EXLS Stock Analysis: ExlService Holdings | NASDAQ
Information Technology Services | NASDAQ, USA | Market Cap: 5.554m USD | 12M Return: -20.8% | US3020811044 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 70.1M
EPS Trend: 29.2%
Qual. Beats: 8
Rev. Trend: 99.9%
Qual. Beats: 6
Warnings
Tailwinds
Seasonality 11.6 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
ExlService Holdings, Inc. (EXLS) is a U.S.-headquartered data and AI company that provides digital operations, analytics-driven services, and software platforms to clients across North America, the UK, Europe, and other international markets. It reports its business across four segments: Insurance; Healthcare and Life Sciences; Banking, Capital Markets, and Diversified Industries; and International Growth Markets. Service offerings span claims management, underwriting support, premium and benefit administration, care and utilization management, payment integrity, regulatory reporting, and customer service, delivered through proprietary platforms such as LifePRO, Life Digital Suite, and Subrosource. The company was founded in 1999 and is based in New York.
The business operates in the outsourced data processing and business services industry, where firms typically generate revenue through long-term, multi-year contracts that combine consulting, managed services, and technology licensing. Its mix of proprietary insurance software platforms alongside analytics and digital operations work positions it within the broader digital business process management (BPM) and AI-enabled services market.
- GenAI deal wins accelerate analytics services revenue growth
- Insurance and Healthcare verticals anchor recurring revenue base
- Wage inflation pressures operating margin guidance
| Net Income: 250.0m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.16 > 0.02 and ΔFCF/TA -0.53 > 1.0 |
| NWC/Revenue: 7.67% < 20% (prev 29.50%; Δ -21.83% < -1%) |
| CFO/TA 0.19 > 3% & CFO 327.7m > Net Income 250.0m |
| Net Debt (311.1m) to EBITDA (439.3m): 0.71 < 3 |
| Current Ratio: 1.24 > 1.5 & < 3 |
| Outstanding Shares: last quarter (152.8m) vs 12m ago -6.92% < -2% |
| Gross Margin: 38.51% > 18% (prev 38.05%; Δ 0.46% > 0.5%) |
| Asset Turnover: 129.5% > 50% (prev 115.2%; Δ 14.21% > 0%) |
| Interest Coverage Ratio: 11.61 > 6 (EBIT TTM 356.2m / Interest Expense TTM 30.7m) |
| A: 0.10 (Total Current Assets 875.3m - Total Current Liabilities 703.6m) / Total Assets 1.75b |
| B: 0.95 (Retained Earnings 1.66b / Total Assets 1.75b) |
| C: 0.21 (EBIT TTM 356.2m / Avg Total Assets 1.73b) |
| D: 0.98 (Book Value of Equity 866.2m / Total Liabilities 881.6m) |
| Altman-Z'' = 6.17 = AAA |
| DSRI: 0.96 (Receivables 434.4m/396.8m, Revenue 2.24b/1.97b) |
| GMI: 0.99 (GM 38.05% / 38.51%) |
| AQI: 0.97 (AQ_t 0.38 / AQ_t-1 0.39) |
| SGI: 1.14 (Revenue 2.24b / 1.97b) |
| TATA: -0.04 (NI 250.0m - CFO 327.7m) / TA 1.75b) |
| Beneish M = -2.99 (Cap -4..+1) = A |
As of September 10, 2026, the stock is trading at USD 34.95 with a total of 1,504,674 shares traded. Over the past week, the price has changed by -6.60%, over one month by -0.34%, over three months by +17.64% and over the past year by -20.78%.
Current recommended Stop Loss: 32.20 (which is 7.9% or 2.5 ATR below the current price).
ExlService Holdings has received a consensus analysts rating of 4.44. Therefore, it is recommended to buy EXLS.
