Three companies met our criteria from the three 10-K annual reports filed with the SEC on 4 November 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
- QUALCOMM INC/DE (High) — Qualcomm is signaling a bigger AI and data center ambition, but the strategy comes with lower cash reserves and higher execution risk.
- Tianci International, Inc. (Medium) — Tianci is trying to evolve from a niche logistics operator into a multi-line growth story, but the new businesses are early-stage and add more execution risk than near-term visibility.
- CHS INC (Medium) — CHS is changing how it presents the business, and the new segment structure is the key item investors should use to track future performance.
Ranking Table
| Rank | Company | CIK | Full Filing Similarity | Business Similarity | Risk Factors Similarity | MD&A Similarity | Most Changed Section | Assessment |
|---|---|---|---|---|---|---|---|---|
| 1 | QUALCOMM INC/DE | 804328 | 0.991 | 0.987 | 0.911 | 0.999 | Risk Factors | high |
| 2 | Tianci International, Inc. | 1557798 | 0.997 | 0.97 | 0.99 | 0.903 | MD&A | medium |
| 3 | CHS INC | 823277 | 0.992 | 0.987 | 0.979 | 0.996 | Risk Factors | medium |
QUALCOMM INC/DE
| 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) |
Qualcomm’s filing shows a clear strategic broadening: the company is now emphasizing AI, compute and data center alongside its core handset, automotive and IoT businesses. It also added more detail on new products and business lines, while the liquidity section shows a much smaller cash pile after heavy buybacks, dividends and acquisition spending. The overall message is that Qualcomm is trying to expand beyond mobile, but it is doing so while using a lot of cash.
Main Changes
- The business description now says Qualcomm is targeting data center with "Qualcomm Dragonfly" products, custom silicon solutions, and an "AI-native software platform," whereas the prior filing focused on handsets, automotive and IoT.
- The overview broadens the company’s positioning from "advanced wireless connectivity" to "advanced artificial intelligence (AI), high-performance and low-power computing and leading connectivity," signaling a wider platform strategy.
- The segment discussion now explicitly names QCT, QTL and QSI, and adds nonreportable businesses including Data Center, QGOV and other initiatives, replacing the earlier handset-centric framing.
- Liquidity disclosure shows cash, cash equivalents and marketable securities fell to $7.7 billion from $12.5 billion, with the drop tied mainly to $7.8 billion of share repurchases, $3.9 billion of dividends and $1.6 billion of acquisition and investment spending.
Watch Items
- Data center is a new strategic growth vector, but investors should watch whether it becomes a meaningful revenue contributor or remains an early-stage investment.
- The sharp cash decline and continued buybacks/dividends reduce balance-sheet flexibility, even though management still says liquidity covers at least the next 12 months.
- The company’s broader AI and compute push raises execution risk as Qualcomm competes beyond its core mobile franchise.
Important Filing Changes
Added: Alphawave purchase price allocation is disclosed, including $2,136 million goodwill and settlement of convertible bonds in fiscal 2026.
[No corresponding passage in the 2025 filing’s Risk Factors section.]
The Exchangeable Shares had an estimated fair value of $ 746 million, of which $ 453 million is included within the $ 2.3 billion purchase price and the remainder is subject to a four-year service requirement post-acquisition and will be recognized as compensation expense. F-26 QUALCOMM Incorporated NOTES TO CONSOLIDATED FINANCIAL STATEMENTS The allocation of the purchase price to the assets acquired and liabilities assumed based on their fair values was as follows (in millions): Cash $ 51 Intangible assets subject to amortization 251 In-process research and development (IPR&D) 120 Goodwill 2,136 Other assets 288 Total assets 2,846 Convertible debt (1) ( 278 ) Other liabilities ( 294 ) Total liabilities ( 572 ) Net assets acquired $ 2,274 (1) Alphawave’s outstanding unsecured convertible bonds were settled in the second quarter of fiscal 2026. Goodwill related to this transaction was allocated to our Data Center nonreportable segment and is not deductible for tax purposes.
Added: Modular purchase price allocation is disclosed, including $2,140 million goodwill and expected revenue synergies from data center integration.
[No corresponding passage in the 2025 filing’s Risk Factors section.]
