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Stocks · Industrials · Services-Business Services, NEC

ExlService Holdings, Inc.

EXLS Clue Score73
United States Fiscal year ends December CIK 0001297989
$36.79 -0.22% Close, 9 Oct 2026
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Price $36.79 −70.17% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue686.0Operating income64.5Net income61.7EPS, diluted1.79Fiscal year 2017Revenue762.3 +11.1%Operating income72.7Net income48.9 −20.8%EPS, diluted1.39Fiscal year 2018Revenue883.1 +15.8%Operating income49.8Net income56.7 +16.0%EPS, diluted1.62Fiscal year 2019Revenue991.3 +12.3%Operating income76.5Net income67.7 +19.3%EPS, diluted1.95Fiscal year 2020Revenue958.4 −3.3%Operating income110.0Net income89.5 +32.2%EPS, diluted2.59Fiscal year 2021Revenue1,122.3 +17.1%Operating income155.9Net income114.8 +28.3%EPS, diluted0.67Fiscal year 2022Revenue1,412.0 +25.8%Operating income192.2Net income143.0 +24.6%EPS, diluted0.85Fiscal year 2023Revenue1,630.7 +15.5%Operating income238.8Net income184.6 +29.1%EPS, diluted1.10Fiscal year 2024Revenue1,838.4 +12.7%Operating income263.6Net income198.3 +7.4%EPS, diluted1.21Fiscal year 2025Revenue2,087.7 +13.6%Operating income313.8Net income251.0 +26.6%EPS, diluted1.54
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 686.0 762.3 883.1 991.3 958.4 1,122.3 1,412.0 1,630.7 1,838.4 2,087.7
Growth +11.1% +15.8% +12.3% −3.3% +17.1% +25.8% +15.5% +12.7% +13.6%
Operating income 64.5 72.7 49.8 76.5 110.0 155.9 192.2 238.8 263.6 313.8
Net income 61.7 48.9 56.7 67.7 89.5 114.8 143.0 184.6 198.3 251.0
Growth −20.8% +16.0% +19.3% +32.2% +28.3% +24.6% +29.1% +7.4% +26.6%
EPS, diluted 1.79 1.39 1.62 1.95 2.59 0.67 0.85 1.10 1.21 1.54

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2016Gross margin34.7%Operating margin9.4%Net margin9.0%Free cash flow margin11.2%Fiscal year 2017Gross margin35.0%Operating margin9.5%Net margin6.4%Free cash flow margin10.2%Fiscal year 2018Gross margin33.8%Operating margin5.6%Net margin6.4%Free cash flow margin5.8%Fiscal year 2019Gross margin33.9%Operating margin7.7%Net margin6.8%Free cash flow margin12.9%Fiscal year 2020Gross margin34.9%Operating margin11.5%Net margin9.3%Free cash flow margin16.8%Fiscal year 2021Gross margin38.4%Operating margin13.9%Net margin10.2%Free cash flow margin13.1%Fiscal year 2022Gross margin36.5%Operating margin13.6%Net margin10.1%Free cash flow margin8.6%Fiscal year 2023Gross margin37.3%Operating margin14.6%Net margin11.3%Free cash flow margin9.7%Fiscal year 2024Gross margin37.6%Operating margin14.3%Net margin10.8%Free cash flow margin12.1%Fiscal year 2025Gross margin38.4%Operating margin15.0%Net margin12.0%Free cash flow margin14.3%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 34.7% 35.0% 33.8% 33.9% 34.9% 38.4% 36.5% 37.3% 37.6% 38.4%
Operating margin 9.4% 9.5% 5.6% 7.7% 11.5% 13.9% 13.6% 14.6% 14.3% 15.0%
Net margin 9.0% 6.4% 6.4% 6.8% 9.3% 10.2% 10.1% 11.3% 10.8% 12.0%
Free cash flow margin 11.2% 10.2% 5.8% 12.9% 16.8% 13.1% 8.6% 9.7% 12.1% 14.3%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow102.4Capital expenditure−25.9Free cash flow76.5Buybacks−18.2Fiscal year 2017Operating cash flow113.2Capital expenditure−35.2Free cash flow78.0 +1.9%Buybacks−43.5Fiscal year 2018Operating cash flow92.4Capital expenditure−40.8Free cash flow51.6 −33.8%Buybacks−43.1Fiscal year 2019Operating cash flow168.4Capital expenditure−40.5Free cash flow127.9 +147.6%Buybacks−41.4Fiscal year 2020Operating cash flow203.0Capital expenditure−42.2Free cash flow160.7 +25.7%Buybacks−79.9Fiscal year 2021Operating cash flow184.4Capital expenditure−37.2Free cash flow147.1 −8.5%Buybacks−118.4Fiscal year 2022Operating cash flow166.1Capital expenditure−44.8Free cash flow121.3 −17.6%Buybacks−72.6Fiscal year 2023Operating cash flow211.2Capital expenditure−52.8Free cash flow158.4 +30.6%Buybacks−131.8Fiscal year 2024Operating cash flow268.5Capital expenditure−46.3Free cash flow222.3 +40.3%Buybacks−207.9Fiscal year 2025Operating cash flow350.7Capital expenditure−52.6Free cash flow298.1 +34.1%Buybacks−328.5
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 102.4 113.2 92.4 168.4 203.0 184.4 166.1 211.2 268.5 350.7
Capital expenditure −25.9 −35.2 −40.8 −40.5 −42.2 −37.2 −44.8 −52.8 −46.3 −52.6
Free cash flow 76.5 78.0 51.6 127.9 160.7 147.1 121.3 158.4 222.3 298.1
Growth +1.9% −33.8% +147.6% +25.7% −8.5% −17.6% +30.6% +40.3% +34.1%
Buybacks −18.2 −43.5 −43.1 −41.4 −79.9 −118.4 −72.6 −131.8 −207.9 −328.5

