{
  "commentary": "## MBO・再上場を経た外国法人64.3%の支配構造（FY25・2025年12月期）\n\nFY25（2025年12月期）の大株主上位10名は、NORTHERN TRUST CO.(AVFC) RE 15PCT TREATY ACCOUNT が6,304,183株（23.75%）の筆頭、MINERVA GROWTH CAPITAL,LP 4,352,600株（16.39%）、日本マスタートラスト信託銀行株式会社（信託口）2,280,200株（8.59%）、株式会社日本カストディ銀行（信託口）1,067,854株（4.02%）、NORTHERN TRUST CO.(AVFC) RE UKUC UCITS CLIENTS 970,100株（3.65%）、NORTHERN TRUST CO.(AVFC) RE FIDELITY FUNDS 805,000株（3.03%）、BRIAN K. HEYWOOD 503,926株（1.89%）、ローランド社員持株会375,920株（1.41%）、第5代社長・三木純一氏334,121株（1.25%）、STATE STREET BANK AND TRUST COMPANY 505001 270,516株（1.01%）と続く。**筆頭株主の Northern Trust ＋ MINERVA GROWTH CAPITAL の上位2名で40.14%**を占める高集中の外国法人主導構造である。\n\n## 所有者別構成──外国法人64.3%・個人15.9%・金融機関14.7%\n\nFY25（2025年12月期）の所有者別は外国法人等（法人）64.29%（189名）・個人その他15.88%（8,289名）・金融機関14.71%（19名）・金融商品取引業者2.04%（23名）・外国法人等（個人）2.01%（26名）・その他の法人1.07%（72名）で、株主総数は8,618名。**外国法人等が66.3%（法人64.3%+個人2.0%）を占める高比率**で、2014年7月のMBO（株式会社常若コーポレーションが普通株式取得）・2014年10月の東証一部上場廃止・2020年12月の東証一部再上場という6年間の非公開化期間中に、Bain Capital系・Taiyo Pacific Partners系等の外国系PE/ファンドが資本構造に深く組み込まれた経緯を反映している。\n\n## MBO・再上場の構造的遺産と創業家不在の所有構造\n\nMBOファンドからの再上場時点で、創業者・梯郁太郎氏（2017年逝去）の創業家筋は所有構造から実質的に退場しており、第5代・三木純一氏（FY12-FY21、MBO・再上場の主導者）の個人保有1.25%（334,121株、9位）だけが歴代社長の持株として上位10名に残る。第6代・ゴードン・レイゾン氏（2022年3月就任、初の外国人社長）期は外資ファンドが筆頭株主に立ち、Bain Capital関連法人（MINERVA GROWTH CAPITAL,LP）・Taiyo Pacific関連法人（Northern Trust経由）の二大支配株主の影響下で経営が行われた。2024年に第7代・蓑輪雅弘氏（2024年6月就任）へ承継、現在もファンドのexit過程は完了しておらず、株主構成は流動的である。",
  "shareholders": [
    {
      "FY": "FY20",
      "period": "2020/12",
      "rank": 1,
      "name": "TAIYO JUPITER HOLDINGS, L.P.(常任代理人:SMBC日興証券株式会社)",
      "shareholding_ratio": 50.46,
      "shares_held": 13920030
    },
    {
      "FY": "FY20",
      "period": "2020/12",
      "rank": 2,
      "name": "JP MORGAN CHASE BANK 380055(常任代理人:株式会社みずほ銀行決済営業部)",
      "shareholding_ratio": 2.9,
      "shares_held": 800900
    },
    {
      "FY": "FY20",
      "period": "2020/12",
      "rank": 3,
      "name": "株式会社日本カストディ銀行（信託口）",
      "shareholding_ratio": 2.66,
      "shares_held": 734820
    },
    {
      "FY": "FY20",
      "period": "2020/12",
      "rank": 4,
      "name": "NORTHERN TRUST CO.(AVFC) RE UKDU UCITS CLIENTS NON LENDING 10 PCT TREATY ACCOUNT(常任代理人:香港上海銀行東京支店 カストディ業務部)",
      "shareholding_ratio": 2.37,
      "shares_held": 654700
    },
    {
      "FY": "FY20",
      "period": "2020/12",
      "rank": 5,
      "name": "NORTHERN TRUST CO.(AVFC) RE FIDELITY FUNDS(常任代理人:香港上海銀行東京支店 カストディ業務部)",
      "shareholding_ratio": 2.1,
      "shares_held": 581300
    },
    {
      "FY": "FY20",
      "period": "2020/12",
      "rank": 6,
      "name": "GOLDMAN SACHS ＆ CO.REG(常任代理人:ゴールドマン・サックス証券株式会社",
      "shareholding_ratio": 2.1,
      "shares_held": 579846
    },
    {
      "FY": "FY20",
      "period": "2020/12",
      "rank": 7,
      "name": "SSBTC CLIENT OMNIBUS ACCOUNT(常任代理人:香港上海銀行東京支店 カストディ業務部)",
      "shareholding_ratio": 1.92,
      "shares_held": 530600
    },
    {
      "FY": "FY20",
      "period": "2020/12",
      "rank": 8,
      "name": "株式会社日本カストディ銀行（信託口９）",
      "shareholding_ratio": 1.88,
