ANDG on NYSE
Andersen Group Inc.
American business services company based in San Francisco1
In its 2026 annual report the company says: “We are a leading provider of independent tax, valuation and financial advisory services to individuals and family offices, businesses and institutional clients in the United States. We have strategically expanded our business to build an integrated platform of service offerings that enables us to solve our clients’ most complex tax and financial challenges.”5 Its shares trade on NYSE under the symbol ANDG.1
$59.34 up 2.05 (3.58%)Price as of Oct 15, 2026 at 17:33 UTC
Last updated Oct 21, 2026.
Overview
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- TickerANDG on NYSE1
- IndustryServices-Business Services, NEC1
- HeadquartersSan Francisco, California1
- Incorporated inDE4
- Business address333 Bush St Ste 1700, San Francisco, Ca 941044
- Filer category, Emerging growth company4
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Our mission is to deliver exceptional client service grounded in integrity, transparency, and excellence. Since our founding in 2002, we have experienced rapid and sustained growth, powered by our people, our values and our relentless commitment to innovative, client-focused solutions. Building on the rich traditions and culture of the former Arthur Andersen, we are driven by a bold vision to lead in a complex global marketplace, creating lasting value for our clients, our people and our investors.5 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
Private Client Services brought in 51% of the revenue Andersen Group Inc. broke down this way in fiscal 2025.
Products and services by year
| Products and services | 2023 | 2024 | 2025 |
|---|---|---|---|
| Private Client Services | $321.0M | $364.7M | $431.8M |
| Business Tax Services | $226.3M | $261.0M | $291.8M |
| Alternative Investment Funds | $58.9M | $68.9M | $72.9M |
| Valuation Services | $32.9M | $37.0M | $42.2M |
Regions
US West Region brought in 42% of the revenue Andersen Group Inc. broke down this way in fiscal 2025.
Regions by year
| Regions | 2023 | 2024 | 2025 |
|---|---|---|---|
| US West Region | $288.2M | $323.6M | $353.3M |
| US East Region | $235.9M | $272.3M | $325.9M |
| US Central Region | $115.0M | $135.6M | $159.5M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Selling, general and admin21¢$176.7M
- Other costs79¢$659.0M
- Income tax0¢$3.0M
Out of $838.7M in revenue.3 The company lost money this year.
Where each dollar of operating cash went, fiscal 2025
- Capital spending5¢$10.3M
- Dividends paid95¢$212.2M
Out of $184.6M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.3
Financial statements
Every line of the income statement as filed: the last 3 fiscal years, latest first.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Revenue | $838.7M | $731.6M | $639.1M |
| Cost of services (excluding depreciation and amortization) | $595.1M | $461.8M | $399.9M |
| Sales, general and administrative | $176.7M | $131.9M | $114.7M |
| Equity restructuring costs | $193.2M | $0 | $0 |
| Depreciation and amortization | $9.0M | $8.3M | $7.7M |
| Total operating expenses | $974.0M | $602.0M | $522.3M |
| Operating (loss) income | -$135.3M | $129.5M | $116.9M |
| Interest income | $4.2M | $4.5M | $2.7M |
| Interest expense | -$1.4M | -$64.0K | -$138.0K |
| Other income, net | $5.4M | $3.2M | $1.6M |
| (Loss) income before income tax expense | -$127.2M | $137.2M | $120.9M |
| Income tax expense | $3.0M | $2.4M | $2.3M |
| Net (loss) income | -$130.2M | $134.8M | $118.7M |
| Net income | -$127.8M | ||
| Net loss attributable to Andersen Group Inc. | -$2.3M |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $250.3M | $88.0M | ||
| Accounts receivable, net of allowance for credit losses of $1,676 and $3,071, respectively | $123.4M | $117.8M | $109.1M | |
| Loans and notes receivable from related parties, net of allowance for credit losses of $2,513 and $1,480, respectively | $473.0K | $436.0K | ||
| Investments in held-to-maturity debt securities, current | $8.2M | $22.5M | ||
| Prepaid expenses and other current assets | $29.7M | $17.6M | ||
| Total current assets | $412.0M | $246.4M | ||
| Loans and notes receivable from related parties, net of allowance for credit losses of $8,222 and $7,131, respectively | $440.0K | $2.2M | ||
| Property and equipment, net | $35.7M | $32.7M | ||
| Operating lease right-of-use assets | $82.1M | $76.9M | ||
| Intangible assets, net | $2.5M | $2.3M | ||
| Investments in held-to-maturity debt securities | $0 | $8.1M | ||
| Goodwill | $30.1M | $30.1M | ||
| Other assets | $2.2M | $0 | ||
| Total assets | $565.1M | $398.7M | ||
| Accounts payable and other accrued expenses | $12.0M | $16.9M | ||
