.70M | $-12.20 |
Key Components (as of 2026-03-31)
| Cash & Equivalents | $465.78M |
| Accounts Receivable | N/A |
| Inventory | N/A |
| Current Liabilities | N/A |
| Long-term Debt (?) | $1.12B |
| Op. Lease Liability (?) | $107.40M |
| Finance Lease (?) | $27.52M |
| Shares Outstanding | 64.7M |
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Historical
| Period | Cash | AR | Inventory | AP | Curr Liab | LT Debt | Op Lease | Fin Lease |
|---|---|---|---|---|---|---|---|---|
| 2026-03-31 | $465.78M | N/A | N/A | N/A | N/A | $1.12B | $107.40M | $27.52M |
| 2025-12-31 | $483.01M | N/A | N/A | N/A | N/A | $1.45B | $104.96M | $27.39M |
| 2025-09-30 | $456.65M | N/A | N/A | N/A | N/A | $1.25B | $109.33M | $27.52M |
| 2025-06-30 | $477.42M | N/A | N/A | N/A | N/A | $1.41B | $98.58M | $21.32M |
SEC Filings
| Period | Form | Filed | Link |
|---|---|---|---|
| 2026-03-31 | 10-Q | 2026-05-08 | View |
| 2025-12-31 | 10-K | 2026-03-02 | View |
| 2025-09-30 | 10-Q | 2025-11-10 | View |
| 2025-06-30 | 10-Q | 2025-08-11 | View |
| 2025-03-31 | 10-Q | 2025-05-12 | View |
| 2024-12-31 | 10-K | 2025-03-03 | View |
| 2024-09-30 | 10-Q | 2024-11-12 | View |
| 2024-06-30 | 10-Q | 2024-08-09 | View |
AI Insights
Popular, Inc. (BPOP) reported consolidated assets of $76.1B as of March 31, 2026, against total liabilities of $69.8B, implying a GAAP book equity of approximately $6.3B. Under a liquidation lens, the recovery posture is materially negative, consistent with MFFAIS's CLV/LLV/OLV of approximately -$789M. The structural asymmetry is driven by the asset-side haircut on the loan portfolio and investment securities relative to face-value liabilities, principally the $67.6B deposit book.
The largest asset categories are: (1) loans held-in-portfolio (gross) of $39.7B, against which the ACL of $823.7M (2.10% of HIP) provides only partial coverage of credit losses — under liquidation, distressed loan sale discounts of 20-40%+ on the non-performing and watch-list portions would materially reduce recovery; (2) AFS debt securities of $21.7B (amortized cost $22.6B), carrying $917.5M gross unrealized losses, predominantly on positions in unrealized-loss position for 12 months or more ($890.7M accumulated loss on $4.9B of securities), and HTM securities of $7.2B (fair value $7.0B, $245M below book), neither of which would be liquidated at book; (3) goodwill of $790M and intangibles of $4.7M, which receive zero recovery under this lens; (4) deferred tax assets net of $811M, which are contingent on future taxable income and receive zero recovery.
On the liability side, the $67.6B deposit base stands at face value. Approximately 30% ($20.3B consolidated) consists of collateralized public funds from Puerto Rico and USVI government entities — these are secured deposits, and the collateral pledged against them is unavailable to other creditors. Puerto Rico government entity concentration creates a single-counterparty geopolitical risk: PROMESA oversight uncertainty (board dismissal litigation pending as of March 31, 2026) and constrained PR GNP growth (0.5% forecast for FY2026) amplify tail risk on both the deposit and loan sides. The BHC-level obligor group (PIHC + PNA) had a stockholders' deficit of ($59.8M) at March 31, 2026, widened from ($41.1M) at December 31, 2025, with $595M in notes payable ($397M due 2028, $198M thereafter). Total NPAs decreased modestly to $503.8M (0.66% of assets) from $540.8M, while the ACL-to-NPL ratio improved to 179.81% from 162.15%, indicating increased reserve coverage. However, $593.2M in performing loans are flagged by management as potential future NPL classifications, up from $499.6M at December 31, 2025. The BPOP standalone NCO rate was 0.85% annualized for Q1 2026, up from 0.72% in Q1 2025. Filing discusses extensive Puerto Rico government deposit exposure and PROMESA governance uncertainty in MD&A but does not separately XBRL-tag Puerto Rico government deposit balances or collateral pledged against public funds.
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