What is the 13F Pro Quality Score for EXLS?

13F Pro ranks ExlService Holdings, Inc. (EXLS) on the 13F Pro Quality Score, a 0–100 composite of 32 fundamental signals including return on invested capital, free cash flow consistency, balance-sheet strength, earnings quality, growth durability, and valuation discipline. The score refreshes after each 10-K and 10-Q filing on SEC EDGAR. View EXLS's current score at https://13fpro.ai/company/EXLS (free sign-up required for the full ranking).

Which hedge funds own the most EXLS stock?

Based on the most recent Form 13F-HR filings on SEC EDGAR, the largest reported institutional holders of EXLS include BlackRock,, FMR, VANGUARD CAPITAL MANAGEMENT. Holdings are reported quarterly within 45 days of quarter-end and updated on https://13fpro.ai/company/EXLS as soon as new 13F filings post.

Where does 13F Pro source EXLS data?

All ExlService Holdings, Inc. fundamentals and ownership data come directly from SEC EDGAR. ExlService Holdings, Inc. files with the SEC under CIK 1297989. 13F Pro ingests XBRL financial facts from 10-K and 10-Q filings, Form 13F-HR institutional holdings, and Form 4 insider transactions, with no third-party rewrites or estimates.

What sector is EXLS in?

ExlService Holdings, Inc. (EXLS) is classified in the Industrials sector. 13F Pro publishes sector-level fund flow analysis and quality leaders at https://13fpro.ai/research/sector/industrials.

What drives EXLS's revenue?

Per ExlService Holdings, Inc.'s latest 10-Q filed with the SEC on 2026-07-28, the biggest revenue drivers are: Insurance ($197.8M, +14.9% YoY); Healthcare and Life Sciences ($158.0M, +22.0% YoY); Banking, Capital Markets and Diversified Industries ($133.9M, +10.5% YoY). Figures are extracted from the filing text and machine-verified against the document. Full breakdown at https://13fpro.ai/company/EXLS.

What are EXLS's largest expenses?

ExlService Holdings, Inc.'s latest 10-Q reports these as the largest expense items: Cost of revenues ($368.8M, +15.2% YoY); General and administrative expenses ($74.4M, +25.0% YoY); Selling and marketing expenses ($49.6M, +25.8% YoY). Sourced directly from SEC EDGAR filing text for Q2 FY2026 (quarter ended June 30, 2026).

How often is EXLS research updated on 13F Pro?

EXLS's fundamentals refresh within hours of each new 10-K or 10-Q filing on SEC EDGAR. Institutional ownership updates after each quarterly 13F filing window. Insider transactions update after each Form 4 filing. The 13F Pro Quality Score recalculates after every fundamentals refresh.

ExlService Holdings, Inc.(EXLS)Stock Analysis

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13F Pro Quality Score

65.3/100

Rank #489 of 2,961 stocksTOP 25%

View Industrials peers →

Rankings refresh quarterly once 80% of peers have filed (~45 days after quarter-end). Next update: ~Nov 14, 2026.

Revenue Growth

68.6/100

Profitability

67.9/100

Balance Sheet

92.9/100

Earnings Quality

52.5/100

Free Cash Flow

63.2/100

Institutional Flow

54.7/100

Revenue Scale

64.5/100

Dilution Risk

28.6/100

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Why EXLS Scores 65/100

exact factor attribution · 2026-09-11

EXLS's composite is driven by capital efficiency and revenue growth, held back by shareholder dilution. Bars show each factor's exact push vs. a median company, using the same weights the ranking engine applies.

Capital efficiency

+4.3 pts

93th pct

Revenue growth

+3.7 pts

69th pct

Profitability

+2.7 pts

68th pct

Scale

+2.2 pts

65th pct

Free cash flow

+2.0 pts

63th pct

Earnings growth

+1.0 pts

70th pct

Earnings quality

+0.3 pts

53th pct

Institutional flow

+0.2 pts

55th pct

Shareholder dilution

-1.1 pts

29th pct

Factor percentiles are cross-sectional ranks across the ~2,800-stock scored universe, computed from SEC EDGAR filings. Not investment advice.

