First Advantage (FA) Financials

$15.04 -0.24 (-1.57%)

Closing price 04:00 PM Eastern

Extended Trading

$15.04 +0.01 (+0.03%)

As of 04:08 PM Eastern

Annual Income Statements for First Advantage

This table shows First Advantage's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2019	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	100	16	65	37	-110	-35
Consolidated Net Income / (Loss)	100	16	65	37	-110	-35
Net Income / (Loss) Continuing Operations	100	16	65	37	-110	-35
Total Pre-Tax Income	41	25	85	48	-115	-37
Total Operating Income	92	64	94	82	-62	132
Total Gross Profit	482	712	810	764	860	1,574
Total Revenue	482	712	810	764	860	1,574
Operating Revenue	482	712	810	764	860	1,574
Total Cost of Revenue	0.00	0.00	0.00	0.00	0.00	0.00
Total Operating Expenses	390	648	716	682	923	1,442
Selling, General & Admin Expense	85	108	117	117	264	236
Research & Development Expense	33	46	52	49	64	102
Depreciation Expense	26	143	138	129	146	249
Other Operating Expenses / (Income)	245	352	409	387	449	855
Total Other Income / (Expense), net	-52	-39	-9.20	-33	-52	-170
Interest Expense	0.00	39	9.20	33	52	170
Income Tax Expense	-6.90	8.86	20	11	-4.34	-2.43
Basic Earnings per Share	$0.23	$0.11	$0.43	$0.26	($0.74)	($0.20)
Weighted Average Basic Shares Outstanding	149.69M	140.48M	150.23M	144.08M	148.58M	173.20M
Diluted Earnings per Share	$0.21	$0.11	$0.43	$0.26	($0.74)	($0.20)
Weighted Average Diluted Shares Outstanding	163.88M	141.69M	151.81M	146.23M	148.58M	173.20M
Weighted Average Basic & Diluted Shares Outstanding	-	152.94M	147.78M	145.16M	173.51M	174.32M

This table shows First Advantage's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	11	15	-2.91	1.86	-8.86	-100	-41	0.31	2.59	3.47	2.17
Consolidated Net Income / (Loss)	11	15	-2.91	1.86	-8.86	-100	-41	0.31	2.59	3.47	2.17
Net Income / (Loss) Continuing Operations	11	15	-2.91	1.86	-8.86	-100	-41	0.31	2.59	3.47	2.17
Total Pre-Tax Income	16	16	-4.30	2.55	-8.08	-105	-39	-7.30	1.80	7.22	3.31
Total Operating Income	23	29	-0.73	9.90	9.11	-81	7.62	38	42	45	34
Total Gross Profit	200	203	169	185	199	307	355	391	409	420	385
Total Revenue	200	203	169	185	199	307	355	391	409	420	385
Operating Revenue	200	203	169	185	199	307	355	391	409	420	385
Total Cost of Revenue	0.00	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Total Operating Expenses	177	173	170	175	190	388	347	353	367	375	352
Selling, General & Admin Expense	30	28	41	39	46	139	66	57	57	56	53
Research & Development Expense	13	11	12	14	13	25	27	26	25	24	25
Depreciation Expense	32	33	30	30	30	56	62	62	62	63	62
Other Operating Expenses / (Income)	101	101	87	92	101	168	193	208	222	233	211
Total Other Income / (Expense), net	-7.56	-13	-3.57	-7.35	-17	-24	-47	-45	-40	-38	-30
Interest Expense	7.56	13	3.57	7.35	17	24	47	45	40	38	30
Income Tax Expense	4.88	1.65	-1.39	0.69	0.78	-4.43	2.23	-7.61	-0.80	3.75	1.14
Basic Earnings per Share	$0.08	$0.10	($0.02)	$0.01	($0.06)	($0.67)	($0.24)	$0.00	$0.01	$0.03	$0.01
Weighted Average Basic Shares Outstanding	143.23M	144.08M	143.59M	143.86M	144.10M	148.58M	172.76M	173.29M	173.56M	173.20M	173.90M
Diluted Earnings per Share	$0.07	$0.11	($0.02)	$0.01	($0.06)	($0.67)	($0.24)	$0.00	$0.01	$0.03	$0.01
Weighted Average Diluted Shares Outstanding	144.73M	146.23M	143.59M	145.86M	144.10M	148.58M	172.76M	175.07M	175.55M	173.20M	174.92M
Weighted Average Basic & Diluted Shares Outstanding	145.12M	145.16M	145.20M	145.41M	172.65M	173.51M	173.67M	173.99M	174.11M	174.32M	171.54M

This table details how cash moves in and out of First Advantage's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2019	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	50	25	99	-178	-44	70
Net Cash From Operating Activities	72	149	213	163	28	195
Net Cash From Continuing Operating Activities	72	149	213	163	28	195
Net Income / (Loss) Continuing Operations	34	16	65	37	-110	-35
Consolidated Net Income / (Loss)	34	16	65	37	-110	-35
Depreciation Expense	26	143	138	129	146	249
Amortization Expense	3.17	5.94	1.80	1.81	2.62	6.31
Non-Cash Adjustments To Reconcile Net Income	1.17	21	-3.91	16	21	33
Changes in Operating Assets and Liabilities, net	7.04	-37	12	-21	-31	-58
Net Cash From Investing Activities	-18	-72	-49	-67	-1,652	-54
Net Cash From Continuing Investing Activities	-18	-72	-49	-67	-1,652	-54
Purchase of Property, Plant & Equipment	-17	-24	-29	-28	-32	-54
Acquisitions	0.00	-49	-19	-41	-1,620	0.00
Other Investing Activities, net	-	0.31	-1.02	1.97	0.09	0.12
Net Cash From Financing Activities	-3.18	64	-59	-274	1,581	-71
Net Cash From Continuing Financing Activities	-3.18	-51	-59	-273	1,595	-71
Repayment of Debt	-3.18	-365	0.00	0.00	-97	-70
Repurchase of Common Equity	0.00	-4.03	-61	-59	0.00	0.00
Payment of Dividends	0.00	0.00	0.00	-218	-0.26	-0.13
Issuance of Debt	0.00	-	0.00	0.00	1,679	0.00
Issuance of Common Equity	0.00	321	3.52	4.57	15	3.75
Other Financing Activities, net	0.00	-2.76	-1.77	-1.04	-0.71	-3.91
Cash Interest Paid	56	23	27	46	66	162

