Tearsheet

ExlService (EXLS)

Market Price (12/4/2025): $40.02 | Market Cap: $6.4 Bil
Sector: Industrials | Industry: Data Processing & Outsourced Services

ExlService (EXLS)

Market Price (12/4/2025): $40.02
Market Cap: $6.4 Bil
Sector: Industrials
Industry: Data Processing & Outsourced Services

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 14%	Weak multi-year price returns 2Y Excs Rtn is -7.1%, 3Y Excs Rtn is -65%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 17%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 14%
2	Low stock price volatility Vol 12M is 28%
3	Megatrend and thematic drivers Megatrends include Artificial Intelligence, Automation & Robotics, and Digital Health & Telemedicine. Themes include AI Software Platforms, Show more.

0	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 14%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 17%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 14%
2	Low stock price volatility Vol 12M is 28%
3	Megatrend and thematic drivers Megatrends include Artificial Intelligence, Automation & Robotics, and Digital Health & Telemedicine. Themes include AI Software Platforms, Show more.
4	Weak multi-year price returns 2Y Excs Rtn is -7.1%, 3Y Excs Rtn is -65%

Valuation, Metrics & Events

	12/4/25	2024	2023	2022	2021
Share Price CYE	$40.02	$44.38	$30.85	$33.89	$28.95
Market Cap CYE ($ Bil)	6.4	7.2	5.1	5.6	4.8
Total Debt ($ Bil)	0.4	0.4	0.3	0.3	0.3
Total Cash ($ Bil)	0.4	0.3	0.3	0.3	0.3
Enterprise Value ($ Bil)	6.5	7.6	5.4	5.9	5.1
Valuation Ratios
P/S TTM	3.5	3.9	3.1	4.0	4.3
P/EBIT TTM	21.4	25.7	20.4	28.5	31.5
P/E TTM	29.1	36.4	27.8	39.5	42.3
Sector Ratios
P/S TTM (Sector)	0.0	0.0	0.0	0.0	0.0
P/EBIT TTM (Sector)	0.0	0.0	0.0	0.0	0.0
P/E TTM (Sector)	0.0	0.0	0.0	0.0	0.0

	12/4/25	2024	2023
Share Price CYE	$40.02	$44.38	$30.85
Market Cap CYE ($ Bil)	6.4	7.2	5.1
Total Debt ($ Bil)	0.4	0.4	0.3
Total Cash ($ Bil)	0.4	0.3	0.3
Enterprise Value ($ Bil)	6.5	7.6	5.4
Valuation Ratios
P/S TTM	3.5	3.9	3.1
P/EBIT TTM	21.4	25.7	20.4
P/E TTM	29.1	36.4	27.8
Sector Ratios
P/S TTM (Sector)	0.0	0.0	0.0
P/EBIT TTM (Sector)	0.0	0.0	0.0
P/E TTM (Sector)	0.0	0.0	0.0

	EXLS	S&P 500
REVENUE GROWTH	GOOD
Rev LTM ($ Bil)	2.0
Rev Chg Q	12.2%	7.1%
Rev Chg LTM	14.4%	6.1%
Rev Chg 3Y Avg	15.0%	5.5%
PROFITABILITY	FAIR
Op Inc LTM ($ Bil)	0.3
CFO LTM ($ Bil)	0.3
Net Inc LTM ($ Bil)	0.2
Op Mgn LTM	15.1%	18.8%
CFO/Rev LTM	16.7%	20.5%
Net Inc Mgn	11.9%	13.1%
VALUATION	MODERATE
P/S	3.5	3.2
P/CFO	20.8	15.8
P/FCF	24.5	20.5
P/E	29.1	23.5
STABILITY	VERY GOOD
Debt/Equity	0.06	0.20
Cash/Assets	0.23	0.07

AI Generated Analysis | Feedback

Metric	Value	Date	Source
Number of New Clients	21	9302025	Link
Recurring Revenue Percentage	More than 75%	5302025	Link
Percentage of Revenue from Fortune 1000 Clients	More than 50%	5302025	Link
Percentage of Revenue from Data and AI-led Services	54.2%	7292025	Link
Number of Employees	61,100	7292025	Link
Client Concentration (Top 10 Clients)	34.5% of total revenues	9302025	Link

Upcoming
2/24/2026	Earnings Release	Rev: - EPS: -

EXLS Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

AI Generated Analysis | Feedback

Here are five key points explaining the approximate -8.2% stock movement for ExlService (EXLS) from August 31, 2025, to December 4, 2025: 1. Market reaction to Q3 2025 Earnings: Despite reporting strong Q3 2025 results on October 28, 2025, which included an earnings per share (EPS) beat and raised full-year guidance, the stock experienced a decline. This was largely attributed to market concerns over a slight revenue shortfall compared to analyst consensus estimates.

2. Concerns regarding intensifying competition in AI-driven business services: The positive aspects of the Q3 earnings report were overshadowed by investor anxieties about increasing competition within the AI-driven business services sector, which contributed to the stock's downward pressure.

3. Analyst downgrades and price target reductions: During this period, several analyst firms adjusted their ratings and price targets for EXLS. JPMorgan Chase & Co. lowered its price objective from $56.00 to $52.00 on August 20, 2025. Additionally, Weiss Ratings downgraded ExlService from a "buy" to a "hold" rating on October 25, 2025, and Wall Street Zen followed suit on November 22, 2025, also lowering its rating from "buy" to "hold".

4. Valuation concerns amidst market growth comparisons: An analysis on October 6, 2025, highlighted that ExlService's price-to-earnings (P/E) ratio of 29.4x was significantly higher than many other U.S. companies. While the company showed good earnings growth, its forecasted earnings growth of 9.6% per annum over the next three years was not materially different from the broader market's projected 11% growth, potentially leading to investor concerns about its valuation.

5. Institutional investors trimming positions: Reports released in early December 2025, referencing Q2 2025 activity, indicated that some institutional investors had reduced their holdings in ExlService. For instance, Loomis Sayles & Co. L P trimmed its stake by 15.1%, and Mackenzie Financial Corp lowered its position by 12.4%. While these transactions occurred in the previous quarter, their public reporting within the specified timeframe could have contributed to negative market sentiment.

Show less

Stock Movement Drivers

Fundamental Drivers

The -7.9% change in EXLS stock from 9/3/2025 to 12/3/2025 was primarily driven by a -11.2% change in the company's P/E Multiple.

