EXLS vs IPM vs TCX Stock Comparison

ExlService Holdings, Intelligent Protection Management and Tucows Prices as of Oct 29, 2026 Peers: Industry group
TCX Tucows Inc /Pa/
$10.43 +8.2% 1M -42.9% 1Y
Market cap
$116.41M
P/E
–
Revenue (TTM)
$394.44M
Div. yield
–
Web Hosting and Domains Technology

Head to Head

10 decided of 12

ExlService Holdings leads on 8 of the 12 questions below (ExlService Holdings 8, Intelligent Protection Management 2). Which ones matter depends on what you are buying for; a cheap multiple and slow growth often come together.

QuestionEXLSIPMTCXLeader
Larger companyMarket capitalisation $6.21B $22.03M $116.41M EXLS
Cheaper on earningsLower P/E, profitable companies only 23.9x -5.9x -1.4x –
Cheaper on forward earningsLower price / next fiscal year consensus EPS 19.0x 21.1x — EXLS
Faster revenue growthRevenue growth, trailing twelve months +15.6% +113.5% +4.2% IPM
More profitableNet margin, trailing twelve months 11.1% -14.8% -21.2% EXLS
Better return on capitalReturn on invested capital 19.9% — -27.8% EXLS
Less leveragedLower net debt / EBITDA 0.4x — 31.3x EXLS
Higher dividend yieldTrailing dividend yield — — — –
Better 1-year returnPrice return, last 12 months +6.7% -16.3% -42.9% EXLS
Better 5-year returnAnnualised price return, 5 years +10.9%/yr -20.7%/yr -33.9%/yr EXLS
Less volatileAnnualised volatility, 1 year 42.8% 40.2% 81.4% IPM
Higher overall scoreMean of the five percentile scores vs peers 66/100 38/100 48/100 EXLS

Percentile Scorecard

EXLSIPMTCX

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

AxisEXLSIPMTCX
Valuation 20 #40 of 50 14 #43 of 50 51 #19 of 38
Growth 77 #11 of 45 82 #9 of 45 63 #14 of 36
Profitability 95 #3 of 40 13 #35 of 40 42 #20 of 34
Financial Health 61 #24 of 60 42 #35 of 60 11 #33 of 37
Shareholder Returns 78 #7 of 28 – 74 #6 of 20
Overall 66 38 48
  • EXLS ranked among 65 companies in Technology Services
  • IPM ranked among 65 companies in Technology Services
  • TCX ranked among 39 companies in Cloud Computing

Price Performance

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

Returns

PeriodEXLSIPMTCXSPY
1 month +18.9%-5.6%+8.2% +0.7%
3 months +19.7%-7.1%+7.5% +3.7%
6 months +29.0%-7.7%-33.7% +7.1%
Year to date -3.1%-1.7%-53.5% +12.8%
1 year +6.7%-16.3%-42.9% +11.9%
3 years +58.8%+7.6%-38.0% +85.2%
3 years, per year +16.7%+2.5%-14.7% +22.8%
5 years +67.6%-68.7%-87.3% +67.6%
5 years, per year +10.9%-20.7%-33.9% +10.9%
10 years +362.5%-71.6%-65.0% +262.0%
10 years, per year +16.6%-11.8%-10.0% +13.7%

Risk

MeasureEXLSIPMTCXSPY
Volatility, 1Y 42.8%40.2%81.4% 12.7%
Downside volatility, 1Y 44.3%47.7%69.8% 12.6%
Beta vs S&P 500, 1Y -0.070.740.73 1.00
Return / volatility, 1Y 0.16-0.41-0.53 0.94
Max drawdown, 5Y -51.3%-74.7%-90.7% -25.4%
From 52-week high -5.2%-21.4%-58.1% -1.2%
52-week high $43.38$2.15$24.90 $779.14
52-week low $25.22$1.49$8.48 $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.

