First Advantage Corporation
fadv.comWhat Do They Do?
Provides identity verification, background screening, and ongoing workforce monitoring services to employers and other organizations.
10-K for FY2025, filed Feb 26, 2026
How Do They Make Money?
Sterling and the other businesses sell background-screening services, usually ordered for individual applicants; First Advantage typically bills customers at each month's end as completed reports are made available. Tax consulting, fleet management, and driver qualification services are billed as they are provided and become billable.
10-K for FY2025, filed Feb 26, 2026A substantial majority of the Company’s revenues are derived from pre-onboarding and related services to our customers on a transactional…View ↗
We enter into contracts with our customers that are typically three years in length. These contracts set forth the general terms and…View ↗
Sterling. This segment is comprised of the acquired entity, Sterling Check Corp., which was acquired on October 31, 2024. The Sterling…View ↗
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10-K for FY2025, filed Feb 26, 2026
FY2025 revenue by reportable segment ↗
$1.6B
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10-K for FY2025, filed Feb 26, 2026
$1.6B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
First Advantage Americas
Sold outright
10-K for FY2025, filed Feb 26, 2026 |
44%
FY2022: 86%
|
First Advantage Americas, FY2025
$700M Sources
|
Sold outright |
|
First Advantage International
Sold outright
|
6.3%
FY2022: 14%
|
First Advantage International, FY2025
$99.3M Sources
|
Sold outright |
|
Sterling
Sold outright
10-K for FY2025, filed Feb 26, 2026 |
49%
FY2022: 0.0%
|
Sterling, FY2025
$775.1M Sources
|
Sold outright |
Who Are Their Customers?
Serves employers across industries such as healthcare, transportation and logistics, retail and e-commerce, and financial services, with a focus on large, complex workforces. Sales representatives consult with customers directly; referral and channel partnerships also help generate sales leads.
10-K for FY2025, filed Feb 26, 2026We serve a diversified customer base with over 80,000 customers globally in 2025. Our customer base varies in size and industry…View ↗
Our sales representatives are trained to adopt a consultative approach throughout the entire sales process, which includes discovery…View ↗
We also employ a variety of marketing strategies to promote our products and solutions through both direct and indirect channels. Our…View ↗
Do Revenues Turn Into Profits?
Not on paper. It lost $34.8M in FY2025, but brought in more cash than it spent: $188.5M of free cash flow.
10-K for FY2025, filed Feb 26, 2026
$132.5MView ↗
10-K for FY2025, filed Feb 26, 2026
−$34.8MView ↗
10-K for FY2025, filed Feb 26, 2026
$188.5MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 6, 2026
$16.9MView ↗
- ▲ +5392%
- vs $308K in Q2 FY2025
10-Q for Q2 FY2026, filed Aug 6, 2026
Open tableView ↗
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Aug 6, 2026
Raised full-year revenue guidance
The new revenue range is $1.67 billion to $1.71 billion.
Sources
8-K, filed Aug 6, 2026
Raising full year 2026 guidance ranges for Revenues of $1.67 billion to $1.71 billion, Adjusted EBITDA of $472 million to $486 million…View ↗
Growing. Revenue grew 2.2x in 4 years, from $712.3M in FY2021 to $1.6B in FY2025, about 22% a year.
Sterling added
The latest report includes Sterling, whose acquisition expanded the offering with global background and identity verification services; the earlier report described First Advantage as an employment background screening and verification provider.
10-K for FY2022, filed Feb 28, 2023 10-K for FY2025, filed Feb 26, 2026First Advantage is a leading global provider of employment background screening and verification solutions. We deliver innovative services…View ↗
On October 31, 2024, we completed our acquisition of Sterling, a global provider of technology-enabled background and identity verification…View ↗
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