Five companies met our criteria from the six 10-K annual reports filed with the SEC on 24 July 2026. To qualify, a company must have filed an annual 10-K report on the target date and have a prior-year 10-K available for a direct year-over-year comparison. A prior-year filing was not available for IMMERSION CORP, so it is excluded from the ranking.
SEC What Changed Methodology
Each company is scored on how similar its current annual filing text is to the prior year. Scores run from 0 to 1 — a score of 1 means the language is essentially unchanged; a lower score means more has changed. We flag three sections that carry the most disclosure signal: Business, Risk Factors, and MD&A. Recent research suggests that lower scores indicate that a company has made significant changes to their filings, these changes are often buried in the filings. If a company was to report positive news, they would likely do so in the form of a press release or statement on their website. The large changers have often underperformed in the market, while the stable-language filers have earned positive abnormal returns.
Key Takeaways
- DARDEN RESTAURANTS INC (High) — Darden is actively reshaping its brand mix, using divestitures and closures to focus capital on stronger concepts and improve long-term returns.
- RESOURCES CONNECTION, INC. (Medium) — The main message is that Resources Connection is simplifying its portfolio and leaning more heavily into transformation consulting after exiting Sitrick.
- Lamb Weston Holdings, Inc. (Medium) — The key change is a more explicit turnaround-and-efficiency message, paired with a new cybersecurity risk disclosure that investors should treat as a real operating risk.
- SCHOLASTIC CORP (Medium) — Scholastic is leaning more into Entertainment after 9 Story, while Education remains the soft spot and overhead benefits from monetizing real estate.
- AMREP CORP. (Medium) — AMREP is still highly concentrated in Rio Rancho, and the key new signal is softer local housing demand even as it broadens land sales to its internal builder.
Ranking Table
| Rank | Company | CIK | Full Filing Similarity | Business Similarity | Risk Factors Similarity | MD&A Similarity | Most Changed Section | Assessment |
|---|---|---|---|---|---|---|---|---|
| 1 | DARDEN RESTAURANTS INC | 940944 | 0.992 | 0.998 | 0.999 | 0.979 | MD&A | high |
| 2 | RESOURCES CONNECTION, INC. | 1084765 | 0.997 | 0.994 | 0.998 | 0.917 | MD&A | medium |
| 3 | Lamb Weston Holdings, Inc. | 1679273 | 0.963 | 0.996 | 0.998 | 0.989 | MD&A | medium |
| 4 | SCHOLASTIC CORP | 866729 | 0.999 | 0.998 | 0.998 | 0.989 | MD&A | medium |
| 5 | AMREP CORP. | 6207 | 0.996 | 0.999 | 1 | 0.998 | MD&A | medium |
DARDEN RESTAURANTS INC
| Rank | 1 |
|---|---|
| Lowest similarity section | MD&A |
| Assessment | high |
| SEC filings | 2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text) |
Darden made a clear portfolio cleanup move this year. It sold the Olive Garden Canada business, is shrinking Bahama Breeze through closures and conversions, and fully integrated Chuy’s after last year’s acquisition. The company is leaning harder into its stronger brands while reducing exposure to weaker or non-core assets.
Main Changes
- Added disclosure that Darden sold the Olive Garden Canada restaurants to Recipe on July 14, 2025 and will now earn royalties under area development and franchise agreements instead of operating those stores directly.
- Added a major portfolio action for Bahama Breeze: Darden completed a review, permanently closed about half of the remaining restaurants, and expects to convert the rest to other Darden brands over the next 12–18 months.
- Updated the restaurant count and operating footprint to reflect 2,202 company-owned restaurants, 167 franchised restaurants, four contractual locations, and one jointly owned restaurant, versus 2,159 company-owned restaurants and 154 third-party operated locations previously.
- Expanded Chuy’s integration disclosure, saying the purchase price allocation was finalized, goodwill was set at $267.2 million, and all Chuy’s operations are now fully integrated into Darden’s operations.
Watch Items
- The Canada sale and franchise conversion reduce direct operating exposure but also shift Darden toward a more asset-light royalty stream in that market.
- Bahama Breeze closures and conversions signal active pruning of weaker concepts, which should help margins but may create near-term restructuring and impairment noise.
- The larger store base and stronger same-restaurant sales show the core portfolio is still growing, but investors should watch whether brand reshaping offsets lost revenue from closures and divestitures.
