First Advantage Corp
FA Nasdaq Services-Computer Processing & Data Preparation Financials FY2019–FY2025
Revenue
Total sales reported in the income statement.
$1.6B
83.0%
vs prior year
Operating margin
Operating income as a share of revenue.
8.4%
15.7 pts
Net income
Profit after all expenses, interest and tax.
−$34.8M
Free cash flow
Cash from operations minus capital spending.
$188M
611.9%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
3.3%
4.8 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On $0.15 EPS (TTM)
What First Advantage Corp does
No business description yet.
- Legal name
- FIRST ADVANTAGE CORP
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 26, 2026
- Accession · CIK
- 0001193125-26-076740
0001210677
Revenue and margins
First Advantage Corp had $1.6B of revenue in fiscal 2025, up 83.0% on the year before.
FY19
Revenue $482M
FY21
Revenue —
FY22
Revenue $810M
FY23
Revenue $764M
FY24
Revenue $860M
FY25
Revenue $1.6B
Q3 '23
Revenue $200M
Q4 '23
Revenue $203M
Q1 '24
Revenue $169M
Q2 '24
Revenue $185M
Q3 '24
Revenue $199M
Q4 '24
Revenue $307M
Q1 '25
Revenue $355M
Q2 '25
Revenue $391M
Q3 '25
Revenue $409M
Q4 '25
Revenue $420M
Q1 '26
Revenue $385M
Q2 '26
Revenue $449M
FY19
Gross —
Operating 19.1%
Net 7.1%
FCF 13.5%
FY21
Gross —
Operating —
Net —
FCF —
FY22
Gross —
Operating 11.6%
Net 8.0%
FCF 25.5%
FY23
Gross —
Operating 10.7%
Net 4.9%
FCF 21.0%
FY24
Gross —
Operating −7.3%
Net −12.8%
FCF 3.1%
FY25
Gross —
Operating 8.4%
Net −2.2%
FCF 12.0%
Gross
Operating
Net
FCF
Q3 '23
Gross —
Operating 11.6%
Net 5.4%
FCF 16.6%
Q4 '23
Gross —
Operating 14.5%
Net 7.3%
FCF 27.9%
Q1 '24
Gross —
Operating −0.4%
Net −1.7%
FCF 22.4%
Q2 '24
Gross —
Operating 5.4%
Net 1.0%
FCF 17.0%
Q3 '24
Gross —
Operating 4.6%
Net −4.4%
FCF 21.6%
Q4 '24
Gross —
Operating −26.3%
Net −32.7%
FCF −28.0%
Q1 '25
Gross —
Operating 2.1%
Net −11.6%
FCF 5.4%
Q2 '25
Gross —
Operating 9.7%
Net 0.1%
FCF 9.2%
Q3 '25
Gross —
Operating 10.3%
Net 0.6%
FCF 17.4%
Q4 '25
Gross —
Operating 10.7%
Net 0.8%
FCF 14.8%
Q1 '26
Gross —
Operating 8.7%
Net 0.6%
FCF 12.1%
Q2 '26
Gross —
Operating 12.7%
Net 3.8%
FCF 15.4%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY19
Net income $34.3M
FY21
Net income —
FY22
Net income $64.6M
FY23
Net income $37.3M
FY24
Net income −$110M
FY25
Net income −$34.8M
Q3 '23
Net income $10.8M
Q4 '23
Net income $14.8M
Q1 '24
Net income −$2.9M
Q2 '24
Net income $1.9M
Q3 '24
Net income −$8.9M
Q4 '24
Net income −$100M
Q1 '25
Net income −$41.2M
Q2 '25
Net income $0.3M
Q3 '25
Net income $2.6M
Q4 '25
Net income $3.5M
Q1 '26
Net income $2.2M
Q2 '26
Net income $16.9M
FY19
Diluted EPS $0.21
FY21
Diluted EPS —
FY22
Diluted EPS $0.43
FY23
Diluted EPS $0.26
FY24
Diluted EPS −$0.74
FY25
Diluted EPS −$0.20
Q3 '23
Diluted EPS $0.07
Q4 '23
Diluted EPS $0.11
Q1 '24
Diluted EPS −$0.02
Q2 '24
Diluted EPS $0.01
Q3 '24
Diluted EPS −$0.06
Q4 '24
Diluted EPS −$0.67
Q1 '25
Diluted EPS −$0.24
Q2 '25
Diluted EPS $0.00
Q3 '25
Diluted EPS $0.01
Q4 '25
Diluted EPS $0.03
Q1 '26
Diluted EPS $0.01
Q2 '26
Diluted EPS $0.10
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY19
Return on capital —
Return on equity —
Return on assets —
FY21
Return on capital —
Return on equity —
Return on assets —
FY22
Return on capital 5.6%
Return on equity 5.7%
Return on assets 3.4%
FY23
Return on capital 5.0%
Return on equity 3.7%
Return on assets 2.1%
FY24
Return on capital −1.5%
Return on equity −10.0%
Return on assets −4.0%
FY25
Return on capital 3.3%
Return on equity −2.7%
Return on assets −0.9%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $188M in fiscal 2025, 12.0% of revenue. Cash from operations minus capital spending.
FY19
Free cash flow $65.0M
FY21
Free cash flow —
FY22
Free cash flow $207M
FY23
Free cash flow $161M
FY24
Free cash flow $26.5M
FY25
Free cash flow $188M
Q3 '23
Free cash flow $33.2M
Q4 '23
Free cash flow $56.5M
Q1 '24
Free cash flow $38.0M
Q2 '24
Free cash flow $31.4M
Q3 '24
Free cash flow $43.1M
Q4 '24
Free cash flow −$86.0M
Q1 '25
Free cash flow $19.0M
Q2 '25
Free cash flow $36.1M
Q3 '25
Free cash flow $71.2M
Q4 '25
Free cash flow $62.2M
Q1 '26
Free cash flow $46.6M
Q2 '26
Free cash flow $68.9M
FY19
Cash from operations $71.6M
Capital spending $6.6M
FY21
Cash from operations —
Capital spending —
FY22
Cash from operations $213M
Capital spending $6.2M
FY23
Cash from operations $163M
Capital spending $2.1M
FY24
Cash from operations $28.2M
Capital spending $1.7M
FY25
Cash from operations $195M
Capital spending $6.6M
Cash from operations
Capital spending
Q3 '23
Cash from operations $34.4M
Capital spending $1.1M
Q4 '23
Cash from operations $56.7M
Capital spending $0.3M
Q1 '24
Cash from operations $38.3M
Capital spending $0.3M
Q2 '24
Cash from operations $32.0M
Capital spending $0.6M
Q3 '24
Cash from operations $43.5M
Capital spending $0.4M
Q4 '24
Cash from operations −$85.7M
Capital spending $0.3M
Q1 '25
Cash from operations $19.5M
Capital spending $0.5M
Q2 '25
Cash from operations $37.3M
Capital spending $1.2M
Q3 '25
Cash from operations $72.4M
Capital spending $1.1M
Q4 '25
Cash from operations $65.9M
Capital spending $3.8M
Q1 '26
Cash from operations $49.4M
Capital spending $2.8M
Q2 '26
Cash from operations $73.6M
Capital spending $4.7M
Cash from operations
Capital spending
Dividends, buybacks and share count
First Advantage Corp returned — to shareholders in fiscal 2025. The diluted share count rose 16.6%.
