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Change Agents Corporation. (CHGA) stock

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NASDAQ: CHGA Nasdaq IT Consulting & Other Services

Change Agents Corporation. is a US-listed company in the IT consulting & other services industry. Its financial year ends in December.

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Funds14 adding, 8 cuttingOf 2 active managers that changed their stake, 2 added; quarter to June 30, 2026Fund buyers and sellers

The Fundamentalytics view

Change Agents Corporation.'s trailing-twelve-month revenue grew 6.7% year on year, with a free-cash-flow margin of -391.6%.

Current signal Net margin compressing: TTM net margin fell to -1355.2%, down 229.6pp year over year.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Margins widening. Operating margin is up 523.4 points on a year ago.

Things to watch

  • Loss-making. Operating margin is -501.0%: costs exceed revenue.
  • Burning cash. Free cash flow was -391.6% of revenue over the last 12 months.
  • Heavy stock-based pay. Stock pay equals 68.7% of revenue: a real cost that cash-flow figures leave out.
  • Share dilution. Diluted shares rose 7.4% in a year.
  • Volatile shares. Over the past year the shares showed annualised volatility of 174% and a beta of 1.0 against the S&P 500.
  • Gross margin slipping. Gross margin is down 24.6 points on a year ago.

Latest results: FY2025 Q3

Filed November 14, 2025
Revenue
$0m, up 1.4% on a year earlier

Change Agents' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-0.2%
  • 1 week-42.6%
  • 1 month-64.5%
  • This year-96.3%
  • 1 year-97.9%
  • 5 years-100.0%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$1.4M
Operating margin
-501.0%
Net margin
-1355.2%

Growth

Revenue growth
+6.7%
Change in growth rate
−0.8 pts

Earnings

Last results
April 27, 2023

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Leadership
  2. Agreement
  3. Leadership
  4. Leadership
  5. Agreement
  6. Agreement
  7. Announcement
  8. Agreement
  9. Agreement
  10. Share issue
  11. Agreement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Change Agents Corporation. valuation models and calculator

No model value for Change Agents Corporation. at the moment. Current status: data-quality checks not passed. Available reported financials are shown below.

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: data-quality checks not passed.

Moat

0 /100

Weak moat

How hard Change Agents's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median -78.4% of total assets over 10 years.

  • Pricing power 2 / 20

    Gross margin has been a median 26.1%, moving by 32.3 percentage points (standard deviation) across 6 years.

  • Durability 10 / 20

    Operating margin has been a median -635.8%; its worst year was -1204.7%.

  • Cash conversion 0 / 20

    Free cash flow was positive in 0 of 5 years, at a median -362.9% of revenue.

  • Discipline 0 / 20

    The diluted share count rose 66.1% over five years; stock-based pay has been a median 131.0% of revenue.

AI disruption exposure: High. In this industry, the core product is information work that AI systems increasingly perform. The score above includes a 15-point deduction for that exposure (12 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

No analyst estimates are published for Change Agents Corporation.: too few analysts cover it.

Positioning

Short interest
8.6%
of tradable shares
Days to cover
0.05
at average volume
Short interest, 1 month
+110%
to October 15, 2026
Held by institutions
2%
of shares
Held by insiders
28.0%
of shares
Employees
2
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
CHGA−27%−37%−91%−55%−63%−96%
Industry peers (median)+10%−35%+8%+24%−22%−13%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
CHGA33%33%0%33%33%9%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
CHGA−48%−64%−93%−88%−92%−97%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since March 27, 2018: 100% from January 22, 2019 to November 2, 2026. Getting back needed a 4220752% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$0.89 – $41.80
From 52-week high
−97.9%
vs 50-day average
−57.9%
vs 200-day average
−88.3%
Volatility (1 year)
174%
Beta vs S&P 500
1.04

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
3 up, 1 down
typical move ±2.1%
After a week
4 up, 0 down
typical move ±4.4%
After a month
3 up, 1 down
typical move ±15.5%
Results releasedNext dayS&P 500 next day5 days21 days
April 27, 2023 +7.3% +2.9% +6.7% −2.8%
November 14, 2018 +0.5% +0.4% +4.8% +3.7%
August 15, 2018 0.0% +0.1% +5.6% +3.7%
May 14, 2018 +0.5% −0.6% +0.5% +51.6%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Fundamentals

