Detailed financial statements for WNS (Holdings) Limited (WNS): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
WNS (Holdings) Limited is a prominent global business process management (BPM) firm, offering a diverse portfolio of services encompassing data handling, voice support, advanced analytics, and strategic business transformation solutions to clients worldwide. The company's operations are structured into two distinct divisions: WNS Global BPM and WNS Auto Claims BPM. WNS provides tailored, industry-specific services to a broad spectrum of clients.
Analysis Summary
WNS (Holdings) Limited reported revenue of $1.31B in the most recent fiscal year, growing at a 5-year CAGR of 7.2%. Net income reached $170.1M, with a 7.8% 5-year CAGR.
Trailing-twelve-month margins: gross margin 34.3%, operating margin 12.1%, net margin 10.5%. Free cash flow grew at -5.3% CAGR over 5 years.
At the current price of $76.48, WNS trades at a P/E of 45.80 and an ROE of 8.88%. Market capitalisation stands at $3.3B.
Balance sheet quality for WNS: current ratio of 1.8, net debt of $174.1M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is decent: free cash flow of $153.0M represents 90% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $562.2M | $602.5M | $758.0M | $809.1M | $928.3M | $912.6M | $1.11B | $1.22B | $1.32B | $1.31B |
| Cost of Revenue | $365.4M | $403.3M | $503.1M | $518.2M | $583.9M | $587.2M | $735.2M | $812.8M | $856.8M | $849.4M |
| Gross Profit | $196.8M | $199.2M | $254.8M | $290.9M | $344.3M | $325.4M | $374.6M | $399.1M | $466.6M | $465.5M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $754000 | $635000 | 0 |
| Selling, General & Admin | $109.7M | $124.4M | $159.4M | $159.8M | $181.4M | $175.9M | $205.0M | $232.9M | $262.4M | $261.5M |
| Operating Expenses | $134.9M | $144.9M | $174.9M | $175.6M | $197.0M | $190.4M | $210.6M | $232.8M | $262.0M | $290.1M |
| Operating Income | $72.8M | $47.2M | $94.9M | $119.8M | $146.6M | $135.1M | $164.1M | $167.3M | $153.3M | $175.4M |
| EBITDA | $102.5M | $94.1M | $115.4M | $170.5M | $223.8M | $209.7M | $219.7M | $215.9M | $236.1M | $282.5M |
| Interest Expense | $278000 | $547000 | $4.3M | $3.2M | $16.8M | $14.4M | $13.2M | $18.8M | $15.3M | $18.5M |
| Pre-tax Income | $81.1M | $55.3M | $101.9M | $131.2M | $144.0M | $132.7M | $164.5M | $164.5M | $163.6M | $207.4M |
| Income Tax | $21.2M | $17.5M | $15.4M | $25.7M | $27.2M | $30.1M | $32.4M | $27.2M | $23.4M | $37.3M |
| Net Income | $59.9M | $37.8M | $86.4M | $105.4M | $116.8M | $102.6M | $132.1M | $137.3M | $140.1M | $170.1M |
| EPS | $1.17 | $0.75 | $1.72 | $2.10 | $2.35 | $2.06 | $2.70 | $2.85 | $2.97 | $3.87 |
| EPS (Diluted) | $1.12 | $0.71 | $1.63 | $2.02 | $2.24 | $1.97 | $2.58 | $2.70 | $2.83 | $3.71 |
| Shares Outstanding (Diluted) | $53.5M | $53.2M | $53.0M | $52.2M | $52.0M | $52.1M | $51.2M | $50.9M | $49.6M | $45.9M |
Income Statement (Quarterly)
| Year | 2024-Q3 | 2024-Q4 | 2025-Q1 | 2025-Q2 |
|---|---|---|---|---|
| Revenue | $322.6M | $333.0M | $336.3M | $353.8M |
| Gross Profit | $115.3M | $116.6M | $120.0M | $116.6M |
| Operating Income | $41.3M | $45.2M | $50.3M | $33.1M |
| EBITDA | $63.5M | $76.5M | $85.3M | $52.5M |
| Net Income | $41.8M | $48.6M | $50.8M | $21.8M |
| EPS | $0.96 | $1.12 | $1.17 | $0.50 |
