Maplebear Inc. (CART) presents a positive but modest liquidation recovery posture as of March 31, 2026. The MFFAIS-reported liquid liquidation value of $809M and operating liquidation value of $809M against a cash liquidation value of negative $286M reflect the asymmetry inherent to this analysis: the liquid assets net of face-value liabilities yield a thin positive buffer, but only under the most favorable recovery assumptions. Under the liquidation lens, tangible asset recovery is anchored by cash and equivalents of $631M (100% recovery), restricted cash of $128M combined ($110M current, $18M noncurrent, 100%), and short-term marketable securities of $59M (high-grade debt, near 100%). Accounts receivable of $1.095B gross ($1.093B net) at a 90-95% haircut yields approximately $983M-$1.038B. These liquid assets are the primary source of recovery. Against this, total liabilities of $941M at face value consume a substantial portion of the liquid asset pool. The liability stack is dominated by accrued liabilities of $604M, deferred revenue of $230M (which does not extinguish at face value on windup), loss contingency accruals of $101M, and self-insurance reserves of $79M. Goodwill of $393M and finite-lived intangibles of $60M net receive a 0% recovery haircut, eliminating $453M of reported book assets from the liquidation calculation. The $626M deferred tax asset also receives a 0% recovery haircut under liquidation, removing another significant reported asset from recoverable value. PP&E gross of $364M, net $219M, recovers at 50-70%, yielding roughly $110M-$153M. The Marlin9/Wynshop acquisition closed April 2025 and has been partially reflected via Section 382 NOL adjustments, but the acquisition's goodwill contribution is not separately broken out in current XBRL tags. The revolving credit facility of $500M (entered May 2026, post-period) is disclosed in the risk factors and exhibits but carries no drawn balance as of March 31, 2026 per the filing; if drawn, it would shift the liability stack materially. The $60M FTC consent order payment (paid January 2026, pre-period-end) has already been discharged and does not appear as a remaining liability. The share repurchase program consumed $359M in cash financing outflows in Q1 2026, which is the primary driver of the $68M net cash decrease for the period. The retained earnings accumulated deficit stands at negative $4.744B, confirming the enterprise has no equity book value surplus to provide a recovery cushion beyond current tangible assets net of liabilities. Filing discusses the Wynshop acquisition and FTC consent order in MD&A but does not separately tag them in XBRL beyond the goodwill line.
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