stockrow
Friday 6 November 2026
Export EXLS’s income statement to Excel — free account
ExlService Holdings, Inc.
EXLS Technology Information Technology Services
ExlService Holdings, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $2.1 billion, up 13.6% from fiscal 2024.
- Revenue
- +19.7%
- EPS
- +25.9%
- Free cash flow
- −3.65%
- Total debt
- +22.8%
Quarter to September 2026, against a year earlier
43.19
0.42
−0.96%
Follow EXLS
Alert me
Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Sep ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | 686 | 762 | 883 | 991 | 958 | 1,122 | 1,412 | 1,631 | 1,838 | 2,088 | 2,342 | +13.2% | 2,438 | 2,753 | 3,056 | +13.5% | |
| Gross margin, % | 34.73 | 35.05 | 33.77 | 33.88 | 34.90 | 38.44 | 36.50 | 37.27 | 37.59 | 38.37 | 38.38 | +3.6 pt | ||||||
| EBT | 84 | 85 | 60 | 83 | 115 | 147 | 190 | 238 | 261 | 315 | 337 | +15.8% | ||||||
| EBT margin, % | 12.23 | 11.15 | 6.84 | 8.38 | 12.03 | 13.06 | 13.46 | 14.59 | 14.22 | 15.09 | 14.41 | +2.9 pt | ||||||
| Net income | 62 | 49 | 57 | 68 | 89 | 115 | 143 | 185 | 198 | 251 | 261 | +16.9% | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 4.09 | 4.50 | 5.13 | 5.77 | 5.59 | 6.69 | 8.47 | 9.80 | 11.30 | 12.96 | 15.43 | +13.7% | |||||
| Earnings | 0.37 | 0.29 | 0.33 | 0.39 | 0.52 | 0.68 | 0.86 | 1.11 | 1.22 | 1.56 | 1.68 | +17.4% | ||||||
| Cash flow | 0.61 | 0.67 | 0.54 | 0.98 | 1.18 | 1.10 | 1.00 | 1.27 | 1.65 | 2.18 | 2.15 | +15.2% | ||||||
| Capex | (0.15) | (0.21) | (0.23) | (0.23) | (0.24) | (0.21) | (0.27) | (0.31) | (0.28) | (0.32) | (0.36) | +8.6% | ||||||
| Free cash flow | 0.46 | 0.46 | 0.30 | 0.75 | 0.94 | 0.88 | 0.73 | 0.96 | 1.37 | 1.85 | 1.79 | +16.9% | ||||||
| Book value | 3.17 | 3.54 | 3.59 | 3.90 | 4.20 | 4.13 | 4.55 | 5.35 | 5.71 | 5.67 | 6.11 | +6.7% | ||||||
| Shares, m | 168 | 169 | 172 | 172 | 171 | 168 | 167 | 166 | 163 | 161 | 155 | (0.5%) | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 27.31 | 41.55 | 32.07 | 35.43 | 32.62 | 42.32 | 40.20 | 27.75 | 36.38 | 27.21 | 25.66 | 34.3 | |||||
| P/S | 2.46 | 2.68 | 2.05 | 2.41 | 3.04 | 4.33 | 4.07 | 3.12 | 3.93 | 3.27 | 2.80 | 3.1 | ||||||
| P/B | 3.17 | 3.40 | 2.93 | 3.56 | 4.06 | 7.01 | 7.58 | 5.72 | 7.77 | 7.49 | 7.06 | 5.3 | ||||||
| EV/Sales | 2.19 | 2.41 | 2.05 | 2.31 | 2.86 | 4.33 | 4.03 | 3.06 | 3.89 | 3.25 | 2.87 | 3.0 | ||||||
| EV/FCF | 19.62 | 23.52 | 34.83 | 17.88 | 16.94 | 32.77 | 46.85 | 31.37 | 32.18 | 22.76 | 24.75 | 27.9 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | 102 | 113 | 92 | 168 | 203 | 184 | 166 | 211 | 269 | 351 | 326 | +14.7% | |||||
| Capex | (26) | (35) | (40) | (40) | (41) | (36) | (45) | (52) | (46) | (52) | (55) | +8.1% | ||||||
| Free cash flow | 77 | 78 | 52 | 128 | 162 | 148 | 122 | 159 | 222 | 298 | 271 | +16.3% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | 255 | 309 | 345 | 312 | 388 | 82 | 335 | 353 | 505 | 506 | 515 | +7.9% | |||||
| Net debt | (185) | (208) | (1) | (92) | (181) | 8 | (53) | (95) | (62) | (42) | 164 | (15.2%) | ||||||
| Shareholders’ equity | 532 | 600 | 618 | 670 | 719 | 693 | 758 | 889 | 930 | 913 | 928 | +6.2% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | 9.10 | 6.38 | 6.01 | 6.03 | 7.36 | 9.07 | 10.88 | 13.24 | 12.96 | 15.12 | 13.69 | +6.0 pt | |||||
| ROIC | 11.62 | 11.59 | 5.04 | 8.26 | 12.77 | 13.89 | 17.02 | 18.78 | 18.99 | 22.53 | 19.79 | +10.9 pt | ||||||
| ROE | 12.37 | 8.64 | 9.31 | 10.50 | 12.88 | 16.25 | 19.70 | 22.40 | 21.80 | 27.25 | 27.72 | +14.9 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 26,000 | 27,800 | 20,200 | 31,700 | 31,900 | 37,400 | 45,400 | 54,000 | 59,500 | 65,000 | — | +10.7% | |||||
| Revenue/emp, $m | 0.03 | 0.03 | 0.04 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | — | +2.2% | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026
Business profile
Where the money comes from and where it goes Fiscal 2025
| Insurance | 830 | 39.75% |
|---|---|---|
| Banking, Capital Markets and Diversified Industries | 724 | 34.69% |
| Healthcare and Life Sciences | 534 | 25.56% |
| Gross margin | 38.37% | |
| Operating margin | 15.03% | |
| Pre-tax margin | 15.09% |
