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Side-by-side financial comparison of ExlService Holdings, Inc. (EXLS) and VIAVI SOLUTIONS INC. (VIAV). Click either name above to swap in a different company.
ExlService Holdings, Inc. is the larger business by last-quarter revenue ($542.6M vs $406.8M, roughly 1.3× VIAVI SOLUTIONS INC.). ExlService Holdings, Inc. runs the higher net margin — 11.1% vs 1.6%, a 9.5% gap on every dollar of revenue. On growth, VIAVI SOLUTIONS INC. posted the faster year-over-year revenue change (42.8% vs 12.7%). Over the past eight quarters, VIAVI SOLUTIONS INC.'s revenue compounded faster (27.1% CAGR vs 11.5%).
Exlservice Holdings, Inc. is a global analytics and digital solutions company serving industries including insurance, healthcare, banking and financial services, media, retail, and others. The company is headquartered in New York and has more than 54,000 professionals in locations throughout the United States, Europe, Asia, Latin America, Australia and South Africa.
Viavi Solutions Inc., formerly part of JDS Uniphase Corporation (JDSU), is an American network test, measurement and assurance technology company based in Chandler, Arizona. The company manufactures testing and monitoring equipment for networks. It also develops optical technology used for a range of applications including material quality control, currency anti-counterfeiting and 3D motion sensing, including Microsoft's Kinect video game controller.
EXLS vs VIAV — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $542.6M | $406.8M |
| Net Profit | $60.2M | $6.4M |
| Gross Margin | 38.6% | 57.5% |
| Operating Margin | 14.4% | 6.1% |
| Net Margin | 11.1% | 1.6% |
| Revenue YoY | 12.7% | 42.8% |
| Net Profit YoY | 18.9% | -76.1% |
| EPS (diluted) | $0.38 | $0.03 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $406.8M | ||
| Q4 25 | $542.6M | $369.3M | ||
| Q3 25 | $529.6M | $299.1M | ||
| Q2 25 | $514.5M | $290.5M | ||
| Q1 25 | $501.0M | $284.8M | ||
| Q4 24 | $481.4M | $270.8M | ||
| Q3 24 | $472.1M | $238.2M | ||
| Q2 24 | $448.4M | $252.0M |
| Q1 26 | — | $6.4M | ||
| Q4 25 | $60.2M | $-48.1M | ||
| Q3 25 | $58.2M | $-21.4M | ||
| Q2 25 | $66.1M | $8.0M | ||
| Q1 25 | $66.6M | $19.5M | ||
| Q4 24 | $50.7M | $9.1M | ||
| Q3 24 | $53.0M | $-1.8M | ||
| Q2 24 | $45.8M | $-21.7M |
| Q1 26 | — | 57.5% | ||
| Q4 25 | 38.6% | 57.0% | ||
| Q3 25 | 38.5% | 56.5% | ||
| Q2 25 | 37.7% | 56.3% | ||
| Q1 25 | 38.6% | 56.4% | ||
| Q4 24 | 38.1% | 59.4% | ||
| Q3 24 | 37.8% | 57.1% | ||
| Q2 24 | 37.1% | 57.8% |
| Q1 26 | — | 6.1% | ||
| Q4 25 | 14.4% | 3.1% | ||
| Q3 25 | 14.4% | 2.5% | ||
| Q2 25 | 15.8% | 5.3% | ||
| Q1 25 | 15.7% | 3.0% | ||
| Q4 24 | 14.8% | 8.2% | ||
| Q3 24 | 14.7% | 4.8% | ||
| Q2 24 | 13.7% | -2.3% |
| Q1 26 | — | 1.6% | ||
| Q4 25 | 11.1% | -13.0% | ||
| Q3 25 | 11.0% | -7.2% | ||
| Q2 25 | 12.8% | 2.8% | ||
| Q1 25 | 13.3% | 6.8% | ||
| Q4 24 | 10.5% | 3.4% | ||
| Q3 24 | 11.2% | -0.8% | ||
| Q2 24 | 10.2% | -8.6% |
| Q1 26 | — | $0.03 | ||
| Q4 25 | $0.38 | $-0.21 | ||
| Q3 25 | $0.36 | $-0.10 | ||
| Q2 25 | $0.40 | $0.03 | ||
| Q1 25 | $0.40 | $0.09 | ||
| Q4 24 | $0.31 | $0.04 | ||
| Q3 24 | $0.33 | $-0.01 | ||
