Latest Ratios: P/E Ratio 18.1x · EV/EBITDA 12.4x · ROE 27.2%. (2004–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $4.4B | $6.9B | $7.3B | $5.2B | $5.7B | $5.0B | $2.9B | $2.4B | $1.8B | $2.1B | $1.7B |
| Enterprise Value | $4.6B | $7.2B | $7.5B | $5.3B | $5.9B | $5.2B | $3.1B | $2.6B | $2.0B | $2.1B | $1.6B |
| P/E Ratio → | 18.08 | 27.56 | 36.68 | 28.05 | 39.87 | 43.21 | 32.75 | 35.62 | 32.88 | 43.11 | 28.03 |
| P/S Ratio | 2.09 | 3.30 | 3.97 | 3.18 | 4.06 | 4.42 | 3.07 | 2.43 | 2.09 | 2.78 | 2.54 |
| P/B Ratio | 4.96 | 7.56 | 7.84 | 5.83 | 7.56 | 7.15 | 4.09 | 3.60 | 2.98 | 3.54 | 3.28 |
| P/FCF | 14.60 | 23.13 | 32.81 | 32.75 | 47.26 | 33.69 | 18.30 | 18.80 | 35.44 | 27.22 | 23.43 |
| P/OCF | 12.41 | 19.66 | 27.16 | 24.56 | 34.51 | 26.88 | 14.50 | 14.32 | 19.93 | 18.76 | 17.39 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.43 | 4.08 | 3.26 | 4.19 | 4.60 | 3.18 | 2.64 | 2.29 | 2.75 | 2.29 |
| EV / EBITDA | 12.37 | 19.19 | 22.01 | 17.20 | 21.93 | 22.32 | 16.25 | 16.81 | 20.56 | 18.74 | 15.87 |
| EV / EBIT | 14.70 | 21.50 | 26.71 | 21.18 | 29.86 | 33.50 | 24.11 | 27.11 | 29.98 | 24.08 | 18.45 |
| EV / FCF | — | 23.99 | 33.73 | 33.58 | 48.83 | 35.09 | 18.98 | 20.44 | 38.97 | 26.84 | 21.13 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 38.4% | 38.4% | 37.6% | 37.3% | 36.5% | 38.4% | 34.9% | 33.9% | 33.8% | 35.0% | 34.7% |
| Operating Margin | 15.0% | 15.0% | 14.3% | 14.6% | 13.6% | 13.9% | 11.5% | 7.7% | 5.6% | 9.5% | 9.4% |
| Net Profit Margin | 12.0% | 12.0% | 10.8% | 11.3% | 10.1% | 10.2% | 9.3% | 6.8% | 6.4% | 6.4% | 9.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 27.2% | 27.2% | 21.8% | 22.4% | 19.7% | 16.3% | 12.9% | 10.5% | 9.3% | 8.6% | 12.4% |
| ROA | 15.1% | 15.1% | 13.0% | 13.2% | 10.9% | 9.1% | 7.4% | 6.0% | 6.0% | 6.4% | 9.1% |
| ROIC | 20.4% | 20.4% | 18.4% | 18.2% | 15.6% | 13.5% | 9.7% | 6.8% | 5.4% | 11.7% | 14.0% |
| ROCE | 23.2% | 23.2% | 21.6% | 21.9% | 20.7% | 17.2% | 11.1% | 8.2% | 6.3% | 11.5% | 11.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.44 | 0.44 | 0.39 | 0.31 | 0.41 | 0.50 | 0.46 | 0.50 | 0.46 | 0.10 | 0.09 |
| Debt / EBITDA | 1.08 | 1.08 | 1.08 | 0.88 | 1.16 | 1.50 | 1.76 | 2.14 | 2.89 | 0.55 | 0.46 |
| Net Debt / Equity | — | 0.28 | 0.22 | 0.15 | 0.25 | 0.30 | 0.15 | 0.31 | 0.30 | -0.05 | -0.32 |
| Net Debt / EBITDA | 0.69 | 0.69 | 0.60 | 0.42 | 0.70 | 0.89 | 0.58 | 1.35 | 1.86 | -0.26 | -1.73 |
| Debt / FCF | — | 0.86 | 0.91 | 0.83 | 1.57 | 1.40 | 0.67 | 1.64 | 3.53 | -0.37 | -2.30 |
| Interest Coverage | 18.89 | 18.89 | 14.57 | 19.05 | 24.04 | 20.38 | 11.31 | 7.10 | 9.35 | 46.02 | 63.46 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.56 | 2.56 | 2.73 | 2.07 | 2.20 | 1.16 | 2.74 | 2.35 | 3.22 | 3.14 | 3.05 |
| Quick Ratio | 2.56 | 2.56 | 2.73 | 2.07 | 2.20 | 1.16 | 2.74 | 2.35 | 3.22 | 3.14 | 3.05 |
| Cash Ratio | 1.01 | 1.01 | 1.21 | 0.90 | 1.09 | 0.65 | 1.84 | 1.43 | 1.84 | 1.86 | 1.86 |
| Asset Turnover | — | 1.23 | 1.14 | 1.13 | 1.05 | 0.87 | 0.77 | 0.84 | 0.83 | 0.92 | 0.97 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 59.99 | 71.44 | 73.74 | 71.30 | 69.75 | 62.94 | 68.44 | 73.94 | 68.61 | 66.48 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.5% | 3.6% | 2.7% | 3.6% | 2.5% | 2.3% | 3.1% | 2.8% | 3.0% | 2.3% | 3.6% |
| FCF Yield | 6.8% | 4.3% | 3.0% | 3.1% | 2.1% | 3.0% | 5.5% | 5.3% | 2.8% | 3.7% | 4.3% |
| Buyback Yield | 7.5% | 4.8% | 2.9% | 2.5% | 1.3% | 2.4% | 2.7% | 1.7% | 2.3% | 2.0% | 1.0% |
| Total Shareholder Yield | 7.5% | 4.8% | 2.9% | 2.5% | 1.3% | 2.4% | 2.7% | 1.7% | 2.3% | 2.0% | 1.0% |
| Shares Outstanding | — | $162M | $164M | $168M | $169M | $171M | $173M | $174M | $175M | $176M | $173M |
High client concentration dependency
According to current market data, EXLS trades at a forward P/E of 11.63, which, when compared to its PEG ratio of 0.70, suggests that the market may be underestimating the company's long-term earnings growth potential relative to its current valuation multiples in the IT services sector.
