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Exlservice Holdings, Inc. (EXLS) stock

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NASDAQ: EXLS Nasdaq IT Consulting & Other Services Next results ~January 26, 2027

B Fundamentals grade

Exlservice Holdings, Inc. is a US-listed company in the IT consulting & other services industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$45

Cash-flow model

Base case. Range ~$34–$60 across our lower- and higher-growth cases (9.6%–19.6% a year).

Price vs value

Modestly undervalued

The price is inside our value range, 5% below our base value.

Price used: $42.53, November 2, 2026

Exlservice Holdings, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 3 selling0 purchases and 14 sales by directors and officers, last 12 monthsInsider trades
  • Funds198 adding, 268 cuttingOf 56 active managers that changed their stake, 31 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Exlservice Holdings files

10-Q filed October 27: Exlservice

Model value +13.7%

Revenue for the twelve months to September 2026 was $2.34bn, up 15.6% on a year earlier, faster than the 13.6% growth a quarter earlier. That growth ranks 4 of 25 among the it consulting & other services companies we cover. Free-cash-flow margin fell to 11.6% from 14.2% a year earlier. The diluted share count is down 4.9% on a year earlier, which lifts each remaining share. Our model value rises from $39.16 to $44.54 a share, against a share price of $41.84. The rating stays Hold. At that price, our model says the market is pricing in about 12.8% a year of cash-flow growth for five years, slower than the 15.8% a year revenue growth it has delivered.

Source: 10-Q filed October 27, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (2)

10-Q filed July 28: Exlservice

Revenue for the twelve months to June 2026 reached $2.34bn, up 15.6% on a year earlier and ahead of the 13.6% growth recorded a quarter before. That pace ranks 2 of 15 among the IT consulting and other services companies we cover. Free cash flow margin slipped to 11.6% from 14.2% a year earlier. Share count helps, with the diluted figure down 4.9% on a year earlier, lifting each remaining share. The fundamentals grade moves from C+ to B. Little changed, our model value sits at $39.16 a share against a price of $40.98, and the rating stays Hold. At that price, the model implies the market is pricing in about 14.0% a year of cash flow growth over five years, close to the 15.8% annual revenue growth already delivered.

10-Q on SEC EDGAR

Where Exlservice stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $2.24bn, up 13.6% on a year earlier, about the same pace as a quarter earlier. Free-cash-flow margin fell to 12.3% from 14.1% a year earlier. The diluted share count is down 3.7% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 4 of our 7 financial-health checks. Our cash-flow model value is $37.82 a share, against a share price of $40.77. At that price, our model says the market is pricing in about 14.9% a year of cash-flow growth for five years, close to the 14.8% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 26, 2027 (estimated)

Exlservice Holdings, Inc.'s trailing-twelve-month revenue grew 15.6% year on year, with a free-cash-flow margin of 11.6%. Where it stands out: change in share count of -4.9% ranks 6 of 39 it consulting & other services companies we cover.

Our discounted-cash-flow model values the business at ~$45 per share in the base case (~$34–$60 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Results well ahead of expectations: Reported earnings per share beat the analysts' consensus estimate by 11% in the quarter to 2026-09-30, the 4th beat in the last four quarters.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 15.6% over the last 12 months, against a median of 6.5% for it consulting & other services companies we cover.
  • Shrinking share count. Diluted shares fell 4.9% in a year, so each share owns more of the business.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Below peers: stock pay as % of revenue. Stock pay as % of revenue of 4.0% ranks 28 of 36 it consulting & other services companies we cover (median 2.3%).

