Stocks FA Financial statements
Financial statementsFIRST ADVANTAGE CORP financial statements
Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data FIRST ADVANTAGE CORP files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
| FY2019 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|
| Revenue | 482 | 712 | 810 | 764 | 860 | 1,574 |
| Research and development | 33.2 | 45.5 | 51.9 | 49.3 | 63.8 | 102 |
| Selling, general and administrative | 85.1 | 108 | 117 | 117 | 264 | 236 |
| Operating expenses | 390 | 648 | 716 | 682 | 923 | 1,442 |
| Operating income | 92.2 | 63.8 | 94.3 | 81.5 | -62.4 | 132 |
| Interest expense | 52 | 25.1 | ||||
| Interest income | 0.95 | 0.15 | ||||
| Other non-operating income | -51 | -38.9 | -9.2 | -33 | -52.2 | -170 |
| Pre-tax income | 41.1 | 24.9 | 85.1 | 48.5 | -115 | -37.3 |
| Income tax | -6.9 | 8.86 | 20.5 | 11.2 | -4.34 | -2.43 |
| Net income | 34.3 | 16.1 | 64.6 | 37.3 | -110 | -34.8 |
| EBITDA | 107 | 133 | 164 | 149 | 14.8 | 244 |
| EPS, basic | 0.23 | 0.11 | 0.43 | 0.26 | -0.74 | -0.20 |
| EPS, diluted | 0.21 | 0.11 | 0.43 | 0.26 | -0.74 | -0.20 |
| Shares, basic (weighted) | 150 | 140 | 150 | 144 | 149 | 173 |
| Shares, diluted (weighted) | 164 | 142 | 152 | 146 | 149 | 173 |
| Dividend per share | 1.50 | 1.50 |
Balance sheet
| FY2019 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|
| Cash and equivalents | 80.7 | 293 | 392 | 214 | 169 | 240 |
| Short-term investments | 0.94 | 1.96 | 0 | |||
| Receivables | 156 | 144 | 143 | 267 | 297 | |
| Other current assets | 14.4 | 25.4 | 10.6 | 21.4 | 15.3 | |
| Total current assets | 466 | 566 | 374 | 476 | 562 | |
| Property, plant and equipment | 154 | 114 | 79.4 | 308 | 251 | |
| Lease right-of-use assets | 10.7 | 7.28 | 13.7 | 9.26 | ||
| Goodwill | 794 | 793 | 821 | 2,125 | 2,144 | |
| Intangible assets | 464 | 397 | 344 | 988 | 857 | |
| Other non-current assets | 6.46 | 13.4 | 10 | 21.2 | 16.3 | |
| Total assets | 1,887 | 1,886 | 1,631 | 3,923 | 3,834 | |
| Accounts payable | 54 | 54.9 | 47 | 121 | 110 | |
| Accrued liabilities | 21.8 | 16.4 | 16.2 | 44.7 | 49.1 | |
| Deferred revenue | 0.87 | 1.06 | 1.86 | 4.27 | 5.03 | |
| Short-term debt | 0 | 0 | 21.9 | 0 | ||
| Total current liabilities | 109 | 101 | 85 | 251 | 230 | |
| Long-term debt | 555 | 557 | 558 | 2,121 | 2,080 | |
| Lease liabilities | 0 | 7.88 | 5.93 | 9.15 | 5.53 | |
| Other non-current liabilities | 5.54 | 3.34 | 3.22 | 12 | 14 | |
| Total liabilities | 754 | 759 | 724 | 2,616 | 2,520 | |
| Total debt | 555 | 557 | 565 | 2,163 | 2,115 | |
| Paid-in capital | 1,165 | 1,176 | 977 | 1,504 | 1,528 | |
| Retained earnings | -31.4 | -27.4 | -49.5 | -160 | -195 | |
| Other comprehensive income | -1.64 | -22.3 | -21.2 | -37.3 | -20.3 | |
| Shareholders' equity | 1,132 | 1,127 | 907 | 1,307 | 1,314 | |
| Total equity | 1,132 | 1,127 | 907 | 1,307 | 1,314 | |
| Total liabilities and equity | 1,887 | 1,886 | 1,631 | 3,923 | 3,834 | |
| Shares outstanding | 153 | 149 | 145 | 173 | 174 |
Cash flow statement
| FY2019 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|
| Net income | 34.3 | 16.1 | 64.6 | 37.3 | -110 | -34.8 |
| Depreciation and amortization | 14.9 | 69.4 | 70 | 67.4 | 77.2 | 112 |
| Stock-based compensation | 1.22 | 9.53 | 7.86 | 15.3 | 31.8 | 24.5 |
| Deferred income tax | 2.05 | -2.82 | 5.89 | -19.6 | -29.9 | -32.9 |
| Change in receivables | -11 | -40.8 | 9.15 | 2.34 | 20.8 | -29.7 |
| Change in payables | 12.8 | 7.52 | 2.98 | -8.5 | -25.5 | -16 |
| Cash from operations | 71.6 | 149 | 213 | 163 | 28.2 | 195 |
