EXLSERVICE HOLDINGS, INC.

EXLS · Technology · $4.4B mkt cap · FY2025 filings · Narrow moat

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Narrow moat

The four filters

Pricing power60

Median gross margin 35.8% over 10y, very stable.

Returns on capital63

Median ROIC 13.8%, above the 9% hurdle in 70% of years.

Balance-sheet safety89

Net debt/EBITDA 0.4x, interest coverage 18x.

Capital discipline94

Owner earnings +15.5%/yr, share count shrinking (buybacks).

Margin of safety

Above valueOn sale

33% above value

Owner earnings (normalized): $184.6M
Est. intrinsic value / share: $21.24
Recent price: $28.15
Discount to value: 33% above value

Conservative model: 9% discount rate, 4% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

Moat Score history

Score history begins 2026-07-17. Check back as the record builds.

Scores are logged append-only and never overwritten — this record can't be backfilled, which is exactly why it's worth keeping.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell EXLS. See the disclaimer.