Latest results: FY2026 Q3

Filed October 27, 2026
Earnings per share
$0.62 against an average estimate of $0.56: beat by 11.0%
Revenue
$634m, up 19.7% on a year earlier
Share reaction
-2.5% in the first session after the results on October 27, 2026, against +0.9% for the S&P 500
Guidance given
revenue $2.43bn to $2.44bn (full year 2026); adjusted diluted earnings per share $2.34 to $2.36 (full year 2026)
Next report
October 27, 2026; average EPS estimate $0.58

Exlservice Holdings' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+2.7%
  • 1 week+1.8%
  • 1 month+19.0%
  • This year+0.2%
  • 1 year+8.8%
  • 5 years+63.0%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$2.3B
Operating margin
14.8%
Net margin
11.1%
EPS (TTM, diluted)
$1.68

Growth

Revenue growth
+15.6%
Change in growth rate
+1.9 pts
Share count change
−4.9%

Cash

Free cash flow (TTM)
$271M
FCF margin
11.6%
Stock pay % of revenue
4.0%

Earnings

Last results
October 27, 2026
Next results (est.)
January 26, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Our research
  2. Results
  3. Guidance
  4. Leadership
  5. Agreement
  6. Results
  7. Leadership

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Exlservice Holdings, Inc. valuation models and calculator

What the price is pricing in

The share price implies about 12.9% a year of cash-flow growth for five years.That is close to the 15.8% a year revenue growth Exlservice Holdings has delivered.

  • Priced in12.9%
  • Last 12 months15.6%
  • 3 years a year13.7%
  • 5 years a year15.8%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($41.84, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$45
Price used
$41.84close November 3, 2026
Implied change
▲ +8%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Exlservice Holdings, Inc.'s free cash flow after stock-based pay with after-tax interest added back ($212M, FY2026 Q3 TTM), growing 13.5% and 13.7% in the next two years (forecasts, guidance and its record), then back to 14.6% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$34–~$60 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Exlservice Holdings, Inc.'s free cash flow after stock-based pay ( $212M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Exlservice Holdings, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 9%: the 10-year Treasury yield (4.9%) plus a beta of 0.91 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$45 ~$34–$60 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$24 ~$22–$47 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$32 ~$22–$48 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$21 ~$18–$25 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$33 ~$21–$45 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Exlservice Holdings, Inc. with IT Consulting & Other Services in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −25%
  • Revenue growth 5 points higher ▲ +32%
  • Free-cash-flow margin 1 point lower ▼ −8%
  • Last year's free-cash-flow margin change, if it persists ▼ −18%
  • Discount rate 1 point higher ▼ −16%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $19$26$36$48$65$86
8.5% $14$19$26$35$47$62
10% $11$15$21$28$37$48

Valuation multiples over time Market data may be delayed

At fiscal year end 2016201720182019202020212022202320242025Now
Share price$10.09$12.07$10.52$13.89$17.03$28.95$33.89$30.85$44.38$42.44$42.53
Market value$1.7bn$2.1bn$1.8bn$2.4bn$2.9bn$5.0bn$5.7bn$5.2bn$7.3bn$6.9bn$6.6bn
+ Net debt (− = net cash)−$158m−$26m$206m$116m$20m$125m$131m$63m$135m$152m$358m
Enterprise value$1.6bn$2.1bn$2.0bn$2.5bn$3.0bn$5.1bn$5.9bn$5.3bn$7.4bn$7.0bn$7.0bn
Multiples
Price / sales 2.5x2.8x2.1x2.4x3.1x4.4x4.1x3.2x4.0x3.3x2.8x
Price / earnings 28.2x43.3x32.5x35.7x32.9x43.2x40.1x28.1x36.8x27.5x25.4x
Price / free cash flow 22.8x27.2x35.7x18.9x18.3x33.7x47.3x32.8x32.8x23.1x24.4x
EV / EBITDA 16.0x18.7x20.8x19.7x18.5x24.7x23.6x18.2x23.3x18.9x17.0x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

61 /100

Moderate moat

How hard Exlservice Holdings's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 15.2% of total assets over 10 years.

  • Pricing power 13 / 20

    Gross margin has been a median 37.3%, moving by 2.1 percentage points (standard deviation) across 10 years.

  • Durability 9 / 20

    Operating margin has been a median 14.3%; its worst year was 5.3%.

  • Cash conversion 16 / 20

    Free cash flow was positive in 10 of 10 years, at a median 11.4% of revenue.

  • Discipline 18 / 20

    The diluted share count fell 10.6% over five years; stock-based pay has been a median 3.4% of revenue.

