As reported in the annual securities report, 2025-09-30.
| Foreign institutions | 2.05% |
|---|---|
| Individuals | 33.20% |
| Top 10 holders | 60.55% |
| Total shareholders | 3,844 |
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 |
|---|---|---|
| Other corporations | 47.98% | 48 |
| Individuals & others | 33.20% | 3,700 |
| Foreign individuals | 11.08% | 37 |
| Securities firms | 5.40% | 30 |
| Foreign institutions | 2.05% | 28 |
| Financial institutions | 0.29% | 1 |
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 | 株式会社ZE1 | 3,008,000 | 29.43% |
| 2 | 株式会社旺文社 | 527,000 | 5.16% |
| 3 | 髙村 淳一 | 484,000 | 4.74% |
| 4 | 松田 浩史 | 482,000 | 4.72% |
| 5 | NTTドコモビジネス株式会社 | 349,000 | 3.42% |
| 6 | 関 伸彦 | 325,000 | 3.18% |
| 7 | 株式会社増進会ホールディングス | 311,000 | 3.05% |
| 8 | 株式会社旺文社キャピタル | 268,000 | 2.63% |
| 9 | 林 規生 | 238,000 | 2.33% |
| 10 | 曽我 晋 | 193,000 | 1.89% |
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.