FIS carries a deeply negative liquidation value, consistent with prior periods. As of March 31, 2026, total assets are $43.5B against total liabilities of $27.5B, yielding reported book equity of $16.0B. Under liquidation haircuts, recoverable asset value collapses materially: cash of $755M recovers at par; trade AR (net ~$1.0B after allowance) recovers at ~90-95%; PP&E gross $2.6B less accumulated depreciation of $1.5B yields net $1.1B, haircutted to ~$560M-$780M; capitalized software gross $7.0B net $5.2B haircutted to near zero under intangibles convention; other intangibles net $4.5B haircutted to zero; goodwill $24.6B haircutted to zero. The dominant asset class by reported value is goodwill ($24.6B, 57% of total assets), which contributes nothing in a liquidation scenario. Combined with intangibles net of $4.5B and capitalized software net of $5.2B, intangible/goodwill assets represent roughly $34B of the $43.5B balance sheet—essentially all zeroed out. The liability stack at face value includes $21.1B of total debt outstanding (per MD&A), reflected in the balance sheet as $4.2B short-term borrowings, $101M current long-term debt, and $16.8B long-term debt noncurrent, plus $8.5B total current liabilities and an additional $1.9B other noncurrent liabilities. The most significant balance sheet change since the prior filing (FY2025 10-K, period end December 31, 2025) is the January 9, 2026 closing of the Issuer Solutions Acquisition, funded by approximately $7.7B of new debt and proceeds from the 2026 Worldpay Minority Interest Sale. This transaction added $6.9B of goodwill and increased total debt by approximately $7.7B. The equity method investment in Worldpay ($0 post-sale) generated a $2.2B estimated pre-tax gain in Q1 2026, reflected in net income but not recoverable under liquidation. The filing discloses $104M of asset impairment charges in Q1 2026, primarily software, consistent with post-acquisition rationalization. The MFFAIS CLV of negative $24.5B reflects the liquidation math: haircutted assets fall far short of face-value liabilities. The acquisition has worsened the already-negative liquidation posture by adding substantial goodwill and intangibles with no liquidation recovery value, while increasing the liability stack by ~$7.7B.
▼ Community Notes