The preliminary purchase price allocation shown below could change as the fair values of the tangible and intangible assets acquired and liabilities assumed, and the related income tax effects, are finalized during the remainder of the measurement period (which will not exceed 12 months from the Modular Closing Date). The preliminary allocation of the purchase price to the assets acquired and liabilities assumed based on their fair values was as follows (in millions): Cash and cash equivalents $ 77 Intangible assets subject to amortization 501 Goodwill 2,140 Other assets 7 Total assets 2,725 Other liabilities ( 110 ) Total liabilities ( 110 ) Net assets acquired $ 2,615 Goodwill is primarily attributable to revenue synergies expected to be realized from integrating Modular’s software into our data center solutions, and intended to further accelerate our expansion into data centers. As these benefits are expected to be realized within our Data Center business, the related goodwill has been allocated to our Data Center nonreportable segment.
Tianci International, 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) |
Tianci’s latest filing shows a broader strategic push beyond shipping logistics. Management now describes plans to build a mineral trading business and references a separate data-center-related project, while also expanding the description of its hardware, software, and consulting activities. The company also shows more operating investment in 2026, including equipment purchases and a follow-on offering to fund the business.
Main Changes
- The Business section adds a new "global mineral trade business" and says the company is "currently accumulating a high-grade inventory of industrial metals" to integrate ore distribution with shipping for "end-to-end supply chain solutions" to metallurgical and steelmaking customers.
- The filing adds a new strategic initiative tied to a memorandum of understanding with BTCT for an approximately 3 MW project, with BTCT expected to provide or coordinate sites, power, hosting infrastructure, equipment deployment, and operational support.
- The company expands its service description to include a broader mix of "electronic device hardware," "software technical services," and "business consulting services," alongside its core logistics business.
- MD&A now reflects a larger operating footprint, including a 2026 follow-on offering, a purchase of equipment for $153,500, and a shift from no investing activity in 2025 to some capital spending in 2026.
Watch Items
- The move into mineral trading suggests management is trying to diversify beyond logistics, but it also adds inventory, commodity, and execution risk to a business that was previously asset-light.
- The BTCT project points to a potential new growth avenue, but the MOU language indicates the opportunity is still at the intention stage rather than a committed revenue stream.
- Higher headcount and equipment spending suggest the company is building operating capacity, which may support growth but could also pressure cash if new businesses ramp slowly.
Important Filing Changes
Added: The new filing adds planned warehousing capacity, procurement radius, and monthly chromium supply capacity.
[No corresponding passage in the 2025 filing’s Business section.]
The parties have already commenced related preparations, including the leasing of land adjacent to local chromium mining areas for warehousing purposes, the construction of storage facilities, and the planned procurement of primary beneficiation equipment for the centralized storage, sorting, and processing of chromium ore and chromium concentrate. The first phase of development is expected to include approximately 12,000 square meters of local warehousing capacity, covering a procurement radius of approximately 360 hectares, with a targeted average supply capacity of 10,000 tonnes of chromium products per month. As the effort with Greypole began to show progress, Tianci determined that a dedicated subsidiary would be appropriate to organize and protect its efforts in Zimbabwe.
Removed: The old filing described several specific general and administrative expense charges that are absent from the new filing.
There was an increase of $2,406,376 in our general and administrative expenses, from $520,884 for the year ended July 31, 2024 to $2,927,260 in the year ended July 31, 2025. The significant increase in general and administrative expenses was primarily attributable to 1) a charge of approximately $ 500,000 as we entered into an agreement with a vendor who will identify logistics service companies that are candidates for acquisition; 2) a charge of approximately $ 500,000 as we entered into an agreement with a vendor who will provide public relations services relating to our listing on Nasdaq; 3) a one-time cash bonus of $ 480,000 to certain members of management for successfully completing our public offering; 4) a representative warrant with a value of $158,412 that we issued to a consultant, the warrant having vested immediately and being exercisable in six months after issuance; 5) an increase of $119,140 in accounting and audit related expenses; 6) an increase of approximately $245,000 for commercial service consulting fees. The increase in general and administrative expenses was partially offset by a decrease in selling and marketing expenses, which was $230,778 for the year ended July 31, 2025, as compared to $365,992 for the same period in last fiscal year.
[No corresponding passage in the 2026 filing’s MD&A section.]
Removed: The old filing said pandemics could stress shipping suppliers and reduce carrier capacity, but the new filing omits this risk.