Revenue (TTM) Change Agents Corporation.
$0 $2M $4M $6M FY22 Q4 FY23 Q3 FY24 Q2 FY25 Q3 Revenue (TTM), FY22 Q4: $4M Revenue (TTM), FY23 Q1: $4M Revenue (TTM), FY23 Q2: $4M Revenue (TTM), FY23 Q3: $1.1M Revenue (TTM), FY23 Q4: $1.3M Revenue (TTM), FY24 Q1: $1.3M Revenue (TTM), FY24 Q2: $1.3M Revenue (TTM), FY24 Q3: $1.3M Revenue (TTM), FY24 Q4: $1.3M Revenue (TTM), FY25 Q1: $1.4M Revenue (TTM), FY25 Q2: $1.4M Revenue (TTM), FY25 Q3: $1.4M $1.4M

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Revenue (TTM)
FY22 Q4 $4M
FY23 Q1 $4M
FY23 Q2 $4M
FY23 Q3 $1.1M
FY23 Q4 $1.3M
FY24 Q1 $1.3M
FY24 Q2 $1.3M
FY24 Q3 $1.3M
FY24 Q4 $1.3M
FY25 Q1 $1.4M
FY25 Q2 $1.4M
FY25 Q3 $1.4M
Revenue growth, TTM YoY Change Agents Corporation.
-100% 0% 100% 200% FY22 Q4 FY23 Q3 FY24 Q2 FY25 Q3 Revenue growth, TTM YoY, FY22 Q4: 189.8% Revenue growth, TTM YoY, FY23 Q1: 188.1% Revenue growth, TTM YoY, FY23 Q2: 187.1% Revenue growth, TTM YoY, FY23 Q3: -74.6% Revenue growth, TTM YoY, FY23 Q4: -68.9% Revenue growth, TTM YoY, FY24 Q1: -68.4% Revenue growth, TTM YoY, FY24 Q2: -68.0% Revenue growth, TTM YoY, FY24 Q3: 21.9% Revenue growth, TTM YoY, FY24 Q4: 6.2% Revenue growth, TTM YoY, FY25 Q1: 7.4% Revenue growth, TTM YoY, FY25 Q2: 7.4% Revenue growth, TTM YoY, FY25 Q3: 6.7% 6.7%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Revenue growth, TTM YoY
FY22 Q4 189.8%
FY23 Q1 188.1%
FY23 Q2 187.1%
FY23 Q3 -74.6%
FY23 Q4 -68.9%
FY24 Q1 -68.4%
FY24 Q2 -68.0%
FY24 Q3 21.9%
FY24 Q4 6.2%
FY25 Q1 7.4%
FY25 Q2 7.4%
FY25 Q3 6.7%
Operating margin (TTM) Change Agents Corporation.
-1500% -1000% -500% 0% FY22 Q4 FY23 Q3 FY24 Q2 FY25 Q3 Operating margin (TTM), FY22 Q4: -218.1% Operating margin (TTM), FY23 Q1: -233.7% Operating margin (TTM), FY23 Q2: -213.6% Operating margin (TTM), FY23 Q3: -763.3% Operating margin (TTM), FY23 Q4: -1254.6% Operating margin (TTM), FY24 Q1: -1086.5% Operating margin (TTM), FY24 Q2: -1025.4% Operating margin (TTM), FY24 Q3: -1024.3% Operating margin (TTM), FY24 Q4: -363.1% Operating margin (TTM), FY25 Q1: -422.6% Operating margin (TTM), FY25 Q2: -588.6% Operating margin (TTM), FY25 Q3: -501.0% -501.0%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Operating margin (TTM)
FY22 Q4 -218.1%
FY23 Q1 -233.7%
FY23 Q2 -213.6%
FY23 Q3 -763.3%
FY23 Q4 -1254.6%
FY24 Q1 -1086.5%
FY24 Q2 -1025.4%
FY24 Q3 -1024.3%
FY24 Q4 -363.1%
FY25 Q1 -422.6%
