This page shows First Advantage Corp (FA) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 7 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).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
First Advantage Corp has an operating margin of 8.4%, meaning the company retains $8 of operating profit per $100 of revenue. This results in a moderate score of 41/100, indicating healthy but not exceptional operating efficiency. This is up from -7.2% the prior year.
First Advantage Corp's revenue surged 83.0% year-over-year to $1.6B, reflecting rapid business expansion. This strong growth earns a score of 100/100.
First Advantage Corp carries a low D/E ratio of 1.58, meaning only $1.58 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 70/100, indicating a strong balance sheet with room for future borrowing.
First Advantage Corp's current ratio of 2.44 indicates adequate short-term liquidity, earning a score of 45/100. The company can meet its near-term obligations, though with limited headroom.
First Advantage Corp has a free cash flow margin of 12.0%, earning a moderate score of 55/100. The company generates positive cash flow after capital investments, but with room for improvement.
First Advantage Corp generates a -2.6% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 5/100. This is up from -8.4% the prior year.
First Advantage Corp scores 1.02, below the 1.81 distress threshold. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
First Advantage Corp passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, First Advantage Corp generates $-5.60 in operating cash flow ($195.1M OCF vs -$34.8M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
First Advantage Corp earns $0.8 in operating income for every $1 of interest expense ($132.5M vs $168.7M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
First Advantage Corp generated $1.6B in revenue in fiscal year 2025. This represents an increase of 83.0% from the prior year.
First Advantage Corp's EBITDA was $244.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 1548.7% from the prior year.
First Advantage Corp reported -$34.8M in net income in fiscal year 2025. This represents an increase of 68.4% from the prior year.
First Advantage Corp earned $-0.20 per diluted share (EPS) in fiscal year 2025. This represents an increase of 73.0% from the prior year.
Cash & Balance Sheet
First Advantage Corp generated $188.5M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 611.9% from the prior year.
First Advantage Corp held $240.0M in cash against $2.1B in long-term debt as of fiscal year 2025.
First Advantage Corp had 174M shares outstanding in fiscal year 2025. This represents an increase of 0.6% from the prior year.
Margins & Returns
First Advantage Corp's operating margin was 8.4% in fiscal year 2025, reflecting core business profitability. This is up 15.7 percentage points from the prior year.
First Advantage Corp's net profit margin was -2.2% in fiscal year 2025, showing the share of revenue converted to profit. This is up 10.6 percentage points from the prior year.
First Advantage Corp's ROE was -2.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 5.8 percentage points from the prior year.
Capital Allocation
First Advantage Corp invested $101.9M in research and development in fiscal year 2025. This represents an increase of 59.6% from the prior year.
First Advantage Corp spent $0 on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
First Advantage Corp invested $6.6M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 285.6% from the prior year.
FA Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $420.0M+2.7% | $409.2M+4.7% | $390.6M+10.2% | $354.6M+15.5% | $307.1M+54.2% | $199.1M+7.9% | $184.5M+8.9% | $169.4M |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | $23.9M-5.0% | $25.1M-2.1% | $25.7M-5.4% | $27.2M+9.7% | $24.8M+91.8% | $12.9M-5.6% | $13.7M+9.7% | $12.5M |
| SG&A Expenses | $55.7M-3.1% | $57.5M0.0% | $57.5M-12.4% | $65.6M-52.7% | $138.6M+201.0% | $46.0M+19.2% | $38.6M-5.0% | $40.7M |
| Operating Income | $44.9M+6.2% | $42.2M+11.9% | $37.7M+395.4% | $7.6M+109.4% | -$80.7M-985.3% | $9.1M-8.0% | $9.9M+1464.0% | -$726K |
| Interest Expense | -$37.3M+6.9% | -$40.0M+10.6% | -$44.8M+3.9% | -$46.6M-96.3% | -$23.7M-38.1% | -$17.2M-133.8% | -$7.4M-106.0% | -$3.6M |
| Income Tax | $3.8M+569.9% | -$798K+89.5% | -$7.6M-441.1% | $2.2M+150.4% | -$4.4M-665.9% | $782K+13.5% | $689K+149.6% | -$1.4M |
| Net Income | $3.5M+33.8% | $2.6M+741.9% | $308K+100.7% | -$41.2M+59.0% | -$100.4M-1032.8% | -$8.9M-576.1% | $1.9M+164.0% | -$2.9M |
| EPS (Diluted) | N/A | $0.01 | $0.00+100.0% | $-0.24 | N/A | $-0.06-700.0% | $0.01+150.0% | $-0.02 |
FA Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $3.8B-0.6% | $3.9B-0.4% | $3.9B0.0% | $3.9B-1.3% | $3.9B+136.7% | $1.7B+1.3% | $1.6B+0.2% | $1.6B |
| Current Assets | $561.7M+3.6% | $542.4M+7.9% | $502.8M+6.6% | $471.8M-0.9% | $476.0M+1.9% | $467.0M+9.3% | $427.2M+6.9% | $399.5M |
| Cash & Equivalents | $240.0M+10.7% | $216.8M+17.7% | $184.3M+7.1% | $172.0M+2.0% | $168.7M-45.1% | $307.4M+14.0% | $269.6M+9.8% | $245.4M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $297.3M+2.1% | $291.0M+2.8% | $283.1M+6.4% | $266.1M-0.3% | $266.8M+86.5% | $143.0M+9.4% | $130.8M+1.4% | $129.0M |
| Goodwill | $2.1B+0.2% | $2.1B-0.1% | $2.1B+0.7% | $2.1B+0.2% | $2.1B+158.4% | $822.3M+0.4% | $819.1M-0.1% | $819.6M |
| Total Liabilities | $2.5B-1.4% | $2.6B-0.7% | $2.6B-0.8% | $2.6B-0.9% | $2.6B+255.2% | $736.4M+1.9% | $722.6M-0.2% | $724.2M |
| Current Liabilities | $230.5M-3.9% | $239.8M-5.4% | $253.4M+5.1% | $241.0M-3.9% | $250.7M+106.6% | $121.4M+22.5% | $99.1M+6.3% | $93.2M |
| Long-Term Debt | $2.1B-1.1% | $2.1B-0.1% | $2.1B-0.6% | $2.1B-0.2% | $2.1B+278.9% | $559.8M+0.1% | $559.4M+0.1% | $558.9M |
| Total Equity | $1.3B+0.9% | $1.3B+0.2% | $1.3B+1.6% | $1.3B-2.2% | $1.3B+42.0% | $920.7M+0.8% | $913.3M+0.6% | $907.7M |
| Retained Earnings | -$194.6M+1.8% | -$198.1M+1.3% | -$200.7M+0.2% | -$201.0M-25.8% | -$159.8M-168.8% | -$59.4M-17.5% | -$50.6M+3.5% | -$52.5M |
FA Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $65.9M-8.9% | $72.4M+93.8% | $37.3M+91.8% | $19.5M+122.7% | -$85.7M-297.0% | $43.5M+35.7% | $32.0M-16.4% | $38.3M |
| Capital Expenditures | $3.8M+235.3% | $1.1M-8.4% | $1.2M+154.2% | $485K+45.2% | $334K-19.7% | $416K-35.9% | $649K+102.2% | $321K |
| Free Cash Flow | $62.2M-12.8% | $71.2M+97.3% | $36.1M+90.2% | $19.0M+122.1% | -$86.0M-299.7% | $43.1M+37.2% | $31.4M-17.4% | $38.0M |
| Investing Cash Flow | -$16.8M-24.9% | -$13.5M-5.8% | -$12.7M-15.0% | -$11.1M+99.3% | -$1.6B-20525.9% | -$7.9M-16.6% | -$6.8M+3.6% | -$7.0M |
| Financing Cash Flow | -$25.7M-7.6% | -$23.9M-58.3% | -$15.1M-152.2% | -$6.0M-100.4% | $1.6B+167618.7% | $942K+297.9% | -$476K-169.1% | $689K |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | $0 | $0 | $0 | $0 |
FA Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | 10.7%+0.4pp | 10.3%+0.7pp | 9.7%+7.5pp | 2.1%+28.4pp | -26.3%-30.9pp | 4.6%-0.8pp | 5.4%+5.8pp | -0.4% |
| Net Margin | 0.8%+0.2pp | 0.6%+0.5pp | 0.1%+11.7pp | -11.6%+21.1pp | -32.7%-28.2pp | -4.5%-5.5pp | 1.0%+2.7pp | -1.7% |
| Return on Equity | 0.3%+0.1pp | 0.2%+0.2pp | 0.0%+3.2pp | -3.2%+4.5pp | -7.7%-6.7pp | -1.0%-1.2pp | 0.2%+0.5pp | -0.3% |
| Return on Assets | 0.1%+0.0pp | 0.1%+0.1pp | 0.0%+1.1pp | -1.1%+1.5pp | -2.6%-2.0pp | -0.5%-0.6pp | 0.1%+0.3pp | -0.2% |
| Current Ratio | 2.44+0.2 | 2.26+0.3 | 1.98+0.0 | 1.96+0.1 | 1.90-1.9 | 3.85-0.5 | 4.31+0.0 | 4.29 |
