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EXL

EXLS Nasdaq Data Processing & Outsourced Services Financials FY2016–FY2025

EXL's revenue rose 13.6% to $2.1 billion in fiscal 2025. Its operating margin was 15.0%, up from 14.3% a year earlier. Free cash flow was $298 million, up 34.1%. It paid out $328 million in dividends and buybacks, 110% of free cash flow. The diluted share count fell 1.1%.

Last close · Oct 23, 2026

$42.30

1.4%
Value it Compare
Revenue Total sales reported in the income statement.
$2.1B
13.6% vs prior year
Operating margin Operating income as a share of revenue.
15.0%
0.7 pts
Net income Profit after all expenses, interest and tax.
$251M
26.6%
Free cash flow Cash from operations minus capital spending.
$298M
34.1%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
28.4%
4.5 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$6.6B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
27.1x
On $1.56 EPS (TTM)

About these figures. Share counts and per-share figures for earlier years are restated for a stock split (5-for-1), so every year is on today's share basis.

What EXL does

No business description yet.

Legal name
EXLSERVICE HOLDINGS, INC.
Fiscal year ends
December 31, 2025
Latest annual report
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Accession · CIK
0001297989-26-000008
0001297989

Revenue and margins

EXL had $2.1B of revenue in fiscal 2025, up 13.6% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 17.5% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $298M in fiscal 2025, 14.3% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

EXL returned $328M to shareholders in fiscal 2025, 110% of free cash flow. The diluted share count fell 1.1%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value EXL yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of $27.6M and divides by 162.5M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 27.1x · peers 15.6x · sector 26.0x.

Balance sheet

Cash, debt and the ratios that show how comfortably EXL can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $315M$298M$291M$341M$328M
Debt incl. finance leases $260M$251M$201M$290M$301M
Net debt / EBITDA −0.3x−0.2x−0.3x−0.2x−0.1x
Debt / equity 0.4x0.3x0.2x0.3x0.3x
Interest coverage 20.6x23.3x18.1x13.7x17.8x
Current ratio 1.2x2.2x2.1x2.7x2.6x
Quick ratio 1.2x2.2x2.1x2.7x2.6x
Total assets $1.3B$1.3B$1.4B$1.6B$1.7B
Total liabilities $590M$588M$553M$689M$790M
Shareholders' equity $693M$758M$889M$930M$913M
Net debt (− = net cash) −$54.4M−$47.2M−$90.0M−$50.3M−$27.6M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$2.7M

3 insiders

Of sales under plans

76%

$2.1M

DateInsiderTradeSharesPriceValueFiling
Sep 1, 2026 Vikas BhallaPresident of EXL Sold plan 10,000 $38.17 $0.4M Form 4
Aug 11, 2026 Vishal ChhibbarExecutive Vice President Sold 5,000 $35.10 $0.2M Form 4
Aug 3, 2026 Vikas BhallaPresident of EXL Sold plan 11,000 $34.99 $0.4M Form 4
Jul 1, 2026 Vikas BhallaPresident of EXL Sold plan 12,000 $26.47 $0.3M Form 4
Jun 4, 2026 Vikas BhallaPresident of EXL Sold plan 12,000 $30.22 $0.4M Form 4
May 20, 2026 Ajay AyyappanEVP & Gen Counsel/Corp. Sec'y. Sold plan 5,093 $29.11 $0.1M Form 4
Mar 2, 2026 Ajay AyyappanEVP & Gen Counsel/Corp. Sec'y. Sold plan 1,679 $30.39 $0.1M Form 4
Feb 23, 2026 Ajay AyyappanEVP & Gen Counsel/Corp. Sec'y. Sold plan 1,197 $29.79 $0.0M Form 4
Feb 18, 2026 Ajay AyyappanEVP & Gen Counsel/Corp. Sec'y. Sold plan 2,275 $30.32 $0.1M Form 4
Jan 27, 2026 Ajay AyyappanEVP & Gen Counsel/Corp. Sec'y. Sold plan 8,114 $42.53 $0.3M Form 4
Dec 2, 2025 Vikas BhallaPresident of EXL Sold 11,774 $39.99 $0.5M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✓ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✕ ✓
Current ratio rose ✕ ✓ ✕
Share count didn't rise ✓ ✓ ✓
Gross margin rose ✓ ✓ ✓
Revenue rose relative to assets ✓ ✓ ✓
F-score 8 / 98 / 98 / 9
Accruals ratio −1.9%−4.6%−6.0%
Altman Z'' 6.867.147.34

