The company significantly strengthened its financial position by reducing total debt to $106.1 million in 2026Q1, resulting in a conservative D/E ratio of 0.14.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 |
|---|
| Total Current Assets | 797.36M | 829.96M | 790.91M | 676.37M | 611.62M | 576.66M | 606.39M | 539.59M | 499.94M | 452.82M | 378.82M | 339.2M | 302.39M | 252.63M | 207.94M | 166.84M | 174.33M | 181.55M | 157.88M | 155.59M | 122.72M | 107.85M | 32.63M |
| Cash & Short-Term Investments | 253.76M | 328.37M | 350.55M | 294.9M | 302.59M | 320.05M | 407.51M | 326.86M | 285.98M | 279.89M | 233.82M | 220.87M | 189.47M | 154.47M | 109.75M | 91.2M | 114.5M | 136.29M | 112.53M | 102.75M | 86.46M | 89.55M | 18.96M |
| Cash Only | 145.41M | 146.33M | 163.33M | 141.01M | 123.57M | 141.51M | 223.22M | 124.62M | 101.49M | 90.47M | 217M | 207.19M | 177.89M | 148.49M | 103.61M | 934K | 111.41M | 132.28M | 112.38M | 102.49M | 1.09M | 65.3M | 18.96M |
| Short-Term Investments | 108.36M | 182.04M | 187.22M | 153.88M | 179.03M | 178.54M | 184.29M | 202.24M | 184.49M | 178.48M | 13.49M | 13.68M | 11.58M | 5.99M | 6.14M | 7.87M | 3.08M | 4.01M | 153.24K | 252.56K | 0 | 0 | 0 |
| Accounts Receivable | 388.56M | 343.11M | 359.8M | 329.44M | 275.85M | 214.47M | 165.28M | 185.89M | 178.9M | 143.3M | 124.94M | 92.65M | 80.24M | 78.14M | 78.31M | 59.05M | 49.55M | 35.03M | 33.92M | 39.08M | 27.69M | 15.14M | 10.75M |
| Days Sales Outstanding | 64.6 | 59.99 | 71.44 | 73.74 | 71.3 | 69.75 | 62.94 | 68.44 | 73.94 | 68.61 | 66.48 | 53.81 | 58.66 | 59.62 | 64.53 | 59.78 | 71.56 | 66.95 | 68.13 | 79.29 | 83.01 | 74.74 | 64.89 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 155.03M | 158.49M | 6.11M | 8.71M | 7.38M | 10.83M | 12.67M | 7.32M | 11.19M | 8.6M | 4.88M | 15.22M | 16.99M | 14.84M | 14.53M | 12.32M | 6.96M | 7.74M | 6.76M | 10.82M | 6.89M | 2.12M | 2.04M |
| Total Non-Current Assets | 879.02M | 872.28M | 827.5M | 765.6M | 734.5M | 706.24M | 641.47M | 643.5M | 562M | 372.65M | 342.28M | 311.58M | 271.17M | 210.81M | 227.92M | 210.57M | 117.02M | 59.59M | 54.09M | 55.22M | 42.89M | 19.56M | 17.66M |
| Property, Plant & Equipment | 202.37M | 209.23M | 170.62M | 165.23M | 138.18M | 162.7M | 184.79M | 165.54M | 73.51M | 66.76M | 49.03M | 47.99M | 45.37M | 34.56M | 40.24M | 42.32M | 34.73M | 23.96M | 24.52M | 25.24M | 21.55M | 16.21M | 14.89M |
| Fixed Asset Turnover | 11.01x | 9.98x | 10.77x | 9.87x | 10.22x | 6.90x | 5.19x | 5.99x | 12.01x | 11.42x | 13.99x | 13.10x | 11.00x | 13.84x | 11.01x | 8.52x | 7.28x | 7.97x | 7.41x | 7.13x | 5.65x | 4.56x | 4.06x |
| Goodwill | 418.66M | 419.65M | 420.39M | 405.64M | 405.64M | 403.9M | 349.09M | 349.53M | 349.98M | 204.48M | 186.77M | 171.53M | 139.6M | 107.41M | 106.67M | 92.29M | 43.37M | 19.62M | 17.56M | 16.79M | 16.65M | 0 | 0 |
| Intangible Assets | 32.98M | 36.2M | 49.33M | 50.16M | 64.82M | 81.08M | 59.59M | 73.98M | 95.5M | 48.96M | 53.77M | 52.73M | 46.98M | 34.12M | 43.52M | 36.31M | 18.59M | 627K | 0 | 340K | 1.97M | 0 | 0 |
| Long-Term Investments | 70.45M | 8.2M | 26.52M | 18.95M | 39.52M | 13M | 15.03M | 14.3M | 13.64M | 13.31M | 10.08M | 15.98M | 15.82M | 15.22M | 3.75M | 3.39M | 3.43M | 3.9M | 280.91K | 304.32K | 302.16K | 210.52K | 36.38K |
| Other Non-Current Assets | 66.88M | 69.02M | 55.89M | 42.69M | 30.56M | 24.15M | 25.21M | 28.3M | 22.77M | 29.87M | 13.25M | 9.59M | 11.41M | 7.24M | 20.6M | 19.77M | 2.56M | 3M | 8.69M | 8.05M | 1.6M | 2.27M | 2.73M |