Important Filing Changes
Fiscal 2025, which ended May 25, 2025, and fiscal 2024, which ended May 26, 2024, each consisted of 52 weeks. Fiscal 2026, which ends on May 31, 2026, will consist of 53 weeks. OVERVIEW OF OPERATIONS Our business operates in the full-service dining segment of the restaurant industry.
Fiscal 2026, which ended May 31, 2026, consisted of 53 weeks; fiscal 2025, which ended May 25, 2025, consisted of 52 weeks; and fiscal 2027, which ends on May 30, 2027, will consist of 52 weeks. OVERVIEW OF OPERATIONS Our business operates in the full-service dining segment of the restaurant industry.
OVERVIEW OF OPERATIONS Our business operates in the full-service dining segment of the restaurant industry. At May 25, 2025, we owned and operated 2,159 restaurants through subsidiaries in the United States and Canada under the Olive Garden ® , LongHorn Steakhouse ® , Cheddar’s Scratch Kitchen ® , Chuy’s ® , Yard House ® , Ruth’s Chris Steak House ® (Ruth’s Chris), The Capital Grille ® , Seasons 52 ® , Eddie V’s Prime Seafood ® (Eddie V’s), Bahama Breeze ® and The Capital Burger ® trademarks. We own and operate all of our restaurants in the United States and Canada, except for 5 restaurants we manage through joint venture or other contractual agreements and 85 franchised restaurants.
OVERVIEW OF OPERATIONS Our business operates in the full-service dining segment of the restaurant industry. At May 31, 2026, we owned and operated 2,202 restaurants through subsidiaries in the United States under the Olive Garden®, LongHorn Steakhouse®, Yard House®, Ruth’s Chris Steak House®, Cheddar’s Scratch Kitchen®, The Capital Grille®, Chuy’s®, Seasons 52®, Eddie V’s Prime Seafood®, Bahama Breeze®, and The Capital Burger® trademarks. We own and operate all of our restaurants in the United States, except for four restaurants operating under contractual agreements, one restaurant that we jointly own with a third party and operate independently, and 87 franchised restaurants.
BUSINESS Introduction Darden Restaurants, Inc. is a full-service restaurant company, and as of May 25, 2025, we owned and operated 2,159 restaurants through subsidiaries in the United States and Canada under the Olive Garden ® , LongHorn Steakhouse ® , Cheddar’s Scratch Kitchen ® , Chuy’s ® , Yard House ® , Ruth’s Chris Steak House ® (“Ruth’s Chris”), The Capital Grille ® , Seasons 52 ® , Eddie V’s Prime Seafood ® (“Eddie V’s”), Bahama Breeze ® , and The Capital Burger ® trademarks. As of May 25, 2025, we also had 154 restaurants operated by independent third parties pursuant to area development and franchise agreements and 4 restaurants operating under contractual agreements.
BUSINESS Introduction Darden Restaurants, Inc. (“Darden,” the “Company,” “we,” “us,” or “our”) is a full-service restaurant company, and as of May 31, 2026, we owned and operated 2,202 restaurants through subsidiaries in the United States under the Olive Garden ® , LongHorn Steakhouse ® , Yard House ® , Ruth’s Chris Steak House ® (“Ruth’s Chris”), Cheddar’s Scratch Kitchen ® , The Capital Grille ® , Chuy’s ® , Seasons 52 ® , Eddie V’s Prime Seafood ® (“Eddie V’s”), Bahama Breeze ® , and The Capital Burger ® trademarks. As of May 31, 2026, we also had 167 restaurants operated by independent third parties pursuant to area development and franchise agreements, four restaurants operating under contractual agreements, and one restaurant that we jointly own with a third party and operate independently.
RESOURCES CONNECTION, INC.
| Rank | 2 |
|---|---|
| Lowest similarity section | MD&A |
| Assessment | medium |
| SEC filings | 2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text) |
Resources Connection’s filing shows a cleaner business mix after selling Sitrick and removing the "All Other" segment. Management also put more emphasis on transformation-oriented consulting, suggesting a stronger push toward higher-value advisory services. The rest of the edits are mostly wording refinements, but the portfolio change is the key strategic signal.
Main Changes
- The Business section now says the company provides services through three integrated offerings — "On-Demand Talent, Consulting, and Outsourced Services" — and explicitly notes that it "divested our Sitrick business on May 2, 2026," eliminating the "All Other" segment.
- The company added a new description of Consulting as driving "transformation across people, processes and technology" in finance, technology and digital, risk and compliance, and operational performance.
