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First Advantage (FA) Financials

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$21.23 -2.36 (-10.02%)
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Annual Income Statements for First Advantage

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

Quarterly Income Statements for First Advantage

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 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 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 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 15 -2.91 1.86 -8.86 -100 -41 0.31 2.59 3.47 2.17 17
Consolidated Net Income / (Loss)		 15 -2.91 1.86 -8.86 -100 -41 0.31 2.59 3.47 2.17 17
Net Income / (Loss) Continuing Operations		 15 -2.91 1.86 -8.86 -100 -41 0.31 2.59 3.47 2.17 17
Total Pre-Tax Income 		16 -4.30 2.55 -8.08 -105 -39 -7.30 1.80 7.22 3.31 25
Total Operating Income		 29 -0.73 9.90 9.11 -81 7.62 38 42 45 34 57
Total Gross Profit		 203 169 185 199 307 355 391 409 420 385 449
Total Revenue		 203 169 185 199 307 355 391 409 420 385 449
Operating Revenue		 203 169 185 199 307 355 391 409 420 385 449
Total Cost of Revenue		 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00 0.00
Total Operating Expenses		 173 170 175 190 388 347 353 367 375 352 392
Selling, General & Admin Expense		 28 41 39 46 139 66 57 57 56 53 58
Research & Development Expense		 11 12 14 13 25 27 26 25 24 25 27
Depreciation Expense		 33 30 30 30 56 62 62 62 63 62 62
Other Operating Expenses / (Income)		 101 87 92 101 168 193 208 222 233 211 245
Total Other Income / (Expense), net		 -13 -3.57 -7.35 -17 -24 -47 -45 -40 -38 -30 -32
Interest Expense		 13 3.57 7.35 17 24 47 45 40 38 30 32
Income Tax Expense		 1.65 -1.39 0.69 0.78 -4.43 2.23 -7.61 -0.80 3.75 1.14 8.14
Basic Earnings per Share		 $0.10 ($0.02) $0.01 ($0.06) ($0.67) ($0.24) $0.00 $0.01 $0.03 $0.01 $0.10
Weighted Average Basic Shares Outstanding		 144.08M 143.59M 143.86M 144.10M 148.58M 172.76M 173.29M 173.56M 173.20M 173.90M 171.75M
Diluted Earnings per Share		 $0.11 ($0.02) $0.01 ($0.06) ($0.67) ($0.24) $0.00 $0.01 $0.03 $0.01 $0.10
Weighted Average Diluted Shares Outstanding		 146.23M 143.59M 145.86M 144.10M 148.58M 172.76M 175.07M 175.55M 173.20M 174.92M 173.23M
Weighted Average Basic & Diluted Shares Outstanding		 145.16M 145.20M 145.41M 172.65M 173.51M 173.67M 173.99M 174.11M 174.32M 171.54M 171.75M