This table details how cash moves in and out of First Advantage's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-234	49	32	24	38	-138	2.40	9.49	35	23	-8.85
Net Cash From Operating Activities	34	57	38	32	43	-86	19	37	72	66	49
Net Cash From Continuing Operating Activities	34	57	38	32	43	-86	19	37	72	66	49
Net Income / (Loss) Continuing Operations	11	15	-2.91	1.86	-8.86	-100	-41	0.31	2.59	3.47	2.17
Consolidated Net Income / (Loss)	11	15	-2.91	1.86	-8.86	-100	-41	0.31	2.59	3.47	2.17
Depreciation Expense	32	33	30	30	30	56	62	62	62	63	62
Amortization Expense	0.44	0.45	0.45	0.46	0.47	1.23	1.61	1.60	1.57	1.54	1.52
Non-Cash Adjustments To Reconcile Net Income	2.77	6.57	-2.73	2.71	17	3.24	11	8.18	8.00	5.79	7.15
Changes in Operating Assets and Liabilities, net	-12	1.79	14	-2.97	4.29	-46	-14	-35	-2.07	-7.60	-24
Net Cash From Investing Activities	-49	-4.92	-7.03	-6.78	-7.90	-1,630	-11	-13	-13	-17	-14
Net Cash From Continuing Investing Activities	-49	-4.92	-7.03	-6.78	-7.90	-1,630	-11	-13	-13	-17	-14
Purchase of Property, Plant & Equipment	-7.46	-7.12	-6.46	-7.41	-7.91	-10	-11	-13	-13	-17	-16
Other Investing Activities, net	-0.04	2.21	-0.58	0.63	-0.02	0.06	0.04	0.05	0.01	0.04	2.00
Net Cash From Financing Activities	-220	-2.99	0.69	-0.48	0.94	1,580	-5.99	-15	-24	-26	-44
Net Cash From Continuing Financing Activities	-220	-2.90	0.73	-0.21	0.63	1,594	-5.99	-15	-24	-26	-44
Repayment of Debt	-	-	0.00	-	-	-	-5.46	-15	-25	-25	-25
Repurchase of Common Equity	-3.58	-3.07	-	-	-	-	0.00	-	-	-	-19
Payment of Dividends	-218	-0.06	-0.01	-0.19	-0.01	-0.04	-0.01	-0.09	-0.01	-0.02	-0.01
Issuance of Common Equity	1.99	0.48	0.98	0.22	4.67	8.79	1.69	0.53	1.47	0.06	1.15
Other Financing Activities, net	-0.26	-0.24	-0.23	-0.24	-4.03	3.79	-2.21	-0.55	-0.38	-0.77	-0.91
Cash Interest Paid	12	12	12	12	12	30	42	42	40	37	35
Cash Income Taxes Paid	7.21	11	2.51	15	2.01	4.22	3.00	21	3.61	-	5.77

This table presents First Advantage's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	1,764	1,887	1,886	1,631	3,923	3,834
Total Current Assets	278	466	566	374	476	562
Cash & Equivalents	153	293	392	214	169	240
Restricted Cash	0.15	0.15	0.14	0.14	0.80	0.09
Accounts Receivable	111	156	144	143	267	297
Prepaid Expenses	8.70	14	25	13	31	15
Current Deferred & Refundable Income Taxes	3.48	2.29	3.23	3.71	8.67	9.01
Plant, Property, & Equipment, net	190	154	114	79	308	251
Total Noncurrent Assets	1,296	1,266	1,206	1,177	3,139	3,021
Goodwill	770	794	793	821	2,125	2,144
Intangible Assets	523	464	71	344	988	857
Noncurrent Deferred & Refundable Income Taxes	0.81	1.41	2.42	2.79	5.68	4.18
Other Noncurrent Operating Assets	1.37	6.46	339	10	21	16
Total Liabilities & Shareholders' Equity	1,764	1,887	1,886	1,631	3,923	3,834
Total Liabilities	969	754	759	724	2,616	2,520
Total Current Liabilities	98	109	101	85	251	230
Accounts Payable	44	54	55	47	121	110
Accrued Expenses	25	22	16	16	45	49
Current Deferred Revenue	0.43	0.87	1.06	1.86	4.27	5.03
Current Deferred & Payable Income Tax Liabilities	2.45	2.57	0.72	0.26	1.94	2.30
Current Employee Benefit Liabilities	19	30	23	16	53	61
Other Current Liabilities	-	0.00	4.96	3.35	4.25	3.57
Total Noncurrent Liabilities	872	645	658	639	2,365	2,290
Long-Term Debt	779	555	557	558	2,121	2,080
Noncurrent Deferred & Payable Income Tax Liabilities	87	85	91	71	223	190
Other Noncurrent Operating Liabilities	6.21	5.54	11	9.15	21	19
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	794	1,132	1,127	907	1,307	1,314
Total Preferred & Common Equity	794	1,132	1,127	907	1,307	1,314
Total Common Equity	794	1,132	1,127	907	1,307	1,314
Common Stock	839	1,165	1,176	977	1,504	1,528
Retained Earnings	-47	-31	-27	-50	-160	-195
Accumulated Other Comprehensive Income / (Loss)	2.48	-1.64	-22	-21	-37	-20