FY25 Q2 -588.6%
FY25 Q3 -501.0%
FCF margin (TTM) Change Agents Corporation.
-800% -600% -400% -200% 0% FY22 Q4 FY23 Q3 FY24 Q2 FY25 Q3 FCF margin (TTM), FY22 Q4: -174.6% FCF margin (TTM), FY23 Q1: -208.0% FCF margin (TTM), FY23 Q2: -215.8% FCF margin (TTM), FY23 Q3: -716.6% FCF margin (TTM), FY23 Q4: -519.8% FCF margin (TTM), FY24 Q1: -438.4% FCF margin (TTM), FY24 Q2: -319.9% FCF margin (TTM), FY24 Q3: -358.1% FCF margin (TTM), FY24 Q4: -372.7% FCF margin (TTM), FY25 Q1: -427.8% FCF margin (TTM), FY25 Q2: -431.3% FCF margin (TTM), FY25 Q3: -391.6% -391.6%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period FCF margin (TTM)
FY22 Q4 -174.6%
FY23 Q1 -208.0%
FY23 Q2 -215.8%
FY23 Q3 -716.6%
FY23 Q4 -519.8%
FY24 Q1 -438.4%
FY24 Q2 -319.9%
FY24 Q3 -358.1%
FY24 Q4 -372.7%
FY25 Q1 -427.8%
FY25 Q2 -431.3%
FY25 Q3 -391.6%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 LTM Sept 2025
Income
Revenue 1 1 2 2 1 1 4 1 1 1
Gross profit −1 0 0 0 0 0 0 — — —
EBITDA 0 −4 −7 −19 −12 −9 −8 −16 −5 −7
Operating income 0 −4 −8 −19 −12 −9 −9 −16 −5 −7
Net income 0 −4 −8 −18 −13 −9 −12 −17 −8 −19
Diluted EPS — — — — — −$16.05 −$1.28 −$23.80 −$8.44 —
Growth (year on year)
Revenue — +74.8% +45.0% −1.0% −10.9% +1.0% +157.1% −64.9% +6.2% +6.7%
EBITDA — <−999% — — — — — — — —
Operating income — <−999% — — — — — — — —
Net income — <−999% — — — — — — — —
Margins
Gross margin −88.1% 4.6% 24.8% 22.0% 28.3% 29.8% 7.6% — — —
EBITDA margin 12.5% −343.0% −455.0% <−999% −881.1% −612.7% −236.6% <−999% −363.0% −501.0%
Operating margin 12.5% −359.9% −488.5% <−999% −903.9% −635.1% −245.9% <−999% −363.1% −501.0%
Net margin 9.0% −375.8% −515.4% <−999% −920.3% −653.5% −333.6% <−999% −592.7% <−999%
Free-cash-flow margin 2.2% −138.1% −288.6% −482.3% — −362.5% −196.8% −519.8% −372.7% −391.6%
Cash flow
Cash from operations 0 −1 −4 −7 −8 −5 −7 −7 −5 −5
Capital spending 0 0 0 0 — 0 0 0 0 0
Free cash flow 0 −1 −5 −7 — −5 −7 −7 −5 −5
Stock-based pay 0 1 3 9 5 2 1 1 1 1
Free cash flow after stock pay −0 −2 −8 −17 — −7 −8 −8 −5 −6
Balance sheet
Cash 3 3 2 1 1 1 2 0 3 0
Total debt 0 0 0 0 0 6 7 8 11 11
Net debt (negative = net cash) −3 −3 −2 −1 −1 5 5 8 8 10
Diluted shares — — — — — — — — — —
Returned to shareholders
Buybacks — — 1 — — — — — — —
Total returned — — 1 — — — — — — —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Competitors: side by side with peers