	9032025	12032025	Change
Stock Price ($)	43.62	40.19	-7.86%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	1968.98	2026.49	2.92%
Net Income Margin (%)	12.00%	11.91%	-0.73%
P/E Multiple	30.07	26.72	-11.16%
Shares Outstanding (Mil)	162.93	160.50	1.49%
Cumulative Contribution			-7.88%

LTM = Last Twelve Months as of date shown

Market Drivers

9/3/2025 to 12/3/2025

	Return	Correlation
EXLS	-7.9%
Market (SPY)	6.2%	11.0%
Sector (XLI)	2.9%	19.3%

Fundamental Drivers

The -14.3% change in EXLS stock from 6/4/2025 to 12/3/2025 was primarily driven by a -24.2% change in the company's P/E Multiple.

	6042025	12032025	Change
Stock Price ($)	46.87	40.19	-14.25%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	1902.88	2026.49	6.50%
Net Income Margin (%)	11.36%	11.91%	4.92%
P/E Multiple	35.24	26.72	-24.20%
Shares Outstanding (Mil)	162.49	160.50	1.23%
Cumulative Contribution			-14.27%

LTM = Last Twelve Months as of date shown

Market Drivers

6/4/2025 to 12/3/2025

	Return	Correlation
EXLS	-14.3%
Market (SPY)	15.1%	23.2%
Sector (XLI)	7.6%	28.6%

Fundamental Drivers

The -12.6% change in EXLS stock from 12/3/2024 to 12/3/2025 was primarily driven by a -32.5% change in the company's P/E Multiple.

	12032024	12032025	Change
Stock Price ($)	45.97	40.19	-12.57%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	1771.00	2026.49	14.43%
Net Income Margin (%)	10.61%	11.91%	12.29%
P/E Multiple	39.57	26.72	-32.48%
Shares Outstanding (Mil)	161.73	160.50	0.76%
Cumulative Contribution			-12.58%

LTM = Last Twelve Months as of date shown

Market Drivers

12/3/2024 to 12/3/2025

	Return	Correlation
EXLS	-12.6%
Market (SPY)	14.3%	52.3%
Sector (XLI)	9.8%	56.2%

Fundamental Drivers

The 9.5% change in EXLS stock from 12/4/2022 to 12/3/2025 was primarily driven by a 52.0% change in the company's Total Revenues ($ Mil).

	12042022	12032025	Change
Stock Price ($)	36.69	40.19	9.54%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	1332.83	2026.49	52.04%
Net Income Margin (%)	10.46%	11.91%	13.90%
P/E Multiple	43.74	26.72	-38.92%
Shares Outstanding (Mil)	166.19	160.50	3.43%
Cumulative Contribution			9.41%

LTM = Last Twelve Months as of date shown

Market Drivers

12/4/2023 to 12/3/2025

	Return	Correlation
EXLS	37.5%
Market (SPY)	53.2%	46.8%
Sector (XLI)	45.4%	52.1%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
EXLS Return	23%	70%	17%	-9%	44%	-10%	186%
Peers Return	12%	39%	-24%	11%	-1%	-13%	14%
S&P 500 Return	16%	27%	-19%	24%	23%	16%	112%
Monthly Win Rates [3]
EXLS Win Rate	75%	75%	58%	50%	75%	40%
Peers Win Rate	58%	60%	42%	58%	52%	42%
S&P 500 Win Rate	58%	75%	42%	67%	75%	70%
Max Drawdowns [4]
EXLS Max Drawdown	-38%	-10%	-22%	-26%	-6%	-13%
Peers Max Drawdown	-38%	-10%	-38%	-20%	-26%	-31%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: IBM, ACN, EPAM, G, XRX. See EXLS Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/3/2025 (YTD)

How Low Can It Go

Unique Key	Event	EXLS	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-33.3%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	49.9%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	337 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-46.2%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	86.0%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	230 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-26.5%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	36.0%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	179 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-80.9%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	424.3%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	1439 days	1480 days

Compare to IBM, ACN, EPAM, G, XRX

In The Past

ExlService's stock fell -33.3% during the 2022 Inflation Shock from a high on 11/10/2022. A -33.3% loss requires a 49.9% gain to breakeven.

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About ExlService (EXLS)

ExlService Holdings, Inc. operates as a data analytics, and digital operations and solutions company in the United States and internationally. It operates through Insurance, Healthcare, Analytics, and Emerging Business segments. The company provides digital operations and solutions and analytics-driven services across the insurance industry in areas, such as claims processing, premium and benefit administration, agency management, account reconciliation, policy research, underwriting support, new business acquisition, policy servicing, premium audit, surveys, billing and collection, commercial and residential survey, and customer service using digital technology, artificial intelligence, machine learning, and advanced automation; digital customer acquisition services using a software-as-a-service delivery model through LifePRO and LISS platforms; subrogation services; and Subrosource software platform, an end-to-end subrogation platform. It also offers CareRadius, an integrated care management offering; and health care services related to care management, utilization management, disease management, payment integrity, revenue optimization and customer engagement to healthcare payers, providers, pharmacy benefit managers, and life sciences organizations. Further, it offers predictive and prescriptive analytics in the areas of customer acquisition and lifecycle management, risk underwriting and pricing, operational effectiveness, credit and operational risk monitoring and governance, payment integrity and care management, and data management. The company was founded in 1999 and is headquartered in New York, New York.

AI Generated Analysis | Feedback

Here are 1-2 brief analogies for ExlService (EXLS):

Like Accenture, but specialized in leveraging data and AI to optimize and manage business operations.
Similar to Cognizant or Wipro, with a deeper emphasis on advanced data analytics and digital transformation for specific industries like insurance and healthcare.

AI Generated Analysis | Feedback

Data Analytics & AI Solutions: Provides advanced analytics, artificial intelligence, machine learning, and data management services to help clients derive insights and make data-driven decisions.
Digital Operations & Business Process Transformation: Manages and transforms critical business processes for clients, leveraging automation, cloud, and AI to improve efficiency and outcomes.
Consulting Services: Offers strategic advisory and implementation support for digital transformation, process optimization, and analytics strategy.

AI Generated Analysis | Feedback

ExlService (EXLS) primarily sells its services to other companies (B2B model) rather than individuals.

Based on their latest public filings (such as the Annual Report on Form 10-K), ExlService does not have any single customer that accounts for 10% or more of its consolidated revenue. Therefore, no specific "major customers" are publicly disclosed by name due to revenue concentration.

ExlService serves a diverse portfolio of enterprise clients across various industries, including:

Insurance
Healthcare
Banking and Financial Services
Media and Retail
Travel, Transportation, and Logistics

While specific customer names are not publicly disclosed as "major customers" by EXLS, their client base consists of large corporations within these sectors that leverage EXLS's data analytics, artificial intelligence, and digital operations and solutions to improve their business processes and outcomes.

AI Generated Analysis | Feedback

Amazon.com, Inc. (Symbol: AMZN)

Microsoft Corporation (Symbol: MSFT)

AI Generated Analysis | Feedback

Rohit Kapoor Chairman and Chief Executive Officer

Rohit Kapoor co-founded ExlService in April 1999 and has served in various leadership roles, including CFO, President, and Chief Operating Officer, before becoming Chairman and CEO in April 2024. Prior to EXL, he was the Business Head at Deutsche Bank from 1999 to 2000 and held various positions at Bank of America from 1991 to 2000. While at Deutsche Bank, he managed venture capital and private equity investments for ultra-high net worth clients.

Maurizio Nicolelli Executive Vice President and Chief Financial Officer

Maurizio Nicolelli was appointed Executive Vice President and Chief Financial Officer of EXL effective February 3, 2020. Before joining EXL, he served as Senior Vice President and CFO of Casa Systems in 2019. Notably, he spent 23 years at FactSet Research Systems, where he was Senior Vice President, Principal, and Chief Financial Officer from 2009 to 2018. During his tenure at FactSet, he managed the Market Metrics division until its sale in 2016 and was a key leader in over 20 acquisitions.

Vishal Chhibbar Chief Growth Officer and Executive Vice President of International Growth Markets

Vishal Chhibbar leads EXL's international growth markets and serves as Chief Growth Officer, a role he took on in July 2023. He previously served as EXL's Chief Financial Officer from 2009 to 2019. Before rejoining EXL, he was the Chief Financial Officer at Brillio and the President and Chief Financial Officer of EPIQ. His career also includes financial leadership positions at GE Capital, American Express Bank, and Xerox Holding Corp.

Pamela Harrison Executive Vice President and Chief Human Resources Officer

Pamela Harrison joined EXL as Executive Vice President and Chief Human Resources Officer in June 2023. Prior to her role at EXL, she served for nearly five years as Executive Vice President of Human Resources at Genworth Financial. She also held leadership positions at Latham & Watkins LLC, where she focused on developing and executing HR strategies globally.

Baljinder Singh Executive Vice President, Chief Information Officer, and Head - Enterprise Digital Transformation

Baljinder Singh is the Executive Vice President, Chief Information Officer, and Head of Enterprise Digital Transformation at EXL. He has a background in various leadership roles across business, technology, transformation, digital, and product development.

AI Generated Analysis | Feedback

The rapid advancement and adoption of generative artificial intelligence (AI) models and platforms.

ExlService (EXLS) provides global analytics and digital operations solutions, with services spanning data analytics, AI and intelligent automation, and digital customer experience. Generative AI poses a clear emerging threat by fundamentally altering how many of these tasks can be performed:

Client Self-Service and Insourcing: As generative AI tools become more powerful, accessible, and user-friendly, clients may increasingly leverage these solutions to automate complex cognitive tasks (e.g., data extraction, summarization, report generation, customer interactions) internally. This reduces the need to outsource such functions to companies like EXLS, directly challenging EXLS's traditional service delivery models, similar to how Netflix allowed consumers to bypass Blockbuster.
Disruptive Competition: The emergence of new, AI-native startups and the enhanced AI capabilities of hyperscalers (e.g., Google, Amazon, Microsoft) offer highly specialized and potentially more cost-effective AI solutions. These competitors can directly rival EXLS's offerings with platforms built from the ground up on advanced AI, akin to how Apple's iPhone disrupted Research in Motion's BlackBerry with a fundamentally different technological approach.
Operational Model Obsolescence: EXLS's business model relies on a significant human workforce and established automation frameworks. The swift evolution of generative AI necessitates a rapid re-skilling of its workforce and a significant pivot in its service offerings to become an implementer and orchestrator of these new AI capabilities, rather than being displaced by them. Failure to adapt swiftly could render parts of its existing operational model less relevant.

AI Generated Analysis | Feedback

ExlService (EXLS) operates in several key addressable markets globally, primarily focusing on data analytics, digital transformation consulting, and operations management services.

Data Analytics and AI: The global data analytics market was estimated to be between USD 64.99 billion and USD 74.26 billion in 2024. This market is projected to grow significantly, reaching approximately USD 302.01 billion by 2030 or USD 482.61 billion by 2033. North America currently holds a substantial share of this market, accounting for over 37.6% in 2024. The broader Analytics as a Service (AaaS) market is also expected to grow from USD 13.3 billion in 2024 to USD 39.8 billion by 2029 globally.
Digital Transformation Consulting Services: The global market for digital transformation consulting services was valued at approximately USD 56.3 billion in 2025 and is expected to reach around USD 131.628 billion by 2033. Another estimate projects this market to grow from USD 60.31 billion in 2025 to USD 207.64 billion by 2035. North America is a significant region in this market, holding about 39.39% of the global market revenue in 2025 for digital transformation consulting services.
Operations Management and Consulting Services: The global operations consulting service market was valued at USD 329.63 billion in 2023 and is forecast to reach USD 507.00 billion by 2032. Another report estimates the global operation management service market to be USD 27.9 billion in 2024, growing to USD 45.7 billion by 2035. For overall operation consulting services, the market was valued at USD 45 billion in 2022 and is projected to reach USD 70 billion by 2030 globally. North America is expected to maintain its leading position in the operations consulting service market. The IT operations management (ITOM) market, a component of operations management, is projected to be valued at USD 36.3 billion in 2025 and reach USD 64.9 billion by 2030.

AI Generated Analysis | Feedback

ExlService (EXLS) is expected to drive future revenue growth over the next 2-3 years through several key strategies, primarily centered around its expertise in data, artificial intelligence, and strategic client engagement.

