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.
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ExlService Holdings, Inc. (EXLS) Altman Z-score
ExlService Holdings, Inc.'s Altman Z-score for fiscal 2025 is 8.65, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 8.65 | (0.80) |
| FY2024 | 9.45 | 0.85 |
| FY2023 | 8.60 | 0.08 |
| FY2022 | 8.52 | 1.40 |
| FY2021 | 7.12 | 1.66 |
| FY2020 | 5.46 | 0.65 |
| FY2019 | 4.81 | 0.34 |
| FY2018 | 4.47 | (3.37) |
| FY2017 | 7.83 | (0.46) |
| FY2016 | 8.29 | 1.01 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.30 | — | 0.36 | |
| Retained earnings / total assets | 0.90 | — | 1.26 | |
| EBIT / total assets | 0.18 | — | 0.61 | |
| Market value of equity / total liabilities | 8.66 | — | 5.19 | |
| Sales / total assets | 1.23 | — | 1.23 | |
| Altman Z-score | Safe zone | 8.65 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 7.34 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| EXLS ExlService Holdings, Inc. | 8.6× |
| EPAM EPAM Systems, Inc. compare | 8.1× |
| G Genpact Limited compare | 3.3× |
| INGM Ingram Micro Holding Corporation compare | 3.1× |
| PSN Parsons Corporation compare | 3.1× |
| SAIC Science Applications International Corporation compare | 2.8× |
| APLD Applied Digital Corporation compare | 1.3× |
| CIFR Cipher Digital Inc. compare | 0.9× |
| GDS GDS Holdings compare | 0.8× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets