ExlService Holdings Past Earnings Performance
Past criteria checks 5/6
ExlService Holdings has been growing earnings at an average annual rate of 17.7%, while the Professional Services industry saw earnings growing at 12.3% annually. Revenues have been growing at an average rate of 15% per year. ExlService Holdings's return on equity is 32.3%, and it has net margins of 11.7%.
Key information
17.67%
Earnings growth rate
18.76%
EPS growth rate
| Professional Services Industry Growth | 10.99% |
| Revenue growth rate | 15.04% |
| Return on equity | 32.30% |
| Net Margin | 11.66% |
| Last Earnings Update | 31 Mar 2026 |
Recent past performance updates
Recent updates
Narrative Update • Apr 27
EXLS: AI Partnerships And Buybacks Will Support Future Share Rerating
Analysts have adjusted their average 12 month price target on ExlService Holdings from about $50 to the mid $40s, reflecting refreshed models after recent results while still indicating what they see as solid underlying execution. Analyst Commentary Recent Street research on ExlService Holdings reflects a mix of confidence in execution and more cautious views on valuation, with updated models leading to lower headline price targets across the board.Narrative Update • Apr 11
EXLS: Agentic AI Expansion And Buybacks Will Support Future Upside
Analysts have trimmed their average price target for ExlService, with recent revisions such as Stifel moving to $46 from $54 and Baird to $35 from $50. These changes reflect refreshed models after Q4 results while still pointing to what some view as solid underlying performance.Narrative Update • Mar 28
EXLS: Agentic AI Solutions And Gradual IT Spend Recovery Will Support Upside
Narrative Update on ExlService Holdings Price Targets Analysts have revised ExlService Holdings' average price target, with changes ranging from a reduction to $35 from $50 to more moderate adjustments such as $51 from $52 and $46 from $54, reflecting updated models after recent results. Analyst Commentary Recent research on ExlService Holdings presents a mixed picture, with some analysts focusing on valuation support and execution, while others are more cautious after updating their models following Q4 results.Narrative Update • Mar 11
EXLS: Gradual IT Spend Recovery And Agentic AI Adoption Will Support Upside
Analysts have lowered their average price target on ExlService to about $41.71 from $52.14. This reflects updated models that incorporate recent target cuts to $46, $35 and $51, along with modest adjustments to assumptions for discount rate, revenue growth, profit margin and future P/E.Seeking Alpha • Feb 27
ExlService Price Down, But I Still Rate It A Strong Buy
Summary ExlService Holdings remains a strong buy despite a recent 33% share price decline driven by sector-wide AI selloffs and institutional selling. EXLS fundamentals are robust, with steady five-year growth in revenue, net income, and EPS, and management is bullish. Wall Street analysts project double-digit earnings growth for EXLS through 2026 and beyond, reinforcing its status as an attractive compounder. The current disconnect between EXLS's strong fundamentals and depressed share price presents a compelling value opportunity for investors. Read the full article on Seeking Alpha
New Narrative • Feb 26
AI Adoption And Recurring Data Contracts Will Drive Strong Long Term Outcomes
Catalysts About ExlService Holdings ExlService Holdings provides data, analytics, AI solutions and digitally enabled operations to clients in insurance, healthcare, banking and other data intensive industries. What are the underlying business or industry changes driving this perspective?Narrative Update • Feb 24
EXLS: Gradual Enterprise IT Spend Recovery Will Support Upside From Discounted Sector Setup
Narrative Update: ExlService Holdings Analyst Price Target Shift The analyst price target for ExlService Holdings has been adjusted to $51 from $52. Analysts report a generally constructive view on IT services into 2026, noting expectations that enterprise IT spending will gradually improve while sector valuations remain discounted.Narrative Update • Feb 09
EXLS: Gradual Enterprise IT Spend Recovery Will Support Upside From Discounted 2026 Setup
Analysts have trimmed their price target on ExlService Holdings by $1 to $51, citing a more measured view on sector conditions while still expecting gradual improvement in enterprise IT spending and recognizing that current valuations remain discounted. Analyst Commentary Bullish Takeaways Bullish analysts see the trimmed US$51 target as still implying room for upside relative to what they view as discounted valuations for ExlService and peers.Analysis Article • Feb 06
Slammed 27% ExlService Holdings, Inc. (NASDAQ:EXLS) Screens Well Here But There Might Be A Catch
ExlService Holdings, Inc. ( NASDAQ:EXLS ) shares have had a horrible month, losing 27% after a relatively good period...Narrative Update • Jan 26
EXLS: Gradual Enterprise IT Spend Recovery Will Support Constructive 2026 Upside
