First Advantage (FA)
Market Price (8/12/2026): $21.155 | Market Cap: $3.6 BilSector: Industrials | Industry: Human Resource & Employment Services
First Advantage (FA)
Market Price (8/12/2026): $21.155Market Cap: $3.6 BilSector: IndustrialsIndustry: Human Resource & Employment Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 33% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 16%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 12% Attractive yieldFCF Yield is 5.4% Megatrend and thematic driversMegatrends include Cybersecurity. Themes include Identity Management. | Weak multi-year price returns2Y Excs Rtn is -20%, 3Y Excs Rtn is -7.3% | Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 145x Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 72% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.7% Key risksFA key risks include [1] navigating a complex and evolving regulatory landscape for data privacy and AI, Show more. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 33% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 16%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 12% |
| Attractive yieldFCF Yield is 5.4% |
| Megatrend and thematic driversMegatrends include Cybersecurity. Themes include Identity Management. |
| Weak multi-year price returns2Y Excs Rtn is -20%, 3Y Excs Rtn is -7.3% |
| Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 145x |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 72% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.7% |
| Key risksFA key risks include [1] navigating a complex and evolving regulatory landscape for data privacy and AI, Show more. |
Qualitative Assessment
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First Advantage (FA) stock has gained about 65% since 4/30/2026 because of the following key factors:
1. Exceptional Financial Performance in Fiscal Q1 and Q2 2026.
First Advantage significantly outperformed analyst expectations with strong earnings beats in both fiscal Q1 and Q2 2026. For fiscal Q1 2026, announced on May 7, 2026, the company reported adjusted diluted EPS of $0.26, exceeding consensus estimates by 21.61%, and revenues of $385.2 million, an 8.6% year-over-year increase. Following this, for fiscal Q2 2026, announced on August 6, 2026, First Advantage reported adjusted diluted EPS of $0.35, beating the consensus estimate of $0.29 by $0.06, and revenues surged 14.9% year-over-year to $448.8 million, surpassing analyst estimates by 8.0%.
2. Raised Full-Year 2026 Guidance.
Buoyed by strong first-half results, First Advantage raised its full-year 2026 guidance on August 6, 2026. The company now anticipates total revenues in the range of $1.67 billion to $1.71 billion, adjusted EBITDA between $472 million and $486 million, and adjusted diluted EPS of $1.23 to $1.29 per share. This updated guidance reflects projected year-over-year growth at the midpoint of approximately 7% for revenue, 9% for adjusted EBITDA, and 21% for adjusted diluted EPS, signaling robust future performance to investors.
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First Advantage (FA) stock has gained about 65% since 4/30/2026 because of the following key factors:
1. Exceptional Financial Performance in Fiscal Q1 and Q2 2026.
First Advantage significantly outperformed analyst expectations with strong earnings beats in both fiscal Q1 and Q2 2026. For fiscal Q1 2026, announced on May 7, 2026, the company reported adjusted diluted EPS of $0.26, exceeding consensus estimates by 21.61%, and revenues of $385.2 million, an 8.6% year-over-year increase. Following this, for fiscal Q2 2026, announced on August 6, 2026, First Advantage reported adjusted diluted EPS of $0.35, beating the consensus estimate of $0.29 by $0.06, and revenues surged 14.9% year-over-year to $448.8 million, surpassing analyst estimates by 8.0%.
2. Raised Full-Year 2026 Guidance.
Buoyed by strong first-half results, First Advantage raised its full-year 2026 guidance on August 6, 2026. The company now anticipates total revenues in the range of $1.67 billion to $1.71 billion, adjusted EBITDA between $472 million and $486 million, and adjusted diluted EPS of $1.23 to $1.29 per share. This updated guidance reflects projected year-over-year growth at the midpoint of approximately 7% for revenue, 9% for adjusted EBITDA, and 21% for adjusted diluted EPS, signaling robust future performance to investors.
3. Strategic Capital Allocation through Share Repurchases and Debt Reduction.
First Advantage demonstrated disciplined capital management by actively returning value to shareholders and reducing leverage. During fiscal Q1 2026, the company repurchased $19.5 million in shares under its $100 million share repurchase program and made $50 million in voluntary debt prepayments. This was followed by additional repurchases of $18.7 million in shares during fiscal Q2 2026 and further voluntary debt prepayments totaling $70 million.
4. Positive Analyst Upgrades and Price Target Revisions.
The company's strong performance led to several positive revisions from Wall Street analysts. Notably, Needham & Company LLC upgraded First Advantage from a "hold" to a "buy" rating with a $28.00 price objective on August 6, 2026. Similarly, Barclays raised its price target significantly from $20.00 to $30.00 on August 7, 2026, while maintaining an "Overweight" rating. The consensus analyst rating for First Advantage stands at a "Moderate Buy" with an average target price of $22.67.