This table presents First Advantage's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	1,922	1,848	1,838	1,629	1,632	1,636	1,657	3,872	3,871	3,856	3,754
Total Current Assets	571	555	572	349	400	427	467	472	503	542	539
Cash & Equivalents	390	400	399	165	245	270	307	172	184	217	226
Restricted Cash	0.14	0.14	0.14	0.13	0.14	0.09	0.09	0.80	0.08	0.08	0.11
Accounts Receivable	151	128	140	157	129	131	143	266	283	291	288
Prepaid Expenses	27	23	21	19	22	20	14	29	25	21	21
Current Deferred & Refundable Income Taxes	2.56	2.48	8.96	5.89	2.57	7.10	2.81	3.93	9.96	14	4.31
Plant, Property, & Equipment, net	126	103	93	90	71	63	55	292	276	261	237
Total Noncurrent Assets	1,225	1,189	1,173	1,190	1,161	1,145	1,135	3,108	3,093	3,053	2,978
Goodwill	792	793	794	821	820	819	822	2,128	2,143	2,140	2,138
Intangible Assets	413	382	367	357	329	315	302	955	925	890	821
Noncurrent Deferred & Refundable Income Taxes	1.74	2.41	2.47	3.19	2.80	2.87	3.17	5.17	4.95	5.68	4.15
Other Noncurrent Operating Assets	18	11	10	9.05	9.20	8.27	7.60	20	19	17	15
Total Liabilities & Shareholders' Equity	1,922	1,848	1,838	1,629	1,632	1,636	1,657	3,872	3,871	3,856	3,754
Total Liabilities	762	740	744	741	724	723	736	2,593	2,572	2,555	2,460
Total Current Liabilities	102	85	90	95	93	99	121	241	253	240	203
Accounts Payable	52	47	52	56	48	55	71	116	112	128	107
Accrued Expenses	18	17	16	17	24	21	23	45	56	48	42
Current Deferred Revenue	0.85	1.26	1.31	1.16	2.04	2.23	2.50	4.77	4.82	4.94	5.21
Current Deferred & Payable Income Tax Liabilities	1.66	0.81	0.38	0.48	2.99	0.33	3.53	4.37	1.45	2.53	3.13
Current Employee Benefit Liabilities	23	13	15	16	13	17	19	45	53	53	42
Other Current Liabilities	5.50	5.64	5.59	4.73	3.37	2.98	2.57	3.86	3.84	3.67	3.37
Total Noncurrent Liabilities	660	655	654	647	631	624	615	2,352	2,319	2,315	2,257
Long-Term Debt	556	557	558	558	559	559	560	2,117	2,104	2,103	2,057
Noncurrent Deferred & Payable Income Tax Liabilities	91	88	88	82	64	57	48	215	195	194	181
Other Noncurrent Operating Liabilities	13	9.84	8.74	6.44	8.46	7.66	7.04	20	19	17	19
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,160	1,107	1,094	888	908	913	921	1,279	1,299	1,302	1,294
Total Preferred & Common Equity	1,160	1,107	1,094	888	908	913	921	1,279	1,299	1,302	1,294
Total Common Equity	1,160	1,107	1,094	888	908	913	921	1,279	1,299	1,302	1,294
Common Stock	1,174	1,180	1,184	972	983	988	999	1,512	1,517	1,524	1,533
Retained Earnings	11	-51	-69	-61	-52	-51	-59	-201	-201	-198	-212
Accumulated Other Comprehensive Income / (Loss)	-25	-21	-21	-23	-23	-24	-19	-32	-17	-24	-27

This table displays calculated financial ratios and metrics derived from First Advantage's official financial filings.