EXLS Stock Analysis & AI Quality Score

Data updated 2026-09-11

AI stock analysis and institutional research for ExlService Holdings, Inc. (EXLS), a Industrials sector company. 13F Pro's AI-powered ranking engine scores EXLS at 65.3/100 on a 32-signal composite quality model, placing it at rank #489 of 2,961 stocks — the top 25% of the AI-ranked universe. EXLS scores in the top quartile across balance sheet strength (92.9). Shareholder dilution risk is elevated at 28.6/100, reflecting ongoing share issuance or stock-based compensation. Based on the latest XBRL financial filings (Q1 2026), ExlService Holdings, Inc. reports quarterly revenue of $570.4M, net income of $67.1M, an operating margin of 16.1%. Top institutional holders of EXLS by reported 13-F value include BlackRock, FMR, VANGUARD CAPITAL MANAGEMENT, based on the most recent SEC filings. EXLS trades on the Nasdaq exchange and files with the SEC under CIK 1297989. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate EXLS daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for ExlService Holdings, Inc. directly from SEC EDGAR. ExlService Holdings, Inc.'s 13F Pro composite quality score has ranged between 55 and 74 since 2021, currently 65.3 — an improving long-term trajectory across 67 quarterly and live scoring snapshots.

✦

Fun facts about ExlService Holdings, Inc.

Quirks, history, and lore behind EXLS — the kind of stuff that makes a stock memorable.

1
The Basics
U.S. company in the business process management space · listed on Nasdaq · serves clients across insurance, healthcare, and banking sectors.
2
The Numbers
Annual revenue in the range of $1–2 billion, with a workforce of roughly 30,000–40,000 employees — the majority of them based in India.
3
The History
Founded around 1999 and spun out of a major consulting firm, it rode the early-2000s wave of offshore outsourcing before going public on Nasdaq.
4
The Secret
It's not just pushing paper — it layers advanced analytics and AI-driven automation on top of outsourced operations, billing itself as smarter than your typical BPO shop.
5
The Lore
Its name is a blend of its roots: "EXL" nods to excellence in execution, and it has quietly become a go-to back-office partner for some of the world's largest insurance carriers.
6
The Giveaway
Ticker EXLS, headquartered in New York but operationally rooted in India — this is ExlService Holdings, the analytics-powered outsourcing firm insurers can't seem to quit.

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What's Driving EXLS's Business? Latest 10-Q Breakdown

✓ 47/47 datapoints verified

AI-extracted from ExlService Holdings, Inc.'s 10-Q filed 2026-07-28 — Q2 FY2026 (quarter ended June 30, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.

EXLS grew Q2 FY2026 revenue 15.6% YoY to $594.8M with gross margin up 30bps to 38.0%, but net income fell 2.3% YoY as the effective tax rate rose to 23.1% and SG&A outpaced revenue growth.

Biggest Revenue Drivers

Insurance$197.8M+14.9% YoY

Driven by expansion of business from existing clients (13.7%) and new client wins (1.2%)

Healthcare and Life Sciences$158.0M+22.0% YoY

Driven by expansion of business from existing clients (21.0%) and new client wins (1.0%)

Biggest Revenue Drivers

Total revenue: $594.8M+15.6% YoY

Insurance$197.8M+14.9% YoY

Driven by expansion of business from existing clients (13.7%) and new client wins (1.2%)

Healthcare and Life Sciences$158.0M+22.0% YoY

Driven by expansion of business from existing clients (21.0%) and new client wins (1.0%)

Banking, Capital Markets and Diversified Industries$133.9M+10.5% YoY

Driven by expansion of business from existing clients (5.2%) and new client wins (5.3%)

International Growth Markets$105.1M+14.7% YoY

Driven by existing client expansion (12.1%) and new clients (4.2%), partly offset by FX loss (1.6%)

