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First Advantage vs Applied Digital: FA and APLD compared
First Advantage is the larger company: $466M of revenue in its latest quarter (Q3 2026) against $342M for Applied Digital (Q1 FY27). Applied Digital is growing faster (+322% against +14% a year earlier). First Advantage is more profitable, with an operating margin of 12.9% against -18.2%.
Where the money goes: FA and APLD
First Advantage (FA) · Q3 2026
First Advantage, Q3 2026: revenue $466M (+14% year over year), operating margin 12.9%, net earnings $20.5M, operating cash flow $63.8M. The chart follows the revenue to costs, profit and cash.
Applied Digital (APLD) · Q1 FY27
Applied Digital, Q1 FY27: revenue $342M (+322% year over year), operating margin -18.2%, net loss $184M, operating cash flow $63.9M. The chart follows the revenue to costs, profit and cash.
| First Advantage (FA) | Applied Digital (APLD) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q1 FY27 |
| Revenue | $466M | $342M |
| Revenue growth, Y/Y | +14% | +322% |
| Operating margin | 12.9% | -18.2% |
| Net earnings | $20.5M | −$184M |
| Net margin | 4.4% | -53.8% |
| Operating cash flow | $63.8M | $63.9M |
| Free cash flow | $60.2M | — |
| Market value | $4.1B | $4.5B |
| P/E | 95.9× | — |
| Analysts’ mean target | $26.00 | $60.94 |
Where the revenue comes from
First Advantage
- First Advantage Americas: $230M (49%)
- Sterling: $210M (45%)
- First Advantage International: $25.7M (6%)
Questions
Which is bigger, First Advantage or Applied Digital?
First Advantage is the larger company: $466M of revenue in its latest quarter (Q3 2026) against $342M for Applied Digital (Q1 FY27).
Is First Advantage or Applied Digital growing faster?
Applied Digital is growing faster (+322% against +14% a year earlier).
Which is more profitable, First Advantage or Applied Digital?
First Advantage is more profitable, with an operating margin of 12.9% against -18.2%.
More: First Advantage earnings · how First Advantage makes money · Applied Digital earnings · how Applied Digital makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 5, 2026; 10-Q filed Oct 7, 2026). Fiscal quarters can end on different dates. Not investment advice.