Metric	2019	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-
Revenue Growth	0.00%	0.00%	13.72%	-5.71%	12.63%	83.02%
EBITDA Growth	0.00%	0.00%	10.23%	-9.19%	-59.51%	349.62%
EBIT Growth	0.00%	0.00%	47.72%	-13.54%	-176.53%	312.34%
NOPAT Growth	0.00%	0.00%	74.10%	-12.40%	-169.64%	312.34%
Net Income Growth	0.00%	0.00%	302.49%	-42.27%	-395.69%	68.42%
EPS Growth	0.00%	0.00%	290.91%	-39.53%	-384.62%	72.97%
Operating Cash Flow Growth	0.00%	0.00%	43.11%	-23.48%	-82.68%	592.03%
Free Cash Flow Firm Growth	0.00%	0.00%	0.00%	-42.46%	-2,153.60%	110.61%
Invested Capital Growth	0.00%	0.00%	-7.45%	-2.97%	162.19%	-3.88%
Revenue Q/Q Growth	0.00%	0.00%	0.01%	-1.30%	13.84%	7.72%
EBITDA Q/Q Growth	0.00%	0.00%	0.94%	-0.61%	-50.09%	52.07%
EBIT Q/Q Growth	0.00%	0.00%	3.77%	0.79%	-230.86%	1,813.45%
NOPAT Q/Q Growth	0.00%	0.00%	10.28%	1.06%	-224.02%	1,813.45%
Net Income Q/Q Growth	0.00%	0.00%	7.96%	-12.51%	-2,347.72%	74.89%
EPS Q/Q Growth	0.00%	0.00%	4.88%	-10.34%	-1,950.00%	77.78%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	2.46%	-7.49%	-83.47%	348.37%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	-7.38%	-1,570.57%	110.94%
Invested Capital Q/Q Growth	0.00%	0.00%	-2.74%	-2.16%	179.67%	-1.08%
Profitability Metrics	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	25.18%	29.84%	28.93%	27.86%	10.02%	24.60%
Operating Margin	19.13%	8.96%	11.64%	10.67%	-7.25%	8.41%
EBIT Margin	19.13%	8.96%	11.64%	10.67%	-7.25%	8.41%
Profit (Net Income) Margin	20.76%	2.25%	7.98%	4.88%	-12.82%	-2.21%
Tax Burden Percent	243.05%	64.43%	75.93%	76.93%	96.21%	93.48%
Interest Burden Percent	44.65%	39.03%	90.24%	59.47%	183.73%	-28.12%
Effective Tax Rate	-16.76%	35.57%	24.07%	23.07%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	2.95%	5.34%	4.94%	-1.93%	2.88%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	-6.65%	2.04%	-5.08%	-7.67%	-3.81%
Return on Net Nonoperating Assets (RNNOA)	0.00%	-1.53%	0.38%	-1.27%	-8.04%	-5.54%
Return on Equity (ROE)	0.00%	1.42%	5.72%	3.67%	-9.96%	-2.66%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	13.08%	7.95%	-91.49%	6.84%
Operating Return on Assets (OROA)	0.00%	3.50%	5.00%	4.64%	-2.25%	3.42%
Return on Assets (ROA)	0.00%	0.88%	3.43%	2.12%	-3.97%	-0.90%
Return on Common Equity (ROCE)	0.00%	1.42%	5.72%	3.67%	-9.96%	-2.66%
Return on Equity Simple (ROE_SIMPLE)	0.00%	1.42%	5.73%	4.11%	-8.44%	0.00%
Net Operating Profit after Tax (NOPAT)	108	41	72	63	-44	93
NOPAT Margin	22.34%	5.77%	8.84%	8.21%	-5.08%	5.89%
Net Nonoperating Expense Percent (NNEP)	0.00%	9.60%	3.29%	10.02%	5.75%	6.69%
Return On Investment Capital (ROIC_SIMPLE)	-	-	4.25%	4.28%	-1.27%	2.73%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	17.66%	15.16%	14.40%	15.28%	30.68%	15.00%
R&D to Revenue	6.90%	6.39%	6.41%	6.45%	7.42%	6.47%
Operating Expenses to Revenue	80.87%	91.04%	88.36%	89.33%	107.25%	91.59%
Earnings before Interest and Taxes (EBIT)	92	64	94	82	-62	132
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	121	213	234	213	86	387
Valuation Ratios	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	2.32	1.58	2.65	2.47	1.93
Price to Tangible Book Value (P/TBV)	0.00	0.00	6.78	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.79	3.68	2.20	3.15	3.76	1.61
Price to Earnings (P/E)	3.82	163.32	27.53	64.48	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	9.05%	0.00%	0.00%
Earnings Yield	26.15%	0.61%	3.63%	1.55%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	2.07	1.51	2.20	1.59	1.39
Enterprise Value to Revenue (EV/Rev)	0.00	4.05	2.40	3.60	6.05	2.78
Enterprise Value to EBITDA (EV/EBITDA)	0.00	13.56	8.29	12.92	60.44	11.28
Enterprise Value to EBIT (EV/EBIT)	0.00	45.16	20.59	33.73	0.00	32.99
Enterprise Value to NOPAT (EV/NOPAT)	0.00	70.10	27.12	43.84	0.00	47.13
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	19.39	9.13	16.88	184.69	22.40
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	11.07	27.23	0.00	19.87
Leverage & Solvency	-	-	-	-	-	-
Debt to Equity	0.00	0.49	0.49	0.62	1.64	1.58
Long-Term Debt to Equity	0.00	0.49	0.49	0.62	1.62	1.58
Financial Leverage	0.00	0.23	0.19	0.25	1.05	1.46
Leverage Ratio	0.00	1.89	1.67	1.73	2.51	2.96
Compound Leverage Factor	0.00	0.74	1.51	1.03	4.61	-0.83
Debt to Total Capital	0.00%	32.89%	33.07%	38.11%	62.12%	61.29%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.63%	0.00%
Long-Term Debt to Total Capital	0.00%	32.89%	33.07%	38.11%	61.48%	61.29%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	0.00%	67.11%	66.93%	61.89%	37.88%	38.71%
Debt to EBITDA	0.00	2.61	2.38	2.62	24.88	5.37
Net Debt to EBITDA	0.00	1.23	0.70	1.62	22.91	4.75
Long-Term Debt to EBITDA	0.00	2.61	2.38	2.62	24.62	5.37
Debt to NOPAT	0.00	13.49	7.78	8.91	-49.08	22.43
Net Debt to NOPAT	0.00	6.35	2.28	5.49	-45.20	19.84
Long-Term Debt to NOPAT	0.00	13.49	7.78	8.91	-48.58	22.43
Altman Z-Score	0.00	2.78	2.28	2.80	0.92	1.16
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-
Current Ratio	0.00	4.26	5.62	4.39	1.90	2.44
Quick Ratio	0.00	4.11	5.33	4.19	1.74	2.33
Cash Flow Metrics	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	0.00	175	101	-2,073	220
Operating Cash Flow to CapEx	429.44%	624.75%	745.83%	587.82%	87.39%	359.67%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	19.07	3.06	-39.69	1.30
Operating Cash Flow to Interest Expense	0.00	3.82	23.13	4.93	0.54	1.15
Operating Cash Flow Less CapEx to Interest Expense	0.00	3.21	20.03	4.09	-0.08	0.83
Efficiency Ratios	-	-	-	-	-	-
Asset Turnover	0.00	0.39	0.43	0.43	0.31	0.41
Accounts Receivable Turnover	0.00	5.33	5.41	5.33	4.20	5.58
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	4.13	6.05	7.92	4.45	5.64
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	0.00	68.44	67.50	68.46	86.88	65.39
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	0.00	68.44	67.50	68.46	86.88	65.39
Capital & Investment Metrics	-	-	-	-	-	-
Invested Capital	0.00	1,393	1,290	1,251	3,281	3,154
Invested Capital Turnover	0.00	0.51	0.60	0.60	0.38	0.49
Increase / (Decrease) in Invested Capital	0.00	0.00	-104	-38	2,029	-127
Enterprise Value (EV)	0.00	2,883	1,942	2,749	5,207	4,370
Market Capitalization	383	2,621	1,779	2,405	3,234	2,530
Book Value per Share	$0.00	$7.41	$7.42	$6.25	$7.57	$7.54
Tangible Book Value per Share	$0.00	($0.82)	$1.73	($1.78)	($10.46)	($9.69)
Total Capital	0.00	1,687	1,683	1,465	3,450	3,394
Total Debt	0.00	555	557	558	2,143	2,080
Total Long-Term Debt	0.00	555	557	558	2,121	2,080
Net Debt	0.00	261	163	345	1,974	1,840
Capital Expenditures (CapEx)	17	24	29	28	32	54
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	63	72	75	78	91
Debt-free Net Working Capital (DFNWC)	0.00	357	465	289	247	331
Net Working Capital (NWC)	0.00	357	465	289	225	331
Net Nonoperating Expense (NNE)	7.61	25	6.99	25	67	128
Net Nonoperating Obligations (NNO)	0.00	261	163	345	1,974	1,840
Total Depreciation and Amortization (D&A)	29	149	140	131	149	255
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	8.86%	8.85%	9.79%	9.03%	5.79%
Debt-free Net Working Capital to Revenue	0.00%	50.10%	57.46%	37.80%	28.73%	21.04%
Net Working Capital to Revenue	0.00%	50.10%	57.46%	37.80%	26.19%	21.04%
Earnings Adjustments	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.11	$0.43	$0.26	($0.74)	($0.20)
Adjusted Weighted Average Basic Shares Outstanding	0.00	140.48M	150.23M	144.08M	148.58M	173.20M
Adjusted Diluted Earnings per Share	$0.00	$0.11	$0.43	$0.26	($0.74)	($0.20)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	141.69M	151.81M	146.23M	148.58M	173.20M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	152.94M	147.78M	145.16M	173.51M	174.32M
Normalized Net Operating Profit after Tax (NOPAT)	65	41	72	63	-44	93
Normalized NOPAT Margin	13.39%	5.77%	8.84%	8.21%	-5.08%	5.89%
Pre Tax Income Margin	8.54%	3.50%	10.50%	6.35%	-13.32%	-2.37%
Debt Service Ratios	-	-	-	-	-	-
EBIT to Interest Expense	0.00	1.64	10.25	2.47	-1.19	0.78
NOPAT to Interest Expense	0.00	1.06	7.78	1.90	-0.84	0.55
EBIT Less CapEx to Interest Expense	0.00	1.03	7.15	1.63	-1.81	0.46
NOPAT Less CapEx to Interest Expense	0.00	0.45	4.68	1.06	-1.45	0.23
Payout Ratios	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	583.86%	-0.23%	-0.38%
Augmented Payout Ratio	0.00%	25.13%	93.69%	742.04%	-0.23%	-0.38%

