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Change HoldingsTSE:3962 +2.21%78 Return-on-Tangible-Asset is 0.28% as of Mar. 2026, which is 98% below its 10-year median of 11.46. GuruFocus rates TSE:3962 with a GF Score™ of 78/100 and a GF Value™ of 円1,906.95 (Significantly Undervalued). The stock has 5 warning signs investors should review. Among 2,894 Software companies, Change Holdings ranks better than 73.64% on this metric.
Return-on-Tangible-Asset is calculated as Net Income divided by its average total tangible assets. Total tangible assets equals to Total Assets minus Intangible Assets. Change Holdings's annualizedNet Income for the quarter that ended in Mar. 2026 was 円220 Mil. Change Holdings's average total tangible assets for the quarter that ended in Mar. 2026 was 円77,889 Mil. Therefore, Change Holdings's annualized Return-on-Tangible-Asset for the quarter that ended in Mar. 2026 was 0.28%.
The historical rank and industry rank for Change Holdings's Return-on-Tangible-Asset or its related term are showing as below:
TSE:3962'
s Return-on-Tangible-Asset Range Over the Past 10 Years
Min: 7.9 Med: 11.46 Max: 22.29
Current: 9.43
During the past 11 years, Change Holdings's highest Return-on-Tangible-Asset was 22.29%. The lowest was 7.90%. And the median was 11.46%.
TSE:3962's Return-on-Tangible-Asset is ranked better than 73.64% of 2894
companies
in the Software industry
Industry Median: 2.13
vs TSE:3962: 9.43
Return-on-Tangible-Asset measures the rate of return on the average total tangible assets (total assets minus intangible assets). Tangible means physical in nature. Intangible Assets are assets that are not physical in nature, and typically "derive their value from legal or intellectual rights." Return-on-Tangible-Asset measures a firm's efficiency at generating profits from its tangible assets. It shows how well a company uses what it has to generate earnings. Return-on-Tangible-Assets can vary drastically across industries. Therefore, Return-on-Tangible-Asset should not be used to compare companies in different industries.
Be Aware
Like ROE and ROA, Return-on-Tangible-Asset is calculated with only 12 months data. Fluctuations in the companys earnings or business cycles can affect the ratio drastically. It is important to look at the ratio from a long term perspective. Return-on-Tangible-Asset can be affected by events such as stock buyback or issuance, and by a companys tax rate and its interest payment. Return-on-Tangible-Asset may not reflect the true earning power of the assets. A more accurate measurement is ROC % (ROC).
Many analysts argue the higher return the better. Buffett states that really high Return-on-Tangible-Asset may indicate vulnerability in the durability of the competitive advantage.
Change Holdings Return-on-Tangible-Asset Related Terms
Change Holdings Return-on-Tangible-Asset Historical Data
* Premium members only.
The historical data trend for Change Holdings's Return-on-Tangible-Asset 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: Return-on-Tangible-Asset Comparison
For the Information Technology Services subindustry, Change Holdings's Return-on-Tangible-Asset, along with its competitors' market caps and Return-on-Tangible-Asset 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 Return-on-Tangible-Asset vs Software Industry
For the Software industry and Technology sector, Change Holdings's Return-on-Tangible-Asset distribution charts can be found below:
* The bar in red indicates where Change Holdings's Return-on-Tangible-Asset falls into.
* 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.
In the calculation of annual Return-on-Tangible-Asset, the net income of the last fiscal year and the average total tangible assets over the fiscal year are used. In calculating the quarterly data,
the Net Income data used here is four times the quarterly (Mar. 2026) net income data.
What does a Return-on-Tangible-Asset of 0.28% mean?
Change Holdings (TSE:3962) has a Return-on-Tangible-Asset of 0.28% as of Mar. 2026. Return on tangible assets is the ratio of current-period net income to average two-period tangible assets. View historical data on Change Holdings and its competitors. This is 98% below median its historical median of 11.46. Over the past decade, Change Holdings' Return-on-Tangible-Asset has ranged from 7.90 to 22.29. According to the industry distribution chart, Change Holdings ranks #763 out of 2894 companies in the Software industry, placing it in the top 26.4%.
Is Change Holdings' Return-on-Tangible-Asset too high?
Change Holdings' current Return-on-Tangible-Asset of 0.28% is 98% below median its 10-year median of 11.46. Over the past 10 years, this metric has ranged from a low of 7.90 to a high of 22.29. The Software industry median Return-on-Tangible-Asset is 2.13. Change Holdings' value of 0.28% is 86.9% below this industry median. Based on the distribution chart, Change Holdings ranks #763 out of 2894 companies in the Software industry, which is above the industry midpoint. Overall, Change Holdings has a GF Score™ of 78/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Change Holdings' Return-on-Tangible-Asset compare to IBM and ACN?
According to the Software industry distribution chart, Change Holdings ranks #763 out of 2894 companies for Return-on-Tangible-Asset. This puts Change Holdings in the upper half of its industry. The industry median Return-on-Tangible-Asset is 2.13. Change Holdings' value of 0.28% is 86.9% below this benchmark. Historically, Change Holdings' own Return-on-Tangible-Asset has ranged from 7.90 to 22.29 over the past decade. While the company's 10-year median is 11.46 vs. the industry median of 2.13, 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 Return-on-Tangible-Asset for a Software company?
The median Return-on-Tangible-Asset among Software companies is 2.13, based on 2,894 companies in the industry. Companies in the top quartile (top 25%) have a Return-on-Tangible-Asset significantly above this median, while those in the bottom quartile fall well below. However, Return-on-Tangible-Asset should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Change Holdings's current Return-on-Tangible-Asset of 0.28% is 86.9% 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 Return-on-Tangible-Asset mean?
A high Return-on-Tangible-Asset can signal that a stock is expensive relative to its fundamentals. Return on tangible assets is the ratio of current-period net income to average two-period tangible assets. View historical data on Change Holdings and its competitors. For the Software industry, the median Return-on-Tangible-Asset is 2.13 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Change Holdings's current Return-on-Tangible-Asset is 0.28%, which is 98% below median its own 10-year median of 11.46. 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1,906.95, compared to a current price of 円973.00 — trading 49% below its estimated fair value. The current Return-on-Tangible-Asset is 0.28%, which is 98% below median its 10-year median of 11.46 and 86.9% below the Software industry median of 2.13. Change Holdings' overall GF Score™ is 78/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Return-on-Tangible-Asset calculated?
Return-on-Tangible-Asset is calculated from a company's financial statements. For Change Holdings (TSE:3962), the current Return-on-Tangible-Asset is 0.28% 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973.00 is trading 49% below its estimated GF Value™ of 円1,906.95.
GuruFocus considers Change Holdings to be Significantly Undervalued.
Key valuation signals for TSE:3962:
Return-on-Tangible-Asset: 0.28% (98% below median its 10-year median of 11.46)
GF Value™: 円1,906.95 vs. price of 円973.00 (49% below fair value)
Industry Position: 86.9% below the Software median (#763 of 2894)
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.
78GF Score
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