Seeking Alpha·Jun 24, 2026
ExlService Holdings, Inc. (EXLS) M&A Call TranscriptExlService Holdings, Inc. (EXLS) M&A Call Transcript
ExlService Holdings, Inc.(EXLS)Earnings, Financials & Key Ratios
EXLS•NASDAQ
$27.84
18.1× P/E·Price updated Jul 7, 2026
AboutExlService Holdings, Inc. operates as a data analytics, and digital operations and solutions company in the United States and internationally. It operates through Insurance, Healthcare, Analytics, and Emerging Business segments. The company provides digital operations and solutions and analytics-driven services across the insurance industry in areas, such as claims processing, premium and benefit administration, agency management, account reconciliation, policy research, underwriting support, new business acquisition, policy servicing, premium audit, surveys, billing and collection, commercial and residential survey, and customer service using digital technology, artificial intelligence, machine learning, and advanced automation; digital customer acquisition services using a software-as-a-service delivery model through LifePRO and LISS platforms; subrogation services; and Subrosource software platform, an end-to-end subrogation platform. It also offers CareRadius, an integrated care management offering; and health care services related to care management, utilization management, disease management, payment integrity, revenue optimization and customer engagement to healthcare payers, providers, pharmacy benefit managers, and life sciences organizations. Further, it offers predictive and prescriptive analytics in the areas of customer acquisition and lifecycle management, risk underwriting and pricing, operational effectiveness, credit and operational risk monitoring and governance, payment integrity and care management, and data management. The company was founded in 1999 and is headquartered in New York, New York.Show more
- Revenue$2.09B+13.6%
- EBITDA$373M+9.5%
- Net Income$251M+26.6%
- EPS (Diluted)1.54+27.3%
- Gross Margin38.37%+2.1%
- EBITDA Margin17.86%-3.6%
- Operating Margin15.03%+4.8%
- Net Margin12.02%+11.5%
- ROE27.25%+25.0%
EXLS Price & Volume
ExlService Holdings, Inc. (EXLS) stock price & volume — 10-year historical chart
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Specialized Analytics Drive Consistent Revenue Growth Trajectory
Investment Thesis • Updated 2026Q1
VerdictNeutral
Growth:Expanding
Profitability:Strong
Financial:Healthy
Cash Flow:Mixed
Primary Risk:High client concentration dependency
Key Thesis Takeaways
- ExlService Holdings demonstrates a compelling growth profile driven by its specialized insurance and analytics-focused service model, which has successfully pushed gross margins to 38.9% as of 2026Q1.
- While the company maintains a conservative capital structure with a D/E ratio of 0.14, investors should monitor the volatility in cash conversion, where OCF/NI ratios have fluctuated significantly from 0.03 to 2.08.
- Future performance remains contingent on managing high client concentration risks and ensuring that the $418.7 million in goodwill remains supported by sustained operational success.
Verdict Logic
while the forward P/E of 11.63 suggests an attractive valuation, the significant volatility in cash conversion and reliance on $22.1 million in quarterly stock-based compensation warrant a cautious approach.
EXLS Growth Metrics
ExlService Holdings, Inc. (EXLS) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years12.76%
5 Years16.85%
3 Years13.92%
TTM13.35%
Profit CAGR
10 Years17.15%
5 Years22.91%
3 Years20.64%
TTM16.4%
EPS CAGR
10 Years17.77%
5 Years24.25%
3 Years21.91%
TTM18.94%
Return on Capital
10 Years15.31%
5 Years20.91%
3 Years22.21%
Last Year23.19%
EXLS Recent Earnings
ExlService Holdings, Inc. (EXLS) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 12/12 qtrs (100%)●Beat Revenue 9/12 qtrs (75%)
Q2 2026Latest
Apr 28, 2026Metric
Actual
Est
EPS
$0.58+9.4%
$0.53
Rev
$570M+2.3%
$558M
Q1 2026
Feb 24, 2026Metric
Actual
Est
EPS
$0.50+8.7%
$0.46
Rev
$543M+2.1%
$531M
Q4 2025
Oct 28, 2025Metric
Actual
Est
EPS
$0.48+3.2%
$0.47
Rev
$530M+1.4%
$522M
Q3 2025
Jul 29, 2025Metric
Actual
Est
EPS
$0.49+8.9%
$0.45
Rev
$514M-0.9%
$519M
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | Apr 28, 2026 | $0.58vs $0.53+9.4% | $570Mvs $558M+2.3% |
| Q1 2026 | Feb 24, 2026 | $0.50vs $0.46+8.7% | $543Mvs $531M+2.1% |
| Q4 2025 | Oct 28, 2025 | $0.48vs $0.47+3.2% | $530Mvs $522M+1.4% |
| Q3 2025 | Jul 29, 2025 | $0.49vs $0.45+8.9% | $514Mvs $519M-0.9% |
Based on last 12 quarters of dataView full earnings history →
Latest EXLS News
Recent stock market news and headlines for ExlService Holdings, Inc. (EXLS)
GlobeNewsWire·Jun 24, 2026
EXL to acquire iMerit, advancing its leadership in enterprise AI by adding foundation model expertise and technologyNEW YORK, June 24, 2026 (GLOBE NEWSWIRE) -- ExlService Holdings, Inc. (NASDAQ: EXLS), a global data and AI company, today announced a definitive agreement to acquire iMerit, a recognized leader in AI model training, evaluation and reinforcement learning. iMerit is focused on helping its clients train large language and multimodal models to improve accuracy, precision, and effectiveness. The acquisition, valued at up to $310 million in upfront and future consideration, is expected to close in the third quarter of 2026, subject to customary closing conditions. The move strengthens EXL's ability to help enterprises achieve measurable outcomes from AI, builds partnerships with leading foundation model builders and expands EXL's reach into high-growth AI tech sectors.
