One company met our criteria from the one 10-K annual report filed with the SEC on 27 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
- Simply Good Foods Co (Low) — This filing mainly adds color on employee and community initiatives, with no material change to Simply Good Foods’ core business strategy.
Ranking Table
| Rank | Company | CIK | Full Filing Similarity | Business Similarity | Risk Factors Similarity | MD&A Similarity | Most Changed Section | Assessment |
|---|---|---|---|---|---|---|---|---|
| 1 | Simply Good Foods Co | 1702744 | 0.984 | 0.998 | 1 | 1 | Business | low |
Simply Good Foods Co
| Rank | 1 |
|---|---|
| Lowest similarity section | Business |
| Assessment | low |
| SEC filings | 2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text) |
Simply Good Foods broadened its Business section to highlight employee compensation, benefits, and volunteer programs, while also adding more detail on its community nutrition initiative in Denver. The update reads more like a fuller description of culture and brand purpose than a change in operating strategy. There is no obvious sign of a major shift in the underlying business model.
No passage was both new or reworded and material enough to quote, so no excerpt is shown for this filing.
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.
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