ExlService Holdings
Financial ratios & Valuation

Forward Multiples (2025 – 2026)

20252026
Price/Earnings ratio
30.6926.17
Price/Sales ratio
0.710.63
Earnings per Share (EPS)
$1.40$1.65

Historical Multiples (2014 – 2023)

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 TTM Median
Valuation Ratios
Price/Earnings ratio
29.7529.7628.1843.3431.9435.2532.6142.3139.5027.8037.6731.94
Price/Sales ratio
1.932.442.532.772.052.403.044.323.993.143.812.05
Price/Book Value ratio
2.303.293.273.532.933.564.057.007.445.767.102.93
Price/Cash Flow ratio
14.4815.8717.3518.7219.6014.1614.3726.3333.9924.2932.4219.60
Price/Free Cash Flow ratio
24.7621.5823.3827.1734.8418.5918.1533.0046.5532.3944.4034.84
Price/Earnings Growth ratio
-0.950.541.45-2.002.311.930.971.371.490.951.511.93
Dividend Yield
N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Profitability Indicator Ratios
Gross Profit Margin
33.39%35.89%34.69%34.98%33.77%33.87%34.90%38.43%36.50%37.27%36.50%33.77%
Operating Profit Margin
6.81%10.71%9.36%9.47%5.64%7.71%11.47%13.88%13.60%14.64%13.60%5.64%
Pretax Profit Margin
7.53%12.05%12.22%11.15%6.83%8.38%12.03%13.05%13.46%14.59%13.46%6.83%
Net Profit Margin
6.49%8.20%8.99%6.41%6.42%6.82%9.33%10.22%10.12%11.31%10.12%6.42%
Effective Tax Rate
13.79%31.95%26.40%42.50%5.62%18.25%22.21%21.73%25.02%22.49%25.02%5.62%
Return on Assets
5.65%7.92%8.73%5.92%5.34%5.71%7.17%8.94%10.62%12.79%10.62%5.34%
Return On Equity
7.74%11.07%11.60%8.15%9.17%10.09%12.44%16.55%18.85%20.75%20.07%9.17%
Return on Capital Employed
7.05%12.38%11.02%10.61%5.49%8.01%10.71%19.80%17.98%21.40%17.98%5.49%
Liquidity Ratios
Current Ratio
3.323.163.043.133.222.352.75N/AN/AN/A2.202.35
Quick Ratio
3.083.052.902.983.052.252.651.092.182.082.062.25
Cash ratio
1.941.911.710.600.610.510.980.270.420.410.420.51
Days of Sales Outstanding
58.6653.8060.1665.1668.5963.7962.9469.7571.3073.7371.3068.59
Days of Inventory outstanding
23.6411.1714.6216.3916.5813.0212.7019.031.99N/AN/A13.02
Operating Cycle
82.3064.9774.7881.5685.1776.8275.6488.7873.2973.7317.5876.82
Days of Payables Outstanding
5.115.792.674.353.523.654.093.633.171.803.173.65
Cash Conversion Cycle
77.1859.1772.1077.2081.6473.1771.5585.1570.1271.9368.1373.17
Debt Ratios
Debt Ratio
0.080.100.060.070.260.210.180.200.180.130.430.26
Debt Equity Ratio
0.110.150.080.100.460.380.310.370.320.220.770.46
Long-term Debt to Capitalization
0.100.110.060.070.290.220.21N/A0.220.130.260.22
Total Debt to Capitalization
0.100.130.070.090.310.270.230.270.240.180.290.29
Interest Coverage Ratio
N/A50.3347.8138.239.666.259.83N/AN/AN/A23.289.66
Cash Flow to Debt Ratio
1.331.372.211.850.320.640.890.700.661.050.520.32
Company Equity Multiplier
1.361.391.321.371.711.761.731.851.771.621.771.71
Cash Flow Ratios
Operating Cash Flow / Sales Ratio
0.130.150.140.140.100.160.210.160.110.120.110.10
Free Cash Flow / Operating Cash Flow Ratio
0.580.730.740.680.560.760.790.790.730.740.730.56
Cash Flow Coverage Ratio
1.331.372.211.850.320.640.890.700.661.050.520.32
Short Term Coverage Ratio
N/A9.319.7910.684.272.588.110.705.533.243.683.68
Dividend Payout Ratio
N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A