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IT services · Technology · Fiscal year ends Dec 31
First Advantage reported revenue of $1.6B in the fiscal year ended Dec 2025, up 83.0% from the year before. Operating income was $132M, an operating margin of 8.4%, and net income was −$35M. Operating cash flow of $195M less capital expenditure of $7M left free cash flow of $188M. Net debt was $1.8B.
Ranks among the 36 it services companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 712 | 810 | 764 | 860 | 1,574 |
| Research & development | 45.5 | 51.9 | 49.3 | 63.8 | 102 |
| Selling, general & admin | 108 | 117 | 117 | 264 | 236 |
| Operating income | 63.8 | 94.3 | 81.5 | −62.4 | 132 |
| Net interest incomeBanks | −25.0 | −9.2 | −33.0 | −51.8 | −169 |
| Interest expense | 25.1 | – | – | – | – |
| Pre-tax income | 24.9 | 85.1 | 48.5 | −115 | −37.3 |
| Income tax | 8.9 | 20.5 | 11.2 | −4.3 | −2.4 |
| Net income | 16.1 | 64.6 | 37.3 | −110 | −34.8 |
| Diluted EPS | 0.11 | 0.43 | 0.26 | −0.74 | −0.20 |
| Diluted shares | 142 | 152 | 146 | 149 | 173 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 293 | 392 | 214 | 169 | 240 |
| Receivables | 156 | 144 | 143 | 267 | 297 |
| Current assets | 466 | 566 | 374 | 476 | 562 |
| Net PP&E | 154 | 114 | 79.4 | 308 | 251 |
| Goodwill | 794 | 793 | 821 | 2,125 | 2,144 |
| Total assets | 1,887 | 1,886 | 1,631 | 3,923 | 3,834 |
| Payables | 54.0 | 54.9 | 47.0 | 121 | 110 |
| Deferred revenue | 0.9 | 1.1 | 1.9 | 4.3 | 5.0 |
| Current liabilities | 109 | 101 | 85.0 | 251 | 230 |
| Short-term debt | 0.0 | – | 0.0 | 21.9 | 0.0 |
| Long-term debt | 555 | 557 | 558 | 2,121 | 2,080 |
| Total liabilities | 754 | 759 | 724 | 2,616 | 2,520 |
| Shareholders' equity | 1,132 | 1,127 | 907 | 1,307 | 1,314 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 149 | 213 | 163 | 28.2 | 195 |
| Capital expenditure | 7.3 | 6.2 | 2.1 | 1.7 | 6.6 |
| Free cash flow | 141 | 207 | 161 | 26.5 | 188 |
| Depreciation & amortisation | 69.4 | 70.0 | 67.4 | 77.2 | 112 |
| Stock-based compensation | 9.5 | 7.9 | 15.3 | 31.8 | 24.5 |
| Acquisitions | 48.9 | 19.1 | 41.1 | 1,620 | 0.0 |
| Share buybacks | – | 60.5 | 59.5 | – | – |
| Dividend per share | – | – | 1.50 | 1.50 | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 13.7% | −5.7% | 12.6% | 83.0% |
| Operating income growth (YoY) | – | 47.7% | −13.5% | −176.5% | – |
| EPS growth (YoY) | – | 290.9% | −39.5% | −384.6% | – |
| Operating margin | 9.0% | 11.6% | 10.7% | −7.3% | 8.4% |
| Net margin | 2.3% | 8.0% | 4.9% | −12.8% | −2.2% |
| Return on equityBlank when equity is negative | 1.4% | 5.7% | 4.1% | −8.4% | −2.7% |
| ROCEEBIT ÷ (assets − current liabilities) | 3.6% | 5.3% | 5.3% | −1.7% | 3.7% |
| Free cash flow margin | 19.8% | 25.5% | 21.0% | 3.1% | 12.0% |
| Cash conversion (CFO ÷ net income) | 9.26x | 3.29x | 4.37x | −0.26x | −5.60x |
| Receivable days | 80 | 65 | 68 | 113 | 69 |
| Interest cover | 2.54x | – | – | – | – |
| Debt ÷ equity | 0.49x | 0.49x | 0.62x | 1.64x | 1.58x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 262 | 165 | 345 | 1,974 | 1,840 |
| Current ratio | 4.26x | 5.62x | 4.39x | 1.90x | 2.44x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.