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First Advantage Corp Financials

FA
FY2025 annual
Revenue $1.6B +83.0% YoY
Net Income -$34.8M +68.4% YoY
EPS (Diluted) -$0.20 +73.0% YoY
Free Cash Flow $188.5M +611.9% YoY
Source SEC Filings (10-K/10-Q) Data as of Jun 30, 2026 Currency USD FYE December

First Advantage Corp (FA) reported $1.6B in revenue for fiscal year 2025, up 83.0% from the prior fiscal year. This page shows its 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).

Rhea AI FA FY2025

First Advantage’s debt-funded scale-up created a much larger, cash-generative but net-income-constrained business by FY2025.

The structural break came in FY2024, when goodwill-heavy assets jumped to $3.9B and long-term debt to $2.1B, making the balance sheet far more intangible- and debt-heavy than before. FY2025 then produced $244.3M of EBITDA while net income stayed at -$34.8M, so the enlarged platform is earning money operationally even as its post-expansion financing load still suppresses bottom-line profit.

FY2025’s return to a positive operating margin looks like fixed-cost absorption, not just cost cutting: revenue reached $1.57B while SG&A fell to $236.2M. That pattern says the larger platform is covering overhead more efficiently than it did in FY2024.

Reported earnings understated the year’s cash output: operating cash flow was $195.1M and free cash flow was $188.5M despite the net loss. Because reinvestment needs were light, the business behaves more like an asset-light service platform than a capital-hungry operator.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Profitability Growth Leverage Liquidity CashFlow Returns 54 / 100
Financial Health Score 54/100

Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of First Advantage Corp'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
46

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 46/100, indicating healthy but not exceptional operating efficiency. This is up from -7.2% the prior year.

Growth
93

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 93/100.

Leverage
6

First Advantage Corp has elevated debt relative to equity (D/E of 1.58), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 6/100, reflecting increased financial risk.

Liquidity
68

With a current ratio of 2.44, First Advantage Corp holds $2.44 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 68/100.

Cash Flow
70

First Advantage Corp converts 12.0% of revenue into free cash flow ($188.5M). This strong cash generation earns a score of 70/100.

Returns
42

First Advantage Corp posts a -2.6% return on equity (ROE), meaning it loses $3 for every $100 of shareholders' equity. This results in a returns score of 42/100. This is up from -8.4% the prior year.

Altman Z-Score Distress
1.41

First Advantage Corp scores 1.41, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($3.6B) relative to total liabilities ($2.5B). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Partial
5/8

First Advantage Corp passes 5 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Mixed
N/A

First Advantage Corp reported a net loss of $34.8M while generating $195.1M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.

Interest Coverage At Risk
0.79x

First Advantage Corp earns $0.79 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

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Earnings & Revenue

Revenue
$1.6B
YoY+83.0%
5Y CAGR+27.2%

First Advantage Corp generated $1.6B in revenue in fiscal year 2025. This represents an increase of 83.0% from the prior year.

EBITDA
$244.3M
YoY+1548.7%
5Y CAGR+32.3%

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.

Net Income
-$34.8M
YoY+68.4%

First Advantage Corp reported -$34.8M in net income in fiscal year 2025. This represents an increase of 68.4% from the prior year.

EPS (Diluted)
-$0.20
YoY+73.0%

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

Free Cash Flow
$188.5M
YoY+611.9%
5Y CAGR+22.8%

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.

Cash & Debt
$240.0M
YoY+42.3%
5Y CAGR+9.4%

First Advantage Corp held $240.0M in cash against $2.1B in long-term debt as of fiscal year 2025.

Shares Outstanding
174M
YoY+0.6%
5Y CAGR+6.0%

First Advantage Corp had 174M shares outstanding in fiscal year 2025. This represents an increase of 0.6% from the prior year.

Dividends Per Share

Not reported for fiscal year 2025.

Margins & Returns

Operating Margin
8.4%
YoY+15.7pp
5Y CAGR+8.8pp

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.