AI disruption exposure: High. In this industry, the core product is information work that AI systems increasingly perform. The score above includes a 15-point deduction for that exposure (76 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $2.33 +20% $2.4bn +17%
Next $2.63 +13% $2.7bn +12%

Next year's EPS estimate has moved +1.3% in 90 days, across 9 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +2.1% on 90 days ago. In the last 30 days, 9 analysts raised Exlservice Holdings, Inc.'s forecast and 0 cut it.

Consensus EPS forecast Exlservice Holdings, Inc., last 90 days
$2.20 $2.30 $2.40 $2.50 $2.60 $2.70 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $2.29 Current fiscal year, 60 days ago: $2.29 Current fiscal year, 30 days ago: $2.29 Current fiscal year, 7 days ago: $2.29 Current fiscal year, Now: $2.33 $2.33 Next fiscal year, 90 days ago: $2.60 Next fiscal year, 60 days ago: $2.60 Next fiscal year, 30 days ago: $2.60 Next fiscal year, 7 days ago: $2.60 Next fiscal year, Now: $2.63 $2.63

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $2.29$2.60
60 days ago $2.29$2.60
30 days ago $2.29$2.60
7 days ago $2.29$2.60
Now $2.33$2.63

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.56 $0.62 +11.0%
Jun 2026 $0.55 $0.59 +7.8%
Mar 2026 $0.54 $0.58 +8.4%
Dec 2025 $0.47 $0.50 +7.5%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 27, 2026
  • Revenue full year 2026 $2.43bn to $2.44bn Raised
    “We now expect full-year 2026 total revenue to be in the range of $2.430 billion to $2.440 billion, up from our prior guidance of $2.390 billion to $2.415 billion, reflecting 16% to 17% year-over-year growth on a reported basis and 15% on an organic constant currency basis.” source
  • Adjusted diluted earnings per share full year 2026 $2.34 to $2.36 Non-GAAP Raised
    “We now expect adjusted diluted earnings per share of $2.34 to $2.36, a 20% to 21% increase over 2025, up from our prior guidance of $2.25 to $2.29.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Exlservice Holdings, Inc.'s revenue by +13.5% next year and +13.7% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+13.2%, weight 42%) , management guidance (+13.1%, weight 35%) and the company's own record (+14.6%, weight 23%) . How the weights are set.

Analyst recommendations

9 analysts, Oct 2026
Buy9100%
Hold00%
Sell00%

Monthly trend

  1. Oct 2026369
  2. Sep 2026369
  3. Aug 2026369
  4. Jul 2026369

Counts of recommendations published by analysts covering Exlservice Holdings, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
8.1%
of tradable shares
Days to cover
5.5
at average volume
Short interest, 1 month
−4%
to September 30, 2026
Held by institutions
—
of shares
Held by insiders
2.7%
of shares
Employees
65,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +8.8%

$39.10 on October 31, 2025 to $42.53

ThenNowEffect
Revenue (last 12 months) $2.0bn $2.2bn +13.6%
Net margin 12.0% 11.2% −6.9%
P/E multiple 27.1x 26.8x −1.0%
Share count 164m 158m +3.9%

Biggest factor: revenue.

Last 3 years +59.5%

$26.66 on November 3, 2023 to $42.53

ThenNowEffect
Revenue (last 12 months) $1.5bn $2.2bn +45.1%
Net margin 11.1% 11.2% +0.5%
P/E multiple 26.3x 26.8x +2.0%
Share count 169m 158m +7.2%

Biggest factor: revenue.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
EXLS+70%+17%−9%+44%−4%+0%
Industry peers (median)+9%−35%+8%+18%−23%−16%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
EXLS75%58%50%75%50%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
EXLS−12%−22%−29%−12%−26%−41%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 51% from February 6, 2025 to June 25, 2026. Getting back needed a 105% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$25.22 – $43.38
From 52-week high
−2.0%
vs 50-day average
+13.6%
vs 200-day average
+30.1%
Volatility (1 year)
42%
Beta vs S&P 500
-0.09

