GoDaddy Inc. (GDDY) carries a deeply negative liquidation value as of March 31, 2026, consistent with prior periods. MFFAIS reports a cash liquidation value of approximately negative $5.6 billion, a figure the balance sheet supports. The asset side is dominated by intangibles that recover nothing under liquidation: goodwill of $3.6 billion and acquired intangible assets (net) of $971 million together constitute roughly 57% of total assets of $8.15 billion, and both receive a 0% haircut under the liquidation lens. The remaining tangible and liquid asset pool is modest: cash and restricted cash of $1.26 billion (100% recovery), net PP&E of $142 million (50-70% recovery), accounts receivable of $85 million (90-95% recovery), and a DTA of $983 million that is unlikely to generate cash value in a wind-down scenario and should be treated as zero recovery. Against this haircut asset base, the liability stack is taken at face value and is substantial. Long-term debt gross carrying value stands at $3.82 billion (current portion $15 million, noncurrent $3.76 billion), comprising two term loan tranches ($982 million 2031 TL and $1.44 billion 2029 TL) plus Senior Notes. Deferred revenue obligations—a structural feature of GoDaddy's subscription model—total $3.45 billion ($2.49 billion current, $964 million noncurrent). Under liquidation, deferred revenue must be honored at face value or refunded, representing a cash obligation that does not extinguish on wind-up. Total current liabilities are $3.06 billion. Additional noncurrent liabilities include operating lease obligations of $71 million and other noncurrent liabilities of $62 million. The $237 million book equity is already a residual after a $2.86 billion accumulated deficit. The combination of ~$4.6 billion in zero-recovery intangibles and goodwill, ~$3.45 billion in deferred revenue obligations at face, and ~$3.82 billion in gross debt leaves equity recovery deeply negative by several billion dollars. No material change in the recovery posture versus the prior annual filing (December 31, 2025): the debt stack was refinanced in late 2024 and is unchanged; deferred revenue grew modestly with Q1 2026 bookings; goodwill declined slightly by $19 million due to FX translation. The $281 million in share repurchases during Q1 2026 further reduced the thin equity cushion. DTA of $983 million remains the largest non-goodwill asset but is non-recoverable in liquidation.
▼ Community Notes