Stock fact sheet · data as of
ExlService Holdings, Inc. (EXLS): fair value, margin of safety and Wheel Score
Ticker symbol EXLS · Technology · Information Technology Services · United States · Growth
Is EXLS undervalued?
At 43.12 (close of 5 Nov 2026), EXLS trades within a few percent of the GLS average fair value of 44.55 (3.2% below fair value). 8 models produced a value and they split 5 above the price to 3 below. A stock priced at fair value earns about half of the Wheel Score's Value points; the rest of the score comes from health, moat, premium and stability.
The 8 models disagree widely: Graham Number gives 15.37 while GLS Growth gives 76.08. A spread that wide means the average is sensitive to which methods you trust; the model table below shows where each one lands, and the Quote page lets you switch any of them off.
Ranked against every other company we cover, EXLS is clearly faster-growing than it is cheap, so the nightly engine files it under Growth (value score 25, growth score 68, out of 100).
Nine valuation models for EXLS
Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.
| Model | Value | vs price | What it measures |
|---|---|---|---|
| DCF | 50.83 | +18% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | 15.37 | -64% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 59.98 | +39% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 23.38 | -46% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 76.08 | +76% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | 48.04 | +11% | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10% |
| Payback Time | 63.60 | +47% | Eight years of compounded free cash flow: the price at which the business pays for itself |
| DDM | - | - | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend; no value tonight |
| EPV | 19.08 | -56% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | 0.2681 | -99% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 45.33 | +5% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
Financial health is average - EXLS passes 6 of the nine Piotroski tests, which passes the "Piotroski 6 or more" Wheel Trade Filter. The Financials tab on the Quote page shows which tests fail. The GLS Moat score is 7.4 out of 10: a record that is solid on some of the four parts the score weighs (returns on capital, pricing power, lasting growth, balance sheet) and weaker on others.
Returns on capital are high - ROIC 19.1%, ROE 27.5%, ROA 14.7% - with debt at 0.44 times equity and a free-cash-flow yield of 4.2%.
ExlService Holdings, Inc. pays no dividend, so the DDM model does not apply and a covered-call holder earns only the premium and any price gain. Revenue comes mainly from Digital Operations And Solutions Servic… 57%, Analytics Services 43% (quarter Q4 FY2024).
Institutional ownership scores 10/10, insider activity 1/10 and Congressional trading 5/10 on the GLS smart-money scales.
| Piotroski F-score | 6 / 9 | ROIC | 19.1% |
|---|---|---|---|
| GLS Moat | 7.4 / 10 | ROE | 27.5% |
| Debt / equity | 0.44 | ROA | 14.7% |
| Free-cash-flow yield | 4.2% | Payout ratio | 0% |
| Institutions | 10 / 10 | Insiders · Congress | 1 · 5 / 10 |
Wheel Score 70: Good
EXLS scores 70 out of 100 on the Wheel Score (Good band, 70-84): it passes all 9 Wheel Trade Filters. How it ranks: value weak, premium strong, moat good, health good, red flags strong, option trading weak, stability good; Value (weak) holds it back.
Implied volatility is 34% on the near-the-money contracts 20-60 days out: enough to pass the 25-80% Wheel Trade Filter, but under the 35-60% sweet spot the score rewards most. Chain open interest is 6,913 contracts across all expiries - enough for the wheel at normal size.
Volume runs at 1.9M shares a day on a market cap of $6.5B, with a beta of 0.84; the Stability part of the Wheel Score rates that good.
| Filter | Wheel Trade Filter | Result | Detail |
|---|---|---|---|
| 1 | Options that actually trade | Passes | Listed options with 1,000+ contracts of open interest and 100+ traded a day |
| 2 | A real business, not a gamble | Passes | Profitable over the last twelve months - not a speculative stock, fund or note |
| 3 | Below fair value | Passes | Trading below the nine-model average fair value (margin of safety above 0) |
| 4 | Financially healthy | Passes | Piotroski F-score 6 or more out of 9 (a company with no score on file passes) |
| 5 | Can repay its debt | Passes | Long-term debt repaid from 3 years of operating cash flow or less (6 for real estate and utilities; banks and insurers are not judged on it) |
| 6 | No serious red flags | Passes | Red Flags score 60 or more out of 100 (earnings, margins, debt, analysts, filings and price checked the same way for every stock) |
| 7 | A premium worth selling | Passes | Implied volatility 25-80% (enough premium, not a lottery ticket) |
| 8 | Big enough | Passes | Market cap $1 billion or more |
| 9 | Not a penny stock | Passes | Share price $5 or more |
| How it ranks | Rating | From | |
|---|---|---|---|
| Value | Weak | 3% below fair value | |
| Premium | Strong | implied volatility 34% | |
| Moat | Good | moat 7.4/10 | |
| Health | Good | Piotroski 6/9 | |
| Red Flags | Strong | Red Flags score 90/100 | |
| Option trading | Weak | 241 contracts a day, 6,913 open interest | |
| Stability | Good | beta 0.84, $6.5B company |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls: a stock must pass all 9 Wheel Trade Filters to score 70, and the score then ranks the ones that pass; the Sunday Scan is the top 10. It is updated nightly and is not a recommendation. How the Wheel Score works · the walkthrough lesson shows how it fits into a trade, start to finish.
