EXLS vs CTSH vs INOD Stock Comparison

ExlService Holdings, Cognizant Technology Solutions and Innodata Prices as of Oct 26, 2026 Peers: Industry group
INOD Innodata Inc
$59.91 -13.4% 1M -21.8% 1Y
Market cap
$1.47B
P/E
31.6x
Revenue (TTM)
$317.16M
Div. yield
–
IT Services Technology
5 wins

Head to Head

11 decided of 12

Cognizant Technology Solutions leads on 6 of the 12 questions below (Cognizant Technology Solutions 6, Innodata 5). Which ones matter depends on what you are buying for; a cheap multiple and slow growth often come together.

QuestionEXLSCTSHINODLeader
Larger companyMarket capitalisation $6.27B $30.89B $1.47B CTSH
Cheaper on earningsLower P/E, profitable companies only 25.1x 13.9x 31.6x CTSH
Cheaper on forward earningsLower price / next fiscal year consensus EPS 19.3x 12.4x 52.1x CTSH
Faster revenue growthRevenue growth, trailing twelve months +13.6% +5.6% +39.0% INOD
More profitableNet margin, trailing twelve months 11.2% 10.3% 14.7% INOD
Better return on capitalReturn on invested capital 21.0% 13.7% 28.4% INOD
Less leveragedLower net debt / EBITDA 0.2x 0.1x -3.8x INOD
Higher dividend yieldTrailing dividend yield 0.00% 0.02% 0.00% –
Better 1-year returnPrice return, last 12 months +1.4% +2.2% -21.8% CTSH
Better 5-year returnAnnualised price return, 5 years +11.2%/yr -2.3%/yr +42.7%/yr INOD
Less volatileAnnualised volatility, 1 year 43.4% 43.0% 103.6% CTSH
Higher overall scoreMean of the five percentile scores vs peers 64/100 71/100 63/100 CTSH

Percentile Scorecard

EXLSCTSHINOD

Each axis is the mean percentile of its metrics against the company's industry group. 100 is the best in the group, 50 the middle.

Scores by Axis

AxisEXLSCTSHINOD
Valuation 18 #41 of 50 59 #21 of 50 31 #35 of 50
Growth 75 #12 of 45 48 #24 of 45 100 #1 of 45
Profitability 95 #3 of 41 90 #5 of 41 100 #1 of 41
Financial Health 59 #26 of 62 77 #15 of 62 79 #14 of 62
Shareholder Returns 72 #9 of 30 79 #7 of 30 7 #28 of 30
Overall 64 71 63
  • EXLS ranked among 66 companies in Technology Services
  • CTSH ranked among 66 companies in Technology Services
  • INOD ranked among 66 companies in Technology Services

Price Performance

Price return, split-adjusted, before dividends. Click a name to hide or show it.

Returns

PeriodEXLSCTSHINODSPY
1 month +20.2%+20.9%-13.4% -0.8%
3 months +46.3%+47.4%+0.8% +3.5%
6 months +37.5%+26.9%+43.2% +7.0%
Year to date -1.6%-16.5%+17.6% +12.2%
1 year +1.4%+2.2%-21.8% +13.0%
3 years +62.9%+9.5%+769.5% +86.3%
3 years, per year +17.7%+3.1%+105.7% +23.1%
5 years +69.9%-10.8%+492.0% +68.6%
5 years, per year +11.2%-2.3%+42.7% +11.0%
10 years +346.3%+36.3%+2,296.4% +258.0%
10 years, per year +16.1%+3.1%+37.4% +13.6%

Risk

MeasureEXLSCTSHINODSPY
Volatility, 1Y 43.4%43.0%103.6% 12.7%
Downside volatility, 1Y 45.6%43.4%78.3% 12.7%
Beta vs S&P 500, 1Y -0.060.103.31 1.00
Return / volatility, 1Y 0.030.05-0.21 1.02
Max drawdown, 5Y -51.3%-58.4%-74.4% -25.4%
From 52-week high -3.7%-20.0%-50.7% -1.8%
52-week high $43.38$86.70$121.50 $779.14
52-week low $25.22$38.73$34.45 $631.97

Valuation History

Weekly multiples on trailing twelve-month fundamentals. Negative or extreme readings (a loss year, a collapsed denominator) are left out so the chart stays readable.

MultipleEXLSCTSHINOD
P/E now vs peer median 25.5xmedian 17.9x 14.6xmedian 17.9x 43.1xmedian 17.9x
P/S now vs peer median 2.8xmedian 0.7x 1.4xmedian 0.7x 6.5xmedian 0.7x
EV/EBITDA now vs peer median 16.4xmedian 11.0x 8.0xmedian 11.0x 28.6xmedian 11.0x
P/FCF now vs peer median 23.0xmedian 12.1x 12.1xmedian 12.1x 11.2xmedian 12.1x
P/B now vs peer median 7.3xmedian 1.4x 2.2xmedian 1.4x 12.9xmedian 1.4x
PEG now vs peer median 1.49median 1.49 4.45median 1.49 0.50median 1.49

Financial History

Reported figures by fiscal period, placed on the calendar year (or quarter) each period ended in, so companies with different fiscal years line up.

