As of March 31, 2026, GNRC carries a deeply negative liquidation value, consistent with its acquisition-heavy capital structure and intangible-laden balance sheet. Total assets of $5.59B are dominated by goodwill ($1.49B), other intangibles (separately tagged at $7.8M in OtherIntangibleAssetsNet, but the filing discloses substantial additional intangibles via amortization of $30.4M/quarter indicating a much larger intangible base not fully broken out in TAG_CONTEXT), PP&E net of $820M, and inventory of $1.25B. Under liquidation haircuts, intangibles and goodwill recover zero. Goodwill alone at $1.49B is a full write-off. PP&E gross is $1.32B with accumulated depreciation of $497M, yielding net $820M; at a 50-60% recovery rate, estimated PP&E proceeds are $410-490M versus book of $820M. Inventory of $1.25B at 60% recovery yields approximately $750M. Accounts receivable of $627M (net of $33M allowance) at 90-95% recovery yields $563-595M. Cash of $266M recovers at par. Prepaid and other current assets of $305M likely recover at a steep discount or zero. Against these haircut assets, liabilities stand at face value totaling $2.92B, including long-term debt and capital leases of $1.28B (Term Loan A $700M at 4.92%, Term Loan B $493M at 5.42%, finance leases $90M), short-term borrowings of $44M, accounts payable of $463M, deferred revenue of $374M combined current and non-current (which likely does not extinguish in liquidation without triggering refund obligations), warranty accruals of $354M combined standard and extended, contingent consideration of $29M, and other accrued liabilities of $577M. The MFFAIS CLV is negative $2.21B, LLV negative $1.59B, and OLV negative $336M. These values confirm deeply negative equity recovery across all scenarios. Period-over-period the material change is the January 2026 acquisition of Allmand for $123M cash (reflected in the investing activities) and the April 2026 acquisition of Enercon for approximately $122M preliminary price with up to $112M contingent consideration — Enercon closed post-period and is not on the March 31 balance sheet but will add goodwill and intangibles in Q2 2026. Goodwill increased by $28M from the Allmand acquisition and suffered a $1.5M impairment charge during Q1 2026. The DOJ/EPA emissions investigation involving portable generators remains unquantified in the balance sheet; the filing does not separately tag a reserve for this exposure. The Zawaski product liability settlement of $206.5M reserve with $102M insurance receivable was reflected as of March 31, 2026 and the net payment obligation was settled April 1, 2026.
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