Closest by revenue in it consulting & other services
Last 12 months unless stated CHGA GLE AIOS JZ MGRT SUPX Median
Revenue, last 12 months $1m $3m $5m $10m $11m $20m $334m
Revenue growth, last 12 months 6.7% −5.0% −98.5% −71.8% 233.3% >999% 6.5%
Gross margin 5.5% 13.3% 72.0% 17.7% 50.7% −5.4% 27.9%
Operating margin −501.0% −57.9% 29.0% −24.1% 20.3% −500.2% 4.0%
Operating margin, 3-year average −762.9% — 22.1% — — — 7.4%
Net margin <−999% −72.8% <−999% −22.4% 16.1% −527.7% 1.8%
Cash from operations / revenue −391.6% −67.3% −530.4% −13.9% −108.3% −362.8% 6.2%
Free-cash-flow margin −391.6% −69.2% −530.4% −13.9% −108.3% −389.5% 4.8%
Free-cash-flow margin, 3-year average −488.8% — −182.4% — — — 6.6%
Stock pay / revenue 68.7% 16.1% 0.1% 14.5% — 257.6% 2.2%
Change in share count 7.4% 6.7% 14.4% 50.9% 7.9% 148.1% 0.9%

Median of all 41 companies we cover in it consulting & other services. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Who owns it

Funds buying and selling
Reported value
$171,025
Institutions reporting
23
Shares held vs prior quarter
▲ 28.7%
Positions opened / closed
8 / 5

Top buyers and sellers, Q2 2026: 14 institutions bought and 8 sold ; the biggest buyer was Armistice Capital, LLC (+123K shares) and the biggest seller Equitable Holdings, Inc (−60K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Armistice Capital, LLC $35,670 123K 20.9% New
Citadel Advisors LLC $25,258 87K 14.8% ▲ 54.5%
Geode Capital Management, LLC $21,575 74K 12.6% ▲ 19.7%
Vanguard Capital Management LLC $16,682 57K 9.8% 0.0%
Xtx Topco Ltd $10,901 37K 6.4% ▲ 116.3%
Jane Street Group, LLC $9,825 34K 5.7% New
Susquehanna International Group, LLP $9,587 33K 5.6% New
Virtu Financial LLC $7,000 23K 4.1% New
Stonex Group Inc. $6,372 18K 3.7% ▼ 9.4%
Procyon Advisors, LLC $6,264 22K 3.7% ▲ 20.8%
Two Sigma Securities, LLC $5,416 19K 3.2% ▲ 21.3%
Vanguard Fiduciary Trust Co $5,353 18K 3.1% 0.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Change Agents Corporation.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around July 31, 2023 estimated from the company's past filing pattern, not announced

  • April 27, 2023
  • November 14, 2018
  • August 15, 2018
  • May 14, 2018

Recent SEC filings

Data status

When each part of this page on Change Agents Corporation. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Change Agents Corporation. in brief

What does Change Agents Corporation. do?
Change Agents Corporation. is a US-listed company in the IT consulting & other services industry. Its financial year ends in December.
What is Change Agents Corporation.'s stock ticker?
Change Agents Corporation. trades under the ticker CHGA on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Change Agents Corporation.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Change Agents Corporation. reported revenue of $1.4M, 6.7% higher than a year earlier, according to its SEC filings.
What is Change Agents Corporation.'s free cash flow?
Change Agents Corporation.'s free-cash-flow margin is -391.6% of revenue over the trailing twelve months.
Who are Change Agents Corporation.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Armistice Capital, LLC, Citadel Advisors LLC and Geode Capital Management, LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Change Agents Corporation.'s market cap?
On December 31, 2024, Change Agents Corporation.'s market capitalisation was about $61.1M and net debt of $7.9M. Market figures come from third-party market data and may be delayed.
Who are Change Agents Corporation.'s competitors?
In our IT Consulting & Other Services peer group, the companies closest to Change Agents Corporation. are Global Engine Group Holding Ltd, Aios Tech Inc., Jianzhi Education Technology Group Co Ltd, Mega Fortune Co Ltd and Superx AI Technology Ltd. The side-by-side comparison below sets their revenue, margins and growth against Change Agents Corporation.'s.