ExlService (EXLS) Financials

$27.58 +0.42 (+1.55%)

As of 11:46 AM Eastern

Annual Income Statements for ExlService

This table shows ExlService's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	52	62	49	57	68	89	115	143	185	198	251
Consolidated Net Income / (Loss)	52	62	49	57	68	89	115	143	185	198	251
Net Income / (Loss) Continuing Operations	52	62	49	57	68	89	115	143	185	198	251
Total Pre-Tax Income	76	84	85	60	83	115	147	190	238	261	315
Total Operating Income	67	64	73	50	76	110	156	192	239	264	314
Total Gross Profit	226	238	267	298	336	334	431	515	608	691	801
Total Revenue	628	686	762	883	991	958	1,122	1,412	1,631	1,838	2,088
Operating Revenue	628	686	762	883	991	958	1,122	1,412	1,631	1,838	2,088
Total Cost of Revenue	403	448	495	585	655	624	691	897	1,023	1,147	1,287
Operating Cost of Revenue	403	448	495	585	655	624	691	897	1,023	1,147	1,287
Total Operating Expenses	158	174	194	248	259	224	275	323	369	427	487
Selling, General & Admin Expense	77	89	103	116	127	114	142	169	198	226	255
Marketing Expense	49	51	53	64	72	60	84	98	120	147	173
Depreciation Expense	31	35	39	49	52	50	49	56	50	55	59
Total Other Income / (Expense), net	8.43	19	12	11	6.65	5.31	-9.32	-2.06	-0.81	-2.27	1.30
Interest Expense	1.34	1.34	1.89	7.23	14	11	20	8.25	13	19	18
Other Income / (Expense), net	9.77	21	14	18	20	16	11	6.19	12	17	19
Income Tax Expense	24	22	36	3.40	15	26	32	48	54	63	64
Other Gains / (Losses), net	-	-	0.00	-0.25	-0.27	-0.23	0.05	0.43	0.15	-0.11	-0.31
Basic Earnings per Share	$1.55	$1.84	$1.44	$1.65	$1.97	$2.61	$0.68	$0.86	$1.11	$1.22	$1.56
Weighted Average Basic Shares Outstanding	33.30M	33.57M	33.90M	34.45M	34.35M	34.27M	167.75M	166.65M	166.34M	162.72M	161.03M
Diluted Earnings per Share	$1.51	$1.79	$1.39	$1.62	$1.95	$2.59	$0.67	$0.85	$1.10	$1.21	$1.54
Weighted Average Diluted Shares Outstanding	34.18M	34.56M	35.11M	35.03M	34.73M	34.56M	171.22M	169.17M	168.16M	164.32M	162.48M
Weighted Average Basic & Diluted Shares Outstanding	33.30M	33.60M	34M	34.40M	34.36M	33.47M	33.21M	33.30M	165.78M	162.30M	156.38M

This table shows ExlService's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	44	40	49	46	53	51	67	66	58	60	67
Consolidated Net Income / (Loss)	44	40	49	46	53	51	67	66	58	60	67
Net Income / (Loss) Continuing Operations	44	40	49	46	53	51	67	66	58	60	67
Total Pre-Tax Income	58	56	63	60	69	71	80	85	75	75	91
Total Operating Income	60	54	62	61	69	71	78	81	76	78	92
Total Gross Profit	155	152	163	166	178	183	193	194	204	210	222
Total Revenue	411	414	437	448	472	481	501	514	530	543	570
Operating Revenue	411	414	437	448	472	481	501	514	530	543	570
Total Cost of Revenue	256	262	273	282	294	298	308	320	326	333	348
Operating Cost of Revenue	256	262	273	282	294	298	308	320	326	333	348
Total Operating Expenses	95	98	102	105	109	112	115	113	128	132	130
Selling, General & Admin Expense	52	54	53	56	57	58	59	60	66	70	69
Marketing Expense	31	32	36	35	38	38	42	39	46	45	47
Depreciation Expense	12	12	12	13	14	16	14	14	15	16	14
Total Other Income / (Expense), net	-2.22	1.78	1.02	-1.74	-0.87	-0.68	1.75	3.60	-1.48	-2.57	-0.43
Interest Expense	3.41	3.15	3.29	5.33	5.53	5.11	4.14	4.28	4.92	4.26	3.95
Other Income / (Expense), net	1.19	4.93	4.31	3.59	4.65	4.43	5.90	7.88	3.45	1.69	3.53
Income Tax Expense	14	16	14	14	15	20	13	19	16	15	24
Other Gains / (Losses), net	0.03	-0.00	-0.03	-0.01	-0.03	-0.04	-0.11	-0.14	-0.08	0.03	-0.00
Basic Earnings per Share	$0.26	$0.24	$0.30	$0.28	$0.33	$0.31	$0.41	$0.41	$0.36	$0.38	$0.43
Weighted Average Basic Shares Outstanding	166.16M	166.34M	165.08M	162.79M	161.73M	162.72M	162.49M	162.93M	160.50M	161.03M	156.05M
Diluted Earnings per Share	$0.26	$0.24	$0.29	$0.28	$0.33	$0.31	$0.40	$0.40	$0.36	$0.38	$0.43
Weighted Average Diluted Shares Outstanding	167.69M	168.16M	166.73M	163.96M	163.19M	164.32M	164.56M	164.19M	161.71M	162.48M	156.90M
Weighted Average Basic & Diluted Shares Outstanding	164.92M	165.78M	162.44M	161.40M	160.88M	162.30M	162.69M	161.51M	158.70M	156.38M	152.78M

This table details how cash moves in and out of ExlService's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	29	9.88	-126	9.85	23	98	-82	-18	20	26	-5.43
Net Cash From Operating Activities	97	102	113	92	168	203	184	166	211	269	351
Net Cash From Continuing Operating Activities	97	102	113	92	168	203	184	166	211	269	351
Net Income / (Loss) Continuing Operations	52	62	49	57	68	89	115	143	185	198	251
Consolidated Net Income / (Loss)	52	62	49	57	68	89	115	143	185	198	251
Depreciation Expense	31	35	39	49	52	51	50	56	50	55	59
Amortization Expense	-	-	0.00	0.60	30	2.62	1.80	22	20	22	25
Non-Cash Adjustments To Reconcile Net Income	11	14	28	28	19	22	79	41	79	54	68
Changes in Operating Assets and Liabilities, net	3.15	-8.25	-2.35	-41	-0.29	38	-61	-96	-123	-61	-52
Net Cash From Investing Activities	-74	-55	-223	-277	-51	-18	-114	-97	-12	-119	-49
Net Cash From Continuing Investing Activities	-74	-55	-223	-277	-51	-18	-114	-97	-12	-119	-49
Purchase of Property, Plant & Equipment	-26	-26	-35	-41	-41	-42	-37	-45	-53	-46	-53
Acquisitions	-44	-29	-23	-232	0.00	-0.70	-77	-3.87	-0.60	-25	-1.17
Purchase of Investments	-129	-182	-406	-133	-188	-102	-96	-213	-235	-289	-314
Sale of Property, Plant & Equipment	-	-	-	0.35	0.41	0.92	1.30	0.27	0.74	0.22	0.35
Sale and/or Maturity of Investments	125	182	241	128	177	126	95	165	276	241	318
Net Cash From Financing Activities	10	-33	-20	198	-93	-90	-147	-82	-181	-119	-313
Net Cash From Continuing Financing Activities	10	-33	-20	198	-93	-90	-147	-82	-181	-119	-313
Repayment of Debt	-11	-25	-46	-156	-98	-121	-329	-45	-130	-202	-225
Repurchase of Common Equity	-14	-18	-43	-43	-41	-80	-118	-73	-132	-208	-328
Issuance of Debt	30	0.00	61	396	46	110	300	35	80	290	235
Issuance of Common Equity	0.18	-	-	-	-	0.00	0.71	1.06	5.57	5.02	6.24
Other Financing Activities, net	4.83	11	8.56	1.25	0.65	1.25	-0.20	-0.14	-5.17	-4.33	-0.51
Effect of Exchange Rate Changes	-4.35	-5.12	3.94	-2.87	-1.05	3.38	-4.95	-6.06	2.03	-4.33	5.88
Cash Interest Paid	1.19	1.18	1.12	4.73	11	7.63	6.59	8.19	14	20	17

