Andersen Group Inc (ANDG) is a professional services company that provides tax, valuation, financial advisory, and consulting services to businesses and individuals across the United States. Revenue is generated on a transactional and recurring basis, with clients billed for discrete engagements and ongoing advisory relationships. Over 70% of FY2025 revenue came from client groups with three or more years of tenure, and the ten largest client groups combined accounted for approximately 5% of revenue in FY2025, reflecting low client concentration. Andersen generated $838.7 million in revenue for the year ended December 31, 2025, up 14.6% from $731.6 million in FY2024. Adjusted EBITDA margin was 27.0% in FY2025. The firm operates with a managing-director-driven service model across a staff of over 2,300 employees in 26 offices as of the FY2025 10-K filing. CEO Mark Vorsatz and CFO Neal Livingston lead the company. Andersen completed an IPO, generating net proceeds of $188.2 million. The firm maintains relationships with over 400 Andersen Global and Andersen Consulting member and collaborating firms internationally.

Revenue model

Fee-for-service revenue from tax, valuation, financial advisory, and consulting engagements. No disclosed subscription or retainer structure. Revenue is highly recurring by client relationship: over 70% of FY2025 revenue came from client groups with more than three years of history with the firm.

Products and services

Tax services, valuation services, financial advisory, and consulting services. The firm serves both businesses and investment funds. All service lines grew revenue in FY2025 compared to FY2024, per the FY2025 10-K.

Customers and end markets

Client base spans financial services, consumer products, healthcare, hospitality, manufacturing, pharmaceutical and biotech, private equity, real estate, technology, and venture capital. Top 10 client groups represented approximately 5% of revenue in both FY2025 and FY2024. Client groups with minimum annual spend over $250,000 grew from 629 in 2024 to 687 in 2025.

Value-chain role

Professional services provider positioned between regulators and end clients. Managing directors maintain direct client relationships in a low-leverage staffing model, delivering specialized tax and advisory expertise rather than technology or capital.

Geographic exposure

Primarily United States-based operations. International expansion through Andersen Global and Andersen Consulting member and collaborating firms in over 400 firms globally. Definitive agreements signed in Q1 2026 to acquire member firms in Africa, Latin America, and Canada, with closings expected in Q2 2026.

Source: SEC 10-K, filed 2026-03-27

Industry: Services-Business Services, NEC