- The forward-looking discussion now highlights "our transformation efforts" as a key theme, whereas the prior filing focused more broadly on growth, strategy, and acquisition plans.
- The competitive positioning language was tightened to emphasize "flexibility in our engagement model" rather than the prior wording about mobilizing talent quickly and delivery model breadth.
Watch Items
- The Sitrick sale simplifies the portfolio and removes a non-core segment, which can sharpen management focus but also reduces diversification.
- The added emphasis on transformation efforts suggests management is leaning harder into a repositioning of the business mix toward higher-value advisory work.
- The new Business description and segment framing may signal a more concentrated operating model, which investors should watch for impact on growth and margins.
Important Filing Changes
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our financial statements and related notes.
EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 94 ITEM 16. References in this Annual Report on Form 10-K to “fiscal,” “year” or “fiscal year” refer to our fiscal year that consists of the 52- or 53-week period ending on the Saturday in May closest to May 31.
Our approach combines flexibility, best of breed technology, and human-centered design with functional and subject matter expertise. This fiscal year, we have made tremendous progress in clarifying and operationalizing these models to unlock the cross selling of our diversified capabilities throughout our blue-chip, loyal and longstanding client base. Our growing consulting capability provides us with deeper visibility into our clients’ transformation agendas to drive greater opportunity for our on-demand execution capabilities, while our agile talent base within our on-demand business provides greater financial flexibility and better skill set alignment for our consulting business.
EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 94 ITEM 16. References in this Annual Report on Form 10-K to “fiscal,” “year” or “fiscal year” refer to our fiscal year that consists of the 52- or 53-week period ending on the Saturday in May closest to May 31. The fiscal years ended May 30, 2026 and May 25, 2024 consisted of 52 weeks.
Overview Resources Global Professionals (“RGP”) is a professional services firm based in Dallas, Texas (with offices worldwide) focused on delivering flexible and high impact solutions to businesses through strategic and execution consulting, on-demand resourcing, and fully outsourcing services. As a next-generation human capital partner for our clients, we are a trusted partner to the C suite, specializing in navigating complex business challenges typically precipitated by business and technology transformation, strategic transactions, or regulatory compliance.
Overview Resources Connection, Inc. (“RGP,” the “Company,” “we" or “us”) is a global professional services firm based in Dallas, Texas (with offices worldwide) with three decades of experience helping the world’s top organizations navigate change and seize opportunity. With three integrated offerings—On-Demand Talent, Consulting, and Outsourced Services—the Company provides CFOs and other C-suite leaders with the flexibility to solve today’s most pressing challenges.
Lamb Weston Holdings, Inc.
| Rank | 3 |
|---|---|
| Lowest similarity section | MD&A |
| Assessment | medium |
| SEC filings | 2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text) |
Lamb Weston’s filing now puts more emphasis on a formal cost savings effort and its "Focus to Win" strategy, which reads like a more explicit push to improve performance. It also adds a clearer warning about technology and cybersecurity risks, while tightening some trade and capital-return language. The business description is mostly unchanged, but it reflects a cleaner ownership description for the Austria joint venture.
Main Changes
- The forward-looking statements now specifically cite the "Cost Savings Program" and "Focus to Win strategy," replacing broader references to "restructuring plans" and "long-term value creation strategies."
- The risk language adds a new explicit dependence on information technology and systems, including "service interruptions," "misappropriation of data," and "breaches of security."
- Trade-policy risk is sharpened to say tariffs and "other trade policies" may hurt demand and pricing, and the company now says it may return capital "or otherwise" to stockholders rather than only paying dividends.
- The Business section removes the prior reference to the former European joint venture, LW EMEA, and now says the Austria joint venture is owned directly by the company, while also changing "value-added frozen potato products" to "product portfolio" in one place.
Watch Items
- The named Cost Savings Program suggests management is leaning harder on margin repair and efficiency, which can support earnings if execution holds.
- The new IT and cybersecurity risk language signals greater awareness of operational disruption and data-security exposure, both of which can carry real cost and reputational risk.
- The removal of the LW EMEA reference and the direct ownership wording point to a cleaner structure, but investors should confirm whether this reflects a completed simplification or just disclosure cleanup.
Important Filing Changes
We offer a broad product portfolio to a diverse channel and customer base in over 100 countries. French fries represent most of our value-added frozen potato product portfolio. We were organized as a Delaware corporation in July 2016.