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash213.2Total debt45.0Net cash (debt)168.2Shareholders’ equity532.0Debt to equity0.08Fiscal year 2017Cash86.8Total debt60.7Net cash (debt)26.1Shareholders’ equity599.8Debt to equity0.10Fiscal year 2018Cash95.9Total debt284.7Net cash (debt)−188.8Shareholders’ equity618.1Debt to equity0.46Fiscal year 2019Cash119.2Total debt235.0Net cash (debt)−115.8Shareholders’ equity670.0Debt to equity0.35Fiscal year 2020Cash218.5Total debt227.0Net cash (debt)−8.4Shareholders’ equity719.2Debt to equity0.32Fiscal year 2021Cash135.3Total debt260.0Net cash (debt)−124.7Shareholders’ equity693.2Debt to equity0.38Fiscal year 2022Cash118.7Total debt250.0Net cash (debt)−131.3Shareholders’ equity758.2Debt to equity0.33Fiscal year 2023Cash137.0Total debt200.0Net cash (debt)−63.0Shareholders’ equity889.4Debt to equity0.22Fiscal year 2024Cash153.4Total debt288.5Net cash (debt)−135.1Shareholders’ equity929.9Debt to equity0.31Fiscal year 2025Cash146.3Total debt298.6Net cash (debt)−152.3Shareholders’ equity912.7Debt to equity0.33
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 213.2 86.8 95.9 119.2 218.5 135.3 118.7 137.0 153.4 146.3
Total debt 45.0 60.7 284.7 235.0 227.0 260.0 250.0 200.0 288.5 298.6
Net cash (debt) 168.2 26.1 −188.8 −115.8 −8.4 −124.7 −131.3 −63.0 −135.1 −152.3
Shareholders’ equity 532.0 599.8 618.1 670.0 719.2 693.2 758.2 889.4 929.9 912.7
Debt to equity 0.08 0.10 0.46 0.35 0.32 0.38 0.33 0.22 0.31 0.33

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Margins
34.7% 35.0% 33.8% 33.9% 34.9% 38.4% 36.5% 37.3% 37.6% 38.4%
9.4% 9.5% 5.6% 7.7% 11.5% 13.9% 13.6% 14.6% 14.3% 15.0%
12.2% 11.2% 6.8% 8.4% 12.0% 13.1% 13.5% 14.6% 14.2% 15.1%
9.0% 6.4% 6.4% 6.8% 9.3% 10.2% 10.1% 11.3% 10.8% 12.0%
11.2% 10.2% 5.8% 12.9% 16.8% 13.1% 8.6% 9.7% 12.1% 14.3%
Spending
12.9% 13.4% 13.2% 12.8% 11.9% 12.7% 12.0% 12.2% 12.3% 12.2%
3.8% 4.6% 4.6% 4.1% 4.4% 3.3% 3.2% 3.2% 2.5% 2.5%
26.4% 42.5% 5.6% 18.3% 22.2% 21.7% 25.0% 22.5% 24.1% 20.2%
Returns
11.6% 8.2% 9.2% 10.1% 12.4% 16.6% 18.9% 20.7% 21.3% 27.5%
8.7% 5.9% 5.3% 5.7% 7.2% 8.9% 10.6% 12.8% 12.3% 14.7%
Balance and payout
0.08 0.10 0.46 0.35 0.32 0.38 0.33 0.22 0.31 0.33
24.7% 27.3% 41.8% 43.4% 42.4% 46.0% 43.7% 38.3% 42.5% 46.4%
23.8% 55.7% 83.5% 32.3% 49.7% 80.4% 59.9% 83.2% 93.5% 110.2%