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ExlService Holdings, Inc.（EXLS）与Waystar Holding Corp.（WAY）财务数据对比。点击上方公司名可切换其他公司
ExlService Holdings, Inc.的季度营收约是Waystar Holding Corp.的1.8倍（$542.6M vs $303.5M），ExlService Holdings, Inc.净利率更高（11.1% vs 6.6%，领先4.5%），Waystar Holding Corp.同比增速更快（24.3% vs 12.7%），ExlService Holdings, Inc.自由现金流更多（$106.5M vs $57.2M），过去两年Waystar Holding Corp.的营收复合增速更高（16.2% vs 11.5%）
ExlService Holdings Inc.是全球知名的分析与数字解决方案服务商，服务覆盖保险、医疗健康、银行金融服务、媒体、零售等多个行业，总部位于纽约，在美国、欧洲、亚洲、拉美、澳大利亚、南非等地拥有超过5.4万名专业从业人员。
Waystar Holding Corp是一家领先的医疗健康支付与营收周期管理解决方案提供商，服务覆盖美国各地的医疗机构、医疗系统和支付方，旗下工具可简化账单处理、理赔申请、患者缴费流程，帮助医疗机构降低行政负担、优化营收表现。
EXLS vs WAY — 直观对比
营收规模更大
EXLS
是对方的1.8倍
$303.5M
营收增速更快
WAY
高出11.6%
12.7%
净利率更高
EXLS
高出4.5%
6.6%
自由现金流更多
EXLS
多$49.3M
$57.2M
两年增速更快
WAY
近两年复合增速
11.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $542.6M | $303.5M |
| 净利润 | $60.2M | $20.0M |
| 毛利率 | 38.6% | — |
| 营业利润率 | 14.4% | 19.4% |
| 净利率 | 11.1% | 6.6% |
| 营收同比 | 12.7% | 24.3% |
| 净利润同比 | 18.9% | 4.8% |
| 每股收益（稀释后） | $0.38 | $0.10 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收EXLSWAY
| Q4 25 | $542.6M | $303.5M | ||
| Q3 25 | $529.6M | $268.7M | ||
| Q2 25 | $514.5M | $270.7M | ||
| Q1 25 | $501.0M | $256.4M | ||
| Q4 24 | $481.4M | $244.1M | ||
| Q3 24 | $472.1M | $240.1M | ||
| Q2 24 | $448.4M | $234.5M | ||
| Q1 24 | $436.5M | $224.8M |
净利润EXLSWAY
| Q4 25 | $60.2M | $20.0M | ||
| Q3 25 | $58.2M | $30.6M | ||
| Q2 25 | $66.1M | $32.2M | ||
| Q1 25 | $66.6M | $29.3M | ||
| Q4 24 | $50.7M | $19.1M | ||
| Q3 24 | $53.0M | $5.4M | ||
| Q2 24 | $45.8M | $-27.7M | ||
| Q1 24 | $48.8M | $-15.9M |
毛利率EXLSWAY
| Q4 25 | 38.6% | — | ||
| Q3 25 | 38.5% | — | ||
| Q2 25 | 37.7% | — | ||
| Q1 25 | 38.6% | — | ||
| Q4 24 | 38.1% | — | ||
| Q3 24 | 37.8% | — | ||
| Q2 24 | 37.1% | — | ||
| Q1 24 | 37.4% | — |
营业利润率EXLSWAY
| Q4 25 | 14.4% | 19.4% | ||
| Q3 25 | 14.4% | 22.4% | ||
| Q2 25 | 15.8% | 24.0% | ||
| Q1 25 | 15.7% | 25.4% | ||
| Q4 24 | 14.8% | 21.8% | ||
| Q3 24 | 14.7% | 11.3% | ||
| Q2 24 | 13.7% | 3.5% | ||
| Q1 24 | 14.1% | 15.7% |
净利率EXLSWAY
| Q4 25 | 11.1% | 6.6% | ||
| Q3 25 | 11.0% | 11.4% | ||
| Q2 25 | 12.8% | 11.9% | ||
| Q1 25 | 13.3% | 11.4% | ||
| Q4 24 | 10.5% | 7.8% | ||
| Q3 24 | 11.2% | 2.3% | ||
| Q2 24 | 10.2% | -11.8% | ||
| Q1 24 | 11.2% | -7.1% |
每股收益（稀释后）EXLSWAY
| Q4 25 | $0.38 | $0.10 | ||
| Q3 25 | $0.36 | $0.17 | ||
| Q2 25 | $0.40 | $0.18 | ||
| Q1 25 | $0.40 | $0.16 | ||
| Q4 24 | $0.31 | $0.18 | ||
| Q3 24 | $0.33 | $0.03 | ||
| Q2 24 | $0.28 | $-0.21 | ||
| Q1 24 | $0.29 | $-0.13 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $328.4M | $61.4M |
| 总债务越低越好 | $298.6M | $1.5B |
| 股东权益账面价值 | $912.7M | $3.9B |
| 总资产 | $1.7B | $5.8B |
| 负债/权益比越低杠杆越低 | 0.33× | 0.38× |
8季度趋势，按日历期对齐
现金及短期投资EXLSWAY
| Q4 25 | $328.4M | $61.4M | ||