Annual Cash Flow Statements for First Advantage

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

Quarterly Cash Flow Statements for First Advantage

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 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 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 6/30/2026
Net Change in Cash & Equivalents		 49 32 24 38 -138 2.40 9.49 35 23 -8.85 13
Net Cash From Operating Activities		 57 38 32 43 -86 19 37 72 66 49 74
Net Cash From Continuing Operating Activities		 57 38 32 43 -86 19 37 72 66 49 74
Net Income / (Loss) Continuing Operations		 15 -2.91 1.86 -8.86 -100 -41 0.31 2.59 3.47 2.17 17
Consolidated Net Income / (Loss)		 15 -2.91 1.86 -8.86 -100 -41 0.31 2.59 3.47 2.17 17
Depreciation Expense		 33 30 30 30 56 62 62 62 63 62 62
Amortization Expense		 0.45 0.45 0.46 0.47 1.23 1.61 1.60 1.57 1.54 1.52 1.49
Non-Cash Adjustments To Reconcile Net Income		 6.57 -2.73 2.71 17 3.24 11 8.18 8.00 5.79 7.15 2.74
Changes in Operating Assets and Liabilities, net		 1.79 14 -2.97 4.29 -46 -14 -35 -2.07 -7.60 -24 -9.44
Net Cash From Investing Activities		 -4.92 -7.03 -6.78 -7.90 -1,630 -11 -13 -13 -17 -14 -19
Net Cash From Continuing Investing Activities		 -4.92 -7.03 -6.78 -7.90 -1,630 -11 -13 -13 -17 -14 -19
Purchase of Property, Plant & Equipment		 -7.12 -6.46 -7.41 -7.91 -10 -11 -13 -13 -17 -16 -20
Other Investing Activities, net		 2.21 -0.58 0.63 -0.02 0.06 0.04 0.05 0.01 0.04 2.00 0.03
Net Cash From Financing Activities		 -2.99 0.69 -0.48 0.94 1,580 -5.99 -15 -24 -26 -44 -41
Net Cash From Continuing Financing Activities		 -2.90 0.73 -0.21 0.63 1,594 -5.99 -15 -24 -26 -44 -41
Repayment of Debt		 - 0.00 - - - -5.46 -15 -25 -25 -25 -25
Repurchase of Common Equity		 -3.07 - - - - 0.00 - - - -19 -19
Payment of Dividends		 -0.06 -0.01 -0.19 -0.01 -0.04 -0.01 -0.09 -0.01 -0.02 -0.01 -0.07
Issuance of Common Equity		 0.48 0.98 0.22 4.67 8.79 1.69 0.53 1.47 0.06 1.15 3.18
Other Financing Activities, net		 -0.24 -0.23 -0.24 -4.03 3.79 -2.21 -0.55 -0.38 -0.77 -0.91 -0.41
Cash Interest Paid		 12 12 12 12 30 42 42 40 37 35 35
Cash Income Taxes Paid		 11 2.51 15 2.01 4.22 3.00 21 3.61 - 5.77 21

