EXLS Financials Exlservice Holdings, Inc.

15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Oct 30, 2026, 11:16 UTC Overview →

Growth & profitability

Revenue has grown 16.8% per year over the past 5 years.
Net income has grown faster than revenue (22.9% vs 16.8% per year).
Operating margin has expanded, at 15.0% in the latest year.
Free cash flow has grown 13.1% per year over the past 5 years.

Financial health

Total debt ($299M) exceeds cash ($146M); net debt is $152M.
Total debt has grown slower than revenue (5.6% vs 16.8% per year).
Operating income covered interest expense 18× in the latest year.
Total debt is 0.8× EBITDA.

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key annual figures

FY	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
2025	$2.1B	$251M	38.4%	15.0%	27.5%	14.7%	$298M	$299M	$146M
2024	$1.8B	$198M	37.6%	14.3%	21.3%	12.3%	$222M	$288M	$153M
2023	$1.6B	$185M	37.3%	14.6%	20.8%	12.8%	$158M	$200M	$137M
2022	$1.4B	$143M	36.5%	13.6%	18.9%	10.6%	$121M	$250M	$119M
2021	$1.1B	$115M	38.4%	13.9%	16.6%	9.0%	$147M	$260M	$135M
2020	$958M	$89M	34.9%	11.5%	12.4%	7.2%	$161M	$227M	$219M
2019	$991M	$68M	33.9%	7.7%	10.1%	5.7%	$128M	$235M	$119M
2018	$883M	$57M	33.8%	5.6%	9.2%	5.3%	$52M	$302M	$96M
2017	$762M	$49M	35.0%	9.5%	8.2%	5.9%	$78M	$709000	$87M
2016	$686M	$62M	34.7%	9.4%	11.6%	8.7%	$77M	$55M	$213M
2015	—	$52M	—	—	11.1%	7.9%	$71M	$70M	$205M
2014	—	$32M	—	—	7.7%	5.7%	$39M	$50M	$176M
2013	—	$48M	—	—	13.1%	10.4%	$67M	—	$148M
2012	—	$42M	—	—	12.1%	9.6%	$47M	—	$103M
2011	—	$35M	—	—	12.5%	9.2%	$37M	—	$82M

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex, quarterly)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key quarterly figures

Quarter	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
Sep '26	$634M	$69M	38.0%	14.0%	7.4%	3.3%	$103M	$511M	$154M
Jun '26	$595M	$65M	38.0%	14.7%	7.4%	3.7%	$73M	$381M	$127M
Mar '26	$570M	$67M	38.9%	16.1%	8.6%	4.0%	-$11M	$417M	$145M
Dec '25	$543M	$60M	38.6%	14.4%	6.6%	3.5%	$107M	$299M	$146M
Sep '25	$530M	$58M	38.5%	14.4%	6.1%	3.4%	$106M	$355M	$160M
Jun '25	$514M	$66M	37.7%	15.8%	6.2%	3.9%	$95M	$260M	$149M
Mar '25	$501M	$67M	38.6%	15.7%	6.6%	4.0%	-$10M	$307M	$140M
Dec '24	$481M	$51M	38.1%	14.8%	5.4%	3.1%	$95M	$288M	$153M
Sep '24	$472M	$53M	37.8%	14.7%	5.8%	3.3%	$97M	$345M	$150M
Jun '24	$448M	$46M	37.1%	13.7%	5.4%	3.0%	$63M	$335M	$115M
Mar '24	$437M	$49M	37.4%	14.1%	6.1%	3.4%	-$33M	$345M	$109M
Dec '23	$414M	$40M	36.7%	13.1%	4.5%	2.8%	$67M	$200M	$137M
Sep '23	$411M	$44M	37.7%	14.7%	5.1%	3.1%	$54M	$210M	$123M
Jun '23	$405M	$49M	37.5%	16.0%	5.9%	3.6%	$34M	$220M	$94M
Mar '23	$401M	$51M	37.2%	14.8%	6.5%	3.9%	$4M	$200M	$87M
Dec '22	$375M	$32M	36.6%	13.6%	4.2%	2.4%	$52M	$250M	$119M
Sep '22	$361M	$39M	36.2%	13.9%	5.5%	3.0%	$41M	$270M	$89M
Jun '22	$347M	$36M	36.2%	13.6%	5.2%	2.8%	$71M	$285M	$106M
Mar '22	$329M	$36M	37.0%	13.4%	5.2%	2.8%	-$43M	$295M	$107M
Dec '21	$295M	$28M	37.8%	12.2%	4.1%	2.2%	$62M	$260M	$135M

Valuation over time

How the market has priced EXLS against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.

The price-to-earnings ratio has fallen from 34.1× (Mar '23) to 25.9× (Nov '26).
The price-to-sales ratio has fallen from 3.5× (Mar '23) to 3.1× (Nov '26).

Price / earnings (P/E)

P/E

Price / sales (P/S)

P/S

Frequently asked questions

Is EXLS growing its revenue and profit?

Over the past 5 years, Exlservice Holdings, Inc.'s revenue has grown 16.8% per year, and net income grown 22.9% per year. These are computed facts, not advice.

How much debt does EXLS have?

As of FY2025, Exlservice Holdings, Inc. reported $299M of total debt against $146M of cash; operating income covered interest expense 18×.

What is EXLS's profit margin?

In FY2025, gross margin was 38.4%, operating margin 15.0%, and net margin 12.0%.

What is EXLS's P/E ratio?

Exlservice Holdings, Inc.'s P/E (TTM) is 24.95 as of the 2026-11-04 close — market cap ÷ net income over the trailing twelve months where four consecutive quarters are reported, otherwise the latest fiscal year, the same figure as on the EXLS stock page. The valuation chart above sets each month-end's price against the latest annual net income instead, so its latest point (about 25.9× as of Nov '26) can differ. These are computed facts, not advice.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.

Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), split-adjusted; price return — dividends not reinvested · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.