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
EXL EXLS $6.6B 13.6% 15.0% 14.3% 28.4% 27.1x 8
Genpact G $7.0B 6.6% 14.8% 14.5% 19.4% 12.1x 7 Compare →
Maximus MMS $3.3B 2.4% 9.7% 6.7% 13.6% 9.3x 7 Compare →
Broadridge Financial Solutions BR $21.5B 8.5% 17.4% 17.1% 18.3% 19.1x 9 Compare →
Bloom Energy BE $62.7B 37.3% 3.6% 2.8% 5.8% 117.9x 5 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $686M $762M $883M $991M $958M $1.1B $1.4B $1.6B $1.8B $2.1B
Gross profit $238M $267M $298M $336M $335M $431M $515M $608M $691M $801M
Operating income $64.5M $72.7M $49.8M $76.5M $110M $156M $192M $239M $264M $314M
Interest expense $1.3M $1.9M $7.2M $13.6M $11.2M $7.6M $8.3M $13.2M $19.3M $17.6M
Pretax income $83.9M $85.0M $60.4M $83.1M $115M $147M $190M $238M $261M $315M
Income tax $22.2M $36.1M $3.4M $15.2M $25.6M $31.8M $47.6M $53.5M $62.9M $63.7M
Net income $61.7M $48.9M $56.7M $67.7M $89.5M $115M $143M $185M $198M $251M
Diluted EPS $0.36 $0.28 $0.32 $0.39 $0.52 $0.67 $0.85 $1.10 $1.21 $1.54
Diluted shares 0.17B 0.18B 0.18B 0.17B 0.17B 0.17B 0.17B 0.17B 0.16B 0.16B
Cash flow
Cash from operations $102M $113M $92.4M $168M $203M $184M $166M $211M $269M $351M
Capital expenditure $25.8M $35.2M $40.8M $40.5M $42.2M $37.2M $44.8M $52.8M $46.3M $52.6M
Free cash flow $76.6M $78.0M $51.7M $128M $161M $147M $121M $158M $222M $298M
Depreciation and amortization $34.6M $39.0M $48.7M $52.2M $50.5M $49.7M $56.1M $50.3M $55.2M $59.2M
Stock-based compensation $19.8M $23.0M $23.9M $26.1M $28.2M $38.6M $49.4M $58.4M $72.7M $79.5M
Acquisitions $28.7M $23.3M $232M $0.0M $0.0M $76.8M $3.9M $0.0M $24.3M $0.0M
Share buybacks $18.2M $43.5M $43.1M $41.4M $79.9M $118M $72.6M $132M $208M $329M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $18.2M $43.5M $43.1M $41.4M $80.0M $118M $72.6M $132M $208M $328M
Balance sheet
Cash and short-term investments $227M $265M $280M $321M $403M $315M $298M $291M $341M $328M
Total debt $55.0M — $302M $235M $227M $260M $250M $200M $289M $299M
Finance lease liabilities $0.0M $0.0M $0.0M $0.7M $0.5M $0.4M $0.5M $0.8M $1.8M $2.2M
Current assets $379M $453M $500M $541M $609M $578M $613M $680M $795M $830M
Current liabilities $124M $144M $155M $229M $221M $496M $278M $326M $290M $324M
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $49.0M $66.8M $73.5M $79.1M $92.4M $85.7M $82.3M $99.6M $100M $110M
