6702
FUJITSU LIMITED
富士通株式会社
Electric Appliances
Fujitsu Limited provides digital services in Japan, Europe, the Americas, the Asia Pacific, East Asia, and internationally. The company operates through three segments: Service Solutions, Hardware Solutions, and Ubiquitous Solutions. The company offers consulting services; data driven management; network and communication services; enterprise cyber security; multi cloud and hybrid IT services. It also provides assessment and consultative; SAP landscape, integrated systems; storage solutions; servers; network solutions; infrastructure management; consumption-based IT services; implementation, installation, and integration services. The company serves finance, manufacturing, mobility and transportation, public sectors, resource and energy, and retail industries. Fujitsu Limited has strategic collaboration with NVIDIA Corporation to create full-stack AI infrastructure that integrates AI agents. The company was incorporated in 1935 and is headquartered in Kawasaki, Japan.
Price
¥3,368
Market Cap
¥6.0T
Ent. Value
¥5.5T
Net Cash
est
¥450.4B
Shares Out.
1.8B
P / E
13.2×
EV / EBIT
15.9×
P / Book
2.89×
P / NCAV
10.18×
Div. Yield
0.45%
Financials
| Metric |
FY 2025
TDnet |
FY 2024
TDnet |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|---|
| Net Sales | ¥3,503.0B | ¥3,503.0B | ¥3,756.1B | ¥3,713.8B | ¥3,586.8B |
| Cost of Sales | ¥2,256.1B | ¥2,256.1B | ¥2,591.2B | ¥2,569.7B | ¥2,468.2B |
| Gross Profit | ¥1,246.9B | ¥1,246.9B | ¥1,164.8B | ¥1,144.1B | ¥1,118.7B |
| SG&A | ¥886.7B | ¥886.7B | ¥904.6B | ¥853.0B | ¥852.8B |
| Operating Income | ¥348.3B | ¥348.3B | ¥160.3B | ¥335.6B | ¥219.2B |
| Non-Operating Income | — | ¥11.6B | ¥13.8B | ¥15.1B | ¥11.5B |
| Interest Income | — | ¥6.2B | ¥5.7B | ¥2.7B | ¥1.0B |
| Non-Operating Expenses | — | ¥11.5B | ¥7.0B | ¥6.9B | ¥4.5B |
| Interest Expense | — | ¥7.7B | ¥5.2B | ¥4.0B | ¥3.0B |
| Ordinary Income | ¥409.0B | ¥273.4B | — | — | — |
| Pre-tax Income | ¥409.0B | ¥409.0B | ¥178.2B | ¥371.9B | ¥240.0B |
| Net Income (owners) | ¥449.4B | ¥449.4B | ¥254.5B | ¥215.2B | ¥182.7B |
| Minority Interest | — | ¥12.3B | ¥12.2B | ¥29.7B | ¥30.4B |
| Comprehensive Income | — | ¥244.9B | ¥332.1B | ¥219.3B | ¥263.1B |
| EPS | ¥254.83 | ¥254.83 | ¥135.59 | ¥1,107.63 | ¥924.21 |
| Shares Outstanding | — | 1.78B | 183.9M | 188.3M | 196.5M |
| Shares Issued (total) | — | 2.07B | 207.1M | 207.0M | 207.0M |
| Treasury Shares | — | 294.0M | 23.2M | 18.7M | 10.5M |
| Metric |
FY 2025
TDnet |
FY 2024
TDnet |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | ¥3,399.7B | ¥3,399.7B | ¥3,514.8B | ¥3,265.6B | ¥3,331.8B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Current Assets | ¥1,942.8B | ¥1,942.8B | ¥1,896.4B | ¥1,917.8B | ¥1,941.8B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash & Deposits | ¥450.4B | ¥450.4B | ¥342.1B | ¥355.9B | ¥484.0B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-Current Assets | ¥1,456.9B | ¥1,456.9B | ¥1,618.4B | ¥1,347.8B | ¥1,390.0B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PP&E | ¥360.9B | ¥360.9B | ¥602.9B | ¥572.2B | ¥571.2B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill | — | ¥78.3B | ¥80.2B | ¥55.1B | ¥47.5B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Intangible Assets | — | ¥229.2B | ¥213.4B | ¥146.3B | ¥133.9B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred Tax Assets | — | ¥227.5B | ¥218.9B | ¥73.3B | ¥99.8B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Liabilities | ¥1,355.2B | ¥1,355.2B | ¥1,596.0B | ¥1,528.8B | ¥1,616.1B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Current Liabilities | ¥1,110.5B | ¥1,110.5B | ¥1,311.1B | ¥1,276.5B | ¥1,320.7B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-Current Liabilities | ¥244.7B | ¥244.7B | ¥284.8B | ¥252.3B | ¥295.3B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred Tax Liab. | — | ¥14.0B | ¥15.2B | ¥5.6B | ¥15.3B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Equity | ¥2,044.6B | ¥2,044.6B | ¥1,918.8B | ¥1,736.8B | ¥1,715.7B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capital Surplus | — | ¥221.6B | ¥239.9B | ¥242.5B | ¥243.0B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Retained Earnings | ¥1,533.3B | ¥1,533.3B | ¥1,487.4B | ¥1,226.6B | ¥1,088.4B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Treasury Stock | — | ¥-559.7B | ¥-380.9B | ¥-277.7B | ¥-128.9B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| AOCI | — | ¥52.5B | ¥80.4B | ¥70.8B | ¥63.5B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity (owners) | ¥2,024.9B | ¥2,024.9B | ¥1,752.4B | ¥1,586.8B | ¥1,590.7B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minority Interests | — | ¥161.1B | ¥166.4B | ¥150.0B | ¥125.0B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Cash ⓘ | ¥450.4B | ¥450.4B | ¥342.1B | ¥355.9B | ¥484.0B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NCAV ⓘ | ¥587.7B | ¥587.7B | ¥300.4B | ¥389.1B | ¥325.8B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NCAV/Share | — | ¥331 | ¥1,634 | ¥2,066 | ¥1,658 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| BV/Share | — | ¥1,139 | ¥9,529 | ¥8,427 | ¥8,096 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Metric |
FY 2025
TDnet |
FY 2024
TDnet |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|---|
| Operating CF | ¥338.1B | ¥338.1B | ¥309.2B | ¥220.3B | ¥248.3B |
| Investing CF | ¥144.5B | ¥144.5B | ¥-157.2B | ¥-42.8B | ¥-59.3B |
| Purchase Investments | — | ¥-20.0B | ¥-11.6B | ¥-27.6B | — |
| Financing CF | ¥-379.7B | ¥-379.7B | ¥-181.5B | ¥-313.6B | ¥-193.7B |
| Free Cash Flow | ¥338.1B | ¥338.1B | ¥309.2B | ¥220.3B | ¥248.3B |
| Metric |
FY 2025
TDnet |
FY 2024
TDnet |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|---|
| ROE | 22.0% | 22.7% | 13.9% | 12.5% | 10.6% |
| ROA | 13.2% | 13.0% | 7.5% | 6.5% | 5.5% |
| EPS | ¥254.83 | ¥254.83 | ¥135.59 | ¥1,107.63 | ¥924.21 |
| DPS | ¥15.00 | ¥15.00 | ¥260.00 | ¥240.00 | ¥220.00 |
| BPS | ¥1,167.25 | ¥1,167.25 | — | — | — |
| FCF/Share | — | ¥190 | ¥1,681 | ¥1,170 | ¥1,264 |
| NCAV/Share | — | ¥331 | ¥1,634 | ¥2,066 | ¥1,658 |
| Payout Ratio | 5.9% | 5.9% | 191.8% | 21.7% | 23.8% |
Event Timeline
S Shareholder
A Capital Signal
Large Shareholder Reports 6
Capital Allocation Signals 1
| Date | Type | Amount | Summary | |
|---|---|---|---|---|
|
2026-04-28
15:30
|
Buyback | ¥150.0B 5.8% | FUJITSU board approved a share buyback program authorizing acquisition of up to 100 million shares (5.76% of outstanding… | |
|
Summary
FUJITSU board approved a share buyback program authorizing acquisition of up to 100 million shares (5.76% of outstanding shares) for a maximum of ¥150 billion through open market purchases on the Tokyo Stock Exchange. The buyback will run from May 1, 2026 through March 31, 2027, designed to enhance shareholder returns and capital efficiency in light of improved financial performance and cash flow expansion in fiscal 2025–2026.