| Accrued payroll and benefits | $46.3M | $37.7M | ||
| Deferred revenue | $12.5M | $15.6M | ||
| Distributions payable to related parties | $52.7M | $0 | ||
| Operating lease liabilities, current | $4.0M | $17.1M | ||
| Notes payable to related parties, current portion | $62.3M | $0 | ||
| Other current liabilities | $5.9M | $7.2M | ||
| Total current liabilities | $195.8M | $94.4M | ||
| Operating lease liabilities, noncurrent | $106.4M | $90.9M | ||
| Notes payable to related parties, less current portion | $287.7M | $0 | ||
| Other liabilities | $3.5M | $17.1M | ||
| Total liabilities | $593.5M | $202.4M | ||
| Redeemable noncontrolling interest (Note 12) | $106.4M | $0 | ||
| Members' equity | $0 | $196.2M | $177.5M | $148.4M |
| Preferred stock, par value $0.0001 per share: 100,000,000 shares authorized, no shares issued and outstanding as of December 31, 2025 | $0 | |||
| Additional paid-in-capital | $0 | |||
| Accumulated deficit | -$134.7M | |||
| Total stockholders' deficit/ members' equity | -$134.7M | |||
| Total liabilities, redeemable noncontrolling interest and stockholders' deficit/ members' equity | $565.1M | $398.7M |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $250.3M | $88.0M | ||
| Accounts receivable, net of allowance for credit losses of $1,676 and $3,071, respectively | $123.4M | $117.8M | $109.1M | |
| Loans and notes receivable from related parties, net of allowance for credit losses of $2,513 and $1,480, respectively | $473.0K | $436.0K | ||
| Investments in held-to-maturity debt securities, current | $8.2M | $22.5M | ||
| Prepaid expenses and other current assets | $29.7M | $17.6M | ||
| Total current assets | $412.0M | $246.4M | ||
| Loans and notes receivable from related parties, net of allowance for credit losses of $8,222 and $7,131, respectively | $440.0K | $2.2M | ||
| Property and equipment, net | $35.7M | $32.7M | ||
| Operating lease right-of-use assets | $82.1M | $76.9M | ||
| Intangible assets, net | $2.5M | $2.3M | ||
| Investments in held-to-maturity debt securities | $0 | $8.1M | ||
| Goodwill | $30.1M | $30.1M | ||
| Other assets | $2.2M | $0 | ||
| Total assets | $565.1M | $398.7M | ||
| Accounts payable and other accrued expenses | $12.0M | $16.9M | ||
| Accrued payroll and benefits | $46.3M | $37.7M | ||
| Deferred revenue | $12.5M | $15.6M | ||
| Distributions payable to related parties | $52.7M | $0 | ||
| Operating lease liabilities, current | $4.0M | $17.1M | ||
| Notes payable to related parties, current portion | $62.3M | $0 | ||
| Other current liabilities | $5.9M | $7.2M | ||
| Total current liabilities | $195.8M | $94.4M | ||
| Operating lease liabilities, noncurrent | $106.4M | $90.9M | ||
| Notes payable to related parties, less current portion | $287.7M | $0 | ||
| Other liabilities | $3.5M | $17.1M | ||
| Total liabilities | $593.5M | $202.4M | ||
| Redeemable noncontrolling interest (Note 12) | $106.4M | $0 | ||
| Members' equity | $0 | $196.2M | $177.5M | $148.4M |
| Preferred stock, par value $0.0001 per share: 100,000,000 shares authorized, no shares issued and outstanding as of December 31, 2025 | $0 | |||
| Additional paid-in-capital | $0 | |||
| Accumulated deficit | -$134.7M | |||
| Total stockholders' deficit/ members' equity | -$134.7M | |||
| Total liabilities, redeemable noncontrolling interest and stockholders' deficit/ members' equity | $565.1M | $398.7M |
Every line of the cash flow as filed: the last 3 fiscal years, latest first.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net (loss) income | -$130.2M | $134.8M | $118.7M |
| Gain on reversal of legal accrual | -$9.5M | $0 | $0 |
| Equity-based compensation | $147.4M | $0 | $0 |
| Depreciation and amortization | $9.0M | $8.3M | $7.7M |
| Non-cash lease expense | $12.6M | $12.9M | $11.4M |
| Provision for credit losses on accounts receivable | -$1.2M | -$870.0K | -$328.0K |
| Amortization of discount on held-to-maturity debt securities | -$412.0K | -$1.1M | -$696.0K |
| Deferred income tax | -$511.0K | -$102.0K | $171.0K |
| Reserves on loans and notes receivable from related parties | $2.7M | $3.7M | $500.0K |
| Net loss from equity restructuring | $193.2M | $0 | $0 |
| Other, net | $145.0K | -$30.0K | $651.0K |
| Accounts receivable | -$4.4M | -$7.9M | -$14.5M |
| Prepaid expenses and other current assets | -$12.7M | $348.0K | -$2.3M |
| Other assets | -$1.6M | $0 | $0 |
| Accounts payable and other accrued expenses | $2.2M | $6.4M | $4.4M |
| Accrued payroll and benefits | $12.0M | $9.8M | -$1.9M |
| Deferred revenue | -$3.1M | $1.3M | -$1.1M |
| Other current liabilities | -$16.9M | $173.0K | $2.5M |
| Operating lease liabilities | -$15.4M | -$12.3M | -$13.5M |
| Other liabilities | $1.2M | -$3.1M | $6.4M |
