Overview
Information & Communication

CHANGE Holdings,Inc.

Change, Inc. is a DX-focused holding company operating two core segments: NEW-IT Transformation and Publitec. The NEW-IT Transformation segment provides digital human resource development training, AI/IoT/cloud-based DX consulting, service robotics deployment, M&A advisory (via fundbook), and cybersecurity services (via e-Guardian and Cyreague Holdings). The Publitec segment operates Japan's leading furusato nozei (hometown tax donation) platform 'Furusato Choice' through subsidiary TrustBank, alongside public-sector DX SaaS products (LoGo series) and BPO services targeting local governments.

Market Cap
¥64.2B
US$409M
EV
¥72.8B
US$464M
Stock¥922▲+1.32%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
5.3
x
LTM EV/EBIT
5.8
x
LTM PER
9.7
x
LTM PBR
1.4
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-43.1%pt
1001
Oct 24, 25 – Oct 23, 26StockTOPIX
1Dec 3, 25Adjustment before earnings briefing video
MC → EV Bridge
64.2BUS$409MMarket Cap27.6BUS$176M+ Debt24.4BUS$156M− Cash2.69BUS$17.2M− Inv. Sec.8.21BUS$52.4M+ NCI72.8BUS$464MEV
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Performance & Balance
Revenue 5Y (¥B)
10.1US$64.7M'22/320.0US$128M'23/337.0US$236M'24/346.4US$296M'25/352.8US$337M'26/3
EBITDA 5Y (¥B)
4.86US$31.0M'22/36.70US$42.7M'23/39.39US$59.9M'24/315.9US$101M'25/313.9US$88.5M'26/3
Net Income 5Y (¥B)
3.09US$19.7M'22/33.86US$24.6M'23/34.33US$27.6M'24/37.53US$48.0M'25/36.94US$44.2M'26/3
Capital Structure
62%
38%
EquityD/E 0.61xDebt
Liquidity vs Debt 5Y (¥B)▼ Net Debt
CashInv. Sec.Debt
30.4US$194M1.69US$10.8M'22/323.0US$146M3.36US$21.4M'23/338.4US$245M24.0US$153M'24/330.2US$193M34.5US$220M'25/326.2US$167M29.1US$186M'26/3
Shareholders
Top 10 hold 58.9%
1
SBI Holdings,Inc.
37.09%
2
The Master Trust Bank of Japan, Ltd. (Trust Account)
4.82%
3
Yoshihisa JINBO
4.08%
4
Taishi FUKUDOME
3.20%
5
Akira ITO
1.81%
6
Tetsuya ISHIHARA
1.80%
7
Kenji KANEDA
1.73%
8
Tamayo SUNAGA
1.71%
9
Custody Bank of Japan, Ltd. (Trust Account)
1.40%
10
Norimitsu TAKAHASHI
1.30%
Management
8 officers
Taishi FUKUDOME
Representative Director, Executive Officer and President
Apr 1998 Joined Andersen Consulting (now Accenture K.K.) Apr 2003 Founded the Company; Representative Director, COO Dec 2015 the Company; Representative Director, Executive Officer and President (current) Dec 2018 TrustBank Inc.; Director (current) Sep 2019 ROXX Inc.; Outside Director (current) Mar 2020 Orb Inc.; Director Apr 2021 Digital Growth Academy Inc.; Director Jul 2021 Port Inc.; Management Advisor (current) Mar 2022 SBI Regional Revitalization Services Co., Ltd.; Representative Director and President (current) Apr 2022 Governments Inc.; Director (current) Oct 2022 DFA Robotics Inc.; Director (current) Jan 2023 Travezip Inc.; Director (current) Mar 2023 Hope Inc.; Outside Director Jun 2023 Change Kagoshima Inc.; Outside Director (current) Dec 2023 e-Guardian Inc.; Director Dec 2023 Cyreal Holdings Inc.; Director Mar 2024 Ashal Design Inc.; Outside Director (current) Dec 2024 fundbook Inc.; Director (current) Dec 2024 Nascon Valley Council (General Incorporated Association); Director (current) Jun 2025 G-Gravity Inc.; Director (current) Dec 2025 Cyreal Holdings Inc.; Representative Director (current) May 2026 SBI Regional Creators Inc.; Director (current)
1976-03-25
Akira ITO
Director, Executive Officer and Vice President
