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Change HoldingsTSE:3962 +0.21%69 EV-to-FCF is 12.36 as of Jul. 16, 2026, which is 30% below its 10-year median of 17.57. GuruFocus rates TSE:3962 with a GF Score™ of 69/100 and a GF Value™ of 円1,880.67 (Significantly Undervalued). The stock has 5 warning signs investors should review. Among 1,594 Software companies, Change Holdings ranks better than 58.09% on this metric.
EV-to-FCF is calculated as enterprise value divided by its free cash flow. As of today, Change Holdings's Enterprise Value is 円78,447 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 for today is 12.36.
The historical rank and industry rank for Change Holdings's EV-to-FCF or its related term are showing as below:
TSE:3962'
s EV-to-FCF Range Over the Past 10 Years
Min: -362.88 Med: 17.57 Max: 1370.7
Current: 11.95
During the past 11 years, the highest EV-to-FCF of Change Holdings was 1370.70. The lowest was -362.88. And the median was 17.57.
TSE:3962's EV-to-FCF is ranked better than 58.09% of 1594
companies
in the Software industry
Industry Median: 14.825
vs TSE:3962: 11.95
EV-to-FCF is a valuation multiple that allows analysts and investors to compare stocks, preferably in the same sector or industry. 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.
EV-to-FCF is a valuation multiple that allows analysts and investors to compare stocks, preferably in the same sector or industry. 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 Mar. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was 円99.690.
* 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.
Enterprise Value is used because it is a more complete measure in reflecting how much an investor pays when buying a company. Free Cash Flow is an important financial metric because it represents the actual amount of cash at a company's disposal. Companies with a low EV-to-FCF ratio, combined with a strong balance sheet are generally considered as undervalued.
Change Holdings EV-to-FCF Related Terms
Change Holdings EV-to-FCF Historical Data
* Premium members only.
The historical data trend for Change Holdings's EV-to-FCF 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.
For the Information Technology Services subindustry, Change Holdings's EV-to-FCF, along with its competitors' market caps and EV-to-FCF 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-FCF vs Software Industry
For the Software industry and Technology sector, Change Holdings's EV-to-FCF distribution charts can be found below:
* The bar in red indicates where Change Holdings's EV-to-FCF falls into.
Change Holdings's current Enterprise Value is 円78,447 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 (TSE:3962) has a EV-to-FCF of 12.36 as of Jul. 16, 2026. EV to FCF ratio is the company's enterprise value divided by free cash flow. View historical data on Change Holdings and its competitors. This is 30% below median its historical median of 17.57. According to the industry distribution chart, Change Holdings ranks #668 out of 1594 companies in the Software industry, placing it in the top 41.9%.
Is Change Holdings' EV-to-FCF too high?
Change Holdings' current EV-to-FCF of 12.36 is 30% below median its 10-year median of 17.57. The Software industry median EV-to-FCF is 14.83. Change Holdings' value of 12.36 is 16.6% below this industry median. Based on the distribution chart, Change Holdings ranks #668 out of 1594 companies in the Software industry, which is above 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' EV-to-FCF compare to IBM and ACN?
According to the Software industry distribution chart, Change Holdings ranks #668 out of 1594 companies for EV-to-FCF. This puts Change Holdings in the upper half of its industry. The industry median EV-to-FCF is 14.83. Change Holdings' value of 12.36 is 16.6% below this benchmark. While the company's 10-year median is 17.57 vs. the industry median of 14.83, 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-FCF for a Software company?
The median EV-to-FCF among Software companies is 14.83, based on 1,594 companies in the industry. Companies in the top quartile (top 25%) have a EV-to-FCF significantly above this median, while those in the bottom quartile fall well below. However, EV-to-FCF should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Change Holdings's current EV-to-FCF of 12.36 is 16.6% 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-FCF mean?
A high EV-to-FCF can signal that a stock is expensive relative to its fundamentals. EV to FCF ratio is the company's enterprise value divided by free cash flow. View historical data on Change Holdings and its competitors. For the Software industry, the median EV-to-FCF is 14.83 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Change Holdings's current EV-to-FCF is 12.36, which is 30% below median its own 10-year median of 17.57. 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1,880.67, compared to a current price of 円970.00 — trading 48.4% below its estimated fair value. The current EV-to-FCF is 12.36, which is 30% below median its 10-year median of 17.57 and 16.6% below the Software industry median of 14.83. 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-FCF calculated?
EV-to-FCF is calculated from a company's financial statements. For Change Holdings (TSE:3962), the current EV-to-FCF is 12.36 as of Jul. 16, 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 48.4% below its estimated GF Value™ of 円1,880.67.
GuruFocus considers Change Holdings to be Significantly Undervalued.
Key valuation signals for TSE:3962:
EV-to-FCF: 12.36 (30% below median its 10-year median of 17.57)
GF Value™: 円1,880.67 vs. price of 円970.00 (48.4% below fair value)
Industry Position: 16.6% below the Software median (#668 of 1594)
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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