AAPL
Apple Inc.
AAPL offers stronger fundamentals, but that advantage does not outweigh its weaker overall profile.
EXLS
ExlService Holdings, Inc.
EXLS has the edge over AAPL overall, supported by stronger valuation and stronger modeled upside.
AAPL Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Strong | |
| Strong |
AAPL's revenue, profitability, cash flow and balance sheet are all currently healthy.
EXLS Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| Healthy | |
| Healthy |
EXLS's revenue, profitability, cash flow and balance sheet are all currently healthy.
AAPL PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 26x | $230 | -35% |
| Fair | 31x | $279 | -21% |
| Expensive | 37x | $328 | -7.5% |
| Forward | 38x | $355 | — |
| Current | 40x | $355 | — |
Historical ranges are pointers, not guarantees.
AAPL's PE is in its expensive range at 40x. If earnings grow as analysts expect, today's price would be 38x next year's earnings.
EXLS PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 17x | $43.10 | — |
| Current | 26x | $43.10 | — |
| Cheap | 27x | $45.36 | +5.2% |
| Fair | 34x | $56.95 | +32% |
| Expensive | 41x | $68.45 | +59% |
Historical ranges are pointers, not guarantees.
EXLS has the edge over AAPL in the historical PE scenario, which offers more potential upside but is not a forecast.
AAPL Forward outlook
| Metric | Outlook |
|---|---|
| Stable | |
| Growth | |
| Growth | |
| Weakening | |
| Moderate | |
| Moderate |
Analysts expect earnings and revenue growth for AAPL, but weaker profitability.
EXLS Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Growth | |
| Stable | |
| Limited | |
| High |
EXLS has the edge over AAPL on the outlook, with more favorable valuation and profitability expectations.
AAPL Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $9.28 | +3.3% |
| Q3 2026 | $8.98 | +20% |
| Q2 2026 | $8.71 | +32% |
| Q1 2026 | $8.26 | +29% |
| Q4 2025 | $7.90 | +25% |
| Q3 2025 | $7.46 | +23% |
| Q2 2025 | $6.59 | +0.2% |
| Q1 2025 | $6.42 | -0.3% |
| Q4 2024 | $6.30 | -2% |
AAPL earned $8.98 per share over the past year, up 20% from the year before.
EXLS Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $2.54 | +51% |
| Q3 2026 | $1.68 | +14% |
| Q2 2026 | $1.59 | +10% |
| Q1 2026 | $1.57 | +19% |
| Q4 2025 | $1.54 | +27% |
| Q3 2025 | $1.47 | +28% |
| Q2 2025 | $1.44 | +33% |
| Q1 2025 | $1.32 | +21% |
| Q4 2024 | $1.21 | +10% |
EXLS's earnings per share have climbed steadily: $1.68 over the past year, up 14% from the year before, and higher year over year every quarter since late 2020.
AAPL Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $114.5B | +12% |
| Q2 2026 | $109.4B | +16% |
| Q1 2026 | $111.2B | +17% |
| Q4 2025 | $143.8B | +16% |
| Q3 2025 | $102.5B | +7.9% |
| Q2 2025 | $94B | +9.6% |
| Q1 2025 | $95.4B | +5.1% |
| Q4 2024 | $124.3B | +4% |
AAPL's revenue has grown year over year for 10 quarters in a row: $114B last quarter, up 12% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 31% | -0.5 points |
| Q2 2026 | 33% | +2.6 points |
| Q1 2026 | 32% | +1.3 points |
| Q4 2025 | 35% | +0.9 points |
| Q3 2025 | 32% | +0.5 points |
| Q2 2025 | 30% | +0.4 points |
| Q1 2025 | 31% | +0.3 points |
| Q4 2024 | 34% | +0.7 points |
AAPL has the edge over EXLS on profitability, with a higher operating margin.
EXLS Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $634M | +20% |
| Q2 2026 | $594.8M | +16% |
| Q1 2026 | $570.4M | +14% |
| Q4 2025 | $542.6M | +13% |
| Q3 2025 | $529.6M | +12% |
| Q2 2025 | $514.5M | +15% |
| Q1 2025 | $501M | +15% |
| Q4 2024 | $481.4M | +16% |
EXLS has the edge over AAPL on sales, with stronger typical year-over-year growth.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 14% | -0.4 points |
| Q2 2026 | 15% | -1.1 points |
| Q1 2026 | 16% | +0.5 points |
| Q4 2025 | 14% | -0.4 points |
| Q3 2025 | 14% | -0.3 points |
| Q2 2025 | 16% | +2.1 points |
| Q1 2025 | 16% | +1.6 points |
| Q4 2024 | 15% | +1.7 points |
EXLS's operating margin was 14% last quarter, about level with the same quarter a year ago.
AAPL Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $25.9B | -2.4% |
| Q2 2026 | $31.9B | +31% |
| Q1 2026 | $26.7B | +28% |
| Q4 2025 | $51.6B | +91% |
| Q3 2025 | $26.5B | +11% |
| Q2 2025 | $24.4B | -8.6% |
| Q1 2025 | $20.9B | +0.9% |
| Q4 2024 | $27B | -28% |
AAPL's free cash flow has been positive every quarter for seven years: $136B over the past year, up 38% from the year before.