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
9 up, 3 down
typical move ±5.2%
After a week
8 up, 3 down
typical move ±6.9%
After a month
8 up, 3 down
typical move ±8.6%
Results releasedNext dayS&P 500 next day5 days21 days
October 27, 2026 −2.5% +0.9% — —
July 28, 2026 +26.0% −1.3% +20.4% +31.3%
April 28, 2026 +2.7% −0.5% +2.9% −4.2%
February 24, 2026 +0.6% +1.6% +12.0% +6.2%
October 28, 2025 −7.1% +0.3% −4.6% −4.0%
July 29, 2025 +1.4% −0.4% +0.6% +4.4%
February 25, 2025 +0.9% −0.4% −2.6% −2.1%
October 29, 2024 +7.5% −0.1% +11.2% +20.3%
August 1, 2024 −3.5% −3.3% −3.3% +3.6%
May 2, 2024 +2.0% +2.2% +5.1% +1.5%
February 29, 2024 +6.3% +1.3% +8.5% +5.0%
October 26, 2023 +1.6% −1.6% +4.9% +11.6%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Exlservice Holdings, Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: fundamentals grade B (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Exlservice Holdings, Inc. in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Exlservice Holdings, Inc.
$1.6B $1.8B $2B $2.2B $2.4B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $1.6B Revenue (TTM), FY24 Q1: $1.7B Revenue (TTM), FY24 Q2: $1.7B Revenue (TTM), FY24 Q3: $1.8B Revenue (TTM), FY24 Q4: $1.8B Revenue (TTM), FY25 Q1: $1.9B Revenue (TTM), FY25 Q2: $2B Revenue (TTM), FY25 Q3: $2B Revenue (TTM), FY25 Q4: $2.1B Revenue (TTM), FY26 Q1: $2.2B Revenue (TTM), FY26 Q2: $2.2B Revenue (TTM), FY26 Q3: $2.3B $2.3B

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $1.6B
FY24 Q1 $1.7B
FY24 Q2 $1.7B
FY24 Q3 $1.8B
FY24 Q4 $1.8B
FY25 Q1 $1.9B
FY25 Q2 $2B
FY25 Q3 $2B
FY25 Q4 $2.1B
FY26 Q1 $2.2B
FY26 Q2 $2.2B
FY26 Q3 $2.3B
Revenue growth, TTM YoY Exlservice Holdings, Inc.
10% 12% 14% 16% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 15.5% Revenue growth, TTM YoY, FY24 Q1: 12.3% Revenue growth, TTM YoY, FY24 Q2: 10.9% Revenue growth, TTM YoY, FY24 Q3: 11.3% Revenue growth, TTM YoY, FY24 Q4: 12.7% Revenue growth, TTM YoY, FY25 Q1: 14.2% Revenue growth, TTM YoY, FY25 Q2: 15.2% Revenue growth, TTM YoY, FY25 Q3: 14.4% Revenue growth, TTM YoY, FY25 Q4: 13.6% Revenue growth, TTM YoY, FY26 Q1: 13.4% Revenue growth, TTM YoY, FY26 Q2: 13.6% Revenue growth, TTM YoY, FY26 Q3: 15.6% 15.6%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 15.5%
FY24 Q1 12.3%
FY24 Q2 10.9%
FY24 Q3 11.3%
FY24 Q4 12.7%
FY25 Q1 14.2%
FY25 Q2 15.2%
FY25 Q3 14.4%
FY25 Q4 13.6%
FY26 Q1 13.4%
FY26 Q2 13.6%
FY26 Q3 15.6%
Operating margin (TTM) Exlservice Holdings, Inc.
13.5% 14% 14.5% 15% 15.5% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 14.6% Operating margin (TTM), FY24 Q1: 14.5% Operating margin (TTM), FY24 Q2: 13.9% Operating margin (TTM), FY24 Q3: 13.9% Operating margin (TTM), FY24 Q4: 14.3% Operating margin (TTM), FY25 Q1: 14.7% Operating margin (TTM), FY25 Q2: 15.2% Operating margin (TTM), FY25 Q3: 15.1% Operating margin (TTM), FY25 Q4: 15.0% Operating margin (TTM), FY26 Q1: 15.2% Operating margin (TTM), FY26 Q2: 14.9% Operating margin (TTM), FY26 Q3: 14.8% 14.8%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 14.6%
FY24 Q1 14.5%
FY24 Q2 13.9%
FY24 Q3 13.9%
FY24 Q4 14.3%
FY25 Q1 14.7%
FY25 Q2 15.2%
FY25 Q3 15.1%
FY25 Q4 15.0%
FY26 Q1 15.2%
FY26 Q2 14.9%
FY26 Q3 14.8%
FCF margin (TTM) Exlservice Holdings, Inc.
6% 8% 10% 12% 14% 16% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 9.7% FCF margin (TTM), FY24 Q1: 7.3% FCF margin (TTM), FY24 Q2: 8.8% FCF margin (TTM), FY24 Q3: 11.0% FCF margin (TTM), FY24 Q4: 12.1% FCF margin (TTM), FY25 Q1: 12.9% FCF margin (TTM), FY25 Q2: 14.1% FCF margin (TTM), FY25 Q3: 14.2% FCF margin (TTM), FY25 Q4: 14.3% FCF margin (TTM), FY26 Q1: 13.8% FCF margin (TTM), FY26 Q2: 12.3% FCF margin (TTM), FY26 Q3: 11.6% 11.6%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 9.7%
FY24 Q1 7.3%
FY24 Q2 8.8%
FY24 Q3 11.0%
FY24 Q4 12.1%
FY25 Q1 12.9%
FY25 Q2 14.1%
FY25 Q3 14.2%
FY25 Q4 14.3%
FY26 Q1 13.8%
FY26 Q2 12.3%
FY26 Q3 11.6%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Exlservice Holdings took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $2.1B
  2. Cost of revenue $1.3B · 61.6%
  3. Gross profit $801M · 38.4%
  4. Selling, general and admin $428M · 20.5%
  5. Other operating costs $59.1M · 2.8%
  6. Operating income $314M · 15.0%
  7. Income tax $63.7M · 3.1%
  8. Net income $251M · 12.0%

