ANDG Stock Q2 2026: Andersen Group - Record Revenue, And The 12% You Actually Own

Andersen Group (ANDG) Q2 2026 — Andersen released after the close on Wednesday August 12 and held its call at 5:00pm ET, so Thursday August 13 was the reaction session. The shares OPENED at USD45.37 against a USD50.00 prior close - down 9.26 pct - traded as low as USD44.11 (-11.78 pct), then were bought back all session to close USD48.30, only 3.40 pct lower, on 854,720 shares (2.4x the 20-session average). By August 17 they were USD49.00. Andersen Group is the San Francisco tax, valuation and legal advisory firm that IPO'd on December 17 2025 - 2,690 people, 28 offices, 13,500 client groups. Q2 revenue was USD217.7M, up 23.7 pct, with adjusted net income of USD39.0M up 38.8 pct and a 21.1 pct adjusted EBITDA margin. It also reported a USD10.1M GAAP net loss and a USD0.09 diluted loss per Class A share. THE CALL: AVOID (3/5, MEDIUM - THE BUSINESS IS GOOD, THE PRICE AND THE STRUCTURE ARE NOT) — base-case value ~$37.26 vs ~$49.00 today. KEY METRICS: - CALL: AVOID, 3/5. Fair value USD37.26 against the USD49.00 close, -24.0 pct. Bear USD24.27 / base USD37.21 / bull USD50.36, weighted 25/50/25 on 2027 adjusted EBITDA less the USD30.1M of equity pay that recurs. - THE ANGLE: the growth is real and organic, but Class A owns 12.0 pct of it. 13.6M Class A shares against 99.4M Class B, which carry ten votes each and NO economic rights. One holder keeps 98.1 pct of the vote. - THE GROWTH IS NOT BOUGHT: acquisitions contributed USD5.5M of the USD41.7M revenue increase, so organic growth was 20.6 pct and accelerated from 15.7 pct in Q1. All four service lines grew; no one-time items. - THE EPS BASIS: the data vendors carried USD0.34; the income statement prints USD(0.08) basic and USD(0.09) diluted on 13,261,049 weighted-average Class A shares. USD0.34 is adjusted net income over all 113.0M units and appears nowhere in the filing. - THE ADD-BACK: USD48.3M of non-cash equity pay, 22.2 pct of revenue. USD42.3M is the December reorganisation vest and does run off; USD6.0M is LTIPs, RSUs and stock issued to acquired firms - all three were ZERO a year ago. - THE CASH: six-month operating cash flow was USD65.8M (up 6.4 pct on revenue up 19.4 pct) and free cash flow USD52.7M, half the USD106.3M of adjusted net income. USD132.5M went out to the pre-IPO owners in distributions and note repayments. - THE GUIDE: revenue reaffirmed at USD980M-USD1,000M (about 18 pct growth) but adjusted EBITDA at USD225M-USD250M, a 23-25 pct margin against 27.1 pct actually delivered in 2025. And on August 17 insiders registered 4,284,457 Class A shares for sale. What to watch: UP: a full-year adjusted EBITDA guide raised above USD250M while revenue growth holds in the high teens; receivables growing slower than revenue so free cash flow converges on adjusted profit; or a Q3 print (the seasonally large one) that beats the margin guide. DOWN: the August 17 secondary pricing below USD49.00; receivables above USD189.4M again; or adjusted EBITDA margin landing at the 23 pct bottom of the guide against 27.1 pct delivered in 2025. Also on YouTube: @ChargedAlpha DISCLAIMER: For informational and educational purposes only. Not financial advice. Do your own research before any investment decision.