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ExlService Holdings, Inc. (EXLS)

POSITIVE
TechnologyInformation Technology ServicesUnited States

Fundamental

78

Price

$37.55

Market Cap

$5.78B

Part 1 · What the company is worth

Overview

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.

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Direct competitors

Who this company fights with for the same customers

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No competitor list for this company yet.

Balance Sheet & Liquidity

Revenue

$2.16B

Trailing 12 months (through 3/31/2026)

Net Income

$252M

Trailing 12 months (through 3/31/2026)

Free Cash Flow

$298M

Total Equity

$913M

Total Liabilities

$790M

Current Ratio

2.66

Interest Coverage

18.78

Debt/EBITDA

1.40

Earnings Per Share

Revenue & Net Income

Free Cash Flow

Income Breakdown

Historical statement

Margins over time

Debt over time

How heavy the debt is

Growth grid

Growth — Revenue

Fair Value Estimation

Undervalued

Fair Value

$53.84

Current Price

$37.55

Margin of Safety

+30.3%

Fair Value Range

$35.00 - $72.69

Estimation Methods

Analyst Target:$44.38
DCF:$100.85
PE-based:$22.45
Graham Growth:$79.75
EPV:$19.00
Analyst Consensus:Strong Buy (14B / 2H / 0S)
Last Earnings Surprise:+5.81%

Valuation Metrics

P/E Ratio

23.99

ROE

27.5%

P/B Ratio

7.39

P/FCF

19.40

Gross Margin

38.5%

ROIC

18.8%

Profitability Radar

Value Creation (Economic Moat)

ROIC

18.8%

WACC

8.5%

ROIC − WACC

+10.3 pp

ROIC exceeds the cost of capital — the company is creating value for shareholders.

Fundamental Analysis Criteria

Passed (23)

  • EPS shows upward trend
  • EPS CAGR 6.89%
  • Price CAGR 14.04%
  • ROIC 18.8%
  • Gross Margin 38.5%
  • P/FCF 19.40
  • Debt/Equity ratio
  • Operating Margin 15.2%
  • Positive Free Cash Flow
  • CapEx intensity
  • Current Ratio
  • Interest Coverage
  • Debt/EBITDA
  • Return on Tangible Assets
  • ROE 28.5%
  • Revenue Growth 5Y 16.9%
  • Analyst Consensus 88% Buy
  • Earnings Surprise avg 4.7%
  • PEG Ratio 0.88
  • Earnings Quality (OCF/NI) 1.39
  • Share Dilution -0.5%
  • Net Margin Trend 11.7% vs 11.4%
  • Piotroski F-Score 7/9

Failed (4)

  • P/B Ratio 7.39
  • Low reliance on intangibles
  • Price below Graham Number
  • DCF valuation (Overvalued)

Unavailable (1)

  • Dividend Payout NaN%

Piotroski F-Score

7/9

Strong financial health

score
criteria

Earnings Quality

1.39

High quality: earnings backed by cash

Share Dilution

-0.5%

Buying back shares. Shareholder friendly

Governance

Executive Team

NameTitleAge
Mr. Rohit KapoorCo-Founder, Chairman & CEO60
Mr. Vikas BhallaPresident and Head of AI Services & Operations53
Mr. Vivek JetleyPresident and Head of Insurance, Healthcare & Life Sciences50
Mr. Maurizio Nicolelli CPAExecutive VP & CFO57
Mr. Narasimha KiniExecutive Vice President of Banking & Capital Markets and Diversified Industries56
Ms. Bhavna Newle ChopraSenior Vice President in Operations Management-
Mr. Baljinder SinghExecutive VP, Global Chief Information Officer & Head of Enterprise Digital Transformation52
Mr. Andrew ThutHead of Investor Relations & Capital Markets-
Mr. Ajay Ayyappan J.D.Executive VP, General Counsel & Corporate Secretary47
Mr. Joel KatzSenior VP and Chief Compliance & Ethics Officer-

Audit Risk

1

Board Risk

5

Compensation Risk

1

Shareholder Rights Risk

4

Part 2 · The price and when to enter

This part won't tell you whether the company is worth owning: it helps you choose when to buy it, once the fundamentals have convinced you. Inside: technical analysis, potential, historical drawdowns, gamma exposure.

Latest News

Recent headlines for EXLS, sourced from Markets Gazette.

  • 3/11/2026NEGATIVE
    EXL Stock Down 41% Year Over Year as One Investor Reveals $68 Million Exit

    ExlService Holdings Inc. (EXLS) has experienced a significant 41% decline in its stock value over the past year. This downturn is highlighted by a substantial $68 million exit by a key investor, signaling a potential loss of confidence or a strategic shift. The company, which provides digital operations and analytics solutions to the insurance, healthcare, and life sciences sectors, faces increased scrutiny from the market. Investors are likely reassessing the company's growth prospects and competitive positioning in light of this exit and the substantial share price depreciation.

  • 2/25/2026NEUTRAL
    ExlService (EXLS) Q4 2025 Earnings Call Transcript

    Investors in ExlService (EXLS) are currently awaiting the release of the transcript from the company's fourth-quarter 2025 earnings call. While the event has been announced, specific details regarding key financial metrics such as revenue, earnings per share, and future guidance are not yet available. The market will closely scrutinize this information to assess the company's performance during the period and its growth prospects. The absence of concrete data currently prevents a directional judgment on the potential impact these results might have on the stock. The reaction of EXLS shares will entirely depend on the strength of the numbers presented and the future projections outlined by management.

via Markets Gazette