FA

MKT CAP:$2B

First Advantage Corporation

Market Cap

$2B

Industrials·Specialty Business Services·🇺🇸 United States·NASDAQ

Industrials·Specialty·🇺🇸·NASDAQ

Stock Price

$13.45-$0.80 (-5.61%)

Apr 22, 2026

Company Details

First Advantage Corporation provides technology solutions for screening, verifications, safety, and compliance related to human capital worldwide. It offers pre-onboarding products and solutions, such as criminal background checks, drug/hea...

CEO

Scott Staples

IPO Date

Jun 23, 2021

Website

fadv.com

Key Metrics TTM

Revenue

$1.5B

+93.4% YoY

Net Income

-$139M

EPS (Diluted)

-$0.84

Free Cash Flow

$28M

Revenue / Share

$8.33

Gross Margin

45.9%

Operating Margin

0.5%

Net Margin

-9.5%

FCF Margin

1.9%

P/S

1.5x

P/E

—

Earnings Reports

Q4 2025

May 14, 2026

PENDING

Q3 2025

Nov 6, 2025

$409M+105.5%EPS $0.01

Q2 2025

Aug 7, 2025

$391M+111.7%EPS $0.00

Q1 2025

May 8, 2025

$355M+109.3%EPS -$0.24

FY 2024

Feb 27, 2025

$860M+12.6%EPS -$0.74

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$213M	$105M	$25M
Q1 22	$190M	$93M	$17M
Q2 22	$202M	$101M	$23M
Q3 22	$206M	$102M	$26M
Q4 22	$213M	$105M	$29M
Q1 23	$176M	$84M	$11M
Q2 23	$185M	$92M	$18M
Q3 23	$200M	$99M	$23M
Q4 23	$203M	$101M	$29M
Q1 24	$169M	$82M	-$726.0K
Q2 24	$185M	$92M	$10M
Q3 24	$199M	$98M	$9M
Q4 24	$307M	$139M	-$81M
Q1 25	$355M	$162M	$8M
Q2 25	$391M	$183M	$38M
Q3 25	$409M	$187M	$42M

Valuation

Quarter	P/S	P/E
Q4 21	4.0x	177.8x
Q1 22	3.8x	60.4x
Q2 22	2.4x	31.9x
Q3 22	2.4x	32.8x
Q4 22	2.4x	30.2x
Q1 23	2.5x	36.9x
Q2 23	2.7x	43.7x
Q3 23	2.5x	46.1x
Q4 23	3.0x	61.3x
Q1 24	3.1x	71.3x
Q2 24	3.0x	93.1x
Q3 24	4.3x	658.6x
Q4 24	3.5x	—
Q1 25	2.3x	—
Q2 25	2.3x	—
Q3 25	1.8x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	$65M	$59M
Q1 22	$42M	$34M
Q2 22	$55M	$47M
Q3 22	$46M	$39M
Q4 22	$70M	$64M
Q1 23	$39M	$33M
Q2 23	$33M	$26M
Q3 23	$34M	$27M
Q4 23	$57M	$50M
Q1 24	$38M	$32M
Q2 24	$32M	$25M
Q3 24	$43M	$56M
Q4 24	-$86M	-$96M
Q1 25	$19M	$19M
Q2 25	$37M	$47M
Q3 25	$72M	$59M

