EXLSNasdaqServices-Business Services, NECFiscal year ends December 31
ExlService Holdings, Inc.
Financials through Q1 FY2026, quarter ended Mar 31, 2026Last filing: 10-Q on Jul 28, 2026
$39.76+0.24 (+0.62%)
Close on Oct 19, 2026
- Market cap
- $6.24B
- P/E (TTM)
- 25.3
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
38.4%+3.5 pts over 5 years
Operating margin
15.0%+3.5 pts over 5 years
Net margin
12.0%+2.7 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +13.6% | +13.9% | +16.8% | +12.8% | |
| Gross profit | +15.9% | +15.8% | +19.1% | +13.5% | |
| Operating income | +19.0% | +17.8% | +23.3% | +16.6% | |
| Net income | +26.6% | +20.6% | +22.9% | +17.1% | |
| EPS, diluted | +27.3% | +21.9% | +24.3% | +17.7% | |
| Free cash flow | +34.1% | +34.9% | +13.1% | +15.4% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 12.4% | 12.9% | 27.2% | |
| Return on assets | 9.1% | 7.4% | 15.1% | |
| Current ratio | 3.05 | 2.76 | 2.56 | |
| Debt to equity | 0.10 | 0.32 | 0.33 | |
| Net debt to EBITDA | -1.67× | 0.01× | 0.41× | |
| Interest coverage | 48.0× | 9.8× | 17.8× | |
| Capex to revenue | 3.8% | 4.4% | 2.5% | |
| Diluted shares | 173M | 173M | 162M |
Where the cash went
Fiscal 2021 to 2025, five years combined
ExlService generated $1.18B from operations and spent $1.09B on capital expenditure, dividends and share buybacks. 21% of that went back into the business.
Generated
$1.18B
Used
$1.09B
Capital expenditure$233.75M21%Dividends$00%Share buybacks$859.26M79%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin12.0%
×Asset turnover1.26×
×Equity multiplier1.80×
=Return on equity, FY202527.2%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 12.0% | 1.26× | 1.80× | 27.2% |
| FY2024 | 10.8% | 1.20× | 1.68× | 21.8% |
| FY2023 | 11.3% | 1.17× | 1.69× | 22.4% |
| FY2022 | 10.1% | 1.07× | 1.81× | 19.7% |
| FY2021 | 10.2% | 0.89× | 1.79× | 16.3% |
| FY2020 | 9.3% | 0.79× | 1.75× | 12.9% |
| FY2019 | 6.8% | 0.88× | 1.74× | 10.5% |
| FY2018 | 6.4% | 0.94× | 1.55× | 9.3% |
| FY2017 | 6.4% | 1.00× | 1.35× | 8.6% |
| FY2016 | 9.0% | 1.01× | 1.36× | 12.4% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
8of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$251.02M
- Cash generatingOperating cash flow above zero$350.72M
- Return on assets improvedROA up on the prior year13.8% → 15.5%
- Earnings backed by cashOperating cash flow above net income$350.72M vs $251.02M
- Less leverageLong-term debt to assets fell17.5% → 17.3%
- Better liquidityCurrent ratio rose2.74 → 2.56
- No dilutionShare count did not rise164M → 162M
- Gross margin improvedGross margin up on the prior year37.59% → 38.37%
- More efficientAsset turnover rose1.27 → 1.29