| Net cash provided by operating activities | $184.6M | $152.3M | $118.1M |
| Purchases of held-to-maturity debt securities | $0 | -$28.2M | -$37.0M |
| Proceeds from maturity of held-to-maturity debt securities | $22.8M | $23.1M | $30.3M |
| Issuance of loans and notes receivable from related parties | -$2.9M | -$6.3M | -$4.1M |
| Proceeds from loans and notes receivable from related parties | $1.8M | $2.1M | $3.7M |
| Payments for purchases of property and equipment | -$10.3M | -$8.6M | -$4.9M |
| Payments for capitalized internal-use software costs | -$717.0K | -$622.0K | -$606.0K |
| Net cash provided by (used in) investing activities | $10.6M | -$18.5M | -$12.6M |
| Proceeds from IPO, net of underwriting discounts and commissions | $188.2M | $0 | $0 |
| Payments of deferred offering costs | -$8.1M | -$615.0K | $0 |
| Proceeds from issuance of Class B common stock | $10.0K | $0 | $0 |
| Deferred consideration payments for business combination | -$800.0K | -$800.0K | -$800.0K |
| Principal payments under finance lease obligations | -$117.0K | -$105.0K | -$139.0K |
| Distributions paid | -$212.2M | -$116.0M | -$90.3M |
| Net cash used in financing activities | -$32.9M | -$117.6M | -$91.2M |
| Net change in cash and cash equivalents | $162.3M | $16.3M | $14.2M |
| Interest paid | $217.0K | $12.0K | $18.0K |
| Income taxes paid | $3.2M | $2.4M | $1.6M |
| Property and equipment acquired through finance leases | $32.0K | $0 | $331.0K |
| Right-of-use assets obtained in exchange for lease liabilities | $19.6M | $9.4M | $8.1M |
| Right-of-use asset and lease liability adjustments due to remeasurement | -$1.8M | $0 | $0 |
| Purchases of property and equipment included in accounts payable and other accrued expenses | $1.2M | $0 | $0 |
| Issuance of notes payable to related parties | $156.9M | $0 | $0 |
| Settlement of deferred compensation liability with LTIP Unit issuance | $1.5M | $0 | $0 |
No quarter-by-quarter statement was filed.
Corporate structure
Andersen Group Inc. sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of Andersen Group Inc.
- BROWN ADVISORY INC Filed SCHEDULE 13G/A on Andersen Group Inc., latest Oct 7, 2026 (6 filings since Feb 5, 2026)
- J. Goldman & Co LP Filed SCHEDULE 13G/A on Andersen Group Inc., latest Aug 14, 2026 (2 filings since Feb 17, 2026)
- KAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT LLC Filed SCHEDULE 13G on Andersen Group Inc., latest Aug 13, 2026
- DRIEHAUS CAPITAL MANAGEMENT LLC Filed SCHEDULE 13G on Andersen Group Inc., latest Aug 5, 2026 (3 filings since Feb 17, 2026)
- Telemark Asset Management, LLC Filed SCHEDULE 13G on Andersen Group Inc., latest Aug 3, 2026
- ROYCE & ASSOCIATES LP Filed SCHEDULE 13G/A on Andersen Group Inc., latest Jul 30, 2026 (3 filings since Jan 20, 2026)
- Franklin Templeton Investments Filed SCHEDULE 13G/A on Andersen Group Inc., latest Jul 28, 2026 (3 filings since Jan 29, 2026)
- JPMorgan Chase Filed SCHEDULE 13G/A on Andersen Group Inc., latest Jul 27, 2026 (2 filings since Jan 7, 2026)
- BAMCO INC /NY/ Filed SCHEDULE 13G on Andersen Group Inc., latest May 15, 2026
- Durable Capital Partners LP Filed SCHEDULE 13G on Andersen Group Inc., latest Dec 29, 2025
- Andersen Group Inc. San Francisco, California
Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What Andersen Group Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Property and equipment
| Item | Latest | A year before | Change |
|---|---|---|---|
| Operating-lease assets (leased space) | $82.1M3 Dec 31, 2025 | $76.9M3 Dec 31, 2024 | +6.8% |
Investments
| Item | Latest | A year before | Change |
|---|---|---|---|
| Cash and cash equivalents | $250.3M3 Dec 31, 2025 | $88.0M3 Dec 31, 2024 | +184.4% |
Intangibles and goodwill
| Item | Latest | A year before | Change |
|---|---|---|---|
| Goodwill | $30.1M3 Dec 31, 2025 | $30.1M3 Dec 31, 2024 | 0% |
| Intangible assets, net (excluding goodwill) | $2.5M3 Dec 31, 2025 | $2.3M3 Dec 31, 2024 | +9.1% |
| Finite-lived intangibles, gross | $30.0M3 Dec 31, 2025 | $29.3M3 Dec 31, 2024 | +2.4% |
| Accumulated amortization | $27.5M3 Dec 31, 2025 | $27.0M3 Dec 31, 2024 | +1.9% |
| Finite-lived intangibles, net | $2.5M3 Dec 31, 2025 | $2.3M3 Dec 31, 2024 | +9.1% |
Properties, in its own words
Our corporate headquarters are located in San Francisco, California, where we lease approximately 53,000 square feet of office space. We entered into our headquarters lease in May 2018 and it expires in July 2030, with a right to renew the
initial term for two consecutive renewal terms of five years each. As of December 31, 2025, we leased office space across the United States in over 26 locations. We believe that our facilities are adequate for our current needs.
