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Investlytic score: 3/5 criteria met. Data as of 01/11/2026.
- ❌ Price trend failed
- ✅ Growth passed
- ❌ Debt failed
- ✅ P/E passed
- ✅ Correction passed
Price trend
Overall trend (8 years): insufficient progression (less than x1.5).
Price change 2018 → 2019: -24.95%
Price change 2019 → 2020: 384.87%
Price change 2020 → 2021: -46.13%
Price change 2021 → 2022: 14.59%
Price change 2022 → 2023: -34.74%
Price change 2023 → 2024: -15.77%
Price change 2024 → 2025: -17.22%
Price change 2025 → 2026: -8.79%
Price change 2026 (year to date): -9.70%
Financial growth
Revenue CAGR (8 years): 53.72%
Earnings CAGR (8 years): 53.62%
Growth status: positive trend (>1%/yr) in revenue and earnings.
Debt
Debt-to-equity ratio: 0.62
Debt/equity > 0.5 (maximum threshold).
P/E (Price/Earnings)
P/E ratio: 9.56
P/E < 25.0 (maximum threshold).
Correction (6 months)
Current correction: 13.42% from the high over 6 months.
Correction between 10.0% and 20.0% (target range).
Criteria of the Investlytic model
- / 5Free with the Investlytic logo. Paste this line into your page: options.
<script src="https://investlytic.co/encart.js" data-symbole="3962.T" data-lang="en"></script>Price trend
Price & trend
Interactive chart →💰 Dividend
Dividend ranking →⚖️ Comparison with the market
All stocks →| Stock | P/E | Dette/FP | Revenue growth | Rating |
|---|---|---|---|---|
| Change Inc. | 9.8 | 0.62 | +43.8 % | 🔒 |
| Sword Group S.E. | 14.3 | 1.38 | +4.5 % | – |
| Sidetrade S.A. | 31.8 | 0.62 | +12.1 % | – |
| Infotel S.A. | 16.8 | 0.20 | +6.9 % | – |
| Quadient S.A. | – | 0.99 | +0.8 % | – |
Data from the Investlytic screener. The rating of the stock being viewed is reserved for members.
Detailed analysis · Price trend
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Revenues & profits
Revenue and net income
Financial indicators
Annual financial statements
| Fiscal year | Revenue | Net income | Net margin | EPS | Revenue growth |
|---|
Key reported figures
Revenue, net income and net margin reported by Change Inc. over the latest fiscal years.
| Fiscal year | Revenue | Net income | Net margin | Revenue growth |
|---|---|---|---|---|
| 2019 | 44.8 m | 3.6 m | 8.0 % | n/a |
| 2020 | 66.9 m | 17.6 m | 26.3 % | +49.4 % |
| 2021 | 99.3 m | 26.0 m | 26.2 % | +48.5 % |
| 2022 | 127 m | 24.5 m | 19.3 % | +27.9 % |
| 2024 | 294 m | 47.8 m | 16.2 % | +131.7 % |
| 2025 | 335 m | 44.0 m | 13.1 % | +13.9 % |
Amounts converted to USD. Source: published annual accounts, collected on 30/10/2026.
Accounts and financial health
Balance sheet and cash flow published by Change Inc. over the last fiscal years, strength scores and valuation by discounted cash flow (DCF).
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash and investments | 31.8 bn | 25.1 bn | 38.4 bn | 30.2 bn | 26.2 bn |
| Total Debt | 1.7 bn | 3.4 bn | 24.0 bn | 34.5 bn | 29.1 bn |
| Net Debt | -28.7 bn | -19.6 bn | -14.4 bn | 4.3 bn | 2.9 bn |
| Equity | 33.5 bn | 36.5 bn | 39.5 bn | 41.3 bn | 46.8 bn |
| Total assets | 42.7 bn | 52.9 bn | 93.8 bn | 105 bn | 106 bn |
| Operating cash flow | 3.5 bn | -811 m | 12.2 bn | 7.8 bn | 7.3 bn |
| Investments (capex) | 723 m | 3.2 bn | 2.2 bn | 1.0 bn | 904 m |
| Free cash-flow | 3.3 bn | -3.1 bn | 11.1 bn | 7.7 bn | 6.9 bn |
| Share buybacks | 0 | 0 | 0 | 4.5 bn | 0 |
| Dividends paid | 0 | 324 m | 722 m | 1.4 bn | 1.5 bn |
Amounts in JPY, currency of the published accounts.
Trailing 12-month ratios
Altman Z: default risk estimated from the balance sheet and earnings. Piotroski: 9 tests on profitability, debt and efficiency. DCF: estimated value from discounted future cash flows, a model and not a forecast. Source: annual accounts published by the company, data as of 05/11/2026.
Valuation and competitors
Change Inc. compared with its sector on the same exchange and with its main competitors.
Trailing 12-month P/E. Sector: median of companies in the same sector listed on the same exchange, collected on 02/11/2026. Competitors: comparable companies named by the data provider.
Dividends and earnings
Change Inc.: dividend history, last distributions, stock splits and earnings releases.
Annual dividend per share (JPY), adjusted for splits. Light bar: current year, incomplete. Red bar: lower than the previous year.
Latest ex-dividend dates
| Ex-dividend | Amount | Payment |
|---|---|---|
| 30/03/2027 | 26.00 JPY | 30/03/2027 |
| 30/03/2026 | 23.00 JPY | 10/06/2026 |
| 28/03/2025 | 20.90 JPY | 27/06/2025 |
| 28/03/2024 | 18.70 JPY | 27/06/2024 |
| 30/03/2023 | 10.00 JPY | 28/06/2023 |
| 30/03/2022 | 4.50 JPY | 28/06/2022 |
Earnings releases
Next release: 12/11/2026.
Stock splits
| Date | Operation |
|---|---|
| 29/12/2020 | split: 2 shares for 1 |
| 28/08/2020 | split: 2 shares for 1 |
| 26/12/2018 | split: 2 shares for 1 |
| 27/06/2018 | split: 2 shares for 1 |
Factual data: ex-dividend history and earnings calendar, as of 05/11/2026. A past dividend does not guarantee the next one.
PEA and practical information
Rule applied: the French PEA accepts shares of companies headquartered in the European Union or the European Economic Area and subject to corporate income tax; ADRs and tax-exempt property companies (SIIC) are excluded. The institution holding the PEA confirms eligibility.
Frequently asked questions about Change Inc.
What is the Change Inc. share price?
Latest recorded price: 904.00 JPY on 30/10/2026, for a market cap of 399 m USD.
What is the revenue of Change Inc.?
335 m USD for fiscal year 2025, with net income of 44.0 m USD (net margin 13.1 %).
Does Change Inc. pay a dividend?
Yes. Latest dividend: 26.00 JPY per share, ex-dividend on 30/03/2027. Over 12 months: 23.00 JPY. Yield on the latest known price: 2.2 %.
When does Change Inc. report its next earnings?
The next release is expected on 12/11/2026.
What is the P/E ratio of Change Inc.?
Trailing 12-month P/E of 9.6, against 32.6 for the sector median on the same exchange (10-year median: 25.7).
Is Change Inc. stock eligible for the French PEA?
No: the company is headquartered outside the European Union and the European Economic Area (ISIN JP3507750002).
How many employees does Change Inc. have?
1,069 full-time employees according to the latest published profile.
Who runs Change Inc.?
Hiroshi Fukudome is the company's chief executive.