Expansion of AI and Data-Led Services: EXL's strategic focus on data and AI capabilities is a significant revenue driver. The company is actively embedding AI into workflows and developing AI-powered services, which are resonating with the market and fueling growth with new and existing clients. This shift towards more data-driven and AI-powered offerings is also contributing to margin expansion. Analysts and company executives highlight the increasing intensity of analytics, with growing demand for services like fraud detection, telematics-driven pricing, and AI-driven claims adjudication, which are considered higher-value services.
Growth in Existing and New Client Engagements through Digital Transformation: EXL's ability to drive enterprise-scale business transformation initiatives for its clients is a consistent growth factor. The company is leveraging its deep expertise in analytics, AI, machine learning, and cloud technologies to offer business process outsourcing, automation services, and data-driven insights. This approach leads to deeper client integration and stickier relationships, enhancing pricing power and revenue expansion.
Strong Performance and Expansion in Key Industry Verticals: ExlService consistently reports strong growth across its main business segments, particularly in Healthcare and Insurance. These sectors provide a stable foundation and visibility for future revenue. The Analytics segment, which contributes more than half of the company's revenue, is also a significant driver. Diversification and incremental margin expansion are also noted in Banking and International segments.
Strategic Investments and Acquisitions: EXL continues to strategically invest in its data and AI capabilities to drive future growth. The company has also made strategic acquisitions, such as ITI Data in the past, to enhance data management capabilities and expand its client base, contributing to future growth. EXL's partnerships, such as with NVIDIA to create enterprise-wide data and AI applications, are also expected to contribute to future growth.

AI Generated Analysis | Feedback

Share Repurchases

ExlService's Board of Directors authorized a new $500 million common stock repurchase program, effective March 1, 2024, for a two-year period.
In 2023, the company repurchased approximately $125 million of its common stock.
From July 1, 2025, to September 30, 2025, the company repurchased $133.48 million in shares, bringing the total repurchased under the February 2024 authorization to $385.39 million.

Share Issuance

The company's additional paid-in capital increased by $80.555 million from December 31, 2023, to December 31, 2024, likely reflecting proceeds from stock option exercises and other equity compensation plans.

Outbound Investments

In August 2024, ExlService acquired ITI Data, a data management solutions firm, to expand its capabilities in banking, financial services, and healthcare.
On December 20, 2021, the company acquired Clairvoyant, a global data, AI, and cloud services firm, for $80 million.

Capital Expenditures

Capital expenditures for 2023 were $46 million.
For 2024, capital expenditures focused on data and AI investments were estimated to be between $48 million and $52 million.
Projected capital expenditures for 2025 are expected to be between $50 million and $55 million, with a primary focus on increasing investments in data and AI capabilities.

Better Bets than ExlService (EXLS)

	EXLS	Better Performance than EXLS
Metric	Value	INDUSTRY: Data Processing & Outsourced Services
Rev Chg LTM	14.4%
Rev Chg 3Y Avg	15.0%	CNXC (17.9%)
Op Mgn LTM	15.1%	VRRM (26.4%), BR (17.6%)
CFO/Rev LTM	16.7%	VRRM (27.2%), BR (19.0%)
FCF/Rev LTM	14.2%	BR (17.4%), VRRM (16.2%)
Total Yield	3.4%	CNXC (14.0%), MMS (9.7%), G (9.2%), CSGS (6.2%), BR (4.8%)
P/S	3.5	CNXC (0.3), MMS (0.7), G (1.5), CSGS (1.5)
P/Op Inc	23.0	CNXC (4.7), MMS (7.7), G (9.7), VRRM (15.8), BR (22.4)

	EXLS	Better Performance than EXLS
Metric	Value	SECTOR: Industrials
Rev Chg LTM	14.4%	VRT (28.8%), JCI (22.2%), UBER (18.2%), GE (17.7%), WM (15.9%)
Rev Chg 3Y Avg	15.0%	EMR (24.9%), VRT (21.4%), UBER (19.6%), TDG (18.2%), GE (15.7%)
Op Mgn LTM	15.1%	UNP (40.6%), GE (20.5%), DE (20.0%), ETN (19.0%), CAT (18.2%)
CFO/Rev LTM	16.7%	UNP (39.6%), DE (19.7%), UBER (18.1%), CAT (18.0%), GE (17.2%)
FCF/Rev LTM	14.2%	UNP (24.5%), UBER (17.5%), PH (16.9%), HON (15.2%), GE (14.7%)
Total Yield	3.4%	UBER (8.1%), UNP (7.3%), CAT (6.7%), DE (5.0%), RTX (4.5%)
P/S	3.5	BA (2.0), RTX (2.6), CAT (2.9), DE (3.2), HON (3.3)
P/Op Inc	23.0	UNP (14.0), CAT (15.8), DE (15.9), HON (17.4), ADP (21.7)

	EXLS	Better Performance than EXLS
Metric	Value	ALL OTHER SECTORS
Rev Chg LTM	14.4%	NVDA (71.6%), LLY (36.8%), AVGO (28.0%), META (21.3%), MSFT (15.6%)
Rev Chg 3Y Avg	15.0%	NVDA (92.0%), AVGO (24.0%), LLY (23.4%), BRK-B (19.8%), META (17.3%)
Op Mgn LTM	15.1%	NVDA (58.1%), MSFT (46.3%), AVGO (39.0%), GOOGL (32.2%), AAPL (31.9%)
CFO/Rev LTM	16.7%	MSFT (50.0%), NVDA (46.6%), GOOGL (39.3%), AAPL (26.6%), AMZN (18.1%)
FCF/Rev LTM	14.2%	NVDA (43.6%), AVGO (41.6%), MSFT (26.6%), AAPL (23.5%), GOOGL (19.1%)
Total Yield	3.4%	JPM (6.7%), BRK-B (6.2%), GOOGL (4.6%), WMT (3.6%), META (3.5%)
P/S	3.5	WMT (1.1), XOM (1.4), COST (1.5), BRK-B (2.7), AMZN (3.5)
P/Op Inc	23.0	XOM (12.4), V (16.6), HD (16.8), JNJ (18.5), META (22.6)

		Best Bets In Industrials Sector
	EXLS
What You Pay
P/E	29.3
P/EBIT	21.5
What You Get
Rev Chg Q	12.2%
Rev Chg LTM	14.4%
Rev Chg 3Y Avg	15.0%
FCF/Rev 3Y Avg	11.4%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 16%, alpha of 4.2%, and sharpe of 0.76

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	How Low Can ExlService Stock Really Go?	Return
2	How Does ExlService Stock Stack Up Against Its Peers?	Peer Comparison
3	Better Bet Than EXLS Stock: Pay Less Than ExlService To Get More From VST, O
4	Better Bet Than EXLS Stock: Pay Less Than ExlService To Get More From IESC, POWL
5	EXLS Dip Buy Analysis
6	ExlService Total Shareholder Return (TSR): 43.9% in 2024 and 15.3% 3-yr compounded annual returns (above peer average)
7	ExlService (EXLS) Operating Cash Flow Comparison	Financials
8	ExlService (EXLS) Net Income Comparison	Financials
9	ExlService (EXLS) Operating Income Comparison	Financials
10	ExlService (EXLS) Revenue Comparison	Financials

