# CHANGE Holdings, Inc.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第24期(2025/04/01－2026/03/31) (S100YONX)
> Page: https://vizora.meequs.com/en/company/change-holdings
> Retrieved: 2026-09-30T18:27:03.739Z

## Company

CHANGE Holdings, founded in 2003, is a company in IT Services & System Integration listed on TSE Prime. It has 1,439 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | CHANGE Holdings,Inc. |
| Ticker | 3962 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3962.T) |
| Listing | TSE Prime |
| Head office | 東京都港区虎ノ門三丁目17番1号 |
| Representative (per filing) | 代表取締役兼執行役員社長 福留 大士 |
| Founded | Apr 2003 |
| Share capital | ¥1.04B |
| Employees (consolidated) | 1,439 |
| Average salary (parent only) | ¥11.1M |
| Fiscal year end | March |
| Website | www.changeholdings.co.jp (https://www.changeholdings.co.jp/) |
| Corporate number | 4011001048627 |
| EDINET | E32620 |
| Industries (Vizora) | IT Services & System Integration, Internet Services & Apps |

> Profile source: annual securities report (S100YONX, filed 2026-07-03). As of filing

## Five-axis industry profile

Primary industry: Internet Services & Apps (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 79.4 | 51 |
| Cash conversion | 15.1 | 43 |
| Efficiency | 10.6 | 52 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- About 56% of CHANGE Holdings's sales come from Publitech business, with NEW-IT transformation business making up much of the rest.
- Out of every ¥100 of sales, about ¥21 is left as operating profit.
- Revenue changed +13.9% from the prior year, operating profit -16.4%.

## Company structure

- Segment revenue mix: Publitech business 55.9%、NEW-IT transformation business 44.1%
- Revenue → net income: ¥52827000000 → ¥7180000000
- Net income → operating cash flow: ¥7180000000 → ¥7253000000（difference ¥73000000）
- Main uses of operating cash flow: CapEx ¥904000000 / dividends ¥1454000000 / buybacks —
- Change in cash: ¥-4004000000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥52.8B |  |
| Operating income | ¥11.2B | Margin 21.2% |
| Net income | ¥6.94B | Margin 13.1% |
| Free cash flow | ¥6.35B |  |
| Largest business | Publitech business | of segment revenue 55.9% |
| Employees (consolidated) | 1,439 |  |
| EPS | ¥99.71 |  |
| Diluted EPS | ¥99.69 |  |
| Book value per share | ¥582.37 |  |
| Equity ratio | 44.3% | Derived from disclosed figures |
| Shares outstanding | 73,852,362 |  |
| Treasury shares | 4,273,400 |  |
| Shareholders | 35,735 |  |
| Average salary (parent only) | ¥11.1M | Filing company only |
| Cash ratio | 24.8% | Cash ÷ revenue 49.6% |
| Vs. industry median margin | +13.6 pp | Internet Services & Apps |
| ROE | 15.8% | Derived from disclosed figures |
| ROA | 6.6% | Derived from disclosed figures |

## Notable figures

- FY2026, revenue is 5.2× its level five years ago
- FY2026, one segment accounts for 81% of positive segment profit
- FY2026, parent-company salary changed +48% over five years

## What changed in 5 years

| Metric | FY ending Sep 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥15653000000 | ¥52827000000 | +237.5% |
| Operating income | ¥5985000000 | ¥11225000000 | +87.6% |
| Operating margin | 38.2% | 21.2% | -17 pp |
| Employees | 305 people | 1,439 people | +371.8% |
| Cash and equivalents | ¥27690000000 | ¥26181000000 | -5.4% |

### Change in segment revenue mix

Span: FY ending Sep 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| NEW-ITトランスフォーメーション事業 → NEW-ITトランスフォーメーション事業 | 18.0% |
| 投資事業 → 事業再編・廃止 | 1.2% |
| パブリテック事業 → パブリテック事業 | 55.9% |
| パブリテック事業 → 事業再編・廃止 | 25.0% |
| 新設・再編 → NEW-ITトランスフォーメーション事業 | 26.2% |

Segment revenue source references: 5 (derived)

