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.