MasTec's liquidation posture as of March 31, 2026 is deeply negative, consistent with MFFAIS-reported CLV of approximately -$3.7B. The balance sheet is dominated by three categories of zero-recovery assets under the liquidation lens: Goodwill of $2.35B (zero recovery), Intangible Assets net of $761M (zero recovery), and a Finance Lease ROU asset of $571M that carries associated lease obligations surviving wind-down. Total assets of $10.44B include approximately $3.11B in these zero-value intangible/goodwill items. Tangible asset recovery pool is anchored by: Cash $274M (100%), AR gross $1.61B (90-95% haircut yields ~$1.45-1.53B), Unbilled AR $1.74B (collection uncertainty warrants lower haircut, perhaps 80-85% yielding ~$1.39-1.48B), PP&E and finance lease ROU net $1.86B (50-70% yields ~$930M-$1.30B), and Investments in unconsolidated affiliates $355M (uncertain, likely 40-60%). Against these recoveries, liabilities stand at face value: total liabilities $7.01B, including current liabilities of $3.43B, long-term debt and capital lease obligations of $2.38B, deferred tax liabilities of $520M, operating lease liabilities of $488M (must be settled in liquidation), and other noncurrent liabilities of $378M. The liability stack has grown since December 31, 2025 primarily from $267M in net acquisition outflows, which added goodwill ($97.7M in-period) and NCI ($41.8M), and drew $187M net on the credit facility. The Credit Facility revolver stands at $304M drawn with $1.54B available; term loan is $600M. Senior notes total $1.225B fixed-rate ($600M at 4.5% due 2028, $550M at 5.9% due 2029, $75M at 6.625% due 2029). Finance lease obligations of $363M at weighted 4.9% are a hard obligation surviving wind-down. DSO increased from 65 to 72, expanding the AR base by timing effects on a revenue base that grew 34% YoY to $3.83B. The $65.7M related-party AR from the Franchise (Miami soccer) warrants a credit-quality flag in liquidation context — the counterparty is controlled by insiders and may not be at arm's length pricing or terms. MFFAIS OLV of -$1.98B and LLV of -$2.10B confirm that even liquid asset recovery leaves equity deeply underwater. No scenario under this lens yields positive recovery to equity.
▼ Community Notes