Item 2 of the 10-K filed Mar 27, 2026.5
Leadership
Who has led Andersen Group Inc., and when. Pick a name to see everywhere that person has worked.
Chief executive
Chief financial officer
- Chief executive officerMark Lawrence Vorsatz Dec 16, 2025 to now8
- ChairMark Lawrence Vorsatz Dec 16, 2025 to now8
- Chief financial officerNeal Livingston Dec 16, 2025 to now9
Board members and other officers (11)
- OfficerMark Lawrence Vorsatz Feb 4, 2026 to now10
- Country Managing DirectorDaniel Depaoli Dec 16, 2025 to now11
- OfficerPeter Coscia Dec 16, 2025 to now12
- Board memberMark Lawrence Vorsatz Feb 4, 2026 to now10
- Board memberSusan Decker Apr 28, 2026 to now13
- Board memberDorice Elizabeth Pepin Dec 16, 2025 to now14
- Board memberJohn Nicolai Dec 16, 2025 to now15
- Board memberJoseph Karczewski Dec 16, 2025 to now16
- Board memberRobert Gunderson V. Jr. Dec 16, 2025 to now17
- Board memberRonald Olson Dec 16, 2025 to now18
- General counselWilliam L. Deckelman Jr. Dec 16, 2025 to now19
Timeline
- Oct 15, 20268-K Unregistered sale of shares20
- Oct 14, 20268-K Executive or director change21
- Aug 12, 20268-K Results of operations; Regulation FD disclosure22
- Jun 29, 20268-K Entered a material agreement23
- Jun 23, 20268-K Shareholder vote24
- May 12, 20268-K Results of operations; Regulation FD disclosure25
- Apr 28, 20268-K Executive or director change26
- Mar 17, 20268-K Results of operations; Regulation FD disclosure27
- Dec 22, 20258-K Entered a material agreement; New debt or obligation; Change to shareholders' rights28
- Dec 16, 2025New chief executive Mark Lawrence Vorsatz becomes CEO8
Calendar
Coming up
- Nov 11, 2026Reports results for the quarter ending Sep/202629
When it reported results
- Aug 12, 2026Reported quarterly or annual results22
- May 12, 2026Reported quarterly or annual results25
- Mar 17, 2026Reported quarterly or annual results27
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
80 filings to the SEC since October 2021: 1 annual reports, 2 quarterly reports, 9 major events, 21 insider forms, 23 large holders, 24 other. The latest 20:
- Oct 15, 20268-K EDGAR
- Oct 14, 20268-K EDGAR
- Oct 7, 2026SCHEDULE 13G/A EDGAR
- Aug 20, 2026424B4 EDGAR
- Aug 19, 2026EFFECT EDGAR
- Aug 17, 2026S-1 EDGAR
- Aug 14, 2026SCHEDULE 13G/A EDGAR
- Aug 14, 2026SCHEDULE 13G/A EDGAR
- Aug 13, 2026SCHEDULE 13G EDGAR
- Aug 12, 202610-Q EDGAR
- Aug 12, 20268-K EDGAR
- Aug 5, 2026SCHEDULE 13G EDGAR
- Aug 3, 2026SCHEDULE 13G EDGAR
- Jul 30, 2026SCHEDULE 13G/A EDGAR
- Jul 28, 2026SCHEDULE 13G/A EDGAR
- Jul 27, 2026SCHEDULE 13G/A EDGAR
- Jul 15, 2026DRS EDGAR
- Jul 9, 20264 EDGAR
- Jun 29, 20268-K EDGAR
- Jun 23, 20268-K EDGAR
The 80 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
7 open-market trades by officers, directors and large owners since October 2021: 6 buys and 1 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Jul 7, 2026 | Durable Capital Partners LP10% owner | Sale | 336,736 | $40.01 | $13.5M | Form 4 |
| May 20, 2026 | Gunderson Robert V JRDirector | Buy | 2,367 | $35.82 | $84.8K | Form 4 |
| Dec 18, 2025 | OLSON RONALD LDirector | Buy | 7,896 | $16.00 | $126.3K | Form 4 |
| Dec 18, 2025 | JOYCE JOHN RDirector | Buy | 10,422 | $16.00 | $166.8K | Form 4 |
| Dec 18, 2025 | Gunderson Robert V JRDirector | Buy | 12,633 | $16.00 | $202.1K | Form 4 |