The quality and profitability of our services and business depend on the effective selection and oversight of these partners. Pandemics, such as COVID-19 have ever placed significant stress on our shipping suppliers, cargo owners, cargo agents, and hardware products suppliers, which may continue to result in reduced carrier capacity or availability, pricing volatility or more limited carrier transportation schedules which could adversely impact our operations and financial results. During the pandemic, air carriers have been particularly affected having to cancel freights due to travel restrictions resulting in dramatic drops in revenues, historical losses and liquidity challenges.
[No corresponding passage in the 2026 filing’s Risk Factors section.]
CHS INC
| Rank | 3 |
|---|---|
| Lowest similarity section | Risk Factors |
| Assessment | medium |
| SEC filings | 2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text) |
CHS reorganized its business description around a new product-line operating model and renamed its reportable segments, with ag retail now allocated across Energy, Grains and Agronomy. The filing also refreshes the company’s financial snapshot and adds a clearer cybersecurity governance disclosure, including a statement that no material cyber incident has been identified. Overall, the changes look more like a strategic reporting reset than a major shift in operations, but they do change how investors will track performance going forward.
Main Changes
- The company replaced its former segment structure with a new product-line operating model: Energy, Grains, Agronomy, and Corporate and Services. It also says the ag retail business was moved out of the old Ag segment and is now spread across the three operating segments based on products sold.
- Business wording was tightened to say CHS buys grain and oilseeds, and now explicitly describes services such as hedging and financing. It also updated the year’s results to $39.2 billion of revenue and $1.1 billion of net income attributable to CHS.
- The risk disclosure now includes a more explicit cybersecurity management section stating that the CIO and CISO oversee material cyber risk, the CISO runs incident response, and CHS has not detected any cyber incident that has materially affected or is reasonably likely to materially affect the company.
Watch Items
- The new segment model suggests management wants investors to view the business by product line rather than the prior broader Ag structure, which can change how margins and growth are analyzed.
- The explicit statement that no material cyber incident has been detected is reassuring, but it also highlights that cybersecurity remains a board-level risk area.
- The revised business description and stronger results presentation point to a larger, more diversified cooperative, but investors should watch whether the new segment reporting improves transparency or obscures comparability with prior periods.
Important Filing Changes
Reworded: Energy IBIT now cites lower WCS discounts, maintenance, and higher RINs expense, with a favorable SRE benefit offset.
Our Nitrogen Production segment represents an equity method investment that records earnings and allocated expenses, but not revenues. The change in Energy segment IBIT for fiscal 2025 reflects the following: • Significantly lower WCS crude oil discounts and crack spreads compared to the prior fiscal year, due to less favorable global market conditions, including higher U.S. refinery capacity utilization and global production, as well as additional export opportunities for Canadian crude oil, contributed to a $308.1 million decrease of IBIT. • Decreased refined fuels production volumes contributed to a $88.5 million decrease in IBIT, primarily due to planned major maintenance at our McPherson refinery which reduced the sales mix of higher-margin, produced refined fuels products relative to lower-margin, purchased refined fuels products. • The overall IBIT decrease was partially offset by an approximately $90 million favorable impact due to the small refinery exemption. During the fourth quarter of fiscal 2025, we received notice from the EPA that our petitions seeking an extension of the small refinery exemption under the Renewable Fuels Standard for our Laurel, Montana, refinery were granted in full or in part for compliance years 2019 through 2024.
Revenues IBIT For the year ended Aug 31, 2025: (Dollars in thousands) Volume $ (1,600) $ (1,626) Price impact on revenues and margin impact on IBIT (1,210,387) (427,930) Other IBIT — 3,883 Total change $ (1,211,987) $ (425,673) Total Energy segment revenues decreased $1,212.0 million, or 12.9%, during the year ended August 31, 2025, compared to the year ended August 31, 2024, primarily due to the following: • Lower selling prices for refined fuels products, driven by changing global supply and demand conditions and lower underlying commodity prices. Energy segment IBIT decreased $425.7 million, or 104.7%, during the year ended August 31, 2025, compared to the year ended August 31, 2024, primarily due to the following: • Significantly lower WCS crude oil discounts and crack spreads, resulting from less favorable market conditions including increased global refined fuels production, U.S. refinery capacity utilization and additional export opportunities for Canadian crude oil, reduced refining margins and decreased Energy IBIT. • Planned major maintenance activities at our McPherson refinery reduced production of higher-margin, refined products and increased sales of lower-margin, purchased products, which unfavorably impacted earnings. • Increased RINs expense further reduced profitability. • These impacts were partially offset by a favorable benefit associated with the granting of the SREs for compliance years 2019 through 2024, which reduced our RVO related to production at our Laurel refinery. Revenues IBIT For the year ended Aug 31, 2026: (Dollars in thousands) Volume $ 481,108 $ 716 Price impact on revenues and margin impact on IBIT 115,142 79,690 Other IBIT — 2,969 Total change $ 596,250 $ 83,375 Total Grains segment revenues increased $596.3 million, or 2.8%, during the year ended August 31, 2026, compared to the year ended August 31, 2025, primarily due to the following: • Higher feed grains sales volumes, driven by increased retail and wholesale Pacific Northwest activity, significantly increased Grains segment revenues.
