EXL
EXLS · Data Processing & Outsourced Services
$42.30
1.4%Maximus
MMS · Data Processing & Outsourced Services
$63.02
0.6%The short version
- Maximus is the larger business, with $5.4B of revenue in fiscal 2025 against $2.1B for EXL, about 2.6 times as much.
- EXL grew revenue faster (13.6%, against 2.4%).
- EXL kept more of each dollar of sales as operating profit (15.0% operating margin, against 9.7% operating margin).
- EXL turned more of its sales into free cash flow (14.3% FCF margin, against 6.7% FCF margin).
- EXL earned a higher return on the capital invested in it (28.4%, against 13.6%).
- Investors pay more for each dollar of EXL’s earnings: a P/E of 27.1x against 9.3x for Maximus.
| Latest fiscal year | EXLS · FY25 | MMS · FY25 |
|---|---|---|
| Size | ||
| Market cap | $6.6B | $3.3B |
| Revenue | $2.1B | $5.4B |
| Free cash flow | $298M | $366M |
| Net income | $251M | $319M |
| Growth | ||
| Revenue growth | 13.6% | 2.4% |
| 5-year growth | 16.9% | 9.4% |
| Share count change | −1.1% | −5.8% |
| Profitability | ||
| Gross margin | 38.4% | 24.6% |
| Operating margin | 15.0% | 9.7% |
| Net margin | 12.0% | 5.9% |
| FCF margin | 14.3% | 6.7% |
| Return on capital | 28.4% | 13.6% |
| Return on equity | 27.3% | 18.1% |
| Balance sheet | ||
| Net debt | −$27.6M | $1.1B |
| Net debt / EBITDA | −0.1x | 2.0x |
| Dividends and buybacks | $329M | $516M |
| Valuation & quality | ||
| P/E | 27.1x | 9.3x |
| Piotroski F-score | 8 | 7 |
FY16
EXLS $686M
MMS $2.4B
FY17
EXLS $762M
MMS $2.5B
FY18
EXLS $883M
MMS $2.4B
FY19
EXLS $991M
MMS $2.9B
FY20
EXLS $958M
MMS $3.5B
FY21
EXLS $1.1B
MMS $4.3B
FY22
EXLS $1.4B
MMS $4.6B
FY23
EXLS $1.6B
MMS $4.9B
FY24
EXLS $1.8B
MMS $5.3B
FY25
EXLS $2.1B
MMS $5.4B
EXLS
MMS
FY16
EXLS 9.4%
MMS 11.9%
FY17
EXLS 9.5%
MMS 12.8%
FY18
EXLS 5.6%
MMS 12.4%
FY19
EXLS 7.7%
MMS 11.0%
FY20
EXLS 11.5%
MMS 8.3%
FY21
EXLS 13.9%
MMS 9.6%
FY22
EXLS 13.6%
MMS 7.0%
FY23
EXLS 14.6%
MMS 6.0%
FY24
EXLS 14.3%
MMS 9.2%
FY25
EXLS 15.0%
MMS 9.7%
EXLS
MMS
FY16
EXLS $76.6M
MMS —
FY17
EXLS $78.0M
MMS —
FY18
EXLS $51.7M
MMS $290M
FY19
EXLS $128M
MMS $290M
FY20
EXLS $161M
MMS $204M
FY21
EXLS $147M
MMS $481M
FY22
EXLS $121M
MMS $234M
FY23
EXLS $158M
MMS $224M
FY24
EXLS $222M
MMS $401M
FY25
EXLS $298M
MMS $366M
EXLS
MMS
FY16
EXLS 14.0%
MMS 22.5%
FY17
EXLS —
MMS 25.9%
FY18
EXLS —
MMS —
FY19
EXLS 10.2%
MMS —
FY20
EXLS 15.2%
MMS 18.3%
FY21
EXLS 20.6%
MMS 15.3%
FY22
EXLS 21.4%
MMS 8.4%
FY23
EXLS 24.5%
MMS 7.9%
FY24
EXLS 23.8%
MMS 13.1%
FY25
EXLS 28.4%
MMS 13.6%
EXLS
MMS
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Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.