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Data-analytics and business-process-outsourcing company serving insurance, healthcare, banking and other data-heavy industries.
Data-analytics and business-process-outsourcing company serving insurance, healthcare, banking and other data-heavy industries.
Takes over client data-heavy back-office work such as insurance claims handling, billed per transaction or per person under multi-year contracts, then adds analytics and AI work for the same clients. Most of its staff sit in India and other lower-cost centres, with the US its main customer base.
Moat: narrow (switching costs, process know-how, customer qualification). Deep embedded process/analytics work in regulated industries creates high switching costs.
Headquarters: New York, US · Founded: 1999 · Employees: 65,000
Size ExlService (EXLS) is a United States Information Technology company (Data Processing Services) with a market value of $6.51B, the 1002nd largest of 3,117 United States companies the cockpit tracks. Shares closed at $43.15 on 6 Nov 2026.
Performance Over six months the shares gained 38.8%, against -13.5% for the median peer and -1.1% for the United States market (cap-weighted) — 3rd highest of 20 in its peer set.
Growth Revenue grew 15.6% over the last twelve months (peer median +7.0%); the operating margin is 14.0% (peer median 3.4%).
Valuation It trades at 17.0× forward earnings against a peer median of 24.8× (6th cheapest of 15).
Price implies For today's price to make sense, revenue must grow about 9% a year for seven years (Req g). Recent delivered growth is +17%, so the hurdle is -7 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 12.9 points above its cost of capital (8.7% WACC).
Short interest Short interest is 6.7% of the free float (15 Oct 2026).
Next results Next results expected around 25 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $2.34B | $2.09B | $1.84B | $1.63B | $1.41B |
| Revenue growth | — | +14% | +13% | +15% | — |
| Gross profit | $819M | $745M | $637M | $563M | $461M |
| EBITDA | $433M | $406M | $324M | $299M | $258M |
| Net income | $261M | $251M | $198M | $185M | $143M |
| Free cash flow | $271M | $298M | $222M | $158M | $121M |
| Capital expenditure | $55.0M | $52.6M | $46.3M | $52.8M | $44.8M |
| Total debt | $615M | $406M | $367M | $272M | $314M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| ExlService EXLS | $6.51B | +39% | +16% | 14% | 17.0× | 9.4% |
| Genpact G | $7.07B | +30% | +7% | 16% | 9.9× | -7.5% |
| Accenture ACN | $154B | +44% | +6% | 15% | 17.8× | 3.7% |
| Cognizant CTSH | $28.9B | +26% | +5% | -1% | 10.5× | 0.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | EXLS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +17.0% | -4.7% | 2nd highest of 21 |
| 6-month return | +38.8% | -13.5% | 3rd highest of 20 |
| Distance from 52-week high | -2.2% | -35.8% | 2nd highest of 21 |
| Revenue growth (TTM) | +15.6% | +7.0% | 6th highest of 21 |
| Operating margin | 14.0% | 3.4% | 7th highest of 21 |
| Forward P/E | 17.0× | 24.8× | 6th cheapest of 15 |
| Growth the price implies (Req g, 7 yrs) | 9.4% | 14.0% | 5th least demanding of 11 |
| Growth delivered (Del g) | +16.8% | +5.8% | 3rd highest of 11 |
| Hurdle (Req g minus delivered) | -7.4 pp | +5.7 pp | 4th least demanding of 11 |
| ROIC minus cost of capital | +12.9 pp | -6.0 pp | 4th highest of 21 |
| EV / EBITDA | 15.7× | 14.4× | 6th most expensive of 12 |
| Net debt / EBITDA | 0.6× | 0.8× | 6th least indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| ExlService EXLS | United States | $6.51B | +39% | +16% | 14% | 17.0× | 9.4% | +16.8% |
| Hut 8 HUT | United States | $6.49B | -47% | +71% | -89% | n/a | n/a | n/a |
| SWI Capital SWICH.AS | Netherlands | $6.61B | +88% | -33% | -54% | n/a | n/a | n/a |
| Wangsu Science & Technology 300017.SZ | China | $5.90B | 0% | 0% | 15% | 49.1× | 27.3% | -3.9% |
| TeraWulf WULF | United States | $5.67B | -51% | +15% | -227% | n/a | n/a | n/a |
| IONOS IOS.DE | Germany | $5.49B | +23% | -34% | 23% | 19.1× | 11.0% | +5.9% |
| Nextdc NXT.AX | Australia | $5.47B | -30% | +16% | -7% | n/a | n/a | n/a |
| Applied Digital APLD | United States | $4.70B | -62% | +290% | -24% | n/a | n/a | n/a |
| GDS 9698.HK | Hong Kong | $4.22B | -52% | +13% | 17% | 36.8× | n/a | n/a |
| JOYY, Inc. Sponsored ADR JOYY | United States | $3.98B | +37% | +8% | 2% | 12.9× | 19.8% | +2.1% |
| Dentsu Soken 4812.T | Japan | $3.56B | +31% | +10% | 14% | 30.4× | 0.3% | +8.7% |
| Kyndryl Holdings Incorporation KD | United States | $3.55B | +33% | -1% | 4% | 5.9× | 1.6% | -4.9% |
| Akamai Technologies AKAM | United States | $11.9B | -44% | +6% | 12% | 12.8× | 17.0% | +5.6% |
| LTM LTM.NS | India | $13.6B | +2% | +15% | 16% | 21.6× | 23.8% | +27.9% |
| GoDaddy GDDY | United States | $13.9B | +26% | +7% | 26% | 12.9× | -2.2% | +8.4% |
| Range Intelligent Computing Technology 300442.SZ | China | $14.1B | -35% | +51% | 36% | 34.4× | n/a | n/a |
| Cipher Digital CIFR | United States | $2.99B | -68% | -29% | -172% | n/a | n/a | n/a |
| Megaport MP1.AX | Australia | $2.80B | +86% | +37% | -10% | 99.5× | n/a | n/a |
| Tgs TGS.OL | Norway | $2.73B | -13% | -30% | 12% | 16.3× | 5.5% | +36.2% |
| Beijing Sinnet Technology 300383.SZ | China | $2.70B | -37% | -2% | -11% | 149.7× | 46.5% | -0.7% |
| Ionic Digital IOND | United States | $2.68B | n/a | -8% | -44% | 28.0× | n/a | n/a |