## Income statement（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 52,827 | 100.0% | S100YONX |
| Cost of revenue | 23,994 | 45.4% | S100YONX |
| Gross profit | 28,832 | 54.6% | S100YONX |
| SG&A | 17,766 | 33.6% | S100YONX |
| Operating income | 11,225 | 21.2% | S100YONX |
| Pretax income | 11,020 | 20.9% | S100YONX |
| Income tax | 3,840 | 7.3% | S100YONX |
| Net income | 7,180 | 13.6% | S100YONX |
| Net income attributable to owners | 6,937 | 13.1% | S100YONX |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 45 |
| SG&A | 34 |
| Operating income | 21 |
| (Ref.) Net income | 13 |

### Margin funnel

Gross margin 54.6% → Operating margin 21.2% → Net margin 13.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +13.9%; Core profit growth: -16.4%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -1.18×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 46,387 | 52,827 | 6,440 | +13.9% |
| Gross profit | 25,888 | 28,832 | 2,944 | +11.4% |
| Operating income | 13,420 | 11,225 | -2,195 | -16.4% |
| Net income attributable to owners | 7,470 | 6,937 | -533 | -7.1% |
| Operating cash flow | 7,836 | 7,253 | -583 | -7.4% |
| Free cash flow | 6,825 | 6,349 | -476 | -7.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 5,992 | — | — | 476 | 138 | — | S100TWW7 |
| FY ending Sep 2020 | 10,542 | — | — | 2,049 | 4,634 | — | S100W8UY |
| FY ending Sep 2021 | 15,653 | 5,985 | 38.2% | 4,104 | 3,804 | 3,219 | S100OGNJ |
| FY ending Mar 2022 | 10,140 | 4,582 | 45.2% | 3,093 | 3,742 | 3,019 | S100R57O |
| FY ending Mar 2023 | 20,021 | 5,730 | 28.6% | 3,856 | -1,143 | -4,330 | S100TWW7 |
| FY ending Mar 2024 | 37,015 | 7,383 | 19.9% | 4,262 | 12,070 | 9,847 | S100W8UY |
| FY ending Mar 2025 | 46,387 | 13,420 | 28.9% | 7,470 | 7,836 | 6,825 | S100YONX |
| FY ending Mar 2026 | 52,827 | 11,225 | 21.2% | 6,937 | 7,253 | 6,349 | S100YONX |

## People and productivity（FY ending Mar 2026, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥36.7M |
| Operating income per employee (consolidated) | ¥7.8M |
| Net income per employee (consolidated) | ¥4.8M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 328 | 475 | 1,069 | 1,448 | 1,439 |
| Average salary (parent company) | ¥7.5M | ¥7.2M | ¥9.9M | ¥9.8M | ¥11.1M |
| Average age (parent company) | 37.4 years | 36.2 years | 40.8 years | 41.4 years | 41.6 years |
| Average tenure (parent company) | 4.4 years | 4.6 years | 4.8 years | 4.5 years | 4.1 years |

Year over year: Employees (consolidated) -0.6% · Revenue (consolidated) +13.9%

## Segments（FY ending Mar 2026, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| NEW-IT transformation business | 23,254 | 44.1% | 3,257 | 14.0% |
| Publitech business | 29,461 | 55.9% | 14,156 | 48.0% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| NEW-IT transformation business | 44.1% | 18.7% | -25.4 | 14.0% |
| Publitech business | 55.9% | 81.3% | 25.4 | 48.0% |

Segment → industry: NEW-IT transformation business → IT Services & System Integration / Publitech business → Internet Services & Apps

