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Change Holdings Valuation Multiples
Discover revenue and EBITDA valuation multiples for Change Holdings and similar public comparables like TXT Group, Metrodata Electronics, Saudi AZM, Novabase and more.
Change Holdings Overview
About Change Holdings
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.
Founded
2003
HQ
Employees
475
Website
Sectors
Financials (LTM)
EV
$436M
Change Holdings Financials
Change Holdings reported last 12-month revenue of $318M.
In the same LTM period, Change Holdings generated $52M in net income.
Revenue (LTM)
Change Holdings P&L
In the most recent fiscal year, Change Holdings reported revenue of $318M and EBITDA of $100M.
Change Holdings expects next 12-month revenue of XXX and NTM EBITDA of XXX
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue | $318M | XXX | $318M | XXX | XXX | XXX |
| Gross Profit | — | XXX | $162M | XXX | XXX | XXX |
| Gross Margin | — | XXX | 51% | XXX | XXX | XXX |
| EBITDA | — | XXX | $100M | XXX | XXX | XXX |
| EBITDA Margin | — | XXX | 31% | XXX | XXX | XXX |
| EBIT Margin | 29% | XXX | 29% | XXX | XXX | XXX |
| Net Profit | $52M | XXX | $52M | XXX | XXX | XXX |
| Net Margin | 16% | XXX | 16% | XXX | XXX | XXX |
| Net Debt | — | — | $16M | XXX | XXX | XXX |
Financial data powered by Morningstar, Inc.
Change Holdings Stock Performance
Change Holdings has current market cap of $409M, and enterprise value of $436M.
Market Cap Evolution
Change Holdings' stock price is $5.88.
| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $436M | $409M | 0.0% | XXX | XXX | XXX | $0.74 |
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Start Free TrialChange Holdings Valuation Multiples
Change Holdings trades at 1.4x EV/Revenue multiple, and 4.4x EV/EBITDA.
EV / Revenue (LTM)
Change Holdings Financial Valuation Multiples
As of March 17, 2026, Change Holdings has market cap of $409M and EV of $436M.
Equity research analysts estimate Change Holdings' 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
Change Holdings has a P/E ratio of 7.9x.
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Market cap (current) | $409M | XXX | $409M | XXX | XXX | XXX |
| EV (current) | $436M | XXX | $436M | XXX | XXX | XXX |
| EV/Revenue | 1.4x | XXX | 1.4x | XXX | XXX | XXX |
| EV/EBITDA | — | XXX | 4.4x | XXX | XXX | XXX |
| EV/EBIT | 4.7x | XXX | 4.7x | XXX | XXX | XXX |
| EV/Gross Profit | — | XXX | 2.7x | XXX | XXX | XXX |
| P/E | 7.9x | XXX | 7.9x | XXX | XXX | XXX |
| EV/FCF | — | XXX | 10.2x | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Verified Change Holdings Valuation Multiples
Access all public comps and forward-looking valuation multiples like EV/Revenue in 2027, based on consensus analyst estimates. Powered by FactSet and Morningstar.
Change Holdings Margins & Growth Rates
Change Holdings' revenue in the last fiscal year grew by 5%.
Change Holdings' revenue per employee in the last FY averaged $0.7M.
Change Holdings Operational Valuation Multiples
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue Growth | — | XXX | 5% | XXX | XXX | XXX |
| EBITDA Margin | — | XXX | 31% | XXX | XXX | XXX |
| EBITDA Growth | — | XXX | 12% | XXX | XXX | XXX |
| Revenue per Employee | — | XXX | $0.7M | XXX | XXX | XXX |
| G&A Expenses to Revenue | — | XXX | 26% | XXX | XXX | XXX |
| Opex to Revenue | — | XXX | 26% | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Change Holdings Public Comps
See public comps and valuation multiples for other IT Consulting comps.
| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| LTM | 2026E | 2027E | LTM | 2026E | 2027E | |
| TXT Group | XXX | XXX | XXX | XXX | XXX | XXX |
| Metrodata Electronics | XXX | XXX | XXX | XXX | XXX | XXX |
| Saudi AZM | XXX | XXX | XXX | XXX | XXX | XXX |
| Novabase | XXX | XXX | XXX | XXX | XXX | XXX |
| Computer Eng & Consulting | 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 M&A Activity
Change Holdings acquired XXX companies to date.
Last acquisition by Change Holdings was on XXXXXXXX, XXXXX. Change Holdings acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Acquisitions by Change Holdings
| Acquired Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialChange Holdings Investment Activity
Change Holdings invested in XXX companies to date.
Change Holdings made its latest investment on XXXXXXXX, XXXXX. Change Holdings invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Investments by Change Holdings
| Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialAbout Change Holdings
| 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 over 475 employees. |
| Is Change Holdings publicly listed? | Yes, Change Holdings is a public company listed on Tokyo Stock Exchange. |
| 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? | Change Holdings main competitors are TXT Group, Metrodata Electronics, Saudi AZM, Novabase. |
| What is the current market cap of Change Holdings? | Change Holdings' current market cap is $409M. |
| What is the current revenue of Change Holdings? | Change Holdings' last 12 months revenue is $318M. |
| What is the current EV/Revenue multiple of Change Holdings? | Current revenue multiple of Change Holdings is 1.4x. |
| Is Change Holdings profitable? | Yes, Change Holdings is net-income-positive (as of the last 12 months). |
| What is the current net income of Change Holdings? | Change Holdings' last 12 months net income is $52M. |
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