| Capital expenditures | -6.58 | -7.31 | -6.17 | -2.09 | -1.72 | -6.63 |
| Acquisitions | 0 | -48.9 | -19.1 | -41.1 | -1,620 | 0 |
| Cash from investing | -17.8 | -72.4 | -48.6 | -66.8 | -1,652 | -54.1 |
| Stock issued | 0 | 0.39 | ||||
| Share buybacks | 0 | -60.5 | -59.5 | 0 | 0 | |
| Cash from financing | -3.18 | 63.8 | -59.2 | -274 | 1,581 | -70.8 |
| Exchange rate effect | -0.13 | -0.28 | -6.01 | -0.3 | -1.7 | 0.36 |
| Net change in cash | 50.5 | 140 | 99 | -178 | -44.4 | 70.6 |
| Free cash flow | 65 | 141 | 207 | 161 | 26.5 | 188 |
| Interest paid | 55.8 | 23 | 27 | 45.7 | 65.8 | 162 |
| Income taxes paid | 5.25 | 10.4 | 17.5 | 31.6 | 23.4 | 30.4 |
Key metrics
Profitability
| Metric | Value | How it is calculated |
|---|---|---|
| Operating margin | 10.7% | Operating income / revenue. |
| EBITDA margin | 17.4% | EBITDA (operating income + depreciation and amortization) / revenue. |
| Pre-tax margin | 2.2% | Pre-tax income / revenue. |
| Net margin | 1.5% | Net income / revenue. |
| FCF margin | 15.0% | Free cash flow (cash from operations - capital expenditures) / revenue. |
| Operating cash flow margin | 15.7% | Cash from operations / revenue. |
| Effective tax rate | 32.7% | Income tax / pre-tax income, when pre-tax income is positive. |
| Return on equity (ROE) | 1.9% | Net income / average shareholders' equity (opening and closing). Not shown when equity is negative. |
| Return on assets (ROA) | 0.7% | Net income / average total assets. |
| Return on invested capital (ROIC) | 3.9% | Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%. |
| R&D / revenue | 6.1% | Research and development expense / revenue. |
| SG&A / revenue | 13.5% | Selling, general and administrative expense / revenue. |
| Stock-based pay / revenue | 1.2% | Stock-based compensation (from the cash flow statement) / revenue. |
| Capex / revenue | 0.7% | Capital expenditures / revenue. |
| D&A / revenue | 6.7% | Depreciation and amortization / revenue. |
Growth
| Metric | Value | How it is calculated |
|---|---|---|
| Revenue growth, 1y | 83.0% | Revenue vs the same period a year earlier. Only from a positive base. |
| Revenue CAGR, 3y | 24.8% | Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Operating income CAGR, 3y | 12.0% | Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| EBITDA growth, 1y | 1,549.0% | EBITDA vs the same period a year earlier. Only from a positive base. |
| EBITDA CAGR, 3y | 14.1% | Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Operating cash flow growth, 1y | 592.0% | Operating cash flow vs the same period a year earlier. Only from a positive base. |
| Operating cash flow CAGR, 3y | -2.8% | Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Free cash flow growth, 1y | 611.9% | Free cash flow vs the same period a year earlier. Only from a positive base. |
| Free cash flow CAGR, 3y | -3.0% | Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Book value growth, 1y | 0.5% | Book value vs the same period a year earlier. Only from a positive base. |
| Book value CAGR, 3y | 5.3% | Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Total assets growth, 1y | -2.3% | Total assets vs the same period a year earlier. Only from a positive base. |
| Total assets CAGR, 3y | 26.7% | Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Share count change, 1y | 16.6% | Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution. |
| Share count change per year, 3y | 4.5% | Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution. |
Balance sheet health
| Metric | Value | How it is calculated |