5. Operational Strength and Synergy Realization.
Management highlighted consistent operational discipline and margin improvements driven by the company's AI-driven proprietary technology platform and effective go-to-market strategy. First Advantage maintained a high customer retention rate of 97% and reported strong progress on realizing synergies from the Sterling acquisition, achieving $63 million in run-rate savings, which is near the lower end of its $65 million to $80 million target. These factors contributed to improved profitability and investor confidence.
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Stock Movement Drivers
Fundamental Drivers
The 65.9% change in FA stock from 4/30/2026 to 8/11/2026 was primarily driven by a 55.4% change in the company's P/S Multiple.| (LTM values as of) | 4302026 | 8112026 | Change |
|---|---|---|---|
| Stock Price ($) | 12.76 | 21.17 | 65.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,574 | 1,663 | 5.6% |
| P/S Multiple | 1.4 | 2.2 | 55.4% |
| Shares Outstanding (Mil) | 174 | 172 | 1.1% |
| Cumulative Contribution | 65.9% |
Market Drivers
4/30/2026 to 8/11/2026| Return | Correlation | |
|---|---|---|
| FA | 65.9% | |
| Market (SPY) | 7.2% | -5.4% |
| Sector (XLI) | 6.4% | -25.2% |
Fundamental Drivers
The 56.8% change in FA stock from 1/31/2026 to 8/11/2026 was primarily driven by a 36.4% change in the company's P/S Multiple.| (LTM values as of) | 1312026 | 8112026 | Change |
|---|---|---|---|
| Stock Price ($) | 13.50 | 21.17 | 56.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,461 | 1,663 | 13.8% |
| P/S Multiple | 1.6 | 2.2 | 36.4% |
| Shares Outstanding (Mil) | 174 | 172 | 1.1% |
| Cumulative Contribution | 56.8% |
Market Drivers
1/31/2026 to 8/11/2026| Return | Correlation | |
|---|---|---|
| FA | 56.8% | |
| Market (SPY) | 11.7% | 5.1% |
| Sector (XLI) | 12.6% | -12.2% |
Fundamental Drivers
The 22.4% change in FA stock from 7/31/2025 to 8/11/2026 was primarily driven by a 59.1% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 7312025 | 8112026 | Change |
|---|---|---|---|
| Stock Price ($) | 17.29 | 21.17 | 22.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,045 | 1,663 | 59.1% |
| P/S Multiple | 2.9 | 2.2 | -23.5% |
| Shares Outstanding (Mil) | 173 | 172 | 0.6% |
| Cumulative Contribution | 22.4% |
Market Drivers
7/31/2025 to 8/11/2026| Return | Correlation | |
|---|---|---|
| FA | 22.4% | |
| Market (SPY) | 22.9% | 11.3% |
| Sector (XLI) | 23.4% | 0.7% |
Fundamental Drivers
The 56.7% change in FA stock from 7/31/2023 to 8/11/2026 was primarily driven by a 292.7% change in the company's P/E Multiple.| (LTM values as of) | 7312023 | 8112026 | Change |
|---|---|---|---|
| Stock Price ($) | 13.51 | 21.17 | 56.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 796 | 1,663 | 109.0% |
| Net Income Margin (%) | 6.7% | 1.5% | -77.5% |
| P/E Multiple | 36.8 | 144.6 | 292.7% |
| Shares Outstanding (Mil) | 146 | 172 | -15.1% |
| Cumulative Contribution | 56.7% |
Market Drivers
7/31/2023 to 8/11/2026| Return | Correlation | |
|---|---|---|
| FA | 56.7% | |
| Market (SPY) | 74.3% | 30.9% |
| Sector (XLI) | 75.2% | 24.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| FA Return | -3% | -32% | 42% | 13% | -22% | 62% | 33% |
| Peers Return | 9% | -3% | 0% | 8% | -14% | 9% | 7% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| FA Win Rate | 43% | 25% | 58% | 58% | 50% | 75% | |
| Peers Win Rate | 57% | 47% | 48% | 57% | 45% | 60% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| FA Max Drawdown | - | -50% | -15% | -15% | -39% | -43% | |
| Peers Max Drawdown | -30% | -27% | -29% | -23% | -33% | -28% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: PAYX, BBSI, JOB, ADP, PAYC.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/11/2026 (YTD)
How Low Can It Go
| Event | FA | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -33.1% | -18.8% |
| % Gain to Breakeven | 49.4% | 23.1% |
| Time to Breakeven | 476 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -10.0% | -6.7% |
| % Gain to Breakeven | 11.1% | 7.1% |
| Time to Breakeven | 28 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -36.2% | -24.5% |
| % Gain to Breakeven | 56.8% | 32.4% |
| Time to Breakeven | 582 days | 427 days |
In The Past
First Advantage's stock fell -33.1% during the 2025 US Tariff Shock. Such a loss loss requires a 49.4% gain to breakeven.