	Title
0	ARTICLES

Trade Ideas

Select past ideas related to EXLS. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
CNM_11212025_Dip_Buyer_FCFYield	11212025	CNM	Core & Main	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	7.3%	7.3%	-1.6%
VRRM_11212025_Dip_Buyer_FCFYield	11212025	VRRM	Verra Mobility	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	2.3%	2.3%	-1.2%
LII_11212025_Dip_Buyer_ValueBuy	11212025	LII	Lennox International	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	4.8%	4.8%	0.0%
ADP_11212025_Monopoly_xInd_xCD_Getting_Cheaper	11212025	ADP	Automatic Data Processing	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	1.6%	1.6%	-1.2%
CW_11212025_Quality_Momentum_RoomToRun_10%	11212025	CW	Curtiss-Wright	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	2.2%	2.2%	0.0%
EXLS_1312022_Quality_Momentum_RoomToRun_10%	01312022	EXLS	ExlService	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	39.5%	41.6%	-5.8%
EXLS_3312020_Dip_Buyer_2_Growing_With_High_FCF_Yield	03312020	EXLS	ExlService	Dip Buy	DB \| Growth \| FCF YieldDip Buy with Growth and High Free Cash Flow Yield Buying dips for companies with growth, and significant free cash flow yield (FCF / Market Cap)	26.9%	73.3%	-10.2%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
CNM_11212025_Dip_Buyer_FCFYield	11212025	CNM	Core & Main	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	7.3%	7.3%	-1.6%
VRRM_11212025_Dip_Buyer_FCFYield	11212025	VRRM	Verra Mobility	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	2.3%	2.3%	-1.2%
LII_11212025_Dip_Buyer_ValueBuy	11212025	LII	Lennox International	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	4.8%	4.8%	0.0%
ADP_11212025_Monopoly_xInd_xCD_Getting_Cheaper	11212025	ADP	Automatic Data Processing	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	1.6%	1.6%	-1.2%
CW_11212025_Quality_Momentum_RoomToRun_10%	11212025	CW	Curtiss-Wright	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	2.2%	2.2%	0.0%
EXLS_1312022_Quality_Momentum_RoomToRun_10%	01312022	EXLS	ExlService	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	39.5%	41.6%	-5.8%
EXLS_3312020_Dip_Buyer_2_Growing_With_High_FCF_Yield	03312020	EXLS	ExlService	Dip Buy	DB \| Growth \| FCF YieldDip Buy with Growth and High Free Cash Flow Yield Buying dips for companies with growth, and significant free cash flow yield (FCF / Market Cap)	26.9%	73.3%	-10.2%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
MPLT	MapLight Therapeutics	0.7	31.3%
AEVA	Aeva Technologies	0.8	25.7%	188.2%
DC	Dakota Gold	0.6	19.7%	150.9%
SERV	Serve Robotics	0.7	18.2%	-12.6%
ACDC	ProFrac	0.7	17.6%	-45.0%
HY	Hyster Yale	0.6	15.6%	-29.9%
AEO	American Eagle Outfitters	4.1	15.1%	49.7%
BEAM	Beam Therapeutics	2.7	14.4%	7.8%
GOSS	Gossamer Bio	0.8	14.4%	278.1%
FTRE	Fortrea	1.3	14.4%	-21.8%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
PSTG	Pure Storage	22.6	-27.3%	12.1%
GTLB	GitLab	6.3	-12.8%	-32.9%
CTEV	Claritev	0.7	-11.3%
FBYD	Falcons Beyond Global	0.7	-11.2%	131.2%
ACHC	Acadia Healthcare	1.3	-10.9%	-63.0%
ULS	UL Solutions	16.0	-10.7%	60.4%
HPK	HighPeak Energy	0.7	-10.6%	-59.8%
OS	OneStream	3.5	-10.4%	-35.0%
ARE	Alexandria Real Estate Equities	8.2	-10.1%	-47.9%
THO	Thor Industries	5.3	-9.5%	6.6%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
HPP	Hudson Pacific Properties	6.3	641.5%	-34.3%
TLRY	Tilray Brands	7.5	618.1%	-46.9%
TMC	TMC The Metals	2.8	42.2%	589.3%
VERA	Vera Therapeutics	2.6	40.2%	-2.4%
ARWR	Arrowhead Pharmaceuticals	9.0	39.1%	246.1%
TE	T1 Energy	0.7	37.4%
MPLT	MapLight Therapeutics	0.7	32.1%
AEVA	Aeva Technologies	0.8	31.1%	188.2%
AMKR	Amkor Technology	10.9	30.2%	73.4%
DC	Dakota Gold	0.6	30.2%	150.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.1	-50.7%	-68.0%
VTYX	Ventyx Biosciences	0.6	-25.0%	258.0%
CTEV	Claritev	0.7	-23.5%
AMBA	Ambarella	3.0	-22.9%	-3.6%
FULC	Fulcrum Therapeutics	0.6	-21.5%	92.8%
PD	PagerDuty	1.1	-20.5%	-33.9%
NTNX	Nutanix	12.7	-19.3%	-22.4%
CNK	Cinemark	2.6	-18.0%	-25.2%
PSTG	Pure Storage	22.6	-17.2%	12.1%
ZS	Zscaler	38.1	-15.9%	35.1%

1 Month Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
OLMA	Olema Pharmaceuticals	2.3	223.6%	367.4%
COGT	Cogent Biosciences	5.4	152.6%	402.1%
CDTX	Cidara Therapeutics	5.9	115.1%	722.1%
IRWD	Ironwood Pharmaceuticals	0.6	100.5%	-15.8%
TERN	Terns Pharmaceuticals	2.5	95.9%	396.2%
FRGE	Forge Global	0.6	90.3%	217.8%
SGML	Sigma Lithium	1.1	87.3%	-10.6%
INSP	Inspire Medical Systems	4.0	82.8%	-27.3%
NPCE	NeuroPace	0.6	77.2%	48.9%
ALMS	Alumis	0.6	71.9%	-0.3%

