A Business at a Glance
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ExlService Holdings, Inc.
EXLS
$4.5B
Mkt Cap
$27.67
+2.94%
ExlService Holdings, Inc. (EXLS) has a current P/E ratio of 18.0, compared to its historical median P/E of 34.6. The stock is currently considered Cheap based on its historical valuation range.
ExlService Holdings, Inc. (EXLS) has a 5-year average return on invested capital (ROIC) of 20.0%. This indicates strong capital allocation and a potential competitive advantage.
ExlService Holdings, Inc. (EXLS) has a market capitalization of $4.2B. It is classified as a mid-cap stock.
ExlService Holdings, Inc. (EXLS) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 11.26%.
Based on historical P/E analysis, ExlService Holdings, Inc. (EXLS) appears cheap. The current P/E of 18.0 is 48% below its historical median of 34.6. The estimated fair value CAGR (P/E method) is 24.3%.
ExlService Holdings, Inc. (EXLS) operates in the Services-Business Services, Nec industry, within the Industrials sector.
ExlService Holdings is a global data and artificial intelligence company that delivers business transformation services to leading corporations across insurance, healthcare and life sciences, banking and capital markets, retail, communications and media, and energy and infrastructure sectors. The company operates through four Industry Market Units (Insurance; Healthcare and Life Sciences; Banking, Capital Markets and Diversified Industries; and International Growth Markets) that manage customer relationships and deliver integrated solutions, supported by Strategic Growth Units focused on advancing operational, analytics, data management, digital engineering, and AI capabilities. EXL's service offerings comprise data and AI-led solutions—which embed data and AI into client workflows through data modernization, cloud-ready architecture, digital engineering, and domain-specific analytics—and digital operations solutions that optimize critical business processes. The company employs a global delivery model with over 65,000 employees across six continents, including operations centers in India, the United States, the Philippines, South Africa, Colombia, Bulgaria, Romania, the United Kingdom, the Czech Republic, Mexico, and Ireland, enabling it to serve clients with deep industry expertise and proven ability to embed AI into workflows. Revenue is distributed across North America, the United Kingdom and Europe, and Rest of World geographies, with the company generating value through a combination of managed services, consulting, and technology-enabled solutions that help clients modernize operations, improve customer experience, enhance efficiency, and achieve competitive advantages.
【Data and AI momentum accelerating】 Management expects the deliberate shift toward higher-value data and AI-led services to continue, with strong pipeline visibility and client demand supporting increased investment in AI capabilities and solutions throughout 2026. The company is seeing robust performance across all four operating segments and notes that data and AI-led services are resonating strongly in the marketplace, with renewal rates exceeding 90% among existing clients as they embed more AI and receive greater value. Management remains cautious about macroeconomic conditions and geopolitical uncertainties but has raised full-year guidance based on current growth momentum, strong client wins in the fourth quarter of 2025 that exceeded the pace of the prior year, and expectations for a stronger start to 2026 than 2025. The company anticipates adjusted operating margins to remain relatively flat year-over-year in the mid-19% range, with investments in data and AI capabilities offsetting operational leverage, while revenue per employee is expected to expand as the business transitions toward higher-value AI-led work.
| Metric | Target | Period |
|---|---|---|
| Revenue | $2.3 billion–$2.33 billion | FY2026 |
| Adjusted diluted EPS | $2.18–$2.23 | FY2026 |
| Capital expenditures | $50 million–$55 million | FY2026 |
Revenue (FY2026): “For full year 2026, we are increasing our revenue guidance to a range of $2.3 billion-$2.33 billion, representing 10%-12% constant currency organic growth.”
Adjusted diluted EPS (FY2026): “We are also increasing our adjusted diluted EPS to $2.18-$2.23, representing 12%-14% year-over-year growth.”