Annual Balance Sheets for First Advantage

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

Quarterly Balance Sheets for First Advantage

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 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026
Period end date 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 6/30/2026
Total Assets		 1,848 1,838 1,629 1,632 1,636 1,657 3,872 3,871 3,856 3,754 3,747
Total Current Assets		 555 572 349 400 427 467 472 503 542 539 581
Cash & Equivalents		 400 399 165 245 270 307 172 184 217 226 238
Restricted Cash		 0.14 0.14 0.13 0.14 0.09 0.09 0.80 0.08 0.08 0.11 0.11
Accounts Receivable		 128 140 157 129 131 143 266 283 291 288 309
Prepaid Expenses		 23 21 19 22 20 14 29 25 21 21 26
Current Deferred & Refundable Income Taxes		 2.48 8.96 5.89 2.57 7.10 2.81 3.93 9.96 14 4.31 7.28
Plant, Property, & Equipment, net		 103 93 90 71 63 55 292 276 261 237 227
Total Noncurrent Assets		 1,189 1,173 1,190 1,161 1,145 1,135 3,108 3,093 3,053 2,978 2,939
Goodwill		 793 794 821 820 819 822 2,128 2,143 2,140 2,138 2,135
Intangible Assets		 382 367 357 329 315 302 955 925 890 821 785
Noncurrent Deferred & Refundable Income Taxes		 2.41 2.47 3.19 2.80 2.87 3.17 5.17 4.95 5.68 4.15 4.29
Other Noncurrent Operating Assets		 11 10 9.05 9.20 8.27 7.60 20 19 17 15 14
Total Liabilities & Shareholders' Equity		 1,848 1,838 1,629 1,632 1,636 1,657 3,872 3,871 3,856 3,754 3,747
Total Liabilities		 740 744 741 724 723 736 2,593 2,572 2,555 2,460 2,453
Total Current Liabilities		 85 90 95 93 99 121 241 253 240 203 230
Accounts Payable		 47 52 56 48 55 71 116 112 128 107 124
Accrued Expenses		 17 16 17 24 21 23 45 56 48 42 41
Current Deferred Revenue		 1.26 1.31 1.16 2.04 2.23 2.50 4.77 4.82 4.94 5.21 5.25
Current Deferred & Payable Income Tax Liabilities		 0.81 0.38 0.48 2.99 0.33 3.53 4.37 1.45 2.53 3.13 1.32
Current Employee Benefit Liabilities		 13 15 16 13 17 19 45 53 53 42 55
Other Current Liabilities		 5.64 5.59 4.73 3.37 2.98 2.57 3.86 3.84 3.67 3.37 3.13
Total Noncurrent Liabilities		 655 654 647 631 624 615 2,352 2,319 2,315 2,257 2,223
Long-Term Debt		 557 558 558 559 559 560 2,117 2,104 2,103 2,057 2,034
Noncurrent Deferred & Payable Income Tax Liabilities		 88 88 82 64 57 48 215 195 194 181 172
Other Noncurrent Operating Liabilities		 9.84 8.74 6.44 8.46 7.66 7.04 20 19 17 19 17
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		 1,107 1,094 888 908 913 921 1,279 1,299 1,302 1,294 1,294
Total Preferred & Common Equity		 1,107 1,094 888 908 913 921 1,279 1,299 1,302 1,294 1,294
Total Common Equity		 1,107 1,094 888 908 913 921 1,279 1,299 1,302 1,294 1,294
Common Stock		 1,180 1,184 972 983 988 999 1,512 1,517 1,524 1,533 1,541
Retained Earnings		 -51 -69 -61 -52 -51 -59 -201 -201 -198 -212 -214
Accumulated Other Comprehensive Income / (Loss)		 -21 -21 -23 -23 -24 -19 -32 -17 -24 -27 -33

