As reported in the annual securities report, 2025-12-31.
| Foreign institutions | 64.29% |
|---|---|
| Individuals | 15.87% |
| Top 10 holders | 64.99% |
| Total shareholders | 8,618 |
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 |
|---|---|---|
| Foreign institutions | 64.29% | 189 |
| Individuals & others | 15.87% | 8,289 |
| Financial institutions | 14.71% | 19 |
| Securities firms | 2.03% | 23 |
| Foreign individuals | 2.01% | 26 |
| Other corporations | 1.07% | 72 |
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 | NORTHERN TRUST CO.(AVFC) RE 15PCT TREATY ACCOUNT(常任代理人:香港上海銀行東京支店) | 6,304,183 | 23.75% |
| 2 | MINERVA GROWTH CAPITAL,LP(常任代理人:SMBC日興証券株式会社) | 4,352,600 | 16.39% |
| 3 | 日本マスタートラスト信託銀行株式会社(信託口) | 2,280,200 | 8.59% |
| 4 | 株式会社日本カストディ銀行(信託口) | 1,067,854 | 4.02% |
| 5 | NORTHERN TRUST CO.(AVFC) RE UKUC UCITS CLIENTS NON LENDING 10PCT TREATY ACCOUNT(常任代理人:香港上海銀行東京支店) | 970,100 | 3.65% |
| 6 | NORTHERN TRUST CO.(AVFC) RE FIDELITY FUNDS (常任代理人:香港上海銀行東京支店) | 805,000 | 3.03% |
| 7 | BRIAN K. HEYWOOD (常任代理人:SMBC日興証券株式会社) | 503,926 | 1.89% |
| 8 | ローランド社員持株会 | 375,920 | 1.41% |
| 9 | 三木 純一 | 334,121 | 1.25% |
| 10 | STATE STREET BANK AND TRUST COMPANY 505001(常任代理人:株式会社みずほ銀行決済営業部) | 270,516 | 1.01% |
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.