Saturday 17 October 2026
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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. In the quarter to June 2026, revenue grew 15.6%, EPS grew 2.44%, free cash flow fell 22.7% and total debt rose 46.6%, each against the same quarter a year earlier. Revenue growth for five consecutive years, operating cash flow growth for three.
39.52
0.42
+1.07%
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| Dec '16 | Dec '17 | Dec '18 | Dec '19 | Dec '20 | Dec '21 | Dec '22 | Dec '23 | Dec '24 | Dec '25 | |
|---|---|---|---|---|---|---|---|---|---|---|
P/E ratio |
27.31 | 41.55 | 32.07 | 35.43 | 32.62 | 42.32 | 40.20 | 27.75 | 36.38 | 27.21 |
Piotroski F-Score |
5 | 5 | 4 | 7 | 8 | 8 | 7 | 8 | 7 | 8 |
Altman Z-Score |
8.29 | 7.83 | 4.47 | 4.81 | 5.46 | 7.12 | 8.52 | 8.60 | 9.45 | 8.65 |
P/S ratio |
2.46 | 2.68 | 2.05 | 2.41 | 3.04 | 4.33 | 4.07 | 3.12 | 3.93 | 3.27 |
P/FCF ratio |
22.04 | 26.18 | 34.85 | 18.60 | 18.05 | 32.72 | 47.28 | 31.97 | 32.46 | 22.90 |
Altman Z″-Score (non-manufacturers) |
7.95 | 7.53 | 5.40 | 5.06 | 5.74 | 4.39 | 6.12 | 6.86 | 7.14 | 7.34 |
Beneish M-Score |
(2.49) | (2.69) | (2.57) | (2.84) | (3.03) | (2.63) | (2.18) | (2.37) | (2.75) | (2.66) |
P/Operating CF |
36.39 | 47.79 | 40.09 | 38.19 | 38.07 | 68.76 | 88.36 | 64.36 | 68.55 | 58.22 |
P/B ratio |
3.17 | 3.40 | 2.93 | 3.56 | 4.06 | 7.01 | 7.58 | 5.72 | 7.77 | 7.49 |
Price to Tangible BV |
5.78 | 5.89 | 10.48 | 9.68 | 9.40 | 23.33 | 19.98 | 11.73 | 15.69 | 14.96 |
EV/Sales |
2.19 | 2.41 | 2.05 | 2.31 | 2.86 | 4.33 | 4.03 | 3.06 | 3.89 | 3.25 |
EV/EBITDA |
15.16 | 16.42 | 18.27 | 14.48 | 14.39 | 20.82 | 21.09 | 16.14 | 21.02 | 17.08 |
EV/Operating CF |
14.66 | 16.21 | 19.59 | 13.62 | 13.49 | 26.38 | 34.28 | 23.64 | 26.66 | 19.37 |
EV/FCF |
19.62 | 23.52 | 34.83 | 17.88 | 16.94 | 32.77 | 46.85 | 31.37 | 32.18 | 22.76 |
Quick Ratio |
2.82 | 2.87 | 2.97 | 2.20 | 2.54 | 1.04 | 2.02 | 1.85 | 2.26 | 2.11 |
Current Ratio |
3.05 | 3.14 | 3.22 | 2.36 | 2.76 | 1.17 | 2.20 | 2.08 | 2.74 | 2.56 |
Net Debt/EBITDA |
(1.87) | (1.86) | (0.01) | (0.58) | (0.95) | 0.03 | (0.19) | (0.31) | (0.18) | (0.11) |
Debt/Assets |
6.41% | 7.39% | 26.84% | 19.86% | 18.19% | 25.65% | 18.57% | 13.87% | 17.83% | 17.54% |
Debt/Equity |
0.09 | 0.10 | 0.46 | 0.35 | 0.32 | 0.47 | 0.33 | 0.22 | 0.31 | 0.33 |
Asset Turnover |
1.01 | 1.00 | 0.94 | 0.88 | 0.79 | 0.89 | 1.07 | 1.17 | 1.20 | 1.26 |
Operating CF/Net income |
1.66 | 2.31 | 1.63 | 2.49 | 2.27 | 1.61 | 1.16 | 1.14 | 1.35 | 1.40 |
Capex/Depreciation |
(0.75) | (0.90) | (0.82) | (0.49) | (0.51) | (0.46) | (0.57) | (0.74) | (0.60) | (0.62) |
Interest Coverage |
48.02 | 38.50 | 6.89 | 5.62 | 9.83 | 20.62 | 23.29 | 18.11 | 13.69 | 17.82 |
| 12.37% | 8.64% | 9.31% | 10.50% | 12.88% | 16.25% | 19.70% | 22.40% | 21.80% | 27.25% | |
| 9.10% | 6.38% | 6.01% | 6.03% | 7.36% | 9.07% | 10.88% | 13.24% | 12.96% | 15.12% | |
ROIC |
11.62% | 11.59% | 5.04% | 8.26% | 12.77% | 13.89% | 17.02% | 18.78% | 18.99% | 22.53% |
Return on Tangible Assets |
20.33% | 13.03% | 13.56% | 17.30% | 18.60% | 68.12% | 34.23% | 40.68% | 32.67% | 40.64% |
Average Days of Receivables |
63.48 | 69.19 | 72.08 | 65.01 | 58.39 | 63.17 | 67.01 | 68.97 | 60.42 | 59.99 |
Research and Development Expense of Revenue |
0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Selling, General and Administrative Expense of Revenue |