Largest Expense Items

Cost of revenues$368.8M+15.2% YoY

Higher employee-related costs of $44.9M from headcount growth and wage inflation, plus higher technology costs of $8.4M, partly offset by $9.2M FX gain net of hedging

General and administrative expenses$74.4M+25.0% YoY

Higher employee-related costs of $19.7M, iMerit acquisition-related expenses of $1.9M, and increased digital/generative AI investment of $1.8M

Selling and marketing expenses$49.6M+25.8% YoY

Part of SG&A increase driven by higher headcount and wage inflation

Depreciation and amortization$14.6M+3.9% YoY

Due to investments in infrastructure, technology assets and digital capabilities

Margins: Gross margin rose 30bps YoY to 38.0%, primarily driven by higher revenues and operational efficiencies, partially offset by lower volumes from certain existing clients. Operating margin declined to 14.7% from 15.8% as SG&A expenses (20.9% of revenue vs 19.2%) outpaced revenue growth.

Watch Items from the Filing

Top ten clients accounted for 34.1% of total revenue in Q2 FY2026 (up from 33.5% in Q2 FY2025); the company states loss of any top-ten client could have a material adverse effect.
Effective tax rate rose to 23.1% from 21.9% YoY due to higher non-deductible expenses and lower excess tax benefits from stock-based compensation, contributing to a 2.3% YoY decline in net income despite revenue growth.
On June 22, 2026 the company agreed to acquire iMerit Inc. for $170M upfront cash plus up to $140M in earnouts over two years, expanding AI model training capabilities; expected to close Q3 2026.
Completed a $125M accelerated share repurchase (settled May 13, 2026) and authorized a new $500M buyback program in February 2026, with $350.1M remaining as of June 30, 2026.
Ongoing Indian transfer pricing tax disputes with an aggregate demand of $44.4M as of June 30, 2026 (up from $42.2M at year-end 2025), though the company has not accrued liabilities, believing its position will be sustained.

AI-extracted and verified against SEC EDGAR filing text. Not investment advice.

Read the full 10-Q on SEC EDGAR →Share on X

Revenue

Q1 2026

$570.4M

Net Income

Q1 2026

$67.1M

Free Cash Flow

Q1 2026

$-11.2M

Operating Margin

Q1 2026

16.1%

ROIC

Q1 2026

30.6%

D/E Ratio

Q1 2026

0.54

Period

Revenue & Net Income

Earnings Per Share

Key Financials Over Time

Export Financial Table · Pro

Revenue

+13.6% YoY

$2.09BFY 2025

FY22 $1.41BFY23 $1.63BFY24 $1.84BFY25 $2.09B

Net Income

+26.6% YoY

$251.0MFY 2025

FY22 $143.0MFY23 $184.6MFY24 $198.3MFY25 $251.0M

Operating Income

+19.0% YoY

$313.8MFY 2025

FY22 $192.2MFY23 $238.8MFY24 $263.6MFY25 $313.8M

EPS (Diluted)

