ExlService Holdings

EXLS

Information Technology Services · Technology

Exchange

NASDAQ

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Exceptional

Cash Flow

Strong

Stability

Exceptional

Valuation

Strong

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Winston Score History

The full picture

ExlService Holdings is a data analytics and business process outsourcing company. It helps large companies — mainly in insurance, healthcare, banking, and travel — make sense of their data and handle back-office work like claims processing, finance operations, and customer service. EXL is known for combining data science with outsourced operations, which sets it apart from pure outsourcing firms.

EXL earns revenue through long-term service contracts with clients, charging fees for analytics projects and ongoing process management. The company operates primarily in the United States and United Kingdom, with most of its delivery workforce based in India, which keeps costs competitive. It generates roughly $1.7 billion in annual revenue and serves many Fortune 500 companies, creating sticky client relationships that are hard to replace. The key growth driver is demand for AI-powered analytics, but the main risk is that larger technology and consulting firms — like Accenture or IBM — are competing more aggressively in the same space.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+15.6% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+2.4% YoY

YoY Growth Rate

Slow EPS growth

Insider Activity

10.0%ownership

↑ Rising

Insiders increasing their stake — aligned with shareholders

Cash Runway

~6 years

$290M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

$290M cash & investments at current burn rate

Growth context

ExlService Holdings is growing revenue at 16% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

38.0%

Modest — 38.0% gross margin

Profit after running costs

Operating Margin

14.7%

Healthy — 14.7% operating margin

Return on the money invested

ROCE

24.6%

Exceptional — 24.6% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth

Sales YoY

+13.6%

Fast-growing sales (+13.6% YoY)

Profit growth

EPS YoY

+8.9%

Earnings growing (+8.9% YoY)

Single-digit earnings growth — steady but not exciting.

How steady the profit is

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

97%

Turns 97% of profit into real cash

Spare cash per sale

FCF Margin

8.5%

Modest free cash flow (8.5%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

0.56

Conservative — low debt load (0.56)

Covers its interest

Interest Cover

16.23x

Comfortably covers interest (16.2x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

23.6x

no trend

Growth-priced — P/E 23.6

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

+8.6

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (23.6 → 15.0)

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Dividends

Not applicable for this business.

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