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| Event | FA | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -33.1% | -18.8% |
| % Gain to Breakeven | 49.4% | 23.1% |
| Time to Breakeven | 476 days | 79 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -36.2% | -24.5% |
| % Gain to Breakeven | 56.8% | 32.4% |
| Time to Breakeven | 582 days | 427 days |
In The Past
First Advantage's stock fell -33.1% during the 2025 US Tariff Shock. Such a loss loss requires a 49.4% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About First Advantage (FA)
First Advantage Corporation (FA) specializes in providing technology-driven solutions for screening, verification, safety, and compliance related to human capital on a global scale. The company essentially acts as a critical partner for businesses looking to mitigate risks and ensure regulatory adherence when engaging with individuals, whether they are prospective employees, current staff, or even tenants. They streamline complex processes, enabling organizations to make informed decisions and maintain secure and compliant operations.
The company offers a broad portfolio of products and services, primarily categorized into pre-onboarding and post-onboarding solutions. Pre-onboarding services include vital checks such as criminal background checks, drug and health screenings, identity verification, education and work history verifications, and driver record compliance. Post-onboarding, First Advantage provides ongoing monitoring services, including continuous criminal records monitoring, healthcare sanctions checks, motor vehicle record updates, and global sanctions screening. They also offer specialized services like fleet/vehicle compliance, resident/tenant screening, and hiring tax credit assistance.
First Advantage serves a diverse array of customers, ranging from large global enterprises to mid-sized and small companies across various sectors. Their solutions are utilized by key personnel in departments such as human resources, recruiting, risk management, compliance, vendor management, safety, and security. By addressing the essential needs for diligence and monitoring in these functions, FA helps businesses across industries build trusted workforces, manage regulatory requirements, and foster safer environments.
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Here are 1-3 brief analogies to describe First Advantage (FA):
- The Experian or Equifax for employment background checks and employee monitoring.
- A 'Know Your Customer' (KYC) service specifically for human resources and talent acquisition.
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Major Products and Services of First Advantage (FA)
Pre-onboarding Solutions
- Criminal Background Checks: Verifies an individual's criminal history.
- Drug & Health Screening: Conducts drug tests and health assessments for candidates.
- Identity Checks & Biometric Fraud Mitigation: Confirms identity and uses biometrics to prevent fraud.
- Education & Work History Verification: Validates academic qualifications and previous employment.
- Driver Records & Compliance: Checks driving records for employees who operate vehicles.
- Extended Workforce Screening: Provides background checks for contractors, temporary staff, and gig workers.
- Executive Screening: Offers comprehensive background and due diligence for senior leadership roles.
Post-onboarding Solutions
- Criminal Records Monitoring: Continuously monitors employees for new criminal activity after hiring.
- Healthcare Sanctions Monitoring: Regularly checks healthcare professionals for disciplinary actions or sanctions.
- Motor Vehicle Records (MVR) Monitoring: Provides ongoing updates on employee driving records.
- Social Media Screening: Analyzes public social media activity for potential risks.
- Global Sanctions & Licenses Monitoring: Tracks adherence to global regulatory sanctions and professional licenses.
Other Specialized Services
- Fleet & Vehicle Compliance: Manages compliance requirements for company vehicle fleets.
- Hiring Tax Credits & Incentives: Identifies and helps clients claim government tax credits for eligible new hires.
- Resident & Tenant Screening: Conducts background checks for prospective renters.
- Investigative Research: Provides detailed investigative services for specific client needs.
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First Advantage Corporation (FA) sells its technology solutions primarily to other companies, not to individuals. Its products and solutions are utilized by various departments within businesses, including recruiting, human resources, risk, compliance, vendor management, safety, and security personnel.
Due to the broad and diverse nature of its client base, First Advantage does not publicly disclose a list of its specific major customer companies. Publicly traded companies like First Advantage typically do not reveal individual client names unless a particular customer accounts for a significant portion of their revenue, which is not the case for FA given its service model across numerous clients.
Based on the company's description, its customer base can be broadly categorized by the size and scope of the organizations it serves:
- Global enterprises
- Mid-sized companies
- Small companies
First Advantage serves a wide array of businesses across various industries, providing essential screening, verification, safety, and compliance services related to human capital.