| Dec 18, 2025 | Nicolai JohnDirector | Buy | 9,475 | $16.00 | $151.6K | Form 4 |
| Dec 17, 2025 | Durable Capital Partners LP10% owner | Buy | 357,985 | $20.82 | $7.5M | Form 4 |
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- BROWN ADVISORY INCSCHEDULE 13G/A, 6 filings Feb 5, 2026 to Oct 7, 202630
- J. Goldman & Co LPSCHEDULE 13G/A, 2 filings Feb 17, 2026 to Aug 14, 202631
- KAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT LLCSCHEDULE 13G, 1 filing Aug 13, 202632
- DRIEHAUS CAPITAL MANAGEMENT LLCSCHEDULE 13G, 3 filings Feb 17, 2026 to Aug 5, 202633
- Telemark Asset Management, LLCSCHEDULE 13G, 1 filing Aug 3, 202634
- ROYCE & ASSOCIATES LPSCHEDULE 13G/A, 3 filings Jan 20, 2026 to Jul 30, 202635
- Franklin Templeton InvestmentsSCHEDULE 13G/A, 3 filings Jan 29, 2026 to Jul 28, 202636
- JPMorgan ChaseSCHEDULE 13G/A, 2 filings Jan 7, 2026 to Jul 27, 202637
- BAMCO INC /NY/SCHEDULE 13G, 1 filing May 15, 202638
- Durable Capital Partners LPSCHEDULE 13G, 1 filing Dec 29, 202539
Executive pay
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
| Year | Executive | Age | Salary | Total pay |
|---|---|---|---|---|
| 2025 | Mark Vorsatz | 71 | $3.3M | $37.3M40 |
| 2025 | Daniel DePaoli | 58 | $1.5M | $20.7M40 |
| 2025 | Peter Coscia | 60 | $1.2M | $14.1M40 |
| 2024 | Chief Executive Officer | $3.3M | $9.6M40 | |
| 2024 | Country Managing DirectorNorth America | $1.5M | $3.6M40 | |
| 2024 | East Regional Managing Director | $1.1M | $3.0M40 |
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 86. Change is in shares since the quarter before.
| Fund | Shares | Value | Share of the fund | Change |
|---|---|---|---|---|
| Brown Advisory Inc | 2,165,645 | $81.7M | 0.1% | −273,683 |
| Durable Capital Partners LP | 1,670,485 | $63.0M | 0.6% | No change |
| Jpmorgan Chase & Co | 1,412,823 | $53.6M | 0.0% | −446,757 |
| Royce & Associates LP | 1,137,586 | $42.9M | 0.3% | −271,129 |
| Franklin Resources Inc | 904,544 | $34.1M | 0.0% | −225,779 |
| Bamco Inc /ny/ | 901,874 | $34.0M | 0.1% | +1,725 |
| Kayne Anderson Rudnick Investment Management LLC | 898,626 | $33.9M | 0.1% | New |
| J. Goldman & Co LP | 800,605 | $30.2M | 1.1% | −399,395 |
| Driehaus Capital Management LLC | 562,112 | $21.2M | 0.1% | +1,905 |
| Vanguard Capital Management LLC | 511,827 | $19.3M | 0.0% | +2,028 |
| Telemark Asset Management, LLC | 500,000 | $18.9M | 1.4% | No change |
| Seven Grand Managers, LLC | 500,000 | $18.9M | 0.8% | No change |
| Citadel Advisors LLC | 394,866 | $14.9M | 0.0% | +14,832 |
| UBS Group AG | 310,065 | $11.7M | 0.0% | +222,073 |
| Russell Investments Group, Ltd. | 239,916 | $9.0M | 0.0% | +18,449 |
| Two Sigma Investments, LP | 238,973 | $9.0M | 0.0% | +159,603 |
| BlackRock, Inc. | 226,203 | $8.5M | 0.0% | +35,055 |
| Azora Capital LP | 222,996 | $8.4M | 0.4% | New |
| ArrowMark Colorado Holdings LLC | 219,369 | $8.3M | 0.3% | +40,263 |
| Ghisallo Capital Management LLC | 200,000 | $7.5M | 0.2% | No change |
| Teacher Retirement System Of Texas | 165,000 | $6.2M | 0.0% | No change |
| Burkehill Global Management, LP | 150,000 | $5.7M | 0.2% | No change |
| Geode Capital Management, LLC | 146,971 | $5.5M | 0.0% | +3,193 |
| Tudor Investment Corp Et Al | 145,271 | $5.5M | 0.0% | New |
| Jones Financial Companies Lllp | 146,667 | $5.4M | 0.0% | +132,910 |
13F reports cover disclosed long positions in U.S. stocks only.