| Debt-to-Equity | 1.58-0.0 | 1.620.0 | 1.62-0.0 | 1.66+0.0 | 1.62+1.0 | 0.610.0 | 0.610.0 | 0.62 |
| FCF Margin | 14.8%-2.6pp | 17.4%+8.2pp | 9.2%+3.9pp | 5.3%+33.4pp | -28.0%-49.6pp | 21.6%+4.6pp | 17.0%-5.4pp | 22.4% |
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Frequently Asked Questions
What is First Advantage Corp's annual revenue?
First Advantage Corp (FA) reported $1.6B in total revenue for fiscal year 2025. This represents a 83.0% 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 First Advantage Corp's revenue growing?
First Advantage Corp (FA) revenue grew by 83% year-over-year, from $860.2M to $1.6B in fiscal year 2025.
Is First Advantage Corp profitable?
No, First Advantage Corp (FA) reported a net income of -$34.8M in fiscal year 2025, with a net profit margin of -2.2%.
What is First Advantage Corp's EBITDA?
First Advantage Corp (FA) had EBITDA of $244.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does First Advantage Corp have?
As of fiscal year 2025, First Advantage Corp (FA) had $240.0M in cash and equivalents against $2.1B in long-term debt.
What is First Advantage Corp's operating margin?
First Advantage Corp (FA) had an operating margin of 8.4% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is First Advantage Corp's net profit margin?
First Advantage Corp (FA) had a net profit margin of -2.2% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is First Advantage Corp's return on equity (ROE)?
First Advantage Corp (FA) has a return on equity of -2.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is First Advantage Corp's free cash flow?
First Advantage Corp (FA) generated $188.5M in free cash flow during fiscal year 2025. This represents a 611.9% 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 First Advantage Corp's operating cash flow?
First Advantage Corp (FA) generated $195.1M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are First Advantage Corp's total assets?
First Advantage Corp (FA) had $3.8B in total assets as of fiscal year 2025, including both current and long-term assets.
What are First Advantage Corp's capital expenditures?
First Advantage Corp (FA) invested $6.6M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does First Advantage Corp spend on research and development?
First Advantage Corp (FA) invested $101.9M in research and development during fiscal year 2025.
What is First Advantage Corp's current ratio?
First Advantage Corp (FA) had a current ratio of 2.44 as of fiscal year 2025, which is generally considered healthy.
What is First Advantage Corp's debt-to-equity ratio?
First Advantage Corp (FA) had a debt-to-equity ratio of 1.58 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is First Advantage Corp's return on assets (ROA)?
First Advantage Corp (FA) had a return on assets of -0.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is First Advantage Corp's Altman Z-Score?
First Advantage Corp (FA) has an Altman Z-Score of 1.02, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is First Advantage Corp's Piotroski F-Score?
First Advantage Corp (FA) has a Piotroski F-Score of 5 out of 9, indicating neutral 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 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are First Advantage Corp's earnings high quality?
First Advantage Corp (FA) has an earnings quality ratio of -5.60x, 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 First Advantage Corp cover its interest payments?
First Advantage Corp (FA) has an interest coverage ratio of 0.8x, 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 First Advantage Corp?
First Advantage Corp (FA) scores 53 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.