This table details how cash moves in and out of ExlService's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	27	17	-28	8.81	37	8.13	-13	12	9.31	-14	-1.19
Net Cash From Operating Activities	69	79	-22	75	110	105	3.24	109	121	117	1.72
Net Cash From Continuing Operating Activities	69	79	-22	75	110	105	3.24	109	121	117	1.72
Net Income / (Loss) Continuing Operations	44	40	49	46	53	51	67	66	58	60	67
Consolidated Net Income / (Loss)	44	40	49	46	53	51	67	66	58	60	67
Depreciation Expense	12	12	12	13	14	16	14	14	15	16	14
Amortization Expense	4.84	5.02	5.00	5.35	5.72	5.69	6.06	6.43	5.90	6.25	6.90
Non-Cash Adjustments To Reconcile Net Income	18	25	6.48	-2.49	37	13	19	13	14	21	9.68
Changes in Operating Assets and Liabilities, net	-10	-3.50	-94	13	0.59	20	-102	9.48	27	13	-96
Net Cash From Investing Activities	-0.35	-23	4.69	-48	-51	-25	-22	-14	-46	33	44
Net Cash From Continuing Investing Activities	-0.35	-23	4.69	-48	-51	-25	-22	-14	-46	33	44
Purchase of Property, Plant & Equipment	-15	-12	-11	-12	-13	-10	-13	-14	-14	-11	-13
Acquisitions	-	-	0.00	-	-	0.17	-0.60	-	-0.57	-	0.00
Purchase of Investments	-51	-70	-65	-95	-66	-63	-90	-55	-102	-66	-45
Sale of Property, Plant & Equipment	0.09	0.10	0.06	0.03	0.08	0.04	0.10	0.09	0.14	0.04	0.12
Sale and/or Maturity of Investments	66	59	81	59	52	49	81	55	71	110	102
Net Cash From Financing Activities	-39	-40	-9.77	-18	-25	-67	3.41	-88	-63	-165	-45
Net Cash From Continuing Financing Activities	-39	-40	-9.77	-18	-25	-67	3.41	-88	-63	-165	-45
Repayment of Debt	-10	-20	-35	-10	-101	-56	-31	-47	-30	-116	-56
Repurchase of Common Equity	-30	-31	-152	-8.42	-35	-12	-18	-42	-159	-110	-166
Issuance of Debt	-	10	180	-	110	-	50	-	125	60	175
Issuance of Common Equity	0.81	0.88	1.51	0.96	1.05	1.50	2.77	1.10	1.23	1.14	2.79
Other Financing Activities, net	-0.04	-0.05	-4.06	-0.07	-0.09	-0.10	-0.12	-0.13	-0.12	-0.15	-0.15
Effect of Exchange Rate Changes	-1.80	2.32	-1.21	-0.63	3.17	-5.66	2.70	4.65	-1.71	0.24	-2.33
Cash Interest Paid	3.67	3.32	2.97	5.97	5.41	5.26	3.79	4.43	4.26	4.49	3.54

This table presents ExlService's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	651	707	825	1,062	1,183	1,248	1,283	1,346	1,442	1,618	1,702
Total Current Assets	339	379	453	500	541	609	578	613	680	795	830
Cash & Equivalents	205	213	87	96	119	219	135	119	137	153	146
Restricted Cash	1.87	3.85	3.67	5.61	5.45	4.69	6.17	4.90	4.06	9.97	12
Short-Term Investments	14	13	178	184	202	184	179	179	154	187	182
Accounts Receivable	93	113	136	165	172	148	194	259	308	304	343
Other Current Assets	15	21	30	28	25	37	63	51	77	140	146
Plant, Property, & Equipment, net	48	49	67	74	79	93	0.00	83	100	102	112
Total Noncurrent Assets	264	279	306	488	563	546	705	650	662	721	760
Long-Term Investments	-	0.00	3.00	2.75	2.48	2.96	3.19	35	4.43	14	8.20
Goodwill	172	187	204	350	350	349	404	406	406	420	420
Intangible Assets	53	54	49	95	74	60	81	65	50	49	36
Noncurrent Deferred & Refundable Income Taxes	14	15	9.28	6.60	12	7.75	21	56	83	105	130
Other Noncurrent Operating Assets	22	20	40	34	125	126	195	89	119	133	166
Total Liabilities & Shareholders' Equity	651	707	825	1,062	1,183	1,248	1,283	1,346	1,442	1,618	1,702
Total Liabilities	185	174	225	444	513	529	590	588	553	689	790
Total Current Liabilities	107	124	144	155	229	221	496	278	326	290	324
Short-Term Debt	10	10	11	22	41	25	260	30	65	4.89	4.89
Accounts Payable	6.40	3.29	5.92	5.65	6.56	6.99	5.65	7.79	5.06	5.88	4.75
Accrued Expenses	34	43	61	64	74	66	76	95	114	114	135
Current Deferred Revenue	12	17	11	7.72	13	33	20	19	12	19	15
Current Employee Benefit Liabilities	45	51	56	55	69	68	114	108	117	130	147
Other Current Liabilities	-	-	-	0.00	24	19	18	15	13	16	17
Total Noncurrent Liabilities	78	50	81	289	284	308	94	310	226	398	465
Long-Term Debt	78	50	67	263	194	202	0.00	220	135	284	294
Noncurrent Deferred & Payable Income Tax Liabilities	-	-	0.70	8.45	0.97	0.85	0.97	0.55	1.50	1.40	2.13
Other Noncurrent Operating Liabilities	0.00	0.00	0.00	17	87	18	93	89	90	113	170
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	466	532	600	618	670	719	693	758	889	930	913
Total Preferred & Common Equity	466	532	600	618	670	719	693	758	889	930	913
Preferred Stock	-	-	-	0.00	0.00	0.00	-	0.00	0.00	0.00	0.00
Total Common Equity	466	532	600	618	670	719	693	758	889	930	913
Common Stock	254	285	322	364	391	421	396	445	508	589	678
Retained Earnings	321	383	427	484	552	641	756	899	1,084	1,282	1,533
Treasury Stock	-42	-60	-104	-147	-188	-268	-369	-442	-575	-786	-1,117
Accumulated Other Comprehensive Income / (Loss)	-67	-75	-46	-83	-85	-75	-89	-144	-127	-155	-181

