ExlService Holdings, Inc.EXLS
NasdaqGS•Technology•Information Technology Services
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. (EXLS) reported trailing twelve months revenue of $2.16B as of March 2026, a 13.4% increase year-over-year. Quarterly revenue reached $570.35M, reflecting continued top-line momentum.
ExlService Holdings, Inc. generated $251.54M in TTM net income, with quarterly EBITDA of $105.82M. The operating margin expanded from 15.7% to 16.1%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (16.1%) and net margin (11.8%) indicates tight cost control with minimal non-operating drag. Net margin has narrowed from 13.3% a year ago, reflecting increased costs or interest expense.
EXLS trades at a P/E of 17.3x (in line with broad market averages) and a P/S of 2.0x. The price-to-book ratio of 5.6x indicates a significant premium over book value.
The company reported negative free cash flow of $-11.21M, indicating cash consumption over the period. The balance sheet shows $1.68B in total assets with $412.49M in long-term debt against $778.80M in stockholders equity for a debt-to-equity ratio of 0.5. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are expanding at ~14.9%, suggesting durable pricing power and cost discipline.
Consistently high ROE averaging 24.0% suggests a durable competitive advantage and efficient capital allocation.
6 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
TTM revenue has grown consistently (7 of 7 quarters up), with ~26.1% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~15.2% — no sign of cost or pricing stress.
FCF covers net income by 1.2x on average — earnings are well-supported by cash generation.
Debt-to-equity has risen 77.2% recently — increasing financial risk even if the current ratio is manageable.
Revenue is stable or growing over recent quarters — demand appears durable.
FCF turned negative in 2 of the last 8 quarters — occasional cash consumption.
Shares decreased 4.1% — net buybacks are reducing shares outstanding and boosting per-share value.