NASDAQ : EXLS
ExlService Holdings, Inc. — Financial statements
Technology · Information Technology Services · United States
Last price 41.12 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 6.20B
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Financial statements
ExlService Holdings, Inc. (EXLS) reported revenue of 2.34B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 2.34B | 2.09B | 1.84B | 1.63B | 1.41B | 1.12B |
| Cost of Revenue | 1.44B | 1.29B | 1.15B | 1.02B | 896.60M | 690.93M |
| Gross Profit | 898.82M | 801.08M | 691.01M | 607.77M | 515.45M | 431.36M |
| Selling, General & Admin | 487.99M | 428.51M | 371.89M | 318.95M | 267.96M | 227.19M |
| Operating Expenses | 551.80M | 487.59M | 427.11M | 369.44M | 324.24M | 276.32M |
| Operating Income | 347.01M | 313.49M | 263.91M | 238.33M | 191.21M | 155.04M |
| Interest Expense | -19.62M | -17.61M | -19.26M | -13.18M | -8.25M | -7.56M |
| Interest & Investment Income | 8.20M | 9.64M | 9.92M | 8.03M | 5.23M | 2.73M |
| Earnings From Equity Investments | 43.00K | -305.00K | -114.00K | 153.00K | 434.00K | 47.00K |
| Currency Exchange Gain (Loss) | 4.71M | 2.86M | 891.00K | 1.53M | 6.20M | 4.31M |
| Other Non Operating Income (Expenses) | -1.33M | 636.00K | -367.00K | 121.00K | -944.00K | -2.00K |
| EBT Excluding Unusual Items | 339.02M | 308.71M | 254.98M | 234.98M | 193.88M | 154.56M |
| Merger & Restructuring Charges | -2.76M | |||||
| Gain (Loss) on Sale of Investments | 6.56M | 8.34M | 5.66M | 5.01M | 4.91M | 4.89M |
| Other Unusual Items | -5.30M | -2.30M | 589.00K | -1.90M | -8.25M | -12.85M |
| Pretax Income | 337.52M | 314.75M | 261.23M | 238.09M | 190.53M | 146.61M |
| Income Tax Expense | 76.91M | 63.73M | 62.94M | 53.54M | 47.56M | 31.85M |
| Net Income | 260.61M | 251.02M | 198.30M | 184.56M | 142.97M | 114.76M |
| Net Income to Common | 260.61M | 251.02M | 198.30M | 184.56M | 142.97M | 114.76M |
| Shares Outstanding (Basic) | 154.64M | 161.03M | 162.72M | 166.34M | 166.65M | 167.75M |
| Shares Outstanding (Diluted) | 155.44M | 162.48M | 164.32M | 168.16M | 169.17M | 171.22M |
| EPS (Basic) | 1.69 | 1.56 | 1.22 | 1.11 | 0.86 | 0.68 |
| EPS (Diluted) | 1.67 | 1.54 | 1.21 | 1.10 | 0.85 | 0.67 |
| Free Cash Flow | 271.19M | 298.12M | 222.26M | 158.40M | 121.31M | 147.14M |
| Free Cash Flow Per Share | 1.75 | 1.83 | 1.35 | 0.94 | 0.72 | 0.86 |
| Gross Margin | 38.38% | 38.37% | 37.59% | 37.27% | 36.50% | 38.44% |
| Operating Margin | 14.82% | 15.02% | 14.36% | 14.62% | 13.54% | 13.81% |
| Profit Margin | 11.13% | 12.02% | 10.79% | 11.32% | 10.12% | 10.22% |
| Free Cash Flow Margin | 11.58% | 14.28% | 12.09% | 9.71% | 8.59% | 13.11% |
| EBITDA | 397.85M | 359.33M | 306.28M | 279.33M | 241.35M | 199.92M |
| EBITDA Margin | 16.99% | 17.21% | 16.66% | 17.13% | 17.09% | 17.81% |
| D&A For EBITDA | 50.84M | 45.84M | 42.37M | 41.00M | 50.14M | 44.88M |
| EBIT | 347.01M | 313.49M | 263.91M | 238.33M | 191.21M | 155.04M |
| EBIT Margin | 14.82% | 15.02% | 14.36% | 14.62% | 13.54% | 13.81% |
| Effective Tax Rate | 22.79% | 20.25% | 24.09% | 22.48% | 24.96% | 21.73% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 154.07M | 146.33M | 153.35M | 136.95M | 118.67M | 135.34M |