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Scott Staples, Chief Executive Officer
Scott Staples has served as the Chief Executive Officer of First Advantage since April 2017. Prior to joining First Advantage, he co-founded Mindtree Ltd. in 1999, a global IT Services firm, and spent 17 years as President of the Americas and Global Head of Business Groups. He played a strategic role in taking Mindtree public in 2007. Earlier in his career, Mr. Staples was a director at Cambridge Technology Partners and a director of marketing for Gemini Consulting's North American financial services practice. He has been recognized as a "growth entrepreneur" and received the Ernst & Young Entrepreneur of the Year in Technology Services in 2015. First Advantage was a Symphony Technology Group (STG) company, a private equity firm, at the time of his appointment as CEO.
Steven Marks, Executive Vice President and Chief Financial Officer
Steven Marks holds the position of Executive Vice President and Chief Financial Officer at First Advantage. He also serves as the Principal Accounting Officer. Mr. Marks participates in investor conferences, where he discusses the company's transformation into a comprehensive human capital risk management solution. In March 2025, he purchased shares of the company's common stock.
Joelle Smith, President
Joelle Smith is the President of First Advantage. She has also been identified as President, Data Technology and Experience. Ms. Smith actively engages in investor discussions regarding the company's growth, innovation, and digital identity solutions.
Douglas Nairne, Global Chief Operating Officer
Douglas Nairne serves as the Global Chief Operating Officer for First Advantage.
Bret Jardine, Chief Legal Officer and Corporate Secretary
Bret Jardine is the Chief Legal Officer and Corporate Secretary at First Advantage.
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The key risks to First Advantage's (FA) business are primarily centered around its operations as a provider of sensitive data processing services, its reliance on economic conditions, and the successful integration of its acquisitions.
- Regulatory Compliance, Data Security, and Privacy Risks: As a company that processes vast amounts of personal data for background checks and verifications, First Advantage is highly vulnerable to evolving global privacy regulations and cybersecurity threats. Any failure to protect customer data could lead to severe reputational harm, significant legal liabilities, and substantial financial penalties. The company's reliance on personal data processing exposes it to risks of increased restrictions and compliance costs, particularly with evolving AI regulations.
- Impact of Macroeconomic Factors on Hiring Volumes and Market Competition: First Advantage operates in a market where demand for its services is highly sensitive to macroeconomic conditions, such as economic downturns and geopolitical tensions. These factors can directly impact customer hiring patterns and, consequently, the demand for First Advantage's screening and verification solutions. The company also faces intense competition from numerous local and multinational firms, requiring it to continuously maintain a competitive edge through reliable results, competitive pricing, and compliance expertise.
- Integration and Realization of Acquisition Benefits: The successful integration of acquired businesses, such as Sterling Check Corp., is critical to First Advantage's continued growth and success. There is a risk that the company may not fully realize the expected benefits from these acquisitions, or that the integration process could face complex operational and cultural alignment challenges. Such failures could adversely affect the company's business and stock value.
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First Advantage (FA) operates within several addressable markets related to human capital solutions, including background checks, employment screening services, drug screening, and employment verification. The market sizes for these key products and services vary by source and forecast period, but generally show significant global and regional valuations.
Background Check Market
- Globally, the background check market was valued at approximately USD 7.2 billion in 2024 and is projected to reach USD 11.5 billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 8.2%. Other estimates place the global market at USD 15.54 billion in 2024, with a projection to reach USD 39.60 billion by 2032, at a CAGR of 12.40%.
- North America holds a dominant share of the global background check market, accounting for over 35% of the total revenue. More specifically, North America's share was estimated at 41% of the global market in 2024. The U.S. market alone for background checks was estimated at US$2.0 billion in 2024.
Employment Screening Services Market
- The global employment screening services market, which encompasses background checks, verification, and medical/drug testing, was valued at USD 6.97 billion in 2024 and is projected to reach USD 17.56 billion by 2033, demonstrating a CAGR of 10.8%. Another estimate valued the global market at USD 7.19 billion in 2025, expecting it to grow to USD 13.71 billion by 2034 with a CAGR of 7.3%.
- In North America, the employment screening services market was valued at approximately US$2.65 billion in 2022 and is anticipated to reach US$5.87 billion by 2030, with a CAGR of 10.5%. The U.S. employment screening services market is estimated to reach US$2.3 billion in 2025 and surge to US$3.7 billion by 2032, at a CAGR of 6.7%.
Drug Screening Market
- The global drug screening market was valued at USD 13.8 billion in 2024 and is expected to grow to USD 52.2 billion by 2034, at a CAGR of 14.5%. Another report valued the market at USD 12.5 billion in 2025, with a projection to reach around USD 54.29 billion by 2035 at a CAGR of 15.82%.