      "shares_held": 520300
    },
    {
      "FY": "FY20",
      "period": "2020/12",
      "rank": 9,
      "name": "ローランド社員持株会",
      "shareholding_ratio": 1.52,
      "shares_held": 419720
    },
    {
      "FY": "FY20",
      "period": "2020/12",
      "rank": 10,
      "name": "日本マスタートラスト信託銀行株式会社（信託口）",
      "shareholding_ratio": 1.42,
      "shares_held": 392300
    },
    {
      "FY": "FY21",
      "period": "2021/12",
      "rank": 1,
      "name": "TAIYO JUPITER HOLDINGS,L.P.(常任代理人:SMBC日興証券株式会社)",
      "shareholding_ratio": 34.76,
      "shares_held": 9724430
    },
    {
      "FY": "FY21",
      "period": "2021/12",
      "rank": 2,
      "name": "MINERVA GROWTH CAPITAL,LP(常任代理人:SMBC日興証券株式会社)",
      "shareholding_ratio": 15,
      "shares_held": 4195600
    },
    {
      "FY": "FY21",
      "period": "2021/12",
      "rank": 3,
      "name": "日本マスタートラスト信託銀行株式会社（信託口）",
      "shareholding_ratio": 7.28,
      "shares_held": 2037200
    },
    {
      "FY": "FY21",
      "period": "2021/12",
      "rank": 4,
      "name": "株式会社日本カストディ銀行（信託口）",
      "shareholding_ratio": 3.87,
      "shares_held": 1083667
    },
    {
      "FY": "FY21",
      "period": "2021/12",
      "rank": 5,
      "name": "株式会社日本カストディ銀行（信託口９）",
      "shareholding_ratio": 3.01,
      "shares_held": 842700
    },
    {
      "FY": "FY21",
      "period": "2021/12",
      "rank": 6,
      "name": "NORTHERN TRUST CO.(AVFC) RE FIDELITY FUNDS (常任代理人:香港上海銀行東京支店 カストディ業務部)",
      "shareholding_ratio": 2.96,
      "shares_held": 830225
    },
    {
      "FY": "FY21",
      "period": "2021/12",
      "rank": 7,
      "name": "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 カストディ業務部)",
      "shareholding_ratio": 2.71,
      "shares_held": 759100
    },
    {
      "FY": "FY21",
      "period": "2021/12",
      "rank": 8,
      "name": "SSBTC CLIENT OMNIBUS ACCOUNT(常任代理人:香港上海銀行東京支店 カストディ業務部)",
      "shareholding_ratio": 2,
      "shares_held": 559413
    },
    {
      "FY": "FY21",
      "period": "2021/12",
      "rank": 9,
      "name": "三木 純一",
      "shareholding_ratio": 1.61,
      "shares_held": 451468
    },
    {
      "FY": "FY21",
      "period": "2021/12",
      "rank": 10,
      "name": "ローランド社員持株会",
      "shareholding_ratio": 1.33,
      "shares_held": 374420
    },
    {
      "FY": "FY22",
      "period": "2022/12",
      "rank": 1,
      "name": "TAIYO JUPITER HOLDINGS,L.P.(常任代理人:SMBC日興証券株式会社)",
      "shareholding_ratio": 35.24,
      "shares_held": 9724430
    },
    {
      "FY": "FY22",
      "period": "2022/12",
      "rank": 2,
      "name": "MINERVA GROWTH CAPITAL,LP(常任代理人:SMBC日興証券株式会社)",
      "shareholding_ratio": 15.2,
      "shares_held": 4195600
    },
    {
      "FY": "FY22",
      "period": "2022/12",
      "rank": 3,
      "name": "日本マスタートラスト信託銀行株式会社（信託口）",
      "shareholding_ratio": 10.65,
      "shares_held": 2940200
    },
    {
      "FY": "FY22",
      "period": "2022/12",
      "rank": 4,
      "name": "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 カストディ業務部)",