Shares of revenue. Source: Exlservice Holdings's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 191 253 361 443 478 686 762 883 991 958 1,122 1,412 1,631 1,838 2,088 2,342
Gross profit 82 101 141 171 188 238 267 298 336 334 431 515 608 691 801 899
EBITDA 36 42 64 83 92 99 112 99 129 161 206 248 289 319 373 410
Operating income 24 27 41 57 67 64 73 50 76 110 156 192 239 264 314 346
Net income 16 27 35 42 48 62 49 57 68 89 115 143 185 198 251 261
Diluted EPS $0.11 $0.18 $0.22 $0.25 $0.28 $0.36 $0.28 $0.32 $0.39 $0.52 $0.67 $0.85 $1.10 $1.21 $1.54 $1.68
Growth (year on year)
Revenue — +32.3% +42.6% +22.9% +8.0% +43.4% +11.1% +15.8% +12.3% −3.3% +17.1% +25.8% +15.5% +12.7% +13.6% +15.6%
EBITDA — +18.3% +51.8% +28.8% +11.4% +7.3% +12.8% −11.8% +30.6% +24.8% +28.0% +20.8% +16.4% +10.3% +17.0% +12.0%
Operating income — +8.7% +55.8% +38.5% +17.8% −4.3% +12.8% −31.5% +53.5% +43.9% +41.7% +23.3% +24.2% +10.4% +19.0% +12.7%
Net income — +69.9% +30.8% +20.3% +15.0% +28.4% −20.8% +16.0% +19.3% +32.2% +28.3% +24.6% +29.1% +7.4% +26.6% +7.9%
Diluted EPS — +66.0% +25.0% +14.5% +12.7% +26.1% −22.3% +16.5% +20.4% +32.8% +29.3% +26.9% +29.4% +10.0% +27.3% +13.5%
Margins
Gross margin 42.7% 40.1% 39.0% 38.6% 39.2% 34.7% 35.0% 33.8% 33.9% 34.9% 38.4% 36.5% 37.3% 37.6% 38.4% 38.4%
EBITDA margin 18.7% 16.8% 17.8% 18.7% 19.3% 14.4% 14.7% 11.2% 13.0% 16.7% 18.3% 17.6% 17.7% 17.3% 17.9% 17.5%
Operating margin 12.8% 10.5% 11.5% 12.9% 14.1% 9.4% 9.5% 5.6% 7.7% 11.5% 13.9% 13.6% 14.6% 14.3% 15.0% 14.8%
Net margin 8.2% 10.5% 9.6% 9.4% 10.1% 9.0% 6.4% 6.4% 6.8% 9.3% 10.2% 10.1% 11.3% 10.8% 12.0% 11.1%
Free-cash-flow margin 12.7% 6.6% 10.2% 10.6% 14.0% 11.2% 10.2% 5.8% 12.9% 16.8% 13.1% 8.6% 9.7% 12.1% 14.3% 11.6%
Cash flow
Cash from operations 36 37 56 66 83 102 113 92 168 203 184 166 211 269 351 326
Capital spending 11 20 19 19 16 26 35 41 41 42 37 45 53 46 53 55
Free cash flow 24 17 37 47 67 77 78 52 128 161 147 121 158 222 298 271
Stock-based pay 7 8 9 9 12 20 23 24 26 28 39 49 58 73 79 93
Free cash flow after stock pay 17 8 27 38 55 57 55 28 102 133 109 72 100 150 219 178
Balance sheet
Cash 132 111 82 103 148 213 87 96 119 219 135 119 137 153 146 154
Total debt 0 0 0 0 0 55 61 302 235 239 260 250 200 289 299 512
Net debt (negative = net cash) −132 −111 −82 −103 −148 −158 −26 206 116 20 125 131 63 135 152 358
Diluted shares 147m 152m 158m 166m 169m 173m 176m 175m 174m 173m 171m 169m 168m 164m 162m 155m
Returned to shareholders
Buybacks 0 0 2 0 22 18 43 43 41 80 118 73 132 208 328 322
Total returned 0 0 2 0 22 18 43 43 41 80 118 73 132 208 328 322