Analysts have trimmed their 12 month price target on ExlService Holdings to US$51 from US$52, reflecting slightly adjusted assumptions for discount rate, revenue growth, profit margins and future P/E, while still indicating a constructive view on services demand into 2026. Analyst Commentary Bullish Takeaways Bullish analysts see the US$51 target as still supportive of upside potential, even after a modest trim.Narrative Update • Jan 10
EXLS: Gradual Enterprise IT Spending Recovery And Buybacks Will Drive 2026 Upside
Analysts have trimmed their price target on ExlService Holdings slightly, with one recent update moving it to $51 from $52. The change reflects adjusted fair value, discount rate and future P/E assumptions, while still pointing to expectations for gradual improvement in enterprise IT spending.Narrative Update • Dec 23
EXLS: AI And Share Buybacks Will Drive Strong 2025 Upside Potential
Analysts have modestly raised their price target on ExlService Holdings by approximately 0.0 percent to about 52.29 dollars. This reflects slightly higher discount rate and future P/E assumptions while maintaining their revenue growth and profit margin outlook.Narrative Update • Dec 09
EXLS: AI Data Suite And Fraud Platform Will Drive 2025 Momentum
Analysts have modestly raised their price target on ExlService Holdings to 52.29 dollars from 52.29 dollars. This reflects slightly lower discount rate assumptions and a largely unchanged outlook for revenue growth, profit margins, and future valuation multiples.Narrative Update • Nov 25
EXLS: AI And Data Initiatives Will Drive Stock Momentum In 2025
Narrative Update on ExlService Holdings: Analyst Price Target Revision Analysts have slightly revised their price target for ExlService Holdings, lowering it from $52.29 to $52.29. This update is based on revised discount rate estimates and a modest adjustment in projected future price-to-earnings ratios.Narrative Update • Nov 11
EXLS: Share Buybacks And AI Initiatives Will Drive Earnings Momentum
Analysts have slightly lowered their price target for ExlService Holdings from $53.29 to $52.29. They cite updated expectations for revenue growth and profit margins.Narrative Update • Oct 28
AI-Powered Expansion And Global Partnerships Will Drive Future Market Share
Narrative Update on ExlService Holdings Analyst Price Target Analysts have maintained their fair value estimate for ExlService Holdings at $53.29 per share. Recent adjustments to discount rate and growth assumptions have been minor and do not significantly impact the overall price target.Narrative Update • Oct 13
Digital Transformation And AI Expansion Will Open Global Markets
Analysts have slightly lowered their price target for ExlService Holdings, reducing the estimated fair value from $54.14 to $53.29. This adjustment is due to minor changes in the discount rate, projected revenue growth, profit margins, and future price-to-earnings expectations.Analysis Article • Oct 06
Unpleasant Surprises Could Be In Store For ExlService Holdings, Inc.'s (NASDAQ:EXLS) Shares
When close to half the companies in the United States have price-to-earnings ratios (or "P/E's") below 19x, you may...Analysis Article • Sep 04
We Ran A Stock Scan For Earnings Growth And ExlService Holdings (NASDAQ:EXLS) Passed With Ease
For beginners, it can seem like a good idea (and an exciting prospect) to buy a company that tells a good story to...Analysis Article • Aug 01
Results: ExlService Holdings, Inc. Exceeded Expectations And The Consensus Has Updated Its Estimates
Investors in ExlService Holdings, Inc. ( NASDAQ:EXLS ) had a good week, as its shares rose 2.4% to close at US$43.43...Analysis Article • Jul 30
ExlService Holdings (NASDAQ:EXLS) Could Easily Take On More Debt
Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...Analysis Article • Jul 03
ExlService Holdings, Inc.'s (NASDAQ:EXLS) Shares May Have Run Too Fast Too Soon
With a price-to-earnings (or "P/E") ratio of 33.6x ExlService Holdings, Inc. ( NASDAQ:EXLS ) may be sending very...Analysis Article • May 13
An Intrinsic Calculation For ExlService Holdings, Inc. (NASDAQ:EXLS) Suggests It's 22% Undervalued
Key Insights The projected fair value for ExlService Holdings is US$59.87 based on 2 Stage Free Cash Flow to Equity...Analysis Article • Apr 21
These 4 Measures Indicate That ExlService Holdings (NASDAQ:EXLS) Is Using Debt Safely
Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously...Analysis Article • Apr 09
ExlService Holdings (NASDAQ:EXLS) Is Very Good At Capital Allocation
What trends should we look for it we want to identify stocks that can multiply in value over the long term? Firstly...Seeking Alpha • Mar 28
Undervalued By EXLerate: ExlService's Hidden Strength
Summary ExlService is an AI company with significant potential in the AI sector, currently undervalued by 17.5%, from $47 to $55 per share. The company has full order books, indicating strong demand and future revenue growth. ExlService's positioning in the AI market makes it a standout choice for investors seeking growth in this sector. Read the full article on Seeking AlphaAnalysis Article • Mar 12
Is Now The Time To Look At Buying ExlService Holdings, Inc. (NASDAQ:EXLS)?