- For the U.S. specifically, the employer and workplace drug testing market size was estimated at USD 2.57 billion in 2024 and is projected to reach USD 4.01 billion by 2033, growing at a CAGR of 5.2%. Other sources estimate the U.S. drug screening market to reach around USD 15.7 billion by 2035 from USD 3.53 billion in 2025, with a CAGR of 16.09%.
Employment Verification Services Market
- The global employment verification service market size is predicted to grow from US$1924 million in 2025 to US$3140 million in 2031, at a CAGR of 8.5%. Within the broader employment screening services market, employment and education verification holds the highest market share.
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Expected Drivers of Future Revenue Growth for First Advantage (FA)
First Advantage (FA) is poised for revenue growth over the next 2-3 years, driven by several strategic initiatives and market dynamics:
- Successful Integration and Synergies from Sterling Acquisition: The successful integration of Sterling Check Corp. is a significant catalyst for future revenue growth. First Advantage has already achieved 97% gross revenue retention in Q3 2025 and realized substantial synergies by optimizing back-end fulfillment. The company anticipates achieving at least $50 million in run-rate synergies from the acquisition, which is expected to contribute to immediate double-digit adjusted EPS accretion.
- New Customer Acquisition and Upsell/Cross-sell Initiatives: First Advantage has a strong track record of "go-to-market success in new logo and upsell, cross-sell" strategies. In Q4 2025, new logo and upsell/cross-sell initiatives contributed a robust 17% to growth, signaling continued momentum in securing new business and expanding existing customer relationships as part of its "FA 5.0 growth strategy".
- Expansion of Digital Identity Solutions and Product Innovation: A key driver of future growth is the company's focus on product differentiation, particularly through digital identity solutions designed to combat AI-enabled fraud and increase "package density". Digital identity products have been identified as a significant growth area, and First Advantage plans to expand their penetration and leverage artificial intelligence across its product portfolio in 2026.
- Stabilizing and Improving Hiring Market Conditions: First Advantage has observed stability in enterprise hiring markets, with expectations for improved "base growth" in the coming periods. Management anticipates that growth will accelerate in the second half of 2026, which is expected to propel revenue performance and margin expansion in the mid and long term.
- Diversification and Expansion into New Markets/Verticals: The Sterling acquisition has significantly diversified First Advantage's market reach, bringing a strong portfolio of verticals focused on salaried workers, complementing First Advantage's historical strength in hourly worker screening. This expansion into new market segments and increased package density are expected to create additional revenue opportunities.
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Share Repurchases
- First Advantage announced a new $100 million share repurchase program in February 2026.
- This share repurchase authorization does not have an expiration date and is planned to be funded using the company's existing cash.
- Management views this program as a means to reduce the share count and believes the shares currently do not reflect the business's true value.
Outbound Investments
- First Advantage completed the $2.2 billion acquisition of Sterling Check Corp. in October 2024.
- This acquisition was expected to generate $50-70 million in run-rate synergies and provide immediate double-digit earnings per share (EPS) accretion.