Annual Metrics And Ratios for First Advantage

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%

Quarterly Metrics And Ratios for First Advantage

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

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 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 6/30/2026
DEI Shares Outstanding		 - - - - - - - - - 174,319,117.00 171,537,047.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - 174,319,117.00 171,537,047.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - 0.01 0.10
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -4.72% -3.48% -0.42% -0.62% 51.62% 109.30% 111.67% 105.48% 36.76% 8.63% 14.88%
EBITDA Growth		 -2.03% -32.25% -19.57% -29.09% -137.31% 139.91% 150.94% 166.86% 564.61% 37.15% 18.93%
EBIT Growth		 2.22% -106.43% -43.85% -60.74% -374.58% 1,149.17% 281.07% 363.55% 155.62% 340.07% 51.11%
NOPAT Growth		 7.48% -106.10% -42.40% -60.07% -313.65% 1,149.17% 265.50% 856.61% 138.18% 312.39% 45.72%
Net Income Growth		 -26.47% -251.06% -80.98% -182.24% -777.55% -1,316.58% -83.45% 129.27% 103.46% 105.26% 5,391.56%
EPS Growth		 -21.43% -300.00% -85.71% -185.71% -709.09% -1,100.00% -100.00% 116.67% 104.48% 104.17% 0.00%
Operating Cash Flow Growth		 -18.86% -0.70% -3.26% 26.58% -250.98% -49.20% 16.55% 66.40% 176.97% 153.87% 97.07%
Free Cash Flow Firm Growth		 -49.65% -70.30% -53.06% 78.25% -3,325.46% -5,001.80% -3,788.24% -1,842.21% 107.13% 107.06% 109.43%
Invested Capital Growth		 -2.97% -3.30% -3.78% -8.27% 162.19% 165.90% 169.40% 171.75% -3.88% -3.71% -4.67%
Revenue Q/Q Growth		 1.10% -16.36% 8.93% 7.90% 54.24% 15.45% 10.17% 4.74% 2.66% -8.29% 16.50%
EBITDA Q/Q Growth		 12.29% -53.07% 36.53% -1.46% -159.09% 401.77% 42.81% 4.79% 2.89% -10.92% 23.84%
EBIT Q/Q Growth		 26.58% -102.47% 1,464.05% -7.98% -985.26% 109.44% 395.43% 11.94% 6.22% -25.30% 70.12%
NOPAT Q/Q Growth		 65.47% -101.92% 1,522.13% -11.74% -985.26% 109.44% 395.43% 131.01% -64.67% 1.98% 75.06%
Net Income Q/Q Growth		 37.50% -119.63% 164.00% -576.09% -1,032.80% 58.96% 100.75% 741.88% 33.78% -37.50% 680.17%
EPS Q/Q Growth		 57.14% -118.18% 150.00% -700.00% -1,016.67% 64.18% 100.00% 0.00% 200.00% -66.67% 900.00%
Operating Cash Flow Q/Q Growth		 65.14% -32.45% -16.40% 35.72% -296.98% 122.73% 91.80% 93.79% -8.88% -25.04% 48.89%
Free Cash Flow Firm Q/Q Growth		 2.80% -36.29% 32.38% 105.62% -1,960.09% 3.19% 0.39% 2.87% 107.61% -4.18% 33.10%
Invested Capital Q/Q Growth		 -2.16% -2.46% -1.43% -2.49% 179.67% -1.08% -0.13% -1.64% -1.08% -0.91% -1.12%
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		 31.08% 17.44% 21.86% 19.96% -7.65% 19.99% 25.92% 25.93% 25.99% 25.24% 26.83%
Operating Margin		 14.50% -0.43% 5.37% 4.58% -26.27% 2.15% 9.66% 10.32% 10.68% 8.70% 12.71%
EBIT Margin		 14.50% -0.43% 5.37% 4.58% -26.27% 2.15% 9.66% 10.32% 10.68% 8.70% 12.71%
Profit (Net Income) Margin		 7.31% -1.72% 1.01% -4.45% -32.68% -11.62% 0.08% 0.63% 0.83% 0.56% 3.77%
Tax Burden Percent		 89.96% 67.69% 72.98% 109.68% 95.78% 105.73% -4.22% 144.46% 48.05% 65.60% 67.50%
Interest Burden Percent		 56.04% 591.74% 25.75% -88.64% 129.89% -511.53% -19.35% 4.25% 16.09% 9.86% 43.94%
