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) Piotroski F-score
ExlService Holdings, Inc.'s Piotroski F-score for fiscal 2025 is 8 out of 9: 8 of nine tests of profitability, leverage and efficiency passed, up from 7 in fiscal 2024.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 8 | 1.00 |
| FY2024 | 7 | (1.00) |
| FY2023 | 8 | 1.00 |
| FY2022 | 7 | (1.00) |
| FY2021 | 8 | 0.00 |
| FY2020 | 8 | 1.00 |
| FY2019 | 7 | 3.00 |
| FY2018 | 4 | (1.00) |
| FY2017 | 5 | 0.00 |
| FY2016 | 5 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | 15.12% | 12.96% | Pass | 1 |
| Positive operating cash flow | 350.72m | 268.53m | Pass | 1 |
| Rising return on assets | 15.12% | 12.96% | Pass | 1 |
| Cash flow above net income | 99.70m | 70.23m | Pass | 1 |
| Falling long-term leverage | 0.18 | 0.19 | Pass | 1 |
| Rising current ratio | 2.56 | 2.74 | Fail | 0 |
| No new shares issued | 161,028,300 | 162,718,800 | Pass | 1 |
| Rising gross margin | 38.37% | 37.59% | Pass | 1 |
| Rising asset turnover | 1.26 | 1.20 | Pass | 1 |
| Piotroski F-score | Strong — most fundamentals improved | 8 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| EXLS ExlService Holdings, Inc. | 8 |
| G Genpact Limited compare | 6 |
| GDS GDS Holdings compare | 6 |
| SAIC Science Applications International Corporation compare | 6 |
| INGM Ingram Micro Holding Corporation compare | 6 |
| EPAM EPAM Systems, Inc. compare | 6 |
| PSN Parsons Corporation compare | 5 |
| APLD Applied Digital Corporation compare | 5 |
| CIFR Cipher Digital Inc. compare | 3 |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover