Nucor Corp Liquidation Value
Cash & Equivalents
Key Metrics
Cash Liquidation Value
- Finance Lease Liability: not reported in this period (annual-only)
- Long-Term Debt: not reported in this period (annual-only)
Liquid Liquidation Value
- Finance Lease Liability: not reported in this period (annual-only)
- Long-Term Debt: not reported in this period (annual-only)
Operating Liquidation Value
- Finance Lease Liability: not reported in this period (annual-only)
- Long-Term Debt: not reported in this period (annual-only)
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Liquidation Ladder
| Metric | Total | Per Share |
|---|---|---|
| Cash Liquidation Value | $-8.71B | $-38.03 |
| Liquid Liquidation Value | $-5.14B | $-22.45 |
| Operating Liquidation Value | $506.00M | $2.21 |
Key Components (as of 2026-04-04)
| Cash & Equivalents | $2.23B |
| Accounts Receivable | $3.57B |
| Inventory | $5.64B |
| Current Liabilities | $4.17B |
| Long-term Debt (?) | $6.76B |
| Op. Lease Liability (?) | N/A |
| Finance Lease (?) (bundled) | N/A |
| Shares Outstanding | 228.9M |
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Historical
| Period | Cash | AR | Inventory | AP | Curr Liab | LT Debt | Op Lease | Fin Lease |
|---|---|---|---|---|---|---|---|---|
| 2026-04-04 | $2.23B | $3.57B | $5.64B | $2.11B | $4.17B | $6.76B | N/A | N/A |
| 2025-12-31 | $2.26B | $3.10B | $5.46B | $1.89B | $4.00B | $6.82B | $102.00M | $234.00M |
| 2025-10-04 | $2.22B | $3.29B | $5.39B | $2.15B | $4.26B | $6.66B | N/A | N/A |
| 2025-07-05 | $1.95B | $3.39B | $5.46B | $2.18B | $4.15B | $6.66B | N/A | N/A |
| 2025-04-05 | $3.16B | $2.96B | $5.26B | $2.27B | $5.06B | $5.66B | N/A | N/A |
| 2024-12-31 | $3.56B | $2.67B | $5.11B | $1.83B | $4.98B | $4.64B | $93.00M | $174.00M |
| 2024-09-28 | $4.26B | $2.95B | $5.13B | $1.90B | $5.22B | $4.64B | N/A | N/A |
| 2024-06-29 | $4.64B | $3.11B | $5.26B | $1.74B | $4.87B | $4.57B | N/A | N/A |
SEC Filings
| Period | Form | Filed | Link |
|---|---|---|---|
| 2026-04-04 | 10-Q | 2026-05-13 | View |
| 2025-12-31 | 10-K | 2026-02-25 | View |
| 2025-10-04 | 10-Q | 2025-11-12 | View |
| 2025-07-05 | 10-Q | 2025-08-13 | View |
| 2025-04-05 | 10-Q | 2025-05-14 | View |
| 2024-12-31 | 10-K | 2025-02-27 | View |
| 2024-09-28 | 10-Q | 2024-11-06 | View |
| 2024-06-29 | 10-Q | 2024-08-07 | View |
AI Insights
Nucor Corp (NUE) 10-Q for the quarter ended April 4, 2026 presents a going concern with strongly positive operating performance but a negative liquidation recovery posture consistent with a capital-intensive industrial manufacturer. MFFAIS estimates cash liquidation value at -$8.67B, liquid liquidation value at -$5.56B, and operating liquidation value at -$98M, reflecting the standard asymmetry: liability stack carried at face value while PP&E, inventory, and intangibles receive haircuts in a hypothetical wind-down scenario. The prior filing (10-K, year-end December 31, 2025) serves as the comparison baseline; the 10-Q does not present a full balance sheet in the truncated filing body provided, but MD&A and liquidity disclosures allow partial reconstruction.
On the asset side, liquidity position as of April 4, 2026 was $2.48B in total cash and short-term investments, down from $2.70B at December 31, 2025, with approximately $730M held at majority-owned joint ventures (NYS, CSI, NJSM) versus $931M at year-end. Cash is the highest-recovery asset class (100% haircut-free), and the sequential decline is modest but directionally negative. Accounts receivable built materially in Q1 2026, consuming $463M of cash from operations (versus $291M in Q1 2025), consistent with the 21% revenue increase to $9.50B; at a 90-95% recovery haircut, AR is a reasonably liquid asset but the absolute size has grown. Inventory in a steel producer (raw scrap, semi-finished, finished steel) recovers at approximately 60% under distress; the filing does not separately disclose ending inventory in the excerpt provided.
On the liability side, long-term debt remains the primary drag. The funded debt to total capital ratio stood at 24.0% as of April 4, 2026, within the revolving credit facility covenant ceiling of 60%. The $2.25B revolving credit facility (amended March 11, 2025, maturity March 11, 2030) had zero drawn. In Q1 2025, Nucor issued $1.0B in new notes (4.650% due 2030 and 5.100% due 2035) to refinance two tranches of 2025 maturities; no comparable issuance occurred in Q1 2026. Interest expense fell to $39M from $51M QoQ, primarily due to increased capitalized interest associated with the West Virginia sheet mill under construction, not debt reduction. Capital expenditures remain elevated at $661M in Q1 2026 ($2.50B guided for full year 2026 versus $3.42B in 2025), building PP&E that recovers at 50-70% under a liquidation scenario. Contract liabilities (deferred revenue) totaled $247M at April 4, 2026 versus $243M at December 31, 2025 — stable and minor.
The filing discusses $15M of asset impairment charges in the raw materials segment in Q1 2026 (versus $29M in Q1 2025), and pre-operating/start-up costs of $108M in Q1 2026 (versus $170M in Q1 2025 during plate mill commissioning). These costs are expensed and do not directly affect the balance sheet, but the ongoing construction programs add to PP&E subject to haircut in liquidation. Goodwill and intangibles are zeroed under the liquidation lens. The filing does not separately tag balance sheet line items in the TAG_CONTEXT, so granular XBRL-level analysis of individual balance sheet items cannot be performed from this filing excerpt. Key liquidation-relevant tags including PropertyPlantAndEquipmentNet, Goodwill, InventoryNet, LongTermDebt, and OperatingLeaseLiability are absent from the TAG_CONTEXT provided, and therefore cannot be flagged in tag_insights.
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