Three companies met our criteria from the three 10-K annual reports filed with the SEC on 8 October 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.
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
- VILLAGE SUPER MARKET INC (High) — The key change is that Village has turned a cooperative relationship into an active legal overhang, creating a new source of strategic and governance risk.
- APPlife Digital Solutions Inc (High) — The key message is that APPlife is still a highly dependent, capital-constrained business with newly disclosed control weaknesses and operating risks that could pressure the stock.
- Oil-Dri Corp of America (Low) — Oil-Dri did not disclose any new cybersecurity risk or governance escalation, so this filing reads as business-as-usual on cyber oversight.
Ranking Table
| Rank | Company | CIK | Full Filing Similarity | Business Similarity | Risk Factors Similarity | MD&A Similarity | Most Changed Section | Assessment |
|---|---|---|---|---|---|---|---|---|
| 1 | VILLAGE SUPER MARKET INC | 103595 | 0.998 | n/a | 0.514 | 0.949 | Risk Factors | high |
| 2 | APPlife Digital Solutions Inc | 1755101 | 0.972 | 0.955 | 0.89 | 0.972 | Risk Factors | high |
| 3 | Oil-Dri Corp of America | 74046 | 0.993 | n/a | 0.998 | n/a | Risk Factors | low |
VILLAGE SUPER MARKET INC
| Rank | 1 |
|---|---|
| Lowest similarity section | Risk Factors |
| Assessment | high |
| SEC filings | 2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text) |
Village’s new filing materially expands risk disclosure around its fight with Wakefern, including a lawsuit to stop Wakefern’s Morton Williams acquisition, an amended complaint, and the fact that the deal has now closed. Management says it is still evaluating next steps, and the filing makes clear the dispute could affect a core relationship that underpins Village’s scale and purchasing advantages.
Main Changes
- The filing adds a new legal risk tied to the Wakefern dispute: Village says it filed suit to block Wakefern’s acquisition of Morton Williams, then amended the complaint to add claims over Wakefern’s actions in August 2025.
- It now states the acquisition closed on or about October 1, 2025 and that Village is "evaluating our options for alternative relief," while Wakefern’s motion to dismiss is pending.
- The risk discussion also expands to say the company is a second-largest Wakefern member and that its ownership interest provides scale benefits, but the filing now highlights that this relationship is under active litigation.
- The business section softens the description of Wakefern’s benefits, saying Village gets economies of scale from a cooperative with "chains of greater size and geographic coverage" rather than the prior wording focused on purchasing and technology advantages.
Watch Items
- The Wakefern lawsuit could affect supplier economics, governance influence, or other cooperative benefits that support Village’s operating model.
- Management’s inability to assess the litigation outcome suggests potential uncertainty around financial impact, even if no immediate operational hit is disclosed.
- The added ownership/control language reinforces that Village’s strategic flexibility is constrained by its relationship with Wakefern and the Sumas family voting structure.
Important Filing Changes
Class B common stock is entitled to 10 votes per share. Class A and Class B common stock share equally on a per share basis in any distributions in liquidation. Shares of Class B common stock are convertible on a share-for-share basis for Class A common stock at any time.
RISK FACTORS An investment in our common stock involves risks and uncertainties. The following risk factors should be considered carefully, together with the other information included in this Annual Report on Form 10-K and the forward-looking statements contained herein.
The Company’s primary sources of liquidity in fiscal 2026 are expected to be cash and cash equivalents on hand at July 26, 2025 and operating cash flow generated in fiscal 2026. • The Board’s current intention is to continue to pay quarterly dividends in fiscal 2026 at the most recent rate of $.25 per Class A and $.1625 per Class B share. • We believe cash and cash equivalents on hand, operating cash flow and the Company’s Credit Facility will be adequate to meet anticipated requirements for working capital, capital expenditures and debt payments for the foreseeable future. • We expect our effective income tax rate in fiscal 2026 to be in the range of 31.0% – 32.0%. Various uncertainties and other factors could cause actual results to differ from the forward-looking statements contained in this report. These include: •…
RISK FACTORS An investment in our common stock involves risks and uncertainties. The following risk factors should be considered carefully, together with the other information included in this Annual Report on Form 10-K and the forward-looking statements contained herein. Any of the following risks could materially adversely affect our business, financial condition, results of operations, cash flows, liquidity, prospects and the trading price of our common stock.
