Andersen Group Inc. (ANDG)

Price$53.19Cached quoteAs of 2026-09-10 23:14 UTC

AI: Overvalued

Price checkThe shares look expensive because strong growth is already priced into a demanding cash-flow multiple.

Using the latest close and roughly 112.9 million economic share equivalents, Andersen is valued near $6.4 billion. Adding about $239 million of net debt gives a total business value near $6.7 billion, or about 7.3 times trailing revenue. Trailing free cash flow, meaning cash left after operations and capital spending, is about $168 million, putting the equity near 38 times that cash flow. Even management-adjusted trailing net income implies about 27 times earnings. Those levels support an Overvalued verdict.

Big pictureRevenue is growing quickly, but cash generation has improved much less than reported adjusted profit.

Revenue rose 23.7% in the second quarter and 19.4% in the first half, but first-half operating cash flow rose only 6.4% to $65.8 million. Using the supplied history, trailing operating cash flow is about $189 million and cash left after capital spending is about $168 million. Andersen's tax-heavy business is seasonal, with workload strongest around filing deadlines, so quarterly results can swing. Adjusted net income reached $240.6 million over the last twelve months, but that measure excludes large equity-compensation charges.

Business strengthClient growth and acquisition momentum are real, but leverage and equity compensation weaken owner economics.

Client groups reached 13,500 from 11,300 a year earlier, and every service line grew. The supplied balance-sheet data, however, shows $175.6 million of cash against about $414.4 million of debt, leaving roughly $239 million of net debt. First-half stock compensation was $93.9 million, while the filing shows another $618.7 million of unrecognized compensation tied to Class X units. Acquisitions can add scale, but employee awards and stock-based deal consideration can dilute owners even when reported cash flow remains positive.

What could change the storySustained growth with cleaner cash conversion could justify more, while stalled integration would expose the valuation.

To make today's valuation look reasonable, Andersen likely needs years of high-teen revenue growth, successful acquisition integration, and much better conversion of profit into owner cash. A strong bull case would be free cash flow climbing above roughly $300 million while equity compensation falls as a share of revenue; that would reduce the price paid for each dollar of cash flow toward the low twenties. The bear case is growth slowing while dilution, acquisition spending, tax-related distributions, and debt service keep free cash flow near today's level.

AI: News

Second-quarter growthSecond-quarter sales jumped, guidance held, and adjusted profitability improved despite another reported net loss.

On August 12, Andersen reported second-quarter revenue of $217.7 million, up 23.7%, and six-month revenue of $458.4 million, up 19.4%. Adjusted net income rose 38.8% in the quarter, while the reported quarter still showed a net loss because of equity compensation. Management reaffirmed full-year revenue of roughly $980 million to $1 billion and adjusted operating profit before interest, taxes, depreciation and amortization of $225 million to $250 million. Shares gained about 3% that session.

Secondary share saleA large insider secondary sale increased public supply without giving Andersen new cash for growth.

From August 17 through August 21, selling holders marketed and completed 4.93 million Class A shares, including the underwriters' full option. Andersen itself sold no shares and received no proceeds, so the event changed public supply rather than funding the business. The stock fell roughly 8% over the first two sessions after launch, then rebounded nearly 12% after pricing. The timing is consistent with offering-related pressure and relief, but it does not prove those moves were caused solely by the deal.

Acquisition expansionEight announced deals expanded consulting and international reach, adding meaningful revenue but increasing integration demands.

On August 10 and 11, Andersen announced eight planned acquisitions across Mexico, the United States and the United Kingdom. Those deals were expected to add about $94.5 million of annualized revenue; management said 16 acquisitions announced during 2026 represented about $134 million in annualized revenue. This supports the growth case, especially in consulting and international tax, but also raises execution and funding demands. Because earnings arrived immediately afterward, any short-term stock reaction cannot be cleanly attributed to the acquisitions alone.

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Revenue

2023

2024

2025

Net income

2023

2024

2025

Free cash flow

2023

2024

2025

Total cash / debt

CashTotal debt

2023

2024

2025

Financial statements

	2025	2024	2023
Revenue	$838.7M	$731.6M	$639.1M
Gross profit	$243.6M	$269.8M	$239.2M
Gross margin	29.05%	36.88%	37.43%
Operating expenses	$974.0M	$602.0M	$522.3M
Operating income	−$135.3M	$129.5M	$116.9M
Operating margin	−16.13%	17.71%	18.28%
EBITDA	−$126.3M	$137.9M	$124.5M
EBITDA margin	−15.06%	18.85%	19.49%
Net income	−$2.3M	$134.8M	$118.7M
Net profit margin	−0.28%	18.43%	18.57%
Basic EPSper basic share	-$0.18	$12.25	$10.79
Diluted EPSper diluted share	-$0.22	$12.25	$10.79

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

16.07%of listed shares

BROWN ADVISORY INC2.17M shares · Jun 30, 2026

View holders

Top 20 reported holders of ANDG
Holder	% owned
BROWN ADVISORY INC	16.07%2.17M shares
Durable Capital Partners LP	12.40%1.67M shares
JPMORGAN CHASE & CO	10.49%1.41M shares
ROYCE & ASSOCIATES LP	8.44%1.14M shares
FRANKLIN RESOURCES INC	6.71%904.54K shares
BAMCO INC /NY/	6.69%901.87K shares
KAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT LLC	6.67%898.63K shares
J. Goldman & Co LP	5.94%800.61K shares
Driehaus Capital Management LLC	4.17%562.11K shares
VANGUARD CAPITAL MANAGEMENT LLC	3.80%511.83K shares
Telemark Asset Management, LLC	3.71%500K shares
SEVEN GRAND MANAGERS, LLC	3.71%500K shares
CITADEL ADVISORS LLC	2.93%394.87K shares
UBS Group AG	2.30%310.07K shares
Russell Investments Group, Ltd.	1.78%239.92K shares
TWO SIGMA INVESTMENTS, LP	1.77%238.97K shares
BlackRock, Inc.	1.68%226.2K shares
Azora Capital LP	1.66%223K shares
ArrowMark Colorado Holdings LLC	1.63%219.37K shares
Ghisallo Capital Management LLC	1.48%200K shares

Percentages use 13.47M shares of this listed class outstanding on Jun 30, 2026.

Reported positions exceed 100% in total, so the circle shows the selected holder only.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys7$8.19M disclosed value

Sells (SEC code S)0$0.00 disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
May 20, 2026Form 4	Gunderson Robert V JRDirector	BuyClass A Common Stock	2.4K	$35.82	$84.8K	15.0K
Dec 18, 2025Form 4	OLSON RONALD LDirector	BuyClass A Common Stock	7.9K	$16.00	$126.3K	7.9K
Dec 18, 2025Form 4	JOYCE JOHN RDirector	BuyClass A Common Stock	10.4K	$16.00	$166.8K	10.4K
Dec 18, 2025Form 4	Gunderson Robert V JRDirector	BuyClass A Common Stock	12.6K	$16.00	$202.1K	12.6K
Dec 18, 2025Form 4	Nicolai JohnDirector	BuyClass A Common Stock	9.5K	$16.00	$151.6K	9.5K

Review ownership filings at SEC.gov ↗

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Andersen Group Inc. (ANDG)

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