ExlService Holdings (EXLS) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

ExlService Holdings

NasdaqGS•Technology•Information Technology Services

$42.53+1.10(0.03%)Pre-market

Market Cap

$6.46B

P/E

24.8x

P/S

2.8x

P/B

7.0x

ExlService Holdings, Inc., operates as a data and artificial intelligence (AI) company in the North America, the United Kingdom, Europe, and internationally. The company operates through Insurance; Healthcare and Life Sciences; Banking, Capital Markets, and Diversified Industries; and International Growth Markets. It provides digital operations and solutions and analytics-driven services, such as claims management, premium and benefit administration, agency management, account reconciliation, actuarial and risk analytics, policy research, digital marketing, underwriting support, new business acquisition, policy servicing, audit, surveys, billing and collection, commercial and residential survey, and customer service; digital customer acquisition services using a software-as-a-service delivery model through LifePRO and Life Digital Suite platforms; and Subrosource software platform, an end-to-end subrogation platform. The company also offers health care services for care, utilization, and disease management; payment integrity; revenue optimization, customer engagement, and commercial analytics and regulatory support services; and digital operations and solutions. In addition, it provides financial planning and analysis, accounting, regulatory and statutory reporting, decision support, data management, and compliance services; consumer and commercial banking, credit card and payment services; fintech, wealth and retirement services; capital markets, utilities, retail and consumer packaged goods, communications, media and entertainment, travel and leisure, transportation and logistics, infrastructure, and other business services; property and casualty insurance, life insurance, disability insurance; and insurance brokers, reinsurers, annuity and retirement services. The company was founded in 1999 and is headquartered in New York, New York.

How this company scores

GoodMetricSide Score: 67/100

Strongest: Growth (23/25); weakest: Balance Sheet & Red Flags (11/25).

Profitability17/25

Growth23/25

Balance Sheet & Red Flags11/25

Cash & Earnings Quality16/25

Strengths

Growing revenueHigh ROECash-backed earningsConsistent growth

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 24.8x5y range 15.6x – 61.4x

Currently below its 20-quarter median.

P/S · 2.8x5y range 1.7x – 6.3x

Currently below its 20-quarter median.

P/B · 7.0x5y range 4.5x – 10.3x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

Some Concerns

Leverage Risk

Watch

Debt-to-equity has risen 47.0% recently — increasing financial risk even if the current ratio is manageable.

Cash Burn

Watch

FCF turned negative in 2 of the last 8 quarters — occasional cash consumption.

Price & Volume

Market Cap $6.46B

Metrics at a Glance

as of September 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $2.34B
Q. Revenue: $633.96M
TTM EBITDA: $409.99M
TTM Op. Income: $346.00M
Q. Op. Income: $88.86M
TTM Net Income: $260.61M
Q. Net Income: $68.77M
EPS: $0.45
Shares Out.: $151.78M

$2.34B in TTM revenue grew 15.6% YoY, reaching $633.96M last quarter. TTM EBITDA of $409.99M and TTM operating income of $346.00M show growth is flowing through to the bottom line. TTM net income of $260.61M means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 7 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 38.0%
EBITDA Margin: 17.0%
Op. Margin: 14.0%
Net Margin: 10.8%

Op. margin of 14.0% is down 0.4% YoY — costs are rising relative to revenue. Net margin at 10.8% and gross margin of 38.0% show how much of each revenue dollar survives to profit. Across the last 8 quarters, operating margin has fallen for 2 consecutive quarters — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 24.8x
P/S Ratio: 2.8x
P/B Ratio: 7.0x

At 24.8x P/E, the stock trades within typical market levels. P/S of 2.8x and P/B of 7.0x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Over the past year, P/E is down 15% — a weakening trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $2.07B
Cash: $154.07M
Long-Term Debt: $501.35M
Book Value: $928.09M
D/E Ratio: 0.5
Debt/EBITDA: 4.7

With $2.07B in assets and $501.35M in long-term debt, D/E is 0.5and book value is $928.09M — a conservative capital structure with a cushion to weather downturns. Over the past year, debt/equity is up 47% — a weakening trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $119.19M
TTM Free Cash Flow: $271.19M
FCF Margin: 11.6%
FCF / Net Income: 1.0

TTM FCF of $271.19M on $119.19M in operating cash flow. The FCF / Net Income ratio of 1.0x means free cash flow covers net income — earnings are backed by cash. Across the last 8 quarters, free cash flow has fallen for 3 consecutive quarters — a weakening trend.