We offer a broad product portfolio to a diverse channel and customer base in over 100 countries. French fries represent most of our product portfolio. We were organized as a Delaware corporation in July 2016.
Our North America segment’s product portfolio includes frozen potatoes, commercial ingredients, and appetizers sold under the Lamb Weston brand, as well as frozen potatoes sold under the Company’s owned or licensed brands, including Grown in Idaho and Alexia , other licensed equities comprised of brand names of major North American restaurant chains, customer labels, and retailers’ own brands. International Our International segment primarily includes frozen potato products sold outside of North America to quick service and full-service restaurant chains, foodservice distributors, non-commercial channels, and retailers. Our International segment’s product portfolio includes frozen potatoes, commercial ingredients, and appetizers sold under the Lamb Weston brand, as well as many customer labels.
Our common stock trades under the ticker symbol “LW” on the New York Stock Exchange. Segments We have two reportable segments: North America and International. North America Our North America segment primarily includes frozen potato products sold in the United States, Canada, and Mexico to quick service and full-service restaurants and chains, foodservice distributors, non-commercial channels, and retailers.
Our intellectual property rights are valuable, and any inability to protect and/or enforce them could reduce the value of our products and brands. We consider our intellectual property rights to be a significant and valuable aspect of our business. We attempt to protect our intellectual property rights through a combination of trademark, patent, copyright and trade secret protection, contractual agreements and policing of third-party misuses of our intellectual property.
Our intellectual property rights are valuable, and any inability to protect and/or enforce them could reduce the value of our products and brands. We consider our intellectual property rights to be a material aspect of our business. We attempt to protect our intellectual property rights through a combination of trademark, patent, copyright and trade secret protection, contractual agreements and policing of third-party misuses of our intellectual property.
SCHOLASTIC CORP
| Rank | 4 |
|---|---|
| Lowest similarity section | MD&A |
| Assessment | medium |
| SEC filings | 2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text) |
Scholastic’s filing shows a modest but meaningful reshaping of its segment presentation. The biggest operational signal is the continued reclassification of content assets into Entertainment after the 9 Story acquisition, alongside a weaker Education revenue base and lower overhead tied to sale-and-leaseback activity. The business mix is shifting, but there is no indication of a broader strategy overhaul.
Main Changes
- The company renamed the segment from "Education Solutions" to "Education," while keeping the same four-reportable-segment structure.
- MD&A now shows fiscal 2026 revenue of $1,581.9 million versus $1,625.5 million in fiscal 2025, with Education down to $267.6 million from $309.8 million.
- The Entertainment segment now includes 9 Story Media Group, acquired June 20, 2024, and SEI remains reclassified into Entertainment from Children’s Book Publishing and Distribution.
- Overhead fell to $7.2 million from $11.2 million, and the company says this reflects sale-and-leaseback transactions completed in fiscal 2026 that left it no longer owning the underlying leasable space.
Watch Items
- The Education segment rename and lower revenue suggest management is simplifying the label while the business remains under pressure.
- The 9 Story acquisition continues to reshape the mix toward Entertainment, which may change margin and growth expectations.
- The sale-and-leaseback note points to a balance-sheet and real-estate monetization move that investors should watch for cash flow and lease expense effects.
Important Filing Changes
Scholastic has operations in the United States and throughout the world including Canada, the United Kingdom, Ireland, Australia, New Zealand and Asia and, through its export business, sells products in approximately 130 international locations. Segments The Company categorizes its businesses into four reportable segments: Children’s Book Publishing and Distribution ; Education Solutions; Entertainment; and International. The following table sets forth revenues by reportable segment for the three fiscal years ended May 31: (Amounts in millions) 2025 2024 2023 Children’s Book Publishing and Distribution $ 963.9 $ 953.3 $ 1,019.0 Education Solutions 309.8 351.2 386.6 Entertainment (1) 61.0 1.9 19.0 International 279.6 273.6 279.4 Overhead (2) 11.2 9.7 — Total $ 1,625.5 $ 1,589.7 $ 1,704.0 (1) The Entertainment segment includes the operations of 9 Story Media Group Inc. as acquired on June 20, 2024, including its studios in Canada, Ireland…
Scholastic has operations in the United States and throughout the world including Canada, the United Kingdom, Ireland, Australia, New Zealand and Asia and, through its export business, sells products in approximately 145 international locations. Segments The Company categorizes its businesses into four reportable segments: Children’s Book Publishing and Distribution ; Education; Entertainment; and International. The following table sets forth revenues by reportable segment for the three fiscal years ended May 31: (Amounts in millions) 2026 2025 2024 Children’s Book Publishing and Distribution $ 964.2 $ 963.9 $ 953.3 Education 267.6 309.8 351.2 Entertainment (1) 65.7 61.0 1.9 International 277.2 279.6 273.6 Overhead (2) 7.2 11.2 9.7 Total $ 1,581.9 $ 1,625.5 $ 1,589.7 (1) The Entertainment segment includes the operations of 9 Story Media Group Inc. as acquired on June 20, 2024, including its studios in Canada, Ireland and Indonesia ("9 Story"), and Scholastic Entertainment Inc. ("SEI").
