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FIRST ADVANTAGE CORP (FA) FY2025 10-K Annual Report

Filed: Feb 26, 2026
Information Technology
Services-Computer Processing & Data PreparationSEC EDGAR
FIRST ADVANTAGE CORP Overview

FIRST ADVANTAGE CORP (FA) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 26, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.

FIRST ADVANTAGE CORP FY2025 10-K Analysis

Risk Factors

  • • Regulatory risk from U.S. One Big Beautiful Bill Act (OBBBA) enacted July 4, 2025, affecting corporate tax regime and deferred tax asset/liability accounting
  • • Macroeconomic threat from global economic volatility and trade disputes impacting hiring, with 86% revenue exposure in U.S. and 14% in international markets
  • • Operational vulnerability from Sterling acquisition (Oct 31, 2024) increasing cost of services by $373.3M and product/technology expenses by $27.6M in 2025
  • • Market disruption risk from advanced digital identity offerings and AI-based biometrics competing with ID.me in fraud mitigation and candidate authentication
  • • Financial risk due to rising net interest expense $168.7M in 2025 vs $51.8M in 2024, pressuring results amid $1.57B revenues and negative $34.8M net income margin -2.2%

FIRST ADVANTAGE CORP FY2025 Key Financial Metrics
XBRL

Revenue

$1.6B

▲ +83.0% YoY

Net Income

-$35M

▲ +68.4% YoY

Operating Margin

8.4%

▲ +1567bp YoY

Net Margin

-2.2%

▲ +1061bp YoY

ROE

-2.7%

▲ +579bp YoY

Total Assets

$3.8B

▼ -2.3% YoY

EPS (Diluted)

$-0.20

▲ +73.0% YoY

Operating Cash Flow

$195M

▲ +592.0% YoY

Source: XBRL data from FIRST ADVANTAGE CORP FY2025 10-K filing on SEC EDGAR. All figures in USD.

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