| Total Assets | 1.68B | 1.7B | 1.62B | 1.44B | 1.35B | 1.28B | 1.25B | 1.18B | 1.06B | 824.77M | 706.53M | 650.78M | 573.56M | 463.43M | 435.85M | 377.41M | 305.68M | 249.62M | 211.97M | 210.81M | 165.61M | 62.58M | 50.39M |
| Asset Turnover | 1.26x | 1.23x | 1.14x | 1.13x | 1.05x | 0.87x | 0.77x | 0.84x | 0.83x | 0.92x | 0.97x | 0.97x | 0.87x | 1.03x | 1.02x | 0.96x | 0.83x | 0.77x | 0.86x | 0.85x | 0.74x | 1.18x | 1.20x |
| Asset Growth % | 26.48% | 5.18% | 12.24% | 7.12% | 4.93% | 2.81% | 5.47% | 11.41% | 28.75% | 16.74% | 8.57% | 13.46% | 23.76% | 6.33% | 15.49% | 23.46% | 22.46% | 17.76% | 0.55% | 27.3% | 164.65% | 24.19% | - |
| Total Current Liabilities | 299.51M | 324.13M | 290.12M | 326.4M | 277.95M | 495.69M | 221.08M | 229.35M | 155.09M | 144.25M | 124.23M | 107.08M | 90.97M | 76.08M | 74.34M | 72.23M | 50.71M | 38.33M | 39.07M | 36.02M | 37.7M | 19.72M | 14.2M |
| Accounts Payable | 11.26M | 4.75M | 5.88M | 5.05M | 7.79M | 6.87M | 6.99M | 6.56M | 5.65M | 5.92M | 3.29M | 6.4M | 4.66M | 4.71M | 3.6M | 4.33M | 4.86M | 5.34M | 3.37M | 5.66M | 3.16M | 1.39M | 1.82M |
| Days Payables Outstanding | 1.98 | 1.35 | 1.87 | 1.8 | 3.17 | 3.63 | 4.09 | 3.66 | 3.53 | 4.36 | 2.68 | 5.8 | 5.12 | 5.91 | 4.84 | 7.19 | 11.73 | 17.83 | 10.94 | 18.17 | 15.63 | 10.67 | 17.12 |
| Short-Term Debt | 21.81M | 4.89M | 4.89M | 65M | 30M | 260.02M | 25M | 40.87M | 21.65M | 10.59M | 10.23M | 10.38M | 0 | 0 | 0 | 1.73M | 231K | 144K | 120.7K | 125.96K | 166K | 215.15K | 178.88K |
| Deferred Revenue (Current) | 77.75M | 15.36M | 19.26M | 12.32M | 18.78M | 20M | 32.65M | 13.44M | 7.72M | 10.72M | 16.61M | 11.52M | 7.69M | 8.62M | 7.92M | 7.77M | 5.11M | 4.75M | 2.96M | 4.44M | 6.38M | 7.61M | 3.49M |
| Other Current Liabilities | 243.54M | 282.27M | -2M | 112.71M | 95.19M | 74.98M | 66.18M | 89.46M | 74.13M | 64.93M | 56.03M | 47.59M | 40.21M | 20.23M | 26.84M | 34.88M | 32.66M | 22.77M | 17.77M | 11.29M | 3.41M | 1.18M | 757.56K |
| Current Ratio | 2.66x | 2.56x | 2.73x | 2.07x | 2.20x | 1.16x | 2.74x | 2.35x | 3.22x | 3.14x | 3.05x | 3.17x | 3.32x | 3.32x | 2.80x | 2.31x | 3.44x | 4.74x | 4.04x | 4.32x | 3.26x | 5.47x | 2.30x |
| Quick Ratio | 2.66x | 2.56x | 2.73x | 2.07x | 2.20x | 1.16x | 2.74x | 2.35x | 3.22x | 3.14x | 3.05x | 3.17x | 3.32x | 3.32x | 2.80x | 2.31x | 3.44x | 4.74x | 4.04x | 4.32x | 3.26x | 5.47x | 2.30x |
| Cash Conversion Cycle | 62.62 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 598.06M | 465.4M | 398.43M | 226.13M | 309.99M | 94.06M | 307.61M | 283.74M | 288.52M | 80.48M | 50.12M | 77.93M | 63.43M | 21.18M | 17M | 26.7M | 6.43M | 5.58M | 1.57M | 811.08K | 713.57K | 11.91M | 11.36M |
| Long-Term Debt | 84.28M | 293.71M | 283.6M | 135M | 220M | 0 | 201.96M | 194.13M | 263.24M | 50.39M | 35M | 60M | 50M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5.58M | 5.36M |
| Capital Lease Obligations | 212.58M | 89.71M | 61.2M | 58.79M | 48.16M | 68.73M | 85.16M | 75.14M | 315K | 331K | 300K | 278K | 560K | 1.37M | 2.68M | 4.24M | 389K | 137K | 179K | 258.4K | 227.65K | 256.3K | 395.68K |
| Deferred Tax Liabilities | 13.06M | 4.3M | 1.4M | 1.5M | 547K | 965K | 847K | 966K | 8.45M | 892K | 3.64M | 3.07M | 2.88M | 4.78M | 2.68M | 0 | 0 | 0 | 0 | 0 | 146.2K | 0 | 0 |
| Other Non-Current Liabilities | 512.08M | 51.54M | 35.36M | 20.65M | 36.88M | 23.37M | 18.72M | 11.59M | 16.52M | 28.87M | 14.82M | 17.66M | 4.01M | 10.06M | 9.69M | 22.46M | 6.04M | 5.44M | 1.39M | 552.68K | 339.71K | 6.07M | 5.6M |