Deadline: 2027-03-31
% of Shares: 5.8%
Shares: 100,000,000
Source (JP)
2026年5月1日~2027年3月31日の期間に、東京証券取引所における市場買付により、100,000,000株(上限)、1,500億円(上限)で自己株式を取得する。
自己株式取得に係る事項の決定に関するお知らせ
TDnet PDF
|
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| # | Shareholder | Shares (thou.) | % of Total |
|---|---|---|---|
| 1 |
Japan Master Trust Bank
日本マスタートラスト信託銀行株式会社(信託口)
|
302,337 | 17.01% |
| 2 |
Japan Custody Bank
株式会社日本カストディ銀行(信託口)
|
121,861 | 6.86% |
| 3 | いちごトラスト・ピーティーイー・リミテッド (常任代理人 香港上海銀行東京支店) | 60,000 | 3.38% |
| 4 |
State Street Bank and Trust Company
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)
|
55,964 | 3.15% |
| 5 |
JP MORGAN CHASE BANK
JP MORGAN CHASE BANK 385632(常任代理人 株式会社みずほ銀行決済営業部)
|
55,645 | 3.13% |
| 6 |
State Street Bank and Trust Company
STATE STREET BANK AND TRUST COMPANY 505103(常任代理人 株式会社みずほ銀行決済営業部)
|
37,467 | 2.11% |
| 7 |
STATE STREET BANK WEST CLIENT - TREATY
STATE STREET BANK WEST CLIENT - TREATY 505234(常任代理人 株式会社みずほ銀行決済営業部)
|
36,404 | 2.05% |
| 8 |
Employee Stock Ownership Plan
富士通株式会社従業員持株会
|
31,137 | 1.75% |
| 9 | GOVERNMENT OF NORWAY(常任代理人 シティバンク、エヌ・エイ東京支店カストディ業務部) | 29,127 | 1.64% |
| 10 |
Asahi Mutual Life Insurance
朝日生命保険相互会社
|
26,380 | 1.48% |
as of 2025-03-31
Source: EDINET ↗
Ownership by year — hover bars for detail
Domestic Nominees
23.9%
+2.8% vs 2024
Trust bank custodians — GPIF, pensions, investment trusts
Foreign Custodians
10.4%
+1.3% vs 2024
Sub-custodians for foreign asset managers
Direct / Strategic
8.2%
-5.2% vs 2024
Named entities with disclosed investment intent
Bar = % of shares outstanding · top-10 covers 42.6% · grey = other shareholders · 2025
| Shareholder | Trend | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Japan Master Trust Bank 日本マスタートラスト信託銀行 | 17.73% | 15.53% | 17.01% +1.48% | |
| State Street | 6.31% | 5.96% | 7.31% +1.35% | |
| Japan Custody Bank 日本カストディ銀行 | 6.28% | 5.51% | 6.86% +1.35% | |
| いちごトラスト・ピーティーイー・リミテッド | 7.91% | 6.08% | 3.38% -2.70% | |
| JP Morgan | 1.82% | 3.21% | 3.13% -0.08% | |
| Employee Stock Ownership Plan 富士通株式会社従業員持株会 | 1.91% | 1.87% | 1.75% -0.12% | |
| GOVERNMENT OF NORWAY NEW ENTRY | — | — | — | 1.64% NEW |
| Asahi Mutual Life Insurance 朝日生命保険相互会社 | 1.87% | 1.91% | 1.48% -0.43% | |
| GIC PRIVATE LIMITED - C last seen 2024 | Exited Top 10 | 3.47% | 3.64% | — |
| Concentration (HHI) ⓘ | 479 | 375 | 419 |
3 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved
Portfolio Book Value
¥27,239M
-72% since 2023
Holdings
55
+5 new
12 exited
Trend
2 unwinding
vs 2023
| Held Company | FY2025 ¥27,239M total | FY2023 ¥98,935M total | |||
|---|---|---|---|---|---|
| Book Val ¥M | Shares | Book Val ¥M | Shares | ||
|
TSUZUKI DENKI CO., LTD.
都築電気㈱
|
5,436 |
2,402,235
|
3,754 | 2,402,235 | M |
|
COMPUTER ENGINEERING & CONSULTING LTD.
