CHANGE Holdings,Inc. (JP:3962)
:3962
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CHANGE Holdings,Inc.
(3962)
Select Model
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Rating:69Neutral
Price Target:
¥1,046.00
▲(9.53% Upside)
Action:N/ADate:03/18/26
The score is driven primarily by solid financial performance (healthy margins and strong current free cash flow) and very attractive valuation (low P/E and a dividend). These positives are tempered by weak technical signals, with the stock trading below key long-term moving averages and negative MACD indicating soft momentum.
Positive Factors
High Structural Profitability
Sustained high gross (~55%) and EBIT (~21.6%) margins reflect durable pricing power and operational scale in consulting/IT services. Such margin structure supports reinvestment, resilience through cycles and the ability to fund growth initiatives and shareholder returns over the medium term.
Negative Factors
Margin Compression
A notable decline in net margin from FY2025 to TTM implies rising costs, adverse mix shifts or one-off impacts reducing bottom-line conversion. If persistent, this erodes cash flow and reinvestment capacity, pressuring long-term profitability and strategic flexibility.
Read all positive and negative factors
Positive Factors
Negative Factors
High Structural Profitability
Sustained high gross (~55%) and EBIT (~21.6%) margins reflect durable pricing power and operational scale in consulting/IT services. Such margin structure supports reinvestment, resilience through cycles and the ability to fund growth initiatives and shareholder returns over the medium term.
Read all positive factors
CHANGE Holdings,Inc. (3962) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥70.30B
Dividend Yield1.47%
Average Volume (3M)422.31K
Price to Earnings (P/E)3.2
Beta (1Y)0.98
Revenue GrowthN/A
EPS GrowthN/A
CountryJP
Employees1,069
SectorTechnology
Sector Strength88
IndustryInformation Technology Services
Share Statistics
EPS (TTM)76.47
Shares Outstanding73,852,360
10 Day Avg. Volume464,000
30 Day Avg. Volume422,306
Financial Highlights & Ratios
PEG Ratio0.14
Price to Book (P/B)2.13
Price to Sales (P/S)1.89
P/FCF Ratio11.47
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
CHANGE Holdings,Inc. Business Overview & Revenue Model
Company Description
Change Inc. provides IT human resources development training services in Japan. It offers training services utilizing libraries and basic technologies of various algorithms, such as artificial intelligence, robotics, Internet of Things, voice inte...
How the Company Makes Money
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CHANGE Holdings,Inc. Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
64
Positive
Cash Flow
70
Positive
| Breakdown | TTM | Mar 2024 | Mar 2023 | Mar 2023 | Sep 2021 | Sep 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 52.98B | 46.39B | 37.02B | 20.02B | 20.28B | 10.54B |
| Gross Profit | 29.24B | 24.81B | 22.26B | 12.17B | 15.74B | 7.83B |
| EBITDA | 14.52B | 15.01B | 11.43B | 6.34B | 9.85B | 4.78B |
| Net Income | 6.16B | 7.53B | 4.26B | 3.86B | 6.19B | 2.05B |
Balance Sheet | ||||||
| Total Assets | 126.35B | 104.79B | 93.83B | 52.94B | 42.73B | 17.09B |
| Cash, Cash Equivalents and Short-Term Investments | 25.52B | 30.18B | 38.40B | 25.10B | 31.79B | 8.14B |
| Total Debt | 30.39B | 34.47B | 24.02B | 3.41B | 1.68B | 2.81B |
| Total Liabilities | 71.19B | 55.12B | 43.90B | 13.61B | 7.22B | 7.69B |
| Stockholders Equity | 47.25B | 41.25B | 39.48B | 36.48B | 33.48B | 7.96B |
Cash Flow | ||||||
| Free Cash Flow | 12.44B | 7.65B | 11.10B | -3.06B | 3.29B | 5.01B |
| Operating Cash Flow | 12.62B | 7.84B | 12.20B | -811.00M | 3.53B | 5.04B |
| Investing Cash Flow | -3.09B | -14.08B | -13.74B | -7.68B | -832.00M | -269.82M |
| Financing Cash Flow | -14.83B | 1.32B | 17.83B | 1.41B | -193.00M | -549.03M |
CHANGE Holdings,Inc. Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | ¥86.37B | 19.07 | ― | 2.32% | 5.09% | 26.12% | |
74 Outperform | ¥29.21B | 35.99 | ― | ― | 29.61% | 93.16% | |
69 Neutral | ¥70.30B | 3.24 | ― | 1.47% | ― | ― | |
68 Neutral | ¥37.57B | -348.86 | ― | 3.99% | 1.27% | 26.79% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
46 Neutral | ¥99.94B | 15.20 | 2.57% | 1.97% | 19.61% | ― |
* Technology Sector Average
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CHANGE Holdings,Inc. Corporate Events
CHANGE Holdings Posts Higher Sales but Lower Profits, Keeps Full-Year Outlook Intact
Feb 12, 2026
CHANGE Holdings, Inc., a Tokyo Prime-listed digital transformation specialist, reported consolidated sales of ¥41.5 billion for the nine months ended December 31, 2025, up 18.9% year on year, but saw operating profit decline 18.8% to ¥10...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.