ExlService Holdings, Inc. (EXLS) intrinsic value & 10-year financials

ExlService Holdings, Inc. (EXLS) has a Graham intrinsic value of $51.15 per share. At $39.51 on Oct 17, 2026, the stock trades 23% below that value. Over the last 10 fiscal years revenue grew 13.2% a year to $2.1B, with an average return on invested capital of 13.6%.

Graham intrinsic value
$51.15
Share price (Oct 17, 2026)
$39.51
Price vs Graham value
23% below
Market cap
$6.4B
Revenue (FY2025)
$2.1B
Revenue growth (10-yr CAGR)
13.2%
ROIC (10-yr avg)
13.6%
Free cash flow (FY2025)
$298.1M

EXLS 10-year financial history

Fiscal year Revenue Net income EPS (diluted) Free cash flow Operating margin ROIC
FY2025 $2.1B $251.0M $1.54 $298.1M 15.0% 21.9%
FY2024 $1.8B $198.3M $1.21 $222.3M 14.3% 18.7%
FY2023 $1.6B $184.6M $1.10 $158.4M 14.6% 19.0%
FY2022 $1.4B $143.0M $0.85 $121.3M 13.6% 15.8%
FY2021 $1.1B $114.8M $0.67 $147.1M 13.9% 14.4%
FY2020 $958.4M $89.5M $0.52 $160.7M 11.5% 10.2%
FY2019 $991.3M $67.7M $0.39 $128.3M 7.7% 7.5%
FY2018 $883.1M $56.7M $0.32 $52.0M 5.6% 6.8%
FY2017 $762.3M $48.9M $0.28 $78.0M 9.5% 8.9%
FY2016 $686.0M $61.7M $0.36 $74.4M 9.4% 13.0%

Source: annual 10-K filings on SEC EDGAR. Figures in USD.

Executive summary

ExlService Holdings, Inc. is a consistent compounder, expanding top-line revenue at 13.2% annually over the past decade.

ExlService Holdings, Inc. returns on capital have been average, hovering around 13.6% ROIC over the decade.

Over the decade, ExlService Holdings, Inc. shows that the company has leveraged its balance sheet to sustain operations.

Benjamin Graham lens

Under Benjamin Graham's formula using SEC EDGAR fundamentals, ExlService Holdings, Inc. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $51.15 per share.

EXLS stock: frequently asked questions

What is the intrinsic value of ExlService Holdings, Inc. (EXLS) stock?

Using Benjamin Graham's revised formula, V = EPS × (8.5 + 2g) × 4.4 / Y, with reported diluted earnings per share, a 15.0% normalized growth rate (capped at 15%) and a 5.1% AAA corporate bond yield, EXLS's intrinsic value is about $51.15 per share.

Is EXLS stock undervalued?

At $39.51 (close on Oct 17, 2026), EXLS trades 23% below its Graham value of $51.15. On Graham's terms that leaves a margin of safety. A formula is a starting point for research, not a recommendation.

How fast has ExlService Holdings, Inc. grown?

Revenue went from $686.0M in fiscal 2016 to $2.1B in fiscal 2025, a compound annual growth rate of 13.2%. Net income was $251.0M in fiscal 2025.

Does ExlService Holdings, Inc. generate free cash flow?

ExlService Holdings, Inc. generated $298.1M of free cash flow (operating cash flow minus capital expenditures) in fiscal 2025. Free cash flow was positive in 10 of the last 10 reported years.

What is EXLS's return on invested capital?

Average ROIC over the last 10 fiscal years was 13.6%, and average return on equity was 16.0%. Sustained ROIC above about 15% usually points to a durable competitive advantage.

Where does this EXLS data come from?

From ExlService Holdings, Inc.'s annual 10-K filings on SEC EDGAR, most recently filed Jul 28, 2026. Prices are end-of-day snapshots; valuations are formula outputs, not investment advice.

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