ExlService Holdings Inc.
ExlService Holdings, Inc. ( EXL, we, us, our or the Company ), incorporated in Delaware in 2002, is a global data and artificial intelligence ( AI ) company that offers services and solutions to reinvent client business models, drive better outcomes and unlock growth with speed. EXL harnesses the power of data, AI, and deep industry knowledge to transform businesses, including the world s leadi…
$41.02
+$0.16 (+0.39%)
Price from 2 days ago
15.03% operating margin is respectable but not wide. ROIC at 19.12%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue grew 13.6%, still solid.
At 26x earnings, the current multiple leaves limited room for execution misses or growth deceleration.
26.1x earnings, 21.0x FCF. Not cheap, the quality is already reflected in the price. Upside from here requires either margin expansion or growth re-acceleration, not just continuation.
Price History
Valuation & Multiples
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
$2.16B
▲ +13.6% YoY
Net Income (TTM)
$252M
▲ +26.6% YoY
Op. Margin
15.17%
▲ +0.7pp YoY
ROIC
18.67%
▲ +2.8pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$297M
▲ +34.1% YoY
Op. Cash Flow (TTM)
$349M
▲ +30.6% YoY
Net Debt
$267M
Cash & Equiv.
$254M
5Y CAGR: +16.8%
5Y CAGR: +13.1%
Continue Research
SourceComputed from the 10-Q filed 28 Apr 2026, covering the period ending 31 Mar 2026, as reported to the SEC. Data last refreshed 29 Jul 2026. How this is calculated.
Price from market data, last close as of 21 Oct 2026. Fiscal year ends Dec. Sector medians are approximate S&P 500 benchmarks and update periodically.
Is ExlService Holdings (EXLS) overvalued?
At a P/E of 26.1 and a price-to-free-cash-flow of 21.0, ExlService Holdings (EXLS) trades below a two-stage DCF intrinsic value of about $70.05 per share, so at $41.02 the stock looks undervalued (70.8% below estimated intrinsic value). A high multiple is not the same as overvalued: fast-growing, high-quality businesses can deserve a premium. See the general approach in how to tell if a stock is overvalued.
On quality, ExlService Holdings scores 86/100 on Intrinsiqq's quality scorecard (a high-quality business on these measures), weighing growth, margins, returns on capital, share count, and balance-sheet strength. All figures are computed from SEC filings; read the full methodology, or see how the market compares in our US profitability statistics. This is analysis, not investment advice.
Frequently asked
What is ExlService Holdings's fair value?+
Intrinsiqq's two-stage DCF estimates an intrinsic value of about $70.05 per share for EXLS, projecting its recent free cash flow forward with a growth rate that fades toward a long-run rate and discounting it back to today. Applying a 25% margin of safety gives a more conservative fair-value entry around $52.54. At today's $41.02, that puts the stock about 70.8% below estimated intrinsic value. The result is sensitive to the growth and discount-rate inputs, so it is best to run conservative, base and optimistic cases. You can adjust all of them yourself with the sliders on the DCF tab.
Is ExlService Holdings a high-quality business?+
ExlService Holdings scores 86 out of 100 on Intrinsiqq's quality score, a weighted blend of 8 metrics each scored 0 to 100, which makes it a high-quality business on these measures. Recent fundamentals include a 15.2% operating margin and a 18.7% return on invested capital. The score weighs revenue and free-cash-flow growth, operating margins, return on invested capital, share-count change, and balance-sheet strength, all computed from SEC filings, not opinion. Because valuation only means something relative to quality, the full metric-by-metric breakdown is on the quality scorecard.
Is ExlService Holdings a good stock to buy right now?+
That depends on valuation and quality together, not either alone. EXLS currently trades below its estimated intrinsic value and scores 86/100 on quality (high-quality). A cheap price is only a bargain if the business is durable, and a premium can be justified by genuine quality, so the two questions, "is it cheap?" and "is it good?", only make sense side by side. Read the valuation against the quality scorecard, run the DCF on your own assumptions, and decide for yourself. This is analysis from SEC filings, not investment advice.
Related stocks: Services-Business Services, NEC
Spot a number that looks wrong? Check it in EXLS's SEC filings or
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Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
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