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Saturday 17 October 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. 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%
Market cap
$5.9B
P/E
24.9×
Fwd P/E
17.5×
Dividend yield
—
F-score
8/9
Altman Z
8.65
Beneish M
−2.66
Dividend safety
n/a
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 3.13
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell — 1 1 2 1 — 1 1 1 2 1 1
Insider Ownership 3.88%

Capital & Financial Ratios $m

Market Cap 5,930.00
Revenue 2,237.31
Net Income 250.00
Free Cash Flow 275.37
Net Debt 84.37
Current Ratio 1.24
Debt/Equity 0.44 (at or below 0.5: strong)
P/E ratio 24.86
Fwd P/E 17.50
P/S ratio 2.69
P/B ratio 6.96 (above 6: high)
Past 5Y EPS Growth 24.35% (at or above 15%: strong)
This Y EPS Growth 17.43% (at or above 15%: strong)
Next Y EPS Growth 13.46%
Next Y revenue growth 15.44% (at or above 10%: strong)
Next 5Y EPS Growth 15.25% (at or above 15%: strong)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 2.9×, against a ten-year median of 2.6×; over the ten years it ranged from 1.8× in 2020 to 4.7× in 2022.
P/E against its own 10 years 9.29%
10-year low 10-year high
P/S against its own 10 years 46.66%
10-year low 10-year high
P/B against its own 10 years 84.15%
10-year low 10-year high
EV/Sales against its own 10 years 55.69%
10-year low 10-year high
EV/FCF against its own 10 years 43.90%
10-year low 10-year high

Dividends

Payout Ratio —
Annual Dividend Rate —
Annual Dividend Yield —
total individual payouts
2025 Powerpack
2024 Powerpack
2023 Powerpack
2022 Powerpack
2021 Powerpack
2020 Powerpack
2019 Powerpack
2017 Powerpack
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 295 351 341 297
Receivables 308 304 343 434
Inventory — — — —
Other 77 140 146 144
680 795 830 875
2023 2024 2025 Q'26
Payables 5 6 5 7
ST’ Debt 65 5 5 381
Other — — — —
326 290 324 704

Compound Annual Growth %

10y 5y 3y
Sales 12.76% 16.85% 13.92%
Cash Flow 13.75% 11.56% 28.28%
Earnings 17.15% 22.91% 20.64%
Book Value 6.96% 4.88% 6.38%

Revenue $m

Mar Jun Sep Dec Year
’26 570 595 — — —
’25 501 514 530 543 2,088
’24 437 448 472 481 1,838
’23 401 405 411 414 1,631
’22 329 347 361 375 1,412
’21 261 275 290 295 1,122
’20 246 222 241 249 958
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 2 88 — — —
’25 3 109 121 117 351
’24 (22) 75 110 105 269
’23 16 48 69 79 211
’22 (27) 80 48 65 166
’21 15 39 60 71 184
’20 (14) 72 67 77 203
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (11) 73 — — —
’25 (10) 95 106 107 298
’24 (33) 63 97 95 222
’23 4 34 54 67 159
’22 (43) 71 41 52 122
’21 3 32 51 63 148
’20 (26) 63 55 69 162
Fiscal quarters ending in the months shown.

EPS $

Mar Jun Sep Dec Year
’26 0.43 0.42 — — —
’25 0.40 0.40 0.36 0.38 1.54
’24 0.29 0.28 0.33 0.31 1.21
’23 0.30 0.29 0.26 0.24 1.10
’22 0.21 0.21 0.23 0.19 0.85
’21 0.19 0.16 0.15 0.17 0.67
’20 0.13 0.05 0.15 0.19 0.52
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 8.16 8.85 8.86 10.00 8.12 15.28 22.43 25.17 28.16 37.30

