Light & Wonder, Inc. Liquidation Value

Cash & Equivalents

$147.00M
As of 2026-03-31
Current Price: N/A

Key Metrics

Cash Liquidation Value

Cash minus Total Obligations
Cash: $147.00M
Total Obligations: -$21.19B
$-21.04B
Per share: $-267.38
Period: 2026-03-31

Liquid Liquidation Value

Cash + AR minus Total Obligations
Cash: $147.00M
AR: $614.00M
Total Obligations: -$21.19B
$-20.43B
Per share: $-259.58
Period: 2026-03-31

Operating Liquidation Value

Cash + AR + Inventory minus Total Obligations
Cash: $147.00M
AR: $614.00M
Inventory: $185.00M
Total Obligations: -$21.19B
$-20.24B
Per share: $-257.23
Period: 2026-03-31

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Liquidation Ladder

MetricTotalPer Share
Cash Liquidation Value$-21.04B$-267.38
Liquid Liquidation Value$-20.43B$-259.58
Operating Liquidation Value$-20.24B$-257.23

Key Components (as of 2026-03-31)

Data as of 2026-03-31 from 10-Q filed 2026-05-06. View on SEC EDGAR →

Cash & Equivalents$147.00M
Accounts Receivable$614.00M
Inventory$185.00M
Current Liabilities$676.00M
Long-term Debt (?)$5.02B
Op. Lease Liability (?)$28.00M
Finance Lease (?) (bundled)N/A
Shares Outstanding78.7M

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Historical

PeriodCashARInventoryAPCurr LiabLT DebtOp LeaseFin Lease
2026-03-31$147.00M$614.00M$185.00M$147.00M$676.00M$5.02B$28.00MN/A
2025-12-31$167.00M$689.00M$169.00M$189.00M$803.00M$5.06B$29.00MN/A
2025-09-30$236.00M$659.00M$175.00M$162.00M$621.00M$4.84B$32.00MN/A
2025-06-30$136.00M$643.00M$187.00M$248.00M$697.00M$4.78B$30.00MN/A
2025-03-31$134.00M$629.00M$169.00M$244.00M$753.00M$3.86B$29.00MN/A
2024-12-31$196.00M$585.00M$158.00M$216.00M$735.00M$3.82B$31.00MN/A
2024-09-30$347.00M$580.00M$183.00M$200.00M$680.00M$3.83B$33.00MN/A
2024-06-30$321.00M$575.00M$186.00M$277.00M$696.00M$3.83B$31.00MN/A

Comments

SEC Filings

PeriodFormFiledLink
2026-03-31 10-Q 2026-05-06 View
2025-12-31 10-K 2026-02-24 View
2025-09-30 10-Q 2025-11-05 View
2025-06-30 10-Q 2025-08-06 View
2025-03-31 10-Q 2025-05-07 View
2024-12-31 10-K 2025-02-25 View
2024-09-30 10-Q 2024-11-12 View
2024-06-30 10-Q 2024-08-07 View

AI Insights

AI Insight·Generated 2026-05-09

Light & Wonder, Inc. (LNW) presents a deeply negative liquidation posture as of March 31, 2026, consistent with MFFAIS's reported CLV of approximately negative $16.0 billion. The asset base of $6.4 billion is dominated by intangible assets that carry zero recovery value under the liquidation lens: goodwill of $3.4 billion, finite-lived intangibles (net) of $769 million, and capitalized software (net) of $195 million collectively represent approximately $4.4 billion, or roughly 69% of total assets, with zero assignable recovery. PP&E (net) of $347 million recovers at 50-70%, yielding $174-243 million. Inventory of $185 million recovers at approximately 60%, or $111 million. AR (gross $642 million, net $614 million with $28 million allowance) recovers at 90-95%, yielding $553-583 million. Cash and restricted cash total $253 million ($147 million unrestricted, $106 million restricted), recovering at 100%. Operating lease ROU assets ($42 million) recover at zero under the lens. Total estimated liquidation asset recovery is roughly $1.1-1.2 billion. Against this, total liabilities stand at $6.1 billion at face value, with long-term debt and capital lease obligations (including current portion) of $5.1 billion the dominant claim. Accrued liabilities of $437 million include contingent legal accruals that declined sharply from $144 million at year-end 2025 to $55 million at March 31, 2026, reflecting the $128 million Aristocrat Australia settlement payment made in Q1 2026 (disclosed in MD&A; approximately $137 million total legal cash outflows in Q1). The contingent consideration liability of $84 million (Grover acquisition, not separately XBRL-tagged at the balance sheet line but referenced in tag context via BusinessCombinationContingentConsiderationLiability) remains a face-value obligation in liquidation. Operating lease liabilities total $46 million at face value. OtherLiabilitiesNoncurrent of $258 million is undisclosed in detail in the XBRL filing. The face value of long-term debt is $5.2 billion per MD&A, with $3.1 billion variable-rate; net of $42 million unamortized discount/issuance costs, carrying value is $5.14 billion. The net equity book value is $311 million, but under liquidation all intangibles are zeroed and liabilities remain at face, producing a recovery deficit of approximately negative $4.9 to $5.0 billion to equity in a simplified computation, fully consistent with the MFFAIS CLV. The Grover acquisition (completed Q1 2025) added goodwill and intangibles with no liquidation recovery while materially increasing debt and D&A ($16 million of the Q1 2026 D&A increase attributable to Grover). The AztecGold shareholder class action filed April 22, 2026 (post-period) introduces an unquantified additional contingent liability not yet accrued. Filing discusses the $50 million legal reserve charge in Q1 2026 restructuring line in MD&A but the underlying accrual balance is tagged via LossContingencyAccrualAtCarryingValue.

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