As reported in the annual securities report, 2025-09-30.
| Foreign institutions | 1.40% |
|---|---|
| Individuals | 30.96% |
| Top 10 holders | 69.01% |
| Total shareholders | 5,919 |
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 | 58.62% | 34 |
| Individuals & others | 30.96% | 5,823 |
| Financial institutions | 6.77% | 4 |
| Securities firms | 2.23% | 19 |
| Foreign institutions | 1.40% | 28 |
| Foreign individuals | 0.02% | 11 |
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 | 株式会社デュケレ | 7,515,000 | 34.11% |
| 2 | 株式会社リンクアンドモチベーション | 4,523,000 | 20.53% |
| 3 | 日本マスタートラスト信託銀行株式会社(信託口 | 1,036,100 | 4.70% |
| 4 | 佐藤 陽彦 | 610,000 | 2.77% |
| 5 | 野村信託銀行株式会社(投資口) | 372,000 | 1.69% |
| 6 | 株式会社マルチメディアネットワーク | 333,600 | 1.51% |
| 7 | 株式会社PKSHA Tecnology | 249,600 | 1.13% |
| 8 | 小林 裕 | 204,000 | 0.93% |
| 9 | 升本 甲一 | 190,000 | 0.86% |
| 10 | 尾上 幸裕 | 172,800 | 0.78% |
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.