- The integration of Sterling Check Corp. was completed ahead of schedule, with $55 million in run-rate synergies achieved by year-end 2025, towards a target of $65-$80 million.
Capital Expenditures
- Capital expenditures for the fourth quarter of 2025 amounted to $16.87 million.
- For 2026, the company is making strategic investments in its go-to-market and product capabilities to accelerate organic revenue growth.
- Investments also focus on leveraging AI for data processing and customer care to enhance risk management solutions.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 76.34 |
| Mkt Cap | 6.7 |
| Rev LTM | 1,902 |
| Op Inc LTM | 413 |
| FCF LTM | 383 |
| FCF 3Y Avg | 256 |
| CFO LTM | 531 |
| CFO 3Y Avg | 385 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 8.0% |
| Rev Chg 3Y Avg | 8.0% |
| Rev Chg Q | 8.3% |
| QoQ Delta Rev Chg LTM | 1.9% |
| Op Inc Chg LTM | 15.7% |
| Op Inc Chg 3Y Avg | 8.0% |
| Op Mgn LTM | 18.5% |
| Op Mgn 3Y Avg | 15.9% |
| QoQ Delta Op Mgn LTM | 1.0% |
| CFO/Rev LTM | 20.3% |
| CFO/Rev 3Y Avg | 18.1% |
| FCF/Rev LTM | 16.8% |
| FCF/Rev 3Y Avg | 14.8% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Sterling | 777 | 113 | 0 | 0 | |
| First Advantage Americas | 702 | 659 | 673 | 695 | |
| First Advantage International | 105 | 97 | 97 | 123 | |
| Intersegment revenues | -9 | -8 | -6 | -7 | |
| Single Segment | 712 | ||||
| Total | 1,574 | 860 | 764 | 810 | 712 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2007 |
|---|---|---|---|---|---|
| Sterling | 212 | 21 | 0 | 0 | |
| First Advantage Americas | 212 | 211 | 222 | 222 | |
| First Advantage International | 17 | 17 | 16 | 27 | |
| Transaction and acquisition-related charges | -9 | -128 | -4 | -6 | |
| Share-based compensation | -24 | -32 | -15 | -8 | |
| Integration, restructuring, and other charges | -27 | -6 | -7 | -3 | |
| Depreciation and amortization | -249 | -146 | -129 | -138 | |
| Data Services | 34 | ||||
| Dealer Services | 15 | ||||
| Employer Services | 29 | ||||
| Investigative and Litigation Support Services | 34 | ||||
| Lender Services | 33 | ||||
| Multifamily Services | 19 | ||||
| Total | 132 | -62 | 82 | 94 | 163 |
| $ Mil | 2008 | 2007 | 2006 | 2005 | 2004 |
|---|---|---|---|---|---|
| Employer Services | 397 | 386 | 346 | 265 | |
| Data Services | 309 | 315 | 316 | 325 | |
| Investigative and Litigation Support Services | 110 | 113 | 85 | ||
| Dealer Services | 92 | 158 | 117 | 114 | |
| Multifamily Services | 84 | 83 | 78 | 74 | |
| Lender Services | 78 | 75 | 79 | 82 | |
| Corporate and Eliminations | 66 | ||||
| Investigative & Litigation Support Services | 82 | ||||
| Consumer Direct | 27 | ||||
| Enterprise Screening | 266 | ||||
| Risk Mitigation | 129 | ||||
| Total | 1,136 | 1,131 | 1,020 | 943 | 422 |
Price Behavior
| Market Price | $21.17 | |
| Market Cap ($ Bil) | 3.7 | |
| First Trading Date | 06/23/2021 | |
| Distance from 52W High | -12.2% | |
| 50 Days | 200 Days | |
| DMA Price | $18.95 | $14.56 |
| DMA Trend | up | up |
| Distance from DMA | 11.7% | 45.4% |
| 3M | 1YR | |
| Volatility | 64.6% | 60.4% |
| Downside Capture | -108.17 | 7.45 |
| Upside Capture | 46.34 | 39.69 |
| Correlation (SPY) | -5.6% | 10.4% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -1.98 | -0.38 | -0.42 | 0.22 | 0.53 | 0.91 |
| Up Beta | -6.47 | -1.75 | -1.42 | -0.16 | 0.69 | 1.10 |
| Down Beta | 0.67 | 0.64 | 1.13 | 1.51 | 1.07 | 0.94 |
| Up Capture | -71% | 37% | 49% | 43% | 24% | 53% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 12 | 24 | 37 | 68 | 124 | 370 |
| Down Capture | -248% | -116% | -223% | -62% | 35% | 93% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 10 | 19 | 26 | 57 | 127 | 371 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FA | |
|---|---|---|---|---|
| FA | 27.4% | 60.5% | 0.62 | - |
| Sector ETF (XLI) | 24.5% | 17.0% | 1.12 | -0.1% |
| Equity (SPY) | 22.1% | 12.8% | 1.28 | 10.6% |
| Gold (GLD) | 28.2% | 28.4% | 0.86 | -9.6% |