Effective Tax Rate		 10.04% 0.00% 27.02% 0.00% 0.00% 0.00% 0.00% -44.46% 51.95% 34.40% 32.50%
Return on Invested Capital (ROIC)		 7.84% -0.18% 2.42% 1.97% -6.98% 0.70% 3.81% 10.00% 2.51% 2.88% 4.51%
ROIC Less NNEP Spread (ROIC-NNEP)		 3.27% -1.21% 0.01% -2.76% -10.77% -3.38% 1.47% 4.53% 1.56% 1.83% 3.35%
Return on Net Nonoperating Assets (RNNOA)		 0.81% -0.28% 0.00% -0.98% -11.27% -3.52% 1.48% 4.36% 2.28% 2.71% 4.83%
Return on Equity (ROE)		 8.66% -0.46% 2.42% 0.99% -18.26% -2.82% 5.29% 14.36% 4.79% 5.58% 9.34%
Cash Return on Invested Capital (CROIC)		 7.95% 7.73% 7.92% 11.50% -91.49% -92.37% -92.54% -92.18% 6.84% 12.25% 8.55%
Operating Return on Assets (OROA)		 6.30% -0.19% 2.34% 2.10% -8.14% 0.82% 4.39% 5.47% 4.34% 3.66% 5.55%
Return on Assets (ROA)		 3.18% -0.75% 0.44% -2.05% -10.12% -4.41% 0.04% 0.34% 0.34% 0.24% 1.65%
Return on Common Equity (ROCE)		 8.66% -0.46% 2.42% 0.99% -18.26% -2.82% 5.29% 14.36% 4.79% 5.58% 9.34%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 3.58% 2.69% 0.53% 0.00% -11.62% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 26 -0.51 7.23 6.38 -56 5.33 26 61 22 22 38
NOPAT Margin		 13.05% -0.30% 3.92% 3.20% -18.39% 1.50% 6.76% 14.91% 5.13% 5.71% 8.58%
Net Nonoperating Expense Percent (NNEP)		 4.58% 1.03% 2.41% 4.74% 3.79% 4.08% 2.34% 5.46% 0.95% 1.04% 1.15%
Return On Investment Capital (ROIC_SIMPLE)		 1.80% - - - -1.64% 0.16% 0.77% 1.79% 0.64% 0.66% 1.16%
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		 13.75% 24.00% 20.94% 23.13% 45.13% 18.50% 14.71% 14.04% 13.25% 13.88% 12.88%
R&D to Revenue		 5.38% 7.36% 7.41% 6.48% 8.06% 7.66% 6.57% 6.14% 5.69% 6.39% 6.08%
Operating Expenses to Revenue		 85.50% 100.43% 94.63% 95.42% 126.27% 97.85% 90.34% 89.68% 89.32% 91.30% 87.29%
Earnings before Interest and Taxes (EBIT)		 29 -0.73 9.90 9.11 -81 7.62 38 42 45 34 57
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 63 30 40 40 -23 71 101 106 109 97 120
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 2.65 2.59 2.55 3.13 2.47 1.91 2.22 2.06 1.93 1.58 2.39
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)		 3.15 3.11 3.08 3.82 3.76 2.34 2.31 1.83 1.61 1.28 1.86
Price to Earnings (P/E)		 64.48 72.54 95.09 588.33 0.00 0.00 0.00 0.00 0.00 240.10 123.14
Dividend Yield		 9.05% 9.25% 9.33% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 1.55% 1.38% 1.05% 0.17% 0.00% 0.00% 0.00% 0.00% 0.00% 0.42% 0.81%
Enterprise Value to Invested Capital (EV/IC)		 2.20 2.19 2.18 2.68 1.59 1.36 1.49 1.43 1.39 1.24 1.58
Enterprise Value to Revenue (EV/Rev)		 3.60 3.52 3.47 4.15 6.05 4.22 3.86 3.12 2.78 2.42 2.94
Enterprise Value to EBITDA (EV/EBITDA)		 12.92 13.42 13.88 18.18 60.44 34.60 25.62 17.92 11.28 9.38 11.30
Enterprise Value to EBIT (EV/EBIT)		 33.73 38.38 42.47 65.84 0.00 0.00 0.00 659.24 32.99 24.51 27.54
Enterprise Value to NOPAT (EV/NOPAT)		 43.84 49.15 52.56 89.14 0.00 0.00 0.00 941.77 47.13 14.40 40.93
Enterprise Value to Operating Cash Flow (EV/OCF)		 16.88 16.41 16.24 18.40 184.69 472.40 329.68 104.87 22.40 17.24 18.72
Enterprise Value to Free Cash Flow (EV/FCFF)		 27.23 27.79 26.98 22.26 0.00 0.00 0.00 0.00 19.87 9.95 18.07