EXLS Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $102.5M | -3.6% |
| Q2 2026 | $73.4M | -23% |
| Q1 2026 | -$11.2M | -$1.5M |
| Q4 2025 | $106.5M | +12% |
| Q3 2025 | $106.4M | +9.3% |
| Q2 2025 | $95M | +51% |
| Q1 2025 | -$9.7M | +$23.4M |
| Q4 2024 | $95.3M | +41% |
EXLS generated $271M in free cash flow over the past year, down 5.5% from the year before.
AAPL Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | +5.6M shares |
| 1 year | -1.9% | -284M shares |
| 3 years | -6.9% | -1.1B shares |
| 5 years | -13% | -2.1B shares |
| Available history | -17% | -3.1B shares |
AAPL has 14.7B diluted shares, down 1.9% from a year ago, with $86.4B in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $24.3B |
| Q2 2026 | $25.1B |
| Q1 2026 | $12.3B |
| Q4 2025 | $24.7B |
| Q3 2025 | $20.1B |
| Q2 2025 | $21.1B |
| Q1 2025 | $25.9B |
| Q4 2024 | $23.6B |
AAPL spent $86.4B buying back its own shares over the past year, down 4.8% from the year before.
EXLS Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.2% | -262K shares |
| 1 year | -5.7% | -9.1M shares |
| 3 years | -9% | -15.1M shares |
| 5 years | -11% | -19M shares |
| Available history | -12% | -20.9M shares |
EXLS has the edge over AAPL on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $25.8M |
| Q2 2026 | $20.6M |
| Q1 2026 | $166M |
| Q4 2025 | $109.6M |
| Q3 2025 | $159.2M |
| Q2 2025 | $41.7M |
| Q1 2025 | $18M |
| Q4 2024 | $12M |
EXLS spent $322M buying back its own shares over the past year, up 39% from the year before.
AAPL Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 0.3x | Very low |
| Q2 2026 | 0.3x | Very low |
| Q1 2026 | 0.2x | Very low |
| Q4 2025 | 0.3x | Very low |
| Q3 2025 | 0.4x | Very low |
| Q2 2025 | 0.5x | Very low |
| Q1 2025 | 0.5x | Very low |
| Q4 2024 | 0.5x | Very low |
AAPL has the edge over EXLS on leverage, with a lower net debt burden relative to earnings.
EXLS Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 0.9x | Very low |
| Q2 2026 | 0.7x | Very low |
| Q1 2026 | 0.7x | Very low |
| Q4 2025 | 0.4x | Very low |
| Q3 2025 | 0.5x | Very low |
| Q2 2025 | 0.3x | Very low |
| Q1 2025 | 0.5x | Very low |
| Q4 2024 | 0.4x | Very low |
EXLS's net debt is less than a year of its operating earnings (EBITDA).
AAPL Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 68.1 | Neutral |
| Stochastic | 85.0 | Overbought |
AAPL's weekly RSI is 68 (neutral) and its Stochastic is 85 (overbought).
EXLS Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 69.3 | Neutral |
| Stochastic | 89.5 | Overbought |
EXLS's weekly RSI is 69 (neutral) and its Stochastic is 90 (overbought).
AAPL PE vs Technology Sector
| Metric | AAPL | Sector median | Relative |
|---|---|---|---|
| PE | 40x | 28x | 42% above |
| PE % | 96 | 35 | 61 pts above |
AAPL is trading at 40x earnings, a 42% premium to the Technology sector's median of 28x.
EXLS PE vs Technology Sector
| Metric | EXLS | Sector median | Relative |
|---|---|---|---|
| PE | 26x | 28x | 7.9% below |
| PE % | 12 | 35 | 23 pts below |
EXLS has the edge over AAPL on valuation relative to its sector.
AAPL Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $343.1 | 3.4% above |
| 20 week MA | $329.0 | 7.9% above |
| 50 week MA | $295.6 | 20% above |
| 100 week MA | $262.4 | 35% above |
| 200 week MA | $226.3 | 57% above |
AAPL is in an uptrend: it's above all five of its weekly moving averages, and 57% above its 200-week average.
EXLS Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $39.6 | 8.8% above |
| 20 week MA | $35.7 | 21% above |
| 50 week MA | $34.4 | 25% above |
| 100 week MA | $39.5 | 9.2% above |
| 200 week MA | $36.0 | 20% above |
EXLS is in an uptrend: it's above all five of its weekly moving averages, and 20% above its 200-week average.
AAPL Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $72.5 | $132.0 | +82% |
| 2021 | $132.0 | $176.3 | +34% |
| 2022 | $176.3 | $131.9 | -25% |
| 2023 | $131.9 | $192.5 | +46% |
| 2024 | $192.5 | $255.6 | +33% |
| 2025 | $255.6 | $273.4 | +7% |
| 2026 YTD | $273.4 | $354.9 | +30% |
AAPL has the edge over EXLS on returns for 2026, with the stronger performance.
EXLS Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $14.0 | $17.2 | +24% |
| 2021 | $17.2 | $28.0 | +62% |
| 2022 | $28.0 | $34.5 | +23% |
| 2023 | $34.5 | $30.9 | -11% |
| 2024 | $30.9 | $44.5 | +44% |
| 2025 | $44.5 | $43.3 | -2.8% |
| 2026 YTD | $43.3 | $43.1 | -0.5% |
EXLS has finished higher in four of the last six years. It's roughly flat so far in 2026.