| Commodities (DBC) | 37.4% | 20.1% | 1.47 | -10.3% |
| Real Estate (VNQ) | 12.5% | 13.8% | 0.61 | 21.5% |
| Bitcoin (BTCUSD) | -45.3% | 42.9% | -1.28 | 4.4% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FA | |
|---|---|---|---|---|
| FA | 4.2% | 45.5% | 0.23 | - |
| Sector ETF (XLI) | 14.0% | 17.6% | 0.62 | 34.1% |
| Equity (SPY) | 13.3% | 17.2% | 0.60 | 38.4% |
| Gold (GLD) | 18.8% | 18.6% | 0.82 | -0.8% |
| Commodities (DBC) | 9.3% | 19.6% | 0.36 | 3.4% |
| Real Estate (VNQ) | 1.9% | 18.9% | -0.00 | 32.6% |
| Bitcoin (BTCUSD) | 10.9% | 52.8% | 0.39 | 17.7% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FA | |
|---|---|---|---|---|
| FA | 1.7% | 45.3% | 0.21 | - |
| Sector ETF (XLI) | 14.3% | 20.0% | 0.63 | 34.1% |
| Equity (SPY) | 15.3% | 17.9% | 0.73 | 38.3% |
| Gold (GLD) | 12.0% | 16.2% | 0.61 | -0.7% |
| Commodities (DBC) | 7.9% | 18.0% | 0.35 | 3.7% |
| Real Estate (VNQ) | 4.5% | 20.7% | 0.18 | 32.6% |
| Bitcoin (BTCUSD) | 59.4% | 66.1% | 0.99 | 17.4% |
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Returns Analyses
Earnings Returns History
Updated 8/11/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/6/2026 | 17.3% | ||
| 5/7/2026 | 23.1% | 22.5% | 24.1% |
| 2/26/2026 | 22.8% | 28.4% | 18.6% |
| 11/6/2025 | 6.7% | 3.2% | 5.6% |
| 8/7/2025 | 8.0% | 6.4% | -0.9% |
| 5/8/2025 | 19.1% | 19.4% | 21.4% |
| 2/27/2025 | -12.5% | -24.5% | -23.5% |
| 11/12/2024 | 0.1% | -6.7% | 6.7% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 16 | 15 | 13 |
| # Negative | 4 | 4 | 6 |
| Median Positive | 7.9% | 5.8% | 9.1% |
| Median Negative | -4.3% | -5.8% | -5.8% |
| Max Positive | 23.1% | 28.4% | 29.9% |
| Max Negative | -12.5% | -24.5% | -23.5% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/6/2026 | 17.3% | ||
| 5/7/2026 | 23.1% | 22.5% | 24.1% |
| 2/26/2026 | 22.8% | 28.4% | 18.6% |
| 11/6/2025 | 6.7% | 3.2% | 5.6% |
| 8/7/2025 | 8.0% | 6.4% | -0.9% |
| 5/8/2025 | 19.1% | 19.4% | 21.4% |
| 2/27/2025 | -12.5% | -24.5% | -23.5% |
| 11/12/2024 | 0.1% | -6.7% | 6.7% |
| 8/8/2024 | 4.4% | 5.0% | 15.1% |
| 5/9/2024 | 0.5% | 0.7% | 1.4% |
| 2/29/2024 | -7.0% | -4.6% | -3.7% |
| 11/9/2023 | 1.4% | 4.5% | 17.4% |
| 8/9/2023 | 8.0% | 5.8% | 3.0% |
| 5/10/2023 | 0.1% | 2.9% | 9.1% |
| 2/28/2023 | 7.4% | 2.0% | 3.3% |
| 11/8/2022 | 18.6% | 19.7% | 29.9% |
| 8/4/2022 | -1.6% | 8.4% | -2.5% |
| 5/11/2022 | -0.8% | 0.5% | -7.8% |
| 3/23/2022 | 7.9% | 16.9% | 5.4% |
| 11/8/2021 | 9.3% | -4.9% | -17.4% |
| SUMMARY STATS | |||
| # Positive | 16 | 15 | 13 |
| # Negative | 4 | 4 | 6 |
| Median Positive | 7.9% | 5.8% | 9.1% |
| Median Negative | -4.3% | -5.8% | -5.8% |
| Max Positive | 23.1% | 28.4% | 29.9% |
| Max Negative | -12.5% | -24.5% | -23.5% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| 09/30/2022 | 11/08/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| 09/30/2022 | 11/08/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| 03/31/2022 | 05/11/2022 | 10-Q |
| 12/31/2021 | 03/23/2022 | 10-K |
| 09/30/2021 | 11/08/2021 | 10-Q |
| 06/30/2021 | 08/12/2021 | 10-Q |
| 03/31/2021 | 06/24/2021 | 424B4 |
| 09/30/2009 | 10/29/2009 | 10-Q |
| 06/30/2009 | 07/30/2009 | 10-Q |
| 03/31/2009 | 04/30/2009 | 10-Q |
| 12/31/2008 | 02/26/2009 | 10-K |
| 03/31/2003 | 05/10/2004 | 10-Q |
| 12/31/2002 | 03/01/2007 | 10-K |
Recent Forward Guidance
Updated 8/7/2026Latest: Q2 2026 Earnings Reported 8/6/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenues | 1.67 Bil | 1.69 Bil | 1.71 Bil | 1.7% | Raised | Guidance: 1.66 Bil for 2026 | |
| 2026 Adjusted EBITDA | 472.00 Mil | 479.00 Mil | 486.00 Mil | 1.4% | Raised | Guidance: 472.50 Mil for 2026 | |
| 2026 Adjusted Net Income | 214.00 Mil | 219.50 Mil | 225.00 Mil | 4.5% | Raised | Guidance: 210.00 Mil for 2026 | |
| 2026 Adjusted Diluted Earnings Per Share | 1.23 | 1.26 | 1.29 | 5.0% | Raised | Guidance: 1.2 for 2026 | |