      "shareholding_ratio": 4.21,
      "shares_held": 1163000
    },
    {
      "FY": "FY22",
      "period": "2022/12",
      "rank": 5,
      "name": "株式会社日本カストディ銀行（信託口）",
      "shareholding_ratio": 3.49,
      "shares_held": 964057
    },
    {
      "FY": "FY22",
      "period": "2022/12",
      "rank": 6,
      "name": "NORTHERN TRUST CO.(AVFC) RE FIDELITY FUNDS (常任代理人:香港上海銀行東京支店 カストディ業務部)",
      "shareholding_ratio": 3.19,
      "shares_held": 879047
    },
    {
      "FY": "FY22",
      "period": "2022/12",
      "rank": 7,
      "name": "SSBTC CLIENT OMNIBUS ACCOUNT(常任代理人:香港上海銀行東京支店 カストディ業務部)",
      "shareholding_ratio": 1.79,
      "shares_held": 493150
    },
    {
      "FY": "FY22",
      "period": "2022/12",
      "rank": 8,
      "name": "三木 純一",
      "shareholding_ratio": 1.75,
      "shares_held": 483552
    },
    {
      "FY": "FY22",
      "period": "2022/12",
      "rank": 9,
      "name": "BNYM TREATY DTT 15(常任代理人:株式会社三菱UFJ銀行)",
      "shareholding_ratio": 1.34,
      "shares_held": 370702
    },
    {
      "FY": "FY22",
      "period": "2022/12",
      "rank": 10,
      "name": "ローランド社員持株会",
      "shareholding_ratio": 1.27,
      "shares_held": 351320
    },
    {
      "FY": "FY23",
      "period": "2023/12",
      "rank": 1,
      "name": "TAIYO JUPITER HOLDINGS,L.P.(常任代理人:SMBC日興証券株式会社)",
      "shareholding_ratio": 34.96,
      "shares_held": 9691230
    },
    {
      "FY": "FY23",
      "period": "2023/12",
      "rank": 2,
      "name": "MINERVA GROWTH CAPITAL,LP(常任代理人:SMBC日興証券株式会社)",
      "shareholding_ratio": 15.13,
      "shares_held": 4195600
    },
    {
      "FY": "FY23",
      "period": "2023/12",
      "rank": 3,
      "name": "日本マスタートラスト信託銀行株式会社（信託口）",
      "shareholding_ratio": 7.86,
      "shares_held": 2180000
    },
    {
      "FY": "FY23",
      "period": "2023/12",
      "rank": 4,
      "name": "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 カストディ業務部)",
      "shareholding_ratio": 4.79,
      "shares_held": 1326500
    },
    {
      "FY": "FY23",
      "period": "2023/12",
      "rank": 5,
      "name": "株式会社日本カストディ銀行（信託口）",
      "shareholding_ratio": 3.8,
      "shares_held": 1052128
    },
    {
      "FY": "FY23",
      "period": "2023/12",
      "rank": 6,
      "name": "NORTHERN TRUST CO.(AVFC) RE FIDELITY FUNDS (常任代理人:香港上海銀行東京支店 カストディ業務部)",
      "shareholding_ratio": 3.17,
      "shares_held": 877647
    },
    {
      "FY": "FY23",
      "period": "2023/12",
      "rank": 7,
      "name": "三木 純一",
      "shareholding_ratio": 1.86,
      "shares_held": 515636
    },
    {
      "FY": "FY23",
      "period": "2023/12",
      "rank": 8,
      "name": "STATE STREET BANK AND TRUST COMPANY 505224 （常任代理人：株式会社みずほ銀行決済営業部）",
      "shareholding_ratio": 1.68,
      "shares_held": 466363
    },
    {
      "FY": "FY23",
      "period": "2023/12",
      "rank": 9,
      "name": "ローランド社員持株会",
      "shareholding_ratio": 1.37,
      "shares_held": 378620
    },
    {
      "FY": "FY23",
      "period": "2023/12",
      "rank": 10,