1 Month Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
UP	Wheels Up Experience	0.4	-52.7%	-62.4%
CCOI	Cogent Communications	0.9	-51.9%	-72.9%
SMR	NuScale Power	3.0	-50.7%	12.3%
FRMI	Fermi	10.3	-47.5%
AMSC	American Superconductor	1.4	-47.2%	30.1%
TLRY	Tilray Brands	7.5	-46.1%	-46.9%
BTDR	Bitdeer Technologies	2.4	-44.8%	-41.8%
EXOD	Exodus Movement	0.4	-43.1%	-53.3%
STUB	Stubhub	3.5	-39.8%
METC	Ramaco Resources	1.0	-39.4%	66.9%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
MPLT	MapLight Therapeutics	0.7	31.3%
AEVA	Aeva Technologies	0.8	25.7%	188.2%
DC	Dakota Gold	0.6	19.7%	150.9%
SERV	Serve Robotics	0.7	18.2%	-12.6%
ACDC	ProFrac	0.7	17.6%	-45.0%
HY	Hyster Yale	0.6	15.6%	-29.9%
AEO	American Eagle Outfitters	4.1	15.1%	49.7%
BEAM	Beam Therapeutics	2.7	14.4%	7.8%
GOSS	Gossamer Bio	0.8	14.4%	278.1%
FTRE	Fortrea	1.3	14.4%	-21.8%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
PSTG	Pure Storage	22.6	-27.3%	12.1%
GTLB	GitLab	6.3	-12.8%	-32.9%
CTEV	Claritev	0.7	-11.3%
FBYD	Falcons Beyond Global	0.7	-11.2%	131.2%
ACHC	Acadia Healthcare	1.3	-10.9%	-63.0%
ULS	UL Solutions	16.0	-10.7%	60.4%
HPK	HighPeak Energy	0.7	-10.6%	-59.8%
OS	OneStream	3.5	-10.4%	-35.0%
ARE	Alexandria Real Estate Equities	8.2	-10.1%	-47.9%
THO	Thor Industries	5.3	-9.5%	6.6%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
HPP	Hudson Pacific Properties	6.3	641.5%	-34.3%
TLRY	Tilray Brands	7.5	618.1%	-46.9%
TMC	TMC The Metals	2.8	42.2%	589.3%
VERA	Vera Therapeutics	2.6	40.2%	-2.4%
ARWR	Arrowhead Pharmaceuticals	9.0	39.1%	246.1%
TE	T1 Energy	0.7	37.4%
MPLT	MapLight Therapeutics	0.7	32.1%
AEVA	Aeva Technologies	0.8	31.1%	188.2%
AMKR	Amkor Technology	10.9	30.2%	73.4%
DC	Dakota Gold	0.6	30.2%	150.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.1	-50.7%	-68.0%
VTYX	Ventyx Biosciences	0.6	-25.0%	258.0%
CTEV	Claritev	0.7	-23.5%
AMBA	Ambarella	3.0	-22.9%	-3.6%
FULC	Fulcrum Therapeutics	0.6	-21.5%	92.8%
PD	PagerDuty	1.1	-20.5%	-33.9%
NTNX	Nutanix	12.7	-19.3%	-22.4%
CNK	Cinemark	2.6	-18.0%	-25.2%
PSTG	Pure Storage	22.6	-17.2%	12.1%
ZS	Zscaler	38.1	-15.9%	35.1%

Peer Comparisons for ExlService

Peers to compare with:

Financials

	EXLS	IBM	ACN	EPAM	G	XRX	Median
Name	ExlServi.	Internat.	Accenture	EPAM Sys.	Genpact	Xerox
Mkt Price	40.19	302.62	272.85	200.00	45.20	2.71	122.60
Mkt Cap	6.5	282.6	169.9	11.1	7.8	0.3	9.5
Rev LTM	2,026	65,402	69,673	5,298	5,009	6,174	5,736
Op Inc LTM	307	11,544	10,226	507	753	131	630
FCF LTM	287	11,854	10,874	459	642	302	551
FCF 3Y Avg	208	11,753	9,495	523	545	376	534
CFO LTM	339	13,483	11,474	502	729	367	616
CFO 3Y Avg	259	13,498	10,043	560	621	425	590

Growth & Margins

	EXLS	IBM	ACN	EPAM	G	XRX	Median
Name	ExlServi.	Internat.	Accenture	EPAM Sys.	Genpact	Xerox
Rev Chg LTM	14.4%	4.5%	7.4%	14.3%	7.4%	-5.0%	7.4%
Rev Chg 3Y Avg	15.0%	2.6%	4.2%	4.3%	4.9%	-3.7%	4.3%
Rev Chg Q	12.2%	9.1%	7.3%	19.4%	6.6%	-0.1%	8.2%
QoQ Delta Rev Chg LTM	2.9%	2.1%	1.7%	4.5%	1.6%	-0.0%	1.9%
Op Mgn LTM	15.1%	17.7%	14.7%	9.6%	15.0%	2.1%	14.9%
Op Mgn 3Y Avg	14.6%	16.4%	14.4%	11.0%	14.4%	3.7%	14.4%
QoQ Delta Op Mgn LTM	-0.1%	0.6%	-0.7%	-1.1%	0.1%	-0.6%	-0.3%
CFO/Rev LTM	16.7%	20.6%	16.5%	9.5%	14.6%	5.9%	15.5%
CFO/Rev 3Y Avg	14.3%	21.4%	15.1%	11.5%	13.1%	6.5%	13.7%
FCF/Rev LTM	14.2%	18.1%	15.6%	8.7%	12.8%	4.9%	13.5%
FCF/Rev 3Y Avg	11.4%	18.6%	14.3%	10.8%	11.5%	5.7%	11.5%

Valuation

	EXLS	IBM	ACN	EPAM	G	XRX	Median
Name	ExlServi.	Internat.	Accenture	EPAM Sys.	Genpact	Xerox
Mkt Cap	6.5	282.6	169.9	11.1	7.8	0.3	9.5
P/S	3.5	4.0	2.2	1.6	1.5	0.1	1.9
P/EBIT	21.5	23.2	14.6	16.5	9.1	-0.6	15.6
P/E	29.3	33.3	20.0	22.5	13.2	-0.5	21.3
P/CFO	20.9	19.5	13.4	16.7	10.0	1.8	15.0
Total Yield	3.4%	5.4%	7.4%	4.4%	9.2%	-214.5%	4.9%
Dividend Yield	0.0%	2.4%	2.4%	0.0%	1.6%	0.0%	0.8%
FCF Yield 3Y Avg	3.4%	6.4%	5.2%	4.7%	7.8%	31.5%	5.8%
D/E	0.1	0.3	0.1	0.0	0.2	5.9	0.1
Net D/E	0.0	0.2	-0.0	-0.1	0.1	5.3	0.1

