EXLS
ExlService Holdings, Inc.
EXLS's fundamentals are strong and it looks cheap: trading at 26x earnings, below its usual 34x. Analysts expect strong earnings growth.
EXLS Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| Healthy | |
| Healthy |
EXLS's revenue, profitability, cash flow and balance sheet are all currently healthy.
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's PE is in its cheap range at 26x. If earnings grow as analysts expect, today's price would be 17x next year's earnings.
EXLS Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Growth | |
| Stable | |
| Limited | |
| High |
Analysts expect earnings and revenue growth for EXLS, with profitability holding steady.
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.
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's revenue has grown year over year for 23 quarters in a row: $634M last quarter, up 20% from the same quarter a year ago.
| 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.
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.
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 153M diluted shares, down 5.7% from a year ago, with $322M in buybacks over the past year.
| 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.
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).
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).
EXLS PE vs Technology Sector
| Metric | EXLS | Sector median | Relative |
|---|---|---|---|
| PE | 26x | 28x | 7.9% below |
| PE % | 12 | 35 | 23 pts below |
EXLS is trading at 26x earnings, in line with the Technology sector's median of 28x.
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.
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.