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

4 of 7 checks passed · September 30, 2026
What it owns · $2.1bn
Short-term assets $959mLonger-term assets $1.1bn
What it owes, and who funded it · $2.1bn
Short-term liabilities $444mLonger-term liabilities $701mShareholders' equity $928m
  • Short-term assets cover short-term liabilities $959m of assets due within a year against $444m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $959m short-term assets against $701m of longer-dated liabilities.
  • More cash than debt $154m of cash against $511m of debt.
  • Debt below 40% of shareholders' equity Debt is 55% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 37% to 55% over five years.
  • A year's operating cash flow covers at least 20% of debt $326m of operating cash flow against $511m of debt.
  • Operating profit covers interest at least five times over Operating income of $346m against $20m of interest.

From Exlservice Holdings, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$322M
Returned to shareholders
119%
of free cash flow
Buybacks, last 3 fiscal years
$668M
Diluted share count
−4.9%
year over year
Total shareholder yield
5.0%
dividends 0.0% + buybacks 5.0% of market value
Days sales outstanding
71 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in it consulting & other services
Last 12 months unless stated EXLS GLOB FORTY UIS GDS G Median
Revenue, last 12 months $2.3bn $2.5bn $2.6bn $1.9bn $1.6bn $5.3bn $383m
Revenue growth, last 12 months 15.6% 1.6% 18.4% −0.6% 10.9% 6.5% 5.7%
Revenue growth, 3-year average 13.7% — — −1.1% — 6.0% 4.3%
Revenue growth, latest quarter 19.7% — — −2.0% — 7.1% 4.7%
Gross margin 38.4% 35.0% 19.8% 27.8% 22.6% 36.5% 28.0%
Operating margin 14.8% 7.0% 8.8% 1.4% −0.5% 14.8% 5.9%
Operating margin, 3-year average 14.6% 8.7% — 3.2% 4.0% 14.7% 7.5%
Net margin 11.1% 4.2% 23.1% −21.7% 8.3% 11.1% 2.2%
Cash from operations / revenue 13.9% 12.3% 14.5% 5.8% 29.4% 12.3% 6.7%
Free-cash-flow margin 11.6% 11.5% 13.9% 3.9% −11.6% 10.5% 5.0%
Free-cash-flow margin, 3-year average 12.2% 9.2% 9.0% −2.1% −79.0% 10.6% 6.7%
Stock pay / revenue 4.0% 3.1% 1.2% 0.6% 2.5% 1.8% 2.2%
Change in share count −4.9% 0.9% 1.0% 2.5% 11.5% −2.8% 0.9%

