EXLSExlService Holdings, Inc.
Services-Business Services, NEC
- Revenue
- $2.1B
- 14% YoY
- Operating margin
- 15.0%
- 4.8% YoY
- EBITDA
- $373M
- 17% YoY
- Market cap
- $6.3B
- Employees
- 65,000
- $32K revenue each
- Net debt / EBITDA
- 1.0×
- $357M net debt
- AI in 10-K
- 35.7
- mentions per 10K words
Takeover score 1 of 13
Fixable underperformance 0 of 7
- TSR below peersNo0 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$12M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo140% of net incomeCash flow under 80% of net income
- Dilutive SBCNo4% of revenueOver 10% of revenue
- Payouts exceed cash flowNo94% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo28% of assetsOver 40% of assets
- Shareholder dissentNo95% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeYes$32K · 2nd pctBottom quartile of its SIC industry
- Quiet on AINo35.7 per 10K words · 100th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo1.0× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedNo$6.3B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$3M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $1.1B | $1.4B | $1.6B | $1.8B | $2.1B | 14% |
| Operating income | $156M | $192M | $239M | $264M | $314M | 19% |
| Net income | $115M | $143M | $185M | $198M | $251M | 27% |
| Operating cash flow | $184M | $166M | $211M | $269M | $351M | 31% |
| Capex | $37M | $45M | $53M | $46M | $53M | 14% |
| Stock-based comp | $39M | $49M | $58M | $73M | $79M | 9.4% |
| Buybacks | $118M | $73M | $132M | $208M | $328M | 58% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $3M · 14
- Net
- −$3M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $16M | $14M | 249 | 172 |
| FY2024 | $14M | $29M | 261 | 140 |
| FY2023 | $12M | $9M | 181 | 130 |
| FY2022 | $11M | $16M | 199 | 77 |
| FY2021 | $10M | $19M | 170 | 128 |