Capital Expenditures

Quarter	CapEx
Q4 21	$6M
Q1 22	$8M
Q2 22	$8M
Q3 22	$7M
Q4 22	$6M
Q1 23	$6M
Q2 23	$7M
Q3 23	$7M
Q4 23	$7M
Q1 24	$6M
Q2 24	$7M
Q3 24	$12M
Q4 24	$10M
Q1 25	$485.0K
Q2 25	$9M
Q3 25	$13M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	+35.8%	+22.2%
Q1 22	+43.8%	+27.8%
Q2 22	+15.3%	+13.5%
Q3 22	+6.8%	+7.0%
Q4 22	+0.0%	-1.8%
Q1 23	-7.6%	-4.9%
Q2 23	-8.1%	-6.2%
Q3 23	-2.7%	-1.8%
Q4 23	-4.7%	-5.8%
Q1 24	-3.5%	+3.6%
Q2 24	-0.4%	+4.2%
Q3 24	-0.6%	+7.3%
Q4 24	+51.6%	+123.9%
Q1 25	+109.3%	+103.9%
Q2 25	+111.7%	+102.1%
Q3 25	+105.5%	+93.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$5M	2.3%
Q1 22	$2M	1.0%
Q2 22	$2M	1.0%
Q3 22	$2M	1.0%
Q4 22	$2M	1.0%
Q1 23	$2M	1.2%
Q2 23	$4M	1.9%
Q3 23	$5M	2.4%
Q4 23	$5M	2.4%
Q1 24	$5M	2.8%
Q2 24	$5M	2.7%
Q3 24	$10M	4.8%
Q4 24	$12M	4.1%
Q1 25	$8M	2.2%
Q2 25	$6M	1.5%
Q3 25	$6M	1.4%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q4 21	$12M	$30M	$1M
Q1 22	$14M	—	—
Q2 22	$13M	$31M	—
Q3 22	$13M	—	—
Q4 22	$12M	$26M	$3M
Q1 23	$13M	—	—
Q2 23	$13M	$30M	—
Q3 23	$13M	—	—
Q4 23	$11M	$26M	$2M
Q1 24	$12M	—	—
Q2 24	$14M	—	—
Q3 24	$13M	—	—
Q4 24	$25M	$169M	$3M
Q1 25	$27M	—	—
Q2 25	$26M	—	—
Q3 25	$25M	—	—

Revenue Segments

Quarter	First Advantage Americas	First Advantage International	Sterling
Q1 25	$145M	$23M	$187M
Q2 25	$163M	$24M	$203M
Q3 25	$182M	$28M	$199M

Revenue by Geography

Quarter	Americas	Non-US	United States
Q1 22	$160M	$32M	—
Q2 22	$171M	$33M	—
Q1 25	—	$51M	$304M
Q2 25	—	$56M	$335M
Q3 25	—	$60M	$349M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$308M	$927.0K	$309M
Q2 22	$352M	$904.0K	$353M
Q3 22	$390M	$0	$390M
Q4 22	$392M	$2M	$394M
Q1 23	$400M	$2M	$402M
Q2 23	$399M	$2M	$401M
Q3 23	$165M	$2M	$167M
Q4 23	$214M	$0	$214M
Q1 24	$245M	$600.0K	$246M
Q2 24	$270M	$0	$270M
Q3 24	$307M	$0	$307M
Q4 24	$169M	$0	$169M
Q1 25	$172M	$0	$172M
Q2 25	$184M	$0	$184M
Q3 25	$217M	$0	$217M
Q4 25	$240M	$0	$240M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	152M	-0.1%	+23.5%
Q1 22	152M	+0.0%	+17.2%
Q2 22	152M	+0.0%	+12.6%
Q3 22	152M	-0.0%	-0.0%
Q4 22	150M	-1.5%	-1.5%
Q1 23	147M	-2.0%	-3.5%
Q2 23	145M	-1.1%	-4.6%
Q3 23	145M	-0.4%	-5.0%
Q4 23	145M	+0.2%	-3.4%
Q1 24	144M	-1.0%	-2.3%
Q2 24	146M	+1.6%	+0.4%
Q3 24	144M	-1.2%	-0.4%
Q4 24	163M	+13.0%	+12.3%
Q1 25	173M	+6.1%	+20.3%
Q2 25	175M	+1.3%	+20.0%
Q3 25	176M	+0.3%	+21.8%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$38.6K	6K
Q1 22	$34.5K	6K
Q2 22	$36.6K	6K
Q3 22	$37.5K	6K
Q4 22	$36.7K	6K
Q1 23	$30.3K	6K
Q2 23	$32.0K	6K
Q3 23	$34.5K	6K
Q4 23	$40.5K	5K
Q1 24	$33.9K	5K
Q2 24	$36.9K	5K
Q3 24	$39.8K	5K
Q4 24	$30.7K	10K
Q1 25	$35.5K	10K
Q2 25	$39.1K	10K
Q3 25	$40.9K	10K

Revenue / Employee