Chegg liquidation value

Chegg, Inc (CHGG)
By@hypertonx
Assumptions as of 2026-09-30
USD
Updated Sep 30, 2026 · Revised 7 times
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Chegg liquidation value

Conservative balance-sheet recovery model for CHGG after the Q2 2026 update. The model gives no credit to a turnaround multiple, content IP, or employability-platform upside. It values the equity as June cash and investments pro forma for final convertible repayment, plus a discounted recovery on non-cash tangible book, less a wind-down reserve.

as of 2026-09-30

Liquidation value per share
$0.31
Upside/downside
-57.5%
Liquidation equity value ($M)
$34.9
Pro forma net cash after debt payoff ($M)
$38.5
Non-cash tangible recovery ($M)
$11.4
Net tangible book value ($M)
$114.7
NTBV per share
$1.03
Market cap / liquidation value
2.4
Q3 guided sequential revenue change
-16.1%

Balance sheet

38.45$M
0.00$M

Capitalization

111.00M

Liquidation

76.20$M
15.0%
15.00$M

Market

$0.74
Latest CHGG quote · updated Oct 7, 2026 2:00 PM MDT

Sources

  1. September 30 Modeledge reference CHGG price $0.7257, refreshed 2026-09-30T15:27:34.723348-06:00. This quote refresh changes market-relative outputs; any intrinsic effects are separately explained. For USAU only, the existing financing-price formula mechanically links valuation to price. (accessed 2026-09-30)
  2. September 30 activity feed links investor-update transcript 74449e6b737508f0447c61fc57e45ca3 to Chegg, but its full text is a Powerlaw/PWRL call, with Mike Dinsdale/Ben Black and private-investment NAV/distribution discussion. Exclude it from Chegg valuation; it is an issuer-association data error, not a Chegg cash distribution or business update. Preserve the existing liquidation model and $0.314274 value, while refreshing reference price. — modeledge.ai (accessed 2026-09-30)
  3. Q2 2026 materials reported $51.8M of revenue, $9.1M of adjusted EBITDA, Q3 revenue guidance of $43M-$44M, Q3 adjusted EBITDA guidance of $1M-$2M, and June net cash of about $38.5M. — storage.googleapis.com (accessed 2026-08-12)
  4. Chegg's Q2 2026 Form 10-Q supports the June 30 balance-sheet basis used for tangible book, cash and investments, remaining convertible notes, equity, and intangible assets. — sec.gov (accessed 2026-08-12)
  5. The Q2 2026 call discussed the employability pivot, cash generation, planned Q3 convertible-debt repayment, and the continued revenue pressure that motivates a liquidation-value approach. — investor.chegg.com (accessed 2026-08-12)
  6. Chegg confirmed September 1 repayment of its remaining approximately $33.9M convertible notes and no outstanding debt. June cash/investments pro forma for repayment were approximately $38M. Reduce both cash and debt, not debt alone. — sec.gov (accessed 2026-09-08)

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