CWST's liquidation posture is deeply negative, consistent with MFFAIS-reported values of approximately -$3.6B to -$3.8B. The balance sheet as of March 31, 2026 shows total assets of $3.27B against total liabilities implied at approximately $1.70B (book equity of $1.57B), but under the liquidation lens the asset base is dominated by non-recoverable or heavily haircut items. Goodwill of $1.19B and net intangibles of $272M receive zero recovery under standard liquidation assumptions; these two line items alone represent roughly 45% of total assets and are entirely wiped. PP&E net of accumulated depreciation stands at $1.30B; at a 50-70% recovery haircut that yields perhaps $650M-$910M in recoverable value. Cash of $127M recovers at par. Net AR of $175M recovers at 90-95%, or approximately $158M-$166M. The receivable carrying value excludes a $7.3M allowance already netted. On the liability side, long-term debt and capital leases total $1.15B at face, current maturities of $24.6M included. The company separately discloses $273.5M of tax-exempt bonds, $90M of finance leases, and $1.1M of notes payable as components. The ASC 842 operating lease liability stack adds $85.4M ($11.7M current, $73.7M noncurrent) at face. Environmental and closure obligations are material: capping/closure/post-closure liabilities total $198.8M (ARO), with $7.4M current and $191.4M long-term; environmental remediation adds another $4.9M. These liabilities do not extinguish on windup and remain at face. Other long-term liabilities of $33.6M and deferred tax liability of $16.7M add further claims senior to equity. The aggregate result is that even under generous PP&E recovery assumptions, equity recovery is substantially negative. Compared to the prior 10-K (December 31, 2025), the current quarter shows: restricted cash declined sharply by $93.3M (from $96.3M to $3.0M), reflecting drawdown of previously restricted bond proceeds used for capital deployment; goodwill increased by $73.5M via one acquisition closed in Q1 2026 for approximately $94.6M net cash; and the ARO balance grew by $2.9M net of accretion and settlements. The restricted cash decline reduces liquid asset recovery relative to year-end without a corresponding reduction in liabilities. Acquisition activity continues to shift the asset mix further toward goodwill and intangibles, which are worthless in liquidation, while adding PP&E that recovers at a significant discount. Filing discusses capping, closure, and post-closure obligation timing and cost estimate changes in MD&A but does not separately XBRL-tag the components driving the ARO roll beyond the accretion and settlement items already in TAG_CONTEXT.
▼ Community Notes