Reworded: Grains IBIT now emphasizes lower oilseed crush and wheat margins, plus offsetting stronger feed grains and equity method results.
This action by the EPA reduced our renewable volume obligation for production at our Laurel, Montana, refinery for those specific years and resulted in a benefit during the fourth quarter of fiscal year 2025. • Higher costs for RINs, exclusive of the small refinery exemption, contributed to a $45.7 million decrease of IBIT. The change in Ag segment IBIT for fiscal 2025 reflects the following: • Decreased margins for our grain and oilseed product category are primarily a result of unfavorable market conditions in North America, South America and Europe, costs associated with closing our Superior, Wisconsin, grain facility and the timing impact of mark-to-market adjustments, collectively contributed to a $118.8 million decrease in IBIT. • Decreased margins for our oilseed processing product category, due to a higher global supply of soybean and canola meal and oil, resulted in lower crush margins compared to the prior fiscal year and contributed to a $105.3 million decrease in IBIT. All Other Segments Years Ended August 31, Change 2025 2024 Dollars Percent (Dollars in thousands) Nitrogen Production IBIT* $ 159,541 $ 151,235 $ 8,306 5.5 % Corporate and Other IBIT $ 216,613 $ 174,822 $ 41,791 23.9 % *See Note 6, Investments, of the notes to the consolidated financial statements included in this Annual Report on Form 10-K for additional information.
Revenues IBIT For the year ended Aug 31, 2025: (Dollars in thousands) Volume $ 116,579 $ (41,495) Price impact on revenues and margin impact on IBIT (3,221,497) (216,293) Other IBIT — 47,221 Total change $ (3,104,918) $ (210,567) Total Grains segment revenues decreased $3,104.9 million, or 12.9%, during the year ended August 31, 2025, compared to the year ended August 31, 2024, primarily due to the following: • Lower commodity selling prices across oilseed, wheat and feed grain products, resulting from global supply and demand conditions, significantly decreased Grains revenues. • Higher oilseed sales volumes, driven by increased processing activity, offset lower wheat and renewable fuels product sales volumes. Grains segment IBIT decreased $210.6 million, or 82.7%, during the year ended August 31, 2025, compared to the year ended August 31, 2024, primarily due to the following: • Lower oilseed crush margins, driven by increased global supplies of soybean meal and vegetable oils, significantly reduced profitability and decreased Grains IBIT. • Lower wheat margins, resulting from unfavorable market conditions in North America, South America and Europe, also negatively impacted earnings. • Costs associated with the closure of our Superior, Wisconsin, grain facility and the timing impact of mark-to-market adjustments associated with commodity derivatives further reduced profitability. • These impacts were partially offset by stronger feed grains margins and favorable performance from certain equity method investments. Revenues IBIT For the year ended Aug 31, 2026: (Dollars in thousands) Volume $ (430,520) $ (28,533) Price impact on revenues and margin impact on IBIT 461,007 (33,766) Other IBIT — 41,656 Total change $ 30,487 $ (20,643) Total Agronomy segment revenues increased $30.5 million, or 0.5%, during the year ended August 31, 2026, compared to the year ended August 31, 2025, primarily due to the following: • Higher crop nutrients selling prices, driven by tightening global commodity supply conditions and favorable market pricing, increased Agronomy segment revenues. • This favorable impact was partially offset by lower sales volumes across crop nutrients and crop protection products, reflecting delayed or deferred purchasing decisions by U.S. farmers.
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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