| Short-Term Investments | 178.61M | 182.04M | 187.22M | 153.88M | 179.03M | 179.43M |
| Cash & Short-Term Investments | 332.68M | 328.37M | 340.58M | 290.83M | 297.70M | 314.77M |
| Accounts Receivable | 494.51M | 370.19M | 340.39M | 310.94M | 260.13M | 195.55M |
| Other Receivables | 24.07M | 21.37M | 19.41M | 18.50M | 15.72M | 18.02M |
| Receivables | 518.59M | 391.56M | 359.80M | 329.44M | 275.85M | 213.57M |
| Prepaid Expenses | 34.48M | 26.46M | 21.06M | 18.17M | 18.13M | 14.65M |
| Restricted Cash | 13.92M | 12.39M | 9.97M | 4.06M | 4.90M | 6.17M |
| Other Current Assets | 59.49M | 71.17M | 63.78M | 37.17M | 16.22M | 28.97M |
| Total Current Assets | 959.14M | 829.96M | 795.19M | 679.67M | 612.79M | 578.14M |
| Property, Plant & Equipment | 198.93M | 189.17M | 148.42M | 144.02M | 122.77M | 153.64M |
| Long-Term Investments | 6.45M | 8.20M | 13.97M | 4.43M | 34.78M | 3.19M |
| Goodwill | 581.60M | 419.65M | 420.39M | 405.64M | 405.64M | 403.90M |
| Other Intangible Assets | 118.00M | 56.26M | 71.53M | 71.38M | 80.23M | 90.14M |
| Long-Term Accounts Receivable | 4.21M | 4.82M | 3.63M | 6.83M | 1.86M | 1.21M |
| Long-Term Deferred Tax Assets | 129.73M | 129.97M | 104.75M | 82.93M | 55.79M | 21.40M |
| Long-Term Deferred Charges | 30.41M | 32.15M | 31.74M | 21.37M | 12.69M | 4.31M |
| Other Long-Term Assets | 44.95M | 32.06M | 28.79M | 25.70M | 19.57M | 26.96M |
| Total Assets | 2.07B | 1.70B | 1.62B | 1.44B | 1.35B | 1.28B |
| Accounts Payable | 6.50M | 4.75M | 5.88M | 5.05M | 7.79M | 5.65M |
| Accrued Expenses | 259.29M | 238.22M | 216.48M | 201.79M | 179.09M | 172.84M |
| Current Portion of Long-Term Debt | 9.70M | 4.89M | 4.89M | 65.00M | 30.00M | 260.02M |
| Current Portion of Leases | 21.09M | 17.47M | 16.93M | 12.97M | 15.14M | 18.63M |
| Current Income Taxes Payable | 15.51M | 1.21M | 2.94M | 901.00K | ||
| Current Unearned Revenue | 20.26M | 15.36M | 19.26M | 12.32M | 18.78M | 20.00M |
| Other Current Liabilities | 111.83M | 43.44M | 26.68M | 28.05M | 24.20M | 17.65M |
| Total Current Liabilities | 444.19M | 324.12M | 290.12M | 326.40M | 277.95M | 495.69M |
| Long-Term Debt | 501.35M | 293.71M | 283.60M | 135.00M | 220.00M | |
| Long-Term Leases | 85.64M | 89.71M | 61.20M | 58.79M | 48.51M | 68.73M |
| Long-Term Unearned Revenue | 24.25M | 26.14M | 18.21M | 10.20M | 4.41M | 995.00K |
| Pension & Post-Retirement Benefits | 35.21M | 41.63M | 24.80M | 16.67M | 12.98M | 9.60M |
| Long-Term Deferred Tax Liabilities | 2.59M | 2.12M | 1.40M | 1.50M | 547.00K | 965.00K |
| Other Long-Term Liabilities | 52.09M | 12.09M | 9.22M | 3.99M | 23.55M | 13.76M |
| Total Liabilities | 1.15B | 789.53M | 688.54M | 552.53M | 587.94M | 589.75M |
| Common Stock | 210.00K | 209.00K | 206.00K | 203.00K | 200.00K | 40.00K |
| Additional Paid-In Capital | 750.31M | 677.56M | 588.58M | 508.03M | 444.95M | 395.74M |
| Retained Earnings | 1.73B | 1.53B | 1.28B | 1.08B | 899.11M | 756.14M |
| Treasury Stock | -1.33B | -1.12B | -786.16M | -575.42M | -441.93M | -369.29M |
| Comprehensive Income & Other | -230.03M | -180.73M | -154.72M | -127.04M | -144.14M | -89.47M |