This table displays calculated financial ratios and metrics derived from First Advantage's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	174,319,117.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	174,319,117.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.01
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-2.73%	-4.72%	-3.48%	-0.42%	-0.62%	51.62%	109.30%	111.67%	105.48%	36.76%	8.63%
EBITDA Growth	-7.87%	-2.03%	-32.25%	-19.57%	-29.09%	-137.31%	139.91%	150.94%	166.86%	564.61%	37.15%
EBIT Growth	-9.54%	2.22%	-106.43%	-43.85%	-60.74%	-374.58%	1,149.17%	281.07%	363.55%	155.62%	340.07%
NOPAT Growth	-13.47%	7.48%	-106.10%	-42.40%	-60.07%	-313.65%	1,149.17%	265.50%	856.61%	138.18%	312.39%
Net Income Growth	-37.40%	-26.47%	-251.06%	-80.98%	-182.24%	-777.55%	-1,316.58%	-83.45%	129.27%	103.46%	105.26%
EPS Growth	-36.36%	-21.43%	-300.00%	-85.71%	-185.71%	-709.09%	-1,100.00%	-100.00%	116.67%	104.48%	104.17%
Operating Cash Flow Growth	-26.00%	-18.86%	-0.70%	-3.26%	26.58%	-250.98%	-49.20%	16.55%	66.40%	176.97%	153.87%
Free Cash Flow Firm Growth	-25.69%	-49.65%	-70.30%	-53.06%	78.25%	-3,325.46%	-5,001.80%	-3,788.24%	-1,842.21%	107.13%	107.06%
Invested Capital Growth	-3.54%	-2.97%	-3.30%	-3.78%	-8.27%	162.19%	165.90%	169.40%	171.75%	-3.88%	-3.71%
Revenue Q/Q Growth	8.12%	1.10%	-16.36%	8.93%	7.90%	54.24%	15.45%	10.17%	4.74%	2.66%	-8.29%
EBITDA Q/Q Growth	11.77%	12.29%	-53.07%	36.53%	-1.46%	-159.09%	401.77%	42.81%	4.79%	2.89%	-10.92%
EBIT Q/Q Growth	31.60%	26.58%	-102.47%	1,464.05%	-7.98%	-985.26%	109.44%	395.43%	11.94%	6.22%	-25.30%
NOPAT Q/Q Growth	27.31%	65.47%	-101.92%	1,522.13%	-11.74%	-985.26%	109.44%	395.43%	131.01%	-64.67%	1.98%
Net Income Q/Q Growth	10.13%	37.50%	-119.63%	164.00%	-576.09%	-1,032.80%	58.96%	100.75%	741.88%	33.78%	-37.50%
EPS Q/Q Growth	0.00%	57.14%	-118.18%	150.00%	-700.00%	-1,016.67%	64.18%	100.00%	0.00%	200.00%	-66.67%
Operating Cash Flow Q/Q Growth	3.73%	65.14%	-32.45%	-16.40%	35.72%	-296.98%	122.73%	91.80%	93.79%	-8.88%	-25.04%
Free Cash Flow Firm Q/Q Growth	-45.85%	2.80%	-36.29%	32.38%	105.62%	-1,960.09%	3.19%	0.39%	2.87%	107.61%	-4.18%
Invested Capital Q/Q Growth	2.28%	-2.16%	-2.46%	-1.43%	-2.49%	179.67%	-1.08%	-0.13%	-1.64%	-1.08%	-0.91%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	27.98%	31.08%	17.44%	21.86%	19.96%	-7.65%	19.99%	25.92%	25.93%	25.99%	25.24%
Operating Margin	11.58%	14.50%	-0.43%	5.37%	4.58%	-26.27%	2.15%	9.66%	10.32%	10.68%	8.70%
EBIT Margin	11.58%	14.50%	-0.43%	5.37%	4.58%	-26.27%	2.15%	9.66%	10.32%	10.68%	8.70%
Profit (Net Income) Margin	5.38%	7.31%	-1.72%	1.01%	-4.45%	-32.68%	-11.62%	0.08%	0.63%	0.83%	0.56%
Tax Burden Percent	68.82%	89.96%	67.69%	72.98%	109.68%	95.78%	105.73%	-4.22%	144.46%	48.05%	65.60%
Interest Burden Percent	67.44%	56.04%	591.74%	25.75%	-88.64%	129.89%	-511.53%	-19.35%	4.25%	16.09%	9.86%
Effective Tax Rate	31.18%	10.04%	0.00%	27.02%	0.00%	0.00%	0.00%	0.00%	-44.46%	51.95%	34.40%
Return on Invested Capital (ROIC)	4.74%	7.84%	-0.18%	2.42%	1.97%	-6.98%	0.70%	3.81%	10.00%	2.51%	2.88%
ROIC Less NNEP Spread (ROIC-NNEP)	2.87%	3.27%	-1.21%	0.01%	-2.76%	-10.77%	-3.38%	1.47%	4.53%	1.56%	1.83%
Return on Net Nonoperating Assets (RNNOA)	0.78%	0.81%	-0.28%	0.00%	-0.98%	-11.27%	-3.52%	1.48%	4.36%	2.28%	2.71%
Return on Equity (ROE)	5.52%	8.66%	-0.46%	2.42%	0.99%	-18.26%	-2.82%	5.29%	14.36%	4.79%	5.58%
Cash Return on Invested Capital (CROIC)	8.37%	7.95%	7.73%	7.92%	11.50%	-91.49%	-92.37%	-92.54%	-92.18%	6.84%	12.25%
Operating Return on Assets (OROA)	5.05%	6.30%	-0.19%	2.34%	2.10%	-8.14%	0.82%	4.39%	5.47%	4.34%	3.66%
Return on Assets (ROA)	2.34%	3.18%	-0.75%	0.44%	-2.05%	-10.12%	-4.41%	0.04%	0.34%	0.34%	0.24%
Return on Common Equity (ROCE)	5.52%	8.66%	-0.46%	2.42%	0.99%	-18.26%	-2.82%	5.29%	14.36%	4.79%	5.58%
Return on Equity Simple (ROE_SIMPLE)	4.80%	0.00%	3.58%	2.69%	0.53%	0.00%	-11.62%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	16	26	-0.51	7.23	6.38	-56	5.33	26	61	22	22
NOPAT Margin	7.97%	13.05%	-0.30%	3.92%	3.20%	-18.39%	1.50%	6.76%	14.91%	5.13%	5.71%