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.62 0.62 0.61 0.61 1.64 1.67 1.64 1.62 1.58 1.59 1.57
Long-Term Debt to Equity		 0.62 0.62 0.61 0.61 1.62 1.66 1.62 1.62 1.58 1.59 1.57
Financial Leverage		 0.25 0.23 0.22 0.36 1.05 1.04 1.01 0.96 1.46 1.48 1.44
Leverage Ratio		 1.73 1.73 1.73 1.82 2.51 2.52 2.49 2.48 2.96 2.96 2.94
Compound Leverage Factor		 0.97 10.22 0.45 -1.61 3.26 -12.88 -0.48 0.11 0.48 0.29 1.29
Debt to Total Capital		 38.11% 38.11% 37.98% 37.81% 62.12% 62.59% 62.07% 61.77% 61.29% 61.39% 61.12%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.63% 0.64% 0.64% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 38.11% 38.11% 37.98% 37.81% 61.48% 61.95% 61.43% 61.77% 61.29% 61.39% 61.12%
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		 61.89% 61.89% 62.02% 62.19% 37.88% 37.41% 37.93% 38.23% 38.71% 38.61% 38.88%
Debt to EBITDA		 2.62 2.81 2.96 3.24 24.88 16.78 11.29 8.26 5.37 4.97 4.70
Net Debt to EBITDA		 1.62 1.57 1.53 1.46 22.91 15.42 10.31 7.40 4.75 4.43 4.15
Long-Term Debt to EBITDA		 2.62 2.81 2.96 3.24 24.62 16.61 11.17 8.26 5.37 4.97 4.70
Debt to NOPAT		 8.91 10.30 11.21 15.90 -49.08 -56.55 -115.90 433.98 22.43 7.63 17.02
Net Debt to NOPAT		 5.49 5.76 5.81 7.17 -45.20 -51.98 -105.85 389.22 19.84 6.79 15.03
Long-Term Debt to NOPAT		 8.91 10.30 11.21 15.90 -48.58 -55.97 -114.71 433.98 22.43 7.63 17.02
Altman Z-Score		 2.69 2.59 2.62 3.03 0.91 0.84 1.03 1.07 1.08 0.99 1.28
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		 4.39 4.29 4.31 3.85 1.90 1.96 1.98 2.26 2.44 2.65 2.53
Quick Ratio		 4.19 4.02 4.04 3.71 1.74 1.82 1.84 2.12 2.33 2.52 2.38
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 65 41 55 112 -2,086 -2,019 -2,012 -1,954 149 143 190
Operating Cash Flow to CapEx		 796.91% 593.70% 432.55% 550.09% -816.26% 175.21% 292.10% 536.66% 390.90% 308.64% 376.97%
Free Cash Flow to Firm to Interest Expense		 5.01 11.54 7.42 6.52 -86.49 -43.35 -44.66 -48.30 3.95 4.72 5.93
Operating Cash Flow to Interest Expense		 4.39 10.74 4.36 2.53 -3.55 0.42 0.83 1.79 1.75 1.64 2.30
Operating Cash Flow Less CapEx to Interest Expense		 3.84 8.93 3.35 2.07 -3.99 0.18 0.55 1.46 1.30 1.11 1.69
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.43 0.44 0.44 0.46 0.31 0.38 0.45 0.53 0.41 0.42 0.44
Accounts Receivable Turnover		 5.33 5.90 5.59 5.04 4.20 5.29 6.05 6.73 5.58 5.80 5.62
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		 7.92 8.68 9.66 10.42 4.45 5.76 7.38 9.24 5.64 6.07 6.61
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)		 68.46 61.90 65.28 72.44 86.88 68.97 60.35 54.20 65.39 62.96 65.00
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)		 68.46 61.90 65.28 72.44 86.88 68.97 60.35 54.20 65.39 62.96 65.00
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 1,251 1,220 1,203 1,173 3,281 3,245 3,241 3,188 3,154 3,125 3,090
Invested Capital Turnover		 0.60 0.61 0.62 0.62 0.38 0.47 0.56 0.67 0.49 0.50 0.53
Increase / (Decrease) in Invested Capital		 -38 -42 -47 -106 2,029 2,025 2,038 2,015 -127 -121 -151
Enterprise Value (EV)		 2,749 2,667 2,623 3,139 5,207 4,411 4,827 4,564 4,370 3,881 4,892