| Q3 25 | $390.1M | $421.1M | ||
| Q2 25 | $353.3M | $290.3M | ||
| Q1 25 | $331.4M | $224.0M | ||
| Q4 24 | $340.6M | $182.1M | ||
| Q3 24 | $325.8M | $127.1M | ||
| Q2 24 | $276.1M | $68.4M | ||
| Q1 24 | $246.2M | $57.3M |
总债务EXLSWAY
| Q4 25 | $298.6M | $1.5B | ||
| Q3 25 | $354.8M | — | ||
| Q2 25 | $260.0M | — | ||
| Q1 25 | $307.3M | — | ||
| Q4 24 | $288.5M | $1.2B | ||
| Q3 24 | $344.7M | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益EXLSWAY
| Q4 25 | $912.7M | $3.9B | ||
| Q3 25 | $952.4M | $3.2B | ||
| Q2 25 | $1.1B | $3.2B | ||
| Q1 25 | $1.0B | $3.1B | ||
| Q4 24 | $929.9M | $3.1B | ||
| Q3 24 | $907.6M | $3.1B | ||
| Q2 24 | $852.6M | $2.9B | ||
| Q1 24 | $803.3M | $2.0B |
总资产EXLSWAY
| Q4 25 | $1.7B | $5.8B | ||
| Q3 25 | $1.7B | $4.7B | ||
| Q2 25 | $1.7B | $4.7B | ||
| Q1 25 | $1.7B | $4.6B | ||
| Q4 24 | $1.6B | $4.6B | ||
| Q3 24 | $1.6B | $4.5B | ||
| Q2 24 | $1.5B | $4.6B | ||
| Q1 24 | $1.4B | — |
负债/权益比EXLSWAY
| Q4 25 | 0.33× | 0.38× | ||
| Q3 25 | 0.37× | — | ||
| Q2 25 | 0.25× | — | ||
| Q1 25 | 0.30× | — | ||
| Q4 24 | 0.31× | 0.40× | ||
| Q3 24 | 0.38× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $117.4M | $66.6M |
| 自由现金流经营现金流 - 资本支出 | $106.5M | $57.2M |
| 自由现金流率自由现金流/营收 | 19.6% | 18.9% |
| 资本支出强度资本支出/营收 | 2.0% | 3.1% |
| 现金转化率经营现金流/净利润 | 1.95× | 3.33× |
| 过去12个月自由现金流最近4个季度 | $298.1M | $283.2M |
8季度趋势，按日历期对齐
经营现金流EXLSWAY
| Q4 25 | $117.4M | $66.6M | ||
| Q3 25 | $120.7M | $82.0M | ||
| Q2 25 | $109.4M | $96.8M | ||
| Q1 25 | $3.2M | $64.2M | ||
| Q4 24 | $105.3M | — | ||
| Q3 24 | $110.1M | $78.8M | ||
| Q2 24 | $74.9M | $15.4M | ||
| Q1 24 | $-21.9M | $10.7M |
自由现金流EXLSWAY
| Q4 25 | $106.5M | $57.2M | ||
| Q3 25 | $106.4M | $76.2M | ||
| Q2 25 | $95.0M | $91.0M | ||
| Q1 25 | $-9.7M | $58.8M | ||
| Q4 24 | $95.3M | — | ||
| Q3 24 | $97.3M | $70.2M | ||
| Q2 24 | $62.8M | $8.6M | ||
| Q1 24 | $-33.1M | $5.2M |
自由现金流率EXLSWAY
| Q4 25 | 19.6% | 18.9% | ||
| Q3 25 | 20.1% | 28.3% | ||
| Q2 25 | 18.5% | 33.6% | ||
| Q1 25 | -1.9% | 22.9% | ||
| Q4 24 | 19.8% | — | ||
| Q3 24 | 20.6% | 29.2% | ||
| Q2 24 | 14.0% | 3.7% | ||
| Q1 24 | -7.6% | 2.3% |
资本支出强度EXLSWAY
| Q4 25 | 2.0% | 3.1% | ||
| Q3 25 | 2.7% | 2.2% | ||
| Q2 25 | 2.8% | 2.1% | ||
| Q1 25 | 2.6% | 2.1% | ||
| Q4 24 | 2.1% | — | ||
| Q3 24 | 2.7% | 3.6% | ||
| Q2 24 | 2.7% | 2.9% | ||
| Q1 24 | 2.6% | 2.5% |
现金转化率EXLSWAY
| Q4 25 | 1.95× | 3.33× | ||
| Q3 25 | 2.08× | 2.68× | ||
| Q2 25 | 1.66× | 3.01× | ||
| Q1 25 | 0.05× | 2.20× | ||
| Q4 24 | 2.08× | — | ||
| Q3 24 | 2.08× | 14.56× | ||
| Q2 24 | 1.63× | — | ||
| Q1 24 | -0.45× | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
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% |
WAY
| Subscription And Circulation | $167.8M | 55% |
| Volume Based Revenue | $134.2M | 44% |
| Implementation Services And Other Revenue | $1.5M | 1% |