| Total Common Equity | 928.09M | 912.71M | 929.86M | 889.44M | 758.18M | 693.16M |
| Shareholders' Equity | 928.09M | 912.71M | 929.86M | 889.44M | 758.18M | 693.16M |
| Total Liabilities & Equity | 2.07B | 1.70B | 1.62B | 1.44B | 1.35B | 1.28B |
| Total Debt | 617.78M | 405.78M | 366.61M | 271.76M | 313.65M | 347.38M |
| Net Cash (Debt) | -285.10M | -77.42M | -26.03M | 19.07M | -15.96M | -32.61M |
| Net Cash Per Share | -1.83 | -0.48 | -0.16 | 0.11 | -0.09 | -0.19 |
| Filing Date Shares Outstanding | 150.79M | 156.38M | 162.30M | 165.78M | 166.50M | 166.03M |
| Total Common Shares Outstanding | 151.03M | 156.43M | 161.80M | 165.28M | 166.17M | 166.46M |
| Working Capital | 514.95M | 505.83M | 505.07M | 353.27M | 334.85M | 82.46M |
| Book Value Per Share | 6.15 | 5.83 | 5.75 | 5.38 | 4.56 | 4.16 |
| Tangible Book Value | 228.50M | 436.79M | 437.94M | 412.42M | 272.31M | 199.11M |
| Tangible Book Value Per Share | 1.51 | 2.79 | 2.71 | 2.50 | 1.64 | 1.20 |
| Land | 579.00K | 608.00K | 625.00K | 629.00K | 700.00K | |
| Buildings | 885.00K | 929.00K | 956.00K | 961.00K | 1.07M | |
| Machinery | 217.25M | 192.06M | 171.86M | 151.03M | 139.02M | |
| Construction In Progress | 10.68M | 7.50M | 12.28M | 14.46M | 10.29M | |
| Leasehold Improvements | 53.30M | 45.82M | 41.93M | 42.89M | 46.40M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 260.61M | 251.02M | 198.30M | 184.56M | 142.97M | 114.76M |
| Depreciation & Amortization | 50.84M | 45.84M | 42.37M | 41.00M | 50.14M | 44.88M |
| Other Amortization | 12.67M | 13.40M | 12.85M | 9.28M | 5.96M | 6.05M |
| Loss (Gain) From Sale of Investments | -3.22M | -1.77M | -1.51M | 17.04M | -1.21M | 5.14M |
| Stock-Based Compensation | 93.03M | 79.47M | 72.66M | 58.44M | 49.37M | 38.62M |
| Provision & Write-off of Bad Debts | -464.00K | |||||
| Other Operating Activities | 936.00K | -490.00K | -3.94M | -7.62M | -4.97M | 15.72M |
| Change in Accounts Receivable | -97.38M | -35.99M | 4.65M | -49.24M | -68.12M | -37.68M |
| Change in Accounts Payable | 8.48M | 11.23M | 20.51M | 7.33M | 16.86M | -614.00K |
| Change in Unearned Revenue | 2.67M | -4.13M | 7.00M | -877.00K | 2.47M | -12.73M |
| Change in Income Taxes | 22.67M | -1.61M | -26.20M | -18.28M | 8.78M | -12.06M |
| Change in Other Net Operating Assets | -25.11M | -6.26M | -58.15M | -30.43M | -36.11M | 22.78M |
| Operating Cash Flow | 326.19M | 350.72M | 268.52M | 211.20M | 166.14M | 184.39M |
| Capital Expenditures | -55.00M | -52.60M | -46.26M | -52.80M | -44.84M | -37.25M |
| Sale of Property, Plant & Equipment | 296.00K | 351.00K | 215.00K | 739.00K | 266.00K | 1.30M |
| Cash Acquisitions | -153.84M | -24.30M | -3.87M | -76.83M | ||
| Investment in Securities | 43.14M | 2.99M | -48.75M | 40.07M | -48.10M | -1.49M |
| Investing Cash Flow | -165.40M | -49.26M | -119.10M | -12.00M | -96.55M | -114.27M |
| Long-Term Debt Issued | 235.00M | 290.00M | 80.00M | 35.00M | 300.00M | |
| Long-Term Debt Repaid | -225.51M | -201.58M | -130.17M | -45.14M | -329.23M | |
| Net Debt Issued (Repaid) | 156.84M | 9.49M | 88.42M | -50.17M | -10.14M | -29.23M |
| Issuance of Common Stock | 5.73M | 6.24M | 5.02M | 5.57M | 1.06M | 710.00K |