MultipleEXLSIPMTCX
P/E now vs peer median 23.9xmedian 17.5x -5.9xmedian 17.5x -1.4xmedian 27.6x
P/S now vs peer median 2.7xmedian 0.7x 0.9xmedian 0.7x 0.3xmedian 4.6x
EV/EBITDA now vs peer median 15.6xmedian 10.4x -7.0xmedian 10.4x 45.8xmedian 25.6x
P/FCF now vs peer median 22.9xmedian 13.3x -34.2xmedian 13.3x -8.1xmedian 15.4x
P/B now vs peer median 6.7xmedian 1.5x 1.4xmedian 1.5x -0.6xmedian 4.1x
PEG now vs peer median 1.36median 1.28 0.83median 1.28 0.32median 0.80

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 monthsEXLSIPMTCX
Revenue $2.34B $25.19M $394.44M
Gross profit $898.82M $12.19M $98.23M
Operating income $346.00M -$4.54M -$28.33M
Net income $260.61M -$3.73M -$83.63M
Free cash flow $271.19M -$644.80K -$14.40M
R&D – – $18.35M
EPS (diluted) $1.71 $-0.29 $-7.50
Cash & equivalents $154.07M $5.23M $44.16M
Total debt $511.05M – $1.17B
Shares (diluted) 152.57M 13.04M 11.15M
Enterprise value $5.01B -$1.79M -$72.90M

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
MetricEXLSIPMTCX
P/E 23.9x -5.9x -1.4x
P/FCF 22.9x -34.2x -8.1x
P/Operating cash flow 19.0x -38.9x 26.5x
P/S 2.7x 0.9x 0.3x
P/B 6.7x 1.4x -0.6x
P/Tangible book 7.5x 2.7x -0.5x
EV/EBITDA 15.6x -7.0x 45.8x
EV/EBIT 18.5x -3.7x -12.9x
EV/Revenue 2.7x 0.7x 0.9x
EV/FCF 23.6x -26.1x -25.4x
EV/Operating cash flow 19.6x -29.7x 83.4x
PEG (3Y EPS CAGR) 1.36 0.83 0.32

Growth

14 metrics
MetricEXLSIPMTCX
Revenue growth (1Y) 15.6% 113.5% 4.2%
Revenue CAGR (3Y) 13.7% 32.1% 7.0%
Gross profit growth (1Y) 16.0% 92.0% 9.7%
Gross profit CAGR (3Y) 14.9% 15.8% 13.6%
Operating income growth (1Y) 12.7% 18.0% 36.8%
Operating income CAGR (3Y) 13.7% -14.2% 18.7%
Net income growth (1Y) 7.9% 48.5% 12.5%
Net income CAGR (3Y) 14.0% -20.2% -5.4%
EPS growth (1Y) 14.4% 47.9% 13.2%
EPS CAGR (3Y) 17.6% -7.1% -4.4%
Operating cash flow growth (1Y) -3.7% 59.3% 131.2%
Operating cash flow CAGR (3Y) 18.3% 37.4% 42.4%
Free cash flow growth (1Y) -5.5% 53.6% 70.7%
Free cash flow CAGR (3Y) 23.7% 34.6% 53.5%

Profitability

14 metrics
MetricEXLSIPMTCX
Gross margin 38.4% 48.4% 24.9%
EBITDA margin 17.5% -9.5% 2.0%
Operating margin 14.8% -18.0% -7.2%
Pretax margin 14.4% -16.6% -18.8%
Net margin 11.1% -14.8% -21.2%
FCF margin 11.6% -2.6% -3.7%
Operating cash flow margin 13.9% -2.2% 1.1%
Return on equity 29.0% -22.2% –
Return on assets 13.6% -12.9% -11.5%
Return on invested capital 19.9% – -27.8%
Return on capital employed 23.6% -22.1% -7.4%
Asset turnover 1.2x 0.9x 0.5x
Cash conversion (OCF / net income) 1.3x 0.2x -0.1x
Stock comp / revenue 4.0% 0.6% 1.6%

