First Advantage (FA) financial statements
First Advantage reported revenue of $1.6B in fiscal 2025, up 26.7% a year over 5 years.
Net income was -$35M and the operating margin 8.4%, against 19.1% in 2019.
Free cash flow was $141M.
The diluted share count rose 6% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from First Advantage's 10-K filings with the SEC.
| Fiscal year | 2019 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue | $482M | $712M | $810M | $764M | $860M | $1.6B |
| Research and development | $33M | $46M | $52M | $49M | $64M | $102M |
| Selling, general and admin | $85M | $108M | $117M | $117M | $264M | $236M |
| Operating income | $92M | $64M | $94M | $82M | -$62M | $132M |
| Interest expense | $52M | $25M | — | — | — | — |
| Pre-tax income | $41M | $25M | $85M | $48M | -$115M | -$37M |
| Income tax | -$7M | $9M | $20M | $11M | -$4M | -$2M |
| Net income | $34M | $16M | $65M | $37M | -$110M | -$35M |
| EPS (diluted) | $0.21 | $0.11 | $0.43 | $0.26 | -$0.74 | -$0.20 |
| Diluted shares | 164M | 142M | 152M | 146M | 149M | 173M |
| Operating margin | 19.1% | 9.0% | 11.6% | 10.7% | -7.3% | 8.4% |
| Net margin | 7.1% | 2.3% | 8.0% | 4.9% | -12.8% | -2.2% |
Balance sheet
Fiscal years, from First Advantage's 10-K filings with the SEC.
| Fiscal year | 2019 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Cash and short-term investments | $81M | $294M | $394M | $214M | $169M | $240M |
| Receivables | — | $156M | $144M | $143M | $267M | $297M |
| Total current assets | — | $466M | $566M | $374M | $476M | $562M |
| Property, plant and equipment | — | $154M | $114M | $79M | $308M | $251M |
| Goodwill | — | $794M | $793M | $821M | $2.1B | $2.1B |
| Total assets | — | $1.9B | $1.9B | $1.6B | $3.9B | $3.8B |
| Total current liabilities | — | $109M | $101M | $85M | $251M | $230M |
| Long-term debt | — | $555M | $557M | $558M | $2.1B | $2.1B |
| Total liabilities | — | $754M | $759M | $724M | $2.6B | $2.5B |
| Shareholders' equity | — | $1.1B | $1.1B | $907M | $1.3B | $1.3B |
| Net debt | -$81M | $262M | $165M | $345M | $2.0B | $1.8B |
Cash flow
Fiscal years, from First Advantage's 10-K filings with the SEC.
| Fiscal year | 2019 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Operating cash flow | $72M | $149M | $213M | $163M | $28M | $195M |
| Capital spending | $17M | $24M | $29M | $28M | $32M | $54M |
| Free cash flow | $55M | $125M | $184M | $135M | -$4M | $141M |
| Stock-based compensation | $1M | $10M | $8M | $15M | $32M | $24M |
| Share buybacks (net) | — | — | -$61M | -$59M | — | — |
| Free cash flow margin | 11.4% | 17.5% | 22.7% | 17.7% | -0.5% | 8.9% |
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Open FA in InvestinglyQuestions
What was First Advantage's revenue in 2025?
$1.6B in fiscal 2025, from its 10-K filing.
How much free cash flow does First Advantage generate?
$141M in fiscal 2025 (operating cash flow minus capital spending).
From First Advantage's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.