FY19
Dividends —
Buybacks —
FY21
Dividends —
Buybacks —
FY22
Dividends —
Buybacks $60.5M
FY23
Dividends —
Buybacks $59.5M
FY24
Dividends —
Buybacks —
FY25
Dividends —
Buybacks —
Dividends
Buybacks
Q3 '23
Dividends —
Buybacks $3.6M
Q4 '23
Dividends —
Buybacks —
Q1 '24
Dividends —
Buybacks —
Q2 '24
Dividends —
Buybacks —
Q3 '24
Dividends —
Buybacks —
Q4 '24
Dividends —
Buybacks —
Q1 '25
Dividends —
Buybacks —
Q2 '25
Dividends —
Buybacks —
Q3 '25
Dividends —
Buybacks —
Q4 '25
Dividends —
Buybacks —
Q1 '26
Dividends —
Buybacks $19.7M
Q2 '26
Dividends —
Buybacks $18.9M
Dividends
Buybacks
FY19
Diluted shares 0.16B
FY21
Diluted shares —
FY22
Diluted shares 0.15B
FY23
Diluted shares 0.15B
FY24
Diluted shares 0.15B
FY25
Diluted shares 0.17B
Balance sheet
Cash, debt and the ratios that show how comfortably First Advantage Corp can carry it.
FY19
Cash $80.7M
Debt —
FY21
Cash $294M
Debt $555M
FY22
Cash $394M
Debt $557M
FY23
Cash $214M
Debt $565M
FY24
Cash $169M
Debt $2.2B
FY25
Cash $240M
Debt $2.1B
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $294M | $394M | $214M | $169M | $240M |
| Debt incl. finance leases | $555M | $557M | $565M | $2.2B | $2.1B |
| Net debt / EBITDA | — | 1.0x | 2.4x | 134.6x | 7.7x |
| Debt / equity | 0.5x | 0.5x | 0.6x | 1.7x | 1.6x |
| Current ratio | 4.3x | 5.6x | 4.4x | 1.9x | 2.4x |
| Quick ratio | 4.3x | 5.6x | 4.4x | 1.9x | 2.4x |
| Total assets | $1.9B | $1.9B | $1.6B | $3.9B | $3.8B |
| Total liabilities | $754M | $759M | $724M | $2.6B | $2.5B |
| Shareholders' equity | $1.1B | $1.1B | $907M | $1.3B | $1.3B |
| Net debt (− = net cash) | $261M | $163M | $351M | $2.0B | $1.9B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY19 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ | ✕ | ✕ |
| Cash from operations is positive | ✓ | ✓ | ✓ | ✓ | ✓ |
| Return on assets rose | — | — | ✕ | ✕ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | ✕ | ✕ | ✕ | ✕ |
| Current ratio rose | — | ✓ | ✕ | ✕ | ✓ |
| Share count didn't rise | — | — | ✓ | ✕ | ✕ |
| Gross margin rose | — | — | — | — | — |
| Revenue rose relative to assets | — | — | ✓ | ✕ | ✓ |
| F-score | — / 3 | — / 5 | 5 / 8 | 2 / 8 | 5 / 8 |
| Accruals ratio | — | −7.9% | −7.1% | −5.0% | −5.9% |
| Altman Z'' | — | 3.47 | 2.71 | 0.66 | 1.18 |
6 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY19 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| Revenue | $482M | — | $810M | $764M | $860M | $1.6B |
| Net interest income | — | — | −$9.2M | −$33.0M | −$51.8M | −$169M |
| Research and development | $33.2M | — | $51.9M | $49.3M | $63.8M | $102M |
| Operating income | $92.2M | — | $94.3M | $81.5M | −$62.4M | $132M |
| Interest expense | $52.0M | — | — | — | — | — |
| Pretax income | $41.1M | — | $85.1M | $48.5M | −$115M | −$37.3M |
| Income tax | −$6.9M | — | $20.5M | $11.2M | −$4.3M | −$2.4M |
| Net income | $34.3M | — | $64.6M | $37.3M | −$110M | −$34.8M |
| Diluted EPS | $0.21 | — | $0.43 | $0.26 | −$0.74 | −$0.20 |
| Diluted shares | 0.16B | — | 0.15B | 0.15B | 0.15B | 0.17B |