Returns

	EXLS	IBM	ACN	EPAM	G	XRX	Median
Name	ExlServi.	Internat.	Accenture	EPAM Sys.	Genpact	Xerox
1M Rtn	2.6%	-0.7%	9.8%	23.7%	18.6%	-15.8%	6.2%
3M Rtn	-7.9%	24.7%	8.1%	14.9%	0.4%	-28.2%	4.2%
6M Rtn	-14.3%	15.4%	-12.8%	13.9%	6.9%	-45.7%	-2.9%
12M Rtn	-12.6%	35.6%	-21.0%	-16.8%	0.5%	-67.3%	-14.7%
3Y Rtn	9.5%	127.1%	-4.2%	-45.9%	2.9%	-80.1%	-0.7%
1M Excs Rtn	2.7%	-0.7%	9.9%	23.7%	18.6%	-15.8%	6.3%
3M Excs Rtn	-14.3%	17.8%	3.2%	13.6%	-4.8%	-35.0%	-0.8%
6M Excs Rtn	-29.0%	0.7%	-27.5%	-0.9%	-7.8%	-60.4%	-17.7%
12M Excs Rtn	-26.9%	23.0%	-36.7%	-31.6%	-14.2%	-81.9%	-29.2%
3Y Excs Rtn	-64.8%	58.2%	-73.9%	-115.7%	-66.5%	-151.3%	-70.2%

Comparison Analyses

	Title
0	How Does ExlService Stock Stack Up Against Its Peers?
1	ExlService vs. Accenture: With Return Forecast Of 41%, ExlService Is A Better Bet
2	With 41% Gains On The Table, EXLS May Outshine IBM
3	EPAM or EXLS - With 41% Return Forecast, EXLS Probably Deserves Your Money
4	EXLS Looks Stronger Than G With 37% Return Potential
5	ExlService vs. FTI Consulting: Both Seem Similar Bets
6	ExlService vs. Coca-Cola Consolidated: With Return Forecast Of 13%, ExlService Is A Better Bet
7	ExlService vs. Flowers Foods: With Return Forecast Of 13%, ExlService Is A Better Bet
8	ExlService vs. ABIOMED: With Return Forecast Of 75%, ABIOMED Is A Better Bet
9	ExlService vs. Tyler Technologies: With Return Forecast Of 45%, Tyler Technologies Is A Better Bet

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	10/28/2025	2/25/2025	2/29/2024	2/23/2023	2/24/2022	2/25/2021	2/27/2020
Key Financials
Total Revenue	2,026	1,838	1,631	1,412	1,122	958	991
EBITDA	418	358	322	276	230	204	176
Operating Income	307	264	239	192	156	110	85
Net Income	241	198	185	143	115	89	68
EPS	1.49	1.22	1.11	0.86	0.68	0.52	0.39
Growth Rates
Total Revenue Growth	14.4%	12.7%	15.5%	25.8%	17.1%	-3.3%	12.3%
EBITDA Growth	22.3%	11.2%	16.4%	20.3%	12.4%	15.9%	51.5%
Operating Income Growth	24.5%	10.4%	24.2%	23.3%	41.7%	29.2%	21.8%
Net Income Growth	28.5%	7.4%	29.1%	24.6%	28.3%	32.2%	19.3%
Margins
EBITDA Margin	20.6%	19.5%	19.7%	19.6%	20.5%	21.3%	17.8%
Operating Income Margin	15.1%	14.3%	14.6%	13.6%	13.9%	11.5%	8.6%
Net Income Margin	11.9%	10.8%	11.3%	10.1%	10.2%	9.3%	6.8%
Cash & Debt
Total Cash	390	341	291	298	315	403	321
Total Debt	434	365	271	313	347	331	335
Net Debt / (Cash)	44	24	-20	15	33	-72	13
Cash Flows
Net Cash from Operations	339	269	211	166	184	203	168
Free Cash from Operations	287	222	158	121	147	161	128
Returns to Shareholders
Dividends	0	-0	-0	-0	-0	-0	-0
Share Repurchases	231	208	132	73	118	80	41

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	10/28/2025	7/29/2025	4/29/2025	2/25/2025	10/30/2024	8/1/2024	5/2/2024	2/29/2024	10/26/2023	7/27/2023	4/27/2023	2/23/2023
Key Financials Quarterly
Total Revenue	530	514	501	481	472	448	437	414	411	405	401	375
Ebitda	113	103	104	98	104	78	83	76	88	81	81	67
Operating Income	76	81	78	71	69	61	62	54	60	65	59	51
Net Income	58	66	67	51	53	46	49	40	44	49	51	32
EPS	0.36	0.41	0.41	0.31	0.33	0.28	0.30	0.24	0.26	0.29	0.31	0.19
Key Financials TTM
Total Revenue TTM	2,026	1,969	1,903	1,838	1,771	1,710	1,667	1,631	1,591	1,542	1,483	1,412
Ebitda TTM	418	408	383	363	342	326	329	327	317	302	289	276
Operating Income TTM	307	300	281	264	247	237	241	239	235	225	208	192
Net Income TTM	241	236	216	198	188	179	182	185	176	171	158	143
Growth Rates Quarterly
Total Revenue Growth	12.2%	14.7%	14.8%	16.3%	14.9%	10.7%	9.0%	10.5%	13.7%	16.8%	21.7%	26.8%
EBITDA Growth	8.9%	32.2%	24.9%	27.5%	18.0%	-3.7%	2.7%	15.0%	19.9%	18.4%	19.4%	16.5%
Operating Income Growth	9.8%	32.0%	27.5%	31.3%	15.2%	-5.2%	3.5%	6.4%	20.2%	37.7%	35.2%	41.4%
Net Income Growth	9.7%	44.1%	36.5%	25.8%	20.9%	-6.6%	-5.0%	26.5%	12.2%	36.9%	41.9%	12.5%
Margins Quarterly
EBITDA Margin	21.4%	20.0%	20.7%	20.3%	22.0%	17.4%	19.1%	18.5%	21.4%	20.0%	20.2%	17.8%
Operating Income Margin	14.4%	15.8%	15.7%	14.8%	14.7%	13.7%	14.1%	13.1%	14.7%	16.0%	14.8%	13.6%
Net Income Margin	11.0%	12.8%	13.3%	10.5%	11.2%	10.2%	11.2%	9.7%	10.7%	12.1%	12.8%	8.5%
Cash & Debt
Total Cash	390	353	331	341	326	276	246	291	274	250	204	298
Total Debt	434	341	386	365	424	415	418	271	272	285	260	313
Net Debt / (Cash)	44	-12	55	24	98	139	172	-20	-2	35	56	15
Cash Flows Quarterly
FCF from Operations	121	109	3	105	110	75	-22	79	69	48	16	65
Cash Flows TTM
FCF from Operations TTM	339	328	294	269	242	201	173	211	197	177	209	166
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	159	42	18	12	35	8	152	31	30	28	42	1
Return on Invested Capital (ROIC) Quarterly
ROIC	536.1%	-	477.1%	844.6%	218.9%	136.1%	111.5%	-	-	562.3%	367.1%	942.2%
Return on Invested Capital (ROIC) TTM
ROIC TTM	540.1%	-	397.8%	825.4%	191.3%	129.5%	105.5%	-	-	500.9%	289.4%	933.3%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Analytics	729	647	461	363	357
Insurance	530	449	382	342	346
Emerging Business	266	219	167	153	190
Healthcare	106	97	112	101	97
Total	1,631	1,412	1,122	958	991

