Think of Enterprise Value as the theoretical takeover price. It is more comprehensive than market capitalization (Market Cap), which only includes common equity. Enterprise Value is calculated as the market cap plus debt and minority interest and preferred shares, minus total cash, cash equivalents, and marketable securities.
EV-to-EBIT is calculated as Enterprise Value divided by its EBIT. As of today, Change Holdings's Enterprise Value is 円74,550 Mil.
Change Holdings's EBIT for the trailing twelve months (TTM) ended in Mar. 2026 was 円11,581 Mil. Therefore, Change Holdings's EV-to-EBIT ratio for today is 6.44.
EV-to-EBITDA is calculated as Enterprise Value divided by its EBITDA. As of today, Change Holdings's Enterprise Value is 円74,550 Mil.
Change Holdings's EBITDA for the trailing twelve months (TTM) ended in Mar. 2026 was 円14,228 Mil. Therefore, Change Holdings's EV-to-EBITDA ratio for today is 5.24.
EV-to-Revenue is calculated as Enterprise Value divided by its Revenue. As of today, Change Holdings's Enterprise Value is 円74,550 Mil.
Change Holdings's Revenue for the trailing twelve months (TTM) ended in Mar. 2026 was 円52,827 Mil. Therefore, Change Holdings's EV-to-Revenue ratio for today is 1.41.
EV-to-FCF is calculated as Enterprise Value divided by its Free Cash Flow. As of today, Change Holdings's Enterprise Value is 円74,550 Mil.
Change Holdings's Free Cash Flow for the trailing twelve months (TTM) ended in Mar. 2026 was 円6,349 Mil. Therefore, Change Holdings's EV-to-FCF ratio for today is 11.74.
*** Please note that the current Enterprise Value is calculated using the current market capitalization and the most recently available financial data. If key financial fields—Long-Term Debt & Capital Lease Obligation and Short-Term Debt & Capital Lease Obligation—are recorded as null in the latest reporting period, our data vendor will default to using data from the prior period with valid entries.
Change Holdings (TSE:3962) Enterprise Value Explanation
When an investor buy a company, the investor needs to pay not only the common shares, he/she also needs to pay the shareholders of Preferred Stocks. He also assumes the debt of the company, and receives the cash on the company's balance sheet.
If a company has more cash than debt, the investor actually pays less than the Market Cap because he immediately owns the cash once the transaction goes through.
The market value of Preferred Stock needs to be added to the market value of common stocks in the calculation of Enterprise Value.
For the companies with the same Market Cap, the smaller the Enterprise Value is, the cheaper the company is.
Enterprise Value can be negative when the company's net cash is more than its Market Cap. In this case the investor is basically getting the company for free and get paid for that.
1. EV-to-EBIT is calculated as Enterprise Value divided by its EBIT.
Change Holdings's current Enterprise Value is 円74,550 Mil.
Change Holdings's EBIT for the trailing twelve months (TTM) ended in Mar. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was 円11,581 Mil.
2. EV-to-EBITDA is calculated as Enterprise Value divided by its EBITDA.
Change Holdings's current Enterprise Value is 円74,550 Mil.
Change Holdings's EBITDA for the trailing twelve months (TTM) ended in Mar. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was 円14,228 Mil.
Change Holdings's current Enterprise Value is 円74,550 Mil.
Change Holdings's Revenue for the trailing twelve months (TTM) ended in Mar. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was 円52,827 Mil.
Change Holdings's current Enterprise Value is 円74,550 Mil.
Change Holdings's Cash Flow from Operations for the trailing twelve months (TTM) ended in Mar. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was 円7,253 Mil.
Change Holdings's current Enterprise Value is 円74,550 Mil.
Change Holdings's Free Cash Flow for the trailing twelve months (TTM) ended in Mar. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was 円6,349 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 Enterprise Value Related Terms
Change Holdings Enterprise Value Historical Data
* Premium members only.
The historical data trend for Change Holdings's Enterprise Value 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, FISV: Enterprise Value Comparison
For the Information Technology Services subindustry, Change Holdings's Enterprise Value, along with its competitors' market caps and Enterprise Value 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 Enterprise Value vs Software Industry
For the Software industry and Technology sector, Change Holdings's Enterprise Value distribution charts can be found below:
* The bar in red indicates where Change Holdings's Enterprise Value falls into.
Enterprise Value is calculated as the market cap plus debt and minority interest and preferred shares, minus total cash, cash equivalents, and marketable securities.
Change Holdings's Enterprise Value for the fiscal year that ended in Mar. 2026 is calculated as
* 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 Enterprise Value of 円74,550 Mil as of Jul. 06, 2026. Enterprise value equals the sum of market cap, debt and preferred shares less cash and equivalents. View historical data on Change Holdings and its competitors.
Is Change Holdings' Enterprise Value too high?
Change Holdings' current Enterprise Value is 円74,550 Mil. 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' Enterprise Value compare to IBM and ACN?
Change Holdings' Enterprise Value of 円74,550 Mil can be compared against companies in the Software industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Enterprise Value for a Software company?
A good Enterprise Value depends on the Software industry context. However, Enterprise Value should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Enterprise Value mean?
A high Enterprise Value can signal that a stock is expensive relative to its fundamentals. Enterprise value equals the sum of market cap, debt and preferred shares less cash and equivalents. View historical data on Change Holdings and its competitors. Change Holdings's current Enterprise Value is 円74,550 Mil. 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1,870.94, compared to a current price of 円914.00 — trading 51.1% below its estimated fair value. The current Enterprise Value is 円74,550 Mil. 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 Enterprise Value calculated?
Enterprise Value is calculated from a company's financial statements. For Change Holdings (TSE:3962), the current Enterprise Value is 円74,550 Mil as of Jul. 06, 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914.00 is trading 51.1% below its estimated GF Value™ of 円1,870.94.
GuruFocus considers Change Holdings to be Significantly Undervalued.
Key valuation signals for TSE:3962:
Enterprise Value: 円74,550 Mil
GF Value™: 円1,870.94 vs. price of 円914.00 (51.1% below fair value)
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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