This table presents ExlService's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	1,319	1,309	1,363	1,402	1,439	1,504	1,610	1,676	1,709	1,734	1,676
Total Current Assets	581	566	613	652	665	704	768	831	858	892	797
Cash & Equivalents	89	87	94	123	109	115	150	140	149	160	145
Restricted Cash	7.01	5.60	4.63	3.26	4.29	6.35	7.34	9.83	12	11	12
Short-Term Investments	173	116	156	152	138	161	176	191	204	230	108
Accounts Receivable	257	291	288	303	336	328	341	340	345	351	389
Other Current Assets	55	66	70	71	79	94	94	150	148	139	143
Plant, Property, & Equipment, net	80	0.00	94	97	102	103	107	107	114	113	109
Total Noncurrent Assets	658	742	656	654	673	697	729	738	736	729	770
Long-Term Investments	35	36	16	5.27	4.40	19	14	20	7.52	8.00	18
Goodwill	406	406	406	406	406	406	428	420	421	420	419
Intangible Assets	69	61	56	53	47	44	51	46	43	40	33
Noncurrent Deferred & Refundable Income Taxes	55	62	69	80	92	101	107	110	117	116	141
Other Noncurrent Operating Assets	94	178	109	110	124	127	129	141	148	146	160
Total Liabilities & Shareholders' Equity	1,319	1,309	1,363	1,402	1,439	1,504	1,610	1,676	1,709	1,734	1,676
Total Liabilities	614	513	528	546	636	651	702	665	648	781	898
Total Current Liabilities	287	281	259	306	261	287	254	244	272	307	300
Short-Term Debt	35	40	30	50	65	75	4.89	4.89	4.89	4.89	4.89
Accounts Payable	3.49	3.38	3.02	3.16	3.09	3.00	4.08	5.65	5.97	6.77	11
Accrued Expenses	97	133	104	108	107	98	105	132	122	129	172
Current Deferred Revenue	19	22	21	14	17	15	12	20	22	17	23
Current Employee Benefit Liabilities	92	50	82	106	51	80	111	64	100	129	72
Other Current Liabilities	17	14	14	14	13	15	17	17	18	19	17
Total Noncurrent Liabilities	327	232	269	240	375	364	448	421	375	474	598
Long-Term Debt	235	160	190	160	280	260	340	302	255	350	412
Noncurrent Deferred & Payable Income Tax Liabilities	0.76	0.49	0.51	0.46	1.44	2.27	3.25	1.63	2.22	2.47	1.71
Other Noncurrent Operating Liabilities	37	72	79	80	93	102	105	117	118	122	184
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	705	795	834	856	803	853	908	1,012	1,061	952	779
Total Preferred & Common Equity	705	795	834	856	803	853	908	1,012	1,061	952	779
Preferred Stock	0.00	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	705	795	834	856	803	853	908	1,012	1,061	952	779
Common Stock	433	461	472	493	503	521	573	610	626	628	675
Retained Earnings	867	950	1,000	1,043	1,132	1,178	1,231	1,349	1,415	1,473	1,600
Treasury Stock	-441	-484	-513	-543	-702	-711	-774	-804	-845	-980	-1,259
Accumulated Other Comprehensive Income / (Loss)	-154	-131	-124	-137	-130	-136	-123	-143	-134	-169	-237

