Andersen is a prominent firm specializing in independent tax, valuation, and financial advisory services, primarily serving individuals, family offices, businesses, and alternative ...
Andersen Group Inc. (NYSE: ANDG) is a prominent firm specializing in independent tax, valuation, and financial advisory services. The company primarily serves individuals, family offices, businesses, and alternative investment funds across the United States. Andersen distinguishes itself through a client-centric philosophy rooted in stewardship, transparency, and delivering objective, high-quality service. ...Andersen Group Inc. (NYSE: ANDG) is a prominent firm specializing in independent tax, valuation, and financial advisory services. The company primarily serves individuals, family offices, businesses, and alternative investment funds across the United States. Andersen distinguishes itself through a client-centric philosophy rooted in stewardship, transparency, and delivering objective, high-quality service. On a global scale, Andersen's footprint reaches over 180 countries via a network of member and collaborating firms, offering tax, legal, valuation, and consulting solutions from more than 1,000 locations, supported by over 3,000 partners and 50,000 professionals globally (though the parent company itself has around 2,300 employees as per financial data). The company operates as a subsidiary of Andersen Aggregator LLC. Financially, as of the latest TTM, the company has a market cap of ~$5.59 billion, revenue per share of $68.88, and a price-to-sales ratio of 6.41. However, it reports negative net income per share (-$4.14) and negative margins, indicating recent unprofitability. The company has a high debt-to-equity ratio of 15.64, but a current ratio of 2.36, implying good short-term liquidity. Its enterprise value is $5.83 billion. The company recently IPO'd in December 2025. Leadership includes CEO Mark Vorsatz, who co-founded Andersen in 2002. The company aims to expand its global consulting practice, integrating business strategy, digital transformation, and AI-driven solutions. Future prospects include leveraging its global network to drive growth and improve profitability. Despite current losses, the firm's strong revenue and cash flow generation (operating cash flow per share of $13.40) suggest a solid operational foundation. The company prioritizes innovation and client service, aiming to become a leader in the professional services industry.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$838.7M
+14.6%
-9.6%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$-2.3M
-101.7%
-304.0%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
+28.0%
-21.7%
-36.2%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
+6.9%
-61.0%
-131.4%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
-0.3%
-101.5%
-325.7%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$173.6M
+20.8%
+880.6%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
+20.7%
+5.3%
+963.4%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
-341.8%
-720.6%
-103.4%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
2.10x
-19.3%
-7.3%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
Operator: Greetings, and welcome to the Andersen Group Q2 2026 Earnings Conference Call. [Operator Instructions] Please note, this conference is being recorded. I would now like to turn the conference over to Greg Vistica, Managing Director, Investor Relations. Please proceed.
Gregory Vistica: Thank you, Latonya, and welcome, everyone, and thank you all for joining the Andersen call to discuss our second quarter earnings. I'm Greg Vistica, Head of Investor Relations. And joining us today are Mark Vorsatz, our Chairman and CEO; Neal Livingston, Chief Financial Officer; Bill Deckelman, Chief Legal Officer. With that, Bill, I'll turn it over to you to read our disclaimer.
William Deckelman: Okay. Thank you, Greg. Before we begin, please note that certain statements made on this call are forward-looking statements within the meaning of federal securities laws. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied. These risks and uncertainties are described in our earnings release and SEC filings, including our 10-Q for our second quarter of 2026. Except as required by law, we undertake no obligation to update any forward-looking statements. We will also reference certain non-GAAP financial measures today. Reconciliations to the most directly comparable GAAP measures are included in our earnings release and will be available on our website. Now Mark, I will turn the call over to you.
Mark Vorsatz: Thanks, Bill. I'm going to cover 3 things. I'm going to talk briefly. I'll highlight an overview of the financial information that was already distributed. I'm going to comment on a few key financial factors that are probably not included in that information, but I think will be important to you in terms of evaluating our company. And the third thing I'm going to talk about is our transactional strategy. I first want to thank our partners and our people. I think we had a very solid second quarter. I also want to thank our Board for all the support that they've given and also those investors that have taken this journey with us, along with the analysts who have given me a lot of good personal input for which I'm extremely appreciative. So we had indicated in the call we had on May that we gave guidance for the second quarter, a 13% increase in revenue, with a range of $190 million to $205 million. We came in at about $217.7 million. So that's an increase of 23.7%. Of particular relevance is our organic growth rate was about 20.5%. I went back -- I have all of our financials for the last 24 years, and I went back and looked at each quarter. And I stopped at about year 7 or 8 earlier. This is the best second quarter we've had in terms of percentage growth, which considering the size that we're getting in terms of revenue is particularly relevant. On the adjusted EBITDA side, we came in for the second quarter, a little under $46 million versus about $30 million for 2025. So …