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Change HoldingsTSE:3962 -0.58%75 Debt-to-EBITDA is 5.45 as of Jun. 2026, which is 909% above its 10-year median of 0.54. GuruFocus rates TSE:3962 with a GF Score™ of 75/100 and a GF Value™ of 円1,781.12 (Significantly Undervalued). The stock has 5 warning signs investors should review. Among 1,719 Software companies, Change Holdings ranks worse than 65.62% on this metric.
Debt-to-EBITDA measures a company's ability to pay off its debt.
A high Debt-to-EBITDA ratio generally means that a company may spend more time to paying off its debt. According to Joel Tillinghast's BIG MONEY THINKS SMALL: Biases, Blind Spots, and Smarter Investing, a ratio of Debt-to-EBITDA exceeding four is usually considered scary unless tangible assets cover the debt.
The historical rank and industry rank for Change Holdings's Debt-to-EBITDA or its related term are showing as below:
TSE:3962'
s Debt-to-EBITDA Range Over the Past 10 Years
Min: 0.24 Med: 0.54 Max: 2.59
Current: 1.99
During the past 11 years, the highest Debt-to-EBITDA Ratio of Change Holdings was 2.59. The lowest was 0.24. And the median was 0.54.
TSE:3962's Debt-to-EBITDA is ranked worse than 65.62% of 1719
companies
in the Software industry
Industry Median: 0.98
vs TSE:3962: 1.99
A high Debt-to-EBITDA ratio generally means that a company may spend more time to paying off its debt.
According to Joel Tillinghast's BIG MONEY THINKS SMALL: Biases, Blind Spots, and Smarter Investing, a ratio of Debt-to-EBITDA exceeding four is usually considered scary unless tangible assets cover the debt.
Change Holdings Debt-to-EBITDA Related Terms
Change Holdings Debt-to-EBITDA Historical Data
* Premium members only.
The historical data trend for Change Holdings's Debt-to-EBITDA can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
TSE:3962 vs IBM, ACN, CTSH: Debt-to-EBITDA Comparison
For the Information Technology Services subindustry, Change Holdings's Debt-to-EBITDA, along with its competitors' market caps and Debt-to-EBITDA data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Change Holdings Debt-to-EBITDA vs Software Industry
For the Software industry and Technology sector, Change Holdings's Debt-to-EBITDA distribution charts can be found below:
* The bar in red indicates where Change Holdings's Debt-to-EBITDA falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
In the calculation of annual Debt-to-EBITDA, the EBITDA of the last fiscal year is used. In calculating the annualized quarterly data,
the EBITDA data used here is four times the quarterly (Jun. 2026) EBITDA data.
Change Holdings (TSE:3962) has a Debt-to-EBITDA of 5.45 as of Jun. 2026. Debt-to-EBITDA ratio represents the ratio of total debt to total earnings before interest, taxes, depreciation and amortization. View historical data on Change Holdings. This is 909% above median its historical median of 0.54. Over the past decade, Change Holdings' Debt-to-EBITDA has ranged from 0.24 to 2.59. According to the industry distribution chart, Change Holdings ranks #1128 out of 1719 companies in the Software industry, placing it in the top 65.6%.
Is Change Holdings' Debt-to-EBITDA too high?
Change Holdings' current Debt-to-EBITDA of 5.45 is 909% above median its 10-year median of 0.54. Over the past 10 years, this metric has ranged from a low of 0.24 to a high of 2.59. The Software industry median Debt-to-EBITDA is 0.98. Change Holdings' value of 5.45 is 456.1% above this industry median. Based on the distribution chart, Change Holdings ranks #1128 out of 1719 companies in the Software industry, which is below the industry midpoint. Overall, Change Holdings has a GF Score™ of 75/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Change Holdings' Debt-to-EBITDA compare to IBM and ACN?
According to the Software industry distribution chart, Change Holdings ranks #1128 out of 1719 companies for Debt-to-EBITDA. This places Change Holdings in the lower half of its industry. The industry median Debt-to-EBITDA is 0.98. Change Holdings' value of 5.45 is 456.1% above this benchmark. Historically, Change Holdings' own Debt-to-EBITDA has ranged from 0.24 to 2.59 over the past decade. While the company's 10-year median is 0.54 vs. the industry median of 0.98, Change Holdings has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Debt-to-EBITDA for a Software company?
The median Debt-to-EBITDA among Software companies is 0.98, based on 1,719 companies in the industry. Companies in the top quartile (top 25%) have a Debt-to-EBITDA significantly above this median, while those in the bottom quartile fall well below. However, Debt-to-EBITDA should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Change Holdings's current Debt-to-EBITDA of 5.45 is 456.1% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Debt-to-EBITDA mean?
A high Debt-to-EBITDA can signal that a stock is expensive relative to its fundamentals. Debt-to-EBITDA ratio represents the ratio of total debt to total earnings before interest, taxes, depreciation and amortization. View historical data on Change Holdings. For the Software industry, the median Debt-to-EBITDA is 0.98 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Change Holdings's current Debt-to-EBITDA is 5.45, which is 909% above median its own 10-year median of 0.54. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Change Holdings stock overvalued right now?
Based on GuruFocus' analysis, Change Holdings (TSE:3962) is currently considered Significantly Undervalued. The stock's GF Value™ is 円1,781.12, compared to a current price of 円1,025.00 — trading 42.5% below its estimated fair value. The current Debt-to-EBITDA is 5.45, which is 909% above median its 10-year median of 0.54 and 456.1% above the Software industry median of 0.98. Change Holdings' overall GF Score™ is 75/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Debt-to-EBITDA calculated?
Debt-to-EBITDA is calculated from a company's financial statements. For Change Holdings (TSE:3962), the current Debt-to-EBITDA is 5.45 as of Jun. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Change Holdings (TSE:3962) Overvalued in 2026?
Based on GuruFocus' analysis, Change Holdings stock appears to be undervalued.
The current stock price of 円1,025.00 is trading 42.5% below its estimated GF Value™ of 円1,781.12.
GuruFocus considers Change Holdings to be Significantly Undervalued.
Key valuation signals for TSE:3962:
Debt-to-EBITDA: 5.45 (909% above median its 10-year median of 0.54)
GF Value™: 円1,781.12 vs. price of 円1,025.00 (42.5% below fair value)
Industry Position: 456.1% above the Software median (#1128 of 1719)
No single metric tells the full story. See the TSE:3962 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Change Holdings Inc provides mobility, IoT (Internet of Things) data, security and IT human resources training services. It segments are: Public Tech and NEW-IT Transformation Business. The Public Tech segment covers local government support projects that aims to realize high value-added resident services by utilizing ICT technology to promote the improvement of local government business productivity. The NEW-IT Transformation Business segment promotes digital transformation through various algorithms such as AI, voice Internet, mobility, IoT, cloud, security, services utilizing basic technology, and training for digital human resources. It also provides digital transformation solutions by combining libraries based on customer needs to realize customer digital transformation.
75GF Score
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Debt-to-EBITDA is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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