One company met our criteria from the two 10-K annual reports filed with the SEC on 3 August 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 Synera Studio Inc, 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
- RICHARDSON ELECTRONICS, LTD. (Medium) — The key message is that Richardson is still exposed to tariff and sourcing risk, while its Healthcare exit is largely complete but not fully behind it.
Ranking Table
| Rank | Company | CIK | Full Filing Similarity | Business Similarity | Risk Factors Similarity | MD&A Similarity | Most Changed Section | Assessment |
|---|---|---|---|---|---|---|---|---|
| 1 | RICHARDSON ELECTRONICS, LTD. | 355948 | 0.993 | 0.999 | 0.999 | 0.988 | MD&A | medium |
RICHARDSON ELECTRONICS, LTD.
| Rank | 1 |
|---|---|
| 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) |
Richardson Electronics made only modest MD&A updates, but the most important one is a clearer warning that tariffs and trade disruptions could still hurt the business even though fiscal 2026 was not materially affected. The company also updated its Healthcare exit story, adding a small gain on a follow-on asset sale and confirming Healthcare is now fully folded into the PMT segment. Overall, the filing reads as a continuation of the same strategy with a bit more emphasis on trade risk and the cleanup of legacy Healthcare assets.
Main Changes
- MD&A now says fiscal 2026 results were "not materially impacted" by U.S. trade policy changes, but adds that future tariffs could still hit imports and that the company may not be able to fully pass through higher costs.
- The business overview was tightened from "some of the Company’s products are manufactured in China" to "some of the Company’s products are manufactured in foreign countries," broadening the sourcing risk beyond China.
- The Healthcare asset disposal discussion was updated to say the company entered into a new arrangement to sell retained Healthcare assets in fiscal 2026, recorded a $0.8 million gain on disposal, and now says the cumulative loss across fiscal 2025 and 2026 was $4.2 million.
- Healthcare segment language was revised from future results "will no longer be a standalone segment" to "are no longer a standalone segment" and have been consolidated into PMT, confirming the reorganization is complete.
Watch Items
- Tariff exposure remains a live risk even though management says fiscal 2026 was not materially affected; any escalation could pressure margins or demand if costs cannot be passed through.
- The Healthcare asset sale appears to be winding down, which may reduce distraction but also shows the company is still cleaning up legacy assets and charges from that exit.
- The broader foreign-sourcing wording suggests management wants investors to think about supply-chain and trade risk as global, not just China-specific.
Important Filing Changes
The Company provides solutions and adds value through design-in support, systems integration, prototype design and manufacturing, testing, logistics, and aftermarket technical service and repair through its global infrastructure. Some of the Company’s products are manufactured in China and imported into the United States. Accordingly, the Company’s operations are subject to tariffs and other trade protection measures.
The Company provides solutions and adds value through design-in support, systems integration, prototype design and manufacturing, testing, logistics, and aftermarket technical service and repair through its global infrastructure. Some of the Company’s products are manufactured in foreign countries and imported into the United States. Accordingly, the Company’s operations are subject to tariffs and other trade protection measures.
Accordingly, the Company’s operations are subject to tariffs and other trade protection measures. The U.S. administration has instituted certain changes, and may make additional changes, in trade policies that include the negotiation or termination of trade agreements, higher tariffs on imports into the U.S., and other measures affecting trade between the U.S. and other countries from which the Company imports. Due in part to these measures, some countries are changing their trade policies relating to goods imported from the U.S.
Accordingly, the Company’s operations are subject to tariffs and other trade protection measures. The current U.S. administration has instituted certain changes, and may make additional changes, in trade policies that include the negotiation or termination of trade agreements, higher tariffs on imports into the U.S., and other measures affecting trade between the U.S. and other countries from which the Company imports. Due in part to these measures, some countries are changing their trade policies relating to goods imported from the U.S.
Thus, to the extent that reports issued by securities analysts contain any projections, forecasts or opinions, such reports are not our responsibility. B usiness General Richardson Electronics, Ltd. (the "Company," "we," "our") is a leading global manufacturer of engineered solutions, green energy products, power grid and microwave tubes, and related consumables; power conversion and RF and microwave components including green energy solutions; tubes for diagnostic imaging equipment; and customized display solutions. More than 55% of our products are manufactured in LaFox, Illinois, Marlborough, Massachusetts, or Donaueschingen, Germany, or by one of our manufacturing partners throughout the world.
Thus, to the extent that reports issued by securities analysts contain any projections, forecasts or opinions, such reports are not our responsibility. B usiness General Richardson Electronics, Ltd. (the "Company," "we," "our") is a global manufacturer of engineered solutions, green energy products, power grid and microwave tubes, and related consumables; power conversion and RF and microwave components including green energy solutions; tubes for diagnostic imaging equipment; and customized display solutions. We have manufacturing at our facilities located in LaFox, Illinois, Marlborough, Massachusetts, and Donaueschingen, Germany.
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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