Concentra Group Holdings Parent, Inc. Liquidation Value

Concentra Group Holdings Parent, Inc. (CON) presents a deeply negative liquidation posture as of March 31, 2026, consistent with its capital structure as a leveraged, intangible-heavy services company. MFFAIS-reported cash liquidation value of approximately negative $2.3B and liquid liquidation value of approximately negative $2.0B reflect the structural reality: the liability stack at face value substantially exceeds any plausible recovery from haircut assets.

Asset side: Total assets of $2.89B are dominated by goodwill ($1.48B, 51% of total assets) and other intangible assets ($239M), both valued at zero under liquidation. The operating lease ROU asset ($501M) has no direct liquidation recovery in this analysis framework. PP&E net of accumulated D&A is $224M; at a 50-70% haircut that yields $112-157M. Accounts receivable of $297M at 90-95% yields $267-282M. Cash of $62M recovers at par. Other current assets ($45M prepaid/other) recover at nil to minimal. Aggregate tangible recoverable asset pool is roughly $440-500M.

Liability side at face value: Total liabilities of $2.44B include long-term debt (current and non-current combined) of approximately $1.576B (term loan $940.5M plus $650M senior notes plus minor finance leases and other), operating lease liabilities of $546M ($85M current, $461M non-current, which do not extinguish on windup), accounts payable and accrued liabilities of approximately $222M, deferred tax liabilities net of $26M, and other noncurrent liabilities of $43M. The lease liability alone ($546M face) would consume most of the tangible asset pool. Adding funded debt of $1.576B produces a liability stack of roughly $2.4B against a recoverable asset base of $440-500M, implying a negative equity recovery of approximately $1.9-2.0B before transaction costs, consistent with the MFFAIS LLV estimate.

Change since prior filing (10-K as of December 31, 2025): Total assets grew from $2.86B to $2.89B, driven by AR expansion (+$39M) and modest PP&E additions ($11M capex), partially offset by cash decline ($79.9M to $61.7M). Goodwill is flat quarter-over-quarter at $1.48B following the Nova/Pivot acquisitions completed in 2025. Long-term debt is essentially unchanged; the $940.5M term loan continues to amortize at the contractual rate with no new issuances in Q1 2026. Operating lease liabilities increased modestly, reflecting the Pivot Onsite Innovations footprint expansion (onsite clinics grew from 160 to 411 over the prior year). The filing discusses goodwill impairment risk in MD&A risk factors but does not separately tag a current-period impairment charge in XBRL.