| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 80 | 5.0x | 17.8x | Top tier | |
Growth | 89 | 18.0% | 7.1% | Top tier | |
Quality | 89 | — | 4.5% | Top tier | |
Safety | 57 | 1.7x | 2.6x | Around median | |
Capital Return | 61 | 35.96% | 2.12% | Around median | |
Momentum | 100 | — | 2.9% | Top tier | |
Sentiment | 34 | 4 | 3 | Bottom tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Andersen is a professional services group focused on tax advisory, private client services, consulting, and global mobility, with a presence in legal services in some markets. Its model differs from traditional accounting firms because it does not provide audit work, generally avoids broad-based tax compliance engagements, and instead focuses on specialized services whose fees can be tied to the value delivered to the client. It generates revenue from a mix of time-and-materials billing, project pricing, and fixed fees, with a push to use artificial intelligence to improve efficiency and retain part of the productivity gains.
Revenue in quarter 2 of fiscal year 2026 was approximately $217.7 million, up 23.7% year over year and above the previous guidance range of $190–205 million. Deals closed during the quarter contributed $5.5 million, while organic growth was 20.6%. Business Tax Services represented 39.2% of revenue and grew 36.9%, while Private Client Services, the largest service line, grew by approximately 17%, and billable hours increased 5% during the first half of fiscal year 2026.
According to the earnings call, Andersen recorded a GAAP net loss of $10.1 million in quarter 2 of fiscal year 2026 and diluted loss per share of $0.09; the loss figure differs from the provided EDGAR summary, which reports a loss of $1 million for the same period. In contrast, adjusted net income was $39 million at a margin of 17.9%, and adjusted EBITDA increased by approximately 55% to $45.9 million, with its margin expanding from 16.9% to 21.1%. During the first half of fiscal year 2026, revenue was approximately $458 million and net revenue per professional grew 16.4%, while productivity increased 3.9% and the fee rate per hour rose 10.1%.
Automated analysis for informational purposes only — not investment advice.
The analyst consensus is Buy, with an average price target of $54.2 and a wide target range of $42 to $64; the average is slightly below the top of the 52-week range of $57.23, while the highest target exceeds that peak. No price-to-earnings ratio is available because of accounting losses, so valuation depends more heavily on sustained organic growth, the conversion of adjusted margin expansion into accounting profits, and the closing of delayed deals; the wide target range and the 52-week range of $18.12 to $57.23 also highlight the degree of uncertainty in these assumptions.
Figures in the text are as of 2026-09-02; the live price is shown at the top of the page.
Revenue reached $217.7 million, up 23.7% year over year, versus previous guidance of $190 to $205 million. After excluding $5.5 million in revenue from deals closed during the quarter, organic growth was 20.6%. Business Tax Services grew 36.9% and represented 39.2% of revenue, while Private Client Services grew by approximately 17%. Billable hours also increased 5% during the first half of fiscal year 2026, and the fee rate per hour rose 10.1%.
The company recorded GAAP net income of $7.6 million during the first half of fiscal year 2026, compared with a loss of $45.4 million in the corresponding period of fiscal year 2025. However, the earnings call reported a net loss of $10.1 million in quarter 2 of fiscal year 2026 and diluted loss per share of $0.09, while the provided EDGAR summary shows a loss of $1 million for the same period. On an adjusted basis, net income was $39 million in the quarter at a margin of 17.9%, and adjusted EBITDA was $45.9 million at a margin of 21.1%. A significant part of the difference between the accounting and adjusted results was attributable to stock-based compensation expense of $48.2 million, of which $42.3 million was related to the vesting of Class X Aggregator Units.
Management reaffirmed revenue guidance of $980 million to $1 billion, equivalent to annual growth of approximately 18%. It expects adjusted EBITDA of $225 to $250 million, with a margin between 22% and 23% and growth of approximately 5%. The reaffirmed revenue guidance comes despite lowering expected inorganic revenue from approximately $55 million to $25–30 million. Management bases this on organic performance, following organic growth of 20.6% in quarter 2 of fiscal year 2026.
As of August 12, 2026, Andersen had signed a total of 16 deals and closed eight deals representing more than $130 million in annual revenue. Management said another eight deals had been signed but had not yet closed, and that it hoped to close them in quarter 4 of fiscal year 2026. Because of regulatory and implementation delays, at least $100 million in revenue from existing deals will not enter fiscal year 2026 results. Most deals are completed at approximately ten times earnings, while the United Kingdom deal was completed at 12 times earnings after its revenue grew by more than 30% annually over five years.
Andersen began a program in collaboration with University of San Francisco approximately one year before the August 12, 2026 call and conducted four initial pilots using Anthropic and Accordance. It launched its internal program on May 8, 2026 and had trained more than 500 employees by the date of the call. The plan focuses on identifying client opportunities, developing technical solutions, and executing projects, while shifting more work to fixed fees or project-based pricing. Management cited an example in which the preparation of a technical memorandum was reduced from six to ten hours to one hour, but it also emphasized human oversight following hallucination incidents that resulted in two firms outside the United States being fined.
On June 30, 2026, Andersen held $175.6 million in cash and cash equivalents, in addition to $2.1 million in U.S. Treasury investments, and had no third-party debt. Net working capital was $220 million compared with $216 million on December 31, 2025. The analyst consensus is Buy, with an average price target of $54.2 within a range of $42 to $64, versus a 52-week range of $18.12 to $57.23. No price-to-earnings ratio is available because of accounting losses, so the validity of analysts' targets depends on achieving fiscal year 2026 guidance, improving accounting earnings, and executing the delayed deals.
