ExlService Holdings Inc (EXLS)

Debt-to-equity ratio

		Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Long-term debt	US$ in thousands	283,598	135,000	220,000	0	201,961
Total stockholders’ equity	US$ in thousands	929,862	889,437	758,179	693,156	719,172
Debt-to-equity ratio		0.30	0.15	0.29	0.00	0.28

December 31, 2024 calculation

Debt-to-equity ratio = Long-term debt ÷ Total stockholders’ equity
= $283,598K ÷ $929,862K
= 0.30

The debt-to-equity ratio of ExlService Holdings Inc fluctuated over the years based on the provided data. As of December 31, 2020, the ratio was 0.28, indicating that the company had more debt relative to equity. The ratio dropped significantly to 0.00 by December 31, 2021, suggesting that the company either paid off its debt or increased its equity significantly.

Subsequently, the ratio increased to 0.29 by December 31, 2022, signifying a slight increase in the proportion of debt to equity. However, by December 31, 2023, the ratio decreased to 0.15, indicating a lower level of debt compared to equity.

Finally, as of December 31, 2024, the debt-to-equity ratio rose to 0.30, suggesting a slightly higher level of debt relative to equity compared to the previous year. Overall, the company's debt-to-equity ratio exhibited fluctuations over the years, with varying levels of debt and equity financing in its capital structure.