      "name": "BNYM AS AGT/CLTS NON TREATY JASDEC （常任代理人：株式会社三菱UFJ銀行）",
      "shareholding_ratio": 1.27,
      "shares_held": 352199
    },
    {
      "FY": "FY24",
      "period": "2024/12",
      "rank": 1,
      "name": "TAIYO JUPITER HOLDINGS,L.P.(常任代理人:SMBC日興証券株式会社)",
      "shareholding_ratio": 34.21,
      "shares_held": 9524230
    },
    {
      "FY": "FY24",
      "period": "2024/12",
      "rank": 2,
      "name": "MINERVA GROWTH CAPITAL,LP(常任代理人:SMBC日興証券株式会社)",
      "shareholding_ratio": 15.63,
      "shares_held": 4352600
    },
    {
      "FY": "FY24",
      "period": "2024/12",
      "rank": 3,
      "name": "日本マスタートラスト信託銀行株式会社（信託口）",
      "shareholding_ratio": 7.71,
      "shares_held": 2147600
    },
    {
      "FY": "FY24",
      "period": "2024/12",
      "rank": 4,
      "name": "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)",
      "shareholding_ratio": 4.01,
      "shares_held": 1116800
    },
    {
      "FY": "FY24",
      "period": "2024/12",
      "rank": 5,
      "name": "株式会社日本カストディ銀行（信託口）",
      "shareholding_ratio": 3.7,
      "shares_held": 1032095
    },
    {
      "FY": "FY24",
      "period": "2024/12",
      "rank": 6,
      "name": "NORTHERN TRUST CO.(AVFC) RE FIDELITY FUNDS (常任代理人:香港上海銀行東京支店)",
      "shareholding_ratio": 2.85,
      "shares_held": 795947
    },
    {
      "FY": "FY24",
      "period": "2024/12",
      "rank": 7,
      "name": "STATE STREET BANK AND TRUST COMPANY 505224 （常任代理人：株式会社みずほ銀行決済営業部）",
      "shareholding_ratio": 2.11,
      "shares_held": 589468
    },
    {
      "FY": "FY24",
      "period": "2024/12",
      "rank": 8,
      "name": "三木 純一",
      "shareholding_ratio": 2.02,
      "shares_held": 564541
    },
    {
      "FY": "FY24",
      "period": "2024/12",
      "rank": 9,
      "name": "BNYM AS AGT/CLTS NON TREATY JASDEC （常任代理人：株式会社三菱UFJ銀行）",
      "shareholding_ratio": 1.35,
      "shares_held": 378191
    },
    {
      "FY": "FY24",
      "period": "2024/12",
      "rank": 10,
      "name": "野村信託銀行株式会社(投信口)",
      "shareholding_ratio": 1.31,
      "shares_held": 365300
    },
    {
      "FY": "FY25",
      "period": "2025/12",
      "rank": 1,
      "name": "NORTHERN TRUST CO.(AVFC) RE 15PCT TREATY ACCOUNT(常任代理人:香港上海銀行東京支店)",
      "shareholding_ratio": 23.75,
      "shares_held": 6304183
    },
    {
      "FY": "FY25",
      "period": "2025/12",
      "rank": 2,
      "name": "MINERVA GROWTH CAPITAL,LP(常任代理人:SMBC日興証券株式会社)",
      "shareholding_ratio": 16.39,
      "shares_held": 4352600
    },
    {
      "FY": "FY25",
      "period": "2025/12",
      "rank": 3,
      "name": "日本マスタートラスト信託銀行株式会社（信託口）",
      "shareholding_ratio": 8.59,
      "shares_held": 2280200
    },
    {
      "FY": "FY25",
      "period": "2025/12",
      "rank": 4,
      "name": "株式会社日本カストディ銀行(信託口)",
      "shareholding_ratio": 4.02,
      "shares_held": 1067854
    },
    {
      "FY": "FY25",
      "period": "2025/12",
      "rank": 5,
      "name": "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)",
      "shareholding_ratio": 3.65,
