Magnite, Inc. Liquidation Value
Cash & Equivalents
Key Metrics
Cash Liquidation Value
Liquid Liquidation Value
Operating Liquidation Value
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Liquidation Ladder
| Metric | Total | Per Share |
|---|---|---|
| Cash Liquidation Value | $-1.92B | $-13.39 |
| Liquid Liquidation Value | $-488.72M | $-3.41 |
| Operating Liquidation Value | $-488.72M | $-3.41 |
Key Components (as of 2026-03-31)
| Cash & Equivalents | $184.65M |
| Accounts Receivable | $1.43B |
| Inventory | N/A |
| Current Liabilities | $1.62B |
| Long-term Debt (?) | $347.22M |
| Op. Lease Liability (?) | $57.08M |
| Finance Lease (?) | N/A |
| Shares Outstanding | 143.3M |
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Historical
| Period | Cash | AR | Inventory | AP | Curr Liab | LT Debt | Op Lease | Fin Lease |
|---|---|---|---|---|---|---|---|---|
| 2026-03-31 | $184.65M | $1.43B | N/A | N/A | $1.62B | $347.22M | $57.08M | N/A |
| 2025-12-31 | $553.36M | $1.30B | N/A | N/A | $1.84B | $347.67M | $50.09M | N/A |
| 2025-09-30 | $482.13M | $1.22B | N/A | N/A | $1.71B | $348.11M | $48.76M | N/A |
| 2025-06-30 | $426.00M | $1.30B | N/A | N/A | $1.76B | $348.56M | $43.40M | N/A |
| 2025-03-31 | $429.71M | $1.05B | N/A | N/A | $1.54B | $349.00M | $43.76M | N/A |
| 2024-12-31 | $483.22M | $1.20B | N/A | N/A | $1.50B | $550.10M | $38.98M | N/A |
| 2024-09-30 | $387.24M | $1.16B | N/A | N/A | $1.41B | $550.17M | $46.58M | N/A |
| 2024-06-30 | $326.46M | $1.12B | N/A | N/A | $1.33B | $549.02M | $50.29M | N/A |
SEC Filings
| Period | Form | Filed | Link |
|---|---|---|---|
| 2026-03-31 | 10-Q | 2026-05-06 | View |
| 2025-12-31 | 10-K | 2026-02-25 | 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 | 2025-02-26 | View |
| 2024-09-30 | 10-Q | 2024-11-07 | View |
| 2024-06-30 | 10-Q | 2024-08-07 | View |
AI Insights
Magnite, Inc. (MGNI) presents a deeply negative liquidation posture as of March 31, 2026, consistent with its prior periods. The MFFAIS-reported cash liquidation value of approximately -$1.84 billion and liquid liquidation value of approximately -$410 million confirm that face-value liabilities substantially exceed recoverable assets under a wind-down scenario.
Asset-side recovery is dominated by accounts receivable of $1.43 billion (gross), which at a 90-95% haircut yields approximately $1.29-$1.36 billion. Cash of $184.6 million recovers at par. Property, plant and equipment (net $115.9 million gross $247.7 million, accumulated depreciation $131.8 million) recovers at roughly $58-$81 million at a 50-70% haircut on net book value. Internally developed and acquired intangibles net $9.8 million plus goodwill of $983.9 million are assigned zero recovery under the liquidation lens — goodwill represents the single largest non-recoverable asset at 33% of total assets of $2.95 billion. Right-of-use assets of $74.7 million carry near-zero liquidation value as they are offset by corresponding lease obligations that survive liquidation at face value.
On the liability side, accounts payable and accrued liabilities of $1.59 billion (current) plus the 2024 Term Loan B Facility gross principal of $359.5 million ($350.8 million net of issuance costs) represent the dominant claims. Convertible Senior Notes of $205.1 million were repaid at maturity on March 15, 2026 — this is the material change from the prior 10-K (December 31, 2025), which would have shown both the term loan and the convertible notes outstanding. The convertible note payoff, funded from cash on hand, drove the $368.7 million net reduction in cash during Q1 2026 (operating cash outflow of $120.8 million, investing of $13.1 million, financing of $235.1 million). Cash declined from a prior-year-end level (implied from the cash change) to $184.6 million.
Operating lease obligations total $89.5 million (undiscounted) per the maturity schedule, extending through 2038, plus $34.1 million in commitments not yet on-balance-sheet — both survive liquidation at face value. Non-cancelable other obligations total $173.0 million, front-loaded in 2026-2027. Total contractual commitments sum to approximately $775.5 million. The liability stack, combined with the near-zero recovery on $983.9 million of goodwill and the modest recovery on PP&E and intangibles, produces a negative recovery to equity that is structural for this business model. The filing discusses the Google antitrust litigation benefit as a prospective operating tailwind but does not separately XBRL-tag any contingent asset or recovery estimate from that action.
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