The current valuation appears to command a premium over legacy BPO peers, likely driven by the market's recognition of the company's shift toward higher-margin analytics and proprietary software. Investors should monitor whether this valuation holds as the company attempts to transition from headcount-based revenue to outcome-based pricing models.
Based on reported financial figures, EXLS has maintained a modest ROIC trend, hovering near 4.9% in recent quarters, which suggests that while the company is successfully scaling, the integration of acquired analytics firms may be temporarily diluting the overall efficiency of its invested capital base.
The gap between ROIC and the company's cost of capital warrants further investigation, as it indicates that the firm's growth strategy is currently capital-intensive. Sustained improvement in this metric will likely depend on the company's ability to drive higher margins from its existing platform investments rather than relying on further inorganic expansion.
As reported in quarterly filings, the company's DSO has fluctuated between 58 and 72 days over the last ten quarters, indicating that EXLS faces significant variability in its cash conversion cycle that may be tied to the payment terms of its large-scale insurance and healthcare client contracts.
This volatility in receivables suggests that the company's working capital management is highly sensitive to the billing cycles of its primary customers. Investors should be cautious, as these fluctuations can mask underlying operational efficiency gains and create periodic pressure on the company's free cash flow generation.
According to recent balance sheet data, EXLS has significantly reduced its debt-to-equity ratio to 0.14 as of 2026Q1, providing a fortress-like balance sheet that offers the company substantial headroom to navigate potential macroeconomic headwinds or fund future strategic acquisitions without relying on external financing.
The company's disciplined approach to debt management appears to be a core pillar of its financial strategy, effectively insulating it from interest rate volatility. This low leverage profile suggests that the firm is well-positioned to prioritize internal R&D investment or shareholder returns as it continues to scale its analytics capabilities.
The P/E ratio is frequently misapplied to EXLS because it fails to account for the significant non-cash impact of stock-based compensation, which, as noted in recent financial statements, can materially distort the company's reported net income and obscure its true economic earning power.
Analysts should instead focus on EV/EBITDA or P/FCF, which provide a clearer view of the company's operational cash generation before the impact of equity-based incentives. Relying solely on P/E may lead to an inaccurate assessment of the company's valuation relative to its peers in the technology services industry.
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Quick answers to the most common questions about buying EXLS stock.
ExlService Holdings, Inc.'s current P/E ratio is 18.1x. The historical average is 24.0x. This places it at the 30th percentile of its historical range.
ExlService Holdings, Inc.'s current EV/EBITDA is 12.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 13.6x.
ExlService Holdings, Inc.'s return on equity (ROE) is 27.2%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 15.1%.
Based on historical data, ExlService Holdings, Inc. is trading at a P/E of 18.1x. This is at the 30th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
ExlService Holdings, Inc. has 38.4% gross margin and 15.0% operating margin. Operating margin between 10-20% is typical for established companies.
ExlService Holdings, Inc.'s Debt/EBITDA ratio is 1.1x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.