Andersen Group Financials

ANDG

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Andersen Group (ANDG) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 3 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI ANDG FY2025 2026-04-22

ANDG stayed cash generative even as core margins collapsed, with the balance sheet absorbing shareholder payouts.

FY2025 broke the usual profit-to-cash link: operating income swung from $129.5M to -$135.3M, yet free cash flow stayed strongly positive. Because $212.2M of dividends exceeded $174.3M of free cash flow, cash still increased while the year ended in negative equity, implying payouts relied on the balance sheet more than on core earnings.

The margin shape deteriorated even while sales expanded: gross margin fell from 36.9% to 29.1%, so each new revenue dollar contributed much less gross profit than in FY2024. With SG&A rising faster than that thinner gross profit base, the business lost its operating cushion, which points to weaker economics in the revenue mix rather than simple volume growth.

This is still a low-capex cash engine: capital spending was only $10.3M against $184.6M of operating cash flow in FY2025, so most cash generation survived below the income statement. But liquidity and solvency diverged—cash reached $250.3M while long-term debt stood at $350.1M, leaving near-term flexibility intact even as the capital structure became more stretched.

Financial Health Signals

Financial Profile 63/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Andersen Group's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Andersen Group has an operating margin of -16.1%, meaning the company retains $-16 of operating profit per $100 of revenue. This below-average margin results in a low score of 24/100, suggesting thin profitability after operating expenses. This is down from 17.7% the prior year.

Growth

Andersen Group's revenue grew 14.6% year-over-year to $838.7M, a solid pace of expansion. This earns a growth score of 58/100.

Leverage

Andersen Group carries a low D/E ratio of -2.60, meaning only $-2.60 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 81/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Andersen Group's current ratio of 2.10 indicates adequate short-term liquidity, earning a score of 38/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

Andersen Group converts 20.8% of revenue into free cash flow ($174.3M). This strong cash generation earns a score of 75/100.

Piotroski F-Score Weak

2/9

Andersen Group passes 2 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.

Earnings Quality Mixed

-79.44x

For every $1 of reported earnings, Andersen Group generates $-79.44 in operating cash flow ($184.6M OCF vs -$2.3M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Interest Coverage At Risk

-123.0x

Andersen Group earns $-123.0 in operating income for every $1 of interest expense (-$135.3M vs $1.1M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue

$838.7M

YoY+14.6%

Andersen Group generated $838.7M in revenue in fiscal year 2025. This represents an increase of 14.6% from the prior year.

EBITDA

-$126.3M

YoY-191.6%

Andersen Group's EBITDA was -$126.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 191.6% from the prior year.

Net Income

-$2.3M

YoY-101.7%

Andersen Group reported -$2.3M in net income in fiscal year 2025. This represents a decrease of 101.7% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

$174.3M

YoY+21.3%

Andersen Group generated $174.3M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 21.3% from the prior year.

Cash & Debt

$250.3M

YoY+184.4%

Andersen Group held $250.3M in cash against $350.1M in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

N/A

Margins & Returns

Gross Margin

29.0%

YoY-7.8pp

Andersen Group's gross margin was 29.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 7.8 percentage points from the prior year.

Operating Margin

-16.1%

YoY-33.8pp

Andersen Group's operating margin was -16.1% in fiscal year 2025, reflecting core business profitability. This is down 33.8 percentage points from the prior year.

Net Margin

-0.3%

YoY-18.7pp

Andersen Group's net profit margin was -0.3% in fiscal year 2025, showing the share of revenue converted to profit. This is down 18.7 percentage points from the prior year.

Return on Equity

N/A

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$10.3M

YoY+20.3%

Andersen Group invested $10.3M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 20.3% from the prior year.

ANDG Income Statement

Metric	FY25	FY24	FY23
Revenue	$838.7M+14.6%	$731.6M+14.5%	$639.1M
Cost of Revenue	$595.1M+28.9%	$461.8M+15.5%	$399.9M
Gross Profit	$243.6M-9.7%	$269.8M+12.8%	$239.2M
R&D Expenses	N/A	N/A	N/A
SG&A Expenses	$176.7M+33.9%	$131.9M+15.1%	$114.7M
Operating Income	-$135.3M-204.4%	$129.5M+10.9%	$116.9M
Interest Expense	$1.1M+1618.8%	$64K-53.6%	$138K
Income Tax	$3.0M+25.1%	$2.4M+6.1%	$2.3M
Net Income	-$2.3M-101.7%	$134.8M+13.6%	$118.7M
EPS (Diluted)	N/A	N/A	N/A

Metric	Q4'25	Q4'24
Revenue	N/A	N/A
Cost of Revenue	N/A	N/A
Gross Profit	N/A	N/A
R&D Expenses	N/A	N/A
SG&A Expenses	N/A	N/A
Operating Income	N/A	N/A
Interest Expense	N/A	N/A
Income Tax	N/A	N/A
Net Income	N/A	N/A
EPS (Diluted)	N/A	N/A

ANDG Balance Sheet

Metric	FY25	FY24	FY23
Total Assets	$565.1M+41.8%	$398.7M	N/A
Current Assets	$412.0M+67.2%	$246.4M	N/A
Cash & Equivalents	$250.3M+184.4%	$88.0M+22.7%	$71.7M
Inventory	N/A	N/A	N/A
Accounts Receivable	$123.4M+4.7%	$117.8M+8.0%	$109.1M
Goodwill	$30.1M0.0%	$30.1M	N/A
Total Liabilities	$593.5M+193.2%	$202.4M	N/A
Current Liabilities	$195.8M+107.3%	$94.4M	N/A
Long-Term Debt	$350.1M	N/A	N/A
Total Equity	-$134.7M-168.7%	$196.2M	N/A
Retained Earnings	-$134.7M	N/A	N/A

