As reported in the annual securities report, 2025-09-30.
| Foreign institutions | 1.33% |
|---|---|
| Individuals | 42.23% |
| Top 10 holders | 61.07% |
| Total shareholders | 4,244 |
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 | 43.53% | 18 |
| Individuals & others | 42.23% | 4,180 |
| Financial institutions | 9.67% | 4 |
| Securities firms | 3.22% | 19 |
| Foreign institutions | 1.33% | 17 |
| Foreign individuals | 0.02% | 6 |
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 | 有限会社モラル・コーポレーション | 2,102,060 | 41.82% |
| 2 | 白岩 政一 | 205,700 | 4.09% |
| 3 | 株式会社常陽銀行(常任代理人 日本マスタートラスト信託銀行株式会社) | 180,000 | 3.58% |
| 4 | 株式会社東邦銀行(常任代理人 日本マスタートラスト信託銀行株式会社) | 162,200 | 3.23% |
| 5 | 日本生命保険相互会社(常任代理人 日本マスタートラスト 信託銀行株式会社) | 145,000 | 2.88% |
| 6 | 東京中小企業投資育成株式会社 | 100,000 | 1.99% |
| 7 | アサカ理研社員持株会 | 59,848 | 1.19% |
| 8 | モルガン・スタンレーMUFG証券株式会社 | 42,900 | 0.85% |
| 9 | 佐藤 恵美子 | 38,100 | 0.76% |
| 10 | 株式会社SBI証券 | 33,999 | 0.68% |
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.