|---|---|---|
| Current ratio | 2.53x | Current assets / current liabilities. |
| Quick ratio | 2.38x | (Cash + short-term investments + receivables) / current liabilities. |
| Cash ratio | 1.03x | (Cash + short-term investments) / current liabilities. |
| Debt / equity | 1.57x | Total debt / shareholders' equity. Not shown when equity is negative. |
| Debt / assets | 54.3% | Total debt / total assets. |
| Liabilities / assets | 65.5% | Total liabilities / total assets. |
| Net debt | $1.80B | Total debt - cash - short-term investments. Negative means more cash than debt. |
| Net debt / EBITDA | 6.20x | Net debt / EBITDA (twelve months), when EBITDA is positive. |
| Working capital | $351.1M | Current assets - current liabilities. |
| Goodwill and intangibles / assets | 77.9% | (Goodwill + intangible assets) / total assets. |
| Tangible book value | -$1.63B | Shareholders' equity - goodwill - intangible assets. |
Efficiency
| Metric | Value | How it is calculated |
|---|---|---|
| Asset turnover | 0.44x | Revenue / average total assets. |
| Fixed asset turnover | 7.32x | Revenue / average property, plant and equipment. |
| Receivables turnover | 5.38x | Revenue / average receivables. |
| Days sales outstanding | 68 days | 365 x average receivables / revenue. |
| FCF conversion | 990.1% | Free cash flow / net income, when net income is positive. |
| Capex / operating cash flow | 4.7% | Capital expenditures / cash from operations, when that is positive. |
Per share
| Metric | Value | How it is calculated |
|---|---|---|
| EPS, diluted | $0.15 | Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS. |
| Revenue per share | $9.60 | Revenue / diluted weighted shares. |
| FCF per share | $1.44 | Free cash flow / diluted weighted shares. |
| Operating cash flow per share | $1.51 | Cash from operations / diluted weighted shares. |
| Book value per share | $7.54 | Shareholders' equity / shares outstanding (diluted weighted shares when not reported). |
| Tangible book per share | -$9.48 | Tangible book value / shares outstanding. |
| Cash per share | $1.39 | (Cash + short-term investments) / shares outstanding. |
Valuation
| Metric | Value | How it is calculated |
|---|---|---|
| Market cap | $3.37B | Share price x shares outstanding. |
| Enterprise value | $5.16B | Market cap + total debt - cash - short-term investments. |
| P/E | 134x | Market cap / net income. Only when net income is positive. |
| P/S | 2.02x | Market cap / revenue. |
| P/B | 2.60x | Market cap / shareholders' equity. Only when equity is positive. |
| P/FCF | 13.5x | Market cap / free cash flow. Only when free cash flow is positive. |
| P/OCF | 12.9x | Market cap / cash from operations, when positive. |
| EV/Sales | 3.10x | Enterprise value / revenue. |
| EV/EBIT | 29.1x | Enterprise value / operating income, when both are positive. |
| EV/EBITDA | 17.8x | Enterprise value / EBITDA, when both are positive. |
| EV/FCF | 20.7x | Enterprise value / free cash flow, when both are positive. |
| FCF yield | 7.4% | Free cash flow / market cap. |
| Earnings yield | 0.7% | Net income / market cap (the inverse of P/E). |
What was FIRST ADVANTAGE CORP's revenue in fiscal 2025?
FIRST ADVANTAGE CORP reported revenue of $1.57B for fiscal 2025, 83% higher than the year before.
Was FIRST ADVANTAGE CORP profitable in fiscal 2025?
No. It reported a net loss of $34.8M.
How much free cash flow did FIRST ADVANTAGE CORP generate in fiscal 2025?
Cash from operations of $195.1M minus capital expenditures of $6.6M left free cash flow of $188.5M.