Median of all 40 companies we cover in it consulting & other services. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

40 it consulting & other services companies
Measure Company Peer median Rank
Revenue growth Growth 15.6% 6.5% 9 of 40
Change in growth rate Growth +1.9pp -0.8pp 10 of 40
Gross margin Profitability 38.4% 28.2% 9 of 34
Operating margin Profitability 14.8% 5.9% 8 of 36
Net margin Profitability 11.1% 2.5% 8 of 40
Free-cash-flow margin Cash generation 11.6% 5.1% 7 of 38
Stock pay as % of revenue Cash generation 4.0% 2.3% 28 of 36
Long-term debt as % of assets Balance sheet 24.2% 11.8% 18 of 27
Change in share count Balance sheet -4.9% 0.9% 6 of 39
Days sales outstanding Balance sheet 71 days 71 days 15 of 30

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Insurance $830M 39.8% ▲ 8.2%
Banking Capital Markets and Diversified Industries $724M 34.7% ▲ 13.3%
Healthcare and Life Sciences $534M 25.6% ▲ 23.6%
Products and services
Line of business Revenue Share YoY
Data and AI Led Services $1.2B 55.3% ▲ 17.9%
Digital Operations Service $932M 44.7% ▲ 8.6%
Geography
Region Revenue Share YoY
North America $1.7B 82.7% ▲ 14.0%
The United Kingdom and Europe $307M 14.7% ▲ 12.8%
Rest of World $54.8M 2.6% ▲ 5.3%

From Exlservice Holdings, Inc.'s 10-K filed February 24, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$4B
Institutions reporting
441
Shares held vs prior quarter
▲ 1.7%
Positions opened / closed
55 / 76

Top buyers and sellers, Q2 2026: 198 institutions bought and 268 sold ; the biggest buyer was Citadel Advisors LLC (+1.9M shares) and the biggest seller AQR Capital Management LLC (−3.1M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $488M 18.9M 12.2% ▼ 1.2%
FMR LLC $359M 13.9M 8.9% ▲ 3.6%
Vanguard Capital Management LLC $172M 6.6M 4.3% ▼ 1.4%
AQR Capital Management LLC $171M 6.8M 4.3% ▼ 31.0%
Vanguard Portfolio Management LLC $168M 6.5M 4.2% ▼ 0.3%
State Street Corp $126M 4.9M 3.1% ▲ 1.6%
Geode Capital Management, LLC $105M 4.1M 2.6% ▼ 3.5%
Two Sigma Investments, LP $104M 4.0M 2.6% ▲ 8.4%
Geneva Capital Management LLC $88.9M 3.4M 2.2% ▼ 19.3%
D. E. Shaw & Co., Inc. $84.2M 3.3M 2.1% ▼ 5.4%
Citadel Advisors LLC $82.8M 3.2M 2.1% ▲ 138.3%
Dimensional Fund Advisors LP $75.4M 2.9M 1.9% ▲ 2.1%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Exlservice Holdings, Inc.'s complete shareholder register. Values are as reported by the filers ; 2 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $3.1M 14 trades by 3 insiders · 79% under pre-set plans
Net ▼ $3.1M net selling
Insider Date Trade Shares Price Value
Bhalla Vikas President of EXL October 1, 2026 Sell pre-set plan 11,000 $35.38 $389,180
Bhalla Vikas President of EXL September 1, 2026 Sell pre-set plan 10,000 $38.17 $381,700
Chhibbar Vishal Executive Vice President August 11, 2026 Sell 5,000 $35.10 $175,500
Bhalla Vikas President of EXL August 3, 2026 Sell pre-set plan 11,000 $34.99 $384,890
Bhalla Vikas President of EXL July 1, 2026 Sell pre-set plan 12,000 $26.47 $317,640
Bhalla Vikas President of EXL June 4, 2026 Sell pre-set plan 12,000 $30.22 $362,640
Ayyappan Ajay EVP & Gen Counsel/Corp. Sec'y. May 20, 2026 Sell pre-set plan 5,093 $29.11 $148,257
Ayyappan Ajay EVP & Gen Counsel/Corp. Sec'y. March 2, 2026 Sell pre-set plan 1,679 $30.39 $51,025
Ayyappan Ajay EVP & Gen Counsel/Corp. Sec'y. February 23, 2026 Sell pre-set plan 1,197 $29.79 $35,659
Ayyappan Ajay EVP & Gen Counsel/Corp. Sec'y. February 18, 2026 Sell pre-set plan 1,049 $30.32 $31,806
Ayyappan Ajay EVP & Gen Counsel/Corp. Sec'y. February 18, 2026 Sell pre-set plan 1,226 $30.32 $37,172
Ayyappan Ajay EVP & Gen Counsel/Corp. Sec'y. January 27, 2026 Sell pre-set plan 5,316 $42.53 $226,089