Capital expenditures (FY2026): “We expect capital expenditures to be in the range of $50 million-$55 million.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 2.2B | 2.1B | 1.8B | 1.6B | 1.4B | 1.1B |
| Net Income | 252M | 251M | 198M | 185M | 143M | 115M |
| EPS | $1.60 | $1.54 | $1.21 | $1.10 | $0.17 | $0.69 |
| Free Cash Flow | 297M | 298M | 222M | 158M | 121M | 147M |
| ROIC | 18.6% | 20.5% | 18.4% | 21.6% | 20.4% | 19.2% |
| Gross Margin | 38.5% | 38.4% | 37.6% | 37.3% | 36.5% | 38.4% |
| Debt/Equity | 1.07 | 0.76 | 0.70 | 0.46 | 0.41 | 0.50 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 327M | 314M | 264M | 239M | 192M | 156M |
| Operating Margin | 15.2% | 15.0% | 14.3% | 14.6% | 13.6% | 13.9% |
| ROE | 32.3% | 27.2% | 21.8% | 22.4% | 19.7% | 16.3% |
| Shares Outstanding | 153M | 163M | 164M | 168M | 841M | 166M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 499M | 628M | 686M | 762M | 883M | 991M | 958M | 1.1B | 1.4B | 1.6B | 1.8B | 2.1B | 2.2B |
| Gross Margin | 33.4% | 35.9% | 34.7% | 35.0% | 33.8% | 33.9% | 34.9% | 38.4% | 36.5% | 37.3% | 37.6% | 38.4% | 38.5% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 65M | 77M | 89M | 103M | 116M | 127M | 114M | 142M | 169M | 198M | 226M | 255M | 265M |
| EBIT | 34M | 67M | 64M | 73M | 50M | 76M | 110M | 156M | 192M | 239M | 264M | 314M | 327M |
| Op. Margin | 6.8% | 10.7% | 9.4% | 9.5% | 5.6% | 7.7% | 11.5% | 13.9% | 13.6% | 14.6% | 14.3% | 15.0% | 15.2% |
| Net Income | 32M | 52M | 62M | 49M | 57M | 68M | 89M | 115M | 143M | 185M | 198M | 251M | 252M |
| Net Margin | 6.5% | 8.2% | 9.0% | 6.4% | 6.4% | 6.8% | 9.3% | 10.2% | 10.1% | 11.3% | 10.8% | 12.0% | 11.7% |
| Non-Recurring | -149K | 0 | 0 | 0 | 34M | 8.7M | 0 | 0 | 0 | 0 | 4.8M | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 11.4% | 15.3% | 14.0% | 11.5% | 9.2% | 9.6% | 13.9% | 19.2% | 20.4% | 21.6% | 18.4% | 20.5% | 18.6% |
| ROE | 8.3% | 11.7% | 12.4% | 8.6% | 9.3% | 10.5% | 12.9% | 16.3% | 19.7% | 22.4% | 21.8% | 27.2% | 32.3% |
| ROA | 6.3% | 8.4% | 9.1% | 6.4% | 6.0% | 6.0% | 7.4% | 9.1% | 10.9% | 13.2% | 13.0% | 15.1% | 15.0% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 67M | 97M | 102M | 113M | 92M | 168M | 203M | 184M | 166M | 211M | 269M | 351M | 349M |
| Free Cash Flow | 39M | 71M | 77M | 78M | 52M | 128M | 161M | 147M | 121M | 158M | 222M | 298M | 297M |
| Owner Earnings | 28M | 49M | 48M | 51M | 20M | 90M | 124M | 96M | 61M | 102M | 141M | 212M | 207M |
| CapEx | 28M | 26M | 26M | 35M | 41M | 41M | 42M | 37M | 45M | 53M | 46M | 53M | 53M |
| Maint. CapEx | 28M | 31M | 35M | 39M | 49M | 52M | 51M | 50M | 56M | 50M | 55M | 59M | 60M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.5M | 0 | 0 | 0 |
| D&A | 28M | 31M | 35M | 39M | 49M | 52M | 51M | 50M | 56M | 50M | 55M | 59M | 60M |
| CapEx/OCF | 41.5% | 26.5% | 25.8% | 31.1% | 43.7% | 24.1% | 20.8% | 20.2% | 27.0% | 25.0% | 17.2% | 15.0% | 15.1% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 3.3M | 14M | 18M | 43M | 43M | 41M | 80M | 118M | 73M | 132M | 208M | 328M | 476M |
| Buyback Yield | 0.3% | 0.9% | 1.1% | 2.0% | 2.4% | 1.7% | 2.7% | 2.4% | 1.3% | 2.5% | 2.8% | 4.7% | 11.3% |
