As reported in the annual securities report, 2025-12-31.
| Foreign institutions | 6.30% |
|---|---|
| Individuals | 34.48% |
| Top 10 holders | 85.06% |
| Total shareholders | 4,106 |
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 | 51.80% | 32 |
| Individuals & others | 34.48% | 3,993 |
| Financial institutions | 6.78% | 3 |
| Foreign institutions | 6.30% | 52 |
| Securities firms | 0.59% | 16 |
| Foreign individuals | 0.06% | 10 |
| Government | 0.00% | — |
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 | 株式会社リンクアンドモチベーション | 10,920,000 | 52.70% |
| 2 | 増井 慎二郎 | 3,708,900 | 17.90% |
| 3 | 株式会社日本カストディ銀行(信託口) | 951,000 | 4.59% |
| 4 | 日本マスタートラスト信託銀行株式会社(信託口) | 490,000 | 2.36% |
| 5 | 小倉 基弘 | 400,400 | 1.93% |
| 6 | 川島 浩治 | 356,500 | 1.72% |
| 7 | INTERACTIVE BROKERS LLC(常任代理人 インタラクティブ・ブローカーズ証券株式会社) | 256,200 | 1.23% |
| 8 | 小澤 博之 | 200,000 | 0.96% |
| 9 | THE BANK OF NEW YORK MELLON 140040(常任代理人 株式会社みずほ銀行) | 176,118 | 0.85% |
| 10 | BBH LUX/BROWN BROTHERS HARRIMAN (LUXEMBOURG) SCA CUSTODIAN FOR SMD-AM FUNDS - DSBI JAPAN EQUITY SMALL CAP ABSOLUTE VALUE(常任代理人 株式会社三井住友銀行) | 171,700 | 0.82% |
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.