EXLS · ExlService Holdings, Inc.
$37.50
+0.05 (+0.13%)
At close · Aug 26
View the 10-K filed Feb 24, 2026
Customer concentration
— top 10 customers 34% of revenue
10 customers — 34% of revenue (2025)
“Our top three, five and ten clients generated 17.8%, 23.9% and 34.0% of our revenues, respectively, in 2025.”
5 customers — 23.9% of revenue (2025)
“Our top three, five and ten clients generated 17.8%, 23.9% and 34.0% of our revenues, respectively, in 2025.”
3 customers — 17.8% of revenue (2025)
“Our top three, five and ten clients generated 17.8%, 23.9% and 34.0% of our revenues, respectively, in 2025.”
Market Cap
$5.72B
Shares
152.78M
Income-statement, balance-sheet and cash-flow figures extracted from the company's SEC filings — 10-K annual and 10-Q quarterly reports — and standardised for comparison across periods.
Revenue
$2.09B
+13.6%
FY2025
Net Income
$251.02M
+26.6%
FY2025
Gross Margin
38.37%
+0.8pp
FY2025
Operating Margin
15.03%
+0.7pp
FY2025
Diluted EPS
$1.54
+27.3%
FY2025
Operating Cash Flow
$350.72M
+30.6%
FY2025
Chart any reported metric, KPI or segment over time — the full statement history lives here
Search above to add metrics — fundamentals, product and segment revenue, company KPIs, valuation.
| Line Item | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | FY2014 | FY2013 | FY2012 | FY2011 | FY2010 | FY2009 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| $2.16B | $2.09B | $1.84BG | $1.63BG | $1.41BG | $1.12B | $958.43M | $991.35M | $883.11M | $762.31M | $685.99M | — | — | $478.45M | $442.93M | $360.54M | $252.75M | $191M | |
| — | — | — | — | — | — | — | — | — | — | — | — | — | $290.94M | $271.88M | $219.99M | $151.29M | $109.39M | |
| $829.84M | $801.08M | $691.01M | $607.77M | $515.45M | $431.36M | $334.5M | $335.86M | $298.26M | $267.17M | $238.27M | $225.58M | $166.74M | $187.51M | $171.05M | $140.55M | $101.47M | $81.61M | |
| — | 38.37% | 37.59% | 37.27% | 36.5% | 38.44% | 34.9% | 33.88% | 33.77% | 35.05% | 34.73% | — | — | 39.19% | 38.62% | 38.98% | 40.15% | 42.73% | |
| $178.21M | $172.93M | $146.5M | $120.23M | $97.99M | $84.31M | $60.12M | $71.84M | $63.61M | $53.38M | $50.58M | $49.47M | $39.29M | $36.38M | $31.01M | $25.58M | $18.83M | $13.95M | |
| $264.94M | $255.31M | $225.67M | $198.29M | $169.02M | $142.04M | $113.89M | $126.91M | $116.2M | $102.52M | $88.62M | $77.29M | $65.38M | $58.8M | $57.19M | $50.66M | $40.28M | $31.85M | |
| $13.12M | $13.14M | $13.63M | $14.68M | $17.11M | $12.78M | $14.41M | $21.56M | $20.38M | $13.98M | $11.87M | $10.23M | $6.62M | $6.3M | $5.64M | $4.33M | $2.02M | — | |
| $59.7M | $59.25M | $55.22M | $50.28M | $56.1M | $49.66M | $50.51M | $52.19M | $48.72M | $38.98M | $34.58M | $31.47M | $28.03M | $24.92M | $25.62M | $22.99M | $15.84M | $11.41M | |
| — | — | $4.76M | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |
| $502.68M | $487.33M | $427.39M | $369.01M | $323.29M | $275.48M | $224.48M | $259.4M | $248.44M | $194.44M | $173.78M | $158.23M | $132.7M | $120.09M | $113.82M | $99.24M | $74.95M | $57.21M | |
