As reported in the annual securities report, 2026-03-31.
| Foreign institutions | 3.03% |
|---|---|
| Individuals | 27.83% |
| Top 10 holders | 59.44% |
| Total shareholders | 624 |
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 | 56.59% | 59 |
| Individuals & others | 27.83% | 524 |
| Financial institutions | 10.61% | 9 |
| Foreign institutions | 3.03% | 12 |
| Government | 1.72% | 9 |
| Securities firms | 0.21% | 9 |
| Foreign individuals | 0.02% | 2 |
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 | 株式会社新潟日報社 | 894,000 | 14.98% |
| 2 | 越後交通株式会社 | 579,000 | 9.69% |
| 3 | 株式会社TBSホールディングス | 485,000 | 8.12% |
| 4 | 光通信KK投資事業有限責任組合 | 389,000 | 6.51% |
| 5 | 株式会社第四北越銀行 | 289,000 | 4.84% |
| 6 | 第四北越リース株式会社 | 256,000 | 4.29% |
| 7 | UHPartners2投資事業有限責任組合 | 202,000 | 3.38% |
| 8 | 株式会社NSGホールディングス | 195,000 | 3.26% |
| 9 | サトウ食品株式会社 | 136,000 | 2.27% |
| 10 | エスアイエル投資事業有限責任組合 | 125,000 | 2.10% |
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.