ExlService Holdings, Inc. vs peers in Information Technology Services (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| EPAM EPAM Systems, Inc. | $8.6B | 19.8× | 16.8× | +2.30% (above 0%: growing) | +31.97% (above 0%: growing) | −4.27% (below 0%: shrinking) | 31.26% | 12.33% | Compare |
| G Genpact Limited | $6.9B | 12.3× | 11.2× | +7.29% (above 0%: growing) | +7.14% (above 0%: growing) | −70.83% (below 0%: shrinking) | 38.02% | 15.23% | Compare |
| EXLS ExlService Holdings, Inc. | $6.6B | 25.7× | 23.9× | +19.71% (above 0%: growing) | +25.86% (above 0%: growing) | −3.65% (below 0%: shrinking) | 38.04% | 14.02% | |
| SAIC Science Applications International Corporation | $6.2B | 16.9× | 18.0× | +6.27% (above 0%: growing) | −11.40% (below 0%: shrinking) | +13.91% (above 0%: growing) | 12.71% | 8.09% | Compare |
| INGM Ingram Micro Holding Corporation | $5.6B | 12.8× | 12.9× | +20.76% (above 0%: growing) | +35.71% (above 0%: growing) | +220.66% (above 0%: growing) | 6.55% | 1.93% | Compare |
| PSN Parsons Corporation | $5.3B | 32.3× | 30.6× | +1.78% (above 0%: growing) | +6.03% (above 0%: growing) | +67.52% (above 0%: growing) | 23.15% | 6.29% | Compare |
| MAAS Maase Inc. - Sponsored ADR | $4.6B | — (loss-making) | — (loss-making) | −60.12% (below 0%: shrinking) | +62.50% (above 0%: growing) | +82.86% (above 0%: growing) | 0.00% | 0.00% | Compare |
| APLD Applied Digital Corporation | $4.3B | — (loss-making) | — (loss-making) | +322.41% (above 0%: growing) | n/m | −506.67% (below 0%: shrinking) | 15.30% | (18.25%) | Compare |
| GDS GDS Holdings | $4.3B | 8.2× | 7.4× | +12.41% (above 0%: growing) | n/m | +142.21% (above 0%: growing) | 21.51% | 14.22% | Compare |
| Median of peers | $5.5B | 14.8× | 14.9× | +6.78% | +19.56% | +40.72% | 18.41% | 7.19% |
From the latest earnings call
- CEO Rohit Kapoor said data and AI-led revenue grew in the third quarter as EXL embedded AI into operations work, moving some engagements into that category.
- CFO Maurizio Nicolelli said EXL plans to keep investing in employees, infrastructure and technology as its expense mix changes, while expecting margins to remain stable.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
102.19%
Held by the ten largest
50.65%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| BlackRock | 18.89m | 12.46% | −233.47k |
| Vanguard | 14.36m | 9.47% | −150.16k |
| Fidelity (FMR) | 13.89m | 9.16% | +479.56k |
| AQR Capital Management | 6.79m | 4.48% | −3.04m |
| State Street | 4.87m | 3.21% | +78.76k |
| Geode Capital Management | 4.07m | 2.69% | −145.99k |
| Two Sigma | 4.02m | 2.65% | +311.92k |
| GENEVA CAPITAL MANAGEMENT LLC | 3.44m | 2.27% | −819.60k |
| D. E. Shaw | 3.26m | 2.15% | −187.29k |
| Citadel Advisors | 3.20m | 2.11% | +1.86m |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 27 April 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 16.20m | 14.00m | 249.00 |
| 2024 | 14.17m | 28.70m | 261.00 |
| 2023 | 12.35m | 8.68m | 181.00 |
| 2022 | 11.01m | 16.07m | 199.00 |
| 2021 | 10.03m | 19.12m | 170.00 |
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Read the proxy statement
ExlService Holdings, Inc. (EXLS) Latest News
2 Nov
29 Oct
28 Oct
27 Oct
26 Oct
20 Oct
15 Oct
20 Aug
EXLS metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Altman Z-score
- Beneish M-score
ExlService Holdings, known as EXL, helps companies use data and artificial intelligence in their day-to-day work. It also runs business processes for clients, using software and industry specialists to handle tasks such as insurance claims, healthcare administration and banking operations. Founded in 1999, EXL is headquartered in New York. Rohit Kapoor is its chairman and chief executive officer.
EXL sells to insurers, healthcare and life sciences organizations, banks and capital markets firms, as well as businesses in retail, communications, energy and other industries. Its services range from bringing scattered client data together and modernizing software to building AI tools and putting them into everyday workflows. For example, its insurance-specific language model supports tasks including claims reconciliation, data extraction and underwriting.