Mks Inc Liquidation Value

MKS Instruments (MKSI) shows deeply negative recovery to equity under a liquidation lens as of March 31, 2026, consistent with MFFAIS-reported values: CLV of -$1.83B, LLV of -$1.05B, OLV of -$104M. The balance sheet carries $8.73B in total assets against $5.92B in total liabilities, producing $2.81B in book equity. However, the asset base is dominated by goodwill ($2.57B, zero liquidation recovery) and net intangibles ($2.07B gross $3.72B, zero recovery), which together represent approximately $4.6B of book assets that contribute nothing in a wind-down. PP&E net of $795M recovers at 50-70%, or roughly $400-$560M. Inventory of $949M at 60% yields ~$570M. AR of $775M (net of $5M allowance) at 90-95% yields ~$700-$740M. Cash/restricted cash of $569M recovers at par. On a rough liquidation arithmetic: recoverable assets sum to approximately $2.3-2.4B against face-value liabilities of $5.92B, producing an equity recovery deeply negative by roughly $3.5B, consistent with reported CLV. The dominant liability driver is the total debt stack. Short-term debt is $1.40B, reflecting the $1.4B convertible notes due 2030 reclassified to current because the Sale Price Condition was met in Q1 2026 — this is a significant shift from the prior period (10-K at December 31, 2025) where this tranche was long-term. Long-term debt stands at $2.65B. The Sixth Amendment (February 4, 2026) refinanced and partially prepaid the USD Term Loan B (from ~$2.2B to $914M) using proceeds from a new EUR 1.0B senior notes offering (the '2034 Notes' at 4.25%), extending maturities to February 2033/2031. This restructuring reduces near-term amortization pressure but adds EUR-denominated currency risk to the liability stack. A subsequent $100M voluntary prepayment on USD Tranche B occurred post-period (May 6, 2026). The deferred income tax liability of $450M and operating lease ROU asset of $267M are additional liquidation liabilities. No goodwill impairment was recorded in Q1 2026. Cumulative goodwill impairment stands at $1.83B (accumulated), signaling historical overvaluation of acquired assets. Filing discusses tariff and duty cost headwinds in MD&A but does not separately tag these as a balance-sheet reserve or contingent liability in XBRL.