Price Behavior

Price Behavior

Market Price	$40.19
Market Cap ($ Bil)	6.5
First Trading Date	10/20/2006
Distance from 52W High	-22.4%
	50 Days	200 Days
DMA Price	$40.72	$44.01
DMA Trend	down	down
Distance from DMA	-1.3%	-8.7%
	3M	1YR
Volatility	26.3%	28.4%
Downside Capture	22.71	84.81
Upside Capture	-21.67	60.16
Correlation (SPY)	10.8%	52.2%

EXLS Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	0.23	0.17	0.27	0.58	0.75	0.85
Up Beta	0.09	0.93	1.06	1.04	0.72	0.75
Down Beta	-0.61	0.20	0.18	0.19	0.84	0.81
Up Capture	30%	-41%	-17%	22%	46%	62%
Bmk +ve Days	12	25	38	73	141	426
Stock +ve Days	9	17	28	62	125	382
Down Capture	45%	25%	36%	96%	89%	101%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	9	22	32	60	118	359

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

1Y 5Y 10Y

Based On 1-Year Data

		Comparison of EXLS With Other Asset Classes (Last 1Y)
	EXLS	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-13.7%	8.9%	15.3%	58.9%	4.6%	-5.8%	-3.1%
Annualized Volatility	28.2%	18.9%	19.7%	19.4%	15.9%	17.8%	35.7%
Sharpe Ratio	-0.53	0.32	0.60	2.26	0.09	-0.48	0.04
Correlation With Other Assets		56.2%	52.2%	6.2%	8.3%	51.7%	16.4%

ETFs used for asset classes: Sector ETF = XLI, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

		Comparison of EXLS With Other Asset Classes (Last 5Y)
	EXLS	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	19.3%	13.1%	15.0%	17.9%	11.9%	4.9%	37.1%
Annualized Volatility	28.6%	17.2%	17.1%	15.5%	18.9%	19.0%	49.1%
Sharpe Ratio	0.65	0.61	0.71	0.93	0.52	0.17	0.64
Correlation With Other Assets		55.5%	53.6%	8.1%	10.8%	52.6%	17.3%

Based On 10-Year Data

		Comparison of EXLS With Other Asset Classes (Last 10Y)
	EXLS	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	16.2%	12.8%	14.5%	14.2%	5.6%	5.4%	76.3%
Annualized Volatility	30.0%	19.9%	18.0%	14.8%	17.7%	20.9%	55.9%
Sharpe Ratio	0.56	0.57	0.69	0.79	0.25	0.23	0.95
Correlation With Other Assets		60.2%	60.0%	4.4%	17.8%	57.7%	14.5%

Short Interest

Short Interest: As Of Date	11142025
Short Interest: Shares Quantity	6,712,106
Short Interest: % Change Since 10312025	6.4%
Average Daily Volume	1,232,044
Days-to-Cover Short Interest	5.45
Basic Shares Quantity	160,495,712
Short % of Basic Shares	4.2%

Returns Analyses

	Title
0	How Low Can ExlService Stock Really Go?
1	ExlService Stock Return Comparison
2	[9/29/2021] ExlService (EXLS) Stock Price Forecast: AI Forecasts EXLS Stock Price To Be Around $129 In A Month (Up 1.8%)
3	ExlService Total Shareholder Return (TSR): 17.0% in 2022 and 34.6% 3-yr returns (above peer average)
4	ExlService (EXLS) Stock Return: AI Predicts EXLS Average and Excess Return After a Fall or Rise

SEC Filings

Expand for More

Report Date	Filing Date	Filing
9302025	10282025	10-Q 9/30/2025
6302025	7292025	10-Q 6/30/2025
3312025	4292025	10-Q 3/31/2025
12312024	2252025	10-K 12/31/2024
9302024	10302024	10-Q 9/30/2024
6302024	8012024	10-Q 6/30/2024
3312024	5022024	10-Q 3/31/2024
12312023	2292024	10-K 12/31/2023
9302023	10262023	10-Q 9/30/2023
6302023	7272023	10-Q 6/30/2023
3312023	4272023	10-Q 3/31/2023
12312022	2232023	10-K 12/31/2022
9302022	10272022	10-Q 9/30/2022
6302022	7282022	10-Q 6/30/2022
3312022	4282022	10-Q 3/31/2022
12312021	2242022	10-K 12/31/2021

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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ExlService (EXLS)

Market Price (12/4/2025): $40.02 | Market Cap: $6.4 BilSector: Industrials | Industry: Data Processing & Outsourced Services

ExlService (EXLS)

Market Price (12/4/2025): $40.02Market Cap: $6.4 BilSector: IndustrialsIndustry: Data Processing & Outsourced Services

Valuation, Metrics & Events

EXLS Stock

Why The Stock Moved

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Market Price (12/4/2025): $40.02 | Market Cap: $6.4 Bil
Sector: Industrials | Industry: Data Processing & Outsourced Services

Market Price (12/4/2025): $40.02
Market Cap: $6.4 Bil
Sector: Industrials
Industry: Data Processing & Outsourced Services