Detailed financial statements for Andersen (ANDG): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Andersen is a prominent firm specializing in independent tax, valuation, and financial advisory services, primarily serving individuals, family offices, businesses, and alternative investment funds across the United States. The company distinguishes itself through a client-centric philosophy, deeply rooted in core values that champion stewardship, transparency, and the consistent provision of objective, high-quality service.
Analysis Summary
Trailing-twelve-month margins: gross margin 34.7%, operating margin 14.3%, net margin 4.7%.
At the current price of $56.00, ANDG trades at a P/E of 5.29 and an ROE of -19.22%. Market capitalisation stands at $6.3B.
Balance sheet quality for ANDG: current ratio of 2.1, net debt of $202.0M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2023 | 2024 | 2025 |
|---|
| Revenue | $639.1M | $731.6M | $838.7M |
| Cost of Revenue | $407.6M | $470.1M | $604.1M |
| Gross Profit | $231.5M | $261.5M | $234.6M |
| Research & Development | 0 | 0 | 0 |
| Selling, General & Admin | $114.7M | $146.0M | 0 |
| Operating Expenses | $114.7M | $131.9M | $176.7M |
| Operating Income | $116.9M | $129.5M | $57.9M |
| EBITDA | $128.8M | $145.6M | -$116.7M |
| Interest Expense | $138,000 | $64,000 | $1.4M |
| Pre-tax Income | $120.9M | $137.2M | -$127.2M |
| Income Tax | $2.3M | $2.4M | $3.0M |
| Net Income | $118.7M | $134.8M | -$2.3M |
| EPS | $10.79 | $12.25 | $-0.18 |
| EPS (Diluted) | $10.79 | $12.25 | $-0.18 |
| Shares Outstanding (Diluted) | $11.0M | $11.0M | $11.0M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | $284.3M | $170.3M | $240.7M | $217.7M |
| Gross Profit | $44.8M | $158.0M | $72.1M | $41.6M |
| Operating Income | -$9.5M | $119.9M | $28.1M | -$8.0M |
| EBITDA | -$5.1M | -$67.7M | $29.1M | -$5.5M |
| Net Income | $35.8M | $7.3M | $494,000 | -$1.0M |
| EPS | $10.10 | $0.67 | $0.04 | $-0.08 |
| EPS (Diluted) | $10.10 | $0.67 | $0.04 | $-0.08 |
Balance Sheet (10y)
| Year | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $71.7M | $88.0M | $250.3M |
| Short-term Investments | $18.6M | $22.5M | $8.2M |
| Receivables | $113.2M | $121.1M | $123.9M |
| Inventory | 0 | 0 | 0 |
| Total Current Assets | $217.3M | $246.4M | $412.0M |
| Property, Plant & Equipment | $112.2M | $109.7M | $117.8M |
| Goodwill | $30.1M | $30.1M | $30.1M |
| Intangible Assets | $2.4M | $2.3M | $2.5M |
| Total Assets | $369.5M | $398.8M | $565.1M |
| Accounts Payable | $10.5M | $7.5M | $12.0M |
| Short-term Debt | $14.9M | $17.2M | $66.3M |
| Total Current Liabilities | $74.6M | $94.4M | $195.8M |
| Long-term Debt | 0 | 0 | $287.7M |
| Total Liabilities | $192.0M | $202.5M | $593.5M |
| Retained Earnings | $170.7M | $189.5M | -$134.7M |
| Total Equity | $177.5M | $196.2M | -$134.7M |
| Total Debt | $111.1M | $108.1M | $460.5M |
| Net Debt | $20.7M | -$2.4M | $202.0M |
| Working Capital | $142.6M | $151.9M | $216.2M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $167.7M | $250.3M | $206.8M | $175.6M |