| Repurchase of Common Stock | -322.02M | -328.49M | -207.93M | -131.85M | -72.64M | -118.36M |
| Other Financing Activities | -3.52M | -4.62M | -5.00M | |||
| Financing Cash Flow | -162.97M | -312.76M | -119.10M | -181.45M | -81.72M | -146.88M |
| Foreign Exchange Rate Adjustments | -2.58M | 5.88M | -4.33M | 2.03M | -6.06M | -4.95M |
| Net Cash Flow | -4.76M | -5.43M | 26.00M | 19.78M | -18.19M | -81.71M |
| Free Cash Flow | 271.19M | 298.12M | 222.26M | 158.40M | 121.31M | 147.14M |
| Free Cash Flow Margin | 11.58% | 14.28% | 12.09% | 9.71% | 8.59% | 13.11% |
| Free Cash Flow Per Share | 1.75 | 1.83 | 1.35 | 0.94 | 0.72 | 0.86 |
| Levered Free Cash Flow | 312.79M | 257.52M | 188.62M | 138.52M | 139.02M | 127.65M |
| Unlevered Free Cash Flow | 325.05M | 268.53M | 200.66M | 146.76M | 144.18M | 130.58M |
| Cash Interest Paid | 18.72M | 16.96M | 19.60M | 13.89M | 8.19M | 6.59M |
| Cash Income Tax Paid | 77.23M | 77.23M | 108.55M | 106.55M | 57.06M | 50.00M |
| Change in Working Capital | -88.67M | -36.76M | -52.20M | -91.50M | -76.12M | -40.31M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 6.25B | 6.67B | 7.14B | 5.09B | 5.60B | 4.82B |
| Enterprise Value | 6.53B | 6.72B | 7.24B | 5.09B | 5.68B | 4.81B |
| Last Close Price | 41.43 | 42.44 | 44.38 | 30.85 | 33.89 | 28.95 |
| PE Ratio | 24.84 | 26.57 | 36.01 | 27.57 | 39.19 | 42.01 |
| Forward PE | 16.27 | 20.32 | 24.80 | 20.17 | 27.21 | 30.66 |
| PS Ratio | 2.67 | 3.19 | 3.88 | 3.12 | 3.97 | 4.30 |
| PB Ratio | 6.74 | 7.31 | 7.68 | 5.72 | 7.39 | 6.96 |
| P/TBV Ratio | 27.34 | 15.27 | 16.30 | 12.34 | 20.57 | 24.21 |
| P/FCF Ratio | 23.04 | 22.37 | 32.12 | 32.12 | 46.18 | 32.77 |
| P/OCF Ratio | 19.15 | 19.02 | 26.59 | 24.09 | 33.72 | 26.15 |
| PEG Ratio | 1.10 | 1.46 | 1.53 | 1.14 | 1.79 | 2.09 |
| EV/Sales Ratio | 2.79 | 3.22 | 3.94 | 3.12 | 4.02 | 4.29 |
| EV/EBITDA Ratio | 16.42 | 18.69 | 23.64 | 18.21 | 23.54 | 24.08 |
| EV/EBIT Ratio | 18.82 | 21.42 | 27.43 | 21.34 | 29.71 | 31.05 |
| EV/FCF Ratio | 24.09 | 22.53 | 32.57 | 32.11 | 46.84 | 32.72 |
| Debt / Equity Ratio | 0.67 | 0.45 | 0.39 | 0.31 | 0.41 | 0.50 |
| Debt / EBITDA Ratio | 1.43 | 1.04 | 1.10 | 0.89 | 1.17 | 1.49 |
| Debt / FCF Ratio | 2.28 | 1.36 | 1.65 | 1.72 | 2.59 | 2.36 |
| Net Debt / Equity Ratio | 0.31 | 0.09 | 0.03 | -0.02 | 0.02 | 0.05 |
| Net Debt / EBITDA Ratio | 0.72 | 0.21 | 0.09 | -0.07 | 0.07 | 0.16 |
| Net Debt / FCF Ratio | 1.05 | 0.26 | 0.12 | -0.12 | 0.13 | 0.22 |
| Asset Turnover | 1.23 | 1.26 | 1.20 | 1.17 | 1.07 | 0.89 |
| Quick Ratio | 1.92 | 2.22 | 2.41 | 1.90 | 2.06 | 1.07 |
| Current Ratio | 2.16 | 2.56 | 2.74 | 2.08 | 2.21 | 1.17 |
| Return on Equity (ROE) | 27.72% | 27.25% | 21.80% | 22.40% | 19.70% | 16.25% |
| Return on Assets (ROA) | 11.39% | 11.80% | 10.78% | 10.69% | 9.09% | 7.66% |
| Return on Invested Capital (ROIC) | 23.44% | 25.70% | 21.94% | 22.47% | 19.13% | 17.67% |
| Return on Capital Employed (ROCE) | 21.30% | 22.70% | 19.90% | 21.40% | 17.90% | 19.70% |
| Earnings Yield | 4.03% | 3.76% | 2.78% | 3.63% | 2.55% | 2.38% |
| FCF Yield | 4.34% | 4.47% | 3.11% | 3.11% | 2.17% | 3.05% |
| Buyback Yield / Dilution | 4.91% | 1.12% | 2.28% | 0.60% | 1.20% | 0.90% |