| Total Liabilities | 897.58M | 789.53M | 688.54M | 552.53M | 587.94M | 589.75M | 528.68M | 513.09M | 443.62M | 224.73M | 174.35M | 185.01M | 154.4M | 97.26M | 91.34M | 98.94M | 57.14M | 43.9M | 40.64M | 36.83M | 38.41M | 31.63M | 25.55M |
| Total Debt | 106.09M | 403.62M | 366.61M | 271.76M | 313.65M | 347.38M | 331.24M | 334.54M | 285.2M | 61.31M | 45.53M | 70.66M | 51.36M | 2.49M | 4.36M | 5.97M | 620K | 281K | 299.64K | 384.36K | 393.65K | 4.3M | 5.94M |
| Net Debt | -39.32M | 257.3M | 203.28M | 130.74M | 190.09M | 205.87M | 108.02M | 209.92M | 183.71M | -29.16M | -171.47M | -136.53M | -126.53M | -146M | -99.25M | 5.04M | -110.79M | -132M | -112.08M | -102.11M | -699.63K | -61M | -13.02M |
| Debt / Equity | 0.14x | 0.44x | 0.39x | 0.31x | 0.41x | 0.50x | 0.46x | 0.50x | 0.46x | 0.10x | 0.09x | 0.15x | 0.12x | 0.01x | 0.01x | 0.02x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.14x | 0.24x |
| Debt / EBITDA | 0.26x | 1.08x | 1.08x | 0.88x | 1.16x | 1.50x | 1.76x | 2.14x | 2.89x | 0.55x | 0.46x | 0.72x | 0.83x | 0.03x | 0.05x | 0.09x | 0.01x | 0.01x | 0.01x | 0.01x | 0.02x | 0.36x | 0.60x |
| Net Debt / EBITDA | -0.10x | 0.69x | 0.60x | 0.42x | 0.70x | 0.89x | 0.58x | 1.35x | 1.86x | -0.26x | -1.73x | -1.38x | -2.04x | -1.58x | -1.20x | 0.08x | -2.62x | -3.69x | -4.18x | -3.19x | -0.03x | -5.18x | -1.31x |
| Interest Coverage | 11.80x | 18.89x | 14.57x | 19.05x | 24.04x | 20.38x | 11.31x | 7.10x | 9.35x | 46.02x | 63.46x | 57.63x | 144.51x | 116.21x | - | - | - | - | 221.54x | 310.03x | 26.00x | 6.93x | 5.69x |
| Total Equity | 778.8M | 912.71M | 929.86M | 889.44M | 758.18M | 693.16M | 719.17M | 670M | 618.32M | 600.04M | 532.18M | 465.77M | 419.16M | 366.18M | 344.52M | 278.48M | 248.55M | 205.72M | 171.33M | 173.98M | 127.2M | 30.94M | 24.83M |
| Equity Growth % | 4.5% | -1.85% | 4.54% | 17.31% | 9.38% | -3.62% | 7.34% | 8.36% | 3.05% | 12.75% | 14.26% | 11.12% | 14.47% | 6.29% | 23.72% | 12.04% | 20.82% | 20.07% | -1.52% | 36.78% | 311.06% | 24.61% | - |
| Book Value per Share | 4.96 | 5.62 | 5.66 | 5.29 | 4.48 | 4.05 | 4.16 | 3.86 | 3.53 | 3.41 | 3.08 | 2.73 | 2.48 | 2.16 | 2.08 | 8.83 | 8.18 | 6.99 | 5.87 | 5.96 | 5.52 | 2.91 | 2.36 |
| Total Shareholders' Equity | 778.8M | 912.71M | 929.86M | 889.44M | 758.18M | 693.16M | 719.17M | 670M | 618.07M | 599.82M | 531.99M | 465.59M | 419.16M | 366.17M | 344.49M | 278.45M | 248.53M | 205.71M | 171.33M | 173.98M | 127.2M | 30.94M | 24.83M |
| Common Stock | 210K | 209K | 206K | 203K | 40K | 40K | 39K | 39K | 38K | 37K | 36K | 35K | 34K | 33K | 33K | 31K | 30K | 29K | 29.05K | 28.89K | 28.26K | 10.66K | 10.61K |
| Retained Earnings | 1.6B | 1.53B | 1.28B | 1.08B | 899.11M | 756.14M | 641.38M | 551.9M | 484.24M | 427.06M | 382.72M | 320.99M | 269.42M | 236.98M | 188.88M | 147.05M | 112.27M | 85.67M | 70.02M | 55.71M | 28.66M | 15.24M | 8.43M |
| Treasury Stock | -1.26B | -1.12B | -786.16M | -575.42M | -441.93M | -369.29M | -268.24M | -188.29M | -146.93M | -103.82M | -60.36M | -42.16M | -27.96M | -24.64M | -3.02M | -2.69M | -1.07M | -976K | -902.7K | -315.93K | -35.52K | -14.46K | -14.46K |
| Accumulated OCI | -237.37M | -180.73M | -154.72M | -127.04M | -144.14M | -89.47M | -74.98M | -84.89M | -83.47M | -45.71M | -75.06M | -67.33M | -55.51M | -60.72M | -36.65M | -39.86M | 1.13M | -3.52M | -14.49M | 7.57M | 109.69K | -1.39M | -787.27K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 250K | 224K | 193K | 179K | 0 | 2K | 25K | 23K | 20K | 13K | 0 | 0 | 0 | 0 | 0 |