㈱シーイーシー
|
2,879 |
1,240,000
|
1,584 | 1,240,000 | M |
|
TOYOTA TSUSHO CORPORATION
豊田通商㈱
|
2,529 |
+200.0%
↑
1,014,507
|
1,900 | 338,169 | |
|
AEON Co.,Ltd.
イオン㈱
|
2,444 |
651,800
|
1,672 | 651,800 | |
|
FDK CORPORATION
FDK㈱
|
2,398 |
NEW
New
6,071,022
|
— | ||
|
FUJI ELECTRIC CO., LTD.
富士電機㈱
|
2,100 |
-81.7%
↓
333,612
|
9,498 | 1,826,612 | M |
| DAIKO XTECH㈱ | 1,599 |
NEW
New
1,866,827
|
— | M | |
|
ZEON CORPORATION
日本ゼオン㈱
|
1,063 |
711,200
|
994 | 711,200 | M |
|
ADEKA CORPORATION
㈱ADEKA
|
806 |
300,000
|
677 | 300,000 | M |
|
YAMATO HOLDINGS CO.,LTD.
ヤマトホールディングス㈱
|
752 |
383,460
|
870 | 383,460 | |
|
AEON Financial Service Co.,Ltd.
イオンフィナンシャルサービス㈱
|
708 |
537,246
|
662 | 537,246 | |
|
UCHIDA YOKO CO., LTD.
㈱内田洋行
|
576 |
75,000
|
368 | 75,000 | M |
|
Sanrio Company, Ltd.
㈱サンリオ
|
515 |
+200.0%
↑
75,000
|
148 | 25,000 | |
|
TAKAMISAWA CYBERNETICS COMPANY,LTD.
㈱高見沢サイバネティックス
|
436 |
416,400
|
646 | 416,400 | |
|
Central Japan Railway Company
東海旅客鉄道㈱
|
356 |
+400.0%
↑
125,000
|
395 | 25,000 | |
|
KANTO DENKA KOGYO CO.,LTD.
関東電化工業㈱
|
260 |
300,000
|
309 | 300,000 | |
|
DAIWA HOUSE INDUSTRY CO., LTD.
大和ハウス工業㈱
|
246 |
50,020
|
155 | 50,020 | |
|
toyo tec co ., ltd
東洋テック㈱
|
238 |
177,520
|
169 | 177,520 | M |
|
Credit Saison Co.,Ltd.
㈱クレディセゾン
|
176 |
50,000
|
84 | 50,000 | |
|
SAISON TECHNOLOGY CO,.LTD.
㈱セゾンテクノロジー
|
141 |
NEW
New
80,000
|
— | ||
|
Solekia Limited
ソレキア㈱
|
133 |
23,558
|
122 | 23,558 | M |
|
Daiwabo Holdings Co.,Ltd.
ダイワボウホールディングス㈱
|
126 |
50,000
|
109 | 50,000 | M |
|
TV TOKYO Holdings Corporation
㈱テレビ東京ホールディングス
|
117 |
33,000
|
81 | 33,000 | |
|
THE FIRST BANK OF TOYAMA, LTD.
㈱富山第一銀行
|
114 |
100,000
|
58 | 100,000 | M |
|
Achilles Co., Ltd.
アキレス㈱
|
110 |
78,407
|
106 | 78,407 | |
|
繝「繝薙Ν繧ケ譬ェ蠑丈シ夂、セ
モビルス㈱
|
110 |
366,191
|
276 | 366,191 | |
|
MATSUYA CO., LTD.
㈱松屋
|
106 |
100,000
|
110 | 100,000 | |
|
FUSO DENTSU CO., LTD.
扶桑電通㈱
|
88 |
50,688
|
53 | 50,688 | M |
|
Yamazaki Co., Ltd.
㈱山善
|
85 |
+6.1%
↑
64,857
|
62 | 61,140 | |
|
Orient Corporation
㈱オリエントコーポレーション
|
79 |
100,000
|
110 | 100,000 | |
|
Kyushu Electric Power Company, Incorporated
九州電力㈱
|
74 |
57,353
|
43 | 57,353 | |
|
THE BANK OF SAGA LTD.
㈱佐賀銀行
|
56 |
24,500
|
39 | 24,500 | |
|
Hokuhoku Financial Group, Inc.
