Central Garden & Pet Co Liquidation Value
Cash & Equivalents
Key Metrics
Cash Liquidation Value
- Finance Lease Liability: not reported in this period (annual-only)
Liquid Liquidation Value
- Finance Lease Liability: not reported in this period (annual-only)
Operating Liquidation Value
- Finance Lease Liability: not reported in this period (annual-only)
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Liquidation Ladder
| Metric | Total | Per Share |
|---|---|---|
| Cash Liquidation Value | $-1.32B | $-21.48 |
| Liquid Liquidation Value | $-715.63M | $-11.66 |
| Operating Liquidation Value | $66.70M | $1.09 |
Key Components (as of 2026-03-28)
| Cash & Equivalents | $653.24M |
| Accounts Receivable | $603.15M |
| Inventory | $782.33M |
| Current Liabilities | $605.16M |
| Long-term Debt | $1.19B |
| Op. Lease Liability | $174.32M |
| Finance Lease | N/A |
| Shares Outstanding | 61.4M |
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Historical
| Period | Cash | AR | Inventory | AP | Curr Liab | LT Debt | Op Lease | Fin Lease |
|---|---|---|---|---|---|---|---|---|
| 2026-03-28 | $653.24M | $603.15M | $782.33M | $276.40M | $605.16M | $1.19B | $174.32M | N/A |
| 2025-12-27 | $721.15M | $357.80M | $836.27M | $263.59M | $574.00M | $1.19B | $181.06M | N/A |
| 2025-09-27 | $882.49M | $325.30M | $722.11M | $234.62M | $538.76M | $1.19B | $191.74M | $100,000 |
| 2025-06-28 | $713.05M | $522.71M | $718.27M | $210.93M | $562.18M | $1.19B | $188.31M | N/A |
| 2025-03-29 | $516.67M | $578.88M | $824.28M | $263.71M | $597.65M | $1.19B | $175.58M | N/A |
| 2024-12-28 | $618.02M | $399.44M | $815.78M | $221.90M | $543.65M | $1.19B | $163.27M | N/A |
SEC Filings
| Period | Form | Filed | Link |
|---|---|---|---|
| 2026-03-28 | 10-Q | 2026-05-07 | View |
| 2025-12-27 | 10-Q | 2026-02-05 | View |
| 2025-09-27 | 10-K | 2025-11-26 | View |
| 2025-06-28 | 10-Q | 2025-08-07 | View |
| 2025-03-29 | 10-Q | 2025-05-08 | View |
| 2024-12-28 | 10-Q | 2025-02-06 | View |
| 2024-09-28 | 10-K | 2024-11-27 | View |
| 2024-06-29 | 10-Q | 2024-08-08 | View |
AI Insights
Central Garden & Pet (CENT) as of March 28, 2026 presents a deeply negative liquidation recovery posture under the standard asset haircut / face-value liability framework, consistent with the MFFAIS Cash Liquidation Value of approximately -$1.32B and Liquid Liquidation Value of approximately -$716M. The positive Operating Liquidation Value of roughly $67M reflects the modest tangible PP&E base relative to liabilities.
On the asset side, the balance sheet carries $653M cash (100% recovery = $653M), $603M gross AR less $8M allowance (90-95% recovery = ~$534-562M), and $782M inventory (60% recovery = ~$469M). PP&E net book value is $354M (50-70% recovery = ~$177-248M). Against these recoverable assets sit $555M goodwill and $435M net finite-lived intangibles ($763M gross, $273M accumulated amortization) — both zero recovery under liquidation. Operating ROU assets of $199M carry a corresponding $226M in operating lease liabilities (current + non-current at face), which must be extinguished at face, eliminating any asset-side benefit.
On the liability side: current liabilities total $605M ($276M AP, $277M accrued liabilities, $52M current operating lease), long-term debt is $1,193M (three senior note tranches: $400M 4.125% due 2031, $500M 4.125% due 2030, $300M 5.125% due 2028 — all at face), non-current operating lease $174M, deferred tax $121M, and other non-current liabilities. Total stated liabilities, ex-minority interest, substantially exceed recoverable asset values.
A material subsequent event occurred on April 13, 2026: Central contributed its pet distribution business to a newly formed entity in partnership with Phillips Pet Food & Supplies, receiving cash proceeds and a 20% equity stake. The cash proceeds and the carrying value of assets divested are not separately quantified in this filing's XBRL. The divestiture removes distribution assets and associated obligations from the estate, but the 20% equity stake in the newco carries zero liquidation value under the lens (equity in unrated private entity). Net effect on recoverable assets is uncertain without disclosed asset values contributed; MD&A does not separately quantify the proceeds.
From Q1 FY2026 (December 27, 2025) to Q2 FY2026 (March 28, 2026), total assets rose modestly from approximately $3.74B to $3.75B. Goodwill ticked up slightly, consistent with the $57M acquisition spend disclosed in investing cash flows. Long-term debt is essentially flat at $1,193M vs. $1,192M prior quarter. The liability stack has not materially shifted. The filing discusses tariff-driven inflation risk in MD&A but does not separately tag it in XBRL.
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