High client concentration dependency
According to the latest quarterly filings, EXLS has maintained a stable asset base of approximately $1.7 billion since 2025Q1, suggesting that the company is successfully scaling its operations without requiring a proportional increase in capital intensity or significant balance sheet expansion to support its revenue growth.
The consistency in total assets despite top-line growth indicates an asset-light business model that relies more on human capital and proprietary software than on physical infrastructure. Investors should monitor whether this trend persists as the company integrates more generative AI capabilities, which may eventually necessitate higher capital expenditure.
As reported in recent financial statements, EXLS has significantly reduced its debt burden from $405.8 million in 2025Q4 to $106.1 million in 2026Q1, resulting in a D/E ratio of 0.14, which highlights a conservative approach to financing and provides substantial headroom for future strategic investments.
This rapid deleveraging suggests that management is prioritizing balance sheet health and reducing interest expense, likely to preserve cash for potential tuck-in acquisitions or share repurchases. The low leverage profile enhances the company's resilience against interest rate volatility and provides a buffer for operational fluctuations.
Based on the provided data, EXLS maintains a current ratio of 2.66 as of 2026Q1, which, when combined with its cash position of $145.4 million, indicates a strong liquidity profile capable of covering short-term obligations despite the inherent volatility in working capital cycles observed in previous periods.
The current ratio remains well above industry norms, suggesting that the company is well-positioned to navigate potential delays in client payments or unexpected operational costs. This liquidity cushion is essential given the company's reliance on large, multi-year contracts that can occasionally lead to lumpy cash inflows.
As disclosed in the balance sheet, goodwill accounts for $418.7 million of the $1.7 billion total assets, representing a significant portion of the company's book value that could be subject to impairment if the performance of acquired analytics firms fails to meet long-term growth expectations.
While this goodwill reflects the premium paid for specialized domain expertise, it introduces a non-cash risk factor that could impact equity if market conditions in the insurance or healthcare sectors deteriorate. Investors should evaluate the underlying performance of these acquisitions to ensure they continue to drive the intended margin expansion.
Quick answers to the most common questions about buying EXLS stock.
As of 2025, ExlService Holdings, Inc. (EXLS) had total assets of $1.70B including $830.0M in current assets.
ExlService Holdings, Inc. (EXLS) carries total debt of $403.6M, offset by $328.4M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
ExlService Holdings, Inc. (EXLS) has total shareholders' equity (book value) of $912.7M ($5.62 book value per share). Book value represents the net worth of the company belonging to common stock holders.
ExlService Holdings, Inc. (EXLS) reported a current ratio of 2.56x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.