Jabil Inc Liquidation Value

Jabil Inc. (JBL) as of February 28, 2026 presents a deeply negative liquidation recovery posture consistent with prior periods. MFFAIS CLV is -$16.8B and LLV is -$15.5B, both confirming that haircutted assets fall well short of face-value liabilities. Total reported assets of $20.6B are dominated by working capital items that take significant liquidation haircuts, and the liability stack at $19.3B face value consumes virtually all recoverable value before equity sees anything.

On the asset side, the highest-quality liquid items are $1.8B cash (100% recovery), $4.4B net trade receivables (90-95% recovery, yielding ~$4.0-4.2B), and $5.0B inventory (60% recovery, yielding ~$3.0B). PP&E net book value is $2.8B (50-70% recovery, yielding ~$1.4-2.0B). Against these, goodwill of $1.2B and finite-lived intangibles of $0.6B receive zero recovery under liquidation lens, erasing ~$1.9B of book value. The $1.3B contract assets (over-time revenue recognition) and $2.5B prepaid/other current assets carry uncertain recovery; at best 50-70 cents on the dollar, likely less given their customer-specific nature in an EMS context. Estimated gross liquidation proceeds: approximately $12-14B, against $19.3B face liabilities—implying equity deficiency of $5-7B, consistent with MFFAIS metrics.

Key balance sheet changes versus the prior filing (Q1 FY2026, period ended November 30, 2025): total debt increased materially. Notes payable and credit facilities rose from $2.9B to $3.9B, driven by the January 23, 2026 issuance of $500M 4.200% Senior Notes due 2029 and $500M 4.750% Senior Notes due 2033, partially offset by revolving credit facility paydowns. The $500M 1.700% Senior Notes due April 2026 remain outstanding as current debt, creating a near-term repayment obligation. Gross goodwill increased by $383M from the Hanley Energy Group acquisition completed January 2, 2026 and the Rebound Technologies acquisition, both funded by $848M of net acquisition spend in the six-month period. This acquisition activity added intangible assets (amortization up 50% YoY to $42M for six months) while providing zero recovery value under liquidation. The AR securitization programs remain active: $411M sold under the global ABS program and $682M under uncommitted programs are off-balance sheet, representing receivables already monetized that would not be available in liquidation. Operating lease liabilities total $513M ($99M current, $414M noncurrent), which represent unavoidable obligations at face value in a wind-down. The liability stack is further burdened by $5.7B accrued liabilities, $8.5B accounts payable, and $1.0B deferred revenue—all standing at face value. Share repurchases of $600M in the six-month period and $355M under open market transactions further reduced tangible equity cushion, with treasury stock now at $8.5B cost basis. Stockholders' equity of $1.3B book is illusory from a liquidation standpoint given the haircut asymmetry.