Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
Change HoldingsTSE:3962 +0.10%69 Debt-to-Equity is 0.52 as of Jun. 2026, which is 225% above its 10-year median of 0.16. GuruFocus rates TSE:3962 with a GF Score™ of 69/100 and a GF Value™ of 円1,782.23 (Significantly Undervalued). The stock has 5 warning signs investors should review. Among 2,247 Software companies, Change Holdings ranks worse than 74.86% on this metric.
A high debt to equity ratio generally means that a company has been aggressive in financing its growth with debt. This can result in volatile earnings as a result of the additional interest expense.
The historical rank and industry rank for Change Holdings's Debt-to-Equity or its related term are showing as below:
TSE:3962'
s Debt-to-Equity Range Over the Past 10 Years
Min: 0.05 Med: 0.16 Max: 3.27
Current: 0.61
During the past 11 years, the highest Debt-to-Equity Ratio of Change Holdings was 3.27. The lowest was 0.05. And the median was 0.16.
TSE:3962's Debt-to-Equity is ranked worse than 74.86% of 2247
companies
in the Software industry
Industry Median: 0.2
vs TSE:3962: 0.61
Because a company can increase its ROE % by having more financial leverage, it is important to watch the leverage ratio when investing in high ROE % companies.
Change Holdings Debt-to-Equity Related Terms
Change Holdings Debt-to-Equity Historical Data
* Premium members only.
The historical data trend for Change Holdings's Debt-to-Equity 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-Equity Comparison
For the Information Technology Services subindustry, Change Holdings's Debt-to-Equity, along with its competitors' market caps and Debt-to-Equity 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-Equity vs Software Industry
For the Software industry and Technology sector, Change Holdings's Debt-to-Equity distribution charts can be found below:
* The bar in red indicates where Change Holdings's Debt-to-Equity 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.
Change Holdings (TSE:3962) has a Debt-to-Equity of 0.52 as of Jun. 2026. Debt-to-Equity ratio represents the ratio of total debt to total company equity. View historical data on Change Holdings and its competitors. This is 225% above median its historical median of 0.16. Over the past decade, Change Holdings' Debt-to-Equity has ranged from 0.05 to 3.27. According to the industry distribution chart, Change Holdings ranks #1682 out of 2247 companies in the Software industry, placing it in the top 74.9%.
Is Change Holdings' Debt-to-Equity too high?
Change Holdings' current Debt-to-Equity of 0.52 is 225% above median its 10-year median of 0.16. Over the past 10 years, this metric has ranged from a low of 0.05 to a high of 3.27. The Software industry median Debt-to-Equity is 0.20. Change Holdings' value of 0.52 is 160% above this industry median. Based on the distribution chart, Change Holdings ranks #1682 out of 2247 companies in the Software industry, which is below the industry midpoint. Overall, Change Holdings has a GF Score™ of 69/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Change Holdings' Debt-to-Equity compare to IBM and ACN?
According to the Software industry distribution chart, Change Holdings ranks #1682 out of 2247 companies for Debt-to-Equity. This places Change Holdings in the lower half of its industry. The industry median Debt-to-Equity is 0.20. Change Holdings' value of 0.52 is 160% above this benchmark. Historically, Change Holdings' own Debt-to-Equity has ranged from 0.05 to 3.27 over the past decade. While the company's 10-year median is 0.16 vs. the industry median of 0.20, 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-Equity for a Software company?
The median Debt-to-Equity among Software companies is 0.20, based on 2,247 companies in the industry. Companies in the top quartile (top 25%) have a Debt-to-Equity significantly above this median, while those in the bottom quartile fall well below. However, Debt-to-Equity should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Change Holdings's current Debt-to-Equity of 0.52 is 160% 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-Equity mean?
A high Debt-to-Equity can signal that a stock is expensive relative to its fundamentals. Debt-to-Equity ratio represents the ratio of total debt to total company equity. View historical data on Change Holdings and its competitors. For the Software industry, the median Debt-to-Equity is 0.20 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Change Holdings's current Debt-to-Equity is 0.52, which is 225% above median its own 10-year median of 0.16. 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1,782.23, compared to a current price of 円1,006.00 — trading 43.6% below its estimated fair value. The current Debt-to-Equity is 0.52, which is 225% above median its 10-year median of 0.16 and 160% above the Software industry median of 0.20. Change Holdings' overall GF Score™ is 69/100 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-Equity calculated?
Debt-to-Equity is calculated from a company's financial statements. For Change Holdings (TSE:3962), the current Debt-to-Equity is 0.52 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1,006.00 is trading 43.6% below its estimated GF Value™ of 円1,782.23.
GuruFocus considers Change Holdings to be Significantly Undervalued.
Key valuation signals for TSE:3962:
Debt-to-Equity: 0.52 (225% above median its 10-year median of 0.16)
GF Value™: 円1,782.23 vs. price of 円1,006.00 (43.6% below fair value)
Industry Position: 160% above the Software median (#1682 of 2247)
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.
69GF Score
Get the complete analysis for TSE:3962
Debt-to-Equity is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
TSE:3962 has been successfully added to your 