Upcoming events
No upcoming earnings date is recorded for EXLS in the nightly calendar.
No analyst upgrades or downgrades were recorded in the last 30 days.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
Similar stocks in Information Technology Services
The 12 companies below are the closest to ExlService Holdings, Inc. by market cap within the Information Technology Services industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.
| Stock | Close | Fair value | MoS | Wheel | Mkt cap |
|---|---|---|---|---|---|
| SAIC Science Applications International Corporation | 150.45 | 174.46 | +14% | 45Weak | $6.3B |
| G Genpact Limited | 40.78 | 69.18 | +41% | 87Prime | $6.9B |
| INGM Ingram Micro Holding Corporation | 26.12 | 25.49 | -2% | 36Weak | $6.0B |
| EPAM EPAM Systems, Inc. | 137.36 | 132.81 | -3% | 45Weak | $7.1B |
| PSN Parsons Corporation | 52.41 | 69.99 | +25% | 79Good | $5.5B |
| NSIT Insight Enterprises, Inc. | 175.62 | 146.23 | -20% | 39Weak | $5.2B |
| APLD Applied Digital Corp. | 16.61 | - | - | 17Weak | $5.0B |
| MAAS Maase Inc. | 11.15 | - | - | 13No options | $4.9B |
| GDS GDS Holdings Limited | 23.37 | 28.51 | +18% | 41Weak | $4.6B |
| KD Kyndryl Holdings, Inc. | 16.84 | 86.24 | +80% | 81Good | $3.7B |
| WSE Wise plc | 11.58 | 37.63 | +69% | 78Good | $11.6B |
| JKHY Jack Henry & Associates, Inc. | 179.16 | 147.80 | -21% | 39Weak | $12.6B |
Scan the whole market the same way
A free GLS Equity account gets you nightly fair value and the Wheel Score on ~7,400 US stocks, a watchlist, the scanner preview and the Sunday Scan - the top 10 stocks that pass all 9 Wheel Trade Filters, emailed every week. Pro adds the full put and call scanners, unlimited watchlists with alerts and the trade journal.
Start free See the Sunday ScanQuestions about EXLS
Is EXLS undervalued right now?
Not meaningfully: at 43.12 the stock trades within a few percent of the GLS average fair value of 44.55 (3.2% below fair value, data as of 5 Nov 2026).
What is the Wheel Score of EXLS and what does it mean?
EXLS scores 70 out of 100 (Good). The Wheel Score ranks stocks for the wheel strategy - selling cash-secured puts, then covered calls if assigned - in two parts: the 9 pass/fail Wheel Trade Filters (busy options, a real business, below fair value, Piotroski 6 or more, debt it can repay, a Red Flags score of 60 or more, implied volatility of 25-80%, a $1 billion company, $5 a share) and a ranking of how strongly a stock passes on value, premium, moat, health, red flags, option trading and stability. A stock that fails any filter stays under 70; 70-84 is Good, 85 and above is Prime. The Sunday Scan is the top 10 that pass, sorted by Wheel Score.
What is the GLS fair value for EXLS?
44.55 per share as of 5 Nov 2026 - the simple average of the 8 valuation models (out of nine: DCF, Graham Number, Graham Growth, Lynch, GLS Growth, 10 Cap, Payback Time, DDM and EPV) that produced a positive value. The models run every night on the latest filings; the Quote page lets you switch any of them off and add a margin of safety of your own.
When does ExlService Holdings, Inc. report earnings next?
No upcoming earnings date is recorded for EXLS in our calendar as of 5 Nov 2026; the Calendars page is refreshed every morning.
Does EXLS have listed options, and how liquid are they?
Yes. The nightly snapshot found 36 listed contracts with 6,913 open interest across all expiries and implied volatility of 34% on the near-the-money contracts. The Options scanner lists the cash-secured put and covered call set-ups with premium and annualised yield worked out.