ExlService Holdings, Inc. (EXLS) Stock Analysis
Technology · Information Technology Services · NasdaqGS
ExlService Holdings, Inc. (EXLS) posted $2.09B in revenue for fiscal 2025 (up 13.6% year over year), at a 12.0% net margin, and has compounded revenue about 16.8%/yr over five years, per its SEC filings.
Data last refreshed August 2, 2026 from SEC filings · how we compute this
The analyst's take on ExlService Holdings, Inc.
ExlService Holdings, Inc. has grown revenue from $685.99M to $2.09B over the last 10 fiscal years, compounding about 16.8% a year. The most recent year was up 13.6%, so growth has cooled from its longer-run pace.
Net margin sits at 12%, up 1.2 points year over year on a 38.4% gross margin. It carries about $298.60M of total debt.
At today's valuation the market is pricing in roughly 3.7% annual free-cash-flow growth — versus the 13.1% it actually delivered over the last five years, so the price is arguably undemanding against what it has already proven.
Synthesised from ExlService Holdings, Inc.'s SEC filings — descriptive, not advice. Ask the analyst your own question →
ExlService Holdings, Inc. revenue & earnings — last 10 fiscal years
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $685.99M | $762.31M | $883.11M | $991.35M | $958.43M | $1.12B | $1.41B | $1.63B | $1.84B | $2.09B |
| Gross profit | $238.27M | $267.17M | $298.26M | $335.86M | $334.50M | $431.36M | $515.45M | $607.77M | $691.01M | $801.08M |
| Net income | $61.73M | $48.89M | $56.73M | $67.66M | $89.48M | $114.76M | $142.97M | $184.56M | $198.30M | $251.02M |
| Net margin | 9.0% | 6.4% | 6.4% | 6.8% | 9.3% | 10.2% | 10.1% | 11.3% | 10.8% | 12.0% |
Source: ExlService Holdings, Inc. SEC filings (10-K). 17 years of history available in the interactive view.
ExlService Holdings, Inc.: no obvious red flags in the filings
Our deterministic scan of the filed statements — receivables vs sales, earnings vs cash, dilution, leverage and margins — didn't flag anything. Ask about the risks →
What growth is priced into EXLS stock?
At today's market cap of $4.44B, ExlService Holdings, Inc. is priced for free-cash-flow growth of about 3.7% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $298.12M from the FY ending 2025-12-31). For comparison, free cash flow actually grew 13.1%/yr over the last five fiscal years and revenue 16.8%/yr, computed from its SEC filings. This is a reverse DCF — a translation of the price into a growth assumption you can judge, not a fair value and not advice. Change the assumptions yourself in the interactive view →
Explore 17 years of ExlService Holdings, Inc. financials — interactive
Full income statement, balance sheet and cash flow with CAGR and trend on every row, 48 quarters, valuation ratios, plain-English health checks, and Ask — our SEC-grounded research assistant.
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ExlService Holdings, Inc. financial history by metric
Compare ExlService Holdings, Inc. with peers
About ExlService Holdings, Inc.
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.
ExlService Holdings, Inc. — frequently asked questions
What is ExlService Holdings, Inc.'s revenue?
ExlService Holdings, Inc. (EXLS) reported revenue of $2.09B for fiscal year 2025, up 13.6% from the prior year, according to its SEC filings.
Is ExlService Holdings, Inc. profitable?
Yes. EXLS earned net income of $251.02M in fiscal 2025, a net margin of 12.0%.
What is EXLS's P/E ratio?
ExlService Holdings, Inc. trades at a price-to-earnings ratio of about 18.5 based on the latest data in our nightly-refreshed cache.
How fast is ExlService Holdings, Inc. growing?
EXLS's revenue grew at roughly 16.8% per year over the last five fiscal years (compound annual growth rate), computed from SEC-filed statements.
How much debt does ExlService Holdings, Inc. have?
As of fiscal year 2025, EXLS carried roughly $298.60M in total debt (short- plus long-term borrowings), per its filed balance sheet.
What is ExlService Holdings, Inc.'s gross margin?
EXLS's gross margin was 38.4% in fiscal 2025 — gross profit of $801.08M on revenue of $2.09B.
What is ExlService Holdings, Inc.'s market cap?
ExlService Holdings, Inc. (EXLS) has a market capitalization of about $4.44B, based on the latest data in our nightly-refreshed cache.
When does ExlService Holdings, Inc.'s fiscal year end?
EXLS's fiscal year ends in December. Its most recent annual filing covers the fiscal year ending 2025-12-31.
What growth is priced into EXLS stock?
At today's market cap of $4.44B, ExlService Holdings, Inc. is priced for free-cash-flow growth of about 3.7% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $298.12M from the FY ending 2025-12-31). For comparison, free cash flow actually grew 13.1%/yr over the last five fiscal years and revenue 16.8%/yr, computed from its SEC filings.
Where does this data come from?
All figures are computed from ExlService Holdings, Inc.'s official SEC filings (10-K and 10-Q), covering 17 years of history, refreshed nightly. stockportfolio.pro does not provide investment advice.