Net Margin
-2.2%
YoY+10.6pp
5Y CAGR+7.8pp

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.

Return on Equity
-2.6%
YoY+5.8pp
5Y CAGR+3.3pp

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.

Gross Margin

Not reported for fiscal year 2025.

Capital Allocation

R&D Spending
$101.9M
YoY+59.6%
5Y CAGR+25.9%

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.

Share Buybacks
$0

First Advantage Corp repurchased no shares in fiscal year 2025.

Capital Expenditures
$6.6M
YoY+285.6%
5Y CAGR+4.6%

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

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

FA annual income statement
MetricTTMFY25FY24FY23FY22FY21FY20FY19
Revenue$1.7B$1.6B+83.0%$860.2M+12.6%$763.8M-5.7%$810.0M+13.7%$712.3M+50.8%$472.4M-2.0%$481.8M
R&D Expenses$100.9M$101.9M+59.6%$63.8M+29.5%$49.3M-5.1%$51.9M+14.1%$45.5M+41.3%$32.2M-3.1%$33.2M
SG&A Expenses$224.4M$236.2M-10.5%$263.9M+126.1%$116.7M+0.1%$116.6M+8.0%$108.0M+61.5%$66.9M-21.4%$85.1M
Operating Income$177.7M$132.5M+312.3%-$62.4M-176.5%$81.5M-13.5%$94.3M+47.7%$63.8M+3228.6%-$2.0M-102.2%$92.2M
Interest Expense-$138.8M-$168.7M-225.3%-$51.8M-56.9%-$33.0M-259.2%-$9.2M-136.6%$25.1M-47.6%$47.9M-7.8%$52.0M
Income Tax$12.2M-$2.4M+44.1%-$4.3M-138.8%$11.2M-45.4%$20.5M+131.0%$8.9M+178.0%-$11.4M-64.6%-$6.9M
Net Income$25.1M-$34.8M+68.4%-$110.3M-395.7%$37.3M-42.3%$64.6M+302.5%$16.1M+133.8%-$47.5M-238.7%$34.3M
EPS (Diluted)-$0.20+73.0%-$0.74-384.6%$0.26-39.5%$0.43+290.9%$0.11+129.7%-$0.37-276.2%$0.21

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit.

TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.

FA Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

FA annual balance sheet
MetricFY25FY24FY23FY22FY21FY20FY19
Total Assets$3.8B-2.3%$3.9B+140.6%$1.6B-13.5%$1.9B0.0%$1.9B+7.0%$1.8BN/A
Current Assets$561.7M+18.0%$476.0M+27.4%$373.7M-34.0%$566.2M+21.5%$466.2M+67.8%$277.8MN/A
Cash & Equivalents$240.0M+42.3%$168.7M-21.1%$213.8M-45.4%$391.7M+33.8%$292.6M+91.5%$152.8M+89.3%$80.7M
Accounts Receivable$297.3M+11.4%$266.8M+87.0%$142.7M-0.8%$143.8M-7.7%$155.8M+39.9%$111.4MN/A
Goodwill$2.1B+0.9%$2.1B+158.9%$820.7M+3.5%$793.1M-0.1%$793.9M+3.1%$770.1MN/A
Total Liabilities$2.5B-3.7%$2.6B+261.3%$723.9M-4.6%$759.2M+0.6%$754.3M-22.2%$969.4MN/A
Current Liabilities$230.5M-8.1%$250.7M+194.8%$85.0M-15.6%$100.8M-7.8%$109.3M+11.7%$97.8MN/A
Long-Term Debt$2.1B-1.9%$2.1B+279.8%$558.5M+0.3%$556.6M+0.3%$554.8M-28.7%$778.6MN/A
Total Equity$1.3B+0.5%$1.3B+44.1%$906.7M-19.5%$1.1B-0.5%$1.1B+42.6%$794.3M+1.9%$779.7M
Retained Earnings-$194.6M-21.8%-$159.8M-222.6%-$49.5M-81.1%-$27.4M+13.0%-$31.4M+33.8%-$47.5MN/A

Not reported in any period shown, so not listed: Inventory.

