Four companies met our criteria from the six 10-K annual reports filed with the SEC on 13 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. A prior-year filing was not available for Legato Merger Corp. IV and Amplara Corp, so they are 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
- EDGEWELL PERSONAL CARE Co (High) — Edgewell has exited Feminine Care, making the company smaller but more focused, and investors should now judge it on the performance of the remaining core brands.
- Guru App Factory Corp (High) — Guru App Factory is still a highly speculative microcap that now relies even more clearly on owner funding to survive.
- Tennessee Valley Authority (Medium) — TVA is signaling a more aggressive reliability-first buildout centered on gas and storage, with federal funding support now part of the plan.
- Adient plc (Medium) — Adient is signaling that structural industry change is forcing another round of cost cuts, while a future CFO change adds a layer of execution risk.
Ranking Table
| Rank | Company | CIK | Full Filing Similarity | Business Similarity | Risk Factors Similarity | MD&A Similarity | Most Changed Section | Assessment |
|---|---|---|---|---|---|---|---|---|
| 1 | EDGEWELL PERSONAL CARE Co | 1096752 | 0.983 | 0.288 | 0.881 | 0.998 | Business | high |
| 2 | Guru App Factory Corp | 1989788 | 0.995 | n/a | 0.995 | 0.964 | MD&A | high |
| 3 | Tennessee Valley Authority | 1376986 | 0.994 | 0.993 | 0.998 | 0.995 | Business | medium |
| 4 | Adient plc | 1670541 | 0.999 | 0.996 | 0.999 | 0.995 | MD&A | medium |
EDGEWELL PERSONAL CARE Co
| Rank | 1 |
|---|---|
| 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) |
Edgewell materially reshaped its business by selling its Feminine Care unit to Essity and now describes the deal as a step toward a more focused personal care company. The filing also reclassifies that segment as discontinued operations, meaning prior-year results are being recast to strip it out. Investors should view this as a meaningful portfolio simplification that could improve focus, but it also reduces scale.
Main Changes
- The company added that it "closed the sale of our Feminine Care business to Essity" on February 2, 2026 and received about $340 million in cash-free, debt-free proceeds.
- Management now says the divestiture is "a key step to transform Edgewell into a more focused, agile and consumer-driven personal care company," which is a clearer portfolio-shift statement than before.
- The filing says the former Feminine Care segment is now presented as discontinued operations for fiscal 2026, 2025 and 2024, so reported results now exclude that business.
- The Business section also adds that Edgewell entered a transition services agreement with Essity to support the post-close transition.
Watch Items
- The sale should simplify the earnings base and make the remaining business easier to value, but it also removes a revenue stream and any future contribution from Feminine Care.
- The $340 million proceeds may improve financial flexibility, so investors should watch how management uses the cash for debt reduction, buybacks, or reinvestment.
- The new "focused, agile" framing signals a more concentrated strategy, which could improve execution if core brands perform, but increases dependence on a smaller portfolio.
Important Filing Changes
Reworded: Segment net sales, costs, other operating expenses, and segment profit are updated for fiscal 2026.