Financial Health

11 metrics
MetricEXLSIPMTCX
Debt / assets 24.6% – 40.4%
Debt / equity 0.6x – -1.5x
Net debt / EBITDA 0.4x – 31.3x
Debt / FCF 1.9x – -20.4x
Liabilities / assets 55.2% 43.0% 127.6%
Equity / assets 44.8% 57.0% -27.6%
Interest coverage 17.6x – –
Current ratio 2.2x 1.4x 0.6x
Quick ratio 2.2x 0.9x 0.2x
Cash ratio 0.7x 0.6x 0.1x
Altman Z-score 6.40 0.24 -0.26

Shareholder Returns

7 metrics
MetricEXLSIPMTCX
Dividend yield – – –
Net buyback yield 5.1% – 0.0%
Shareholder yield 5.1% – 0.0%
Payout ratio (earnings) – – –
Payout ratio (FCF) – – –
Dividend growth (1Y) – – –
Dividend CAGR (3Y) – – –

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.

ConsensusEXLSIPMTCX
Forward P/E 19.0xFY2026 21.1xFY2026 –
EPS, next fiscal year $2.16FY2026 $0.08FY2026 $-5.95FY2026
EPS growth, next FY +10.8%FY2026 – –
EPS growth, the year after +26.4% +75.0% –
Revenue, next fiscal year $2.53BFY2026 $24.44MFY2026 $511.61MFY2026
Revenue growth, next FY +21.3%FY2026 +3.5%FY2026 +31.1%FY2026
Revenue growth, the year after +3.5% +20.0% +0.4%

Institutional Ownership

13F filings, quarter ended Jun 30, 2026
HoldersEXLSIPMTCX
Held by institutions 100.0% – 47.2%
Institutions holding 442 – 70
Change in shares held, QoQ +1.7% – -15.7%
Institutions buying 211 – 41
Institutions selling 188 – 19
Buyers to sellers 1.12 – 2.16

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.

EXLSIPMTCX
EXLS 1.00 0.03 0.13
IPM 0.03 1.00 -0.03
TCX 0.13 -0.03 1.00

Add a Peer

Largest companies in the same industry

Related Comparisons

Frequently Asked Questions

Which is bigger, EXLS, IPM and TCX?

ExlService Holdings (EXLS) is the largest by market capitalisation: ExlService Holdings (EXLS) $6.21B, Intelligent Protection Management (IPM) $22.03M, Tucows (TCX) $116.41M.

Which company is growing faster?

Intelligent Protection Management (IPM) grew revenue fastest over the trailing twelve months: ExlService Holdings (EXLS) +15.6%, Intelligent Protection Management (IPM) +113.5%, Tucows (TCX) +4.2%.

Which company is more profitable?

ExlService Holdings (EXLS) has the highest net margin (ExlService Holdings (EXLS) 11.1%, Intelligent Protection Management (IPM) -14.8%, Tucows (TCX) -21.2%). On return on invested capital, ExlService Holdings (EXLS) leads (ExlService Holdings (EXLS) 19.9%, Tucows (TCX) -27.8%).

Which stock has performed better?

Over the past year ExlService Holdings (EXLS) returned the most: ExlService Holdings (EXLS) +6.7%, Intelligent Protection Management (IPM) -16.3%, Tucows (TCX) -42.9%. Over five years, ExlService Holdings (EXLS) compounded fastest (ExlService Holdings (EXLS) +10.9%/yr, Intelligent Protection Management (IPM) -20.7%/yr, Tucows (TCX) -33.9%/yr). Returns are price only, before dividends.

Which stock is riskier?

By one-year price volatility, Intelligent Protection Management (IPM) has been the steadiest (ExlService Holdings (EXLS) 42.8%, Intelligent Protection Management (IPM) 40.2%, Tucows (TCX) 81.4%). Volatility measures how widely the price swings, not the risk of the business.

Which is the better stock, EXLS, IPM and TCX?

There is no single answer; it depends on what you are buying for. On the 12 head-to-head measures on this page, ExlService Holdings (EXLS) leads on 8. 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.