This table displays calculated financial ratios and metrics derived from ExlService's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	25.88%	9.15%	11.13%	15.85%	12.26%	-3.32%	17.10%	25.82%	15.48%	12.74%	13.56%
EBITDA Growth	64.43%	10.34%	5.09%	-7.14%	52.86%	0.52%	21.58%	26.47%	16.42%	11.19%	16.49%
EBIT Growth	102.89%	10.52%	1.99%	-22.23%	43.07%	30.82%	31.97%	18.80%	26.60%	11.74%	18.55%
NOPAT Growth	56.17%	3.57%	-11.91%	12.45%	32.92%	36.93%	42.57%	18.09%	28.43%	8.16%	25.06%
Net Income Growth	58.93%	19.72%	-20.81%	16.03%	19.27%	32.25%	28.26%	24.58%	29.09%	7.44%	26.59%
EPS Growth	57.29%	18.54%	-22.35%	16.55%	20.37%	32.82%	28.26%	24.58%	29.41%	10.00%	27.27%
Operating Cash Flow Growth	45.05%	5.90%	10.51%	-18.31%	82.20%	20.52%	-9.16%	-9.90%	27.12%	27.14%	30.61%
Free Cash Flow Firm Growth	121.34%	184.02%	-127.52%	-3,048.42%	162.67%	-59.96%	178.96%	-9.86%	-35.76%	107.55%	77.22%
Invested Capital Growth	13.50%	8.71%	13.09%	51.57%	-6.36%	7.80%	1.37%	6.64%	17.79%	8.06%	1.00%
Revenue Q/Q Growth	5.11%	1.69%	2.78%	4.38%	2.27%	-0.82%	4.33%	5.94%	2.47%	3.80%	3.02%
EBITDA Q/Q Growth	13.38%	-0.25%	1.06%	-9.52%	19.36%	-6.01%	-1.89%	14.61%	3.20%	6.25%	1.17%
EBIT Q/Q Growth	19.35%	-1.83%	0.80%	-19.20%	31.16%	13.51%	-1.90%	4.84%	4.67%	6.24%	1.23%
NOPAT Q/Q Growth	17.66%	-3.26%	-32.36%	25.31%	44.70%	13.99%	-3.82%	7.39%	1.16%	6.55%	4.58%
Net Income Q/Q Growth	16.49%	1.19%	-33.69%	30.36%	34.89%	13.82%	-3.30%	2.55%	4.79%	5.53%	3.97%
EPS Q/Q Growth	17.05%	1.13%	-34.43%	31.71%	34.48%	13.10%	-3.30%	2.55%	3.77%	4.31%	2.67%
Operating Cash Flow Q/Q Growth	25.73%	4.29%	-3.10%	2.74%	11.42%	7.52%	-3.17%	-3.25%	7.09%	10.86%	3.55%
Free Cash Flow Firm Q/Q Growth	112.94%	-8.04%	-132.29%	21.58%	31.65%	-67.38%	178.53%	73.01%	-47.18%	89.54%	0.41%
Invested Capital Q/Q Growth	0.42%	0.40%	0.62%	-5.04%	-6.15%	10.08%	-3.20%	-7.46%	0.87%	-5.04%	-3.94%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	35.89%	34.73%	35.05%	33.77%	33.88%	34.90%	38.44%	36.50%	37.27%	37.59%	38.37%
EBITDA Margin	17.28%	17.46%	16.52%	13.24%	18.03%	18.74%	19.46%	19.56%	19.72%	19.45%	19.95%
Operating Margin	10.72%	9.40%	9.54%	5.64%	7.71%	11.48%	13.89%	13.61%	14.64%	14.34%	15.03%
EBIT Margin	12.27%	12.42%	11.40%	7.65%	9.76%	13.20%	14.88%	14.05%	15.40%	15.26%	15.93%
Profit (Net Income) Margin	8.20%	9.00%	6.41%	6.42%	6.83%	9.34%	10.23%	10.12%	11.32%	10.79%	12.02%
Tax Burden Percent	68.05%	73.59%	57.49%	93.96%	81.42%	77.58%	78.30%	75.21%	77.56%	75.88%	79.68%
Interest Burden Percent	98.26%	98.42%	97.83%	89.31%	85.93%	91.16%	87.78%	95.84%	94.75%	93.14%	94.71%
Effective Tax Rate	31.95%	26.41%	42.51%	5.63%	18.26%	22.22%	21.73%	25.02%	22.50%	24.08%	20.23%
Return on Invested Capital (ROIC)	14.77%	13.79%	10.94%	9.22%	10.50%	14.31%	19.53%	22.17%	25.33%	24.35%	29.17%
ROIC Less NNEP Spread (ROIC-NNEP)	10.43%	4.56%	7.10%	-0.59%	-0.05%	10.26%	28.43%	23.64%	25.84%	26.45%	28.01%
Return on Net Nonoperating Assets (RNNOA)	-3.12%	-1.41%	-2.31%	0.10%	0.00%	-1.43%	-3.28%	-2.47%	-2.93%	-2.55%	-1.92%
Return on Equity (ROE)	11.65%	12.37%	8.64%	9.31%	10.50%	12.88%	16.25%	19.70%	22.40%	21.80%	27.25%
Cash Return on Invested Capital (CROIC)	2.12%	5.44%	-1.35%	-31.79%	17.07%	6.80%	18.17%	15.74%	9.00%	16.60%	28.17%
Operating Return on Assets (OROA)	12.60%	12.56%	11.35%	7.16%	8.62%	10.41%	13.20%	15.09%	18.01%	18.34%	20.04%
Return on Assets (ROA)	8.42%	9.10%	6.38%	6.01%	6.03%	7.36%	9.07%	10.88%	13.24%	12.96%	15.12%
Return on Common Equity (ROCE)	11.65%	12.37%	8.63%	9.31%	10.50%	12.88%	16.25%	19.70%	22.40%	21.80%	27.25%
Return on Equity Simple (ROE_SIMPLE)	11.08%	11.60%	8.15%	9.18%	10.10%	12.44%	16.56%	18.86%	20.75%	21.33%	0.00%
Net Operating Profit after Tax (NOPAT)	46	47	42	47	62	86	122	144	185	200	250
NOPAT Margin	7.29%	6.92%	5.48%	5.32%	6.30%	8.93%	10.87%	10.20%	11.35%	10.89%	11.99%
Net Nonoperating Expense Percent (NNEP)	4.34%	9.22%	3.85%	9.81%	10.55%	4.04%	-8.91%	-1.47%	-0.51%	-2.10%	1.16%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	14.29%	16.98%	16.43%	20.66%
Cost of Revenue to Revenue	64.11%	65.27%	64.95%	66.23%	66.12%	65.10%	61.56%	63.50%	62.73%	62.41%	61.63%
SG&A Expenses to Revenue	12.30%	12.92%	13.45%	13.16%	12.80%	11.88%	12.66%	11.97%	12.16%	12.28%	12.23%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	25.18%	25.33%	25.51%	28.13%	26.17%	23.42%	24.55%	22.90%	22.63%	23.25%	23.34%
Earnings before Interest and Taxes (EBIT)	77	85	87	68	97	127	167	198	251	281	333
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	109	120	126	117	179	180	218	276	322	358	417
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.19	3.18	3.42	2.92	3.53	4.00	6.96	7.39	5.72	7.68	7.38
Price to Tangible Book Value (P/TBV)	6.16	5.80	5.91	10.44	9.61	9.27	23.16	19.47	11.73	15.52	14.74
Price to Revenue (P/Rev)	2.37	2.46	2.69	2.04	2.39	3.00	4.30	3.97	3.12	3.88	3.23
Price to Earnings (P/E)	28.83	27.38	41.90	31.78	35.00	32.17	42.01	39.18	27.57	36.01	26.83
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	3.47%	3.65%	2.39%	3.15%	2.86%	3.11%	2.38%	2.55%	3.63%	2.78%	3.73%
Enterprise Value to Invested Capital (EV/IC)	4.10	4.24	4.57	2.93	3.95	4.48	7.56	8.22	6.31	8.27	7.75
Enterprise Value to Revenue (EV/Rev)	2.15	2.22	2.43	2.04	2.29	2.90	4.24	3.91	3.06	3.84	3.20
Enterprise Value to EBITDA (EV/EBITDA)	12.47	12.69	14.73	15.39	12.72	15.47	21.78	19.96	15.51	19.75	16.05
Enterprise Value to EBIT (EV/EBIT)	17.56	17.84	21.33	26.62	23.51	21.97	28.49	27.80	19.87	25.17	20.10
Enterprise Value to NOPAT (EV/NOPAT)	29.55	32.03	44.35	38.27	36.39	32.48	38.99	38.28	26.96	35.30	26.71
Enterprise Value to Operating Cash Flow (EV/OCF)	14.00	14.85	16.39	19.47	13.50	13.69	25.80	33.19	23.62	26.31	19.06
Enterprise Value to Free Cash Flow (EV/FCFF)	205.46	81.21	0.00	0.00	22.38	68.31	41.91	53.90	75.89	51.78	27.65
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.19	0.11	0.13	0.46	0.35	0.43	0.38	0.33	0.22	0.31	0.33
Long-Term Debt to Equity	0.17	0.09	0.11	0.43	0.29	0.40	0.00	0.29	0.15	0.31	0.32
Financial Leverage	-0.30	-0.31	-0.33	-0.16	-0.08	-0.14	-0.12	-0.10	-0.11	-0.10	-0.07