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 3 trades and filings

No trades in Exlservice Holdings, Inc. disclosed in the last 12 months; 3 earlier trades on record.

  • Gilbert Ray Cisneros, Jr.(D-CA 39):Sale (full), $1,001 - $15,000, traded March 31, 2020, filed April 16, 2020
  • Josh Gottheimer(D-NJ 5):Sale (full), $1,001 - $15,000, traded March 26, 2020, filed April 11, 2020
  • Greg Gianforte(MT):Sale (full), $100,001 - $250,000, traded February 6, 2020, filed February 14, 2020

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 26, 2027 estimated from the company's past filing pattern, not announced

  • October 27, 2026
  • July 28, 2026
  • April 28, 2026
  • February 24, 2026
  • October 28, 2025
  • July 29, 2025

Recent SEC filings

Data status

When each part of this page on Exlservice Holdings, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Exlservice Holdings, Inc. in brief

What does Exlservice Holdings, Inc. do?
Exlservice Holdings, Inc. is a US-listed company in the IT consulting & other services industry. Its financial year ends in December.
What is Exlservice Holdings, Inc.'s stock ticker?
Exlservice Holdings, Inc. trades under the ticker EXLS on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Exlservice Holdings, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Exlservice Holdings, Inc. reported revenue of $2.3B, 15.6% higher than a year earlier, according to its SEC filings.
What is Exlservice Holdings, Inc.'s free cash flow?
Exlservice Holdings, Inc.'s free-cash-flow margin is 11.6% of revenue over the trailing twelve months, ranking 7 of the 38 it consulting & other services companies we cover.
What is Exlservice Holdings, Inc.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of Exlservice Holdings, Inc.'s free cash flow after stock-based pay gives ~$45 per share in the base case, and ~$34–$60 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Exlservice Holdings, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., FMR LLC and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Exlservice Holdings, Inc. buying back stock, and does it pay a dividend?
Exlservice Holdings, Inc. spent $322M on share repurchases over the trailing twelve months, and its diluted share count fell 4.9% over the year.
What is Exlservice Holdings, Inc.'s market cap?
On November 2, 2026, Exlservice Holdings, Inc.'s market capitalisation was about $6.6B, with a price-to-earnings ratio of 25.4 and net debt of $358M. Market figures come from third-party market data and may be delayed.
How much debt does Exlservice Holdings, Inc. have?
Exlservice Holdings, Inc.'s debt-to-equity ratio is 55.1%, from its latest balance sheet (37.1% five years earlier). The financial health section below sets out its other solvency checks.
Who are Exlservice Holdings, Inc.'s competitors?
In our IT Consulting & Other Services peer group, the companies closest to Exlservice Holdings, Inc. are Globant S.a., Formula Systems (1985) LTD, Unisys Corp, GDS Holdings Ltd and Genpact LTD. The side-by-side comparison below sets their revenue, margins and growth against Exlservice Holdings, Inc.'s.
Are insiders buying or selling Exlservice Holdings, Inc. stock?
Over the last 12 months, Exlservice Holdings, Inc.'s directors and officers reported 0 open-market purchases and 14 sales on Form 4. The insider trading page charts every trade.
When is Exlservice Holdings, Inc.'s next earnings date?
Around January 26, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Exlservice Holdings, Inc. announces its own schedule.