What is ExlService Holdings, Inc. worth?
With the base-case assumptions below, a discounted cash flow model on ExlService Holdings, Inc.'s reported free cash flow gives $58.95 per share. The share price was $34.75 on September 25, 2026, 41% below that value.
Inputs from the filings
Three sets of assumptions
| Case | Growth yrs 1-5 | Discount rate | Value per share | Value vs price |
|---|---|---|---|---|
| Bear | 10.0% | 10.0% | $35.16 | +1% |
| Base | 15.0% | 9.0% | $58.95 | +70% |
| Bull | 20.0% | 8.0% | $103.24 | +197% |
Sensitivity: base case value per share
| 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | |
|---|---|---|---|---|---|
| 7.0% | $76.96 | $82.57 | $89.43 | $98.01 | $109.04 |
| 8.0% | $63.43 | $67.07 | $71.37 | $76.54 | $82.85 |
| 9.0% | $53.58 | $56.07 | $58.95 | $62.30 | $66.26 |
| 10.0% | $46.12 | $47.89 | $49.90 | $52.19 | $54.84 |
| 11.0% | $40.28 | $41.58 | $43.03 | $44.66 | $46.51 |
Where the presets come from
Base: years 1 to 5 grow at ExlService Holdings, Inc.'s revenue growth rate over the last 5 fiscal years (16.8% a year), held between -5% and 15%. Years 6 to 10 grow halfway between that and the long-run rate of 2.5%. Future cash is discounted at 9% a year.
Bear: 5 points less growth, 2% long-run growth, 10% discount rate. Bull: 5 points more growth (at most 25%), 3% long-run growth, 8% discount rate.
Value per share = (present value of 10 years of free cash flow + present value of everything after + cash - debt) / diluted shares.
This is a model run on assumptions, not a recommendation or a price target. Small changes in the discount rate or growth move the result a lot, as the table above shows. Change them yourself in the calculator.
Adjust the assumptions
Move the sliders for growth, long-run growth and discount rate, or switch to average free cash flow, and see the value per share change.
Adjust the assumptions