Market Capitalization		 2,405 2,355 2,333 2,886 3,234 2,445 2,885 2,678 2,530 2,050 3,096
Book Value per Share		 $6.25 $6.25 $6.29 $6.33 $7.57 $7.37 $7.48 $7.48 $7.54 $7.42 $7.54
Tangible Book Value per Share		 ($1.78) ($1.66) ($1.52) ($1.40) ($10.46) ($10.40) ($10.19) ($9.94) ($9.69) ($9.55) ($9.48)
Total Capital		 1,465 1,467 1,473 1,481 3,450 3,418 3,425 3,405 3,394 3,351 3,328
Total Debt		 558 559 559 560 2,143 2,139 2,126 2,103 2,080 2,057 2,034
Total Long-Term Debt		 558 559 559 560 2,121 2,117 2,104 2,103 2,080 2,057 2,034
Net Debt		 345 313 290 252 1,974 1,966 1,942 1,886 1,840 1,831 1,796
Capital Expenditures (CapEx)		 7.12 6.46 7.41 7.91 10 11 13 13 17 16 20
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 75 60 58 38 78 80 87 86 91 110 113
Debt-free Net Working Capital (DFNWC)		 289 306 328 346 247 253 271 303 331 336 351
Net Working Capital (NWC)		 289 306 328 346 225 231 249 303 331 336 351
Net Nonoperating Expense (NNE)		 12 2.40 5.37 15 44 47 26 58 18 20 22
Net Nonoperating Obligations (NNO)		 345 313 290 252 1,974 1,966 1,942 1,886 1,840 1,831 1,796
Total Depreciation and Amortization (D&A)		 34 30 30 31 57 63 64 64 64 64 63
Debt-free, Cash-free Net Working Capital to Revenue		 9.79% 7.94% 7.73% 5.05% 9.03% 7.64% 6.95% 5.86% 5.79% 6.84% 6.80%
Debt-free Net Working Capital to Revenue		 37.80% 40.43% 43.35% 45.74% 28.73% 24.17% 21.68% 20.70% 21.04% 20.92% 21.11%
Net Working Capital to Revenue		 37.80% 40.43% 43.35% 45.74% 26.19% 22.08% 19.93% 20.70% 21.04% 20.92% 21.11%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.10 ($0.02) $0.01 ($0.06) ($0.67) ($0.24) $0.00 $0.01 $0.03 $0.01 $0.10
Adjusted Weighted Average Basic Shares Outstanding		 144.08M 143.59M 143.86M 144.10M 148.58M 172.76M 173.29M 173.56M 173.20M 173.90M 171.75M
Adjusted Diluted Earnings per Share		 $0.11 ($0.02) $0.01 ($0.06) ($0.67) ($0.24) $0.00 $0.01 $0.03 $0.01 $0.10
Adjusted Weighted Average Diluted Shares Outstanding		 146.23M 143.59M 145.86M 144.10M 148.58M 172.76M 175.07M 175.55M 173.20M 174.92M 173.23M
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		 145.16M 145.20M 145.41M 172.65M 173.51M 173.67M 173.99M 174.11M 174.32M 171.54M 171.75M
Normalized Net Operating Profit after Tax (NOPAT)		 26 -0.51 7.23 6.38 -56 5.33 26 30 31 22 38
Normalized NOPAT Margin		 13.05% -0.30% 3.92% 3.20% -18.39% 1.50% 6.76% 7.23% 7.48% 5.71% 8.58%
Pre Tax Income Margin		 8.13% -2.54% 1.38% -4.06% -34.12% -10.99% -1.87% 0.44% 1.72% 0.86% 5.58%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 2.28 -0.20 1.35 0.53 -3.35 0.16 0.84 1.04 1.19 1.11 1.78
NOPAT to Interest Expense		 2.05 -0.14 0.98 0.37 -2.34 0.11 0.59 1.51 0.57 0.73 1.20
EBIT Less CapEx to Interest Expense		 1.72 -2.01 0.34 0.07 -3.78 -0.08 0.55 0.71 0.74 0.58 1.17
NOPAT Less CapEx to Interest Expense		 1.50 -1.95 -0.02 -0.09 -2.78 -0.12 0.30 1.18 0.12 0.20 0.59
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 583.86% 670.83% 888.15% 5.44% -0.23% -0.17% -0.10% -0.11% -0.38% 1.55% 0.43%
Augmented Payout Ratio		 742.04% 774.72% 915.27% 68.08% -0.23% -0.17% -0.10% -0.11% -0.38% 229.84% 152.27%

Financials Breakdown Chart

Key Financial Trends

First Advantage (NYSE:FA) has shown a clear rebound in profitability and operating cash flow in 2025 and early 2026, after a difficult 2024 period that included a large acquisition-related shakeup. Revenue has been relatively stable to slightly lower over the last year, but the company has materially improved earnings, generated solid operating cash flow, and reduced balance-sheet pressure compared with late 2024.

  • Profitability improved sharply from 2024 to 2025/2026. Q1 2025 included a net loss of $41.2 million, while Q1 2026 produced net income of $2.2 million. The most recent quarter before that also showed positive net income of $3.5 million in Q4 2025.
  • Operating cash flow is strong and consistent. FA generated $49.4 million in operating cash flow in Q1 2026, up from $19.5 million in Q1 2025 and $65.9 million in Q4 2025.
  • Liquidity remains solid. Cash and equivalents rose to $225.9 million at the end of Q1 2026, up from $171.9 million a year earlier.
  • Debt has come down from late-2025 levels. Total long-term debt was $2.06 billion in Q1 2026, below the $2.10 billion reported in Q2 and Q3 2025.
  • Revenue is holding in a relatively tight range. Q1 2026 revenue was $385.2 million, compared with $354.6 million in Q1 2025 and $420.0 million in Q4 2025, suggesting the business has not suffered a major top-line collapse.
  • EPS has improved meaningfully. Basic and diluted EPS were both $0.01 in Q1 2026, versus a loss of $0.24 per share in Q1 2025.
  • Capital spending remains manageable. Q1 2026 capital expenditures were $16.0 million, modest relative to operating cash flow.
  • Goodwill and intangible assets remain very large. This reflects the company’s acquisition-heavy history and makes the balance sheet more vulnerable to impairment risk if growth disappoints.
  • Interest expense is still a major burden. Q1 2026 interest expense was $30.2 million, which consumed most of operating income and kept pre-tax income low at $3.3 million.
  • Margins remain thin despite better earnings. Q1 2026 operating income was only $33.5 million on $385.2 million of revenue, and other operating expenses remained very high at $211.4 million.
  • Debt leverage is still elevated. Even after some reduction, total debt remains above $2.0 billion, versus equity of $1.29 billion in Q1 2026.
  • Working capital swung negative in Q1 2026. Changes in operating assets and liabilities reduced operating cash flow by $23.6 million, showing some pressure in day-to-day operations.

Four-year trend: First Advantage’s revenue has moved from roughly $169 million in Q1 2024 to $385 million in Q1 2026, but the bigger story is the earnings turnaround. The company absorbed a major 2024 disruption, including an acquisition and a large loss in Q4 2024, then worked back to profitability during 2025. Cash generation has improved, while the balance sheet still carries a lot of debt and acquisition-related intangible assets.

Bottom line: FA looks healthier today than it did a year ago, with better earnings and strong operating cash flow. That said, investors should keep an eye on leverage, interest expense, and the quality of earnings, since the company still has a heavy debt load and significant goodwill/intangible exposure.

08/11/26 01:48 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 fiscal year ends in December. Their fiscal 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. See where experts think First Advantage is headed by visiting First Advantage's forecast page.

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 8/7/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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