FIRST ADVANTAGE CORP
FA · Services-Computer Processing & Data Preparation · 171.5M shares · -3%/yr ↓ buyback · EDGAR filings ↗
Net buyback after stock comp: $44M (gross $59M, SBC $15M)
Reference price $15.69 · est. market cap ~$2.7B — last insider sale, 2026-06-08 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
C56Background-screening vendor with positive FCF but a net loss and high leverage post-acquisition (Sterling).
Strengths
- Strong operating margin and FCF — operating margin 8.4% (71st), FCF $188.5M (60th)
- Scale from the Sterling acquisition — per 10-K
Risks
- Net loss — net margin -2.2%, net income -68.4% (28th) on deal costs/amortization
- High leverage — D/E 1.58 (85th)
- Hiring-cycle/macro sensitivity per risk factors — per 10-K
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Net lossNet loss (net margin -2.2%)
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC, CITADEL ADVISORS LLC
- Buying back stockNet buyback — share count -3%/yr over 4y
- Insider buyingInsider buying — 1 open-market buy(s) by 1 insider(s) (~$106,740, last 6mo) Form 4 ↗
- New fund positionNotable fund(s) opened this quarter: RENAISSANCE TECHNOLOGIES LLC
- Insider sellingInsider selling — 6 open-market sale(s) by 3 insider(s) (cluster of 3 insiders, ~$876,539, last 6mo) Form 4 ↗
- Notable holderHeld by 4 notable fund(s): FMR LLC, STATE STREET CORP, GOLDMAN SACHS GROUP INC +1 more (as of 2026-03-31)
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Operating margin
8.4%
Net margin
-2.2%
Return on equity
-2.7%
Return on assets
-0.9%
ROIC
3.1%
Revenue growth (QoQ)
-8.3%
Debt / equity
1.6×
Net debt / EBITDA
7.5×
Current ratio
2.4×
Free cash flow
$188M
EBITDA
$244M
Tangible book value
-$1.7B
Cash & investments
$240M
Stock comp / revenue
1.6%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-08 | Clark James Lindsey | Sell | 4.9K | $15.69 |
| 2026-06-05 | Price Bridgett R | Grant | 13K | — |
| 2026-06-05 | Bell Susan R. | Grant | 13K | — |
| 2026-06-05 | Sim Judith | Grant | 13K | — |
| 2026-06-05 | Clark James Lindsey | Grant | 13K | — |
| 2026-06-01 | Jardine Bret T | Sell | 25K | $16.71 |
| 2026-06-01 | Jardine Bret T | Option exercise | 25K | $5.11 |
| 2026-05-12 | Jardine Bret T | Sell | 682 | $16.12 |
| 2026-05-11 | Nairne Douglas | Option exercise | 715 | — |
| 2026-05-11 | Jardine Bret T | Option exercise | 976 | — |
| 2026-05-11 | Jardine Bret T | Tax withheld | 294 | $16.04 |
| 2026-05-11 | Smith Joelle M | Option exercise | 25K | — |
| 2026-05-11 | Smith Joelle M | Tax withheld | 7.0K | $16.04 |
| 2026-05-07 | Smith Joelle M | Sell | 23K | $15.00 |
| 2026-03-05 | Jardine Bret T | Sell | 600 | $12.09 |
| 2026-03-04 | Nairne Douglas | Option exercise | 743 | — |
| 2026-03-04 | Jardine Bret T | Sell | 1.1K | $12.32 |
| 2026-03-04 | Jardine Bret T | Option exercise | 929 | — |
| 2026-03-04 | Jardine Bret T | Tax withheld | 329 | $12.22 |
| 2026-03-03 | Jardine Bret T | Tax withheld | 596 | $11.83 |
| 2026-03-03 | Jardine Bret T | Option exercise | 1.7K | — |
| 2026-03-02 | Nairne Douglas | Buy | 9.0K | $11.86 |
| 2026-02-28 | Marks Steven Irwin | Tax withheld | 1.7K | $11.51 |
| 2026-02-28 | Marks Steven Irwin | Option exercise | 1.1K | — |
| 2026-02-28 | Marks Steven Irwin | Option exercise | 1.4K | — |
