Globus Medical (GMED) as of March 31, 2026 presents a balance sheet that, under liquidation assumptions, yields a modestly positive recovery to equity at the operating liquidation value tier ($1.44B per MFFAIS) but is deeply negative at the cash liquidation value tier (-$22M), reflecting the structural reality that this is a going-concern medtech business with a heavily intangible-laden asset base. Total reported assets are $5.44B against total liabilities of $707M, producing GAAP book equity of $4.73B. However, under liquidation haircuts, recoverable asset value collapses: cash and equivalents recover at par ($561M), AR at 90-95% (~$616-652M on $686M gross minus $41M allowance), inventory at 60% (~$464M on $773M net), and PP&E at 50-70% (~$278-390M on $557M net). Goodwill ($1.44B) and finite-lived intangibles ($721M net) receive zero recovery credit, together representing approximately 40% of total reported assets and the primary driver of the negative CLV posture. The April 2025 Nevro Merger added meaningfully to the asset base, including operating lease liabilities ($115M total: $15M current, $100M long-term) that must be settled at face value on wind-up, with undiscounted future payments of $151M against ROU assets of $62M that themselves yield no liquidation credit under the lens. The contingent consideration liability of $100M (fair value) tied to prior acquisitions sits in accrued liabilities and must be settled at face value. A $43M Pimenta litigation reserve (recorded at year-end 2025) remains in accrued expenses with no incremental Q1 2026 charge; the Moskowitz and 4WEB matters carry no current reserve but represent unquantified tail risk. The total accrued liabilities line of $313M is elevated and includes multiple acquisition-related items. No funded debt outstanding under the $400M revolver as of period-end, which is a material positive for the liability stack. The company carries $129M of unrecognized stock compensation cost, which does not appear on the balance sheet as a liability but represents a committed future cash outflow equivalent in dilution terms. The OLV improvement since year-end 2025 (prior filing was the 10-K) is driven by Nevro acquisition asset additions offset by operating lease obligations absorbed. Filing discusses deferred tax assets of $215M in MD&A context but these are written to zero under the liquidation lens.
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