Exlservice Holdings vs Formula Systems (1985)
Formula Systems (1985) is the larger business, with $2.63bn of revenue in fiscal 2025 against $2.09bn for Exlservice Holdings (1.3 times as much). Formula Systems (1985) grew faster (18.4% against 13.6%). Formula Systems (1985) kept more of each dollar of sales as profit: a net margin of 23.1% against 12.0%. Formula Systems (1985) carries less debt relative to equity (26.8% against 32.7%).
| Latest fiscal year | Exlservice HoldingsEXLS, 2025 | Formula Systems (1985)FORTY, 2025 |
|---|---|---|
| Revenue | $2.09bn | $2.63bn |
| Revenue growth | 13.6% | 18.4% |
| Net income | $251m | $606m |
| Operating margin | 15.0% | — |
| Net margin | 12.0% | 23.1% |
| Return on equity | 27.2% | 59.7% |
| Free cash flow | $298m | $366m |
| Cash | $146m | $1.28bn |
| Total debt | $299m | $363m |
| Debt to equity | 32.7% | 26.8% |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | $328m | — |
| Employees | 65,000 | — |
| Market value | $6.39bn | $1.83bn |
| Price vs our value range | Within our value range | Below our value range |
| Moat score | 61 (Moderate) | — |
| Insider trades, 12 months | 0 buys, 14 sales | 0 buys, 0 sales |