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Dollars in thousands, except per share and per square foot data). OVERVIEW Village Super Market, Inc. (the “Company” or “Village”) operates a chain of 34 supermarkets in New Jersey (26), New York (6), Maryland (1) and Pennsylvania (1) under the ShopRite and Fairway banners and three Gourmet Garage specialty markets in New York City.
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Dollars in thousands, except per share data) The following management’s discussion and analysis of financial condition and results of operations ("MD&A") should be read together with our audited consolidated financial statements and notes thereto, which are included elsewhere in this Form 10-K. The Company’s MD&A contains forward-looking statements.
APPlife Digital Solutions Inc
| Rank | 2 |
|---|---|
| Lowest similarity section | Risk Factors |
| Assessment | high |
| SEC filings | 2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text) |
APPlife’s new filing is much more explicit about the company’s fragility: it says the business needs more capital, depends heavily on a small group of people and vendors, and faces tariff and supply-chain risk. It also adds a material weakness disclosure, signaling that financial reporting controls are not yet reliable. The business section also reflects a more developed operating picture after the reverse merger and the Sugar Auto Parts launch, but the risk profile remains elevated.
Main Changes
- The company added a new risk disclosure that it "will need to raise capital" and now says it has a "limited operating history, operations, and revenues," underscoring dependence on external funding to keep the business running.
- New risk language highlights reliance on the CEO, CFO, third-party suppliers, fulfillment providers, and e-commerce/payment platforms, stating that losing key people or disrupting those relationships could materially harm the business.
- The filing now explicitly warns about "tariffs, trade policy and supply-chain disruptions," saying higher import costs, inventory shortages, and weaker demand could hurt margins and results.
- A new internal control risk says management found material weaknesses in disclosure controls and internal control over financial reporting, citing insufficient written policies and insufficient accounting resources.
Watch Items
- The added financing and control-risk language suggests the company remains highly dependent on outside capital and may face reporting or liquidity pressure if funding tightens.
- Supply-chain and tariff exposure matters because the business sells automotive parts that are partly sourced abroad, so margin pressure could show up quickly if costs rise.
- The material weakness disclosure raises the odds of accounting errors, delayed filings, or investor confidence issues until remediation is proven.
Important Filing Changes
Some statements in this Annual Report, including such statements in the following risk factors, constitute forward-looking statements. See the section entitled “Cautionary Note Regarding Forward-Looking Statements.”
Some statements in this Annual Report, including such statements in the following risk factors, constitute forward-looking statements. See the section entitled “Cautionary Note Regarding Forward-Looking Statements.” We have added and updated the risk factors below to reflect developments during fiscal year 2026. Although as a smaller reporting company we are not required to provide risk-factor disclosure under Item 1A, we have elected to provide the following.
Risk Factors We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item. An investment in our common stock involves a high degree of risk.
See the section entitled “Cautionary Note Regarding Forward-Looking Statements.” We have added and updated the risk factors below to reflect developments during fiscal year 2026. Although as a smaller reporting company we are not required to provide risk-factor disclosure under Item 1A, we have elected to provide the following. There is substantial doubt about our ability to continue as a going concern.
SAP leverages its digital presence to serve customers across the United States, offering a wide selection of products for Jeep, truck, and SUV owners. The Company is a development stage company with a limited operating history, operations, and revenues and will need to raise capital to implement our planned operations. Reverse Merger Transaction On May 1, 2025, the Company entered into a definitive agreement to acquire SAP, with the transaction structured as a reverse merger.
SAP leverages its digital presence to serve customers across the United States, offering a wide selection of products for Jeep, truck, and SUV owners. The Company has a limited operating history, operations, and revenues and will need to raise capital to implement our planned operations. Reverse Merger Transaction On May 1, 2025, the Company entered into a definitive agreement to acquire SAP, with the transaction structured as a reverse merger.
