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Change Holdings Inc provides mobility, IoT (Internet of Things)Â 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.
2003
475
LTM Revenue $318M
Last FY EBITDA $63.6M
$596M
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Change Holdings has a last 12-month revenue (LTM) of $318M and a last 12-month EBITDA of n/a.
In the most recent fiscal year, Change Holdings achieved revenue of $254M and an EBITDA of $63.6M.
Change Holdings expects next 12-month revenue of XXX and NTM EBITDA of XXX
See Change Holdings valuation multiples based on analyst estimates| LTM | NTM | Last FY | FY 2025 | FY 2026 | FY 2027 | |
|---|---|---|---|---|---|---|
| Revenue | $318M | XXX | $254M | XXX | XXX | XXX |
| Gross Profit | $318M | XXX | $158M | XXX | XXX | XXX |
| Gross Margin | 100% | XXX | 62% | XXX | XXX | XXX |
| EBITDA | n/a | XXX | $63.6M | XXX | XXX | XXX |
| EBITDA Margin | n/a | XXX | 25% | XXX | XXX | XXX |
| EBIT | $92.7M | XXX | $66.9M | XXX | XXX | XXX |
| EBIT Margin | 29% | XXX | 26% | XXX | XXX | XXX |
| Net Profit | $51.7M | XXX | $29.7M | XXX | XXX | XXX |
| Net Margin | 16% | XXX | 12% | XXX | XXX | XXX |
| Net Debt | XXX | XXX | n/a | XXX | XXX | XXX |
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As of May 30, 2025, Change Holdings's stock price is JPY 1193 (or $8).
Change Holdings has current market cap of JPY 83.0B (or $570M), and EV of JPY 86.8B (or $596M).
See Change Holdings trading valuation data| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $596M | $570M | XXX | XXX | XXX | XXX | $0.74 |
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Start Free TrialAs of May 30, 2025, Change Holdings has market cap of $570M and EV of $596M.
Change Holdings's trades at 2.6x EV/Revenue multiple, and 10.1x EV/EBITDA.
Equity research analysts estimate Change Holdings's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
Change Holdings has a P/E ratio of 11.0x.
See valuation multiples for Change Holdings and 12K+ public comps| LTM | NTM | Last FY | FY 2025 | FY 2026 | FY 2027 | |
|---|---|---|---|---|---|---|
| Market cap (current) | $570M | XXX | $570M | XXX | XXX | XXX |
| EV (current) | $596M | XXX | $596M | XXX | XXX | XXX |
| EV/Revenue | 1.9x | XXX | 2.6x | XXX | XXX | XXX |
| EV/EBITDA | n/a | XXX | 10.1x | XXX | XXX | XXX |
| EV/EBIT | 6.4x | XXX | 9.9x | XXX | XXX | XXX |
| EV/Gross Profit | 1.9x | XXX | n/a | XXX | XXX | XXX |
| P/E | 11.0x | XXX | 19.7x | XXX | XXX | XXX |
| EV/FCF | n/a | XXX | 13.8x | XXX | XXX | XXX |
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Access all public comps and forward-looking valuation multiples like EV/Revenue in 2025, based on equity research analyst estimates.
Start Free TrialChange Holdings's revenue per employee in the last FY averaged $0.5M, while opex per employee averaged $0.2M for the same period.
Change Holdings's rule of 40 is unknown (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).
Change Holdings's rule of X is unknown (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).
See operational valuation multiples for Change Holdings and other 12K+ public comps| LTM | NTM | Last FY | FY 2025 | FY 2026 | FY 2027 | |
|---|---|---|---|---|---|---|
| Revenue Growth | n/a | XXX | n/a | XXX | XXX | XXX |
| EBITDA Margin | n/a | XXX | 26% | XXX | XXX | XXX |
| EBITDA Growth | n/a | XXX | n/a | XXX | XXX | XXX |
| Rule of 40 | n/a | XXX | n/a | XXX | XXX | XXX |
| Bessemer Rule of X | XXX | XXX | n/a | XXX | XXX | XXX |
| Revenue per Employee | XXX | XXX | $0.5M | XXX | XXX | XXX |
| Opex per Employee | XXX | XXX | $0.2M | XXX | XXX | XXX |
| S&M Expenses to Revenue | XXX | XXX | n/a | XXX | XXX | XXX |
| G&A Expenses to Revenue | XXX | XXX | n/a | XXX | XXX | XXX |
| R&D Expenses to Revenue | XXX | XXX | n/a | XXX | XXX | XXX |
| Opex to Revenue | XXX | XXX | 36% | XXX | XXX | XXX |
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Benchmark public comps and private revenue and EBITDA valuation multiples across GRC software, cloud infrastructure, DevOps, online marketplaces and so much more!
| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| 2025E | 2026E | 2027E | 2025E | 2026E | 2027E | |
| XXX | XXX | XXX | XXX | XXX | XXX | |
| Ctac | XXX | XXX | XXX | XXX | XXX | XXX |
| Mastech Digital | XXX | XXX | XXX | XXX | XXX | XXX |
| Atturra | XXX | XXX | XXX | XXX | XXX | XXX |
| Bravura Solutions | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc.
Change Holdings acquired XXX companies to date.
Last acquisition by Change Holdings was XXXXXXXX, XXXXX XXXXX XXXXXX . Change Holdings acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX ).
See M&A valuation multiples| Acquired Company | EV | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
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Start Free Trial| When was Change Holdings founded? | Change Holdings was founded in 2003. |
| Where is Change Holdings headquartered? | Change Holdings is headquartered in Japan. |
| How many employees does Change Holdings have? | As of today, Change Holdings has 475 employees. |
| Is Change Holdings publicy listed? | Yes, Change Holdings is a public company listed on TKS. |
| What is the stock symbol of Change Holdings? | Change Holdings trades under 3962 ticker. |
| When did Change Holdings go public? | Change Holdings went public in 2016. |
| Who are competitors of Change Holdings? | Similar companies to Change Holdings include e.g. , Ctac, Mastech Digital, Atturra. |
| What is the current market cap of Change Holdings? | Change Holdings's current market cap is $570M |
| What is the current revenue of Change Holdings? | Change Holdings's last 12 months revenue is $318M. |
| What is the current EV/Revenue multiple of Change Holdings? | Current revenue multiple of Change Holdings is 1.9x. |
| Is Change Holdings profitable? | Yes, Change Holdings is EBITDA-positive (as of the last 12 months). |
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