Change Holdings (TSE:3962) ROCE %: 1.90% (As of Mar. 2026)

What is Change Holdings ROCE %?

Change Holdings TSE:3962 -0.32% 74 ROCE % is 1.90% as of Mar. 2026. GuruFocus rates TSE:3962 with a GF Score™ of 74/100 and a GF Value™ of 円1,861.20 (Significantly Undervalued). The stock has 5 warning signs investors should review.

ROCE % measures how well a company generates profits from its capital. It is calculated as EBIT divided by Capital Employed, where Capital Employed is calculated as Total Assets minus Total Current Liabilities. Change Holdings's annualized ROCE % for the quarter that ended in Mar. 2026 was 1.90%.

Change Holdings (TSE:3962) ROCE % Explanation

ROCE % can be especially useful when comparing the performance of capital-intensive companies. Unlike ROE %, which indicates the profitability of Shareholders Equity, ROCE % also considers long-term debt in Capital Employed. This can be helpful when analyzing companies with significant debt, as the result is neutralized by taking debt into consideration.

Generally speaking, a higher ROCE % indicates a stonger profitability for a company. Moreover, it is important to look at the ratio from a long term perspective. Investors tend to favor companies with stable and rising ROCE % trend over those with volatile ones.

Change Holdings ROCE % Related Terms

Change Holdings ROCE % Historical Data

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The historical data trend for Change Holdings's ROCE % 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.

Change Holdings ROCE % Chart

Change Holdings Annual Data

Trend

Sep16

Sep17

Sep18

Sep19

Sep20

Sep21

Mar23

Mar24

Mar25

Mar26

ROCE %

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26.14

14.86

12.80

17.41

14.27

Change Holdings Quarterly Data
	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
ROCE %	Get a 7-Day Free Trial															2.11	5.09	10.07	40.24	1.90

74GF Score

Change Holdings Inc TSE:3962

ROCE % is just one metric. See GF Score™, valuation, warning signs, and more.

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Change Holdings ROCE % Calculation

Change Holdings's annualized ROCE % for the fiscal year that ended in Mar. 2026 is calculated as:

ROCE %	=	EBIT	/	( (Capital Employed	+	Capital Employed)	/ count )
		(A: Mar. 2026 )		(A: Mar. 2025 )		(A: Mar. 2026 )
	=	EBIT	/	( ( (Total Assets - Total Current Liabilities)	+	(Total Assets - Total Current Liabilities) )	/ count )
		(A: Mar. 2026 )		(A: Mar. 2025 )		(A: Mar. 2026 )
	=	11581	/	( ( (104861 - 23411)	+	(105605 - 24728) )	/ 2 )
	=	11581	/	( (81450	+	80877)	/ 2 )
	=	11581	/	81163.5
	=	14.27 %

Change Holdings's ROCE % of for the quarter that ended in Mar. 2026 is calculated as:

ROCE %	=	EBIT ⁽¹⁾	/	( (Capital Employed	+	Capital Employed)	/ count )
		(Q: Mar. 2026 )		(Q: Dec. 2025 )		(Q: Mar. 2026 )
	=	EBIT	/	( ( (Total Assets - Total Current Liabilities)	+	(Total Assets - Total Current Liabilities) )	/ count )
		(Q: Mar. 2026 )		(Q: Dec. 2025 )		(Q: Mar. 2026 )
	=	1556	/	( ( (126350 - 43693)	+	(105605 - 24728) )	/ 2 )
	=	1556	/	( ( 82657	+	80877 )	/ 2 )
	=	1556	/	81767
	=	1.90 %

(1) Note: The EBIT data used here is four times the quarterly (Mar. 2026) EBIT data.

Frequently Asked Questions Learn more about ROCE % →

What does a ROCE % of 1.90% mean?

Change Holdings (TSE:3962) has a ROCE % of 1.90% as of Mar. 2026.

Is Change Holdings' ROCE % too high?

Change Holdings' current ROCE % is 1.90%. The Software industry median ROCE % is 5.19. Change Holdings' value of 1.90% is 63.4% below this industry median. Overall, Change Holdings has a GF Score™ of 74/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.

How does Change Holdings' ROCE % compare to IBM and ACN?

Change Holdings' ROCE % of 1.90% can be compared against companies in the Software industry. The industry median ROCE % is 5.19. Change Holdings' value of 1.90% is 63.4% below this benchmark. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.

What is a good ROCE % for a Software company?

The median ROCE % among Software companies is 5.19, based on 2,709 companies in the industry. Companies in the top quartile (top 25%) have a ROCE % significantly above this median, while those in the bottom quartile fall well below. However, ROCE % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Change Holdings's current ROCE % of 1.90% is 63.4% 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 ROCE % mean?

A high ROCE % can signal that a stock is expensive relative to its fundamentals. For the Software industry, the median ROCE % is 5.19 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Change Holdings's current ROCE % is 1.90%. 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1,861.20, compared to a current price of 円937.00 — trading 49.7% below its estimated fair value. The current ROCE % is 1.90% and 63.4% below the Software industry median of 5.19. Change Holdings' overall GF Score™ is 74/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.

How is ROCE % calculated?

ROCE % is calculated from a company's financial statements. For Change Holdings (TSE:3962), the current ROCE % is 1.90% 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937.00 is trading 49.7% below its estimated GF Value™ of 円1,861.20. GuruFocus considers Change Holdings to be Significantly Undervalued.

Key valuation signals for TSE:3962:

ROCE %: 1.90%
GF Value™: 円1,861.20 vs. price of 円937.00 (49.7% below fair value)
GF Score™: 74/100 with 5 warning signs
Industry Position: 63.4% below the Software median

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 Business Description

Industry Technology Software

Comparable Companies TSE:3762 TSE:3636 TSE:4832 TSE:4674 TSE:9889 TSE:3817 TSE:4413 TSE:3854 TSE:4819 TSE:9742 IBM NSE:TCS ACN NSE:INFY TSE:6702 TSE:6701 NSE:HCLTECH FISV XMAD:AMS FIS

Address 3-17-1 Toranomon, 6th Floor, TOKYU REIT Toranomon Building, Minato-ku, Tokyo, JPN, 105-0001

Website https://www.change-jp.com

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.

74GF Score

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円937.00

Price

円1,861.20

GF Value

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