# ExlService Holdings Inc. (EXLS) fundamentals

Data as of 2026-09-08. NASDAQ, United States. Sector: Technology / IT Services. Price $36.63, market value $5.6 billion.

## Valuation
- **P/E (trailing): 23.2×** (5-yr avg 35.1×, 3-yr avg 30.8×). ExlService Holdings Inc. trades at 23.2× trailing earnings, well below its own five-year average of 35.1×: cheap by its own standards. The Technology median in the September 2026 study was 32.1×. Forward P/E is 14.1×, lower than trailing, so analysts expect earnings to grow.
- **PEG: 0.52**. A PEG of 0.52 means the P/E is low relative to expected earnings growth: the market is not paying much for that growth.
- **Price / sales: 2.5×**. Each dollar of revenue is priced at 2.5×.
- **Price / book: 6.4×**. The shares trade at 6.4× book value; most of the value is in earnings power and intangibles rather than the balance sheet.
- **EV / EBITDA: 14.4×**. Enterprise value is 14.4× operating earnings before depreciation, the multiple that ignores how the company is financed.
- **Free-cash-flow yield: 5.0%** (5-yr avg 3.1%). Free cash flow equals 5.0% of the market value, above its five-year average of 3.1%, so the shares are cheaper on cash than they have usually been.
- **Earnings yield: 4.3%**. The inverse of the P/E: 4.3% of the price is earned each year.

## Profitability
- **Gross margin: 38.5%**. ExlService Holdings Inc. keeps 38.5% of revenue after the direct cost of what it sells.
- **Operating margin: 14.9%**. 14.9% of revenue is left after running the business.
- **Net margin: 12.0%**. 12.0% of each dollar of sales reaches the bottom line.
- **Return on equity: 27.5%**. 27.5% on shareholders' equity is excellent if it is not driven by leverage; sustained above 20% usually signals a competitive advantage.
- **Return on invested capital: 24.7%**. Return on all capital, debt included, is 24.7%: comfortably above what that capital costs.
- **Return on assets: 14.7%**. Each dollar of assets produces 14.7% of profit.

## Growth
- **Revenue growth (1 yr): 13.6%** (3-yr 13.9%/yr, 5-yr 16.8%/yr). Revenue grew 13.6% over the last year, against 16.8% a year compounded over five years.
- **EPS growth (1 yr): 27.3%** (3-yr 21.9%/yr, 5-yr 24.3%/yr). Earnings per share rose 27.3%, faster than revenue, so margins expanded or the share count shrank.
- **Free-cash-flow growth (3 yr): 34.9%/yr**. Free cash flow has compounded at 34.9% a year over three years, keeping pace with earnings: the growth is real cash.

## Financial health
- **Debt to equity: 0.33**. Debt is 0.33 times equity: a conservative balance sheet.
- **Net debt / EBITDA: 0.4×**. It would take 0.4 years of operating earnings to repay net borrowings, within the comfortable range.
- **Altman Z-score: 6.81**. A Z-score of 6.81 places the company in the safe zone for bankruptcy risk.
- **Piotroski F-score: 8/9**. 8 of 9 fundamental checks pass: strong and improving financials.

## Dividends
- **Dividend: none**. ExlService Holdings Inc. does not currently pay a dividend.

## Analyst view
- **Analyst consensus: strong_buy** (8 analysts). 8 analysts cover ExlService Holdings Inc.; the consensus is strong_buy, with an average price target of $44.63 (+22% from the current price). Analyst opinion is shown for context; it is not part of the Fundamental Score.

## Price and momentum
- **Total return (1 yr): -17.0%** (YTD -13.7%, 3-mo 23.5%). The shares are down 17.0% over twelve months including dividends.
- **From 52-week high: -17.4%** (47.4% above the low). Trading 17% below its 52-week high.
- **200-day average: above**. The price sits above its 200-day moving average, the usual definition of an uptrend.
- **RSI (14-day): 57**. An RSI of 57 is neutral.
- **Beta (1 yr): 0.05** (volatility 42%). Beta of 0.05 against the S&P 500: the shares move much less than the market.

Live score and charts: https://foliofundamentals.com/analyzer?s=EXLS · Page: https://foliofundamentals.com/stocks/exls

Not investment advice.