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Employees: 1,439
Size CHANGE Holdings,Inc (3962.T) is a Japan Information Technology company (Packaged Software) with a market value of $407M, the 1176th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥877 on 6 Nov 2026.
Performance Over six months the shares fell 2.8%, against -8.5% for the median peer and +1.8% for the Japan market (cap-weighted) — 10th highest of 21 in its peer set.
Growth Revenue grew 11.7% over the last twelve months (peer median +15.3%); the operating margin is 20.3% (peer median 10.5%).
Valuation It trades at 1.4× enterprise value to sales against a peer median of 3.3× (7th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about -13% a year for seven years (Req g). Recent delivered growth is +38%, so the hurdle is -51 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 6.7 points above its cost of capital (5.0% WACC).
Next results Next results expected around 12 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥53.8B | ¥52.8B | ¥46.4B | ¥37.0B | ¥20.0B |
| Revenue growth | — | +14% | +25% | +85% | — |
| Gross profit | ¥29.4B | ¥27.2B | ¥24.7B | ¥22.3B | ¥12.2B |
| EBITDA | ¥13.7B | ¥13.9B | ¥15.0B | ¥11.4B | ¥6.34B |
| Net income | ¥6.57B | ¥6.94B | ¥7.47B | ¥4.26B | ¥3.86B |
| Free cash flow | ¥8.07B | ¥6.88B | ¥7.65B | ¥11.1B | -¥3.06B |
| Capital expenditure | ¥1.23B | ¥904M | ¥1.01B | ¥2.22B | ¥3.19B |
| Total debt | ¥27.6B | ¥29.1B | ¥34.5B | ¥24.0B | ¥3.41B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 3962.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -11.7% | -9.1% | 9th lowest of 21 |
| 6-month return | -2.8% | -8.5% | 10th highest of 21 |
| Distance from 52-week high | -26.6% | -32.0% | 9th highest of 21 |
| Revenue growth (TTM) | +11.7% | +15.3% | 10th lowest of 21 |
| Operating margin | 20.3% | 10.5% | 4th highest of 21 |
| EV / Sales | 1.4× | 3.3× | 7th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | -13.0% | 6.4% | 3rd least demanding of 11 |
| Growth delivered (Del g) | +38.0% | +12.4% | 2nd highest of 11 |
| Hurdle (Req g minus delivered) | -51.1 pp | -1.8 pp | 2nd least demanding of 11 |
| ROIC minus cost of capital | +6.7 pp | +4.1 pp | 9th highest of 19 |
| EV / EBITDA | 5.5× | 10.1× | 4th cheapest of 14 |
| Net debt / EBITDA | 0.2× | -2.5× | 2nd most indebted of 14 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| CHANGE Holdings,Inc 3962.T | Japan | $407M | -3% | +12% | 20% | 1.4× | -13.0% | +38.0% |
| Agora, Inc. Sponsored ADR API | United States | $408M | -2% | +14% | -5% | 1.1× | n/a | n/a |
| Gstarsoft 688657.SS | China | $415M | -19% | +17% | 8% | 4.1× | 28.1% | +12.1% |
| Kambi KAMBI.ST | Sweden | $398M | 0% | -10% | 9% | 2.0× | 6.1% | +7.7% |
| TASUKI 166A.T | Japan | $398M | +27% | +45% | 14% | 1.3× | n/a | n/a |
| Artrya AYA.AX | Australia | $397M | -27% | 0% | -97,479% | 17,814.0× | n/a | n/a |
| Abaxx Technologies ABXX.TO | Canada | $396M | -72% | +304% | -2,744% | 189.8× | n/a | n/a |
| Fukui Computer 9790.T | Japan | $393M | -9% | +10% | 43% | 2.4× | -17.7% | +5.3% |
| Network People Services Technologies NPST.NS | India | $392M | +44% | +47% | 20% | 17.0× | n/a | n/a |
| Shimeng Supply Chain Management 001220.SZ | China | $392M | -29% | -17% | 16% | 2.3× | -0.1% | +1.9% |
| Finatext 4419.T | Japan | $392M | +6% | +44% | 16% | 5.0× | n/a | n/a |
| Shenzhen ZQgame 300052.SZ | China | $391M | -15% | -18% | -17% | 17.6× | n/a | n/a |
| PlayWay Spolka Akcyjna PLW.WA | Poland | $425M | +5% | +8% | 45% | 4.5× | -3.4% | +12.7% |
| Software Service 3733.T | Japan | $389M | 0% | +23% | 17% | 1.0× | -13.3% | +15.6% |
| Capillary Technologies India CAPILLARY.NS | India | $427M | -8% | +23% | 3% | 4.8× | 49.7% | +33.9% |
| Fino 033790.KS | South Korea | $428M | -53% | +195% | 5% | 1.3× | 6.6% | +60.2% |
| TPIsoftware 7781.TWO | Taiwan | $386M | -32% | -16% | -32% | 17.1× | n/a | n/a |
| IGG 0799.HK | Hong Kong | $431M | -11% | -1% | 12% | 0.3× | n/a | n/a |
| Datasection 3905.T | Japan | $384M | +6% | +1,178% | 22% | 1.5× | n/a | n/a |
| ExaWizards 4259.T | Japan | $384M | -11% | +28% | 13% | 4.1× | 40.9% | +35.6% |
| Materialise NV Sponsored ADR MTLS | United States | $432M | +25% | +10% | 2% | 1.1× | 26.0% | +9.2% |