- StrongBuy: 5
- Buy: 3
- Hold: 1
- Sell: 0
- StrongSell: 0
| Analysts Target Price | 44.6 | 27.7% |
P/E Trailing = 23.1835
P/E Forward = 14.556
P/S = 2.4822
P/B = 6.5336
P/EG = 0.9702
Revenue TTM = 2.24b USD
EBIT TTM = 356.2m USD
EBITDA TTM = 439.3m USD
Long Term Debt = 293.7m USD (from longTermDebt, last fiscal year)
Short Term Debt = 399.9m USD (from shortTermDebt, last quarter)
Debt = 594.9m USD (from shortLongTermDebtTotal, last quarter) + Leases 106.9m
Net Debt = 311.1m USD (calculated: Debt 594.9m - CCE 283.8m)
Enterprise Value = 5.86b USD (5.55b + Debt 594.9m - CCE 283.8m)
Interest Coverage Ratio = 11.61 (Ebit TTM 356.2m / Interest Expense TTM 30.7m)
EV/FCF = 21.32x (Enterprise Value 5.86b / FCF TTM 275.0m)
FCF Yield = 4.69% (FCF TTM 275.0m / Enterprise Value 5.86b)
FCF Margin = 12.29% (FCF TTM 275.0m / Revenue TTM 2.24b)
Net Margin = 11.17% (Net Income TTM 250.0m / Revenue TTM 2.24b)
Gross Margin = 38.51% ((Revenue TTM 2.24b - Cost of Revenue TTM 1.38b) / Revenue TTM)
Gross Margin QoQ = 37.99% (prev 38.94%)
Tobins Q-Ratio = 3.36 (Enterprise Value 5.86b / Total Assets 1.75b)
Interest Expense / Debt = 5.16% (Interest Expense 30.7m / Debt 594.9m)
Taxrate = 23.17% (75.4m / 325.5m)
NOPAT = 273.7m (EBIT 356.2m * (1 - 23.17%))
Current Ratio = 1.24 (Total Current Assets 875.3m / Total Current Liabilities 703.6m)
Debt / Equity = 0.69 (Debt 594.9m / totalStockholderEquity, last quarter 866.2m)
Debt / EBITDA = 0.71 (Net Debt 311.1m / EBITDA 439.3m)
Debt / FCF = 1.13 (Net Debt 311.1m / FCF TTM 275.0m)
Total Stockholder Equity = 877.5m (last 4 quarters mean from totalStockholderEquity)
RoA = 14.47% (Net Income 250.0m / Total Assets 1.75b)
RoE = 28.49% (Net Income TTM 250.0m / Total Stockholder Equity 877.5m)
RoCE = 30.41% (EBIT 356.2m / Capital Employed (Equity 877.5m + L.T.Debt 293.7m))
RoIC = 20.54% (NOPAT 273.7m / Invested Capital 1.33b)
WACC = 6.20% (E(5.55b)/V(6.15b) * Re(6.44%) + D(594.9m)/V(6.15b) * Rd(5.16%) * (1-Tc(0.23)))
Discount Rate = 6.44% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -82.43 | Cagr: -3.79%
[DCF] Terminal Value 75.30% ; FCFF base≈276.1m ; Y1≈275.0m ; Y5≈286.5m
[DCF] Fair Price = 27.39 (EV 4.46b - Net Debt 311.1m = Equity 4.15b / Shares 151.6m; r=8.35% [WACC [floored]]; 5y FCF grow -1.00% → 2.50% )
EPS Correlation: 29.16 | EPS CAGR: 5.88% | SUE: 1.57 | # QB: 8
Revenue Correlation: 99.86 | Revenue CAGR: 13.48% | SUE: 4.0 | # QB: 6
EPS current Quarter (2026-09-30): EPS=0.56 | Chg30d=+0.18% | Revisions=+12% | Analysts=8
EPS current Year (2026-12-31): EPS=2.29 | Chg30d=+2.26% | Revisions=+75% | GrowthEPS=+17.4% | GrowthRev=+15.4%
EPS next Year (2027-12-31): EPS=2.60 | Chg30d=+2.98% | Revisions=+75% | GrowthEPS=+13.5% | GrowthRev=+11.7%
[Analyst] Revisions Ratio: +73% (up=21, down=2)