Globe News Wire·Jun 24, 2026
EXL to acquire iMerit, advancing its leadership in enterprise AI by adding foundation model expertise and technologyPositions EXL to accelerate AI innovation in the enterprise with iMerit's direct relationships with foundation model builders Deepens EXL's vertically specialized end-to-end AI capabilities with iMerit's model training, evaluation and reinforcement learning Expands EXL's total addressable market across high-growth AI tech sectors, and multiplies the impact of iMerit on a broader enterprise audience NEW YORK, June 24, 2026 (GLOBE NEWSWIRE) -- ExlService Holdings, Inc.
Zacks Investment Research·Jun 19, 2026
Is ExlService Holdings (EXLS) a Solid Growth Stock? 3 Reasons to Think "Yes"ExlService Holdings (EXLS) could produce exceptional returns because of its solid growth attributes.
Zacks Investment Research·Jun 19, 2026
ExlService Holdings (EXLS) Loses 11.3% in 4 Weeks, Here's Why a Trend Reversal May be Around the CornerThe heavy selling pressure might have exhausted for ExlService Holdings (EXLS) as it is technically in oversold territory now. In addition to this technical measure, strong agreement among Wall Street analysts in revising earnings estimates higher indicates that the stock is ripe for a trend reversal.
Peers Comparison
Key metrics vs top competitors for ExlService Holdings, Inc. (EXLS)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $27.84 | $4.35B | 18.08 | 13.56% | 12.02% | 27.25% | — | |
| $89.55 | $4.68B | 13.33 | 15.42% | 6.96% | 10.66% | — | |
| $43.94 | $20.82B | 9.66 | 6.95% | 10.41% | 14.79% | — | |
| $5.03 | $453.77M | 4.57 | 18.95% | 8.7% | 21.23% | — | |
| $142.14 | $86.98B | 11.70 | 7.36% | 10.7% | 24.08% | — | |
| $306.13 | $287.16B | 27.41 | 7.62% | 15.61% | 35.44% | — |
Compare EXLS vs Peers
ExlService Holdings, Inc. (EXLS) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
EXLS SEC Filings & Documents
ExlService Holdings, Inc. (EXLS) SEC filings — annual & quarterly reports (10-K, 10-Q)
8-K Announcements
6Material company update
Apr 28, 2026·SEC
Material company update
Mar 18, 2026·SEC
Material company update
Feb 24, 2026·SEC
10-K Annual Reports
310-Q Quarterly Reports
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EXLS Frequently Asked Questions
ExlService Holdings, Inc. (EXLS) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
What is ExlService Holdings, Inc.'s revenue?
ExlService Holdings, Inc. (EXLS) reported $2.16B in revenue for fiscal year 2025. This represents a 3467% increase from $60.5M in 2004.
How fast is ExlService Holdings, Inc. growing?
ExlService Holdings, Inc. (EXLS) grew revenue by 13.6% over the past year. This is steady growth.
Is EXLS profitable?
Yes, ExlService Holdings, Inc. (EXLS) is profitable, generating $251.5M in net income for fiscal year 2025 (12.0% net margin).
Dividend & Returns
What is EXLS's return on equity?
ExlService Holdings, Inc. (EXLS) has a return on equity (ROE) of 27.2%. This is excellent, indicating efficient use of shareholder capital.
What is ExlService Holdings, Inc.'s free cash flow?
ExlService Holdings, Inc. (EXLS) generated $296.6M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.