CrossAmerica Partners LP Liquidation Value
Cash & Equivalents
Key Metrics
Cash Liquidation Value
- Long-Term Debt: not reported in this period (annual-only)
Liquid Liquidation Value
- Long-Term Debt: not reported in this period (annual-only)
Operating Liquidation Value
- Long-Term Debt: not reported in this period (annual-only)
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Liquidation Ladder
| Metric | Total | Per Share |
|---|---|---|
| Cash Liquidation Value | $-306.53M | $-8.04 |
| Liquid Liquidation Value | $-275.39M | $-7.22 |
| Operating Liquidation Value | $-210.33M | $-5.51 |
Key Components (as of 2026-03-31)
| Cash & Equivalents | $7.35M |
| Accounts Receivable | $31.14M |
| Inventory | $65.06M |
| Current Liabilities | $167.91M |
| Long-term Debt | $2.94B |
| Op. Lease Liability | $86.15M |
| Finance Lease | $59.82M |
| Shares Outstanding | 38.1M |
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Historical
| Period | Cash | AR | Inventory | AP | Curr Liab | LT Debt | Op Lease | Fin Lease |
|---|---|---|---|---|---|---|---|---|
| 2026-03-31 | $7.35M | $31.14M | $65.06M | $77.40M | $167.91M | N/A | $86.15M | $59.82M |
| 2025-12-31 | $3.14M | $28.57M | $59.61M | $63.41M | $155.22M | N/A | $91.27M | $4.66M |
| 2025-09-30 | $5.77M | $34.06M | $60.97M | $71.72M | $164.21M | N/A | $94.91M | $5.49M |
| 2025-06-30 | $9.72M | $32.37M | $59.02M | $73.20M | $162.13M | N/A | $95.26M | $6.33M |
SEC Filings
| Period | Form | Filed | Link |
|---|---|---|---|
| 2026-03-31 | 10-Q | 2026-05-06 | View |
| 2025-12-31 | 10-K | 2026-02-25 | View |
| 2025-09-30 | 10-Q | 2025-11-05 | View |
| 2025-06-30 | 10-Q | 2025-08-07 | View |
| 2025-03-31 | 10-Q | 2025-05-08 | View |
| 2024-12-31 | 10-K | 2025-02-27 | View |
| 2024-09-30 | 10-Q | 2024-11-06 | View |
| 2024-06-30 | 10-Q | 2024-08-08 | View |
AI Insights
CrossAmerica Partners LP (CAPL) is a fuel distribution and convenience retail MLP with a liquidation posture that remains deeply negative at the entity level. As of March 31, 2026, total assets are $1.00B against total liabilities of $1.08B, producing GAAP book equity of negative $109M (PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest). MFFAIS-reported cash liquidation value is approximately negative $307M, liquid liquidation value negative $275M, and operating liquidation value negative $210M. These figures are structurally consistent with a capital-intensive fuel distribution and convenience retail MLP that carries substantial debt, operating lease obligations, and asset retirement obligations relative to its recoverable asset base.
On the asset side, the dominant recovery item is PP&E gross of $978.6M less $388.4M accumulated depreciation, yielding net PP&E of $589.4M. Applying a 50-70% haircut to net PP&E produces estimated recovery of $295M to $413M. Intangibles net of $58.0M recover at zero under the liquidation lens. Goodwill of $99.4M similarly recovers at zero. Operating lease ROU assets of $107.6M have no direct liquidation recovery. Inventory of $97.4M (fuel $32.4M plus merchandise $32.7M plus $32.4M other gas inventory per EnergyRelatedInventoryGasStoredUnderground) recovers at approximately 60%, or ~$58M. AR of $31.9M recovers at 90-95%, or approximately $29M to $30M. Cash is $7.3M at par.
On the liability side, total debt and finance lease obligations are $741.8M at face (Credit Facility $682M plus finance leases $59.8M). Operating lease liabilities total $111.5M ($25.3M current plus $86.1M noncurrent). Asset retirement obligations (noncurrent) are $44.6M. Environmental liabilities are $9.5M. Accrued liabilities, payables, and other obligations bring total liabilities to $1.08B, all carried at face.
Compared to the prior annual filing (10-K period end December 31, 2025), the most notable change in Q1 2026 is the recognition of a new finance lease obligation of $59.8M related to the amendment and reassessment of the Getty lease, which added $56.3M in ROU asset (RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability) but an equivalent liability — a neutral net balance sheet event at inception but one that increases the face-value liability stack for liquidation purposes. Debt declined modestly (net repayment of $10M on the Credit Facility during Q1 2026), and $13M in site sale proceeds were applied to reduce the facility. The real estate rationalization program continues to shrink the tangible asset base; total site count declined from 1,626 (610 retail plus 1,016 wholesale as of Q1 2025) to 1,553 (568 retail plus 985 wholesale as of Q1 2026), with gains on dispositions of $6.1M recorded in the quarter. Filing discusses impairment charges embedded within D&A but does not separately tag impairment amounts in XBRL; the $7.3M year-over-year reduction in Q1 impairments is disclosed in MD&A only.
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