Metric	Q4'25	Q4'24
Total Assets	$565.1M+41.8%	$398.7M
Current Assets	$412.0M+67.2%	$246.4M
Cash & Equivalents	$250.3M+184.4%	$88.0M
Inventory	N/A	N/A
Accounts Receivable	$123.4M+4.7%	$117.8M
Goodwill	$30.1M0.0%	$30.1M
Total Liabilities	$593.5M+193.2%	$202.4M
Current Liabilities	$195.8M+107.3%	$94.4M
Long-Term Debt	$350.1M	N/A
Total Equity	-$134.7M-168.7%	$196.2M
Retained Earnings	-$134.7M	N/A

ANDG Cash Flow Statement

Metric	FY25	FY24	FY23
Operating Cash Flow	$184.6M+21.2%	$152.3M+29.0%	$118.1M
Capital Expenditures	$10.3M+20.3%	$8.6M+75.5%	$4.9M
Free Cash Flow	$174.3M+21.3%	$143.7M+27.0%	$113.2M
Investing Cash Flow	$10.6M+157.5%	-$18.5M-46.2%	-$12.6M
Financing Cash Flow	-$32.9M+72.0%	-$117.6M-28.9%	-$91.2M
Dividends Paid	$212.2M+82.9%	$116.0M+28.5%	$90.3M
Share Buybacks	N/A	N/A	N/A

Metric	Q4'25	Q4'24
Operating Cash Flow	N/A	N/A
Capital Expenditures	N/A	N/A
Free Cash Flow	N/A	N/A
Investing Cash Flow	N/A	N/A
Financing Cash Flow	N/A	N/A
Dividends Paid	N/A	N/A
Share Buybacks	N/A	N/A

ANDG Financial Ratios

Metric	FY25	FY24	FY23
Gross Margin	29.0%-7.8pp	36.9%-0.6pp	37.4%
Operating Margin	-16.1%-33.8pp	17.7%-0.6pp	18.3%
Net Margin	-0.3%-18.7pp	18.4%-0.1pp	18.6%
Return on Equity	N/A	68.7%	N/A
Return on Assets	-0.4%-34.2pp	33.8%	N/A
Current Ratio	2.10-0.5	2.61	N/A
Debt-to-Equity	-2.60-3.6	1.03	N/A
FCF Margin	20.8%+1.1pp	19.6%+1.9pp	17.7%

Metric	Q4'25	Q4'24
Gross Margin	N/A	N/A
Operating Margin	N/A	N/A
Net Margin	N/A	N/A
Return on Equity	N/A	N/A
Return on Assets	N/A	N/A
Current Ratio	2.10-0.5	2.61
Debt-to-Equity	-2.60-3.6	1.03
FCF Margin	N/A	N/A

Note: Shareholder equity is negative (-$134.7M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.

Frequently Asked Questions

What is Andersen Group's annual revenue?

Andersen Group (ANDG) reported $838.7M in total revenue for fiscal year 2025. This represents a 14.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Andersen Group's revenue growing?

Andersen Group (ANDG) revenue grew by 14.6% year-over-year, from $731.6M to $838.7M in fiscal year 2025.

Is Andersen Group profitable?

No, Andersen Group (ANDG) reported a net income of -$2.3M in fiscal year 2025, with a net profit margin of -0.3%.

What is Andersen Group's EBITDA?

Andersen Group (ANDG) had EBITDA of -$126.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Andersen Group have?

As of fiscal year 2025, Andersen Group (ANDG) had $250.3M in cash and equivalents against $350.1M in long-term debt.

What is Andersen Group's gross margin?

Andersen Group (ANDG) had a gross margin of 29.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Andersen Group's operating margin?

Andersen Group (ANDG) had an operating margin of -16.1% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Andersen Group's net profit margin?

Andersen Group (ANDG) had a net profit margin of -0.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Andersen Group's free cash flow?

Andersen Group (ANDG) generated $174.3M in free cash flow during fiscal year 2025. This represents a 21.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Andersen Group's operating cash flow?

Andersen Group (ANDG) generated $184.6M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Andersen Group's total assets?

Andersen Group (ANDG) had $565.1M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Andersen Group's capital expenditures?

Andersen Group (ANDG) invested $10.3M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

What is Andersen Group's current ratio?

Andersen Group (ANDG) had a current ratio of 2.10 as of fiscal year 2025, which is generally considered healthy.

What is Andersen Group's debt-to-equity ratio?

Andersen Group (ANDG) had a debt-to-equity ratio of -2.60 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Andersen Group's return on assets (ROA)?

Andersen Group (ANDG) had a return on assets of -0.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Why is Andersen Group's debt-to-equity ratio negative or unusual?

Andersen Group (ANDG) has negative shareholder equity of -$134.7M as of fiscal year 2025, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.

What is Andersen Group's Piotroski F-Score?

Andersen Group (ANDG) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Andersen Group's earnings high quality?

Andersen Group (ANDG) has an earnings quality ratio of -79.44x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Andersen Group cover its interest payments?

Andersen Group (ANDG) has an interest coverage ratio of -123.0x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Andersen Group?

Andersen Group (ANDG) scores 63 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.