Andersen Group Inc

andersen.com

What Do They Do?

Provides tax and financial advice to individuals and families on wealth and estate matters, alongside tax, investment-fund and valuation advisory services for businesses and institutional clients.

How Do They Make Money?

Clients are generally billed hourly for tax, valuation, financial advisory and consulting work; most fees track time worked, with some fixed or success-based fees. Invoices come periodically or at project milestones; success-based fees are charged when targets are met or cash is collected.

revenue

Segment	Share	How money arrives
Private Client Services Usage-based	51%	Usage-based
Business Tax Services Usage-based	35%	Usage-based
Alternative Investment Funds Usage-based	8.7%	Usage-based
Valuation Services Usage-based	5.0%	Usage-based

Who Are Their Customers?

Individuals and families, businesses, and institutional clients buy services through Managing Directors' direct sales, with additional work coming through client, professional and Andersen Global referrals.

Do Revenues Turn Into Profits?

Not on paper. It lost $2.3M in FY2025, but brought in more cash than it spent: $174.3M of free cash flow.

Operating income, FY2025

−16% of revenue

▼ Now a loss vs FY2024 ($129.5M, 18%)

Net income, FY2025

0% of revenue

▼ Now a loss vs FY2024 ($134.8M, 18%)

Free cash flow, FY2025

21% of revenue

▲ +21% vs FY2024 ($143.7M, 20%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +24%; vs $176M in Q2 FY2025
Net income

Private Client Services share of revenue vs 49.8% in Q2 FY2025

Aug 12, 2026 Reaffirmed full-year guidance and reported acquisitions Revenue was expected at $980 million to $1 billion, with adjusted EBITDA at $225 million to $250 million; acquisitions also closed and further deals were planned.
May 12, 2026 Updated full-year guidance and reported acquisitions Projected revenue of $980 million to $1 billion, including $55 million from acquisitions; also reported completed acquisitions and further agreements.

Growing. Revenue grew 31% in 2 years, from $639.1M in FY2023 to $838.7M in FY2025, about 15% a year.

Revenue over time

Private Client Services Business Tax Services Alternative Investment Funds Valuation Services

$1B$500M$0

FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Deloitte & Touche, Ernst & Young, KPMG, PricewaterhouseCoopers, Grant Thornton Advisors, and RSM US

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