Prior: Q1 2026 Earnings Reported 5/7/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenues | 1.62 Bil | 1.66 Bil | 1.70 Bil | 0 | Affirmed | Guidance: 1.66 Bil for 2026 | |
| 2026 Adjusted EBITDA | 460.00 Mil | 472.50 Mil | 485.00 Mil | 0 | Affirmed | Guidance: 472.50 Mil for 2026 | |
| 2026 Adjusted Net Income | 200.00 Mil | 210.00 Mil | 220.00 Mil | 0 | Affirmed | Guidance: 210.00 Mil for 2026 | |
| 2026 Adjusted Diluted Earnings Per Share | 1.15 | 1.2 | 1.25 | 0 | Affirmed | Guidance: 1.2 for 2026 | |
Q4 2025 Earnings Reported 2/26/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | 1.62 Bil | 1.66 Bil | 1.70 Bil | 7.1% | Higher New | Guidance: 1.55 Bil for 2025 | |
| 2026 Adjusted EBITDA | 460.00 Mil | 472.50 Mil | 485.00 Mil | 8.6% | Higher New | Guidance: 435.00 Mil for 2025 | |
| 2026 Adjusted Net Income | 200.00 Mil | 210.00 Mil | 220.00 Mil | 20.0% | Higher New | Guidance: 175.00 Mil for 2025 | |
| 2026 Adjusted Diluted Earnings Per Share | 1.15 | 1.2 | 1.25 | 20.0% | Higher New | Guidance: 1 for 2025 | |
Q3 2025 Earnings Reported 11/6/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Revenue | 1.53 Bil | 1.55 Bil | 1.57 Bil | 0.2% | Raised | Guidance: 1.55 Bil for 2025 | |
| 2025 Adjusted EBITDA | 430.00 Mil | 435.00 Mil | 440.00 Mil | 1.2% | Raised | Guidance: 430.00 Mil for 2025 | |
| 2025 Adjusted Net Income | 170.00 Mil | 175.00 Mil | 180.00 Mil | 4.8% | Raised | Guidance: 167.00 Mil for 2025 | |
| 2025 Adjusted Diluted Earnings Per Share | 0.98 | 1 | 1.02 | 5.8% | Raised | Guidance: 0.94 for 2025 | |
Insider Activity
Updated 6/10/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Clark, James Lindsey | Direct | Sell | 6102026 | 15.69 | 4,921 | 77,210 | 891,882 | Form | |
| 2 | Jardine, Bret T | Chief Legal Officer | Direct | Sell | 6032026 | 16.71 | 25,000 | 417,640 | 117,073 | Form |
| 3 | Jardine, Bret T | Chief Legal Officer | Direct | Sell | 5132026 | 16.12 | 682 | 10,994 | 112,969 | Form |
| 4 | Smith, Joelle M | President | Direct | Sell | 5082026 | 15.00 | 23,334 | 350,012 | 290,897 | Form |
| 5 | Jardine, Bret T | Chief Legal Officer | Direct | Sell | 3062026 | 12.09 | 600 | 7,254 | 84,727 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Clark, James Lindsey | Direct | Sell | 6102026 | 15.69 | 4,921 | 77,210 | 891,882 | Form | |
| 2 | Jardine, Bret T | Chief Legal Officer | Direct | Sell | 6032026 | 16.71 | 25,000 | 417,640 | 117,073 | Form |
| 3 | Jardine, Bret T | Chief Legal Officer | Direct | Sell | 5132026 | 16.12 | 682 | 10,994 | 112,969 | Form |
| 4 | Smith, Joelle M | President | Direct | Sell | 5082026 | 15.00 | 23,334 | 350,012 | 290,897 | Form |
| 5 | Jardine, Bret T | Chief Legal Officer | Direct | Sell | 3062026 | 12.09 | 600 | 7,254 | 84,727 | Form |
| 6 | Jardine, Bret T | Chief Legal Officer | Direct | Sell | 3062026 | 12.32 | 1,090 | 13,429 | 86,339 | Form |
| 7 | Nairne, Douglas | Global Chief Operating Officer | Direct | Buy | 3032026 | 11.86 | 9,000 | 106,740 | 536,748 | Form |
| 8 | Jardine, Bret T | Chief Legal Officer | Direct | Sell | 11182025 | 13.13 | 954 | 12,526 | 89,612 | Form |
| 9 | Smith, Joelle M | President | Direct | Sell | 9182025 | 15.70 | 9,900 | 155,468 | 670,976 | Form |
| 10 | Clark, James Lindsey | Direct | Sell | 6102025 | 18.32 | 4,482 | 82,110 | 896,947 | Form | |
| 11 | Smith, Joelle M | President | Direct | Sell | 6042025 | 16.99 | 45,934 | 780,593 | 726,094 | Form |
Investor Activity (13F)
Updated Aug 12, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
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Industry Resources
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| HR Dive |
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External Quote Links
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| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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