| 2026-02-28 | Marks Steven Irwin | Option exercise | 2.2K | — |
| 2025-11-17 | Jardine Bret T | Sell | 954 | $13.13 |
| 2025-11-14 | Staples Scott | Option exercise | 20K | — |
| 2025-11-14 | Jardine Bret T | Option exercise | 1.4K | — |
| 2025-11-14 | Jardine Bret T | Tax withheld | 411 | $13.19 |
| 2025-11-14 | Staples Scott | Tax withheld | 5.1K | $13.19 |
| 2025-11-08 | Marks Steven Irwin | Tax withheld | 4.1K | $13.31 |
| 2025-11-08 | Marks Steven Irwin | Option exercise | 14K | — |
| 2025-11-01 | Nairne Douglas | Option exercise | 6.8K | — |
| 2025-10-20 | Nairne Douglas | Option exercise | 7.0K | — |
| 2025-09-17 | Smith Joelle M | Sell | 9.9K | $15.70 |
| 2025-09-16 | Smith Joelle M | Tax withheld | 6.6K | $15.60 |
| 2025-09-16 | Smith Joelle M | Option exercise | 16K | — |
| 2025-06-09 | Clark James Lindsey | Sell | 4.5K | $18.32 |
| 2025-06-06 | Clark James Lindsey | Grant | 11K | — |
| 2025-06-06 | Sim Judith | Grant | 11K | — |
| 2025-06-06 | Price Bridgett R | Grant | 11K | — |
| 2025-06-06 | Bell Susan R. | Grant | 11K | — |
| 2025-06-02 | Smith Joelle M | Sell | 46K | $16.99 |
| 2025-06-02 | Smith Joelle M | Option exercise | 28K | $5.11 |
| 2025-05-12 | Jardine Bret T | Sell | 146 | $18.18 |
| 2025-05-11 | Smith Joelle M | Option exercise | 25K | — |
| 2025-05-11 | Jardine Bret T | Option exercise | 976 | — |
| 2025-05-11 | Jardine Bret T | Tax withheld | 296 | $17.66 |
| 2025-05-11 | Nairne Douglas | Option exercise | 716 | — |
| 2025-05-11 | Smith Joelle M | Tax withheld | 7.0K | $17.66 |
| 2025-03-07 | Marks Steven Irwin | Buy | 1.0K | $13.50 |
| 2025-03-05 | Jardine Bret T | Sell | 139 | $13.78 |
| 2025-03-04 | Nairne Douglas | Option exercise | 742 | — |
| 2025-03-04 | Jardine Bret T | Option exercise | 928 | — |
| 2025-03-04 | Jardine Bret T | Tax withheld | 330 | $13.80 |
| 2025-02-28 | Marks Steven Irwin | Option exercise | 1.1K | — |
| 2025-02-28 | Marks Steven Irwin | Option exercise | 1.4K | — |
| 2025-02-28 | Marks Steven Irwin | Option exercise | 2.2K | — |
| 2025-02-28 | Marks Steven Irwin | Tax withheld | 1.7K | $14.96 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-08 | Shareholder vote | filing ↗ |
| 2026-05-07 | ResultsExhibits | filing ↗ |
| 2026-02-26 | ResultsExhibits | filing ↗ |
| 2026-01-30 | Exec/director change | filing ↗ |
| 2025-11-06 | ResultsExhibits | filing ↗ |
| 2025-08-07 | ResultsExhibits | filing ↗ |
| 2025-08-04 | Material agreementDebt obligationExhibits | filing ↗ |
| 2025-06-09 | Shareholder vote | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-08 | 2026-06-05 | 0001193125-26-261766 ↗ |
| 10-Q | 2026-05-07 | 2026-03-31 | 0001193125-26-211985 ↗ |
| 8-K | 2026-05-07 | 2026-05-07 | 0001193125-26-210077 ↗ |
| 8-K | 2026-02-26 | 2026-02-26 | 0001193125-26-073071 ↗ |
| 10-K | 2026-02-26 | 2025-12-31 | 0001193125-26-076740 ↗ |
| 8-K | 2026-01-30 | 2026-01-29 | 0001193125-26-031830 ↗ |
| 10-Q | 2025-11-06 | 2025-09-30 | 0001193125-25-269602 ↗ |
| 8-K | 2025-11-06 | 2025-11-06 | 0001193125-25-267932 ↗ |
| 8-K | 2025-08-07 | 2025-08-07 | 0000950170-25-104486 ↗ |
| 10-Q | 2025-08-07 | 2025-06-30 | 0001193125-25-175442 ↗ |
| 8-K | 2025-08-04 | 2025-07-30 | 0000950170-25-102016 ↗ |
| 8-K | 2025-06-09 | 2025-06-06 | 0000950170-25-083743 ↗ |