Apr 1998 Joined Andersen Consulting (now Accenture K.K.) Apr 2003 Founded the Company; Director Dec 2015 the Company; Director, Executive Officer and Vice President, Head of Mobile & Sensing Application Unit Oct 2018 the Company; Director, Executive Officer and Vice President, Head of NEW-IT Unit Mar 2021 B-Cap Inc.; Director Sep 2021 B-Cap Inc.; Director and Vice President (current) Apr 2023 Change Inc.; Director, Executive Officer and Vice President (current) Apr 2023 the Company; Director, Executive Officer and Vice President (current)
1976-03-08
Yutaka YAMADA
Director, Executive Officer and CFO, Head of Corporate Unit
Apr 1997 Joined Yanai Honwaki Accounting Firm Oct 2007 Joined the Company Jun 2014 the Company; Director Dec 2015 the Company; Director, Executive Officer and CFO, Head of Control & Management Unit Oct 2018 the Company; Director, Executive Officer and CFO, Head of Corporate Unit (current) Dec 2018 TrustBank Inc.; Director (current)
1970-05-09
Soshi MATSUMOTO
Director
Apr 2003 Joined Worldintec Co., Ltd. Dec 2008 System Research Co., Ltd.; Executive Officer in charge of Corporate Planning Jul 2009 System Research Co., Ltd.; Director, Head of Corporate Planning Nov 2010 System Research Co., Ltd.; Representative Director and President Dec 2011 Capstan Medical Inc.; Director Jun 2012 Digital Hearts Co., Ltd.; Head of Strategy Office Jul 2013 Capstan Medical Inc.; Representative Director (current) Oct 2013 Hearts United Group Inc. (now Digital Hearts Holdings Co., Ltd.); Director Jul 2014 Hearts United Group Inc.; Director, COO Aug 2017 ALBERT Co., Ltd.; Representative Executive Officer Mar 2018 ALBERT Co., Ltd.; Representative Director and President Jan 2019 ALBERT Co., Ltd.; Representative Director, President and CEO May 2020 ALBERT Co., Ltd.; Representative Director and President Oct 2021 Fixpoint Inc.; Outside Director Jun 2023 Accenture K.K.; Advisor Jun 2023 the Company; Outside Director (current) May 2025 Berry Inc.; Outside Director (current)
1980-06-17
Kayo TAKIGAWA
Director
Apr 1997 Registered as attorney-at-law; joined Nagashima Ohno & Tsunematsu (formerly Nagashima & Ohno Law Office) May 2002 Graduated, LL.M. Program, Columbia University School of Law Sep 2002 General Electric Capital Corporation Jan 2007 Nagashima Ohno & Tsunematsu; Partner (current) Jun 2019 Japan Credit Information Reference Center Corp.; Outside Audit & Supervisory Board Member (current) Jun 2023 the Company; Outside Director (current)
1972-08-21
Takehiko KUBO
Director, Audit and Supervisory Committee Member (Full-time)
Apr 1983 Joined Sumitomo Bank (now Sumitomo Mitsui Banking Corporation) Apr 2005 Sumitomo Mitsui Banking Corporation; General Manager, Financial Crime Response Office Apr 2010 Sumitomo Mitsui Banking Corporation; General Manager, Tokyo Business Division Apr 2011 Sumitomo Mitsui Banking Corporation; General Manager, Head Office Business Division and Tokyo Business Division Apr 2013 Sumitomo Mitsui Banking Corporation; General Manager, Human Resources Development Division Apr 2017 Japan Research Institute, Limited; Executive Officer, General Manager, Human Resources Division Apr 2018 Japan Research Institute, Limited; Managing Executive Officer, General Manager, Human Resources Division Apr 2020 Japan Research Institute, Limited; Senior Managing Executive Officer Jun 2020 Japan Research Institute, Limited; Director and Senior Managing Executive Officer Jun 2020 JRI Information Service Co., Ltd.; Outside Director Jun 2022 the Company; Outside Audit & Supervisory Board Member Apr 2023 Change Inc.; Audit & Supervisory Board Member (current) Dec 2023 Cyreal Holdings Inc.; Audit & Supervisory Board Member (current) Jun 2025 the Company; Outside Director (Audit and Supervisory Committee Member) (current)
1960-01-06
Hiroyuki YAJI
Director, Audit and Supervisory Committee Member
Mar 1988 Registered as Certified Public Accountant Jul 1997 Chuo Audit Corporation; Partner Jul 2004 Chuo Aoyama Audit Corporation; Representative Partner Aug 2007 Shin Nihon & Co. (now EY ShinNihon LLC); Partner Nov 2022 Yaji Certified Public Accountant Office; Representative (current) Dec 2022 Mitsubishi UFJ Trust and Banking Corporation; Advisor (current) Mar 2023 AVILEN Inc.; Audit & Supervisory Board Member (current) Jun 2023 the Company; Outside Audit & Supervisory Board Member Jun 2023 Miwa Lock Co., Ltd.; Audit & Supervisory Board Member (current) Jun 2025 the Company; Outside Director (Audit and Supervisory Committee Member) (current)
1960-09-08
Ryuzo KOIDE
Director, Audit and Supervisory Committee Member
Apr 1982 Joined Hakuhodo Inc. Dec 2000 Hakuhodo Inc.; General Manager, Sales Division Apr 2006 Hakuhodo Inc.; Sales Division Director Apr 2011 Chuo Ad Shinsha Co., Ltd.; Director, Managing Executive Officer, Head of Sales Division Jun 2012 Chuo Ad Shinsha Co., Ltd.; Representative Director and President Jun 2023 the Company; Outside Audit & Supervisory Board Member Jun 2025 the Company; Outside Director (Audit and Supervisory Committee Member) (current)
1959-04-12
Large Shareholding Reports
No filings
Disclosures
No disclosures
Primary Source Filings
TDnet
2026-08-13
Q1 Earnings Flash
FY ending Mar 2027
EDINETAmended
2026-07-03
Amended Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINET
2026-06-24
Annual Securities Report
Period: Apr 2025 – Mar 2026
TDnet
2026-02-12
Q3 Earnings Flash
FY ending Mar 2026
EDINET
2025-11-13
Semi-Annual Securities Report
Period: Apr 2025 – Mar 2026
TDnet
2025-08-14
Q1 Earnings Flash
FY ending Mar 2026
EDINET
2025-06-27
Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2025-02-13
Q3 Earnings Flash
FY ending Mar 2025
EDINET
2024-11-13
Semi-Annual Securities Report
Period: Apr 2024 – Mar 2025
EDINETAmended
2024-10-25
Amended Securities Registration Statement
EDINET
2024-09-24
Securities Registration Statement
TDnet
2024-08-14
Q1 Earnings Flash
FY ending Mar 2025
EDINET
2024-06-27
Annual Securities Report
Period: Apr 2023 – Mar 2024
EDINET
2024-02-14
Quarterly Securities Report
Period: Oct 2023 – Dec 2023
EDINET
2023-11-14
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINET
2023-08-14
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINET
2023-06-28
Annual Securities Report
Period: Apr 2022 – Mar 2023
EDINET
2023-02-14
Quarterly Securities Report
Period: Oct 2022 – Dec 2022
EDINET
2022-11-11
Quarterly Securities Report
EDINET
2022-08-15
Quarterly Securities Report
EDINET
2022-06-27
Annual Securities Report
EDINET
2022-02-10
Quarterly Securities Report
EDINET
2021-12-24
Annual Securities Report
EDINET
2021-08-13
Quarterly Securities Report
EDINET
2021-05-13
Quarterly Securities Report
EDINET
2021-02-15
Quarterly Securities Report
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