| Stock-Based Comp | 11M | 16M | 20M | 23M | 24M | 26M | 28M | 39M | 49M | 58M | 73M | 79M | 82M |
| Debt Repayment | 0 | 10M | 25M | 45M | 155M | 98M | 121M | 329M | 45M | 130M | 201M | 225M | 225M |
| Balance Sheet | |||||||||||||
| Net Debt | -138M | -149M | -172M | -205M | 4.3M | 12M | -72M | 32M | 15M | 115M | 308M | 369M | 576M |
| Cash & Equiv. | 176M | 205M | 213M | 87M | 96M | 119M | 219M | 135M | 119M | 137M | 153M | 146M | 254M |
| Long-Term Debt | 50M | 60M | 35M | 50M | 263M | 194M | 202M | 0 | 220M | 135M | 284M | 294M | 412M |
| Debt/Equity | 0.12 | 0.15 | 0.10 | 0.10 | 0.46 | 0.50 | 0.46 | 0.50 | 0.41 | 0.46 | 0.70 | 0.76 | 1.07 |
| Interest Coverage | 92.2 | 50.3 | 48.0 | 38.5 | 6.9 | 5.6 | 9.8 | 20.6 | 23.3 | 18.1 | 13.7 | 17.8 | 1035.3 |
| Equity | 419M | 466M | 532M | 600M | 618M | 670M | 719M | 693M | 758M | 889M | 930M | 913M | 779M |
| Total Assets | 574M | 651M | 707M | 825M | 1.1B | 1.2B | 1.2B | 1.3B | 1.3B | 1.4B | 1.6B | 1.7B | 1.7B |
| Total Liabilities | 154M | 185M | 174M | 225M | 444M | 513M | 529M | 590M | 588M | 553M | 689M | 790M | 898M |
| Intangibles | 47M | 53M | 54M | 49M | 95M | 74M | 60M | 81M | 65M | 50M | 49M | 36M | 33M |
| Retained Earnings | 269M | 321M | 383M | 427M | 484M | 552M | 641M | 756M | 899M | 1.1B | 1.3B | 1.5B | 1.6B |
| Working Capital | 207M | 232M | 255M | 309M | 345M | 312M | 388M | 82M | 335M | 353M | 505M | 506M | 498M |
| Current Assets | 298M | 339M | 379M | 453M | 500M | 541M | 609M | 578M | 613M | 680M | 795M | 830M | 797M |
| Current Liabilities | 91M | 107M | 124M | 144M | 155M | 229M | 221M | 496M | 278M | 326M | 290M | 324M | 300M |
| Per Share Data | |||||||||||||
| EPS | 0.19 | 0.30 | 0.36 | 0.28 | 0.32 | 0.39 | 0.52 | 0.69 | 0.17 | 1.10 | 1.21 | 1.54 | 1.60 |
| Owner EPS | 0.16 | 0.29 | 0.28 | 0.29 | 0.11 | 0.52 | 0.72 | 0.58 | 0.07 | 0.61 | 0.86 | 1.30 | 1.35 |
| Book Value | 2.48 | 2.73 | 3.09 | 3.41 | 3.53 | 3.86 | 4.16 | 4.16 | 0.90 | 5.30 | 5.67 | 5.60 | 5.09 |
| Cash Flow/Share | 0.39 | 0.57 | 0.59 | 0.64 | 0.53 | 0.97 | 1.18 | 1.11 | 0.20 | 1.26 | 1.64 | 2.15 | 2.03 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 169.0M | 170.7M | 172.4M | 175.9M | 175.1M | 173.5M | 172.7M | 166.5M | 841.0M | 167.8M | 163.9M | 163.0M | 153.0M |
| Valuation | |||||||||||||
| P/E Ratio | 29.9 | 29.9 | 28.1 | 43.9 | 32.2 | 35.8 | 33.4 | 43.0 | 39.8 | 28.1 | 36.8 | 28.1 | 17.3 |
| P/FCF | 24.9 | 21.7 | 22.6 | 27.5 | 35.3 | 18.9 | 18.6 | 32.6 | 234.5 | 32.8 | 32.8 | 23.7 | 14.3 |
| EV/EBIT | 24.4 | 20.7 | 24.3 | 26.8 | 37.1 | 32.4 | 26.7 | 35.2 | 29.8 | 21.9 | 27.8 | 22.8 | 14.7 |
| Price/Book | 2.3 | 3.3 | 3.3 | 3.6 | 3.0 | 3.6 | 4.2 | 7.1 | 7.5 | 5.8 | 7.8 | 7.7 | 5.4 |
| Price/Sales | 1.9 | 2.0 | 2.5 | 2.5 | 2.3 | 2.2 | 2.4 | 3.3 | 3.6 | 3.1 | 3.1 | 3.5 | 2.0 |
| FCF Yield | 4.0% | 4.6% | 4.4% | 3.6% | 2.8% | 5.3% | 5.4% | 3.0% | 2.1% | 3.1% | 3.0% | 4.2% | 7.0% |
| Market Cap | 969M | 1.5B | 1.7B | 2.1B | 1.8B | 2.4B | 3.0B | 4.9B | 5.7B | 5.2B | 7.3B | 7.1B | 4.2B |
| Avg. Price | 5.58 | 7.38 | 9.76 | 10.71 | 11.84 | 12.74 | 13.49 | 21.55 | 30.25 | 30.59 | 34.80 | 44.45 | 27.67 |