Net Nonoperating Expense Percent (NNEP)	1.87%	4.58%	1.03%	2.41%	4.74%	3.79%	4.08%	2.34%	5.46%	0.95%	1.04%
Return On Investment Capital (ROIC_SIMPLE)	-	1.80%	-	-	-	-1.64%	0.16%	0.77%	1.79%	0.64%	0.66%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	15.08%	13.75%	24.00%	20.94%	23.13%	45.13%	18.50%	14.71%	14.04%	13.25%	13.88%
R&D to Revenue	6.54%	5.38%	7.36%	7.41%	6.48%	8.06%	7.66%	6.57%	6.14%	5.69%	6.39%
Operating Expenses to Revenue	88.42%	85.50%	100.43%	94.63%	95.42%	126.27%	97.85%	90.34%	89.68%	89.32%	91.30%
Earnings before Interest and Taxes (EBIT)	23	29	-0.73	9.90	9.11	-81	7.62	38	42	45	34
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	56	63	30	40	40	-23	71	101	106	109	97
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.25	2.65	2.59	2.55	3.13	2.47	1.91	2.22	2.06	1.93	1.58
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	2.59	3.15	3.11	3.08	3.82	3.76	2.34	2.31	1.83	1.61	1.28
Price to Earnings (P/E)	46.97	64.48	72.54	95.09	588.33	0.00	0.00	0.00	0.00	0.00	240.10
Dividend Yield	10.88%	9.05%	9.25%	9.33%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	2.13%	1.55%	1.38%	1.05%	0.17%	0.00%	0.00%	0.00%	0.00%	0.00%	0.42%
Enterprise Value to Invested Capital (EV/IC)	1.87	2.20	2.19	2.18	2.68	1.59	1.36	1.49	1.43	1.39	1.24
Enterprise Value to Revenue (EV/Rev)	3.09	3.60	3.52	3.47	4.15	6.05	4.22	3.86	3.12	2.78	2.42
Enterprise Value to EBITDA (EV/EBITDA)	11.18	12.92	13.42	13.88	18.18	60.44	34.60	25.62	17.92	11.28	9.38
Enterprise Value to EBIT (EV/EBIT)	29.59	33.73	38.38	42.47	65.84	0.00	0.00	0.00	659.24	32.99	24.51
Enterprise Value to NOPAT (EV/NOPAT)	38.56	43.84	49.15	52.56	89.14	0.00	0.00	0.00	941.77	47.13	14.40
Enterprise Value to Operating Cash Flow (EV/OCF)	13.60	16.88	16.41	16.24	18.40	184.69	472.40	329.68	104.87	22.40	17.24
Enterprise Value to Free Cash Flow (EV/FCFF)	21.96	27.23	27.79	26.98	22.26	0.00	0.00	0.00	0.00	19.87	9.95
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.63	0.62	0.62	0.61	0.61	1.64	1.67	1.64	1.62	1.58	1.59
Long-Term Debt to Equity	0.63	0.62	0.62	0.61	0.61	1.62	1.66	1.62	1.62	1.58	1.59
Financial Leverage	0.27	0.25	0.23	0.22	0.36	1.05	1.04	1.01	0.96	1.46	1.48
Leverage Ratio	1.73	1.73	1.73	1.73	1.82	2.51	2.52	2.49	2.48	2.96	2.96
Compound Leverage Factor	1.17	0.97	10.22	0.45	-1.61	3.26	-12.88	-0.48	0.11	0.48	0.29
Debt to Total Capital	38.59%	38.11%	38.11%	37.98%	37.81%	62.12%	62.59%	62.07%	61.77%	61.29%	61.39%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.63%	0.64%	0.64%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	38.59%	38.11%	38.11%	37.98%	37.81%	61.48%	61.95%	61.43%	61.77%	61.29%	61.39%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	61.41%	61.89%	61.89%	62.02%	62.19%	37.88%	37.41%	37.93%	38.23%	38.71%	38.61%
Debt to EBITDA	2.61	2.62	2.81	2.96	3.24	24.88	16.78	11.29	8.26	5.37	4.97
Net Debt to EBITDA	1.83	1.62	1.57	1.53	1.46	22.91	15.42	10.31	7.40	4.75	4.43
Long-Term Debt to EBITDA	2.61	2.62	2.81	2.96	3.24	24.62	16.61	11.17	8.26	5.37	4.97
Debt to NOPAT	8.99	8.91	10.30	11.21	15.90	-49.08	-56.55	-115.90	433.98	22.43	7.63
Net Debt to NOPAT	6.30	5.49	5.76	5.81	7.17	-45.20	-51.98	-105.85	389.22	19.84	6.79
Long-Term Debt to NOPAT	8.99	8.91	10.30	11.21	15.90	-48.58	-55.97	-114.71	433.98	22.43	7.63
Altman Z-Score	2.28	2.69	2.59	2.62	3.03	0.91	0.84	1.03	1.07	1.08	0.99
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.69	4.39	4.29	4.31	3.85	1.90	1.96	1.98	2.26	2.44	2.65
Quick Ratio	3.42	4.19	4.02	4.04	3.71	1.74	1.82	1.84	2.12	2.33	2.52
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	63	65	41	55	112	-2,086	-2,019	-2,012	-1,954	149	143
Operating Cash Flow to CapEx	460.75%	796.91%	593.70%	432.55%	550.09%	-816.26%	175.21%	292.10%	536.66%	390.90%	308.64%
Free Cash Flow to Firm to Interest Expense	8.32	5.01	11.54	7.42	6.52	-86.49	-43.35	-44.66	-48.30	3.95	4.72
Operating Cash Flow to Interest Expense	4.55	4.39	10.74	4.36	2.53	-3.55	0.42	0.83	1.79	1.75	1.64
Operating Cash Flow Less CapEx to Interest Expense	3.56	3.84	8.93	3.35	2.07	-3.99	0.18	0.55	1.46	1.30	1.11