SEC filer profile
How Andersen Group Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGARAndersen Group Inc.1
- CIK0002065708
- Employer ID (EIN)33-46307735
- Filer statusNon-accelerated filer an emerging growth company; a smaller reporting company; not a shell company5
- Incorporated inDelaware5
- Fiscal year endsDecember 311
- Industry code (SIC)7389 Services-Business Services, NEC1
- SEC reviewing officeOffice of Trade & Services, Division of Corporation Finance1
- Business address333 Bush St Ste 1700, San Francisco, CA 941041
- Phone(415) 764-27001
- Shares outstanding12,650,000 Common Class A shares; 98,826,563 Common Class B shares as of Mar 20, 20265
- Public float$0 as of Jun 30, 20253
- AuditorBDO USA, P.C., New York, New York PCAOB ID 243; no auditor attestation of internal control over financial reporting5
- On EDGAR sinceApr 25, 20251
- Filings80 in all: 3 (13), SCHEDULE 13G/A (12), SCHEDULE 13G (11), 8-K (9), 4 (8), CORRESP (3), 10-Q (2), 424B4 (2)1
All 22 form types
DRS (2), DRS/A (2), EFFECT (2), S-1 (2), S-1/A (2), UPLOAD (2), 10-K (1), 8-A12B (1), ARS (1), CERT (1), DEF 14A (1), DEFA14A (1), DRSLTR (1), S-8 (1)
- Latest filingsAnnual report (10-K) Mar 27, 2026
Quarterly report (10-Q) Aug 12, 2026
Proxy statement (DEF 14A) Apr 30, 2026
Latest 8-K (8-K) Oct 15, 2026
Securities registered for trading
| Class | Symbol | Exchange |
|---|---|---|
| Class A common stock, $0.0001 par value | ANDG | New York Stock Exchange |
From the cover page of the 10-K filed Mar 27, 2026 (Section 12(b) of the Exchange Act).5
Risk factors and legal proceedings
The risks Andersen Group Inc. names in Item 1A of its 10-K filed Mar 27, 2026: 69 risks under these headings, as written.5
- Risks Related to Our Business, Operations and Industry
- We may not be able to maintain or increase our historical revenue growth or achieve or maintain profitability in the future.
- Our business depends on generating and maintaining client demand, including through the adaptation and expansion of our services, and a significant reduction in such demand could materially affect our results of operations.
- We may be unable to effectively manage our growth, which could place significant strain on key personnel, as well as our systems and other resources.
- We may not be able to identify and complete acquisitions of additional businesses, or business combinations, including due to regulatory or legal restrictions, which may limit our ability to pursue our business strategy.
- We may not be successful at integrating or managing acquisitions or business combinations, and/or such acquisitions or business combinations may not otherwise perform to our expectations, which may increase the costs and reduce the benefits, if any, we receive from such acquisitions.
- Our competitiveness and success depend substantially on the continuing efforts of our CEO and Chairman, Mark Vorsatz, our senior Managing Directors and other key personnel.
- If we cannot maintain our firm culture as we grow and operate as a public company, our success and our business may be harmed.
- Failure to maintain our reputation and brand could impact our ability to attract and retain clients, employees and future acquisition targets or business combinations, and may harm our business.
- Our ability to staff client engagements, maintain relationships with clients and drive future growth depends on our ability to recruit, train and retain qualified professionals.
- If we were to be held liable for alleged errors, omissions, illegal practices or other misconduct in providing our services to clients, our brand and reputation could be harmed and we could incur significant costs, which may exceed available insurance, if any, and which could harm our business.
- We may enter into or invest in new lines of business or engage in other strategic initiatives that may fail to generate revenue and result in additional risks to our business.
The other 58 risks
- If we fail to compete effectively, we may miss business opportunities or lose existing clients, and our revenue may decline.
- Our revenue and profitability may vary based on the mix of the types of our client engagements and may be adversely affected by our failure to recover the expenses, time, and resources for our client engagements.
- Our profitability could suffer if we are not able to effectively utilize our employees, maintain operational efficiencies or manage our cost structure.
- Claims or adverse publicity could harm our brand, reputation and ability to compete and attract and retain clients, talent and future acquisition targets and business combinations.
- Adverse judgments or settlements in legal disputes could result in monetary damages or injunctive relief that could damage our reputation and materially affect our results of operations.
- Consolidation in the professional services industry could have a material adverse effect on the competitiveness of our business, financial condition and results of operations.
- We have a relatively short operating history at our current scale in a competitive industry and, as a result, our past results may not be indicative of future operating performance.
- We may experience quarterly fluctuations in our operating results, as well as our key metrics, due to a number of factors that make our future results difficult to predict and could cause our operating results to fall below market expectations or guidance we provide.
- Our business activity and associated revenue is subject to seasonality, which could result in fluctuations in the market price of our Class A common stock.
- International expansion will subject us to additional costs and risks and our plans may not be successful.
- If we fail to continue to benefit from our existing business relationships and fail to establish new relationships in the future, our results of operations could be adversely affected.
- We are dependent on our existing client base and our ability to retain and expand our relationships with such clients. Our clients may terminate our engagements with little or no notice and without penalty, which may result in unexpected declines in our revenue or unexpected costs.
- Volatile, negative or uncertain economic and geopolitical conditions could adversely affect our business and materially reduce our revenue.
- Global inflationary pressures have in the past increased and may in the future increase the prices of goods and services, which could raise the costs associated with providing our services, diminish our ability to compete for new clients, and/or reduce willingness of new or existing clients to fully utilize our services.
- War, terrorism, other acts of violence or natural or man-made disasters may affect the markets in which we operate in the future and our ability to service our clients.
- Payments by clients against open accounts receivable may be slower than expected, and we may face risks of fee non-payments, which could result in loss of engagements, fee write-offs, and reduced revenue.
