First Advantage CorpFA

First Advantage Corporation is the quiet infrastructure behind the headline hiring moments: the background-check company that sifts through adverse media and social feeds so employers can decide whether a candidate’s past posts disqualify them before the offer is signed. The product pages promise “trusted results” and “confident hiring,” but the latest 10-Q (period ending 31 March 2026) shows a business that collected $385.2 million in revenue while eeking out $2.2 million in net income-barely a rounding error after $24.6 million of R&D and $2.8 million of capex.

The company’s filing admits no single customer generated 10% of revenue in the quarter, and in January 2026 it sold off a tiny slice of customer relationships worth less than 0.5% of 2025 revenue. Social-media checks, which trawl “thousands of publicly available online sources,” sit alongside adverse-media screening as the two marquee offerings on the same marketing site that also hosts a 2025 trends image-evidence of product positioning rather than product velocity. The SEC filings themselves don’t name the divested customers or the dollar value, only that the exit was immaterial at the consolidated level.

On the balance sheet, First Advantage carried $3.75 billion of assets against $2.46 billion of liabilities as of 31 March 2026, leaving $1.29 billion of shareholders’ equity. Cash and equivalents stood at $225.9 million, while operating cash flow for the quarter was $49.4 million. Diluted EPS clocked in at $0.01 on 174.9 million weighted average diluted shares outstanding. Capitalised development spend was $24.6 million, and the company spent $2.8 million on property, plant and equipment in the same period.

For a business that sells trust, First Advantage’s own disclosures are sparing: the 10-Q confirms the January 2026 divestiture, notes the absence of single-customer concentration, and lists R&D and capex, but it does not disclose segment margins, customer counts, churn, or pricing power. The SEC submissions JSON feed confirms the filing dates and document IDs without adding new financial detail.

If you want to size the stock, the operating cash flow of $49.4 million and the cash pile of $225.9 million suggest a business that can self-fund routine operations and modest bolt-ons without tapping the capital markets. What it cannot do is show how quickly the adverse-media and social-media screening markets are growing, how pricing is evolving, or whether the January divestiture presages more portfolio pruning. The evidence rails give us revenue, profit, cash, capex, R&D, and balance-sheet ratios; everything else is inference.

The company’s own product pages and the SEC filings live on different planes: one promises “deeper insights” and “confident hiring,” the other reports a net profit that fits on a sticky note. Until the filings disclose segment-level metrics or guidance, the best we can say is that First Advantage is a cash-generative background-check utility trading on trust it hasn’t yet measured in its public disclosures.