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.44	0.43	0.44	0.44	0.46	0.31	0.38	0.45	0.53	0.41	0.42
Accounts Receivable Turnover	5.02	5.33	5.90	5.59	5.04	4.20	5.29	6.05	6.73	5.58	5.80
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	7.19	7.92	8.68	9.66	10.42	4.45	5.76	7.38	9.24	5.64	6.07
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	72.67	68.46	61.90	65.28	72.44	86.88	68.97	60.35	54.20	65.39	62.96
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	72.67	68.46	61.90	65.28	72.44	86.88	68.97	60.35	54.20	65.39	62.96
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,279	1,251	1,220	1,203	1,173	3,281	3,245	3,241	3,188	3,154	3,125
Invested Capital Turnover	0.59	0.60	0.61	0.62	0.62	0.38	0.47	0.56	0.67	0.49	0.50
Increase / (Decrease) in Invested Capital	-47	-38	-42	-47	-106	2,029	2,025	2,038	2,015	-127	-121
Enterprise Value (EV)	2,393	2,749	2,667	2,623	3,139	5,207	4,411	4,827	4,564	4,370	3,881
Market Capitalization	2,002	2,405	2,355	2,333	2,886	3,234	2,445	2,885	2,678	2,530	2,050
Book Value per Share	$6.12	$6.25	$6.25	$6.29	$6.33	$7.57	$7.37	$7.48	$7.48	$7.54	$7.42
Tangible Book Value per Share	($2.00)	($1.78)	($1.66)	($1.52)	($1.40)	($10.46)	($10.40)	($10.19)	($9.94)	($9.69)	($9.55)
Total Capital	1,446	1,465	1,467	1,473	1,481	3,450	3,418	3,425	3,405	3,394	3,351
Total Debt	558	558	559	559	560	2,143	2,139	2,126	2,103	2,080	2,057
Total Long-Term Debt	558	558	559	559	560	2,121	2,117	2,104	2,103	2,080	2,057
Net Debt	391	345	313	290	252	1,974	1,966	1,942	1,886	1,840	1,831
Capital Expenditures (CapEx)	7.46	7.12	6.46	7.41	7.91	10	11	13	13	17	16
Debt-free, Cash-free Net Working Capital (DFCFNWC)	87	75	60	58	38	78	80	87	86	91	110
Debt-free Net Working Capital (DFNWC)	255	289	306	328	346	247	253	271	303	331	336
Net Working Capital (NWC)	255	289	306	328	346	225	231	249	303	331	336
Net Nonoperating Expense (NNE)	5.20	12	2.40	5.37	15	44	47	26	58	18	20
Net Nonoperating Obligations (NNO)	391	345	313	290	252	1,974	1,966	1,942	1,886	1,840	1,831
Total Depreciation and Amortization (D&A)	33	34	30	30	31	57	63	64	64	64	64
Debt-free, Cash-free Net Working Capital to Revenue	11.29%	9.79%	7.94%	7.73%	5.05%	9.03%	7.64%	6.95%	5.86%	5.79%	6.84%
Debt-free Net Working Capital to Revenue	32.89%	37.80%	40.43%	43.35%	45.74%	28.73%	24.17%	21.68%	20.70%	21.04%	20.92%
Net Working Capital to Revenue	32.89%	37.80%	40.43%	43.35%	45.74%	26.19%	22.08%	19.93%	20.70%	21.04%	20.92%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.08	$0.10	($0.02)	$0.01	($0.06)	($0.67)	($0.24)	$0.00	$0.01	$0.03	$0.01
Adjusted Weighted Average Basic Shares Outstanding	143.23M	144.08M	143.59M	143.86M	144.10M	148.58M	172.76M	173.29M	173.56M	173.20M	173.90M
Adjusted Diluted Earnings per Share	$0.07	$0.11	($0.02)	$0.01	($0.06)	($0.67)	($0.24)	$0.00	$0.01	$0.03	$0.01
Adjusted Weighted Average Diluted Shares Outstanding	144.73M	146.23M	143.59M	145.86M	144.10M	148.58M	172.76M	175.07M	175.55M	173.20M	174.92M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	145.12M	145.16M	145.20M	145.41M	172.65M	173.51M	173.67M	173.99M	174.11M	174.32M	171.54M
Normalized Net Operating Profit after Tax (NOPAT)	16	26	-0.51	7.23	6.38	-56	5.33	26	30	31	22
Normalized NOPAT Margin	7.97%	13.05%	-0.30%	3.92%	3.20%	-18.39%	1.50%	6.76%	7.23%	7.48%	5.71%
Pre Tax Income Margin	7.81%	8.13%	-2.54%	1.38%	-4.06%	-34.12%	-10.99%	-1.87%	0.44%	1.72%	0.86%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.07	2.28	-0.20	1.35	0.53	-3.35	0.16	0.84	1.04	1.19	1.11
NOPAT to Interest Expense	2.11	2.05	-0.14	0.98	0.37	-2.34	0.11	0.59	1.51	0.57	0.73
EBIT Less CapEx to Interest Expense	2.08	1.72	-2.01	0.34	0.07	-3.78	-0.08	0.55	0.71	0.74	0.58
NOPAT Less CapEx to Interest Expense	1.13	1.50	-1.95	-0.02	-0.09	-2.78	-0.12	0.30	1.18	0.12	0.20
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	583.86%	670.83%	888.15%	5.44%	-0.23%	-0.17%	-0.10%	-0.11%	-0.38%	1.55%
Augmented Payout Ratio	267.91%	742.04%	774.72%	915.27%	68.08%	-0.23%	-0.17%	-0.10%	-0.11%	-0.38%	229.84%

