ExlService Holdings, Inc. (EXLS) Stock

ExlService Holdings, Inc. (EXLS) is a Technology stock trading at $37.55 (as of 2026-08-21), with a market capitalization of $5.74B and a trailing P/E of 22.8. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

ExlService Holdings provides analytics and digital operations solutions through Insurance and Healthcare segments, along with Analytics and Emerging Business offerings. Its services include insurance operational and customer service support, digital customer acquisition via LifePRO and LISS, subrogation services and Subrosource software, and care management through CareRadius.

Understand ExlService Holdings, Inc.: how it makes money

ExlService Holdings provides data analytics and digital operations and solutions services to industries such as insurance, healthcare, and emerging verticals, and it earns revenue from analytics services plus digital operations work delivered to its clients.

The profit engine is scaling client-delivered delivery of analytics and digital operations, supported by execution metrics such as a high Data and AI Success Rate (Implementation) (94%), and growth indicators like New Client Wins (16).

Revenue by segment (latest quarter)
Insurance Ops	$0.2B
Healthcare Ops	$0.1B
Emerging Ops	$0.1B
Analytics	$0.2B

Business quality (Solid): Good clarity on what drives demand and delivery (new client wins, implementation success), and reasonable segment breakdown. Limitations: only one quarter of financial context is provided, and the segment revenue candidates used here are based on provided values and are not explicitly confirmed as perfectly summing to the total revenue.

Valuation: Trades at 16× trailing earnings · $4B market cap.

Bull case

Execution strength: High Data and AI Success Rate (Implementation), 94%, supports reliable delivery of analytics-driven work.
Business momentum: New Client Wins of 16, with 8 new wins in Digital Operations and Solutions and 5 new wins in Analytics.
Large-deal pipeline exposure: Percentage of Sales Pipeline from Large Deals is 70%.
Workforce enablement: Employee Population Regular Engagement with Learning Platform is 71%, and Engineers Enrolled in Certification Training is 1200.

Bear case

Customer collections risk: Days Sales Outstanding is 58, which can indicate slower cash collection versus faster collections.
Talent retention risk: Employee Attrition Rate is 26%, which can pressure staffing costs and delivery capacity.
Growth concentration risk: Digital Operations and Solutions Revenue Excluding Analytics is 0.27B and Analytics Segment Revenue is 0.21B, so performance may be sensitive to demand and delivery in these areas.

Valuation — source: SEC EDGAR (first-party)
Price	$37.55
Market Cap	$5.74B
P/E Ratio	22.8
EV / EBITDA	15.5
Price / Book	7.37
Price / Sales	2.66
FCF Yield	7.2%
DCF Value (model)	$25.17
DCF Upside vs Price	-33.0%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$2.09B
Net Margin	12.0%
Revenue Growth (YoY)	13.8%
EPS Growth (YoY)	4.9%
FCF Growth (YoY)	15.6%

Financial Health — source: SEC EDGAR
Altman Z-Score	7.91 (safe)

Valuation vs Sector & Industry
Stock P/E	22.8
Sector P/E (Technology)	33.9
Industry P/E (Business Services)	29.9
vs Sector	-32.6%
vs Industry	-23.6%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	VANGUARD GROUP INC ($605.14M)
Institutional Holders Tracked	10
Congressional Trades (recent)	4

Company
Sector	Technology
Industry	Business Services
CEO	Rohit Kapoor
Employees	59,500
Country	US
IPO Date	2006-10-20

Related Companies (Business model: IT Services / Consulting and Managed Services; 8 closest by market cap; US-domiciled)

Data as of 2026-08-21.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.