Segments The Company categorizes its businesses into four reportable segments: Children’s Book Publishing and Distribution ; Education Solutions; Entertainment; and International. The following table sets forth revenues by reportable segment for the three fiscal years ended May 31: (Amounts in millions) 2025 2024 2023 Children’s Book Publishing and Distribution $ 963.9 $ 953.3 $ 1,019.0 Education Solutions 309.8 351.2 386.6 Entertainment (1) 61.0 1.9 19.0 International 279.6 273.6 279.4 Overhead (2) 11.2 9.7 — Total $ 1,625.5 $ 1,589.7 $ 1,704.0 (1) The Entertainment segment includes the operations of 9 Story Media Group Inc. as acquired on June 20, 2024, including its studios in Canada, Ireland and Indonesia ("9 Story"), and Scholastic Entertainment Inc. ("SEI"). SEI was reported in the Children’s Book Publishing and Distribution segment in prior periods.
Segments The Company categorizes its businesses into four reportable segments: Children’s Book Publishing and Distribution ; Education; Entertainment; and International. The following table sets forth revenues by reportable segment for the three fiscal years ended May 31: (Amounts in millions) 2026 2025 2024 Children’s Book Publishing and Distribution $ 964.2 $ 963.9 $ 953.3 Education 267.6 309.8 351.2 Entertainment (1) 65.7 61.0 1.9 International 277.2 279.6 273.6 Overhead (2) 7.2 11.2 9.7 Total $ 1,581.9 $ 1,625.5 $ 1,589.7 (1) The Entertainment segment includes the operations of 9 Story Media Group Inc. as acquired on June 20, 2024, including its studios in Canada, Ireland and Indonesia ("9 Story"), and Scholastic Entertainment Inc. ("SEI"). SEI was reported in the Children’s Book Publishing and Distribution segment in fiscal 2024.
Scholastic has operations in the United States and throughout the world including Canada, the United Kingdom, Ireland, Australia, New Zealand and Asia and, through its export business, sells products in approximately 130 international locations. Segments The Company categorizes its businesses into four reportable segments: Children’s Book Publishing and Distribution ; Education Solutions; Entertainment; and International. The following table sets forth revenues by reportable segment for the three fiscal years ended May 31: (Amounts in millions) 2025 2024 2023 Children’s Book Publishing and Distribution $ 963.9 $ 953.3 $ 1,019.0 Education Solutions 309.8 351.2 386.6 Entertainment (1) 61.0 1.9 19.0 International 279.6 273.6 279.4 Overhead (2) 11.2 9.7 — Total $ 1,625.5 $ 1,589.7 $ 1,704.0 (1) The Entertainment segment includes the operations of 9 Story Media Group Inc. as acquired on June 20, 2024, including its studios in Canada, Ireland…
Scholastic has operations in the United States and throughout the world including Canada, the United Kingdom, Ireland, Australia, New Zealand and Asia and, through its export business, sells products in approximately 145 international locations. Segments The Company categorizes its businesses into four reportable segments: Children’s Book Publishing and Distribution ; Education; Entertainment; and International. The following table sets forth revenues by reportable segment for the three fiscal years ended May 31: (Amounts in millions) 2026 2025 2024 Children’s Book Publishing and Distribution $ 964.2 $ 963.9 $ 953.3 Education 267.6 309.8 351.2 Entertainment (1) 65.7 61.0 1.9 International 277.2 279.6 273.6 Overhead (2) 7.2 11.2 9.7 Total $ 1,581.9 $ 1,625.5 $ 1,589.7 (1) The Entertainment segment includes the operations of 9 Story Media Group Inc. as acquired on June 20, 2024, including its studios in Canada, Ireland and Indonesia ("9 Story"), and Scholastic Entertainment Inc. ("SEI").
