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ExlService Holdings, Inc.

Rank #92Capital ReturnWatchlistCompare with other stocks

EXLS · Nasdaq · Technology

ExlService Holdings, Inc. (EXLS) — Rank #92 by gross profitability (GP/assets 0.48) · ROE 32.2% · Piotroski F-Score 8 / 9.

As-of 2026-10-30 · CIK 0001297989 · all metrics point-in-time as of the filing date.

About

ExlService Holdings, Inc., operates as a data and artificial intelligence (“AI”) company in the North America, the United Kingdom, Europe, and internationally.

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The company operates through Insurance; Healthcare and Life Sciences; Banking, Capital Markets, and Diversified Industries; and International Growth Markets. It provides digital operations and solutions and analytics-driven services, such as claims management, premium and benefit administration, agency management, account reconciliation, actuarial and risk analytics, policy research, digital marketing, underwriting support, new business acquisition, policy servicing, audit, surveys, billing and collection, commercial and residential survey, and customer service; digital customer acquisition services using a software-as-a-service delivery model through LifePRO and Life Digital Suite platforms; and Subrosource software platform, an end-to-end subrogation platform. The company also offers health care services for care, utilization, and disease management; payment integrity; revenue optimization, customer engagement, and commercial analytics and regulatory support services; and digital operations and solutions. In addition, it provides financial planning and analysis, accounting, regulatory and statutory reporting, decision support, data management, and compliance services; consumer and commercial banking, credit card and payment services; fintech, wealth and retirement services; capital markets, utilities, retail and consumer packaged goods, communications, media and entertainment, travel and leisure, transportation and logistics, infrastructure, and other business services; property and casualty insurance, life insurance, disability insurance; and insurance brokers, reinsurers, annuity and retirement services.

The company was founded in 1999 and is headquartered in New York, New York.

Industry
Information Technology Services
Sector
Technology
State
DE
Filer Category
Large accelerated filer
Fiscal Year End
December 31

Company Snapshot

P/E and reverse DCF are the primary valuation lenses at this stage.

Market Cap

—

P/E (annual)

—

P/S (annual)

—

P/B

—

P/OCF (annual)

—

Shareholder Yield

—

Employees

65,000

Industry

Information Technology Services

Exchange

Nasdaq

12/12

Flags passed

EXLS passes 12/12 quality flags

  • PASS
    Gross margin holding
  • PASS
    Dilution within 2%
  • PASS
    FCF not negative from investment
  • PASS
    Disclosure consistent
  • PASS
    Revenue not declining
  • PASS
    Operating margin holding
  • PASS
    Free cash flow intact
  • PASS
    Passes safety gate
  • PASS
    Balance sheet stable
  • PASS
    No competitive retreat
  • PASS
    SBC not compressing margin
  • PASS
    No valuation convergence

Strengths Revenue growth accelerating · Operating leverage expanding · Sequential beat (rev + EPS)

A count of the 12 warning flags that could be evaluated. Unweighted: colour follows the worst flag.

Quality Profile

Profitability

1/1 pass
GP / assets
0.48
Return on equity
32.2%
Gross margin trend
PASS

Safety

1/1 pass
Balance-sheet safety
PASS
Debt / equity
1.15
Current ratio
2.66×
Net cash
-$146.08M

Cash Flow

3/3 pass
Positive FCF
PASS
Cash-backed earnings
PASS
Accruals healthy
PASS
SBC / revenue
3.8%

Growth

2/2 pass
Revenue growth
13.6%
Piotroski F-Score
8 / 9
Share dilution
-1.1%

FCF yield, shareholder yield, and buyback activity are the primary reads at this stage.

Profitability

Does it make money well?

No warning flags · GP/assets 0.48

Gross profitability (GP / assets)

0.48

Primary signal (Novy-Marx).

2nd of 11 SIC 7389 peers

Return on equity

32.2%

Gross margin

38.4%

6th of 11 SIC 7389 peers

Revenue growth (YoY)

13.6%

Gross margin improving

Margin trend vs prior year.

PASS

Operating Leverage

2022202320242025
Revenue vs COGS
Revenue vs OpEx
Op. Income vs Revenue

Growth

Revenue CAGR (3Y)

13.9%

Revenue CAGR (5Y)

16.8%

Earnings CAGR (3Y)

20.6%

FCF CAGR (3Y)

34.9%

Cash Flow Health

Is the cash real?

No warning flags · FCF 19% above net income

Free cash flow

$298.12M

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF vs net income

18.8%

(FCF − net income) ÷ |net income|. Positive: cash above earnings. Negative: below.

FCF not below net income

Fails when free cash flow is below net income (yellow flag).

PASS

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

3.8%

Stock-based comp intensity.

Balance Sheet Strength

Can it survive a storm?

No warning flags · net debt $146.08M, F-Score 8/9

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

1.15

6th of 10 SIC 7389 peers (best = lowest)

Current ratio

2.66×

5th of 11 SIC 7389 peers

Quick ratio

2.14×

Net cash

-$146.08M

Cash & equivalents minus total debt.

Piotroski F-Score

8 / 9

Fundamental-strength score (0-9).

Valuation

Is the price reasonable?

No warning flags

Capital allocation quality

Composite score

3.0 / 5

Good
Share count trend(net buybacks)
-1.1%3/5 Good
Buyback timing
N/AN/A
Dividend growth consistency(non-payer or broken streak)
0 yr3/5 Good
Net debt trajectory
-1.7%3/5 Good

Lifecycle Phase History

20202025
Value
Op. Leverage
Hypergrowth
Capital Return

Price History

EXLS+43.5% · +7.5% CAGRSPY+82.9% · +12.8% CAGR

View full financial statements →

Source filings on SEC EDGAR: 10-K annual reports · 10-Q quarterly reports