Saia Inc. (SAIA) presents a balance sheet as of March 31, 2026 with total assets of $3.56B and book equity of $2.63B. Under the liquidation lens, the recovery posture is materially negative once asset haircuts are applied and all obligations are held at face value. MFFAIS reports a cash liquidation value of approximately -$410M, consistent with the arithmetic: PP&E gross of $4.30B haircut to 50-70% yields roughly $2.15B-$3.01B, against accumulated depreciation already embedded in the net PP&E figure of $2.85B; after applying a 50-70% haircut to gross PP&E and netting accumulated depreciation, liquidation-adjusted PP&E recovers meaningfully less than book value. AR of $377M recovers at ~90-95% (~$339M-$358M). Cash of $39M recovers at par. Intangibles/goodwill of $15M recover at zero. Operating lease ROU assets of $158M recover at zero (leases are liabilities on windup). Against this, the liability stack includes: current liabilities of $328M (including $70M employee benefits, $47M accrued insurance, $29M current operating lease), long-term debt and finance leases of $112M, deferred tax liabilities of $294M, operating lease liabilities noncurrent of $120M, and other noncurrent liabilities of $609M—the last item being the largest single balance-sheet risk outside of PP&E and deserving scrutiny. The $609M 'OtherLiabilitiesNoncurrent' is discussed in MD&A in the context of claims and insurance accruals ($111M per MD&A) and other items, but the filing does not separately break out all components in XBRL. The total face-value liability stack exceeds recoverable asset value under liquidation assumptions, producing a negative equity recovery. Compared to the prior filing (10-K, December 31, 2025), this quarter reflects: revolving credit facility drawdown reduced from $63M to $12M (net paydown of $51M in Q1 2026), a meaningful improvement in leverage; PP&E gross continued to accumulate from ongoing capex (Q1 2026 net capex $63.7M vs. $202M in Q1 2025, a significant deceleration); and operating lease liabilities are stable. No new long-term debt instruments were added. The $100M Private Shelf notes at 6.09% mature May 2029 and remain outstanding unchanged. No impairment charges or restructuring events occurred. The 2026 capital budget of $350M-$400M, of which ~$141M was committed as of March 31, carries embedded PP&E growth that will deepen the liquidation deficit as additional gross PP&E accumulates ahead of depreciation. The filing discusses $111M in claims and insurance liabilities in MD&A but does not separately tag this as a distinct XBRL element distinct from OtherLiabilitiesCurrent or OtherLiabilitiesNoncurrent.
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