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ANDG, Andersen Group Inc.
We are a leading provider of independent tax, valuation and financial advisory services to individuals and family offices, businesses and institutional clients in the United States.
Building on the rich traditions and culture of the former Arthur Andersen, we are driven by a bold vision to lead in a complex global marketplace, creating lasting value for our clients, our people and our investors.
We have strategically expanded our business to build an integrated platform of service offerings that enables us to solve our clients' most complex tax and financial challenges.
The business
What it sells, where the money comes from, the kind of company it is.
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- What it is
- Revenue is led by Private Client Services (51%) and Business Tax Services (35%), with 2 more lines behind.
- What moves the needle
- Operating margin has run about 18% through the cycle, a solid margin the cost base and competition set as much as the price does. The operating margin has swung widely — from −16% to 18% over the years — so the through-cycle figure carries more than any single year, and the worst year more than the best. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
Every line is arithmetic on the company's filings, shown in full in the sections below.
Where the money comes from
read the 10-K →Revenue spreads across 4 lines, the largest Private Client Services at 51%.
- Private Client Services51%$432M
- Business Tax Services35%$292M
- Alternative Investment Funds9%$73M
- Valuation Services5%$42M
From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.
The record
Ten years of arithmetic, read across the cycle.
The record, 2023–2025
realized figures from each filing · older years to the left| 2023’23 | 2024’24 | 2025’25 | TTMTTMMar 2026 | |
|---|---|---|---|---|
| Income statement | ||||
| $639M | $732M | $839M | $871M | RevenueRevenue |
| 18% | 18% | 21% | 22% | SG&A / revenueSG&A/rev |
| $117M | $130M | ($135M) | ($164M) | Operating incomeOp. inc. |
| 18.3% | 17.7% | −16.1% | −18.8% | Operating marginOp. mgn |
| $119M | $135M | ($2M) | ($52M) | Net incomeNet inc. |
| 2% | 2% | — | — | Effective tax rateTax rate |
| Cash flow & returns | ||||
| $118M | $152M | $185M | $170M | Operating cash flowOp. cash |
| $8M | $8M | $9M | $9M | DepreciationDeprec. |
| ($8M) | $9M | $31M | $20M | Working capital & otherWC & other |
| $5M | $9M | $10M | $13M | CapexCapex |
| 0.8% | 1.2% | 1.2% | 1.5% | Capex / revenueCapex/rev |
| $113M | $144M | $174M | $160M | Owner earningsOwner earn. |
| 17.7% | 19.6% | 20.8% | 18.4% | Owner earnings marginOE mgn |
| $113M | $144M | $174M | $157M | Free cash flowFCF |
| 17.7% | 19.6% | 20.8% | 18.0% | Free cash flow marginFCF mgn |
| — | — | $212M | $212M | Dividends paidDiv. paid |
| Balance sheet | ||||
| $2M | $88M | $250M | $207M | Cash & investmentsCash+inv |
| — | $109M | $123M | $214M | ReceivablesReceiv. |
| — | $17M | $12M | $12M | Accounts payablePayables |
| — | $92M | $111M | $202M | Operating working capitalOper. WC |
| — | $246M | $412M | $454M | Current assetsCur. assets |
| — | $94M | $196M | $192M | Current liabilitiesCur. liab. |
| — | 2.6× | 2.1× | 2.4× | Current ratioCurr. ratio |
| — | $30M | $30M | $30M | GoodwillGoodwill |
| — | $399M | $565M | $609M | Total assetsAssets |
| — | $0 | $350M | $336M | Total debtDebt |
| — | ($88M) | $100M | $130M | Net debt / (cash)Net debt |
| 846.8× | 2024.1× | -94.2× | -21.8× | Interest coverageInt. cov. |
| — | — | ($135M) | ($780M) | Shareholders’ equityEquity |
| 0.0% | 0.0% | 17.6% | 22.1% | Stock comp / revenueSBC/rev |
Owner earnings vs. net income
Owner earningsNet incomeThe accountant's number, and the cash an owner can take; the gap is the tell.
Where the cash went
ReinvestBuybacksDividendsAcquisitionsRetainedEach year's operating cash, by what management did with it: the mix, and how it drifts.
Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.
In fiscal 2025 the business turned a $2M loss into $174M of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.
| FY2025 | FY2024 | FY2023 | |
|---|---|---|---|
| Reported net income | ($2M) | $135M | $119M |
| Depreciation & amortizationnon-cash charge added back | +$9M | +$8M | +$8M |
| Stock-based compensationreal costnon-cash, but a real cost | +$147M | — | — |
| Working capital & othertiming of cash in and out, other non-cash items | +$31M | +$9M | −$8M |
| Cash from operations | $185M | $152M | $118M |
| Capital expenditurecash put back in to keep running and to grow | −$10M | −$9M | −$5M |
| Owner earnings | $174M | $144M | $113M |
| Owner-earnings marginowner earnings ÷ revenue | 21% | 20% | 18% |
Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position . The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $147M), owner earnings is nearer $27M.
Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
“We have identified material weaknesses in our internal control over financial reporting.”
The figures below are only as sound as the controls that produced them. read the note →
Will it survive?
- Can it pay its interest? -94.2×Does not cover its interestOperating income ($135M) ÷ interest expense $1M
What this means
A full year of operating profit didn't cover the interest bill. This is the zombie zone: the business depends on refinancing, asset sales, or forbearance to service its debt.