Financials Breakdown Chart

Key Financial Trends

First Advantage (FA) has shown a mix of strong top-line growth and rising operating costs in the four most recent years. Below are the most meaningful trends for retail investors, focusing on 2022–2025 data and the latest quarterly results. Positive items are listed first, followed by neutral items, then negatives.

Revenue growth: 2025 Q4 operating revenue rose to $420.0 million from 2024 Q4's $307.1 million (about a 37% year-over-year increase), signaling a strong top-line upcycle in the latest year.
Strong operating cash flow (OCF): 2025 Q3 and Q4 produced solid cash from operations, with $72.37 million and $65.94 million respectively, indicating meaningful cash generation even as costs evolve.
Profitability by year-end: 2025 Q4 shows positive net income to common shareholders of $3.47 million and basic/diluted EPS of $0.03, suggesting a turnaround in quarterly profitability by year-end.
Free cash flow potential: 2025 Q4 generated notable free cash flow, with net OCF of $65.94 million minus capital expenditures of $16.87 million (roughly $49 million free cash flow for the quarter), highlighting cash-generation capability after investment in equipment.
Consistent 2025 quarterly revenue growth: sequential increases from 2025 Q1 to Q4 (Q1: ~$354.6m; Q2: ~$390.6m; Q3: ~$409.2m; Q4: ~$420.0m) point to an ongoing uptrend in the core business.
Large, non-core cost item in 2025 Q4: Other Operating Expenses / (Income) totaled about $232.9 million, which heavily affected margins and may reflect one-off or non-operational charges that could cloud ongoing profitability.
Leverage and solvency: Long-term debt around $2.11 billion and total liabilities near $2.55–$2.56 billion (per recent quarter) with total equity around $1.30–$1.60 billion, indicating a sizable debt load and leverage that could affect future flexibility.
Asset base and liquidity: Total assets hover near $3.87 billion in mid-2025, with current liabilities substantial (around $2.4–$2.5 billion), suggesting moderate liquidity given the scale of operations and debt.
Profitability volatility: 2025 started with a negative or small-profit quarterly path (for example, 2025 Q1 net income to common shareholders was negative), with a notable margin swing earlier in the year before turning positive in Q4.
Margin pressure from operating costs: Even as revenue grew, the combination of SG&A, R&D, depreciation, and especially the large Other Operating Expenses in some quarters contributed to thinner operating margins, underscoring sensitivity to cost structure.

05/21/26 06:48 PM ETAI Generated. May Contain Errors.

First Advantage Financials - Frequently Asked Questions

According to the most recent income statement we have on file, First Advantage's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

First Advantage's net income appears to be on a downward trend, with a most recent value of -$34.82 million in 2025, falling from $100.01 million in 2019. The previous period was -$110.27 million in 2024. Find out what analysts predict for First Advantage in the coming months.

First Advantage's total operating income in 2025 was $132.47 million, based on the following breakdown:

Total Gross Profit: $1.57 billion
Total Operating Expenses: $1.44 billion

Over the last 5 years, First Advantage's total revenue changed from $481.77 million in 2019 to $1.57 billion in 2025, a change of 226.8%.

First Advantage's total liabilities were at $2.52 billion at the end of 2025, a 3.7% decrease from 2024, and a 160.0% increase since 2020.

In the past 5 years, First Advantage's cash and equivalents has ranged from $152.82 million in 2020 to $391.66 million in 2022, and is currently $240.00 million as of their latest financial filing in 2025.

Over the last 5 years, First Advantage's book value per share changed from 0.00 in 2019 to 7.54 in 2025, a change of 754.4%.

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Financial statements for NYSE:FA last updated on 5/8/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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First Advantage (FA) Financials

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First Advantage (FA) Financials

Annual Income Statements for First Advantage

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Financials Breakdown Chart

Key Financial Trends

First Advantage Financials - Frequently Asked Questions

When does First Advantage's fiscal year end?

How has First Advantage's net income changed over the last 5 years?

What is First Advantage's operating income?

How has First Advantage's revenue changed over the last 5 years?

How much debt does First Advantage have?

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How has First Advantage's book value per share changed over the last 5 years?

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