Leverage Ratio	1.38	1.36	1.35	1.55	1.74	1.75	1.79	1.81	1.69	1.68	1.80
Compound Leverage Factor	1.36	1.34	1.32	1.38	1.50	1.60	1.57	1.74	1.60	1.57	1.71
Debt to Total Capital	15.94%	10.19%	11.44%	31.57%	25.97%	30.25%	27.28%	24.80%	18.36%	23.68%	24.65%
Short-Term Debt to Total Capital	1.87%	1.73%	1.56%	2.40%	4.52%	2.42%	27.28%	2.98%	5.97%	0.40%	0.40%
Long-Term Debt to Total Capital	14.07%	8.46%	9.88%	29.17%	21.45%	27.82%	0.00%	21.82%	12.39%	23.28%	24.25%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.03%	0.03%	0.03%	0.03%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	84.03%	89.78%	88.53%	68.41%	74.03%	69.75%	72.72%	75.20%	81.64%	76.32%	75.35%
Debt to EBITDA	0.81	0.50	0.62	2.44	1.32	1.74	1.19	0.91	0.62	0.81	0.72
Net Debt to EBITDA	-1.22	-1.42	-1.54	-0.03	-0.53	-0.55	-0.29	-0.32	-0.31	-0.21	-0.12
Long-Term Debt to EBITDA	0.72	0.42	0.53	2.25	1.09	1.60	0.00	0.80	0.42	0.79	0.71
Debt to NOPAT	1.93	1.27	1.85	6.07	3.76	3.64	2.13	1.74	1.08	1.44	1.19
Net Debt to NOPAT	-2.89	-3.58	-4.65	-0.08	-1.51	-1.15	-0.53	-0.61	-0.54	-0.38	-0.20
Long-Term Debt to NOPAT	1.70	1.06	1.60	5.61	3.11	3.35	0.00	1.53	0.73	1.42	1.17
Altman Z-Score	7.30	8.38	7.90	4.51	4.85	5.46	7.11	8.49	8.58	9.41	8.61
Noncontrolling Interest Sharing Ratio	0.02%	0.04%	0.04%	0.04%	0.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.17	3.05	3.14	3.22	2.36	2.76	1.17	2.20	2.08	2.74	2.56
Quick Ratio	2.91	2.73	2.78	2.87	2.15	2.49	1.03	2.00	1.84	2.22	2.07
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	6.59	19	-5.15	-162	102	41	114	102	66	136	242
Operating Cash Flow to CapEx	377.92%	396.11%	321.90%	228.59%	419.60%	491.36%	512.93%	372.76%	405.65%	583.15%	671.27%
Free Cash Flow to Firm to Interest Expense	4.93	13.94	-2.73	-22.44	7.47	3.64	5.56	12.40	4.99	7.08	13.73
Operating Cash Flow to Interest Expense	72.27	76.24	59.90	12.79	12.37	18.14	9.04	20.13	16.02	13.95	19.91
Operating Cash Flow Less CapEx to Interest Expense	53.14	57.00	41.29	7.20	9.42	14.45	7.27	14.73	12.07	11.55	16.95
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.03	1.01	1.00	0.94	0.88	0.79	0.89	1.07	1.17	1.20	1.26
Accounts Receivable Turnover	7.27	6.67	6.13	5.88	5.89	6.00	6.57	6.23	5.75	6.00	6.45
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	13.46	14.14	13.17	12.59	12.99	11.14	0.00	0.00	17.80	18.18	19.54
Accounts Payable Turnover	72.83	92.42	107.57	101.09	107.31	92.05	109.33	133.46	159.28	209.77	241.91
Days Sales Outstanding (DSO)	50.20	54.73	59.56	62.09	61.97	60.84	55.59	58.61	63.49	60.80	56.60
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	5.01	3.95	3.39	3.61	3.40	3.97	3.34	2.73	2.29	1.74	1.51
Cash Conversion Cycle (CCC)	45.19	50.78	56.16	58.48	58.57	56.87	52.25	55.87	61.20	59.06	55.09
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	330	359	406	615	576	621	629	671	790	854	862
Invested Capital Turnover	2.03	1.99	1.99	1.73	1.67	1.60	1.80	2.17	2.23	2.24	2.43
Increase / (Decrease) in Invested Capital	39	29	47	209	-39	45	8.50	42	119	64	8.52
Enterprise Value (EV)	1,354	1,520	1,854	1,799	2,274	2,780	4,757	5,515	4,989	7,064	6,685
Market Capitalization	1,486	1,690	2,048	1,803	2,368	2,878	4,821	5,602	5,088	7,140	6,735
Book Value per Share	$14.07	$15.88	$17.67	$18.04	$19.65	$21.27	$20.81	$22.93	$5.39	$5.78	$5.75
Tangible Book Value per Share	$7.29	$8.70	$10.20	$5.04	$7.23	$9.18	$6.25	$8.70	$2.63	$2.86	$2.88
Total Capital	554	593	678	904	905	1,031	953	1,008	1,089	1,218	1,211
Total Debt	88	60	78	285	235	312	260	250	200	288	299
Total Long-Term Debt	78	50	67	264	194	287	0.00	220	135	284	294
Net Debt	-133	-170	-194	-3.53	-94	-99	-64	-87	-99	-76	-50
Capital Expenditures (CapEx)	26	26	35	40	40	41	36	45	52	46	52
Debt-free, Cash-free Net Working Capital (DFCFNWC)	22	34	50	81	26	5.69	22	62	123	159	170
Debt-free Net Working Capital (DFNWC)	243	265	319	366	353	413	342	365	418	510	511
Net Working Capital (NWC)	232	255	309	345	312	388	82	335	353	505	506
Net Nonoperating Expense (NNE)	-5.74	-14	-7.08	-9.71	-5.16	-3.90	7.25	1.11	0.48	1.84	-0.73
Net Nonoperating Obligations (NNO)	-136	-174	-194	-3.53	-94	-99	-64	-87	-99	-76	-50
Total Depreciation and Amortization (D&A)	31	35	39	49	82	53	51	78	70	77	84
Debt-free, Cash-free Net Working Capital to Revenue	3.44%	5.00%	6.59%	9.12%	2.61%	0.59%	1.92%	4.41%	7.57%	8.67%	8.14%
Debt-free Net Working Capital to Revenue	38.59%	38.60%	41.87%	41.50%	35.59%	43.11%	30.52%	25.84%	25.65%	27.74%	24.46%
Net Working Capital to Revenue	36.93%	37.11%	40.48%	39.05%	31.46%	40.50%	7.35%	23.71%	21.66%	27.47%	24.23%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.31	$0.37	$0.29	$0.33	$0.39	$0.52	$0.68	$0.86	$1.11	$1.22	$1.56
Adjusted Weighted Average Basic Shares Outstanding	166.49M	167.83M	169.49M	172.26M	171.75M	171.37M	167.75M	166.65M	166.34M	162.72M	161.03M
Adjusted Diluted Earnings per Share	$0.30	$0.36	$0.28	$0.32	$0.39	$0.52	$0.67	$0.85	$1.10	$1.21	$1.54
Adjusted Weighted Average Diluted Shares Outstanding	170.89M	172.82M	175.55M	175.15M	173.66M	172.78M	171.22M	169.17M	168.16M	164.32M	162.48M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	166.35M	168.98M	170.99M	171.62M	171.82M	167.37M	166.03M	166.50M	165.78M	162.30M	156.38M
Normalized Net Operating Profit after Tax (NOPAT)	46	47	42	66	70	86	122	144	185	200	250
Normalized NOPAT Margin	7.29%	6.92%	5.48%	7.47%	7.02%	8.93%	10.87%	10.20%	11.35%	10.89%	11.99%
Pre Tax Income Margin	12.06%	12.23%	11.15%	6.84%	8.38%	12.03%	13.06%	13.46%	14.59%	14.22%	15.09%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	57.63	63.46	46.02	9.35	7.10	11.31	8.18	24.04	19.05	14.57	18.89
NOPAT to Interest Expense	34.25	35.34	22.13	6.51	4.59	7.65	5.98	17.46	14.04	10.39	14.21
EBIT Less CapEx to Interest Expense	38.51	44.21	27.41	3.76	4.16	7.61	6.42	18.64	15.10	12.18	15.92
NOPAT Less CapEx to Interest Expense	15.13	16.09	3.52	0.91	1.64	3.96	4.22	12.06	10.09	8.00	11.25
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	27.53%	29.49%	88.88%	76.00%	61.14%	89.35%	103.14%	50.81%	71.44%	104.86%	130.86%