- We could be subject to reputational and legal risk arising from, among other things, actual or perceived conflicts of interest.
- Our estimates of market opportunity and our ability to capture a meaningful share of this market may prove to be inaccurate, and even if the market in which we compete achieves the forecasted growth, our business could fail to grow at similar rates, if at all.
- Risks Related to Government Regulation
- Government regulations, interpretations and fiscal, regulatory and other policies are subject to changes, which could impact our clients and materially reduce our revenue.
- Changes to tax laws, rules and regulations could impact our clients, decrease demand for our services, and materially reduce our revenue, and such changes, along with examinations of our tax returns, may negatively impact our effective tax rate and financial results and increase our cash tax payment obligations.
- We and the third parties with whom we work are subject to stringent and evolving U.S. and foreign laws, regulations, and rules, contractual obligations, industry standards, policies and other obligations related to data privacy and security. Actual or perceived failure to comply with such obligations could harm our business.
- We are subject to the FCPA, other applicable anti-corruption, anti-bribery laws, and trade control laws. Compliance with these laws requires significant resources, may impact our ability to service clients in certain countries in the future, and non-compliance may result in civil or criminal penalties and other remedial measures.
- The SEC oversees and directly regulates the activities of our subsidiary that is a registered investment advisor under the Advisers Act.
- Our failure or alleged failure to comply with all applicable laws and regulations may damage our reputation, cause us to lose employees or clients, result in legal liability, and have a material adverse effect on our business and results of operations.
- Risks Related to Information Technology, Infrastructure and Intellectual Property
- Rapid technological changes, including the widespread adoption of AI, could significantly impact our competitive position, client relationships and results of operations.
- If we are unable to keep pace with the adoption and use of generative AI technology in our business and effectively implement generative AI, we could become less competitive in our industry.
- Our use of generative AI tools may pose risks to our business and could subject us to legal liability.
- We may face legal, reputational and financial risks relating to cybersecurity incidents or attacks affecting us. If our information technology systems, or those of third parties with whom we work, are compromised, we could face legal, reputational and financial risks, and the failure to protect our or any of our clients’ information against misuse or disclosure could materially and adversely harm our reputation and our business.
- A significant failure in our systems, telecommunications or IT infrastructure, or those of our data storage, software as a service, or cloud vendors, could disrupt our ability to perform our services or otherwise disrupt our business, which could result in a reduction of our revenue.
- If we or our consolidated subsidiaries or licensees are unable to protect or enforce our trademark rights, our business could be adversely affected.
- We are subject to risk as it relates to software that we license or cloud-based software that we subscribe to from third parties.
- Risks Related to Financial and Accounting Matters
- We have identified material weaknesses in our internal control over financial reporting. If our remediation of such material weaknesses is not effective, or if we experience additional material weaknesses in the future or otherwise fail to develop and maintain effective internal control over financial reporting, our ability to produce timely and accurate financial statements or comply with applicable laws and regulations could be impaired.
- We may require additional capital to support the growth of our business, and this capital might not be available on acceptable terms, or not available at all.
- Changes to accounting standards or the estimates and assumptions we make in connection with the preparation of our consolidated financial statements could adversely affect our financial results.
- Our goodwill and other intangible assets could become impaired, which could lead to material non-cash charges against earnings and a material impact on our future results of operations and statement of financial position.
- Fluctuations in foreign currency exchange rates could adversely affect our results.
- Risks Related to Being a Public Company
- We are an “emerging growth company” and we expect to continue to rely on reduced public company reporting requirements, which could make our Class A common stock less attractive to investors.
- We will incur increased costs as a result of operating as a public company, and our management will be required to devote substantial time to new compliance initiatives and corporate governance practices.
- As a public company, we are obligated to develop and maintain proper and effective internal controls over financial reporting, and if we fail to develop and maintain an effective system of internal controls over financial reporting, our ability to produce timely and accurate financial statements or to comply with applicable laws and regulations could be impaired.
- Risks Related to Our Organizational Structure
- If we were deemed an “investment company” under the Investment Company Act of 1940 (the 1940 Act) as a result of our ownership of AT Umbrella LLC and its consolidated subsidiaries, applicable restrictions could make it impractical for us to continue our business as contemplated and could have a material adverse effect on our business.
- Our principal asset is our interest in AT Umbrella LLC and, accordingly, we depend on distributions from AT Umbrella LLC to pay our taxes and expenses, including payments under the Tax Receivable Agreement, which distributions AT Umbrella LLC may be restricted from making.
- 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 cash payments to Aggregator. We expect that the payments we and AT Umbrella LLC will be required to make under these arrangements will be substantial.
- In certain cases, payments under the Tax Receivable Agreement may be accelerated and significantly exceed the actual benefits, if any, we realize in respect of the tax attributes subject to the Tax Receivable Agreement and may impair our ability to consummate change of control transactions or negatively impact the value received by holders of our Class A common stock.
- Our organizational structure, including the Tax Receivable Agreement, confers certain benefits upon the other Class X Umbrella Unit holders (including LTIP Unit holders who can convert into Class X Umbrella Unit holders) that will not benefit the holders of our Class A common stock to the same extent.