AMREP CORP.
| Rank | 5 |
|---|---|
| Lowest similarity section | MD&A |
| Assessment | medium |
| SEC filings | 2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text) |
AMREP’s latest filing shows a slightly smaller land base, a weaker housing market in its core Rio Rancho area, and a broader description of who it sells land to, including its own homebuilder. The company also added several project names to its property list, suggesting continued development activity even as local starts slowed. Overall, the filing reads as a steady but more cautious update on a concentrated New Mexico land business.
Main Changes
- The company said it owned about 16,200 acres at April 30, 2026, down from about 16,600 acres a year earlier, while adding new named projects including Orchard Park, Desert Sage, Northern Exposure, and Alegria.
- AMREP added that it now offers developed and undeveloped real estate to its internal homebuilder as well as outside builders, whereas the prior filing focused on sales to national, regional and local homebuilders.
- The Rio Rancho market softened: new construction single-family starts fell to 805 in 2026 from 973 in 2025, and the company still said 100% of developed residential land sales went to three homebuilders.
- Human capital rose to 52 employees from 49, with all employees now full-time versus one part-time worker last year.
Watch Items
- The drop in Rio Rancho starts suggests a weaker local housing backdrop, which could pressure land sales and homebuilding volumes.
- Selling land to an internal homebuilder may signal tighter control over absorption, but it also increases reliance on related-party demand and execution.
- The acreage decline alongside new project names points to ongoing portfolio reshuffling rather than a broad expansion, so investors should watch whether new parcels convert into sales.
Important Filing Changes
The following provides information that management believes is relevant to an assessment and understanding of the Company’s consolidated results of operations and financial condition. The discussion should be read in conjunction with the consolidated financial statements and accompanying notes. CRITICAL ACCOUNTING ESTIMATES The Company prepares its financial statements in conformity with accounting principles generally accepted in the United States of America.
The following provides information that management believes is relevant to an assessment and understanding of the Company’s consolidated results of operations and financial condition. The information contained in this Item 7 should be read in conjunction with the consolidated financial statements and accompanying notes. CRITICAL ACCOUNTING ESTIMATES The Company prepares its financial statements in conformity with accounting principles generally accepted in the United States of America.
RESULTS OF OPERATIONS Year Ended April 30, 2025 Compared to Year Ended April 30, 2024 For 2025, the Company had net income of $12,716,000, or $2.37 per diluted share, compared to net income of $6,690,000, or $1.25 per diluted share, in 2024. During 2025 and 2024, the Company experienced material delays in municipal entitlements, infrastructure availability, approvals and inspections and utility response times in both the land development business segment and homebuilding business segment, which caused delays in construction and the realization of revenues and increases in cost of revenues. While construction and land costs remain elevated, the Company has been able to partially offset these cost increases through land and home price increases in 2025 and 2024 due to a strong pricing environment, which may not continue.
RESULTS OF OPERATIONS Year Ended April 30, 2026 Compared to Year Ended April 30, 2025 For 2026, the Company had net income of $10,288,000, or $1.91 per diluted share, compared to net income of $12,716,000, or $2.37 per diluted share, in 2025. During 2026 and 2025, the Company experienced material delays in municipal entitlements, infrastructure availability, approvals and inspections, contractor schedules and utility response times in both the land development business segment and homebuilding business segment, which caused delays in construction and the realization of revenues and increases in cost of revenues. While construction and land costs remain elevated, the Company has been able to partially offset these cost increases through land and home price increases in 2026 and 2025.
Why SEC Filing Changes Matter
Research by Cohen et al. (Lazy Prices, 2020) — using the complete history of SEC filings from 1995 to 2014 — shows that when firms make active changes to their annual disclosures, those changes convey an important signal about future operations and returns. A portfolio that shorted "changers" and bought "non-changers" earned over 22% per year in annual alpha historically. Changes to the Risk Factors section, Business description, and language referring to the executive team were especially informative. Critically, these returns accrued gradually as information was later revealed through news and earnings — not at the time of filing — suggesting many investors remain inattentive to these simple, public signals. This snapshot is a starting point for deeper investigation, not a buy or sell recommendation.
For more like this, see the full SEC What Changed archive, browse more equity research reports, or subscribe to Quantitative Research Notes for new filing-change alerts as soon as they publish.
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