| Total Assets | $563.1M | $565.1M | $608.6M | $571.5M |
| Total Liabilities | $610.8M | $593.5M | $579.9M | $540.0M |
| Total Equity | -$4.8M | -$134.7M | $28.7M | -$775.3M |
| Total Debt | $461.5M | $460.5M | $448.7M | $414.4M |
Cash Flow (10y)
| Year | 2023 | 2024 | 2025 |
|---|
| Net Income | $118.7M | $134.8M | -$130.2M |
| Depreciation & Amortization | $7.7M | $8.3M | $9.0M |
| Stock-based Compensation | 0 | 0 | $147.4M |
| Change in Working Capital | -$20.0M | -$5.3M | -$38.6M |
| Operating Cash Flow | $118.1M | $152.3M | $184.6M |
| Capital Expenditure | -$4.9M | -$8.6M | -$11.1M |
| Acquisitions | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 |
| Dividends Paid | -$90.3M | -$116.0M | -$212.2M |
| Free Cash Flow | $113.2M | $143.7M | $173.6M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | $40.0M | $82.7M | -$3.9M | $69.7M |
| Capital Expenditure | -$2.0M | -$5.9M | -$3.9M | -$9.1M |
| Free Cash Flow | $38.1M | $76.9M | -$7.8M | $60.6M |
| Dividends Paid | -$48.3M | -$81.8M | -$24.4M | -$59.2M |
| Stock-based Compensation | $6.9M | $10.9M | $45.6M | $48.3M |
Growth & Margins (10y)
| Year | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | +14.5% | +14.6% |
| Net Income Growth (YoY) | | +13.6% | -101.7% |
| EPS Growth (YoY) | | +13.5% | -101.5% |
| Shares Change (YoY) | | +0.0% | +0.0% |
| FCF Growth (YoY) | | +27.0% | +20.8% |
| Gross Margin | 36.2% | 35.7% | 28.0% |
| Operating Margin | 18.3% | 17.7% | 6.9% |
| EBITDA Margin | 20.1% | 19.9% | -13.9% |
| Net Margin | 18.6% | 18.4% | -0.3% |
| FCF Margin | 17.7% | 19.6% | 20.7% |
| Effective Tax Rate | 1.9% | 1.7% | -2.4% |
Per-Share Data (10y)
| Year | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $10.29 | $13.06 | $15.78 |
| Dividends Per Share | $8.21 | $10.55 | $19.29 |
| Shares Outstanding (Basic) | $11.0M | $11.0M | $11.0M |
What to look at in Consumer Cyclical companies
- 5y avg operating margin (Cycle average) — Look at the cycle average, not the current year (peak or trough).
- Inventory turnover (>=4x/year) — Healthy retail rotates inventory fast. A drop signals weak demand.
- 5y avg ROIC (>=12%) — Cyclicals with avg ROIC >12% are structural winners.
- Net debt / EBITDA (peak) (<3x trough) — In cyclicals debt kills in recessions.
- Current Ratio (>1.5x) — Survives 12-18 months without operating cash.
- Altman Z-Score (>2.99 safe) — Bankruptcy model — key in cyclicals sensitive to recessions.
Profitability
| Return on Equity | -19.22% |
| Return on Invested Capital | 28.93% |
| Return on Assets | 7.45% |
| Gross Margin | 34.66% |
| Operating Margin | 14.30% |
| Net Margin | 4.66% |
Financial Health
| Debt / Equity | -0.53 |
| Current Ratio | 2.19 |
| Piotroski F-Score | 3 |
| Altman Z-Score | 2.24 |
Key Ratios (10y)
| Year | 2023 | 2024 | 2025 |
|---|
| P/E | 2.18 | 1.92 | -144.06 |
| P/B | 1.46 | 1.32 | -2.12 |
| P/S | 0.40 | 0.35 | 0.34 |
| Gross Margin | 36.2% | 35.7% | 28.0% |
| Operating Margin | 18.3% | 17.7% | 6.9% |
| Net Margin | 18.6% | 18.4% | -0.3% |