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Change HoldingsTSE:3962 +0.41%69 EV-to-EBITDA is 5.68 as of Sep. 10, 2026, which is 69% below its 10-year median of 18.44. GuruFocus rates TSE:3962 with a GF Score™ of 69/100 and a GF Value™ of 円1,788.49 (Significantly Undervalued). The stock has 5 warning signs investors should review. Among 1,951 Software companies, Change Holdings ranks better than 75.4% on this metric.
EV-to-EBITDA is calculated as enterprise value divided by its EBITDA. As of today, Change Holdings's enterprise value is 円78,762 Mil.
Change Holdings's EBITDA for the trailing twelve months (TTM) ended in Jun. 2026 was 円13,856 Mil. Therefore, Change Holdings's EV-to-EBITDA for today is 5.68.
The historical rank and industry rank for Change Holdings's EV-to-EBITDA or its related term are showing as below:
TSE:3962'
s EV-to-EBITDA Range Over the Past 10 Years
Min: 5.16 Med: 18.44 Max: 125.4
Current: 5.68
During the past 11 years, the highest EV-to-EBITDA of Change Holdings was 125.40. The lowest was 5.16. And the median was 18.44.
TSE:3962's EV-to-EBITDA is ranked better than 75.4% of 1951
companies
in the Software industry
Industry Median: 10.3
vs TSE:3962: 5.68
EV-to-EBITDA is a valuation multiple used in finance and investment to measure the value of a company. This important multiple is often used in conjunction with, or as an alternative to, the PE Ratio to determine the fair market value of a company.
EV-to-EBITDA is a valuation multiple used in finance and investment to measure the value of a company. This important multiple is often used in conjunction with, or as an alternative to, the PE Ratio (TTM) to determine the fair market value of a company.
Change Holdings's PE Ratio (TTM) for today is calculated as:
Change Holdings's share price for today is 円970.00.
Change Holdings's Earnings per Share (Diluted) for the trailing twelve months (TTM) ended in Jun. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was 円94.360.
* 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.
Study has found that the companies with the lowest EV-to-EBITDA outperforms companies measured as cheap by other ratios such as PE Ratio (TTM).
The historical data trend for Change Holdings's EV-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: EV-to-EBITDA Comparison
For the Information Technology Services subindustry, Change Holdings's EV-to-EBITDA, along with its competitors' market caps and EV-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 EV-to-EBITDA vs Software Industry
For the Software industry and Technology sector, Change Holdings's EV-to-EBITDA distribution charts can be found below:
* The bar in red indicates where Change Holdings's EV-to-EBITDA falls into.
Change Holdings's current Enterprise Value is 円78,762 Mil.
Change Holdings's EBITDA for the trailing twelve months (TTM) ended in Jun. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was 円13,856 Mil.
* 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 EV-to-EBITDA of 5.68 as of Sep. 10, 2026. EV to EBITDA ratio is the company's enterprise value divided by earnings before interest, taxes, depreciation and amortization. View historical data on Change Holdings. This is 69% below median its historical median of 18.44. Over the past decade, Change Holdings' EV-to-EBITDA has ranged from 5.16 to 125.40. According to the industry distribution chart, Change Holdings ranks #480 out of 1951 companies in the Software industry, placing it in the top 24.6%.
Is Change Holdings' EV-to-EBITDA too high?
Change Holdings' current EV-to-EBITDA of 5.68 is 69% below median its 10-year median of 18.44. Over the past 10 years, this metric has ranged from a low of 5.16 to a high of 125.40. The Software industry median EV-to-EBITDA is 10.30. Change Holdings' value of 5.68 is 44.9% below this industry median. Based on the distribution chart, Change Holdings ranks #480 out of 1951 companies in the Software industry, which is in the top quartile — a strong position relative to peers. 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' EV-to-EBITDA compare to IBM and ACN?
According to the Software industry distribution chart, Change Holdings ranks #480 out of 1951 companies for EV-to-EBITDA. This places Change Holdings in the top 25% of its industry — outperforming the majority of peers. The industry median EV-to-EBITDA is 10.30. Change Holdings' value of 5.68 is 44.9% below this benchmark. Historically, Change Holdings' own EV-to-EBITDA has ranged from 5.16 to 125.40 over the past decade. While the company's 10-year median is 18.44 vs. the industry median of 10.30, Change Holdings has consistently been below 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 EV-to-EBITDA for a Software company?
The median EV-to-EBITDA among Software companies is 10.30, based on 1,951 companies in the industry. Companies in the top quartile (top 25%) have a EV-to-EBITDA significantly above this median, while those in the bottom quartile fall well below. However, EV-to-EBITDA should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Change Holdings's current EV-to-EBITDA of 5.68 is 44.9% below 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 EV-to-EBITDA mean?
A high EV-to-EBITDA can signal that a stock is expensive relative to its fundamentals. EV to EBITDA ratio is the company's enterprise value divided by earnings before interest, taxes, depreciation and amortization. View historical data on Change Holdings. For the Software industry, the median EV-to-EBITDA is 10.30 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Change Holdings's current EV-to-EBITDA is 5.68, which is 69% below median its own 10-year median of 18.44. 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1,788.49, compared to a current price of 円970.00 — trading 45.8% below its estimated fair value. The current EV-to-EBITDA is 5.68, which is 69% below median its 10-year median of 18.44 and 44.9% below the Software industry median of 10.30. 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 EV-to-EBITDA calculated?
EV-to-EBITDA is calculated from a company's financial statements. For Change Holdings (TSE:3962), the current EV-to-EBITDA is 5.68 as of Sep. 10, 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970.00 is trading 45.8% below its estimated GF Value™ of 円1,788.49.
GuruFocus considers Change Holdings to be Significantly Undervalued.
Key valuation signals for TSE:3962:
EV-to-EBITDA: 5.68 (69% below median its 10-year median of 18.44)
GF Value™: 円1,788.49 vs. price of 円970.00 (45.8% below fair value)
Industry Position: 44.9% below the Software median (#480 of 1951)
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
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