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 -2.16%69 PS Ratio is 1.26 as of Jul. 22, 2026, which is 83% below its 10-year median of 7.38. GuruFocus rates TSE:3962 with a GF Score™ of 69/100 and a GF Value™ of 円1,886.51 (Significantly Undervalued). The stock has 5 warning signs investors should review. Among 2,790 Software companies, Change Holdings ranks better than 63.48% on this metric.
The PS Ratio, or Price-to-Sales ratio, or Price/Sales, is a financial ratio used to compare a company's market price to its Revenue per Share. As of today, Change Holdings's share price is 円953.00.
Change Holdings's Revenue per Share for the trailing twelve months (TTM) ended in Mar. 2026 was 円759.14. Hence, Change Holdings's PS Ratio for today is 1.26.
Good Sign:
Change Holdings Inc stock PS Ratio (=1.28) is close to 10-year low of 1.18.
The historical rank and industry rank for Change Holdings's PS Ratio or its related term are showing as below:
TSE:3962'
s PS Ratio Range Over the Past 10 Years
Min: 1.18 Med: 7.38 Max: 30.55
Current: 1.25
During the past 11 years, Change Holdings's highest PS Ratio was 30.55. The lowest was 1.18. And the median was 7.38.
TSE:3962's PS Ratio is ranked better than 63.48% of 2790
companies
in the Software industry
Industry Median: 2
vs TSE:3962: 1.25
Change Holdings Inc revenue growth has slowed down over the past 12 months.
During the past 12 months, the average Revenue per Share Growth Rate of Change Holdings was 14.90% per year.
During the past 3 years, the average Revenue per Share Growth Rate was 40.80% per year.
During the past 5 years, the average Revenue per Share Growth Rate was 39.40% per year.
During the past 10 years, the average Revenue per Share Growth Rate was 44.60% per year.
During the past 11 years, Change Holdings's highest 3-Year average Revenue per Share Growth Rate was 69.40% per year. The lowest was 11.30% per year. And the median was 45.10% per year.
Back to Basics: PS Ratio
Change Holdings (TSE:3962) PS Ratio Explanation
The PS Ratio is an excellent valuation indicator if you want to compare a stock with its historical valuation or with the stocks in the same industry. The PS Ratio works especially well when you want to compare the stock's current valuation with its historical valuation. The PS Ratio is a great valuation tool for evaluating cyclical businesses where the PE Ratio works poorly. It works the best when comparing the current valuation with the historical valuation because over time, a company's profit margin tends to revert to the mean.
When the PS Ratio is applied to the whole stock market, it can be used to evaluate the current market valuation and projected returns. In this case, the price is the total market cap of all stocks that are traded, and sales are the GDP of the country. This is how Warren Buffett estimates the broad market valuation and project future returns.
The PS Ratio does not tell you how cheap or expensive the stock is. It cannot be used to compare companies in different industries. It works better for companies within the same industry because these companies tend to have similar capital structures and profit margins. It works the best when comparing a company with itself in the past.
Change Holdings PS Ratio Related Terms
Change Holdings PS Ratio Historical Data
* Premium members only.
The historical data trend for Change Holdings's PS 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 PS Ratio, along with its competitors' market caps and PS 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 PS Ratio vs Software Industry
For the Software industry and Technology sector, Change Holdings's PS Ratio distribution charts can be found below:
* The bar in red indicates where Change Holdings's PS Ratio falls into.
The PS Ratio, or Price-to-Sales ratio, or Price/Sales, is a financial ratio used to compare a company's market price to its Revenue per Share. It is a ratio widely used to value stocks and it was first used by Ken Fisher.
Change Holdings's Share Price of today is 円953.00. Change Holdings's Revenue per Share 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759.14.
* 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:
Change Holdings (TSE:3962) has a PS Ratio of 1.26 as of Jul. 22, 2026. Price-to-Sales ratio is the ratio of share price to a company's revenue per share. View historical data on Change Holdings and its competitors. This is 83% below median its historical median of 7.38. Over the past decade, Change Holdings' PS Ratio has ranged from 1.18 to 30.55. According to the industry distribution chart, Change Holdings ranks #1019 out of 2790 companies in the Software industry, placing it in the top 36.5%.
Is Change Holdings' PS Ratio too high?
Change Holdings' current PS Ratio of 1.26 is 83% below median its 10-year median of 7.38. Over the past 10 years, this metric has ranged from a low of 1.18 to a high of 30.55. The Software industry median PS Ratio is 2.00. Change Holdings' value of 1.26 is 37% below this industry median. Based on the distribution chart, Change Holdings ranks #1019 out of 2790 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' PS Ratio compare to IBM and ACN?
According to the Software industry distribution chart, Change Holdings ranks #1019 out of 2790 companies for PS Ratio. This puts Change Holdings in the upper half of its industry. The industry median PS Ratio is 2.00. Change Holdings' value of 1.26 is 37% below this benchmark. Historically, Change Holdings' own PS Ratio has ranged from 1.18 to 30.55 over the past decade. While the company's 10-year median is 7.38 vs. the industry median of 2.00, 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 PS Ratio for a Software company?
The median PS Ratio among Software companies is 2.00, based on 2,790 companies in the industry. Companies in the top quartile (top 25%) have a PS Ratio significantly above this median, while those in the bottom quartile fall well below. However, PS Ratio should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Change Holdings's current PS Ratio of 1.26 is 37% 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 PS Ratio mean?
A high PS Ratio can signal that a stock is expensive relative to its fundamentals. Price-to-Sales ratio is the ratio of share price to a company's revenue per share. View historical data on Change Holdings and its competitors. For the Software industry, the median PS Ratio is 2.00 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Change Holdings's current PS Ratio is 1.26, which is 83% below median its own 10-year median of 7.38. 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1,886.51, compared to a current price of 円953.00 — trading 49.5% below its estimated fair value. The current PS Ratio is 1.26, which is 83% below median its 10-year median of 7.38 and 37% below the Software industry median of 2.00. 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 PS Ratio calculated?
PS Ratio is calculated from a company's financial statements. For Change Holdings (TSE:3962), the current PS Ratio is 1.26 as of Jul. 22, 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953.00 is trading 49.5% below its estimated GF Value™ of 円1,886.51.
GuruFocus considers Change Holdings to be Significantly Undervalued.
Key valuation signals for TSE:3962:
PS Ratio: 1.26 (83% below median its 10-year median of 7.38)
GF Value™: 円1,886.51 vs. price of 円953.00 (49.5% below fair value)
Industry Position: 37% below the Software median (#1019 of 2790)
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
PS 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 
