Option Care Health, Inc. Liquidation Value
Cash & Equivalents
Key Metrics
Cash Liquidation Value
- Operating Lease Liability: not reported in this period (annual-only)
Liquid Liquidation Value
- Operating Lease Liability: not reported in this period (annual-only)
Operating Liquidation Value
- Operating Lease Liability: not reported in this period (annual-only)
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Liquidation Ladder
| Metric | Total | Per Share |
|---|---|---|
| Cash Liquidation Value | $-1.79B | $-11.41 |
| Liquid Liquidation Value | $-1.28B | $-8.12 |
| Operating Liquidation Value | $-859.65M | $-5.48 |
Key Components (as of 2026-03-31)
| Cash & Equivalents | $177.32M |
| Accounts Receivable | $516.44M |
| Inventory | $415.69M |
| Current Liabilities | $729.75M |
| Long-term Debt (?) | $1.15B |
| Op. Lease Liability (?) | $86.31M |
| Finance Lease (?) | N/A |
| Shares Outstanding | 157.0M |
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Historical
| Period | Cash | AR | Inventory | AP | Curr Liab | LT Debt | Op Lease | Fin Lease |
|---|---|---|---|---|---|---|---|---|
| 2026-03-31 | $177.32M | $516.44M | $415.69M | $545.02M | $729.75M | $1.15B | $86.31M | N/A |
| 2025-12-31 | $232.62M | $473.57M | $471.15M | $639.83M | $829.35M | $1.15B | $88.52M | N/A |
| 2025-09-30 | $309.82M | $474.50M | $415.72M | $627.87M | $823.91M | $1.16B | $90.89M | N/A |
| 2025-06-30 | $198.82M | $481.25M | $403.54M | $590.22M | $773.62M | $1.10B | $95.18M | N/A |
| 2025-03-31 | $171.37M | $476.65M | $369.03M | $528.85M | $713.66M | $1.10B | $89.83M | N/A |
| 2024-12-31 | $412.56M | $409.73M | $388.13M | $610.78M | $780.15M | $1.10B | $84.78M | N/A |
| 2024-09-30 | $483.03M | $428.95M | $310.60M | $591.97M | $763.22M | $1.11B | $87.88M | N/A |
| 2024-06-30 | $376.87M | $468.30M | $281.42M | $535.69M | $695.41M | $1.11B | $91.43M | N/A |
SEC Filings
| Period | Form | Filed | Link |
|---|---|---|---|
| 2026-03-31 | 10-Q | 2026-04-30 | View |
| 2025-12-31 | 10-K | 2026-02-24 | View |
| 2025-09-30 | 10-Q | 2025-10-30 | View |
| 2025-06-30 | 10-Q | 2025-07-30 | View |
| 2025-03-31 | 10-Q | 2025-04-29 | View |
| 2024-12-31 | 10-K | 2025-02-26 | View |
| 2024-09-30 | 10-Q | 2024-10-30 | View |
| 2024-06-30 | 10-Q | 2024-07-31 | View |
AI Insights
Option Care Health (OPCH) presents a deeply negative liquidation recovery posture as of March 31, 2026, consistent with its capital structure and intangible-heavy asset base. MFFAIS reports a cash liquidation value of approximately -$1.79B, liquid liquidation value of -$1.28B, and operating liquidation value of -$860M — all materially negative and unchanged in character from the prior 10-K filing (December 31, 2025).
On the asset side, the two largest non-cash balance sheet items are goodwill ($1.61B) and finite-lived intangibles net ($300M), which receive zero recovery under the liquidation lens. Together they constitute roughly 57% of total assets ($3.38B). PP&E net ($140M) applies at 50-70%, yielding at most $98M of recovery value. Inventory ($416M) at 60% recovery yields ~$249M. Accounts receivable ($516M) at 90-95% recovers ~$465-490M. Cash ($177M) recovers at par. The derivative asset (interest rate cap, $4.5M) is unlikely to realize full value in liquidation. Total gross haircutted asset recovery is estimated in the $1.0-1.1B range before liability settlement.
On the liability side, face-value obligations are substantial. Total debt principal is $1.17B ($675M First Lien Term Loan maturing 2032; $500M Senior Notes maturing 2029; revolver undrawn). Operating lease liability stands at $110M (present value) against $140M in gross undiscounted payments. Current liabilities total $730M, including $545M accounts payable and $49M accrued compensation. Total liabilities at face are $2.03B. Net result is deeply negative equity in a wind-down scenario.
The most notable development in this filing relative to the prior 10-K: on March 30, 2026, OPCH executed the Fifth Amendment to the Credit Agreement, expanding the Revolver Facility by $450M to $850M aggregate capacity (all undrawn at quarter-end, with $846M net available). This does not change the liquidation liability stack today but materially increases committed contingent debt capacity that would become a draw claim in distress. Separately, management flagged in MD&A that chronic inflammatory disease (CID) portfolio headwinds are expected to negatively impact 2026 gross profit by approximately $55M — an income-statement concern that does not directly alter the balance-sheet recovery calculation but signals deteriorating operating coverage of fixed obligations. The filing does not separately XBRL-tag the $55M CID gross profit impact estimate; it appears only in narrative MD&A.
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