Stocktoria

ExlService Holdings, Inc. EXLS

Nasdaq · stock · Services-Business Services, NEC · website · IPO 2006-10-20 · LEI

ExlService Holdings, Inc. statistics & valuation

Market cap$4.0B
P / E15.8×
P / S1.9×
P / B4.4×
P / FCF13.3×
Net margin12.0%
Return on equity27.5%
FCF margin14.3%
Net debt$152.3M
Net debt / EBITDA0.4×
Enterprise value USD$4.1B
EV / EBITDA11.1×
Earnings yield EBIT/EV7.6%
Return on capital22.8%
Graham number -59.4%$13.95

Market cap as of 2026-06-29. Multiples are price-derived and refreshed daily; everything else from the latest financial reports. The Graham number is Benjamin Graham's rough maximum fair value ($13.95); a green figure means the price is below it.

Profitability & efficiency

Net margin (%)
9.00% 6.40% 6.40% 6.80% 9.30% 10.20% 10.10% 11.30% 10.80% 12.00% 2016201720182019202020212022202320242025
Gross margin (%)
34.70% 35.00% 33.80% 33.90% 34.90% 38.40% 36.50% 37.30% 37.60% 38.40% 2016201720182019202020212022202320242025
Operating margin (%)
9.40% 9.50% 5.60% 7.70% 11.50% 13.90% 13.60% 14.60% 14.30% 15.00% 2016201720182019202020212022202320242025
Return on equity (%)
11.60% 8.10% 9.20% 10.10% 12.40% 16.60% 18.90% 20.70% 21.30% 27.50% 2016201720182019202020212022202320242025
Shares outstanding
172.8M 175.6M 175.2M 173.7M 172.8M 171.2M 169.2M 168.2M 164.3M 162.5M 2016201720182019202020212022202320242025
Net debt ($)
-$178.2M -$36.4M $206.2M $115.8M $8.4M $124.7M $101.3M $63.0M $135.1M $152.3M 2016201720182019202020212022202320242025
Share buybacks ($)
2016201720182019202020212022202320242025
Return on assets (%)
8.70% 5.90% 5.30% 5.70% 7.20% 8.90% 10.60% 12.80% 12.30% 14.70% 2016201720182019202020212022202320242025
Free cash flow margin (%)
11.20% 10.20% 5.80% 12.90% 16.80% 13.10% 8.60% 9.70% 12.10% 14.30% 2016201720182019202020212022202320242025
Debt / equity (×)
0.07× 0.08× 0.49× 0.35× 0.32× 0.38× 0.29× 0.22× 0.31× 0.33× 2016201720182019202020212022202320242025
EPS ($)
$0.36 $0.28 $0.32 $0.39 $0.52 $0.67 $0.85 $1.10 $1.21 $1.54 2016201720182019202020212022202320242025

Margins and returns computed from annual filings. Falling shares outstanding = buybacks; rising = dilution. Net debt = debt − cash (negative = net cash).

P / E vs its own history

ExlService Holdings, Inc. trades at about 22.3× earnings — below its 10-year norm (10-year range 25.4×–43.7×, median 36×).

22.3× 43.7×

Shaded band = 10-year range (25.4×–43.7×); dot = today's 22.3×.

Historical P/E = month-end price near each fiscal year-end ÷ that year's EPS. A read on whether the stock is cheap or dear relative to how it has typically been valued — not a forecast.

Key ratios (by fiscal year)

RatioFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Gross margin38.4%37.6%37.3%36.5%38.4%34.9%33.9%33.8%35.0%34.7%
Operating margin15.0%14.3%14.6%13.6%13.9%11.5%7.7%5.6%9.5%9.4%
Net margin12.0%10.8%11.3%10.1%10.2%9.3%6.8%6.4%6.4%9.0%
FCF margin14.3%12.1%9.7%8.6%13.1%16.8%12.9%5.8%10.2%11.2%
Return on assets14.7%12.3%12.8%10.6%8.9%7.2%5.7%5.3%5.9%8.7%
Return on equity27.5%21.3%20.7%18.9%16.6%12.4%10.1%9.2%8.1%11.6%
Debt / equity0.33×0.31×0.22×0.29×0.38×0.32×0.35×0.49×0.08×0.07×
Current ratio2.562.742.082.201.172.762.363.223.143.05

Computed from company filings · US · as of 2025-12-31. Facts plus Stocktoria's own computed scores — not investment advice.