| Year-End Price | 5.74 | 9.04 | 10.04 | 12.19 | 10.42 | 13.95 | 17.29 | 28.84 | 33.82 | 30.94 | 44.53 | 43.30 | 27.67 |
ExlService Holdings, Inc. passes 8 of 9 quality checks, indicating strong fundamentals.
ExlService Holdings, Inc. trades at 18.0x trailing earnings, compared to its 15-year median P/E of 34.6x, suggesting it is currently Cheap relative to its historical range. On a free-cash-flow basis, the stock trades at 15.1x vs a median of 27.5x. The company's 5-year average ROIC is 20.0% with a gross margin of 37.6%. Total shareholder yield (buybacks) is 11.3%. At current prices, the estimated annualized return to fair value is +15.0%.
ExlService Holdings, Inc. (EXLS) reported annual revenue of $2.1 billion in its most recent fiscal year, based on SEC EDGAR filings.
ExlService Holdings, Inc. (EXLS) has a net profit margin of 12.0%. This is a healthy margin.
ExlService Holdings, Inc. (EXLS) generated $298 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
ExlService Holdings, Inc. (EXLS) has a debt-to-equity ratio of 0.76. This indicates moderate leverage.
ExlService Holdings, Inc. (EXLS) reported earnings per share (EPS) of $1.54 in its most recent fiscal year.
ExlService Holdings, Inc. (EXLS) has a return on equity (ROE) of 27.2%. This indicates the company generates strong returns for shareholders.
ExlService Holdings, Inc. (EXLS) has a 5-year average gross margin of 37.6%. This indicates decent pricing power.
The Ledger Terminal provides 16 years of financial data for ExlService Holdings, Inc. (EXLS), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
ExlService Holdings, Inc. (EXLS) has a book value per share of $5.60, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects the deliberate shift toward higher-value data and AI-led services to continue, with strong pipeline visibility and client demand supporting increased investment in AI capabilities and solutions throughout 2026. The company is seeing robust performance across all four operating segments and notes that data and AI-led services are resonating strongly in the marketplace, with renewal rates exceeding 90% among existing clients as they embed more AI and receive greater value. Management remains cautious about macroeconomic conditions and geopolitical uncertainties but has raised full-year guidance based on current growth momentum, strong client wins in the fourth quarter of 2025 that exceeded the pace of the prior year, and expectations for a stronger start to 2026 than 2025. The company anticipates adjusted operating margins to remain relatively flat year-over-year in the mid-19% range, with investments in data and AI capabilities offsetting operational leverage, while revenue per employee is expected to expand as the business transitions toward higher-value AI-led work.
Based on recent SEC filings and earnings calls, ExlService Holdings, Inc. (EXLS) has provided the following forward guidance: Revenue: $2.3 billion–$2.33 billion (FY2026); Adjusted diluted EPS: $2.18–$2.23 (FY2026); Capital expenditures: $50 million–$55 million (FY2026).
No recent press releases.