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 7,253 | 13.7% | S100YONX |
| Capital expenditure | 904 | 1.7% | S100YONX |
| Free cash flow | 6,349 | 12.0% | 算出 |
| Investing cash flow | -2,844 | -5.4% | S100YONX |
| Financing cash flow | -8,415 | -15.9% | S100YONX |
| Dividends paid | 1,454 | 2.8% | S100YONX |
| Change in cash | -4,004 | -7.6% | S100YONX |
| Cash and equivalents | 26,181 | 49.6% | S100YONX |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 30,407 | 22,968 | 38,403 | 30,185 | 26,181 | S100TWW7, S100W8UY, S100YONX |
| Total assets | 42,728 | 52,943 | 93,828 | 104,861 | 105,605 | S100R57O, S100TWW7, S100W8UY, S100YONX |
| Net assets | 35,506 | 39,331 | 49,923 | 49,611 | 54,781 | S100TWW7, S100W8UY, S100YONX |
| Share capital | 1,002 | 1,004 | 1,006 | 1,042 | 1,042 | S100R57O, S100TWW7, S100W8UY, S100YONX |
| Property, plant and equipment | 423 | 2,170 | 1,080 | 1,152 | 1,371 | S100R57O, S100TWW7, S100W8UY, S100YONX |
| Goodwill | 4,409 | 9,042 | 17,834 | 28,307 | 29,267 | S100R57O, S100TWW7, S100W8UY, S100YONX |
| Current assets | 35,661 | 36,699 | 56,091 | 49,823 | 49,339 | S100R57O, S100TWW7, S100W8UY, S100YONX |
| Total liabilities | 7,222 | 13,611 | 43,905 | 55,250 | 50,824 | S100R57O, S100TWW7, S100W8UY, S100YONX |
| Equity attributable to owners of parent | 33,480 | 36,477 | 39,483 | 41,191 | 46,755 | S100R57O, S100TWW7, S100W8UY, S100YONX |
| Retained earnings | 10,867 | 14,398 | 17,937 | 24,054 | 29,538 | S100R57O, S100TWW7, S100W8UY, S100YONX |
| Treasury stock | -1,405 | -1,405 | -1,405 | -5,882 | -5,882 | S100R57O, S100TWW7, S100W8UY, S100YONX |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 25% | S100YONX |
| Property, plant and equipment | 1% | S100YONX |
| Intangibles and goodwill | 28% | — |
| Other assets | 46% | S100YONX |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 48% | S100YONX |
| Equity | 52% | S100YONX |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 42,728 | 52,943 | 93,828 | 104,861 | 105,605 |
| Equity | 35,506 | 39,331 | 49,923 | 49,611 | 54,781 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 30,407 | 22,968 | 38,403 | 30,185 | 26,181 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 2.6% | S100YONX |
| Fixed assets ÷ total assets | 1.3% | S100YONX |
| Goodwill ÷ parent equity | 62.6% | S100YONX |

Goodwill over 4 years: 4,409 → 29,267 JPY; total investing cash flow: -39,336 JPY. This does not imply causation.

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 24.8% |
| Cash ÷ revenue | 49.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 64.6% |
| Cash vs. profit gap | 316 JPY mn (of net income 4.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 21.0% |
| Shareholder payments — dividends / FCF | 22.9% |
| CapEx intensity (capex ÷ revenue) | 1.7% |
| Investing CF relative to operating CF | 39.2% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 30.5% | 0.24× | 7.2% | 1.28× | 9.2% | S100R57O |
| 2023 | 19.3% | 0.42× | 8.1% | 1.37× | 11.0% | S100TWW7 |
| 2024 | 11.5% | 0.50× | 5.8% | 1.93× | 11.2% | S100W8UY |
| 2025 | 16.1% | 0.47× | 7.5% | 2.46× | 18.5% | S100YONX |
| 2026 | 13.1% | 0.50× | 6.6% | 2.39× | 15.8% | S100YONX |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ＳＢＩホールディングス株式会社 | Major shareholder | 37.1% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 4.8% | 2026-03-31 |
| 神保 吉寿 | Major shareholder | 4.1% | 2026-03-31 |
| 福留 大士 | Major shareholder | 3.2% | 2026-03-31 |
| 伊藤 彰 | Major shareholder | 1.8% | 2026-03-31 |
| 石原 徹哉 | Major shareholder | 1.8% | 2026-03-31 |
| 金田 憲治 | Major shareholder | 1.7% | 2026-03-31 |
| 須永 珠代 | Major shareholder | 1.7% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.4% | 2026-03-31 |
| 高橋 範光 | Major shareholder | 1.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第24期(2025/04/01－2026/03/31) | S100YONX | 2026-07-03 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YONX,, |
| 有価証券報告書－第23期(2024/04/01－2025/03/31) | S100W8UY | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W8UY,, |
| 有価証券報告書－第22期(2023/04/01－2024/03/31) | S100TWW7 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TWW7,, |
| 有価証券報告書－第21期(2022/04/01－2023/03/31) | S100R57O | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R57O,, |
| 有価証券報告書－第20期(令和3年10月1日－令和4年3月31日) | S100OGNJ | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OGNJ,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| SBIホールディングス | Capital alliance | 地方創生・エネルギー・自治体と中小企業の DX での資本業務提携。SBIホールディングスが議決権の 19.78% を保有 | S100YONX |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).