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Change HoldingsTSE:3962 +0.84%76 ROC (Joel Greenblatt) % is 19.58% as of Mar. 2026, which is 92% below its 10-year median of 245.74. GuruFocus rates TSE:3962 with a GF Score™ of 76/100 and a GF Value™ of 円1,902.09 (Significantly Undervalued). The stock has 5 warning signs investors should review. Among 2,815 Software companies, Change Holdings ranks better than 83.45% on this metric.
Joel Greenblatt defined Return on Capital differently in his book The Little Book That Still Beats the Market (Little Books. Big Profits). He defines ROC (Joel Greenblatt) % as EBIT divided by the total of Property, Plant and Equipment and net working capital. Change Holdings's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 19.58%.
The historical rank and industry rank for Change Holdings's ROC (Joel Greenblatt) % or its related term are showing as below:
TSE:3962'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: 159.7 Med: 245.74 Max: 1767.8
Current: 190.68
During the past 11 years, Change Holdings's highest ROC (Joel Greenblatt) % was 1767.80%. The lowest was 159.70%. And the median was 245.74%.
TSE:3962's ROC (Joel Greenblatt) % is ranked better than 83.45% of 2815
companies
in the Software industry
Industry Median: 19.89
vs TSE:3962: 190.68
Change Holdings's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was -28.20% per year.
The way Joel Greenblatt defines Return on Capital is a more accurate measure of how efficiently the company generates returns onthe capital actually invested in the business. EBIT is used instead of net income because the tax and interest payment may be affected by factors other than the core business operation. Intangible assets are not included in the calculation because they don't need to be replaced.
Change Holdings ROC (Joel Greenblatt) % Related Terms
Change Holdings ROC (Joel Greenblatt) % Historical Data
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The historical data trend for Change Holdings's ROC (Joel Greenblatt) % 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: ROC (Joel Greenblatt) % Comparison
For the Information Technology Services subindustry, Change Holdings's ROC (Joel Greenblatt) %, along with its competitors' market caps and ROC (Joel Greenblatt) % 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 ROC (Joel Greenblatt) % vs Software Industry
For the Software industry and Technology sector, Change Holdings's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where Change Holdings's ROC (Joel Greenblatt) % falls into.
Joel Greenblatt defined Return on Capital differently in his book The Little Book That Still Beats the Market (Little Books. Big Profits) . He defines Return on Capital as follows:
EBIT stands for Earnings Before Interest and Taxes.
Fixed Assets are also known as non-current assets. They include the Property, Plant and Equipment that the firm needs in its operation.
GuruFocus calculates net working capital as: (Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Deferred Revenue + Other Current Liabilities). We're trying to account for OPERATING assets and liabilities (part of daily business) when calculating working capital. Cash and marketable securities are considered NON-OPERATING assets and are not included in calculation. We will also back out all interest bearing debt, short term debt and the portion of long term debt that is due in the current period from the current liabilities. This debt will be considered when computing cost of capital and it would be inappropriate to count it twice.
Note:
The EBIT data used here is four times the quarterly (Mar. 2026) EBIT data.
* 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.
What does a ROC (Joel Greenblatt) % of 19.58% mean?
Change Holdings (TSE:3962) has a ROC (Joel Greenblatt) % of 19.58% as of Mar. 2026. Joel Greenblatt's return on capital is the ratio of EBIT to average fixed assets and net working capital. View historical data on Change Holdings and its competitors. This is 92% below median its historical median of 245.74. Over the past decade, Change Holdings' ROC (Joel Greenblatt) % has ranged from 159.70 to 1,767.80. According to the industry distribution chart, Change Holdings ranks #466 out of 2815 companies in the Software industry, placing it in the top 16.6%.
Is Change Holdings' ROC (Joel Greenblatt) % too high?
Change Holdings' current ROC (Joel Greenblatt) % of 19.58% is 92% below median its 10-year median of 245.74. Over the past 10 years, this metric has ranged from a low of 159.70 to a high of 1,767.80. The Software industry median ROC (Joel Greenblatt) % is 19.89. Change Holdings' value of 19.58% is 1.6% below this industry median. Based on the distribution chart, Change Holdings ranks #466 out of 2815 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 76/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Change Holdings' ROC (Joel Greenblatt) % compare to IBM and ACN?
According to the Software industry distribution chart, Change Holdings ranks #466 out of 2815 companies for ROC (Joel Greenblatt) %. This places Change Holdings in the top 17% of its industry — outperforming the majority of peers. The industry median ROC (Joel Greenblatt) % is 19.89. Change Holdings' value of 19.58% is 1.6% below this benchmark. Historically, Change Holdings' own ROC (Joel Greenblatt) % has ranged from 159.70 to 1,767.80 over the past decade. While the company's 10-year median is 245.74 vs. the industry median of 19.89, 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 ROC (Joel Greenblatt) % for a Software company?
The median ROC (Joel Greenblatt) % among Software companies is 19.89, based on 2,815 companies in the industry. Companies in the top quartile (top 25%) have a ROC (Joel Greenblatt) % significantly above this median, while those in the bottom quartile fall well below. However, ROC (Joel Greenblatt) % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Change Holdings's current ROC (Joel Greenblatt) % of 19.58% is 1.6% 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 ROC (Joel Greenblatt) % mean?
A high ROC (Joel Greenblatt) % can signal that a stock is expensive relative to its fundamentals. Joel Greenblatt's return on capital is the ratio of EBIT to average fixed assets and net working capital. View historical data on Change Holdings and its competitors. For the Software industry, the median ROC (Joel Greenblatt) % is 19.89 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Change Holdings's current ROC (Joel Greenblatt) % is 19.58%, which is 92% below median its own 10-year median of 245.74. 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1,902.09, compared to a current price of 円959.00 — trading 49.6% below its estimated fair value. The current ROC (Joel Greenblatt) % is 19.58%, which is 92% below median its 10-year median of 245.74 and 1.6% below the Software industry median of 19.89. Change Holdings' overall GF Score™ is 76/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is ROC (Joel Greenblatt) % calculated?
ROC (Joel Greenblatt) % is calculated from a company's financial statements. For Change Holdings (TSE:3962), the current ROC (Joel Greenblatt) % is 19.58% 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959.00 is trading 49.6% below its estimated GF Value™ of 円1,902.09.
GuruFocus considers Change Holdings to be Significantly Undervalued.
Key valuation signals for TSE:3962:
ROC (Joel Greenblatt) %: 19.58% (92% below median its 10-year median of 245.74)
GF Value™: 円1,902.09 vs. price of 円959.00 (49.6% below fair value)
Industry Position: 1.6% below the Software median (#466 of 2815)
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.
76GF Score
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