| EPS (Diluted) | $0.92 | $1.07 | $1.12 | $0.48 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $41.9M | $69.8M | $99.8M | $85.4M | $96.9M | $105.6M | $108.2M | $127.9M | $87.4M | $106.9M |
| Short-term Investments | $133.0M | $112.0M | $121.0M | $67.9M | $125.6M | $203.7M | $211.4M | $101.1M | $156.5M | $156.9M |
| Receivables | $106.4M | $118.6M | $133.1M | $147.0M | $162.5M | $164.3M | $207.6M | $239.5M | $248.3M | $257.0M |
| Inventory | $34.3M | $57.5M | $34.8M | $31.5M | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $322.5M | $363.1M | $400.5M | $335.4M | $428.8M | $509.9M | $568.1M | $504.1M | $531.4M | $564.8M |
| Property, Plant & Equipment | $50.4M | $54.8M | $60.6M | $61.0M | $216.1M | $219.0M | $191.9M | $237.9M | $237.4M | $267.6M |
| Goodwill | $76.2M | $134.0M | $135.2M | $130.8M | $121.3M | $124.0M | $123.5M | $353.6M | $356.4M | $409.6M |
| Intangible Assets | $27.1M | $96.6M | $89.7M | $80.2M | $70.1M | $65.1M | $65.4M | $179.2M | $124.4M | $122.6M |
| Total Assets | $525.5M | $704.1M | $759.6M | $785.6M | $1.01B | $1.11B | $1.16B | $1.50B | $1.41B | $1.55B |
| Accounts Payable | $19.9M | $14.2M | $19.7M | $17.8M | $29.3M | $28.0M | $27.8M | $25.4M | $25.0M | $29.2M |
| Short-term Debt | 0 | $27.6M | $27.7M | $28.0M | $16.7M | $16.7M | 0 | $36.1M | $76.7M | $83.7M |
| Total Current Liabilities | $103.3M | $148.8M | $167.3M | $162.0M | $205.8M | $207.5M | $230.7M | $303.8M | $311.3M | $321.0M |
| Long-term Debt | 0 | $89.1M | $61.4M | $33.4M | $16.7M | 0 | 0 | $137.3M | $102.5M | $159.8M |
| Total Liabilities | $117.3M | $289.1M | $264.6M | $233.2M | $425.2M | $422.1M | $410.5M | $703.3M | $647.0M | $709.8M |
| Retained Earnings | $240.2M | $278.0M | $364.4M | $478.1M | $586.3M | $689.0M | $818.4M | $951.6M | $1.01B | $1.21B |
| Total Equity | $408.2M | $415.1M | $495.0M | $552.4M | $587.1M | $684.1M | $754.0M | $801.1M | $765.7M | $837.7M |
| Total Debt | 0 | $116.7M | $89.1M | $61.4M | $212.3M | $208.7M | $167.0M | $372.4M | $369.3M | $437.9M |
| Net Debt | -$174.8M | -$65.1M | -$131.7M | -$92.0M | -$10.3M | -$100.7M | -$152.6M | $143.4M | $125.4M | $174.1M |
| Working Capital | $219.1M | $214.3M | $233.3M | $173.5M | $223.0M | $302.4M | $337.4M | $200.2M | $220.1M | $243.8M |
Balance Sheet (Quarterly)
| Year | 2024-Q3 | 2024-Q4 | 2025-Q1 | 2025-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $93.2M | $101.6M | $106.9M | $100.9M |
| Total Assets | $1.45B | $1.41B | $1.55B | $1.57B |
| Total Liabilities | $711.5M | $646.7M | $709.8M | $771.0M |
| Total Equity | $737.3M | $763.1M | $837.7M | $797.8M |
| Total Debt | $446.6M | $381.5M | $437.9M | $483.8M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $59.9M | $37.8M | $86.4M | $105.4M | $116.8M | $102.6M | $132.1M | $137.3M | $140.1M | $170.1M |
| Depreciation & Amortization | $40.6M | $37.4M | $35.5M | $36.1M | $62.9M | $62.6M | $61.6M | $73.8M | $58.1M | $56.6M |
| Stock-based Compensation | $17.9M | $23.0M | $30.6M | $30.3M | $37.5M | $38.2M | $44.2M | $49.7M | $51.7M | $37.5M |
| Change in Working Capital | -$11.7M | $1.2M | -$7.4M | -$15.8M | $14.2M | $14.4M | -$33.8M | -$39.9M | -$28.6M | -$36.9M |
| Operating Cash Flow | $102.9M | $92.1M | $136.3M | $149.7M | $228.6M | $213.7M | $187.5M | $205.0M | $229.2M | $207.2M |
| Capital Expenditure | -$27.5M | -$22.9M | -$33.7M | -$32.3M | -$27.9M | -$26.5M | -$28.3M | -$45.0M | -$54.3M | -$54.1M |
