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 +2.19%70 PB Ratio is 1.39 as of Jul. 28, 2026, which is 72% below its 10-year median of 4.97. GuruFocus rates TSE:3962 with a GF Score™ of 70/100 and a GF Value™ of 円1,892.35 (Significantly Undervalued). The stock has 5 warning signs investors should review. Among 2,635 Software companies, Change Holdings ranks better than 72.33% on this metric.
The PB Ratio, or Price-to-Book ratio, or Price/Book, is a financial ratio used to compare a company's market price to its Book Value per Share. As of today (2026-07-28), Change Holdings's share price is 円935.00. Change Holdings's Book Value per Share for the quarter that ended in Mar. 2026 was 円671.97. Hence, Change Holdings's PB Ratio of today is 1.39.
Good Sign:
Change Holdings Inc stock PB Ratio (=1.36) is close to 10-year low of 1.34.
The historical rank and industry rank for Change Holdings's PB Ratio or its related term are showing as below:
TSE:3962'
s PB Ratio Range Over the Past 10 Years
Min: 1.34 Med: 4.97 Max: 55.66
Current: 1.39
During the past 11 years, Change Holdings's highest PB Ratio was 55.66. The lowest was 1.34. And the median was 4.97.
TSE:3962's PB Ratio is ranked better than 72.33% of 2635
companies
in the Software industry
Industry Median: 2.39
vs TSE:3962: 1.39
During the past 12 months, Change Holdings's average Book Value Per Share Growth Rate was 13.50% per year.
During the past 3 years, the average Book Value Per Share Growth Rate was 10.00% per year.
During the past 5 years, the average Book Value Per Share Growth Rate was 31.00% per year.
During the past 10 years, the average Book Value Per Share Growth Rate was 63.00% per year.
During the past 11 years, the highest 3-Year average Book Value Per Share Growth Rate of Change Holdings was 140.00% per year. The lowest was 10.00% per year. And the median was 69.15% per year.
The PB Ratio works the best for the businesses that earn most of their profit from their assets, e.g. banks and insurance companies.
Be Aware
Some businesses have very light assets, such as software companies or insurance agencies. The PB Ratio does not work well for these companies. Some companies even have negative equity, so the PB Ratio cannot be applied to them.
Change Holdings PB Ratio Related Terms
Change Holdings PB Ratio Historical Data
* Premium members only.
The historical data trend for Change Holdings's PB 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.
For the Information Technology Services subindustry, Change Holdings's PB Ratio, along with its competitors' market caps and PB 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 PB Ratio vs Software Industry
For the Software industry and Technology sector, Change Holdings's PB Ratio distribution charts can be found below:
* The bar in red indicates where Change Holdings's PB Ratio falls into.
The PB Ratio, or Price-to-Book ratio, or Price/Book, is a financial ratio used to compare a company's market price to its Book Value per Share. It is a ratio widely used to value stocks.
Change Holdings's PB Ratio for today is calculated as follows:
* 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.
It can also be calculated from the numbers for the whole company:
A closely related ratio is called Price-to-Tangible-Book. The difference between Price-to-Tangible-Book and PB Ratio is that book value other than intangibles are used in the calculation.
Change Holdings (TSE:3962) has a PB Ratio of 1.39 as of Jul. 28, 2026. Price-to-Book ratio is the ratio of share price to a company's book value per share. View historical data on Change Holdings and its competitors. This is 72% below median its historical median of 4.97. Over the past decade, Change Holdings' PB Ratio has ranged from 1.34 to 55.66. According to the industry distribution chart, Change Holdings ranks #729 out of 2635 companies in the Software industry, placing it in the top 27.7%.
Is Change Holdings' PB Ratio too high?
Change Holdings' current PB Ratio of 1.39 is 72% below median its 10-year median of 4.97. Over the past 10 years, this metric has ranged from a low of 1.34 to a high of 55.66. The Software industry median PB Ratio is 2.39. Change Holdings' value of 1.39 is 41.8% below this industry median. Based on the distribution chart, Change Holdings ranks #729 out of 2635 companies in the Software industry, which is above the industry midpoint. Overall, Change Holdings has a GF Score™ of 70/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Change Holdings' PB Ratio compare to IBM and ACN?
According to the Software industry distribution chart, Change Holdings ranks #729 out of 2635 companies for PB Ratio. This puts Change Holdings in the upper half of its industry. The industry median PB Ratio is 2.39. Change Holdings' value of 1.39 is 41.8% below this benchmark. Historically, Change Holdings' own PB Ratio has ranged from 1.34 to 55.66 over the past decade. While the company's 10-year median is 4.97 vs. the industry median of 2.39, 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 PB Ratio for a Software company?
The median PB Ratio among Software companies is 2.39, based on 2,635 companies in the industry. Companies in the top quartile (top 25%) have a PB Ratio significantly above this median, while those in the bottom quartile fall well below. However, PB Ratio should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Change Holdings's current PB Ratio of 1.39 is 41.8% 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 PB Ratio mean?
A high PB Ratio can signal that a stock is expensive relative to its fundamentals. Price-to-Book ratio is the ratio of share price to a company's book value per share. View historical data on Change Holdings and its competitors. For the Software industry, the median PB Ratio is 2.39 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Change Holdings's current PB Ratio is 1.39, which is 72% below median its own 10-year median of 4.97. 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1,892.35, compared to a current price of 円935.00 — trading 50.6% below its estimated fair value. The current PB Ratio is 1.39, which is 72% below median its 10-year median of 4.97 and 41.8% below the Software industry median of 2.39. Change Holdings' overall GF Score™ is 70/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is PB Ratio calculated?
PB Ratio is calculated from a company's financial statements. For Change Holdings (TSE:3962), the current PB Ratio is 1.39 as of Jul. 28, 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935.00 is trading 50.6% below its estimated GF Value™ of 円1,892.35.
GuruFocus considers Change Holdings to be Significantly Undervalued.
Key valuation signals for TSE:3962:
PB Ratio: 1.39 (72% below median its 10-year median of 4.97)
GF Value™: 円1,892.35 vs. price of 円935.00 (50.6% below fair value)
Industry Position: 41.8% below the Software median (#729 of 2635)
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.
70GF Score
Get the complete analysis for TSE:3962
PB 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 
