As reported in the annual securities report, 2026-02-20.
| Foreign institutions | 14.81% |
|---|---|
| Individuals | 63.54% |
| Top 10 holders | 53.18% |
| Total shareholders | 19,257 |
How to read this: each slice is a group of investors. Foreign and financial institutions are professional money; individuals are retail shareholders; other corporations are usually business partners holding strategic stakes. A large institutional slice generally means heavier analyst coverage and more trading volume.
How to read this: each line shows how one investor group's share has moved over recent years. A rising foreign or institutional line can signal growing professional interest; a falling one the opposite. Japanese companies disclose ownership once a year, so these are annual points — read the direction over several years rather than a single step.
| Investor category | Holding % | Shareholders |
|---|---|---|
| Individuals & others | 63.54% | 18,958 |
| Foreign institutions | 14.81% | 108 |
| Financial institutions | 13.20% | 11 |
| Other corporations | 6.94% | 106 |
| Securities firms | 1.47% | 23 |
| Foreign individuals | 0.04% | 51 |
How to read this: a high foreign or institutional share often means the stock is widely researched and more liquid; a high individual share means retail investors hold most of the company. Percentages are of voting units.
| S.No. | Shareholder | Shares | Stake % |
|---|---|---|---|
| 1 | 下田 佳史 | 3,280,241 | 12.50% |
| 2 | 日本マスタートラスト信託銀行株式会社(信託口) | 2,077,800 | 7.92% |
| 3 | 下田 英樹 | 2,068,216 | 7.88% |
| 4 | 下田 美智子 | 1,561,598 | 5.95% |
| 5 | 株式会社シー・ビー・エイ | 1,322,100 | 5.04% |
| 6 | 株式会社日本カストディ銀行(信託口) | 970,000 | 3.70% |
| 7 | 下田 富昭 | 759,592 | 2.89% |
| 8 | あさひ従業員持株会 | 689,400 | 2.63% |
| 9 | 下田 忍 | 656,560 | 2.50% |
| 10 | NORTHERN TRUST CO.(AVFC)RE IEDU UCITS CLIENTS NON LENDING 15 PCT TREATY ACCOUNT (常任代理人 香港上海銀行東京支店) | 570,000 | 2.17% |
Trust banks such as Master Trust and Custody Bank appear at the top of most Japanese registers: they hold shares on behalf of many underlying funds rather than owning them outright.