+27.3% YoY

$1.54FY 2025

FY22 $0.17FY23 $1.10FY24 $1.21FY25 $1.54

Total Assets

+5.2% YoY

$1.70BFY 2025

FY22 $1.35BFY23 $1.44BFY24 $1.62BFY25 $1.70B

Total Debt

+3.4% YoY

$303.5MFY 2025

FY22 $250.0MFY23 $265.0MFY24 $293.4MFY25 $303.5M

Op. Cash Flow

+30.6% YoY

$350.7MFY 2025

FY22 $166.1MFY23 $211.2MFY24 $268.5MFY25 $350.7M

Free Cash Flow

+34.1% YoY

$298.1MFY 2025

FY22 $121.3MFY23 $158.4MFY24 $222.3MFY25 $298.1M

Metric	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Revenue	$2.09B +13.6%	$1.84B +12.7%	$1.63B +15.5%	$1.41B +25.8%	$1.12B +17.1%	$958.4M
Net Income	$251.0M +26.6%	$198.3M +7.4%	$184.6M +29.1%	$143.0M +24.6%	$114.8M +28.3%	$89.5M
Operating Income	$313.8M +19.0%	$263.6M +10.4%	$238.8M +24.2%	$192.2M +23.3%	$155.9M +41.7%	$110.0M
EPS (Diluted)	$1.54 +27.3%	$1.21 +10.0%	$1.10 +547.1%	$0.17 +26.9%	$0.13 -74.1%	$0.52
Total Assets	$1.70B +5.2%	$1.62B +12.2%	$1.44B +7.1%	$1.35B +4.9%	$1.28B +2.8%	$1.25B
Total Debt	$303.5M +3.4%	$293.4M +10.7%	$265.0M +6.0%	$250.0M -51.9%	$520.0M +106.4%	$252.0M
Operating Cash Flow	$350.7M +30.6%	$268.5M +27.1%	$211.2M +27.1%	$166.1M -9.9%	$184.4M -9.2%	$203.0M
Free Cash Flow	$298.1M +34.1%	$222.3M +40.3%	$158.4M +30.6%	$121.3M -17.6%	$147.1M -8.5%	$160.7M

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Available Research

13F Pro tracks comprehensive data for ExlService Holdings, Inc. including:

SEC EDGAR filings (10-K, 10-Q, 8-K)

XBRL financial facts (revenue, EPS, margins)

Insider transactions (Form 4)

Institutional 13F holdings

Quality rankings (32 signals)

AI analyst debates & daily meetings

Historical financial trends

Peer comparison & sector analysis

Top Institutional Holders of EXLS

BlackRock, Inc.
$488.4M18,885,133 sh
FMR LLC
$359.1M13,885,274 sh
VANGUARD CAPITAL MANAGEMENT LLC
$171.9M6,645,767 sh
AQR CAPITAL MANAGEMENT LLC
$171.5M6,812,609 sh
VANGUARD PORTFOLIO MANAGEMENT LLC
$167.6M6,481,862 sh
STATE STREET CORP
$125.9M4,869,434 sh
GEODE CAPITAL MANAGEMENT, LLC
$105.3M4,071,771 sh
TWO SIGMA INVESTMENTS, LP
$104.0M4,021,556 sh
GENEVA CAPITAL MANAGEMENT LLC
$88.9M3,437,491 sh
D. E. Shaw & Co., Inc.
$84.2M3,255,149 sh

Fund	Value	Shares
BlackRock, Inc.	$488.4M	18,885,133
FMR LLC	$359.1M	13,885,274
VANGUARD CAPITAL MANAGEMENT LLC	$171.9M	6,645,767
AQR CAPITAL MANAGEMENT LLC	$171.5M	6,812,609
VANGUARD PORTFOLIO MANAGEMENT LLC	$167.6M	6,481,862
STATE STREET CORP	$125.9M	4,869,434
GEODE CAPITAL MANAGEMENT, LLC	$105.3M	4,071,771
TWO SIGMA INVESTMENTS, LP	$104.0M	4,021,556
GENEVA CAPITAL MANAGEMENT LLC	$88.9M	3,437,491
D. E. Shaw & Co., Inc.	$84.2M	3,255,149

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Is EXLS a good stock to buy?

13F Pro's AI-powered analysis of ExlService Holdings, Inc. (EXLS) draws on SEC EDGAR-sourced fundamentals, institutional 13F holdings, and insider Form 4 transactions in the Industrials sector (listed on Nasdaq). The 32-signal AI Quality Score, current rank, and full bull/bear verdict for EXLS are available on the EXLS stock profile dashboard — with the same data, AI insights, ratios, and institutional activity refreshed after every 10-K, 10-Q, 13F, and Form 4 filing. EXLS is classified as a mid company.

Which hedge funds own EXLS?

Institutional investors are required to disclose their holdings quarterly via SEC Form 13F. 13F Pro aggregates these filings to show which hedge funds, mutual funds, and asset managers are buying or selling EXLS. Combined with insider transaction data from Form 4 filings and AI-powered analysis from 10 specialized research agents, 13F Pro provides a comprehensive view of ExlService Holdings, Inc.'s investment landscape.