| $327.16M | $313.75M | $263.62M | $238.76M | $192.16M | $155.88M | $110.02M | $76.45M | $49.82M | $72.73M | $64.5M | $67.34M | $34.04M | $67.42M | $57.23M | $41.32M | $26.52M | $24.4M | |
| — | 15.03% | 14.34% | 14.64% | 13.61% | 13.89% | 11.48% | 7.71% | 5.64% | 9.54% | 9.4% | — | — | 14.09% | 12.92% | 11.46% | 10.49% | 12.78% | |
| $386.86M | $373M | $318.84M | $289.04M | $248.26M | $205.54M | $160.54M | $128.65M | $98.54M | $111.71M | $99.08M | $98.81M | $62.07M | $92.34M | $82.86M | $64.31M | $42.36M | $35.81M | |
| $17.42M | $17.61M | $19.26M | $13.18M | $8.25M | $7.56M | $11.19M | $13.61M | $7.23M | $1.89M | $1.34M | $1.34M | $369K | $564K | — | — | — | — | |
| -$874K | $1.3M | -$2.27M | -$814K | -$2.06M | -$9.32M | $5.31M | $6.65M | $10.55M | $12.31M | $19.39M | $8.43M | $3.6M | -$2.44M | -$512K | $1.96M | $1.37M | $1.02M | |
| -$198K | -$305K | -$114K | $153K | $434K | $47K | -$227K | -$269K | -$247K | $0 | $0 | — | — | — | — | — | — | — | |
| $7.88M | $8.34M | $5.66M | $5.01M | $4.91M | $4.89M | $9.62M | $13.18M | $9.97M | $8.77M | $8.09M | $3.9M | — | — | — | — | — | — | |
| $326.29M | $315.05M | $261.35M | $237.94M | $190.1M | $146.56M | $115.33M | $83.1M | $60.37M | $85.03M | $83.88M | $75.78M | $37.64M | $64.98M | $56.72M | $46.65M | $32.09M | $19.5M | |
| $74.55M | $63.73M | $62.94M | $53.54M | $47.57M | $31.85M | $25.63M | $15.17M | $3.4M | $36.15M | $22.15M | $24.21M | $5.19M | $16.88M | $14.88M | $11.87M | $5.5M | $3.7M | |
| $251.54M | $251.02M | $198.3M | $184.56M | $142.97M | $114.76M | $89.48M | $67.66M | $56.73M | $48.89M | $61.73M | $51.57M | $32.45M | $48.1M | $41.84M | $34.78M | $26.59M | $15.65M | |
| — | 12.02% | 10.79% | 11.32% | 10.12% | 10.23% | 9.34% | 6.82% | 6.42% | 6.41% | 9% | — | — | 10.05% | 9.45% | 9.65% | 10.52% | 8.2% | |
| — | — | — | — | — | — | — | — | — | — | — | — | — | $2000 | $2000 | $3000 | $7000 | — | |
| $156.95M | $225.01M | $170.62M | $201.66M | $88.3M | $100.27M | $99.38M | $66.23M | $18.97M | $78.24M | $54M | $39.75M | $37.65M | $24.03M | $45.05M | — | — | — | |
| USD/shares | — | $1.56 | $1.22 | $1.11 | $0.86 | $0.68 | $0.52 | $0.39 | $0.33 | $0.29 | $0.37 | $0.31 | $0.20 | $0.29 | $0.26 | $0.23 | $0.18 | $0.11 |
| USD/shares | — | $1.54 | $1.21G | $1.10G | $0.85G | $0.67 | $0.52 | $0.39 | $0.32 | $0.28 | $0.36 | $0.30 | $0.19 | $0.28 | $0.25 | $0.22 | $0.18 | $0.11 |
| shares | — | 161.03M | 162.72M | 166.34M | 166.65M | 167.75M | 171.37M | 171.75M | 172.26M | 169.49M | 167.83M | 166.49M | 164.02M | 163.75M | 159.84M | 151.32M | 146.41M | 144.82M |
| shares | — | 162.48M | 164.32M | 168.16M | 169.17M | 171.22M | 172.78M | 173.66M | 175.15M | 175.55M | 172.82M | 170.89M | 168.18M | 169.21M | 165.86M | 157.73M | 151.94M | 147.09M |
Italic rows are computed from reported lines — open a row's info icon for its formula. Values reflect the latest filing (restatements included); per-share figures on today's split basis. Click a value for its source filing.