| Cash flow | ||||||
| Cash from operations | $71.6M | — | $213M | $163M | $28.2M | $195M |
| Capital expenditure | $6.6M | — | $6.2M | $2.1M | $1.7M | $6.6M |
| Free cash flow | $65.0M | — | $207M | $161M | $26.5M | $188M |
| Depreciation and amortization | $14.9M | — | $70.0M | $67.4M | $77.2M | $112M |
| Stock-based compensation | $1.2M | — | $7.9M | $15.3M | $31.8M | $24.5M |
| Acquisitions | $0.0M | — | $19.1M | $41.1M | $1.6B | $0.0M |
| Share buybacks | — | — | $60.5M | $59.5M | — | — |
| Dividends and buybacks | — | — | $60.5M | $59.5M | — | — |
| Balance sheet | ||||||
| Cash and short-term investments | $80.7M | $294M | $394M | $214M | $169M | $240M |
| Total debt | — | $555M | $557M | $565M | $2.2B | $2.1B |
| Finance lease liabilities | — | — | $0.1M | — | $0.0M | $0.0M |
| Current assets | — | $466M | $566M | $374M | $476M | $562M |
| Current liabilities | — | $109M | $101M | $85.0M | $251M | $230M |
| Property and equipment, net | — | $154M | $114M | $79.4M | $308M | $251M |
| Goodwill | — | $794M | $793M | $821M | $2.1B | $2.1B |
| Intangible assets | — | $464M | $397M | $344M | $988M | $857M |
| Total assets | — | $1.9B | $1.9B | $1.6B | $3.9B | $3.8B |
| Total liabilities | — | $754M | $759M | $724M | $2.6B | $2.5B |
| Shareholders' equity | — | $1.1B | $1.1B | $907M | $1.3B | $1.3B |
| Margins | ||||||
| Operating margin | 19.1% | — | 11.6% | 10.7% | −7.3% | 8.4% |
| EBITDA margin | 22.2% | — | 20.3% | 19.5% | 1.7% | 15.5% |
| Net margin | 7.1% | — | 8.0% | 4.9% | −12.8% | −2.2% |
| FCF margin | 13.5% | — | 25.5% | 21.0% | 3.1% | 12.0% |
| Net interest share of revenue | — | — | −1.1% | −4.3% | −6.0% | −10.7% |
| Returns | ||||||
| Return on capital | — | — | 5.6% | 5.0% | −1.5% | 3.3% |
| Return on capital employed | — | — | 5.3% | 5.3% | −1.7% | 3.7% |
| Return on equity | — | — | 5.7% | 3.7% | −10.0% | −2.7% |
| Return on assets | — | — | 3.4% | 2.1% | −4.0% | −0.9% |
| Growth | ||||||
| Revenue growth | — | — | — | −5.7% | 12.6% | 83.0% |
| Net income growth | — | — | — | −42.3% | −395.7% | — |
| EPS growth | — | — | — | −39.5% | −384.6% | — |
| FCF growth | — | — | — | −22.2% | −83.5% | 611.9% |
| Share count change | — | — | — | −3.7% | 1.6% | 16.6% |
| Financial health | ||||||
| Net debt / EBITDA | — | — | 1.0x | 2.4x | 134.6x | 7.7x |
| Debt / equity | — | 0.5x | 0.5x | 0.6x | 1.7x | 1.6x |
| Interest coverage | 1.8x | — | — | — | — | — |
| Current ratio | — | 4.3x | 5.6x | 4.4x | 1.9x | 2.4x |
| Quick ratio | — | 4.3x | 5.6x | 4.4x | 1.9x | 2.4x |
| Capital allocation | ||||||
| Capex / revenue | 1.4% | — | 0.8% | 0.3% | 0.2% | 0.4% |
| Stock comp / revenue | 0.3% | — | 1.0% | 2.0% | 3.7% | 1.6% |
| Payouts / FCF | — | — | 29.3% | 37.0% | — | — |
| Quality scores | ||||||
| Piotroski F-score | — | — | — | 5.0 | 2.0 | 5.0 |
| Altman Z'' | — | — | 3.5 | 2.7 | 0.7 | 1.2 |
| Accruals ratio | — | — | −7.9% | −7.1% | −5.0% | −5.9% |
Source: SEC EDGAR XBRL filings (CIK 0001210677). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.