Total assets $707M $826M $1.1B $1.2B $1.2B $1.3B $1.3B $1.4B $1.6B $1.7B
Total liabilities $174M $225M $444M $513M $529M $590M $588M $553M $689M $790M
Shareholders' equity $532M $600M $618M $670M $719M $693M $758M $889M $930M $913M
Margins
Gross margin 34.7% 35.1% 33.8% 33.9% 34.9% 38.4% 36.5% 37.3% 37.6% 38.4%
Operating margin 9.4% 9.5% 5.6% 7.7% 11.5% 13.9% 13.6% 14.6% 14.3% 15.0%
EBITDA margin 14.4% 14.7% 11.2% 13.0% 16.8% 18.3% 17.6% 17.7% 17.3% 17.9%
Net margin 9.0% 6.4% 6.4% 6.8% 9.3% 10.2% 10.1% 11.3% 10.8% 12.0%
FCF margin 11.2% 10.2% 5.9% 12.9% 16.8% 13.1% 8.6% 9.7% 12.1% 14.3%
Returns
Return on capital 14.0% — — 10.2% 15.2% 20.6% 21.4% 24.5% 23.8% 28.4%
Return on capital employed 11.5% 11.5% 6.3% 8.2% 11.1% 17.2% 20.7% 21.9% 21.6% 23.2%
Return on equity 12.4% 8.6% 9.3% 10.5% 12.9% 16.3% 19.7% 22.4% 21.8% 27.3%
Return on assets 9.1% 6.4% 6.0% 6.0% 7.4% 9.1% 10.9% 13.2% 13.0% 15.1%
Growth
Revenue growth — 11.1% 15.9% 12.3% −3.3% 17.1% 25.8% 15.5% 12.7% 13.6%
Net income growth 19.7% −20.8% 16.0% 19.3% 32.3% 28.3% 24.6% 29.1% 7.4% 26.6%
EPS growth 18.5% −22.4% 16.6% 20.4% 32.8% 29.3% 26.9% 29.4% 10.0% 27.3%
FCF growth 7.7% 1.9% −33.8% 147.6% 25.7% −8.5% −17.6% 30.6% 40.3% 34.1%
Share count change 1.1% 1.6% −0.2% −0.9% −0.5% −0.9% −1.2% −0.6% −2.3% −1.1%
Financial health
Net debt / EBITDA −1.7x — 0.2x −0.7x −1.1x −0.3x −0.2x −0.3x −0.2x −0.1x
Debt / equity 0.1x — 0.5x 0.4x 0.3x 0.4x 0.3x 0.2x 0.3x 0.3x
Interest coverage 48.0x 38.5x 6.9x 5.6x 9.8x 20.6x 23.3x 18.1x 13.7x 17.8x
Current ratio 3.1x 3.1x 3.2x 2.4x 2.8x 1.2x 2.2x 2.1x 2.7x 2.6x
Quick ratio 3.1x 3.1x 3.2x 2.4x 2.8x 1.2x 2.2x 2.1x 2.7x 2.6x
Capital allocation
Capex / revenue 3.8% 4.6% 4.6% 4.1% 4.4% 3.3% 3.2% 3.2% 2.5% 2.5%
Stock comp / revenue 2.9% 3.0% 2.7% 2.6% 3.0% 3.4% 3.5% 3.6% 4.0% 3.8%
Payouts / FCF 23.8% 55.7% 83.5% 32.4% 49.7% 80.4% 59.9% 83.2% 93.6% 110.2%
Quality scores
Piotroski F-score — — — 6.0 8.0 7.0 8.0 8.0 8.0 8.0
Altman Z'' 8.0 7.5 5.4 5.1 5.7 4.4 6.1 6.9 7.1 7.3
Accruals ratio −6.0% −8.4% −3.8% −9.0% −9.3% −5.5% −1.8% −1.9% −4.6% −6.0%

Source: SEC EDGAR XBRL filings (CIK 0001297989). Data updated October 12, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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