TTM: trailing twelve months through the latest reported quarter — flows sum the last four quarters, balances take the latest. 3Y/5Y/10Y columns are trailing CAGR from the newest fiscal year; blank where an endpoint is missing or negative. (G): the company's own guidance — a (G) column is a guided period not yet reported; a G marker shows how the reported figure landed against the guided range. Non-GAAP-basis guidance (*) is shown as stated and never judged against GAAP actuals.
Capital Returned to Shareholders
Cash spent on share repurchases and dividends per fiscal year, as reported on the cash-flow statement. Across FY2009–FY2025: $1.13B in buybacks.
Price & Valuation
Multiples computed on the strict TTM/EV methodology — today's snapshot against peers, and each ratio recomputed as of past filing dates.
Valuation
EV/Revenue
2.73×
Peer median 1.77×
EV/EBIT
17.99×
Peer median 13.83×
P/E (TTM)
23.85×
Peer median 17.00×
Peer medians compare against the 35 similar-size Information Technology Services companies (of 70 listed).
Valuation over time computed as of each quarter's filing date
Revenue Breakdown
Annual revenue as the company disaggregates it in its own XBRL filings. Years a component wasn't reported show a dash.
Share mode is each component's slice of the reported components that year — issuers rarely tag every revenue dollar, so slices need not sum to total revenue.
By Segment (USD)
| Component | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Insurance | $829,899,000 | $767,311,000 | $672,869,000 | $448,704,000 | $381,999,000 | $341,770,000 | $346,434,000 | $311,152,000 |
| Banking Capital Markets and Diversified Industries | $724,238,000 | $639,271,000 | $590,459,000 | — | — | — | — | — |
| Healthcare and Life Sciences | $533,542,000 | $431,790,000 | $367,340,000 | — | — | — | — | — |
| Analytics | — | — | — | $647,351,000 | $460,672,000 | $362,679,000 | $357,329,000 | $285,290,000 |
| Emerging Business | — | — | — | $218,638,000 | $167,236,000 | $152,670,000 | $190,118,000 | $196,825,000 |
| Healthcare | — | — | — | — | — | $101,315,000 | $97,465,000 | $89,845,000 |
| Health Care Segment | — | — | — | $97,351,000 | $112,386,000 | — | — | — |
By Geography (USD)
| Component | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| North America | $1,725,612,000 | $1,513,812,000 | $1,364,449,000 | — | — | — | — | — |
| The United Kingdom and Europe | $307,305,000 | $272,530,000 | $226,757,000 | — | — | — | — | — |
| Rest of World | $54,762,000 | $52,030,000 | $39,462,000 | $63,937,000 | $52,500,000 | $55,103,000 | $60,432,000 | $36,008,000 |
| United Kingdom | — | — | — | $134,630,000 | $105,734,000 | $88,659,000 | $113,036,000 | $114,515,000 |
| United States | — | — | — | $1,213,477,000 | $964,059,000 | $814,672,000 | $817,878,000 | $732,589,000 |
By Product & Service (USD)
| Component | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Data and AI Led Services | $1,155,342,000 | $979,731,000 | $834,737,000 | — | — | — | — | — |
| Digital Operations Service | $932,337,000 | $858,641,000 | $795,931,000 | — | — | — | — | — |
| Analytics Services | — | — | — | $647,351,000 | $460,672,000 | $362,679,000 | $357,329,000 | $285,290,000 |
| BPM and Related Services | — | — | — | — | — | — | — | $597,822,000 |
| Digital Operations and Solutions Services | — | — | — | $764,693,000 | $661,621,000 | $595,755,000 | $634,017,000 | — |
Key facts
CIK
1297989
CUSIP
302081104
13F (30d)
351 filings
348 filers
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