Seven companies met our criteria from the seven 10-K annual reports filed with the SEC on 10 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
- E-Smart Corp. (High) — E-Smart Corp. shows meaningful language change in its Risk Factors section — review the SEC filing directly for context.
- Sally Beauty Holdings, Inc. (High) — Sally Beauty Holdings, Inc. shows meaningful language change in its MD&A section — review the SEC filing directly for context.
- SKYWORKS SOLUTIONS, INC. (High) — SKYWORKS SOLUTIONS, INC. shows meaningful language change in its MD&A section — review the SEC filing directly for context.
- BITMINE IMMERSION TECHNOLOGIES, INC. (High) — BITMINE IMMERSION TECHNOLOGIES, INC. shows meaningful language change in its Business section — review the SEC filing directly for context.
- ALPHATIME ACQUISITION CORP (Low) — ALPHATIME ACQUISITION CORP shows meaningful language change in its Business section — review the SEC filing directly for context.
- BrightView Holdings, Inc. (Low) — BrightView Holdings, Inc. shows meaningful language change in its Risk Factors section — review the SEC filing directly for context.
- TransDigm Group INC (Low) — TransDigm Group INC shows meaningful language change in its Business section — review the SEC filing directly for context.
Ranking Table
| Rank | Company | CIK | Full Filing Similarity | Business Similarity | Risk Factors Similarity | MD&A Similarity | Most Changed Section | Assessment |
|---|---|---|---|---|---|---|---|---|
| 1 | E-Smart Corp. | 1995920 | 0.994 | n/a | 0.23 | 0.944 | Risk Factors | high |
| 2 | Sally Beauty Holdings, Inc. | 1368458 | 0.994 | 0.946 | 0.981 | 0.775 | MD&A | high |
| 3 | SKYWORKS SOLUTIONS, INC. | 4127 | 0.994 | 0.982 | 0.993 | 0.802 | MD&A | high |
| 4 | BITMINE IMMERSION TECHNOLOGIES, INC. | 1829311 | 0.993 | 0.918 | 0.957 | 0.963 | Business | high |
| 5 | ALPHATIME ACQUISITION CORP | 1889106 | 0.997 | 0.991 | 0.999 | 0.999 | Business | low |
| 6 | BrightView Holdings, Inc. | 1734713 | 0.998 | 0.998 | 0.992 | 1 | Risk Factors | low |
| 7 | TransDigm Group INC | 1260221 | 0.996 | 0.996 | 0.999 | 0.999 | Business | low |
E-Smart Corp.
| 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) |
E-Smart Corp.’s Risk Factors section shows the most significant language shift compared with the prior-year 10-K. Current filing dated 2026-11-10; prior-year filing dated 2025-11-26.
Main Changes
- Risk Factors contained the most changed language versus the prior-year filing. Review the SEC filing directly for the specific wording differences.
- MD&A contained the most changed language versus the prior-year filing. Review the SEC filing directly for the specific wording differences.
Watch Items
- The Risk Factors section shows the largest shift — read it alongside the prior-year filing to identify what was added, removed, or reworded.
Important Filing Changes
No passage was both new or reworded and material enough to quote, so no excerpt is shown for this filing.
Sally Beauty Holdings, Inc.
| Rank | 2 |
|---|---|
| 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) |
Sally Beauty Holdings, Inc.’s MD&A section shows the most significant language shift compared with the prior-year 10-K. Current filing dated 2026-11-10; prior-year filing dated 2025-11-13.
Main Changes
- MD&A contained the most changed language versus the prior-year filing. Review the SEC filing directly for the specific wording differences.
- Business contained the most changed language versus the prior-year filing. Review the SEC filing directly for the specific wording differences.
- Risk Factors contained the most changed language versus the prior-year filing. Review the SEC filing directly for the specific wording differences.
Watch Items
- The MD&A section shows the largest shift — read it alongside the prior-year filing to identify what was added, removed, or reworded.
Important Filing Changes
No passage was both new or reworded and material enough to quote, so no excerpt is shown for this filing.
SKYWORKS SOLUTIONS, INC.
| Rank | 3 |
|---|---|
| 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) |
SKYWORKS SOLUTIONS, INC.’s MD&A section shows the most significant language shift compared with the prior-year 10-K. Current filing dated 2026-11-10; prior-year filing dated 2025-11-07.
Main Changes
- MD&A contained the most changed language versus the prior-year filing. Review the SEC filing directly for the specific wording differences.
- Business contained the most changed language versus the prior-year filing. Review the SEC filing directly for the specific wording differences.
- Risk Factors contained the most changed language versus the prior-year filing. Review the SEC filing directly for the specific wording differences.
Watch Items
- The MD&A section shows the largest shift — read it alongside the prior-year filing to identify what was added, removed, or reworded.
Important Filing Changes
No passage was both new or reworded and material enough to quote, so no excerpt is shown for this filing.
BITMINE IMMERSION TECHNOLOGIES, INC.
| Rank | 4 |
|---|---|
| Lowest similarity section | Business |
| Assessment | high |
| SEC filings | 2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text) |
BITMINE IMMERSION TECHNOLOGIES, INC.’s Business section shows the most significant language shift compared with the prior-year 10-K. Current filing dated 2026-11-10; prior-year filing dated 2025-11-21.
Main Changes
- Business contained the most changed language versus the prior-year filing. Review the SEC filing directly for the specific wording differences.
- Risk Factors contained the most changed language versus the prior-year filing. Review the SEC filing directly for the specific wording differences.
- MD&A contained the most changed language versus the prior-year filing. Review the SEC filing directly for the specific wording differences.
Watch Items
- The Business section shows the largest shift — read it alongside the prior-year filing to identify what was added, removed, or reworded.
Important Filing Changes
No passage was both new or reworded and material enough to quote, so no excerpt is shown for this filing.
ALPHATIME ACQUISITION CORP
| Rank | 5 |
|---|---|
| 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) |
ALPHATIME ACQUISITION CORP’s Business section shows the most significant language shift compared with the prior-year 10-K. Current filing dated 2026-11-10; prior-year filing dated 2025-04-15.
No passage was both new or reworded and material enough to quote, so no excerpt is shown for this filing.
BrightView Holdings, Inc.
| Rank | 6 |
|---|---|
| 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) |
BrightView Holdings, Inc.’s Risk Factors section shows the most significant language shift compared with the prior-year 10-K. Current filing dated 2026-11-10; prior-year filing dated 2025-11-19.
No passage was both new or reworded and material enough to quote, so no excerpt is shown for this filing.
TransDigm Group INC
| Rank | 7 |
|---|---|
| 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) |
TransDigm Group INC’s Business section shows the most significant language shift compared with the prior-year 10-K. Current filing dated 2026-11-10; prior-year filing dated 2025-11-12.
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.
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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