Change HoldingsTSE:3962 +1.63%69 Dividend Payout Ratio is 21.82 as of Mar. 2026, which is 12022% above its 10-year median of 0.18. GuruFocus rates TSE:3962 with a GF Score™ of 69/100 and a GF Value™ of 円1,874.83 (Significantly Undervalued). The stock has 5 warning signs investors should review. Among 870 Software companies, Change Holdings ranks better than 76.9% on this metric.
The Dividend Payout Ratio is the measure of dividends paid out to shareholders relative to the company's net income. It is calculated as the Dividends per Share divided by the Earnings per Share (Diluted) during the same time period. Change Holdings's Dividend Payout Ratio for the
months ended in Mar. 2026 was 21.82.
The historical rank and industry rank for Change Holdings's Dividend Payout Ratio or its related term are showing as below:
TSE:3962'
s Dividend Payout Ratio Range Over the Past 10 Years
Min: 0.13 Med: 0.18 Max: 0.23
Current: 0.23
During the past 11 years, the highest Dividend Payout Ratio of Change Holdings was 0.23. The lowest was 0.13. And the median was 0.18.
TSE:3962's Dividend Payout Ratio is ranked better than 76.9% of 870
companies
in the Software industry
Industry Median: 0.405
vs TSE:3962: 0.23
During the past 12 months, Change Holdings's average Dividends Per Share Growth Rate was 10.00% per year.
During the past 3 years, the average Dividends Per Share Growth Rate was 48.70% per year.
During the past 11 years, the highest 3-Year average Dividends Per Share Growth Rate of Change Holdings was 48.70% per year. The lowest was 48.70% per year. And the median was 48.70% per year.
The growth rate is calculated with least square regression.
For more information regarding to dividend, please check our Dividend Page.
* Please note that "special dividend" is not included in the calculation of dividend per share and related fields.
Change Holdings (TSE:3962) Dividend Payout Ratio Explanation
In dividends investing, Dividend Payout Ratio and Dividend Growth Rate are the two most important variables for consideration. A lower payout ratio may indicate that the company has more room to increase its dividends.
Change Holdings Dividend Payout Ratio Related Terms
Change Holdings Dividend Payout Ratio Historical Data
* Premium members only.
The historical data trend for Change Holdings's Dividend Payout Ratio 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: Dividend Payout Ratio Comparison
For the Information Technology Services subindustry, Change Holdings's Dividend Payout Ratio, along with its competitors' market caps and Dividend Payout Ratio 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 Dividend Payout Ratio vs Software Industry
For the Software industry and Technology sector, Change Holdings's Dividend Payout Ratio distribution charts can be found below:
* The bar in red indicates where Change Holdings's Dividend Payout Ratio falls into.
The Dividend Payout Ratio is the measure of dividends paid out to shareholders relative to the company's net income. It is calculated as the Dividends per Share divided by the Earnings per Share (Diluted) during the same time period.
Change Holdings's Dividend Payout Ratio 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 Dividend Payout Ratio of 21.82 as of Mar. 2026. Dividend payout ratio is the percent of company earnings paid out as dividends. View historical data on Change Holdings and its competitors. This is 12022% above median its historical median of 0.18. Over the past decade, Change Holdings' Dividend Payout Ratio has ranged from 0.13 to 0.23. According to the industry distribution chart, Change Holdings ranks #201 out of 870 companies in the Software industry, placing it in the top 23.1%.
Is Change Holdings' Dividend Payout Ratio too high?
Change Holdings' current Dividend Payout Ratio of 21.82 is 12022% above median its 10-year median of 0.18. Over the past 10 years, this metric has ranged from a low of 0.13 to a high of 0.23. The Software industry median Dividend Payout Ratio is 0.41. Change Holdings' value of 21.82 is 5287.7% above this industry median. Based on the distribution chart, Change Holdings ranks #201 out of 870 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' Dividend Payout Ratio compare to IBM and ACN?
According to the Software industry distribution chart, Change Holdings ranks #201 out of 870 companies for Dividend Payout Ratio. This places Change Holdings in the top 23% of its industry — outperforming the majority of peers. The industry median Dividend Payout Ratio is 0.41. Change Holdings' value of 21.82 is 5287.7% above this benchmark. Historically, Change Holdings' own Dividend Payout Ratio has ranged from 0.13 to 0.23 over the past decade. While the company's 10-year median is 0.18 vs. the industry median of 0.41, 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 Dividend Payout Ratio for a Software company?
The median Dividend Payout Ratio among Software companies is 0.41, based on 870 companies in the industry. Companies in the top quartile (top 25%) have a Dividend Payout Ratio significantly above this median, while those in the bottom quartile fall well below. However, Dividend Payout Ratio should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Change Holdings's current Dividend Payout Ratio of 21.82 is 5287.7% 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 Dividend Payout Ratio mean?
A high Dividend Payout Ratio can signal that a stock is expensive relative to its fundamentals. Dividend payout ratio is the percent of company earnings paid out as dividends. View historical data on Change Holdings and its competitors. For the Software industry, the median Dividend Payout Ratio is 0.41 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Change Holdings's current Dividend Payout Ratio is 21.82, which is 12022% above median its own 10-year median of 0.18. 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1,874.83, compared to a current price of 円933.00 — trading 50.2% below its estimated fair value. The current Dividend Payout Ratio is 21.82, which is 12022% above median its 10-year median of 0.18 and 5287.7% above the Software industry median of 0.41. 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 Dividend Payout Ratio calculated?
Dividend Payout Ratio is calculated from a company's financial statements. For Change Holdings (TSE:3962), the current Dividend Payout Ratio is 21.82 as of Mar. 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933.00 is trading 50.2% below its estimated GF Value™ of 円1,874.83.
GuruFocus considers Change Holdings to be Significantly Undervalued.
Key valuation signals for TSE:3962:
Dividend Payout Ratio: 21.82 (12022% above median its 10-year median of 0.18)
GF Value™: 円1,874.83 vs. price of 円933.00 (50.2% below fair value)
Industry Position: 5287.7% above the Software median (#201 of 870)
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
Dividend Payout Ratio 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 