ExlService Holdings, Inc. ( NASDAQ:EXLS ), is not the largest company out there, but it received a lot of attention...Analysis Article • Feb 28
ExlService Holdings, Inc. (NASDAQ:EXLS) Just Reported And Analysts Have Been Lifting Their Price Targets
Shareholders might have noticed that ExlService Holdings, Inc. ( NASDAQ:EXLS ) filed its full-year result this time...Analysis Article • Jan 22
Estimating The Intrinsic Value Of ExlService Holdings, Inc. (NASDAQ:EXLS)
Key Insights Using the 2 Stage Free Cash Flow to Equity, ExlService Holdings fair value estimate is US$59.56 With...Analysis Article • Jan 09
ExlService Holdings (NASDAQ:EXLS) Seems To Use Debt Rather Sparingly
The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...Analysis Article • Dec 27
Should You Be Adding ExlService Holdings (NASDAQ:EXLS) To Your Watchlist Today?
Investors are often guided by the idea of discovering 'the next big thing', even if that means buying 'story stocks...Analysis Article • Dec 15
There's Been No Shortage Of Growth Recently For ExlService Holdings' (NASDAQ:EXLS) Returns On Capital
If you're not sure where to start when looking for the next multi-bagger, there are a few key trends you should keep an...Analysis Article • Dec 03
At US$46.09, Is ExlService Holdings, Inc. (NASDAQ:EXLS) Worth Looking At Closely?
ExlService Holdings, Inc. ( NASDAQ:EXLS ), is not the largest company out there, but it led the NASDAQGS gainers with a...Seeking Alpha • Nov 29
Why I'm Upgrading ExlService To A Strong Buy
Summary ExlService Holdings, Inc. has shown significant growth, with a 28.21% stock price increase since August 2024, prompting an upgrade to a Strong Buy rating. Q3 2024 results exceeded expectations, with revenue of $472.07 million and EPS of $0.44, driven by robust data and AI-led strategies. The company raised its full-year 2024 guidance, expecting revenue growth of 12-13% and adjusted EPS growth of 13-14%, indicating strong future prospects. Despite high valuation ratios, ExlService's earnings growth and institutional investor confidence suggest continued share price gains, with a one-year target of $53.58. Read the full article on Seeking AlphaAnalysis Article • Nov 20
Why Investors Shouldn't Be Surprised By ExlService Holdings, Inc.'s (NASDAQ:EXLS) P/E
ExlService Holdings, Inc.'s ( NASDAQ:EXLS ) price-to-earnings (or "P/E") ratio of 37.9x might make it look like a...Analysis Article • Oct 21
ExlService Holdings, Inc. (NASDAQ:EXLS) Shares Could Be 31% Below Their Intrinsic Value Estimate
Key Insights ExlService Holdings' estimated fair value is US$58.26 based on 2 Stage Free Cash Flow to Equity ExlService...Revenue & Expenses Breakdown
Revenue & Expenses Breakdown
How ExlService Holdings makes and spends money. Based on latest reported earnings, on an LTM basis.