Trailing twelve monthsEXLSCTSHINOD
Revenue $2.24B $21.64B $317.16M
Gross profit $861.62M $7.24B $135.46M
Operating income $333.32M $3.44B $55.45M
Net income $250.00M $2.22B $46.49M
Free cash flow $275.04M $2.60B $183.85M
EPS (diluted) $1.64 $4.76 $1.34
Cash & equivalents $126.72M $1.04B $240.30M
Total debt $381.16M $1.56B $11.20M
Shares (diluted) 152.83M 466.00M 34.77M
Enterprise value $5.01B $24.06B $943.65M

All Metrics

58 metrics · best in bold

Bold marks the best reading: the lowest positive value for multiples, leverage and payout, the highest for everything else. The bar under each value is its percentile against that company's own peers. Hover a value for its rank and the peer median.

Valuation

12 metrics
MetricEXLSCTSHINOD
P/E 25.5x 14.6x 43.1x
P/FCF 23.0x 12.1x 11.2x
P/Operating cash flow 19.3x 10.7x 10.5x
P/S 2.8x 1.4x 6.5x
P/B 7.3x 2.2x 12.9x
P/Tangible book 7.6x 2.5x 14.2x
EV/EBITDA 16.4x 8.0x 28.6x
EV/EBIT 19.3x 9.3x 32.8x
EV/Revenue 2.9x 1.5x 5.7x
EV/FCF 23.4x 12.3x 9.9x
EV/Operating cash flow 19.6x 10.9x 9.3x
PEG (3Y EPS CAGR) 1.49 4.45 0.50

Growth

14 metrics
MetricEXLSCTSHINOD
Revenue growth (1Y) 13.6% 5.6% 39.0%
Revenue CAGR (3Y) 13.2% 3.7% 60.8%
Gross profit growth (1Y) 15.0% 3.4% 43.5%
Gross profit CAGR (3Y) 14.8% 2.2% 74.3%
Operating income growth (1Y) 11.0% 8.8% 39.1%
Operating income CAGR (3Y) 13.9% 7.5% 112.4%
Net income growth (1Y) 5.8% -8.9% 8.9%
Net income CAGR (3Y) 13.4% 0.4% 97.1%
EPS growth (1Y) 13.7% -3.8% 10.5%
EPS CAGR (3Y) 17.2% 3.3% 86.9%
Operating cash flow growth (1Y) -0.1% 13.7% 350.6%
Operating cash flow CAGR (3Y) 22.9% 5.3% 206.1%
Free cash flow growth (1Y) -1.0% 13.8% 413.4%
Free cash flow CAGR (3Y) 28.1% 6.3% 480.7%

Profitability

14 metrics
MetricEXLSCTSHINOD
Gross margin 38.5% 33.4% 42.7%
EBITDA margin 17.6% 18.5% 20.1%
Operating margin 14.9% 15.9% 17.5%
Pretax margin 14.5% 16.2% 18.4%
Net margin 11.2% 10.3% 14.7%
FCF margin 12.3% 12.0% 58.0%
Operating cash flow margin 14.6% 13.5% 61.9%
Return on equity 30.4% 15.0% 32.3%
Return on assets 14.6% 10.7% 16.4%
Return on invested capital 21.0% 13.7% 28.4%
Return on capital employed 33.1% 20.0% 56.6%
Asset turnover 1.3x 1.0x 1.1x
Cash conversion (OCF / net income) 1.3x 1.3x 4.2x
Stock comp / revenue 4.1% 0.9% 5.9%

Financial Health

11 metrics
MetricEXLSCTSHINOD
Debt / assets 21.8% 7.5% 3.1%
Debt / equity 0.4x 0.1x 0.1x
Net debt / EBITDA 0.2x 0.1x -3.8x
Debt / FCF 1.4x 0.6x 0.1x
Liabilities / assets 50.4% 30.6% 55.2%
Equity / assets 49.6% 69.4% 44.8%
Interest coverage 18.3x 95.4x –
Current ratio 1.2x 2.2x 1.7x
Quick ratio 1.3x 1.7x 1.6x
Cash ratio 0.4x 0.3x 1.3x
Altman Z-score 7.67 5.76 8.44

Shareholder Returns

7 metrics
MetricEXLSCTSHINOD
Dividend yield – 1.9% –
Net buyback yield 7.1% 7.5% -0.6%
Shareholder yield 7.1% 9.4% -0.6%
Payout ratio (earnings) – 27.8% –
Payout ratio (FCF) – 23.8% –
Dividend growth (1Y) – 1.8% –
Dividend CAGR (3Y) – 2.3% –

Analyst Estimates

Solid lines are reported fiscal-year results; dashed lines are the consensus for the years ahead. Hover a year for the analysts' high and low, and how each result compared with its estimate.