㈱ほくほくフィナンシャルグループ
|
40 |
-33.3%
↓
80,000
|
60 | 120,000 | M |
|
NIDEC CORPORATION
ニデック㈱
|
37 |
NEW
New
15,136
|
— | ||
|
Japan Transcity Corporation
日本トランスシティ㈱
|
35 |
40,000
|
24 | 40,000 | |
| ㈱スカパーJSATホールディングス | 34 |
29,700
|
15 | 29,700 | |
|
ONWARD HOLDINGS Co., Ltd.
㈱オンワードホールディングス
|
32 |
+5.4%
↑
60,859
|
22 | 57,714 | |
|
The Miyazaki Taiyo Bank,Ltd.
㈱宮崎太陽銀行
|
31 |
25,000
|
25 | 25,000 | M |
|
Electric Power Development Co., Ltd.
電源開発㈱
|
30 |
12,000
|
25 | 12,000 | |
|
THE SHIMIZU BANK,LTD.
㈱清水銀行
|
22 |
14,880
|
21 | 14,880 | M |
|
The Ehime Bank, Ltd.
㈱愛媛銀行
|
21 |
20,003
|
16 | 20,003 | |
|
Chuo Warehouse Co.
㈱中央倉庫
|
19 |
13,946
|
15 | 13,946 | |
|
The Fukui Bank, Ltd.
㈱福井銀行
|
17 |
NEW
New
9,500
|
— | ||
|
Mitsubishi Shokuhin Co., Ltd.
三菱食品㈱
|
14 |
3,000
|
9 | 3,000 | |
|
Hokuriku Electric Power Company
北陸電力㈱
|
14 |
17,000
|
10 | 17,000 | |
|
THE HOWA BANK,LTD.
㈱豊和銀行
|
13 |
26,900
|
15 | 26,900 | |
|
YAMAE GROUP HOLDINGS CO.,LTD.
ヤマエグループホールディングス㈱
|
9 |
+3.3%
↑
4,145
|
7 | 4,013 | |
|
NODA CORPORATION
㈱ノダ
|
7 |
11,000
|
13 | 11,000 | |
|
OKUWA CO., LTD.
㈱オークワ
|
3 |
3,864
|
3 | 3,864 | |
|
OUG Holdings Inc.
OUGホールディングス㈱
|
3 |
1,000
|
2 | 1,000 | |
|
COX CO.,LTD.
㈱コックス
|
2 |
11,000
|
1 | 11,000 | |
|
TOYOTA MOTOR CORPORATION
トヨタ自動車㈱
|
— | — | |||
|
TOKYO GAS CO.,LTD.
東京瓦斯㈱
|
— | — | |||
| DocuSign,Inc | — | — | |||
| Box,Inc. | — | — | |||
|
The Yokohama Rubber Company,Limited
横浜ゴム㈱
|
— |
−100%
Exit
—
|
1,422 | 508,647 | M |
| Transphorm, Inc. | — |
−100%
Exit
—
|
114 | 215,199 | |
| 富士古河E C㈱ | — |
−100%
Exit
—
|
659 | 171,988 | |
|
Furukawa Electric Co., Ltd.
古河電気工業㈱
|
— |
−100%
Exit
—
|
123 | 50,000 | M |
|
SIOS Corporation
サイオス㈱
|
— |
−100%
Exit
—
|
41 | 110,000 | |
|
SocionNext Co., Ltd.
㈱ソシオネクスト
|
— |
−100%
Exit
—
|
49,135 | 5,049,900 | |
| Palantir Technologies Inc. | — |
−100%
Exit
—
|
12,132 | 10,752,688 | |
|
BASE CO.,LTD.
ベース㈱
|
— |
−100%
Exit
—
|
8,862 | 1,536,000 | |
| 大興電子通信㈱ | — |
−100%
Exit
—
|
912 | 1,866,827 | M |
| ㈱セゾン情報システムズ | — |
−100%
Exit
—
|
146 | 80,000 | |
| 日本電産㈱ | — |
−100%
Exit
—
|
51 | 7,568 | |
|
Panasonic Holdings Corporation
パナソニックホールディングス㈱
|
— |
−100%
Exit
—
|
1 | 1,000 | |
| Portfolio total | 27,239 | 98,935 | |||
Book value in ¥M · ↓ reduced · ↑ increased vs prior year · M = mutual holding