Exlservice Holdings, Inc. key statistics and ratios

In fiscal 2025, Exlservice Holdings, Inc. had return on equity of 27.2%, an operating margin of 15.0%, debt equal to 32.7% of equity and a current ratio of 2.56. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Exlservice Holdings, Inc.: financial ratios, annual
Fiscal year	2009Dec 2009	2010Dec 2010	2011Dec 2011	2012Dec 2012	2013Dec 2013	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMSept 2026
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%
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%
Return on equity	7.6%	11.7%	13.2%	13.4%	13.5%	13.7%	8.6%	9.3%	10.5%	12.9%	16.3%	19.7%	22.4%	21.8%	27.2%	28.3%
Return on assets	—	8.7%	10.2%	10.3%	10.7%	10.6%	6.4%	6.0%	6.0%	7.4%	9.1%	10.9%	13.2%	13.0%	15.1%	13.8%
Asset turnover	—	0.83	1.06	1.09	1.06	1.17	1.00	0.94	0.88	0.79	0.89	1.07	1.17	1.20	1.26	1.24
Current ratio	—	3.64	2.31	2.77	3.32	3.05	3.14	3.22	2.36	2.76	1.17	2.20	2.08	2.74	2.56	2.16
Debt to equity	0.0%	0.0%	0.0%	0.0%	0.0%	10.3%	10.1%	48.9%	35.1%	33.2%	37.5%	33.0%	22.5%	31.0%	32.7%	55.2%
Interest cover (operating income ÷ interest)	—	—	—	—	119.5x	48.0x	38.5x	6.9x	5.6x	9.8x	20.6x	23.3x	18.1x	13.7x	17.8x	17.6x
Effective tax rate	19.0%	17.1%	25.4%	26.2%	26.0%	26.4%	42.5%	5.6%	18.3%	22.2%	21.7%	25.0%	22.5%	24.1%	20.2%	22.8%
Capital spending as % of revenue	6.0%	7.9%	5.4%	4.2%	3.3%	3.8%	4.6%	4.6%	4.1%	4.4%	3.3%	3.2%	3.2%	2.5%	2.5%	2.3%
Free cash flow ÷ net income	155.1%	62.6%	105.7%	112.3%	139.0%	124.0%	159.6%	91.0%	189.0%	179.7%	128.2%	84.8%	85.8%	112.1%	118.8%	104.1%
Dividends and buybacks ÷ free cash flow	0.3%	0.6%	4.4%	0.7%	32.3%	23.8%	55.7%	83.5%	32.3%	49.7%	80.4%	59.9%	83.2%	93.5%	110.2%	118.7%

US$ thousands unless shown otherwise. Fiscal quarters.

Exlservice Holdings, Inc.: financial ratios, quarterly
Quarter	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026	2026 Q3Sept 2026
Gross margin	38.1%	38.6%	37.7%	38.5%	38.6%	38.9%	38.0%	38.0%
Operating margin	14.8%	15.7%	15.8%	14.4%	14.4%	16.1%	14.7%	14.0%
Net margin	10.5%	13.3%	12.8%	11.0%	11.1%	11.8%	10.8%	10.8%
Free-cash-flow margin	19.8%	−1.9%	18.5%	20.1%	19.6%	−2.0%	12.3%	16.2%
Current ratio	2.74	3.41	3.15	2.91	2.56	2.66	1.24	2.16
Debt to equity	31.0%	30.4%	24.5%	37.3%	32.7%	53.6%	44.0%	55.1%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

Compare with peers

Head to head: EXLS vs GLOB EXLS vs FORTY EXLS vs UIS EXLS vs GDS

More: IT Consulting & Other Services stocks compared, Technology sector, rankings of US companies

Figures from Exlservice Holdings, Inc.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Exlservice Holdings, Inc.