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CHANGE Holdings,Inc.
(3962)
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Rating:72Outperform
Price Target:
¥1,066.00
▲(11.62% Upside)
Action:Upgraded
Date:08/17/26
The score is driven primarily by solid financial performance—strong revenue expansion and healthy recent cash generation—tempered by margin compression and increased leverage. Valuation is a notable positive (low P/E and moderate dividend yield), while technicals are mixed with neutral-to-positive momentum but the price still below the 200-day average and a high Stochastic reading.
Positive Factors
Strong Revenue Expansion
The substantial multi-year increase in revenue indicates strong demand for the company’s DX and organizational-change services. Continued client adoption and expansion of transformation projects can support durable scale and market penetration over the next several quarters.
Negative Factors
Margin Compression
The decline in operating and net margins indicates that recent growth has become less profitable than earlier expansion. If delivery costs, staffing needs, or project mix remain unfavorable, sustained margin pressure could limit earnings growth even as revenue continues rising.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Revenue Expansion
The substantial multi-year increase in revenue indicates strong demand for the company’s DX and organizational-change services. Continued client adoption and expansion of transformation projects can support durable scale and market penetration over the next several quarters.
Read all positive factors
CHANGE Holdings,Inc. (3962) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥73.45B
Dividend Yield2.24%
Average Volume (3M)422.31K
Price to Earnings (P/E)10.9
Beta (1Y)0.59
Revenue Growth11.73%
EPS Growth-0.05%
CountryJP
Employees1,439
SectorTechnology
Sector Strength88
IndustryInformation Technology Services
Share Statistics
EPS (TTM)94.36
Shares Outstanding73,852,360
10 Day Avg. Volume464,000
30 Day Avg. Volume422,306
Financial Highlights & Ratios
PEG Ratio-1.29
Price to Book (P/B)1.38
Price to Sales (P/S)1.22
P/FCF Ratio9.41
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
Established in Tokyo, Japan, in 2003, Change Inc. provides IT human resources development and training services throughout Japan. The company offers educational programs that utilize core technologies and toolkits across a wide range of advanced d...
How the Company Makes Money
CHANGE Holdings primarily earns revenue by providing DX- and change-related professional services to clients. Key revenue streams include (1) consulting and project-based service fees for assessing client operations, designing transformation roadm...
CHANGE Holdings,Inc. Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
64
Positive
Cash Flow
71
Positive
| Breakdown | TTM | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2023 | Sep 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 53.81B | 52.83B | 46.39B | 37.02B | 20.02B | 20.28B |
| Gross Profit | 29.35B | 28.83B | 24.81B | 22.26B | 12.17B | 15.74B |
| EBITDA | 13.69B | 13.70B | 15.01B | 11.43B | 6.34B | 9.85B |
| Net Income | 6.57B | 6.94B | 7.53B | 4.26B | 3.86B | 6.19B |
Balance Sheet | ||||||
| Total Assets | 99.17B | 105.61B | 104.79B | 93.83B | 52.94B | 42.73B |
| Cash, Cash Equivalents and Short-Term Investments | 24.44B | 26.18B | 30.18B | 38.40B | 25.10B | 31.79B |
| Total Debt | 27.58B | 29.12B | 34.47B | 24.02B | 3.41B | 1.68B |
| Total Liabilities | 45.73B | 50.82B | 55.12B | 43.90B | 13.61B | 7.22B |
| Stockholders Equity | 45.23B | 46.76B | 41.25B | 39.48B | 36.48B | 33.48B |
Cash Flow | ||||||
| Free Cash Flow | 8.07B | 6.88B | 7.65B | 11.10B | -3.06B | 3.29B |
| Operating Cash Flow | 8.46B | 7.25B | 7.84B | 12.20B | -811.00M | 3.53B |
| Investing Cash Flow | -3.16B | -2.84B | -14.08B | -13.74B | -7.68B | -832.00M |
| Financing Cash Flow | -8.73B | -8.41B | 1.32B | 17.83B | 1.41B | -193.00M |
CHANGE Holdings,Inc. Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
82 Outperform | ¥119.06B | 20.07 | ― | 2.32% | 10.11% | 16.32% | |
76 Outperform | ¥29.78B | 37.81 | ― | ― | 24.82% | 82.75% | |
72 Outperform | ¥73.45B | 10.89 | ― | 1.47% | 11.73% | -0.05% | |
62 Neutral | ¥32.56B | 36.67 | ― | 3.99% | -11.60% | -43.23% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
52 Neutral | ¥103.59B | 77.43 | 1.71% | 2.05% | 4.43% | ― |
* Technology Sector Average
JP:3962
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CHANGE Holdings,Inc. Corporate Events
CHANGE Holdings Posts Solid Q1 Revenue Growth as DX and AI Businesses Advance
Aug 13, 2026
CHANGE Holdings, Inc. reported first-quarter fiscal 2027 revenue of ¥10.89 billion, up 9.9% year on year, driven by broad-based growth across its DX-related segments. Operating profit declined due to costs from a shareholder benefit program, ...
CHANGE Holdings Posts Profit Slump in Q1 but Keeps Full-Year Outlook and Higher Dividend Plan
Aug 13, 2026
CHANGE Holdings, Inc. reported first-quarter fiscal 2027 revenue of ¥10.89 billion, up 9.9% year on year, but operating profit fell 19.0% to ¥491 million and profit attributable to owners of the parent slumped 76.7% to ¥98 million, ...
CHANGE Holdings Reports Initial Progress on Share Buyback Program
Aug 5, 2026
CHANGE Holdings, Inc. reported progress on its ongoing share buyback program authorized by its board in May, detailing the purchase of 74,300 ordinary shares for about 66.7 million yen on the Tokyo Stock Exchange during July 2026. The buyback form...
CHANGE Holdings Reports No Share Buybacks in June Under Authorized Program
Jul 3, 2026
CHANGE Holdings, Inc. reported on the progress of its share buyback program authorized by its board in mid-May 2026, which allows for the purchase of up to 2.5 million ordinary shares, or about 3.59 percent of outstanding stock, for a total of up ...
CHANGE Holdings Clarifies Independence Despite Strong Ties with SBI Holdings
Jun 26, 2026
CHANGE Holdings has detailed its relationship with major shareholder SBI Holdings, which owns 37.12% of its voting shares via direct ownership and is listed on the Prime Market of the Tokyo Stock Exchange. Despite their capital and business allian...
CHANGE Holdings Reports No Treasury Share Purchases in May Despite Buyback Authorization
Jun 3, 2026
CHANGE Holdings, Inc. reported that, despite a board-approved program to repurchase up to 2.5 million ordinary shares for as much as 2 billion yen between May 15 and November 30, 2026, it did not buy back any shares during the May 15–31, 202...
CHANGE Holdings to Broaden Business Scope with Articles of Incorporation Amendment
May 21, 2026
CHANGE Holdings, Inc. plans to amend its Articles of Incorporation to expand its stated business objectives, reflecting preparations for future business expansion. The proposed additions cover logistics consignment and information processing, tran...
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.