First Advantage - Public Comps and Valuation Multiples

First Advantage Overview

About First Advantage

First Advantage Corp is a provider of global software and data in the Human Resources technology industry. The company leverages proprietary technology and AI across its platforms, data, and APIs to deliver comprehensive background screening, digital identity, and verification solutions driven by innovation, automation, and customer success. Its reportable segments are First Advantage Americas, First Advantage International, and Sterling. Maximum revenue is generated from the First Advantage Americas segment. The group serves customers in over 200 countries and territories, modernising hiring and onboarding on a global scale.

Founded

2003

HQ

Employees

10K+

Website

fadv.com

Sectors

Recruitment & Staffing
Service Providers

Financials

LTM Revenue $1.3B

LTM EBITDA $376M

EV

$4.7B

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First Advantage Financials

As of August 2025, First Advantage reported last 12-month revenue of $1.3B and EBITDA of $376M.

In the same period, First Advantage generated $635M in LTM gross profit and $158M in net income.

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First Advantage P&L

In the most recent fiscal year, First Advantage reported revenue of $860M and EBITDA of $83.2M.

First Advantage expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$1.3B	XXX	$860M	XXX	XXX	XXX
Gross Profit	$635M	XXX	$411M	XXX	XXX	XXX
Gross Margin	47%	XXX	48%	XXX	XXX	XXX
EBITDA	$376M	XXX	$83.2M	XXX	XXX	XXX
EBITDA Margin	28%	XXX	10%	XXX	XXX	XXX
EBIT	$78.4M	XXX	-$62.4M	XXX	XXX	XXX
EBIT Margin	6%	XXX	-7%	XXX	XXX	XXX
Net Profit	$158M	XXX	-$110M	XXX	XXX	XXX
Net Margin	12%	XXX	-13%	XXX	XXX	XXX
Net Debt	XXX	XXX	$2.0B	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for First Advantage including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $1.3B. EBITDA for the last twelve months was $376M. In the most recent fiscal year, First Advantage achieved $860M in revenue and $83.2M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$1.3B	Analyst estimates available to subscribers	$860M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$635M	Analyst estimates available to subscribers	$411M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	47.4% gross margin	Analyst estimates available to subscribers	47.8% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$376M	Analyst estimates available to subscribers	$83.2M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	28.1% EBITDA margin	Analyst estimates available to subscribers	9.7% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$78.4M	Analyst estimates available to subscribers	-$62.4M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	5.9% EBIT margin	Analyst estimates available to subscribers	-7.3% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$158M	Analyst estimates available to subscribers	-$110M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	11.8% net profit margin	Analyst estimates available to subscribers	-12.8% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$2.0B	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for First Advantage

This financial data table provides comprehensive performance metrics for First Advantage, a company based in United States of America. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

First Advantage generated $1.3B in revenue over the last twelve months.
The company achieved $376M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $635M.
Net income over the last twelve months reached $158M.

Fiscal Year Performance

In the most recent fiscal year, First Advantage reported $860M in total revenue.
Fiscal year EBITDA was $83.2M.
The company maintained a gross profit margin of 47.8% in the most recent fiscal year.
EBITDA margin for the fiscal year was 9.7%.
Net profit margin reached -12.8% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for First Advantage. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

First Advantage Stock Performance

First Advantage has current market cap of $2.7B, and EV of $4.7B.

Market Cap Evolution

First Advantage Stock Data

As of September 12, 2025, First Advantage's stock price is $16.

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$4.7B	$2.7B	XXX	XXX	XXX	XXX	$0.93

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First Advantage Valuation Multiples

First Advantage's trades at 5.5x EV/Revenue multiple, and 56.5x EV/EBITDA.

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First Advantage Financial Valuation Multiples

As of September 12, 2025, First Advantage has market cap of $2.7B and EV of $4.7B.

Equity research analysts estimate First Advantage's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

First Advantage has a P/E ratio of 17.4x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$2.7B	XXX	$2.7B	XXX	XXX	XXX
EV (current)	$4.7B	XXX	$4.7B	XXX	XXX	XXX
EV/Revenue	3.5x	XXX	5.5x	XXX	XXX	XXX
EV/EBITDA	12.5x	XXX	56.5x	XXX	XXX	XXX
EV/EBIT	60.0x	XXX	-75.3x	XXX	XXX	XXX
EV/Gross Profit	7.4x	XXX	n/a	XXX	XXX	XXX
P/E	17.4x	XXX	-24.9x	XXX	XXX	XXX
EV/FCF	63.7x	XXX	-1154.7x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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First Advantage Margins & Growth Rates

First Advantage's last 12 month revenue growth is 20%

First Advantage's revenue per employee in the last FY averaged $0.1M, while opex per employee averaged $47K for the same period.

First Advantage's rule of 40 is 48% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

First Advantage's rule of X is 78% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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First Advantage Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	20%	XXX	38%	XXX	XXX	XXX
EBITDA Margin	28%	XXX	10%	XXX	XXX	XXX
EBITDA Growth	22%	XXX	43%	XXX	XXX	XXX
Rule of 40	48%	XXX	30%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	78%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.1M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$47K	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	7%	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	55%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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