First Advantage Corporation

$21.02

+4.73%

N/A+$0.95

Industrials

Specialty Business Services

NASDAQ

Active Trading

First Advantage Corporation (FA) is a global technology firm that delivers solutions centered on human capital, specializing in verification, screening, safety protocols, ...

Supply Chain of FA

Upstream

Foundry, packaging, memory, wafers, components, and input vendors.

Upstream

Equifax Inc. (The Work Number)

Experian plc

Plaid Inc.

Amazon Web Services (Amazon.com Inc.)

Equifax Inc. (The Work Number)

NYSE:EFX

Employment & income verification data source; credit data reseller

TransUnion

NYSE:TRU

Consumer credit report data provider for employment screening

Experian plc

LON:EXPN

Consumer credit report data provider for employment screening

Plaid Inc.

API-based near-instant employment verification (partnered since 2022)

Amazon Web Services (Amazon.com Inc.)

Cloud infrastructure provider (Amazon Connect migration for contact center)

Downstream

Customers, distributors, OEMs, and channels that absorb output.

Downstream

L3Harris Technologies Inc.

Walmart Inc.

NYSE:WMT

Enterprise background screening customer (via Legacy Sterling); one of the largest retail employers globally

Amazon.com Inc.

NASDAQ:AMZN

Enterprise background screening customer (via Sterling and First Advantage direct)

Apple Inc.

NASDAQ:AAPL

Enterprise background screening customer (via Sterling)

General Motors Company

NYSE:GM

Enterprise background screening customer (via Sterling)

Citigroup Inc.

NYSE:C

Enterprise background screening customer

Proxies

Public comparables and monitoring names used as representatives for the analysis.

Proxies

Automatic Data Processing Inc. (ADP)

ASGN Incorporated

Automatic Data Processing Inc. (ADP)

NASDAQ:ADP

Broader HCM/payroll/B2B services giant that also offers background screening as part of its talent management suite; proxy for the HR technology ecosystem

Equifax Inc.

NYSE:EFX

Major upstream data provider (The Work Number / employment verification) and credit bureau; shares exposure to employment and income verification trends

RELX PLC

NYSE:RELX

Parent of LexisNexis Risk Solutions — the data/analytics giant whose screening business was historically part of FA's DNA; proxy for data-driven risk analytics

ManpowerGroup Inc.

NYSE:MAN

Global workforce solutions / staffing firm; downstream employer demand exposure as a proxy for hiring volumes that drive FA's screening volumes

ASGN Incorporated

NYSE:ASGN

IT and professional staffing; proxy for U.S. hiring demand and employer background screening volume trends

Geographic

Region-level exposures that can distort the supply network.

Geographic

United States

Europe (EMEA)

India & Asia Pacific

Walmart Inc.

Amazon.com Inc.

Apple Inc.

General Motors Company

Various EMEA enterprise clients

Various APAC enterprise clients

United States

Primary revenue concentration (~94% of revenue from Americas operations)

Walmart Inc.NYSE:WMTMajor enterprise customer

Amazon.com Inc.NASDAQ:AMZNMajor enterprise customer

Apple Inc.NASDAQ:AAPLMajor enterprise customer

Europe (EMEA)

International segment (~6% of revenue); GDPR and local data privacy regulatory exposure

Various EMEA enterprise clientsInternational screening services

India & Asia Pacific

International segment; operational hubs in India; data localization and privacy law exposure

Various APAC enterprise clientsInternational screening services

Concentration

Customer, supplier, or partner concentration exposures that can distort the supply network.

Customer

Medium

While FA serves ~80,000 customers, a substantial portion of revenue may be concentrated among large enterprise clients such as Walmart, Amazon, and Apple. No single customer >10% is disclosed, but enterprise concentration risk exists post-Sterling acquisition.

Data Provider

High

Dependence on three major credit bureaus (Equifax, Experian, TransUnion) and The Work Number (Equifax) for core employment verification and credit screening data. Disruption or pricing changes at any one could materially impact operations.

Other

Medium

Integration risk from the $2.2B Sterling Check acquisition (completed Oct 2024). Platform unification, cultural integration, and customer retention require ongoing execution.

Revenue mix

How the target's revenue mix translates into supply-chain leverage and dependency.

Sterling (Legacy Sterling Check business, integrated post-acquisition)

49.2%

$0.8B

Sterling brings large enterprise clients (Fortune 50 retailers, automakers, healthcare systems) and expanded global footprint. Integration drives upstream data provider volume and downstream cross-sell synergies.

First Advantage Americas

44.5%

$0.7B

Core North American screening and verification business. Largest driver of demand for data supplier agreements (credit bureaus, employment databases, criminal records) and technology infrastructure (cloud, ATS integrations).

First Advantage International

6.3%

$0.1B

Global operations (EMEA, India, Asia Pacific) require local data provider partnerships, compliance with GDPR and local privacy laws, and regional cloud infrastructure.

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First Advantage Corporation

Supply Chain of FA

Upstream

Equifax Inc. (The Work Number)

TransUnion

Experian plc

Plaid Inc.

Amazon Web Services (Amazon.com Inc.)

Downstream

Walmart Inc.

Amazon.com Inc.

Apple Inc.

General Motors Company

Citigroup Inc.

Gilead Sciences Inc.

The Kroger Co.

L3Harris Technologies Inc.

View More

Proxies

Automatic Data Processing Inc. (ADP)

Equifax Inc.

RELX PLC

ManpowerGroup Inc.

ASGN Incorporated

Geographic

United States

Europe (EMEA)

India & Asia Pacific

Supply Chain of FA

Upstream

Equifax Inc. (The Work Number)

TransUnion

Experian plc

Plaid Inc.

Amazon Web Services (Amazon.com Inc.)

Downstream

Walmart Inc.

Amazon.com Inc.

Apple Inc.

General Motors Company

Citigroup Inc.

Gilead Sciences Inc.

The Kroger Co.

L3Harris Technologies Inc.

View More

Proxies

Automatic Data Processing Inc. (ADP)

Equifax Inc.

RELX PLC

ManpowerGroup Inc.

ASGN Incorporated

Geographic

United States

Europe (EMEA)

India & Asia Pacific