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Change HoldingsTSE:3962 -2.04%70 3-Year ROIIC % is 7.29 as of Mar. 2026, which is 51% below its 10-year median of 14.75. GuruFocus rates TSE:3962 with a GF Score™ of 70/100 and a GF Value™ of 円1,898.19 (Significantly Undervalued). The stock has 5 warning signs investors should review. Among 2,623 Software companies, Change Holdings ranks better than 53.95% on this metric.
3-Year Return on Invested Incremental Capital (3-Year ROIIC %) measures the change in earnings as a percentage of change in investment over 3-year.
Change Holdings's 3-Year ROIIC % for the quarter that ended in Mar. 2026 was 7.29%. High ROIIC is generally an indication that your business is capital efficient or has a higher operating leverage.
The industry rank for Change Holdings's 3-Year ROIIC % or its related term are showing as below:
TSE:3962's 3-Year ROIIC % is ranked better than 53.95% of 2623
companies
in the Software industry
Industry Median: 5.33
vs TSE:3962: 7.29
Return on Incremental Invested Capital (ROIIC) is an extension of Return on Investment Capital (ROIC). ROIC % tells investors how efficiently that profitability is earned per dollar of company capital. ROIIC narrows the focus even further and shows how profitable each additional unit of capital investment could be. ROIIC % is a more powerful metric than ROIC because it measures how much money the company can generate going forward on future capital investments.
High ROIIC is generally an indication that your business is capital efficient or has a higher operating leverage.
Be Aware
It's important to keep in mind that when tracking ROIIC, the metric is better suited to forecasting the trend of future returns rather than measuring current return on investment.
Change Holdings 3-Year ROIIC % Related Terms
Change Holdings 3-Year ROIIC % Historical Data
* Premium members only.
The historical data trend for Change Holdings's 3-Year ROIIC % 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: 3-Year ROIIC % Comparison
For the Information Technology Services subindustry, Change Holdings's 3-Year ROIIC %, along with its competitors' market caps and 3-Year ROIIC % 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 3-Year ROIIC % vs Software Industry
For the Software industry and Technology sector, Change Holdings's 3-Year ROIIC % distribution charts can be found below:
* The bar in red indicates where Change Holdings's 3-Year ROIIC % falls into.
Change Holdings's 3-Year ROIIC % for the quarter that ended in Mar. 2026 is calculated as:
3-Year ROIIC %
=
3-Year Incremental Net Operating Profit After Taxes (NOPAT)**
/
3-Year Incremental Invested Capital**
=
( 7224.4835 (Mar. 2026) - 3977.9667 (Mar. 2023) )
/
( 66174 (Mar. 2026) - 21626 (Mar. 2023) )
=
3246.5168
/
44548
=
7.29%***
* 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.
** Annual data of NOPAT and Invested Capital was used to calculate 3-Year ROIIC %.
*** Please be aware that the ROIIC (Return on Invested Capital) calculations are based on company-level data using the primary share class. The calculated data provided is for demonstration purposes and may slightly differ from the results displayed in the title due to potential variations caused by currency exchange rate differences throughout the year.
Change Holdings (TSE:3962) has a 3-Year ROIIC % of 7.29 as of Mar. 2026. 3-Year ROIIC % measures the change in earnings as a percentage of change in investment over 3-year. View historical data on Change Holdings and its competitors. This is 51% below median its historical median of 14.75. Over the past decade, Change Holdings' 3-Year ROIIC % has ranged from 6.48 to 305.53. According to the industry distribution chart, Change Holdings ranks #1208 out of 2623 companies in the Software industry, placing it in the top 46.1%.
Is Change Holdings' 3-Year ROIIC % too high?
Change Holdings' current 3-Year ROIIC % of 7.29 is 51% below median its 10-year median of 14.75. Over the past 10 years, this metric has ranged from a low of 6.48 to a high of 305.53. The Software industry median 3-Year ROIIC % is 5.33. Change Holdings' value of 7.29 is 36.8% above this industry median. Based on the distribution chart, Change Holdings ranks #1208 out of 2623 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' 3-Year ROIIC % compare to IBM and ACN?
According to the Software industry distribution chart, Change Holdings ranks #1208 out of 2623 companies for 3-Year ROIIC %. This puts Change Holdings in the upper half of its industry. The industry median 3-Year ROIIC % is 5.33. Change Holdings' value of 7.29 is 36.8% above this benchmark. Historically, Change Holdings' own 3-Year ROIIC % has ranged from 6.48 to 305.53 over the past decade. While the company's 10-year median is 14.75 vs. the industry median of 5.33, Change Holdings has consistently been above 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 3-Year ROIIC % for a Software company?
The median 3-Year ROIIC % among Software companies is 5.33, based on 2,623 companies in the industry. Companies in the top quartile (top 25%) have a 3-Year ROIIC % significantly above this median, while those in the bottom quartile fall well below. However, 3-Year ROIIC % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Change Holdings's current 3-Year ROIIC % of 7.29 is 36.8% above 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 3-Year ROIIC % mean?
A high 3-Year ROIIC % can signal that a stock is expensive relative to its fundamentals. 3-Year ROIIC % measures the change in earnings as a percentage of change in investment over 3-year. View historical data on Change Holdings and its competitors. For the Software industry, the median 3-Year ROIIC % is 5.33 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Change Holdings's current 3-Year ROIIC % is 7.29, which is 51% below median its own 10-year median of 14.75. 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1,898.19, compared to a current price of 円960.00 — trading 49.4% below its estimated fair value. The current 3-Year ROIIC % is 7.29, which is 51% below median its 10-year median of 14.75 and 36.8% above the Software industry median of 5.33. 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 3-Year ROIIC % calculated?
3-Year ROIIC % is calculated from a company's financial statements. For Change Holdings (TSE:3962), the current 3-Year ROIIC % is 7.29 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960.00 is trading 49.4% below its estimated GF Value™ of 円1,898.19.
GuruFocus considers Change Holdings to be Significantly Undervalued.
Key valuation signals for TSE:3962:
3-Year ROIIC %: 7.29 (51% below median its 10-year median of 14.75)
GF Value™: 円1,898.19 vs. price of 円960.00 (49.4% below fair value)
Industry Position: 36.8% above the Software median (#1208 of 2623)
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
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