20.29% | 20.45% | 20.36% | 20.05% | 18.16% | 20.17% | 18.91% | 19.53% | 20.24% | 20.51% |
Intangible Assets out of Total Assets |
0.34 | 0.31 | 0.42 | 0.36 | 0.33 | 0.38 | 0.35 | 0.32 | 0.29 | 0.27 |
Share Based Compensation of Revenue |
2.88% | 3.02% | 2.71% | 2.63% | 2.95% | 3.44% | 3.50% | 3.58% | 3.95% | 3.81% |
Graham Net Nets |
0.12 | 0.11 | 0.03 | 0.01 | 0.03 | 0.00 | 0.00 | 0.03 | 0.01 | 0.01 |
Graham Number |
5.12 | 4.81 | 5.15 | 5.87 | 7.02 | 7.97 | 9.37 | 11.51 | 12.52 | 14.10 |
Earnings Yield |
3.66% | 2.41% | 3.12% | 2.82% | 3.07% | 2.36% | 2.49% | 3.60% | 2.75% | 3.68% |
Free Cash Flow Yield |
4.54% | 3.82% | 2.87% | 5.38% | 5.54% | 3.06% | 2.12% | 3.13% | 3.08% | 4.37% |
Revenue per Share |
4.09 | 4.50 | 5.13 | 5.77 | 5.59 | 6.69 | 8.47 | 9.80 | 11.30 | 12.96 |
Operating CF per Share |
0.61 | 0.67 | 0.54 | 0.98 | 1.18 | 1.10 | 1.00 | 1.27 | 1.65 | 2.18 |
Capex per Share |
(0.15) | (0.21) | (0.23) | (0.23) | (0.24) | (0.21) | (0.27) | (0.31) | (0.28) | (0.32) |
Free Cash Flow per Share |
0.46 | 0.46 | 0.30 | 0.75 | 0.94 | 0.88 | 0.73 | 0.96 | 1.37 | 1.85 |
Cash per Share |
1.37 | 1.59 | 1.66 | 1.90 | 2.38 | 1.91 | 1.82 | 1.77 | 2.15 | 2.12 |
Shareholders Equity per Share |
3.17 | 3.54 | 3.59 | 3.90 | 4.20 | 4.13 | 4.55 | 5.35 | 5.71 | 5.67 |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
3.17 | 3.54 | 3.59 | 3.90 | 4.20 | 4.13 | 4.55 | 5.35 | 5.71 | 5.67 |
Free Cash Flow |
76.55 | 78.01 | 52.00 | 128.28 | 161.67 | 148.44 | 121.57 | 159.13 | 222.48 | 298.47 |
Working Capital |
254.59 | 308.57 | 344.84 | 311.91 | 388.20 | 82.46 | 334.85 | 353.27 | 505.07 | 505.83 |
Capital Expenditures |
(25.85) | (35.15) | (40.44) | (40.14) | (41.31) | (35.95) | (44.57) | (52.06) | (46.05) | (52.25) |
Net Current Asset Value |
204.47 | 227.39 | 56.32 | 28.17 | 80.59 | (11.60) | 24.85 | 127.14 | 106.65 | 40.43 |
EV/EBIT |
23.28 | 25.22 | 36.35 | 30.00 | 24.88 | 31.21 | 29.64 | 20.91 | 27.16 | 21.65 |
Capex to Sales |
0.04 | 0.05 | 0.05 | 0.04 | 0.04 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 |
Price to Operating Income |
26.15 | 28.08 | 36.37 | 31.20 | 26.53 | 31.15 | 29.91 | 21.31 | 27.39 | 21.78 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
0.71 | 0.58 | 0.67 | 1.04 | 0.86 | 0.90 | 0.94 | 0.70 | 0.76 | 0.75 |
Cash ROIC |
9.47% | 8.39% | 4.37% | 10.41% | 11.94% | 11.05% | 9.27% | 11.50% | 14.18% | 19.23% |
Accounts Receivable Turnover |
6.40 | 5.78 | 5.54 | 5.65 | 5.81 | 6.46 | 6.23 | 5.75 | 6.00 | 6.45 |
Accounts Payable Turnover |
92.42 | 107.57 | 101.09 | 107.31 | 92.05 | 109.33 | 133.46 | 159.28 | 209.77 | 241.91 |
Inventory Turnover |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Average Days of Payables |
2.68 | 4.36 | 3.53 | 3.66 | 4.09 | 2.98 | 3.17 | 1.80 | 1.87 | 1.35 |
Days of Inventory on Hand |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Average Receivables |
107.20 | 131.91 | 159.45 | 175.48 | 164.94 | 173.78 | 226.73 | 283.67 | 306.22 | 323.71 |
Average Payables |
4.84 | 4.60 | 5.79 | 6.11 | 6.78 | 6.32 | 6.72 | 6.42 | 5.47 | 5.32 |
Average Assets |
678.66 | 766.00 | 943.70 | 1,122.51 | 1,215.47 | 1,265.38 | 1,314.51 | 1,394.05 | 1,530.19 | 1,660.32 |
Average Common Equity |
498.97 | 566.11 | 609.18 | 644.16 | 694.59 | 706.16 | 725.67 | 823.81 | 909.65 | 921.28 |
Columns are period end dates