ExlService Holdings, Inc.
Rank #87Capital ReturnEXLS · Nasdaq · Technology
ExlService Holdings, Inc. (EXLS) — Rank #87 by gross profitability (GP/assets 0.48) · ROE 32.2% · Piotroski F-Score 8 / 9.
As-of 2026-09-15 · 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
- Website
- exlservice.com
Price History
Company Snapshot
P/E and reverse DCF are the primary valuation lenses at this stage.
Market Cap
$5.61B
P/E (annual)
23.9
P/S (annual)
2.7
P/B
7.2
P/OCF (annual)
16.0
Shareholder Yield
1.1%
Employees
65,000
Industry
Information Technology Services
Exchange
Nasdaq
Signal Flags
Quality Profile
Profitability
1/1 passSafety
1/1 passCash Flow
3/3 passGrowth
2/2 passTerry Smith quality gate
Passes 2/5 Terry Smith thresholds1 of 5 threshold not computable from filed data.
What Growth Is Priced In
Implied revenue growth (10Y)
7.7%
The annual FCF growth rate today's price requires over a 10-year horizon (discount rate 10%, terminal growth 2.5%).
Buyback tailwind: -1.1% — per-share value needs a total required return of 6.6% once share-count change is priced in.
vs. own 6-year median revenue growth: 14.5%
within its own historyCost-of-equity sensitivity (implied growth at different discount rates)
r = 8%
3.4%
r = 10% (base)
7.7%
r = 12%
11.5%
Net debt / market cap: 2.4%
Valuation History
Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.
P / E
Price / diluted EPS
P / S
Price / revenue per share
P / B
Price / book value per share
P / GP
Price / gross profit per share
P / FCF
Price / free cash flow per share
FCF yield, shareholder yield, and buyback activity are the primary reads at this stage.
Profitability
Gross profitability (GP / assets)
0.48
Primary signal (Novy-Marx).
3rd of 9 SIC 7389 peers
Return on equity
32.2%
Gross margin
38.4%
7th of 9 SIC 7389 peers
Revenue growth (YoY)
13.6%
Gross margin improving
Margin trend vs prior year.
Operating Leverage
| 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|
| 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%
Anti-fragile safety
Balance-sheet safety
Composite anti-fragile check.
Debt / equity
1.15
6th of 7 SIC 7389 peers (best = lowest)
Current ratio
2.66×
5th of 9 SIC 7389 peers
Quick ratio
2.14×
Net cash
-$146.08M
Cash & equivalents minus total debt.
Cash-flow health
Free cash flow
$298.12M
Operating cash flow minus capex.
Positive free cash flow
FCF / net income
0.19
Cash-backing of earnings.
FCF/NI divergence
Unfavorable divergence (yellow flag).
Accruals healthy
Cash-backed earnings.
SBC / revenue
3.8%
Stock-based comp intensity.
Piotroski F-Score
F-Score
8 / 9
Fundamental-strength score (0-9).