ConsensusEXLSCTSHINOD
Forward P/E 19.3xFY2026 12.4xFY2026 52.1xFY2026
EPS, next fiscal year $2.16FY2026 $5.61FY2026 $1.15FY2026
EPS growth, next FY +10.8%FY2026 +6.3%FY2026 +25.0%FY2026
EPS growth, the year after +26.4% +10.0% +48.7%
Revenue, next fiscal year $2.53BFY2026 $20.77BFY2026 $346.77MFY2026
Revenue growth, next FY +21.3%FY2026 -1.6%FY2026 +37.8%FY2026
Revenue growth, the year after +3.5% +7.8% +26.4%
EXLS estimates →CTSH estimates →INOD estimates →

Institutional Ownership

13F filings, quarter ended Jun 30, 2026
HoldersEXLSCTSHINOD
Held by institutions 100.0% 100.0% 57.0%
Institutions holding 442 915 285
Change in shares held, QoQ +1.7% +6.6% +22.4%
Institutions buying 211 464 173
Institutions selling 188 352 90
Buyers to sellers 1.12 1.32 1.92
EXLS holders →CTSH holders →INOD holders →

Return Correlation

Daily returns, last 12 months

1.00 means two stocks move in lockstep, 0 that they move independently. Pairs below about 0.5 diversify each other.

EXLSCTSHINOD
EXLS 1.00 0.74 0.03
CTSH 0.74 1.00 0.07
INOD 0.03 0.07 1.00

Add a Peer

Largest companies in the same industry
EXLS · IT Services
+INFYInfosys +WITWipro +GIBCgi +EPAMEPAM Systems +SAICScience Applications International +KDKyndryl Holdings +DXCDXC Technology +FORTYFormula Systems (1985)
Plot all 156 IT Services stocks →

Related Comparisons

EXLS vs INFYInfosys EXLS vs WITWipro EXLS vs GIBCgi EXLS vs EPAMEPAM Systems

Frequently Asked Questions

Which is bigger, EXLS, CTSH and INOD?

Cognizant Technology Solutions (CTSH) is the largest by market capitalisation: ExlService Holdings (EXLS) $6.27B, Cognizant Technology Solutions (CTSH) $30.89B, Innodata (INOD) $1.47B.

Which stock is cheaper, EXLS, CTSH and INOD?

Cognizant Technology Solutions (CTSH) trades on the lowest price-to-earnings ratio (ExlService Holdings (EXLS) 25.1x, Cognizant Technology Solutions (CTSH) 13.9x, Innodata (INOD) 31.6x). On next year's consensus earnings, Cognizant Technology Solutions (CTSH) is cheapest (ExlService Holdings (EXLS) 19.3x, Cognizant Technology Solutions (CTSH) 12.4x, Innodata (INOD) 52.1x). A lower multiple can reflect slower expected growth, so read it next to the growth figures.

Which company is growing faster?

Innodata (INOD) grew revenue fastest over the trailing twelve months: ExlService Holdings (EXLS) +13.6%, Cognizant Technology Solutions (CTSH) +5.6%, Innodata (INOD) +39.0%.

Which company is more profitable?

Innodata (INOD) has the highest net margin (ExlService Holdings (EXLS) 11.2%, Cognizant Technology Solutions (CTSH) 10.3%, Innodata (INOD) 14.7%). On return on invested capital, Innodata (INOD) leads (ExlService Holdings (EXLS) 21.0%, Cognizant Technology Solutions (CTSH) 13.7%, Innodata (INOD) 28.4%).

Which stock has performed better?

Over the past year Cognizant Technology Solutions (CTSH) returned the most: ExlService Holdings (EXLS) +1.4%, Cognizant Technology Solutions (CTSH) +2.2%, Innodata (INOD) -21.8%. Over five years, Innodata (INOD) compounded fastest (ExlService Holdings (EXLS) +11.2%/yr, Cognizant Technology Solutions (CTSH) -2.3%/yr, Innodata (INOD) +42.7%/yr). Returns are price only, before dividends.

Which pays a higher dividend?

Only one of these companies pays a dividend: ExlService Holdings (EXLS) 0.00%, Cognizant Technology Solutions (CTSH) 0.02%, Innodata (INOD) 0.00%. ExlService Holdings (EXLS) and Innodata (INOD) pays no regular dividend.

Which stock is riskier?

By one-year price volatility, Cognizant Technology Solutions (CTSH) has been the steadiest (ExlService Holdings (EXLS) 43.4%, Cognizant Technology Solutions (CTSH) 43.0%, Innodata (INOD) 103.6%). Volatility measures how widely the price swings, not the risk of the business.

Which is the better stock, EXLS, CTSH and INOD?

There is no single answer; it depends on what you are buying for. On the 12 head-to-head measures on this page, Cognizant Technology Solutions (CTSH) leads on 6. Business Quant does not give investment advice; use the comparison as a starting point for your own research.

Data from SEC filings, exchange prices and consensus estimates, via Business Quant. Percentile scores compare each company with its own peer group, so two companies' scores are each relative to different peers unless you rank against the whole market. Price returns exclude dividends. Nothing on this page is investment advice.