- Net debt against an operating lossCash $250M − debt $350M
What this means
Netting $250M of cash and short-term investments against $350M of debt leaves $100M owed, with no operating profit this year to measure it against — understand that combination before anything else about the company. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
- Not enough data
What this means
The filing data didn't include the inputs for this check.
Is it a good business?
- Not meaningful hereInvested capital ($35M) = debt $350M + equity ($135M) − cashIndustry peers: median -9%
What this means
Invested capital is near zero or negative, usually years of buybacks pulling equity down. ROIC explodes or flips sign and stops meaning anything. Judge this one on Owner Earnings instead.
- High through the cycle3-yr median margin, range 18%–21%; latest $174M = operating cash $185M − maintenance capex $10MIndustry peers: median 6%
What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 21% of revenue this year, a 20% median across 3 years. Treating stock comp as the real expense it is (less $147M of SBC) leaves $27M.
- Loss, but cash-generativeNet income ($2M) · cash from operations $185M
In the filing’s words The filing discloses a material weakness in its financial controls — the reported numbers here, and the record built on them, are only as reliable as the controls that produced them.
What this means
The company reported a net loss, so a conversion ratio isn't meaningful. What matters then is whether operations still threw off cash, here, they did.
How is the cash used?
- Returned more than it generatedDividends + buybacks $212M ÷ Owner Earnings $174M
What this means
The company returned more than it generated: against $174M of Owner Earnings, $212M (122%) went back to shareholders, $212M dividends, $0 buybacks — the excess came from the balance sheet or borrowing, not the year's operations. Sustained, that pattern draws down cash or adds debt; the net-debt line above shows where it stands.
- Investing or harvesting? 1.15×MaintainingCapex $10M ÷ depreciation $9M
What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.
Graham’s defensive tests · 1 of 3 met
Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.
- Adequate size MissRevenue ≥ $2B · $839M
What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
- Strong liquidity PassCurrent ratio ≥ 2× · 2.10×
What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
- Conservative debt MissDebt ≤ working capital · $350M vs $216M WC
What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
- Moderate price —P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price
What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $6.62/share (latest year $-0.18), the averaged base the calculator's gate runs on, and book value is $-10.65/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.
Does AI threaten the moat?
Elevated contestabilityThe product is software or information, the very thing capable AI now produces more cheaply, so the moat is more contestable than the record alone implies.
Its FY2025 10-K names artificial intelligence as a competitive threat.
“Rapid technological changes, including the widespread adoption of AI, could significantly impact our competitive position, client relationships and results of operations.”
The product is the kind capable AI most directly contests: when a substitute can be built cheaply, the incumbent's pricing power is the first thing at risk. The record cannot say whether the moat outlasts that; past durability is a starting point, not a promise.
Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.
All figures as filed; the source filing is linked above.
Current Position
as of the latest quarter, Mar 31, 2026Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.
- Cash & short-term investments$207M
- Receivables$214M
- Other current assets$33M
- Accounts payable$12M
- Other current liabilities$181M
From the company's latest filing.
Management, ownership & pay
read the proxy →From the proxy: how much of the business the people running it own, and how they are paid.
- Insider ownership13%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
- Stock-based compensation$147M
The slice of the business handed to employees in shares this year, 18% of revenue. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.
What an owner would ask, FY2025
read the 10-K →- Which reported numbers are a judgment call?Management names Revenue recognition, Income taxes, Credit & receivables, Acquisitions as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →
The questions the record and the charts do not answer on their own; each carries the figure and the place to look.
Peers, Commercial Services & Supplies
The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.
| Company | Revenue | Gross margin | Op. margin | ROIC | Owner earn. margin |
|---|---|---|---|---|---|
| PAYPaymentus Holdings Inc. | $1.2B | 30% | 5.1% | 13% | 7% |
| MAXMediaAlpha Inc. | $1.1B | 16% | 2.7% | -12% | 6% |
| ANDGAndersen Group Inc. | $839M | — | 17.7% | — | 20% |
| PAYOPayoneer | $813M | — | 1.2% | 27% | 13% |
| ACVAACV Auctions Inc. | $760M | — | -19.5% | -19% | 3% |
| XMTRXometry Inc. | $687M | 38% | -20.2% | -10% | -18% |
| FLYWFlywire | $623M | — | -6.6% | -9% | 8% |
| IMXIInternational Money Express Inc. | $608M | — | 14.5% | 40% | 6% |
| Group median | — | — | 1.9% | — | 6% |
The price
What a price has to assume.
What the price implies
reverse-DCFType today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Andersen Group Inc. has delivered.
—
9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.
Enter a price above to run it.
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.
Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.
Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.
Free cash flow $157M on 13M shares outstanding (a weighted basic average, the only count this filer tags); net debt $130M. The if-converted diluted count is 15M, 17% above the shares outstanding: the dilution overhang (convertibles, options) a buyer inherits. The base is the latest year by default; Normalize values it on the through-cycle median owner-earnings margin (to avoid paying on a peak year). Net of stock comp treats option pay as the expense it is. Capex ($13M) runs well above depreciation ($9M), so this is a build-out; Steady-state swaps total capex for maintenance (≈ depreciation), lifting the base to about $159M, the cash it would throw off if it stopped expanding. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.
Manual order: ← ANDE its page in the Manual ANET →
Industry order: ← AMTM the Commercial Services & Supplies chapter APG →