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TIC Solutions vs ExlService Holdings: TIC and EXLS compared
TIC Solutions is the larger company: $640M of revenue in its latest quarter (Q3 2026) against $634M for ExlService Holdings (Q3 2026). TIC Solutions is growing faster (+35% against +20% a year earlier). ExlService Holdings is more profitable, with an operating margin of 14.0% against 2.5%.
Where the money goes: TIC and EXLS
TIC Solutions (TIC) · Q3 2026
TIC Solutions, Q3 2026: revenue $640M (+35% year over year), operating margin 2.5%, net loss $11.1M, operating cash flow $36.5M. The chart follows the revenue to costs, profit and cash.
ExlService Holdings (EXLS) · Q3 2026
ExlService Holdings, Q3 2026: revenue $634M (+20% year over year), operating margin 14.0%, net earnings $68.8M, operating cash flow $119M. The chart follows the revenue to costs, profit and cash.
| TIC Solutions (TIC) | ExlService Holdings (EXLS) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $640M | $634M |
| Revenue growth, Y/Y | +35% | +20% |
| Gross margin | — | 38.0% |
| Operating margin | 2.5% | 14.0% |
| Net earnings | −$11.1M | $68.8M |
| Net margin | -1.7% | 10.8% |
| Operating cash flow | $36.5M | $119M |
| Free cash flow | $22.3M | $103M |
| Market value | $2.3B | $6.6B |
| P/E | — | 25.7× |
| Analysts’ mean target | $12.14 | $48.62 |
Where the revenue comes from
ExlService Holdings
- Insurance: $246M (39%)
- Banking, Capital Markets and Diversified Industries: $227M (36%)
- Healthcare and Life Sciences: $161M (25%)
Questions
Which is bigger, TIC Solutions or ExlService Holdings?
TIC Solutions is the larger company: $640M of revenue in its latest quarter (Q3 2026) against $634M for ExlService Holdings (Q3 2026).
Is TIC Solutions or ExlService Holdings growing faster?
TIC Solutions is growing faster (+35% against +20% a year earlier).
Which is more profitable, TIC Solutions or ExlService Holdings?
ExlService Holdings is more profitable, with an operating margin of 14.0% against 2.5%.
More: TIC Solutions earnings · how TIC Solutions makes money · ExlService Holdings earnings · how ExlService Holdings makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 5, 2026; 10-Q filed Oct 27, 2026). Fiscal quarters can end on different dates. Not investment advice.