Danaher's liquidation posture as of March 27, 2026 is deeply negative, consistent with its prior filing and the MFFAIS-reported CLV of negative $19.3B. Total reported assets of $83.5B collapse sharply under liquidation haircuts: cash of $5.7B recovers at par; AR of $3.8B (net of $114M allowance) recovers approximately $3.6B at 95%; inventory of $2.6B recovers approximately $1.6B at 60%; PP&E net of $5.5B (gross approximately $10.3B given $4.8B accumulated depreciation) recovers $2.7-$3.8B at 50-70% of net book. The two largest asset categories—goodwill of $42.8B and other intangibles net of $17.2B, totaling approximately $59.9B or 72% of total assets—recover zero under the liquidation lens. Other long-term assets of $4.2B and operating lease ROU of $1.2B are also substantially impaired. Against these haircut assets, liabilities stand at face value: current liabilities of $7.5B (including $923M short-term debt, $4.7B accrued liabilities, $1.8B AP), long-term debt of $17.6B, operating lease liability of $1.2B, and other noncurrent liabilities of $5.6B. The liability stack is approximately $31.9B at face; estimated recoverable asset pool after haircuts is in the range of $13-15B, implying a liquidation shortfall to equity of roughly $17-19B—consistent with the reported MFFAIS figures. Quarter-over-quarter changes of note: long-term debt declined modestly as $1.4B of maturities were repaid and replaced with $1.7B short-term commercial paper, shifting $923M into current debt that was zero at year-end 2025. Goodwill declined $386M due to FX translation, not impairment. The pending Masimo acquisition is disclosed but not yet closed; if consummated with debt financing, it will materially increase the liability stack and deepen the already negative liquidation recovery. No goodwill impairment, restructuring charge, or pension reset was recorded this quarter.
▼ Community Notes