This table displays calculated financial ratios and metrics derived from ExlService's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	156,383,708.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	156,383,708.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.43
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	13.73%	10.50%	8.95%	10.71%	14.87%	16.27%	14.78%	14.74%	12.18%	12.71%	13.84%
EBITDA Growth	5.87%	14.97%	2.68%	-3.50%	20.33%	27.50%	24.95%	31.60%	7.58%	4.93%	11.87%
EBIT Growth	14.00%	23.33%	4.99%	-4.07%	20.58%	27.83%	28.06%	36.88%	7.51%	5.33%	13.10%
NOPAT Growth	19.86%	7.27%	-6.57%	-4.11%	18.06%	31.27%	35.88%	34.36%	10.50%	21.62%	3.34%
Net Income Growth	12.23%	26.48%	-5.00%	-6.61%	20.88%	25.79%	36.50%	44.14%	9.66%	18.89%	0.78%
EPS Growth	13.04%	26.32%	-3.33%	-3.45%	26.92%	29.17%	37.93%	42.86%	9.09%	22.58%	7.50%
Operating Cash Flow Growth	42.68%	21.50%	-236.49%	57.59%	60.55%	33.29%	114.83%	46.01%	9.60%	11.42%	-46.99%
Free Cash Flow Firm Growth	65.12%	-1,385.49%	-213.28%	-372.47%	-380.66%	84.42%	100.91%	101.05%	197.93%	529.62%	12,944.72%
Invested Capital Growth	8.06%	17.79%	19.08%	13.08%	14.79%	8.06%	7.20%	7.09%	-0.16%	1.00%	-4.73%
Revenue Q/Q Growth	1.48%	0.75%	5.42%	2.72%	5.29%	1.98%	4.07%	2.68%	2.94%	2.46%	5.11%
EBITDA Q/Q Growth	-9.85%	-1.69%	8.73%	0.14%	12.41%	4.17%	6.55%	5.47%	-8.11%	1.61%	13.60%
EBIT Q/Q Growth	-9.41%	-3.61%	11.21%	-1.22%	13.87%	2.19%	11.41%	5.59%	-10.56%	0.12%	19.62%
NOPAT Q/Q Growth	-7.46%	-14.33%	23.05%	-1.72%	13.94%	-4.74%	27.37%	-2.81%	-6.29%	4.85%	8.22%
Net Income Q/Q Growth	-10.58%	-8.19%	21.05%	-6.03%	15.74%	-4.46%	31.36%	-0.77%	-11.95%	3.58%	11.35%
EPS Q/Q Growth	-10.34%	-7.69%	20.83%	-3.45%	17.86%	-6.06%	29.03%	0.00%	-10.00%	5.56%	13.16%
Operating Cash Flow Q/Q Growth	44.32%	15.21%	-127.67%	442.48%	47.03%	-4.35%	-96.92%	3,272.71%	10.37%	-2.76%	-98.54%
Free Cash Flow Firm Q/Q Growth	-163.71%	-521.35%	-25.31%	41.90%	-12.40%	79.86%	106.90%	-32.63%	10,353.85%	-11.64%	109.63%
Invested Capital Q/Q Growth	-0.02%	0.87%	13.71%	-0.84%	1.50%	-5.04%	12.17%	-0.95%	-5.37%	-3.94%	5.81%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	37.71%	36.67%	37.36%	37.08%	37.76%	38.10%	38.58%	37.75%	38.51%	38.63%	38.94%
EBITDA Margin	18.93%	18.47%	19.05%	18.57%	19.83%	20.26%	20.74%	21.30%	19.02%	18.86%	20.38%
Operating Margin	14.66%	13.11%	14.09%	13.71%	14.70%	14.80%	15.65%	15.77%	14.38%	14.38%	16.10%
EBIT Margin	14.94%	14.30%	15.08%	14.50%	15.69%	15.72%	16.83%	17.30%	15.03%	14.69%	16.72%
Profit (Net Income) Margin	10.68%	9.73%	11.17%	10.22%	11.23%	10.53%	13.29%	12.84%	10.98%	11.10%	11.76%
Tax Burden Percent	75.63%	71.87%	77.97%	76.75%	77.39%	71.81%	83.03%	77.95%	77.86%	79.85%	73.39%
Interest Burden Percent	94.46%	94.68%	95.00%	91.81%	92.54%	93.25%	95.08%	95.19%	93.82%	94.65%	95.86%
Effective Tax Rate	24.41%	28.12%	21.99%	23.24%	22.56%	28.13%	16.84%	21.89%	22.03%	20.19%	26.61%
Return on Invested Capital (ROIC)	23.38%	21.03%	22.30%	21.55%	23.97%	23.79%	26.76%	26.44%	25.30%	27.92%	27.26%
ROIC Less NNEP Spread (ROIC-NNEP)	29.67%	19.66%	25.69%	36.94%	25.72%	24.39%	34.24%	19.68%	29.20%	31.13%	26.47%
Return on Net Nonoperating Assets (RNNOA)	-1.00%	-2.23%	0.73%	-0.38%	-1.18%	-2.35%	0.68%	-0.81%	-0.99%	-2.14%	1.18%
Return on Equity (ROE)	22.38%	18.80%	23.02%	21.17%	22.79%	21.44%	27.44%	25.63%	24.31%	25.79%	28.43%
Cash Return on Invested Capital (CROIC)	16.50%	9.00%	4.69%	9.25%	8.56%	16.60%	16.54%	18.63%	26.80%	28.17%	31.83%
Operating Return on Assets (OROA)	17.48%	16.72%	18.29%	17.30%	18.45%	18.89%	20.55%	21.21%	18.22%	18.47%	21.51%
Return on Assets (ROA)	12.49%	11.38%	13.55%	12.19%	13.21%	12.65%	16.23%	15.74%	13.31%	13.96%	15.13%
Return on Common Equity (ROCE)	22.38%	18.80%	23.02%	21.17%	22.79%	21.44%	27.44%	25.63%	24.31%	25.79%	28.43%
Return on Equity Simple (ROE_SIMPLE)	20.57%	0.00%	22.66%	20.96%	20.70%	0.00%	21.36%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	46	39	48	47	54	51	65	63	59	62	67
NOPAT Margin	11.08%	9.42%	11.00%	10.52%	11.39%	10.64%	13.02%	12.32%	11.21%	11.48%	11.82%
Net Nonoperating Expense Percent (NNEP)	-6.29%	1.37%	-3.40%	-15.39%	-1.75%	-0.60%	-7.48%	6.76%	-3.91%	-3.21%	0.79%
Return On Investment Capital (ROIC_SIMPLE)	-	3.58%	-	-	-	4.20%	4.94%	4.80%	4.54%	5.14%	5.63%
Cost of Revenue to Revenue	62.29%	63.33%	62.64%	62.92%	62.24%	61.90%	61.42%	62.25%	61.49%	61.37%	61.06%
SG&A Expenses to Revenue	12.70%	12.98%	12.20%	12.59%	12.18%	12.15%	11.86%	11.58%	12.51%	12.92%	12.11%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	23.05%	23.57%	23.27%	23.38%	23.06%	23.30%	22.93%	21.97%	24.12%	24.26%	22.84%
Earnings before Interest and Taxes (EBIT)	61	59	66	65	74	76	84	89	80	80	95
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	78	76	83	83	94	98	104	110	101	102	116
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	5.43	5.72	6.56	5.97	6.78	7.68	7.57	6.72	7.47	7.38	6.11
Price to Tangible Book Value (P/TBV)	11.70	11.73	15.04	12.64	14.37	15.52	14.05	11.92	14.42	14.74	14.55
Price to Revenue (P/Rev)	2.92	3.12	3.16	2.98	3.48	3.88	4.03	3.62	3.51	3.23	2.21
Price to Earnings (P/E)	26.38	27.57	28.97	28.50	32.77	36.01	35.46	30.15	29.45	26.83	18.93
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	3.79%	3.63%	3.45%	3.51%	3.05%	2.78%	2.82%	3.32%	3.40%	3.73%	5.28%
Enterprise Value to Invested Capital (EV/IC)	5.84	6.31	6.00	5.79	6.85	8.27	7.94	7.39	7.86	7.75	5.37
Enterprise Value to Revenue (EV/Rev)	2.87	3.06	3.22	3.00	3.48	3.84	4.00	3.56	3.48	3.20	2.27
Enterprise Value to EBITDA (EV/EBITDA)	14.68	15.51	16.56	15.99	18.29	19.75	20.11	17.33	17.14	16.05	11.41
Enterprise Value to EBIT (EV/EBIT)	19.06	19.87	21.09	20.39	23.30	25.17	25.44	21.71	21.47	20.10	14.24
Enterprise Value to NOPAT (EV/NOPAT)	25.01	26.96	29.51	28.54	32.77	35.30	34.98	30.01	29.49	26.71	19.40
Enterprise Value to Operating Cash Flow (EV/OCF)	23.19	23.62	30.94	25.55	25.41	26.31	25.91	21.37	20.84	19.06	14.02
Enterprise Value to Free Cash Flow (EV/FCFF)	36.75	75.89	139.06	66.42	85.52	51.78	49.68	41.03	29.31	27.65	16.44
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.25	0.22	0.43	0.39	0.38	0.31	0.30	0.25	0.37	0.33	0.54
