Bruker Corp (BRKR) carries a deeply negative liquidation value as of March 31, 2026, consistent with its prior-period posture. MFFAIS pegs the cash liquidation value at -$2.88B, liquid liquidation value at -$2.34B, and operating liquidation value at -$1.22B. The asset base is dominated by goodwill ($1.57B) and finite-lived intangibles net ($902M), totaling $2.48B in intangible assets against a $6.13B total asset base — both haircut to zero under the liquidation lens. PP&E net of $720M recovers at 50-70%, contributing roughly $360-504M. Inventory at $1.12B (including $120M demo inventory and $72M in-transit) recovers at roughly 60%, or ~$673M. AR net of $543M recovers at 90-95%, or ~$488-516M. Cash of $133M recovers 100%. The liability stack is substantial: total long-term debt $1.67B carried at face, current liabilities $1.36B, non-current other liabilities $610M, and deferred/contract liabilities of $586M that do not extinguish in liquidation. Additionally, the Series A Mandatory Convertible Preferred Stock carries a $694M aggregate liquidation preference ($250/share on 2.76M shares), which sits senior to common equity and further erodes common equity recovery. The preferred dividend obligation ($10.9M per quarter) adds ongoing cash drag. During Q1 2026, BRKR repaid $181.3M of the 2024 term loan in full, reducing outstanding debt from prior levels, but total debt remains $1.67B. The company disclosed $2.71B in remaining performance obligations — relevant context for deferred revenue liability magnitude. Key asset-quality concerns include $12.9M in long-lived asset impairments related to BSI NANO restructuring (Note 10), continued elevated restructuring charges of $17.8M, and pending IEEPA tariff refund claims (material if approved but not recognized as receivable as of period end — filing discloses in MD&A but does not separately XBRL-tag any refund receivable). The filing discusses long-lived asset impairment charges and restructuring in MD&A but the specific segment-level asset write-downs for BSI NANO are not separately XBRL-tagged beyond ImpairmentOfLongLivedAssetsHeldForUse.
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