United Parks & Resorts Inc. (PRKS) reports a deeply negative liquidation posture as of December 31, 2025, consistent with prior periods. MFFAIS CLV of negative $2.6B, LLV of negative $2.5B, and OLV of negative $2.5B confirm the structural deficit. Under liquidation methodology: total consolidated assets are $2.62B, but the asset base is dominated by PP&E gross of $4.14B against accumulated depreciation of $2.22B, yielding net PP&E of $1.92B — recoverable at 50-70% under forced-sale assumptions, producing a PP&E liquidation value range of approximately $960M-$1.34B. Goodwill of $66M and intangibles receive zero recovery. Cash of $100M recovers at par. Accounts receivable of $77M recover at 90-95%. Inventory of $52M recovers at approximately $31M at 60%. Total asset-side liquidation recovery is estimated at approximately $1.2B-$1.55B before costs. Against this, total liabilities stand at $3.05B at face value: long-term debt gross carries at $2.25B ($2.23B non-current plus $15M current), operating lease obligations total $243M undiscounted ($115M present value), finance lease obligations total $6.4M undiscounted, deferred revenue (ContractWithCustomerLiability) of $156M would not extinguish on windup, self-insurance reserve of $88M at face, and other current liabilities including accrued expenses and deferred taxes of $258M net deferred tax liability. The liability stack substantially exceeds any credible asset recovery, producing a negative equity recovery in the range of approximately negative $1.5B to negative $1.85B — directionally consistent with the MFFAIS CLV/LLV/OLV range. Year-over-year changes: total debt gross declined from the prior period level (the $227.5M First-Priority Senior Secured Notes were fully redeemed in 2024), which modestly improved the liability stack; however, this was largely offset by $157M of additional treasury stock buybacks in 2025, bringing cumulative treasury stock to $1.99B, further deepening the stockholders' deficit to negative $436M from negative $462M (the improvement reflects 2025 net income of $168M more than offsetting buybacks). Operating Segment Adjusted EBITDA declined materially to $710M in 2025 from $804M in 2024, reflecting a $63M admissions revenue decline and higher labor costs — this does not affect the liquidation calculus directly but is relevant context for the operating lease and debt service overhang. The parent-only balance sheet (Schedule I) confirms the holding company structure: United Parks & Resorts Inc. holds no operating assets, with total parent assets of $1.2M against $437M of parent liabilities (predominantly the 'loss in excess of investment in subsidiary' line of $434M), and is fully dependent on subsidiary dividends subject to debt covenants. The debt agreements permit SEA to pay dividends only for specified purposes, which constrains upstreaming. Filing does not separately tag the self-insurance reserve split between current and noncurrent in a single XBRL concept; the $22.8M current component and implied $65.3M non-current component are disclosed in footnotes but only the aggregate $88.1M SelfInsuranceReserve tag is captured.
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