      "shares_held": 970100
    },
    {
      "FY": "FY25",
      "period": "2025/12",
      "rank": 6,
      "name": "NORTHERN TRUST CO.(AVFC) RE FIDELITY FUNDS (常任代理人:香港上海銀行東京支店)",
      "shareholding_ratio": 3.03,
      "shares_held": 805000
    },
    {
      "FY": "FY25",
      "period": "2025/12",
      "rank": 7,
      "name": "BRIAN K. HEYWOOD (常任代理人:SMBC日興証券株式会社)",
      "shareholding_ratio": 1.89,
      "shares_held": 503926
    },
    {
      "FY": "FY25",
      "period": "2025/12",
      "rank": 8,
      "name": "ローランド社員持株会",
      "shareholding_ratio": 1.41,
      "shares_held": 375920
    },
    {
      "FY": "FY25",
      "period": "2025/12",
      "rank": 9,
      "name": "三木 純一",
      "shareholding_ratio": 1.25,
      "shares_held": 334121
    },
    {
      "FY": "FY25",
      "period": "2025/12",
      "rank": 10,
      "name": "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)",
      "shareholding_ratio": 1.01,
      "shares_held": 270516
    }
  ],
  "categories": [
    {
      "FY": "FY20",
      "period": "2020/12",
      "category_key": "government",
      "category": "政府・地方公共団体",
      "shareholders": null,
      "shares_units": null,
      "ratio": null
    },
    {
      "FY": "FY20",
      "period": "2020/12",
      "category_key": "financial",
      "category": "金融機関",
      "shareholders": 7,
      "shares_units": 19885,
      "ratio": 7.21
    },
    {
      "FY": "FY20",
      "period": "2020/12",
      "category_key": "financial_service",
      "category": "金融商品取引業者",
      "shareholders": 18,
      "shares_units": 1778,
      "ratio": 0.64
    },
    {
      "FY": "FY20",
      "period": "2020/12",
      "category_key": "other_corporation",
      "category": "その他の法人",
      "shareholders": 133,
      "shares_units": 4009,
      "ratio": 1.45
    },
    {
      "FY": "FY20",
      "period": "2020/12",
      "category_key": "foreign_corporation",
      "category": "外国法人等（法人）",
      "shareholders": 68,
      "shares_units": 208279,
      "ratio": 75.52
    },
    {
      "FY": "FY20",
      "period": "2020/12",
      "category_key": "foreign_individual",
      "category": "外国法人等（個人）",
      "shareholders": 10,
      "shares_units": 56,
      "ratio": 0.02
    },
    {
      "FY": "FY20",
      "period": "2020/12",
      "category_key": "individual",
      "category": "個人その他",
      "shareholders": 9471,
      "shares_units": 41793,
      "ratio": 15.15
    },
    {
      "FY": "FY20",
      "period": "2020/12",
      "category_key": "total",
      "category": "合計",
      "shareholders": 9707,
      "shares_units": 275800,
      "ratio": null
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      "FY": "FY21",
      "period": "2021/12",
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    },
    {
      "FY": "FY21",
      "period": "2021/12",
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      "category": "金融機関",
      "shareholders": 19,
      "shares_units": 46391,
      "ratio": 16.59
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}