Long-Term Debt to Equity	0.19	0.15	0.35	0.30	0.37	0.31	0.30	0.24	0.37	0.32	0.53
Financial Leverage	-0.03	-0.11	0.03	-0.01	-0.05	-0.10	0.02	-0.04	-0.03	-0.07	0.04
Leverage Ratio	1.74	1.69	1.72	1.70	1.71	1.68	1.72	1.68	1.80	1.80	1.87
Compound Leverage Factor	1.65	1.60	1.63	1.56	1.58	1.57	1.63	1.60	1.69	1.71	1.79
Debt to Total Capital	19.70%	18.36%	30.05%	28.21%	27.53%	23.68%	23.29%	19.69%	27.14%	24.65%	34.89%
Short-Term Debt to Total Capital	4.69%	5.97%	5.66%	6.32%	0.39%	0.40%	0.37%	0.37%	0.37%	0.40%	0.41%
Long-Term Debt to Total Capital	15.01%	12.39%	24.38%	21.89%	27.14%	23.28%	22.92%	19.32%	26.77%	24.25%	34.48%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	80.30%	81.64%	69.95%	71.79%	72.47%	76.32%	76.71%	80.31%	72.86%	75.35%	65.11%
Debt to EBITDA	0.67	0.62	1.07	1.04	1.02	0.81	0.81	0.64	0.86	0.72	0.97
Net Debt to EBITDA	-0.23	-0.31	0.28	0.10	-0.01	-0.21	-0.14	-0.28	-0.13	-0.12	0.31
Long-Term Debt to EBITDA	0.51	0.42	0.86	0.81	1.01	0.79	0.80	0.63	0.85	0.71	0.96
Debt to NOPAT	1.15	1.08	1.90	1.86	1.84	1.44	1.41	1.11	1.48	1.19	1.65
Net Debt to NOPAT	-0.40	-0.54	0.50	0.19	-0.01	-0.38	-0.25	-0.48	-0.23	-0.20	0.53
Long-Term Debt to NOPAT	0.87	0.73	1.54	1.45	1.81	1.42	1.39	1.09	1.46	1.17	1.63
Altman Z-Score	7.72	8.14	7.72	7.40	7.97	9.00	9.77	9.50	8.38	8.12	6.35
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.13	2.08	2.54	2.45	3.02	2.74	3.41	3.15	2.91	2.56	2.66
Quick Ratio	1.89	1.84	2.22	2.10	2.62	2.22	2.76	2.57	2.42	2.07	2.14
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-13	-80	-95	-55	-62	-13	0.86	0.58	61	54	113
Operating Cash Flow to CapEx	460.41%	681.48%	-195.22%	622.43%	862.03%	1,050.20%	25.25%	762.69%	848.56%	1,083.35%	13.42%
Free Cash Flow to Firm to Interest Expense	-3.80	-25.49	-28.91	-10.37	-11.24	-2.45	0.21	0.14	12.36	12.61	28.52
Operating Cash Flow to Interest Expense	20.15	25.09	-6.65	14.06	19.93	20.61	0.78	25.54	24.52	27.54	0.44
Operating Cash Flow Less CapEx to Interest Expense	15.77	21.41	-10.05	11.80	17.62	18.65	-2.32	22.19	21.63	25.00	-2.81
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.17	1.17	1.21	1.19	1.18	1.20	1.22	1.23	1.21	1.26	1.29
Accounts Receivable Turnover	5.68	5.75	5.32	5.55	5.50	6.00	5.64	5.85	5.85	6.45	5.92
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	18.02	17.80	0.00	17.34	17.35	18.18	18.23	18.10	18.42	19.54	19.92
Accounts Payable Turnover	300.36	159.28	322.64	357.02	307.01	209.77	270.37	272.07	230.74	241.91	156.99
Days Sales Outstanding (DSO)	64.26	63.49	68.56	65.74	66.39	60.80	64.77	62.39	62.35	56.60	61.63
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	1.22	2.29	1.13	1.02	1.19	1.74	1.35	1.34	1.58	1.51	2.33
Cash Conversion Cycle (CCC)	63.04	61.20	67.43	64.72	65.20	59.06	63.42	61.04	60.77	55.09	59.30
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	783	790	893	886	899	854	958	949	898	862	912
Invested Capital Turnover	2.11	2.23	2.03	2.05	2.11	2.24	2.06	2.15	2.26	2.43	2.31
Increase / (Decrease) in Invested Capital	58	119	143	102	116	64	64	63	-1.44	8.52	-45
Enterprise Value (EV)	4,574	4,989	5,362	5,127	6,155	7,064	7,608	7,012	7,057	6,685	4,896
Market Capitalization	4,647	5,088	5,272	5,094	6,158	7,140	7,662	7,124	7,111	6,735	4,762
Book Value per Share	$25.83	$5.39	$4.85	$5.25	$5.62	$5.78	$6.23	$6.52	$5.90	$5.75	$4.98
Tangible Book Value per Share	$11.98	$2.63	$2.11	$2.48	$2.66	$2.86	$3.36	$3.67	$3.05	$2.88	$2.09
Total Capital	1,066	1,089	1,148	1,188	1,252	1,218	1,319	1,321	1,307	1,211	1,196
Total Debt	210	200	345	335	345	288	307	260	355	299	417
Total Long-Term Debt	160	135	280	260	340	284	302	255	350	294	412
Net Debt	-73	-99	90	33	-2.56	-76	-54	-112	-55	-50	134
Capital Expenditures (CapEx)	15	12	11	12	13	10	13	14	14	11	13
Debt-free, Cash-free Net Working Capital (DFCFNWC)	118	123	218	209	185	159	251	226	188	170	237
Debt-free Net Working Capital (DFNWC)	395	418	468	492	518	510	593	591	590	511	503
Net Working Capital (NWC)	345	353	403	417	514	505	588	586	585	506	498
Net Nonoperating Expense (NNE)	1.65	-1.28	-0.77	1.35	0.71	0.53	-1.35	-2.67	1.23	2.03	0.31
Net Nonoperating Obligations (NNO)	-73	-99	90	33	-8.38	-76	-54	-112	-55	-50	134
Total Depreciation and Amortization (D&A)	16	17	17	18	20	22	20	21	21	23	21
Debt-free, Cash-free Net Working Capital to Revenue	7.41%	7.57%	13.07%	12.24%	10.46%	8.67%	13.21%	11.48%	9.30%	8.14%	10.97%
Debt-free Net Working Capital to Revenue	24.85%	25.65%	28.10%	28.76%	29.27%	27.74%	31.14%	30.01%	29.11%	24.46%	23.31%
Net Working Capital to Revenue	21.71%	21.66%	24.20%	24.38%	29.00%	27.47%	30.88%	29.76%	28.86%	24.23%	23.08%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.26	$0.24	$0.30	$0.28	$0.33	$0.31	$0.41	$0.41	$0.36	$0.38	$0.43
Adjusted Weighted Average Basic Shares Outstanding	166.16M	166.34M	165.08M	162.79M	161.73M	162.72M	162.49M	162.93M	160.50M	161.03M	156.05M
Adjusted Diluted Earnings per Share	$0.26	$0.24	$0.29	$0.28	$0.33	$0.31	$0.40	$0.40	$0.36	$0.38	$0.43
Adjusted Weighted Average Diluted Shares Outstanding	167.69M	168.16M	166.73M	163.96M	163.19M	164.32M	164.56M	164.19M	161.71M	162.48M	156.90M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.24	$0.00	$0.00	$0.00	$0.31	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	164.92M	165.78M	162.44M	161.40M	160.88M	162.30M	162.69M	161.51M	158.70M	156.38M	152.78M
Normalized Net Operating Profit after Tax (NOPAT)	46	39	48	47	54	51	65	63	59	62	67
Normalized NOPAT Margin	11.08%	9.42%	11.00%	10.52%	11.39%	10.64%	13.02%	12.32%	11.21%	11.48%	11.82%
Pre Tax Income Margin	14.12%	13.54%	14.33%	13.32%	14.52%	14.66%	16.00%	16.47%	14.10%	13.91%	16.03%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	18.04	18.79	20.00	12.21	13.40	14.81	20.35	20.79	16.17	18.70	24.13
NOPAT to Interest Expense	13.37	12.38	14.58	8.85	9.73	10.02	15.74	14.80	12.06	14.61	17.06
EBIT Less CapEx to Interest Expense	13.66	15.11	16.60	9.95	11.09	12.84	17.25	17.44	13.28	16.16	20.89
NOPAT Less CapEx to Interest Expense	8.99	8.70	11.18	6.59	7.41	8.06	12.64	11.45	9.17	12.07	13.82
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	57.61%	71.44%	132.82%	124.12%	120.90%	104.86%	34.10%	45.26%	95.65%	130.86%	189.43%