Analyst estimates 2026–2028

Powerpack
High 10.96 12.67 13.41 14.20 17.51 29.19 38.24 35.94 47.37 52.43
People
People Employees 26,000 27,800 20,200 31,700 31,900 37,400 45,400 54,000 59,500 65,000
Revenue/emp, $m 0.03 0.03 0.04 0.03 0.03 0.03 0.03 0.03 0.03 0.03
Income, $m
Income, $m Revenue 686 762 883 991 958 1,122 1,412 1,631 1,838 2,088
Gross margin, % 34.73 35.05 33.77 33.88 34.90 38.44 36.50 37.27 37.59 38.37
EBT 84 85 60 83 115 147 190 238 261 315
EBT margin, % 12.23 11.15 6.84 8.38 12.03 13.06 13.46 14.59 14.22 15.09
Net income 62 49 57 68 89 115 143 185 198 251
Depreciation 35 39 49 82 80 78 78 70 77 84
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
Earnings 0.37 0.29 0.33 0.39 0.52 0.68 0.86 1.11 1.22 1.56
Cash flow 0.61 0.67 0.54 0.98 1.18 1.10 1.00 1.27 1.65 2.18
Capex (0.15) (0.21) (0.23) (0.23) (0.24) (0.21) (0.27) (0.31) (0.28) (0.32)
Free cash flow 0.46 0.46 0.30 0.75 0.94 0.88 0.73 0.96 1.37 1.85
Book value 3.17 3.54 3.59 3.90 4.20 4.13 4.55 5.35 5.71 5.67
Shares, m 168 169 172 172 171 168 167 166 163 161
Valuation, ×
Valuation, × P/E 27.31 41.55 32.07 35.43 32.62 42.32 40.20 27.75 36.38 27.21
P/S 2.46 2.68 2.05 2.41 3.04 4.33 4.07 3.12 3.93 3.27
P/B 3.17 3.40 2.93 3.56 4.06 7.01 7.58 5.72 7.77 7.49
EV/Sales 2.19 2.41 2.05 2.31 2.86 4.33 4.03 3.06 3.89 3.25
EV/FCF 19.62 23.52 34.83 17.88 16.94 32.77 46.85 31.37 32.18 22.76
Cash, $m
Cash, $m Operating cash flow 102 113 92 168 203 184 166 211 269 351
Capex (26) (35) (40) (40) (41) (36) (45) (52) (46) (52)
Free cash flow 77 78 52 128 162 148 122 159 222 298
Balance, $m
Balance, $m Working capital 255 309 345 312 388 82 335 353 505 506
Total debt 45 61 285 235 227 329 250 200 288 299
Net debt (185) (208) (1) (92) (181) 8 (53) (95) (62) (42)
Shareholders’ equity 532 600 618 670 719 693 758 889 930 913
Returns, %
Returns, % ROA 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
ROE 12.37 8.64 9.31 10.50 12.88 16.25 19.70 22.40 21.80 27.25
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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. $6.3B 16.5× 11.8× +4.53% (above 0%: growing) +26.28% (above 0%: growing) −140.67% (below 0%: shrinking) 30.36% 10.76% Compare
G Genpact Limited $6.3B 11.0× 9.2× +7.10% (above 0%: growing) +13.16% (above 0%: growing) −64.88% (below 0%: shrinking) 36.50% 14.36% Compare
INGM Ingram Micro Holding Corporation $6.2B 14.5× 14.0× +13.58% (above 0%: growing) +200.00% (above 0%: growing) −69.92% (below 0%: shrinking) 6.60% 1.62% Compare
APLD Applied Digital Corporation $6.2B — (loss-making) — (loss-making) +432.38% (above 0%: growing) n/m −506.67% (below 0%: shrinking) 15.30% (18.25%) Compare
EXLS ExlService Holdings, Inc. $5.9B 24.9× 17.5× +15.61% (above 0%: growing) +2.44% (above 0%: growing) −22.73% (below 0%: shrinking) 37.99% 14.68%
SAIC Science Applications International Corporation $5.6B 15.4× 14.6× +6.27% (above 0%: growing) −11.40% (below 0%: shrinking) +13.91% (above 0%: growing) 12.71% 8.09% Compare
GDS GDS Holdings $4.9B 8.5× 26.4× +12.41% (above 0%: growing) n/m +142.21% (above 0%: growing) 21.51% 14.22% Compare
PSN Parsons Corporation $4.7B 30.0× 25.4× −0.53% (below 0%: shrinking) n/m −72.44% (below 0%: shrinking) 18.73% 0.08% Compare
CIFR Cipher Digital Inc. $4.2B — (loss-making) — (loss-making) −42.99% (below 0%: shrinking) n/m −255.68% (below 0%: shrinking) 39.42% (316.21%) Compare
Median of peers $5.9B 15.0× 14.3× +6.68% +19.72% −71.18% 20.12% 4.85%

All 73 Information Technology Services stocks →

ExlService Holdings, Inc. (EXLS) key facts

  • Strength: ExlService Holdings, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $2.1 billion, up 13.6% from fiscal 2024.
  • Strength: Net income was $251.0 million, or $1.56 per share (basic), a net margin of 12.0%.
  • ExlService Holdings, Inc. (EXLS) is an Information Technology Services company in the Technology sector, listed on Nasdaq.
  • As of October 16, 2026, EXLS traded at $39.52, a market capitalization of $5.9 billion.
  • At that price the stock trades at 24.9× trailing-twelve-month earnings and 2.7× sales; its P/E is higher than 9% of its own readings over the past ten years.
  • Return on equity was 27.3% and debt-to-equity 0.44.
  • Its Piotroski F-score is 8 out of 9 and its Altman Z-score is 8.65 (safe zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

ExlService Holdings, Inc. (EXLS) Latest News

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stockrow.com/EXLS · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com