- We may not be able to realize all or a portion of the tax benefits that are currently expected to result from the tax attributes covered by the Tax Receivable Agreement and from payments made under the Tax Receivable Agreement.
- The U.S. Internal Revenue Service (the IRS) might challenge the tax benefits we receive in connection with our IPO and related transactions or in connection with future acquisitions of Class X Umbrella Units. As a result, it is possible that we could make cash payments under the Tax Receivable Agreement that are substantially greater than our actual cash tax savings.
- AT Umbrella LLC may make distributions of cash to us in excess of the amounts we use to make distributions to our stockholders and pay our expenses (including our taxes and payments under the Tax Receivable Agreement). To the extent we do not distribute such excess cash as dividends on our Class A common stock, the other Class X Umbrella Unit holders would benefit from any value attributable to such cash as a result of their ownership of Class A common stock upon a redemption or exchange of their Class X Umbrella Units.
- The members of AT Umbrella LLC, including us, may have conflicting interests.
- 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 recover payments previously made under the Tax Receivable Agreement even if the corresponding tax benefits were subsequently determined to have been unavailable due to such publicly traded partnership status. Even as a partnership for U.S. federal income tax purposes, AT Umbrella LLC could become liable for amounts resulting from adjustments to its tax returns for prior years.
- Risks Related to Our Class A Common Stock
- The market price of our Class A common stock could be volatile and you may lose all or part of your investment. Declines in the market price of Class A common stock could subject us to litigation.
- The dual-class structure of our common stock has the effect of concentrating voting control with Aggregator, which holds in the aggregate approximately 98.7% of the combined voting power of our outstanding capital stock. This ownership will limit or preclude your ability to influence corporate matters, including the election of directors, amendments of our organizational documents, and any major corporate transaction requiring stockholder approval, including change of control transactions.
- Sales of a substantial number of shares of our Class A common stock in the public market by our existing stockholders could cause the market price of our Class A common stock to decline.
- Future sales and issuances of our Class A common stock or rights to purchase or acquire common stock could result in additional dilution to our stockholders and could cause the market price of our Class A common stock to decline.
- We are a “controlled company” within the meaning of NYSE rules and, as a result, qualify for, and intend to rely on, exemptions and relief from certain corporate governance requirements. You do not have the same protections afforded to stockholders of companies that are subject to such requirements.
- If industry or financial analysts issue inaccurate or unfavorable research regarding our Class A common stock, our stock price and trading volume could decline.
- Anti-takeover provisions in our charter documents and under Delaware law could make an acquisition of our company more difficult, could limit attempts to make changes in our management, and could depress the market price of our Class A common stock.
- Our amended and restated certificate of incorporation provides that the Court of Chancery of the State of Delaware and the federal district courts of the United States of America will be the exclusive forums for substantially all disputes between us and our stockholders, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers, or employees.
- We do not currently intend to pay dividends on our capital stock, so any returns will be limited to increases in the value of our Class A common stock, if any.
Legal proceedings
We are currently involved in, and may in the future be involved in, actual and threatened legal proceedings, claims, investigations and government inquiries arising in the ordinary course of our business that cover a wide range of matters, including errors and omissions, intellectual property, data privacy and data protection, torts, securities, labor and employment and contractual rights.
Although the results of the actual and threatened legal proceedings, claims, investigations and government inquiries in which we currently are involved cannot be predicted with certainty, we do not believe that there is a reasonable possibility that the final outcome of these matters will have a material adverse effect on our business or financial results. Regardless of the outcome, however, litigation can have an adverse impact on us because of defense and settlement costs, diversion of management resources, harm to our reputation and brand and other factors. For additional information on risks relating to litigation, reference Part I, Item 1A “Risk Factors—Risks Related to Our Business, Operations and Industry—If we were to be held liable for alleged errors, omissions, illegal practices or other misconduct in providing our services to clients, our brand and reputation could be harmed and we could incur significant costs, which may exceed available insurance, if any, and which could harm our business” and “Risk Factors—Risks Related to Our Business, Operations and Industry—Adverse judgments or settlements in legal disputes could result in monetary damages or injunctive relief that could damage our reputation and materially affect our results of operations.”
The opening of Item 3, Legal Proceedings.5
Sources
The numbers on this page point here. Each one links to the record it came from.
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- 2Yahoo FinanceANDG quote
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- 10SEC EDGARMark Lawrence Vorsatz, Officer
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- 12SEC EDGARPeter Coscia, Officer
- 13SEC EDGARSusan Decker, Board member
- 14SEC EDGARDorice Elizabeth Pepin, Board member
- 15SEC EDGARJohn Nicolai, Board member
- 16SEC EDGARJoseph Karczewski, Board member
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- 18SEC EDGARRonald Olson, Board member
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- 20SEC EDGARUnregistered sale of shares
- 21SEC EDGARExecutive or director change
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- 23SEC EDGAREntered a material agreement
- 24SEC EDGARShareholder vote
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- 26SEC EDGARExecutive or director change
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- 29NasdaqNasdaq calendar
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