Financials Breakdown Chart

Key Financial Trends

Here are the standout trends for ExlService Holdings, Inc. (EXLS) based on the last four years of quarterly statements. The focus is on how revenue, profitability, and cash flows have moved, with attention to signals that may matter for investors.

Rising quarterly revenue - Q4 2025 operating revenue was $542.6 million, up from $481.4 million in Q4 2024 (roughly +13% year over year). Similar year‑over‑year growth appears in recent quarters (e.g., Q3 2025 and Q2 2025 vs the prior year).
Improving earnings per share - Q4 2025 diluted earnings per share (EPS) was $0.38, up from $0.31 in Q4 2024. Basic/diluted EPS also rose to $0.38 / $0.38 in Q4 2025 from about $0.31 in Q4 2024.
Net income rising alongside revenue - Net income attributable to common shareholders increased to about $60.25 million in Q4 2025 from $50.67 million in Q4 2024, helping drive higher per‑share profitability.
Healthy operating cash flow - Net cash from continuing operating activities for Q4 2025 was about $117.38 million, with multi‑quarter consistency in cash from operations improving versus earlier periods, indicating strong cash generation from core operations.
Gross margins remain solid - Total gross profit for Q4 2025 was $209.64 million on $542.62 million revenue, implying a gross margin in the high 30s% range that has been relatively stable over the period.
Balance sheet composition stable - Cash & equivalents on hand and total equity remained solid, with cash balances hovering in the ballpark of the low hundreds of millions and total equity near the $900–$1,000 million level in recent quarters. This suggests a stable capital base to support operations and growth.
Debt load remains moderate - Long‑term debt is in the mid‑to‑upper hundreds of millions (e.g., around $350 million at mid‑2025), with total liabilities also in the $700–$800 million range. This indicates a balanced leverage profile relative to earnings power.
Cash outflows tied to financing activities - In Q4 2025, net cash from financing activities was significantly negative (driven by share buybacks and debt actions), contributing to a negative net change in cash for the quarter despite solid operating cash flow.
Cash burn potential from financing tailwinds - The pattern of substantial net cash used in financing activities across several quarters signals ongoing capital allocation to equities repurchases and debt activity, which could weigh on near‑term liquidity if not offset by operating cash flow or investment returns.

05/14/26 11:46 AM ETAI Generated. May Contain Errors.

ExlService Financials - Frequently Asked Questions

According to the most recent income statement we have on file, ExlService's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

ExlService's net income appears to be on an upward trend, with a most recent value of $251.02 million in 2025, rising from $51.57 million in 2015. The previous period was $198.30 million in 2024. Find out what analysts predict for ExlService in the coming months.

ExlService's total operating income in 2025 was $313.75 million, based on the following breakdown:

Total Gross Profit: $801.08 million
Total Operating Expenses: $487.33 million

Over the last 10 years, ExlService's total revenue changed from $628.49 million in 2015 to $2.09 billion in 2025, a change of 232.2%.

ExlService's total liabilities were at $789.53 million at the end of 2025, a 14.7% increase from 2024, and a 326.7% increase since 2015.

In the past 10 years, ExlService's cash and equivalents has ranged from $86.80 million in 2017 to $218.53 million in 2020, and is currently $146.33 million as of their latest financial filing in 2025.

Over the last 10 years, ExlService's book value per share changed from 14.07 in 2015 to 5.75 in 2025, a change of -59.1%.

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Financial statements for NASDAQ:EXLS last updated on 5/3/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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ExlService (EXLS) Financials

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