Oil-Dri Corp of America
| Rank | 3 |
|---|---|
| Lowest similarity section | Risk Factors |
| Assessment | low |
| SEC filings | 2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text) |
Oil-Dri’s risk factor disclosure on cybersecurity is essentially unchanged year over year. The company continues to describe Audit Committee oversight, quarterly management updates, and an incident response process, without adding new risks or incidents. That points to steady governance rather than a fresh problem or shift in posture.
Main Changes
- The cybersecurity risk factor still says cybersecurity is "an important part of our risk management processes" and that the Audit Committee oversees threats, with quarterly updates from management.
- The filing continues to say management monitors prevention, mitigation, detection and remediation through the incident response plan and reports to the Audit Committee.
- No new cybersecurity risks, controls, incidents, or governance changes were added, and no prior risk language was removed.
Watch Items
- The lack of new cyber-risk disclosure suggests management is not signaling a material escalation in threat exposure or control weakness.
- Investors should still watch whether future filings add incident detail, third-party dependency risk, or more specific remediation language.
- Stable governance wording implies the company sees cybersecurity as a managed operational risk rather than a new strategic issue.
Important Filing Changes
During fiscal year 2025, certain measurement period adjustments were made to goodwill resulting in a $0.6 million increase to goodwill. Intangible amortization was $1.2 million, $0.5 million, and $0.3 million in fiscal years 2025, 2024, and 2023 respectively. Our estimated intangible amortization expense for the next five fiscal years is as follows (in thousands): 2026 $ 1,217 2027 $ 1,217 2028 $ 1,217 2029 $ 1,217 2030 $ 1,217 The remaining weighted average amortization period of our intangibles subject to amortization is as follows (in years): Weighted Average Amortization Period Patents 8.8 Customer list 16.8 Total intangible assets subject to amortization 16.6 Trademarks and trade names acquired through acquisitions were determined to have indefinite lives.
We also include an allowance for expected cash discounts to be taken by our customers. Accounts receivable was $75.4 million, $69.4 million, and $62.2 million as of July 31, 2026, July 31, 2025, and July 31, 2024, respectively. Inventories I NVENTORIES The composition of inventories was as follows as of July 31 (in thousands): 2026 2025 Finished goods $ 29,660 $ 29,401 Packaging 8,605 8,114 Spare parts 6,875 $ 6,822 Other 8,349 7,257 Inventories, net $ 53,489 $ 51,594 Inventories are valued at the lower of cost (first-in, first-out) or net realizable value.
During fiscal year 2025, certain measurement period adjustments were made to goodwill resulting in a $0.6 million increase to goodwill. Intangible amortization was $1.2 million, $0.5 million, and $0.3 million in fiscal years 2025, 2024, and 2023 respectively. Our estimated intangible amortization expense for the next five fiscal years is as follows (in thousands): 2026 $ 1,217 2027 $ 1,217 2028 $ 1,217 2029 $ 1,217 2030 $ 1,217 The remaining weighted average amortization period of our intangibles subject to amortization is as follows (in years): Weighted Average Amortization Period Patents 8.8 Customer list 16.8 Total intangible assets subject to amortization 16.6 Trademarks and trade names acquired through acquisitions were determined to have indefinite lives.
During fiscal year 2024 we recorded additions of intangible assets of $37.4 million related to the acquisition of Ultra Pet, the components of which were customer list of $20.4 million amortized over a useful life of 18 years, $5.2 million of trade name and $11.8 million of goodwill. Intangible amortization was $1.2 million in both fiscal years 2026 and 2025 and $0.5 million in fiscal year 2024. Our estimated intangible amortization expense for the next five fiscal years is as follows (in thousands): 2027 $ 1,199 2028 $ 1,199 2029 $ 1,199 2030 $ 1,199 2031 $ 1,196 The remaining weighted average amortization period of our intangibles subject to amortization is as follows (in years): Weighted Average Amortization Period Patents 7.9 Customer list 15.8 Total intangible assets subject to amortization 15.5 Trademarks and trade names acquired through acquisitions were determined to have indefinite lives.
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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