FA Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

FA annual cash flow statement
MetricTTMFY25FY24FY23FY22FY21FY20FY19
Operating Cash Flow$261.3M$195.1M+592.0%$28.2M-82.7%$162.8M-23.5%$212.8M+43.1%$148.7M+104.1%$72.9M+1.8%$71.6M
Capital Expenditures$12.4M$6.6M+285.6%$1.7M-17.5%$2.1M-66.2%$6.2M-15.7%$7.3M+37.9%$5.3M-19.4%$6.6M
Free Cash Flow$249.0M$188.5M+611.9%$26.5M-83.5%$160.7M-22.2%$206.6M+46.2%$141.4M+109.3%$67.5M+3.9%$65.0M
Investing Cash Flow-$63.8M-$54.1M+96.7%-$1.7B-2371.3%-$66.8M-37.6%-$48.6M+32.9%-$72.4M-365.2%-$15.6M+12.5%-$17.8M
Financing Cash Flow-$134.9M-$70.8M-104.5%$1.6B+678.0%-$273.6M-362.4%-$59.2M-192.6%$63.8M+37.6%$46.4M+1561.1%-$3.2M
Share BuybacksN/A$0$0-100.0%$59.5M-1.7%$60.5M$0N/AN/A

Not reported in any period shown, so not listed: Dividends Paid.

TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.

FA Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples.

FA annual financial ratios
MetricFY25FY24FY23FY22FY21FY20FY19
Operating Margin8.4%+15.7pp-7.2%-17.9pp10.7%-1.0pp11.6%+2.7pp9.0%+9.4pp-0.4%-19.6pp19.1%
Net Margin-2.2%+10.6pp-12.8%-17.7pp4.9%-3.1pp8.0%+5.7pp2.3%+12.3pp-10.1%-17.2pp7.1%
Return on Equity-2.6%+5.8pp-8.4%-12.6pp4.1%-1.6pp5.7%+4.3pp1.4%+7.4pp-6.0%-10.4pp4.4%
Return on Assets-0.9%+1.9pp-2.8%-5.1pp2.3%-1.1pp3.4%+2.6pp0.9%+3.5pp-2.7%N/A
Current Ratio2.44+0.5x1.90-2.5x4.39-1.2x5.62+1.4x4.26+1.4x2.84N/A
Debt-to-Equity1.580.0x1.62+1.0x0.62+0.1x0.490.0x0.49-0.5x0.98N/A
FCF Margin12.0%+8.9pp3.1%-18.0pp21.1%-4.5pp25.5%+5.7pp19.9%+5.6pp14.3%+0.8pp13.5%

Not reported in any period shown, so not listed: Gross Margin.

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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 83.0% 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%.

First Advantage Corp (FA) reported diluted earnings per share of -$0.20 for fiscal year 2025. This represents a 73.0% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

First Advantage Corp (FA) had EBITDA of $244.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

As of fiscal year 2025, First Advantage Corp (FA) had $240.0M in cash and equivalents against $2.1B in long-term debt.

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.

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.

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.

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.

First Advantage Corp (FA) generated $195.1M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

First Advantage Corp (FA) had $3.8B in total assets as of fiscal year 2025, including both current and long-term assets.

First Advantage Corp (FA) invested $6.6M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

First Advantage Corp (FA) invested $101.9M in research and development during fiscal year 2025.

First Advantage Corp (FA) had 174M shares outstanding as of fiscal year 2025.

First Advantage Corp (FA) had a current ratio of 2.44 as of fiscal year 2025, which is generally considered healthy.

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.

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.

First Advantage Corp (FA) has an Altman Z-Score of 1.41, 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.

First Advantage Corp (FA) has a Piotroski F-Score of 5 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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.

First Advantage Corp (FA) reported a net loss of $34.8M while generating $195.1M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. 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.

First Advantage Corp (FA) has an interest coverage ratio of 0.79x, 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.

First Advantage Corp (FA) scores 54 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.

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