| Q2 24 | $0.28 | $-0.10 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $328.4M | $500.8M |
| Total DebtLower is stronger | $298.6M | $1.1B |
| Stockholders' EquityBook value | $912.7M | $846.5M |
| Total Assets | $1.7B | $2.5B |
| Debt / EquityLower = less leverage | 0.33× | 1.28× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $500.8M | ||
| Q4 25 | $328.4M | $767.4M | ||
| Q3 25 | $390.1M | $545.6M | ||
| Q2 25 | $353.3M | $425.3M | ||
| Q1 25 | $331.4M | $396.8M | ||
| Q4 24 | $340.6M | $509.4M | ||
| Q3 24 | $325.8M | $493.1M | ||
| Q2 24 | $276.1M | $491.2M |
| Q1 26 | — | $1.1B | ||
| Q4 25 | $298.6M | $1.2B | ||
| Q3 25 | $354.8M | $640.5M | ||
| Q2 25 | $260.0M | $396.3M | ||
| Q1 25 | $307.3M | $396.1M | ||
| Q4 24 | $288.5M | $639.3M | ||
| Q3 24 | $344.7M | $637.6M | ||
| Q2 24 | — | $636.0M |
| Q1 26 | — | $846.5M | ||
| Q4 25 | $912.7M | $834.3M | ||
| Q3 25 | $952.4M | $723.9M | ||
| Q2 25 | $1.1B | $780.2M | ||
| Q1 25 | $1.0B | $728.8M | ||
| Q4 24 | $929.9M | $682.8M | ||
| Q3 24 | $907.6M | $702.1M | ||
| Q2 24 | $852.6M | $681.6M |
| Q1 26 | — | $2.5B | ||
| Q4 25 | $1.7B | $2.8B | ||
| Q3 25 | $1.7B | $2.1B | ||
| Q2 25 | $1.7B | $2.0B | ||
| Q1 25 | $1.7B | $1.9B | ||
| Q4 24 | $1.6B | $1.7B | ||
| Q3 24 | $1.6B | $1.7B | ||
| Q2 24 | $1.5B | $1.7B |
| Q1 26 | — | 1.28× | ||
| Q4 25 | 0.33× | 1.46× | ||
| Q3 25 | 0.37× | 0.88× | ||
| Q2 25 | 0.25× | 0.51× | ||
| Q1 25 | 0.30× | 0.54× | ||
| Q4 24 | 0.31× | 0.94× | ||
| Q3 24 | 0.38× | 0.91× | ||
| Q2 24 | — | 0.93× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $117.4M | — |
| Free Cash FlowOCF − Capex | $106.5M | — |
| FCF MarginFCF / Revenue | 19.6% | — |
| Capex IntensityCapex / Revenue | 2.0% | — |
| Cash ConversionOCF / Net Profit | 1.95× | — |
| TTM Free Cash FlowTrailing 4 quarters | $298.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $117.4M | $42.5M | ||
| Q3 25 | $120.7M | $31.0M | ||
| Q2 25 | $109.4M | $23.8M | ||
| Q1 25 | $3.2M | $7.8M | ||
| Q4 24 | $105.3M | $44.7M | ||
| Q3 24 | $110.1M | $13.5M | ||
| Q2 24 | $74.9M | $26.2M |
| Q1 26 | — | — | ||
| Q4 25 | $106.5M | $36.9M | ||
| Q3 25 | $106.4M | $22.5M | ||
| Q2 25 | $95.0M | $18.3M | ||
| Q1 25 | $-9.7M | $1.0M | ||
| Q4 24 | $95.3M | $36.5M | ||
| Q3 24 | $97.3M | $6.2M | ||
| Q2 24 | $62.8M | $22.4M |
| Q1 26 | — | — | ||
| Q4 25 | 19.6% | 10.0% | ||
| Q3 25 | 20.1% | 7.5% | ||
| Q2 25 | 18.5% | 6.3% | ||
| Q1 25 | -1.9% | 0.4% | ||
| Q4 24 | 19.8% | 13.5% | ||
| Q3 24 | 20.6% | 2.6% | ||
| Q2 24 | 14.0% | 8.9% |
| Q1 26 | — | — | ||
| Q4 25 | 2.0% | 1.5% | ||
| Q3 25 | 2.7% | 2.8% | ||
| Q2 25 | 2.8% | 1.9% | ||
| Q1 25 | 2.6% | 2.4% | ||
| Q4 24 | 2.1% | 3.0% | ||
| Q3 24 | 2.7% | 3.1% | ||
| Q2 24 | 2.7% | 1.5% |
| Q1 26 | — | — | ||
| Q4 25 | 1.95× | — | ||
| Q3 25 | 2.08× | — | ||
| Q2 25 | 1.66× | 2.98× | ||
| Q1 25 | 0.05× | 0.40× | ||
| Q4 24 | 2.08× | 4.91× | ||
| Q3 24 | 2.08× | — | ||
| Q2 24 | 1.63× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
EXLS
| Insurance | $185.8M | 34% |
| Healthcare And Life Sciences | $142.2M | 26% |
| Banking Capital Markets And Diversified Industries | $122.6M | 23% |
| International Growth Markets | $92.0M | 17% |
VIAV
Segment breakdown not available.
