• ExlService Holdings average debt/equity ratio for 2023 was 0.19, a 44.12% increase from 2022.
• ExlService Holdings average debt/equity ratio for 2022 was 0.34, a 88.89% decline from 2021.
• ExlService Holdings average debt/equity ratio for 2021 was 0.18, a 43.75% increase from 2020.

Debt/equity ratio can be defined as a measure of a company's financial leverage calculated by dividing its long-term debt by stockholders' equity.