# Andersen Group Inc. (ANDG)

> Source: Nexqual · https://nexqual.com/ANDG · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Andersen Group Inc. (ANDG), nexqual.com/ANDG" · informational, not investment advice.

**Price:** USD 63.54 (+4.30% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 60.92 · day 60.44–64.14 · 52w 18.12–64.14 · market cap $1.18B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $842M, net income -$45.9M (-5.5% margin), free cash flow $112M (SEC filings).
- 1 of 80 tracked superinvestors hold ANDG (13F, Q2 2026): 0 new, 0 added, 0 reduced, 1 unchanged.
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $13.5M; 1 not under a Rule 10b5-1 plan ($13.5M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $85K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 2.38 on a 1–5 scale) (8 analysts), mean target USD 59.86 (range 49–70).
- Total return with dividends: 1Y +170.4% vs S&P 500 +14.9%; 5Y +160.2% vs S&P 500 +80.3%.
- Next earnings: 2026-11-12, EPS estimate USD 1.09, revenue estimate $334M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|
| Revenue | $639M | $732M | $839M | $842M |
| Operating income | $117M | $130M | -$135M | -$37.4M |
| Net income | $119M | $135M | -$2.3M | -$45.9M |
| Free cash flow | $113M | $144M | $174M | $112M |
| Operating margin | 18.3% | 17.7% | -16.1% | -4.4% |
| Net margin | 18.6% | 18.4% | -0.3% | -5.5% |
| Revenue growth | — | +14.5% | +14.6% | — |
| Cash + short-term investments | $1.5M | $2.9M | $3.4M | — |
| Total debt | — | $0K | $350M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 1.4x · EV/Sales 1.6x · P/FCF 10.5x · FCF yield 9.51% · Earnings yield -3.90% · Net debt $126M · EV $1.30B

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold ANDG. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Henry Ellenbogen | Durable Capital Partners | 0.61% | $63.0M | Unchanged |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-07-07 | Durable Capital Partners Lp |  | 336,736 | $13.5M | 20.2% | No | Too little history (no open-market trades in 2023 or 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $85K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-05-20 | Gunderson Robert V Jr | Director | 2,367 | $85K | 35.82 | Too little history (no open-market trades in 2023 or 2024) |

## Analysts
Consensus Buy (mean 2.38 on a 1–5 scale), 8 analysts; mean target USD 59.86 (low 49, high 70).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-25 | Truist Securities | Target raised | Buy | $55 → $70 |
| 2026-09-08 | BMO Capital | Initiated | Market Perform | $58 |
| 2026-08-31 | Baird | Target raised | Outperform | $57 → $64 |
| 2026-08-13 | Morgan Stanley | Target raised | Equal-Weight | $27 → $54 |
| 2026-08-13 | Wells Fargo | Target raised | Equal-Weight | $38 → $49 |
| 2026-08-13 | Truist Securities | Target raised | Buy | $42 → $55 |
| 2026-08-13 | Baird | Target raised | Outperform | $44 → $57 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-12-17) | 5Y (from 2025-12-15) |
|---|---|---|
| Total return | +170.4% | +160.2% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | — | — |
| Volatility (annualized) | 58.8% | 48.6% |
| Max drawdown | -30.6% (Dec 2025→Feb 2026) | -18.3% (Dec 2025→Feb 2026) |

## Peers (Personal Services)
CSV (Carriage Services, Inc.) USD 36.98 +3.64% · BFAM (Bright Horizons Family Solution) USD 70.94 +6.01% · FTDR (frontdoor, inc.) USD 86.03 +6.41% · HRB (H&R Block, Inc.) USD 50.08 +4.70% · SCI (Service Corporation Internation) USD 83.69 +3.12% · ROL (Rollins, Inc.) USD 35.31 +5.56%

## More
Full page: https://nexqual.com/ANDG · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in ANDG's own 10-K filed 2026-03-27 (https://www.sec.gov/Archives/edgar/data/2065708/000119312526128949/d63874d10k.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | AT Umbrella | "The Tax Receivable Agreement with the TRA Parties requires us to make cash payments to them in respect of certain tax benefits to which we may become entitled, and the CA Notes and HO Note require AT Umbrella LLC to make…" |
| Partner | Andersen Aggregator | "The Tax Receivable Agreement with the TRA Parties requires us to make cash payments to them in respect of certain tax benefits to which we may become entitled, and the CA Notes and HO Note require AT Umbrella LLC to make…" |
| Partner | If AT Umbrella | "If AT Umbrella LLC were to become a publicly traded partnership for U.S. federal income tax purposes, we and AT Umbrella LLC might be subject to potentially significant tax inefficiencies, and we would not be able to rec…" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Private Client Services | $102.5M | 47.1% | +16.9% |
| Business Tax Services | $85.4M | 39.2% | +36.9% |
| Alternative Investment Funds | $17.7M | 8.1% | +17.9% |
| Valuation Services | $12.1M | 5.6% | +10.6% |
| Total revenue | $217.7M | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| West Region | $89.4M | 41.1% | +16.5% |
| East Region | $85.1M | 39.1% | +28.5% |
| US Central Region | $37.7M | 17.3% | +14.3% |
| Non Us | $5.5M | 2.5% | — |
| Total revenue | $217.7M | 100% | — |

## Company outlook (8-K filed 2026-08-12)

- "Guidance: Revenue expected to be in the range of approximately $980 million to $1 billion, equating to a growth rate of approximately 18%."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.09 | $1.16 | -5.8% | $333.6M | 7 |
| Next quarter (ends 2026-12-31) | $-0.12 | $-0.02 | +593.9% | $201.8M | 7 |
| Current fiscal year (ends 2026-12-31) | $1.87 | $1.76 | +6.1% | $992.8M | 8 |
| Next fiscal year (ends 2027-12-31) | $2.28 | $2.19 | +4.1% | $1.17B | 8 |