ANDG

MKT CAP:$4B

Andersen

Market Cap

$4B

Consumer Cyclical·Specialty Business Services·🇺🇸 United States·NYSE

Consumer Cyc.·Specialty·🇺🇸·NYSE

Stock Price

$35.54+$11.16 (+45.78%)

Apr 23, 2026

Company Details

Andersen is a leading provider of independent tax, valuation and financial advisory services to individuals, family offices, businesses and alternative investment funds in the United States. Andersen's differentiated approach to client serv...

CEO

Mark Lawrence Vorsatz

IPO Date

Dec 17, 2025

Website

www.andersen.com

Key Metrics TTM

Revenue

$839M

+14.6% YoY

Net Income

$63M

EPS (Diluted)

$5.75

Free Cash Flow

$213M

Revenue / Share

$76.24

Gross Margin

28.0%

Operating Margin

6.9%

Net Margin

7.6%

FCF Margin

25.4%

P/S

4.8x

P/E

63.8x

Earnings Reports

Q4 2025

Mar 27, 2026

$170M+19.6%EPS -$0.22

Q3 2025

Sep 30, 2025

$284M+14.8%EPS $10.10

Q2 2025

Jun 29, 2025

$176M+10.9%EPS -$8.73

Q1 2025

Mar 30, 2025

$208M+13.8%EPS $4.60

FY 2024

Dec 31, 2024

$732M+14.5%EPS -$2.66

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 23	$211M	$106M	$78M
Q4 23	$128M	$21M	-$12M
Q1 24	$183M	$69M	$40M
Q2 24	$159M	$44M	$5M
Q3 24	$248M	$129M	$98M
Q4 24	$142M	$20M	-$13M
Q1 25	$208M	$88M	$53M
Q2 25	$176M	-$51M	-$105M
Q3 25	$284M	$158M	$117M
Q4 25	$170M	$40M	-$7M

Valuation

Quarter	P/S	P/E
Q3 23	—	—
Q4 23	—	—
Q1 24	—	—
Q2 24	0.4x	2.5x
Q3 24	0.4x	2.2x
Q4 24	0.4x	2.2x
Q1 25	0.4x	2.0x
Q2 25	0.4x	6.8x
Q3 25	0.4x	5.2x
Q4 25	0.3x	4.3x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 24	$47M	$46M
Q4 24	$53M	$52M
Q3 25	$40M	$38M
Q4 25	$83M	$77M

Capital Expenditures

Quarter	CapEx
Q3 24	$694.0K
Q4 24	$1M
Q3 25	$2M
Q4 25	$6M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 24	+17.3%	+12.9%
Q4 24	+11.1%	+10.9%
Q1 25	+13.8%	+8.9%
Q2 25	+10.9%	+82.4%
Q3 25	+14.8%	+11.3%
Q4 25	+19.6%	+14.2%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 24	$0	0.0%
Q4 24	$0	0.0%
Q3 25	$7M	2.4%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	SG&A
Q3 23	$28M
Q4 23	$33M
Q1 24	$28M
Q2 24	$40M
Q3 24	$29M
Q4 24	$49M
Q1 25	$35M
Q2 25	$54M
Q3 25	$51M

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 23	$72M	$19M	$90M
Q4 24	$88M	$22M	$110M
Q2 25	$79M	$9M	$88M
Q3 25	$168M	$9M	$177M
Q4 25	$250M	$8M	$258M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 23	11M	—	—
Q4 23	11M	0.0%	—
Q1 24	11M	0.0%	—
Q2 24	11M	0.0%	—
Q3 24	11M	0.0%	0.0%
Q4 24	11M	0.0%	0.0%
Q1 25	11M	0.0%	0.0%
Q2 25	11M	0.0%	0.0%
Q3 25	11M	0.0%	0.0%
Q4 25	11M	0.0%	0.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 23	—	—
Q4 23	—	—
Q1 24	—	—
Q2 24	—	—
Q3 24	—	—
Q4 24	—	—
Q1 25	—	—
Q2 25	—	—
Q3 25	—	—
Q4 25	$74.1K	2K

Revenue / Employee