Intuit's liquidation value as of January 31, 2026 is deeply negative, consistent with the MFFAIS-reported CLV/LLV/OLV of approximately negative $12.0 billion. The balance sheet is dominated by intangible assets that carry zero recovery under liquidation assumptions: goodwill of $14.0 billion and net finite-lived intangibles of $5.0 billion together represent $19.0 billion of book assets that would recover nothing in a wind-down. PP&E net of $974 million recovers at roughly 50-70%, yielding approximately $490-680 million. Cash and cash equivalents of $2.9 billion recover at 100%. Accounts receivable net of $1.2 billion recovers at 90-95%, yielding approximately $1.1 billion. The current-period notes receivable held for investment (classified within current assets at $1.7 billion) present moderate recovery risk given they are small-business loans; recovery would depend on portfolio quality and market conditions. Against these haircut assets, liabilities remain at face value: total liabilities of $15.2 billion include $6.2 billion gross senior unsecured notes (carrying value $6.16 billion net of issuance costs), $1.2 billion drawn on secured revolving credit facilities backing the lending business, $728 million in ASC 842 operating lease obligations, $1.1 billion in deferred revenue (which extinguishes operationally but remains a claim in wind-down), and $8.8 billion in total current liabilities. The liability stack materially exceeds any plausible recovery on tangible and financial assets. A notable period change is the appearance of $749 million in short-term debt (the 9/2023 $750 million 5.250% notes classified as current given their September 2026 maturity), up from zero at July 31, 2025, combined with a $1.6 billion reduction in cash/investments from $4.6 billion to $3.0 billion driven by $5.4 billion of financing outflows (buybacks and dividends). The secured revolving credit facilities totaling $1.2 billion are non-recourse to Intuit Inc. but the underlying loan receivables they fund are on-balance-sheet and subject to credit loss. No goodwill impairment was recorded this period. No prior filing was provided for direct sequential comparison.
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