Earnings and Revenue History
| Date | Revenue | Earnings | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 31 Mar 26 | 2,157 | 252 | 444 | 0 |
| 31 Dec 25 | 2,088 | 251 | 429 | 0 |
| 30 Sep 25 | 2,026 | 241 | 409 | 0 |
| 30 Jun 25 | 1,969 | 236 | 391 | 0 |
| 31 Mar 25 | 1,903 | 216 | 384 | 0 |
| 31 Dec 24 | 1,838 | 198 | 372 | 0 |
| 30 Sep 24 | 1,771 | 188 | 361 | 0 |
| 30 Jun 24 | 1,710 | 179 | 350 | 0 |
| 31 Mar 24 | 1,667 | 182 | 332 | 0 |
| 31 Dec 23 | 1,631 | 185 | 319 | 0 |
| 30 Sep 23 | 1,591 | 176 | 306 | 0 |
| 30 Jun 23 | 1,542 | 171 | 289 | 0 |
| 31 Mar 23 | 1,483 | 158 | 280 | 0 |
| 31 Dec 22 | 1,412 | 143 | 268 | 0 |
| 30 Sep 22 | 1,333 | 139 | 258 | 0 |
| 30 Jun 22 | 1,262 | 127 | 250 | 0 |
| 31 Mar 22 | 1,190 | 119 | 242 | 0 |
| 31 Dec 21 | 1,122 | 115 | 227 | 0 |
| 30 Sep 21 | 1,076 | 119 | 211 | 0 |
| 30 Jun 21 | 1,026 | 119 | 195 | 0 |
| 31 Mar 21 | 974 | 99 | 180 | 0 |
| 31 Dec 20 | 958 | 89 | 175 | 0 |
| 30 Sep 20 | 966 | 79 | 179 | 0 |
| 30 Jun 20 | 977 | 71 | 185 | 0 |
| 31 Mar 20 | 998 | 75 | 192 | 0 |
| 31 Dec 19 | 991 | 68 | 199 | 0 |
| 30 Sep 19 | 969 | 50 | 196 | 0 |
| 30 Jun 19 | 949 | 46 | 193 | 0 |
| 31 Mar 19 | 916 | 48 | 188 | 0 |
| 31 Dec 18 | 883 | 57 | 180 | 0 |
| 30 Sep 18 | 846 | 44 | 173 | 0 |
| 30 Jun 18 | 807 | 49 | 166 | 0 |
| 31 Mar 18 | 786 | 55 | 161 | 0 |
| 31 Dec 17 | 762 | 49 | 156 | 0 |
| 30 Sep 17 | 742 | 74 | 151 | 0 |
| 30 Jun 17 | 721 | 69 | 146 | 0 |
| 31 Mar 17 | 702 | 65 | 143 | 0 |
| 31 Dec 16 | 686 | 62 | 139 | 0 |
| 30 Sep 16 | 675 | 61 | 135 | 0 |
| 30 Jun 16 | 667 | 60 | 133 | 0 |
| 31 Mar 16 | 652 | 56 | 131 | 0 |
| 31 Dec 15 | 628 | 52 | 127 | 0 |
| 30 Sep 15 | 598 | 44 | 122 | 0 |
| 30 Jun 15 | 557 | 35 | 116 | 0 |
Quality Earnings: EXLS has high quality earnings.
Growing Profit Margin: EXLS's current net profit margins (11.7%) are higher than last year (11.4%).
Free Cash Flow vs Earnings Analysis
Past Earnings Growth Analysis
Earnings Trend: EXLS's earnings have grown by 17.7% per year over the past 5 years.
Accelerating Growth: EXLS's earnings growth over the past year (16.4%) is below its 5-year average (17.7% per year).
Earnings vs Industry: EXLS earnings growth over the past year (16.4%) exceeded the Professional Services industry 8.7%.
Return on Equity
High ROE: EXLS's Return on Equity (32.3%) is considered high.
Return on Assets
Return on Capital Employed
Discover strong past performing companies
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/05/26 10:47 |
| End of Day Share Price | 2026/05/26 00:00 |
| Earnings | 2026/03/31 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
| |
| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
| |
| Ownership | 10 years |
| |
| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.
Learn about the world class team who designed and built the Simply Wall St analysis model.
Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
ExlService Holdings, Inc. is covered by 20 analysts. 9 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| David Koning | Baird |
| Vincent Colicchio | Barrington Research Associates, Inc. |
| Kunal Tayal | BofA Global Research |