| Acquisitions | -$2.6M | -$101.3M | -$5.6M | -$7.2M | -$1.7M | $189000 | -$2.9M | -$312.8M | -$1.2M | -$63.5M |
| Stock Repurchased | -$30.5M | -$64.2M | -$39.5M | -$56.4M | -$63.7M | -$78.6M | -$85.0M | -$81.6M | -$215.3M | -$149.7M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | $75.4M | $69.3M | $102.6M | $117.4M | $200.8M | $187.2M | $159.1M | $160.0M | $175.0M | $153.0M |
Cash Flow (Quarterly)
| Year | 2024-Q3 | 2024-Q4 | 2025-Q1 | 2025-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $43.6M | $88.7M | $53.4M | $29.5M |
| Capital Expenditure | -$12.7M | -$11.9M | -$18.6M | -$14.8M |
| Free Cash Flow | $30.9M | $76.6M | $34.8M | $14.7M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $8.3M | $8.6M | $9.4M | $11.7M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +7.2% | +25.8% | +6.8% | +14.7% | -1.7% | +21.6% | +10.3% | +8.1% | -0.6% | |
| Net Income Growth (YoY) | -36.9% | +128.9% | +22.0% | +10.8% | -12.1% | +28.7% | +3.9% | +2.1% | +21.4% | |
| EPS Growth (YoY) | -35.9% | +129.3% | +22.1% | +11.9% | -12.3% | +31.1% | +5.6% | +4.2% | +30.3% | |
| Shares Change (YoY) | -0.5% | -0.4% | -1.6% | -0.3% | +0.1% | -1.7% | -0.7% | -2.6% | -7.4% | |
| FCF Growth (YoY) | -8.1% | +48.2% | +14.4% | +71.1% | -6.8% | -15.0% | +0.6% | +9.3% | -12.5% | |
| Gross Margin | 35.0% | 33.1% | 33.6% | 36.0% | 37.1% | 35.7% | 33.8% | 32.6% | 35.3% | 35.4% |
| Operating Margin | 13.0% | 7.8% | 12.5% | 14.8% | 15.8% | 14.8% | 14.8% | 13.7% | 11.6% | 13.3% |
| EBITDA Margin | 18.2% | 15.6% | 15.2% | 21.1% | 24.1% | 23.0% | 19.8% | 17.6% | 17.8% | 21.5% |
| Net Margin | 10.7% | 6.3% | 11.4% | 13.0% | 12.6% | 11.2% | 11.9% | 11.2% | 10.6% | 12.9% |
| FCF Margin | 13.4% | 11.5% | 13.5% | 14.5% | 21.6% | 20.5% | 14.3% | 13.1% | 13.2% | 11.6% |
| Effective Tax Rate | 26.1% | 31.7% | 15.1% | 19.6% | 18.9% | 22.7% | 19.7% | 16.5% | 14.3% | 18.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $1.41 | $1.30 | $1.94 | $2.25 | $3.86 | $3.59 | $3.11 | $3.14 | $3.53 | $3.33 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $51.2M | $50.4M | $50.4M | $50.2M | $49.7M | $49.8M | $48.9M | $48.3M | $47.2M | $44.0M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | 8.88% |
| Return on Invested Capital | 4.50% |
| Return on Assets | 4.63% |
| Gross Margin | 34.28% |
| Operating Margin | 12.09% |
| Net Margin | 10.52% |
Financial Health
| Debt / Equity | 0.61 |
| Current Ratio | 1.47 |
| Piotroski F-Score | 7 |
| Altman Z-Score | 4.79 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 26.19 | 38.15 | 26.01 | 25.43 | 18.29 | 35.17 | 31.66 | 32.69 | 17.21 | 15.89 |
| P/B | 3.84 | 3.47 | 4.55 | 4.85 | 3.64 | 5.27 | 5.55 | 5.61 | 3.15 | 3.23 |
| P/S | 2.79 | 2.39 | 2.97 | 3.31 | 2.30 | 3.95 | 3.77 | 3.67 | 1.82 | 2.06 |
| Gross Margin | 35.0% | 33.1% | 33.6% | 36.0% | 37.1% | 35.7% | 33.8% | 32.6% | 35.3% | 35.4% |
| Operating Margin | 13.0% | 7.8% | 12.5% | 14.8% | 15.8% | 14.8% | 14.8% | 13.7% | 11.6% | 13.3% |
| Net Margin | 10.7% | 6.3% | 11.4% | 13.0% | 12.6% | 11.2% | 11.9% | 11.2% | 10.6% | 12.9% |
Related companies: AYX · CD · ENV · EVOP · GTM · INST · PRFT
Explore sector: Technology · Information Technology Services
More sections of WNS: Overview · Valuation · Statistics · Estimates · Technical · Ownership · News · Events
Discover more: Radar — undervalued stock signals · Investment Academy — learn to analyze stocks