Segment net sales, significant segment expenses and profitability are presented below: Wet Shave Sun and Skin Care Feminine Care Total 2025 Net sales $ 1,218.9 $ 743.1 $ 261.5 $ 2,223.5 Cost of products sold 682.8 420.6 188.4 1,291.8 Other operating expenses (1) 345.8 224.1 57.5 627.4 Segment profit 190.3 98.4 15.6 304.3 2024 Net sales $ 1,229.3 $ 740.8 $ 283.6 $ 2,253.7 Cost of products sold 692.0 400.0 189.4 1,281.4 Other operating expenses (1) 333.4 209.5 65.4 608.3 Segment profit $ 203.9 $ 131.3 $ 28.8 $ 364.0 2023 Net sales $ 1,230.9 $ 705.5 $ 315.2 $ 2,251.6 Cost of products sold 724.6 383.2 205.5 1,313.3 Other operating expenses (1) 348.0 184.9 60.0 592.9 Segment profit $ 158.3 $ 137.4 $ 49.7 $ 345.4 (1) Includes SG&A, A&P and R&D costs, which are not regularly provided to the CODM by segment, but included within the measure of segment profit reviewed by the CODM. 84 Fiscal Year 2025 2024 2023 Wet Shave $ 190.3 $ 203.9 $ 158.3 Sun and Skin Care 98.4 131.3 137.4 Feminine Care 15.6 28.8 49.7 Segment Profit 304.3 364.0 345.4 Corporate expenses: General corporate expenses ( 54.1 ) ( 65.7 ) ( 68.7 ) Amortization of intangibles ( 31.1 ) ( 31.1 ) ( 30.8 ) Interest and other expense, net ( 76.2 ) ( 75.3 ) ( 71.4 ) Restructuring and related costs (1) ( 53.1 ) — ( 36.0 ) — ( 17.1 ) Acquisition and integration costs (2) ( 0.5 ) — ( 6.1 ) — ( 7.5 ) Sun Care reformulation costs (3) ( 3.5 ) — ( 4.4 ) — ( 1.9 ) SKU rationalization (4) — — 1.7 Wet Ones manufacturing plant fire (5) — — ( 12.2 ) — — Legal matters (6) — — ( 3.9 ) — 6.3 Gain (loss) on investment (7) 0.9 — ( 3.1 ) — — Commercial realignment (8) ( 2.9 ) — — — — Vendor bankruptcy (9) ( 2.1 ) — — — — Impairment charges (10) ( 51.1 ) — — Pension settlement expense (11) — — ( 7.9 ) Other project and related costs (12) ( 7.0 ) — ( 5.3 ) — ( 0.4 ) Total earnings before income taxes $ 23.6 $ 120.9 $ 147.7 (1) Includes Restructuring and related costs of $ 3.5 , nil and $ 0.2 included within COGS and $1.7, $0.1 and $0.3 within SG&A for fiscal 2025, 2024 and 2023, respectively, related to actions to strengthen our operating model. (2) Includes COGS of nil , $ 3.3 , and nil for fiscal 2025, 2024 and 2023, respectively and SG&A of $0.5, $2.8, and $7.5 for fiscal 2025, 2024 and 2023, respectively, related to costs associated with the acquisition of Billie, Inc. on November 29, 2021. (3) Includes pre-tax research and development (“R&D”) costs of $ 3.5 , $ 4.4 and $3.3 for fiscal 2025, 2024 and 2023 related to the reformulation, recall, and destruction of certain Sun Care products. In fiscal 2023, we released a reserve of $1.4 related to certain accrued expenses associated with the recall and destruction of certain Sun Care products, within COGS. (4) In fiscal 2023, we released a reserve of $1.7 related to certain accrued expenses associated with the write-off of inventory related to these SKUs.
See Note 1 and Note 3 for additional information on the Feminine Care Divestiture, a previously reportable segment. 89 Segment net sales, significant segment expenses and profitability are presented below: Fiscal Year 2026 2025 2024 Net sales Wet Shave $ 1,224.0 $ 1,218.9 $ 1,229.3 Sun and Skin Care 772.5 743.1 740.8 Total net sales $ 1,996.5 $ 1,962.0 $ 1,970.1 Cost of Products Sold Wet Shave $ 693.3 $ 682.8 $ 692.0 Sun and Skin Care 430.0 420.6 400.0 Total cost of products sold $ 1,123.3 $ 1,103.4 $ 1,092.0 Other operating expenses (1) Wet Shave $ 366.0 $ 345.8 $ 333.4 Sun and Skin Care 233.3 224.1 209.5 Total other operating expenses $ 599.3 $ 569.9 $ 542.9 Segment profit Wet Shave $ 164.7 $ 190.3 $ 203.9 Sun and Skin Care 109.2 98.4 131.3 Total segment profit $ 273.9 $ 288.7 $ 335.2 General corporate and other expenses (2) $ ( 87.1 ) $ ( 89.8 ) $ ( 109.6 ) Amortization of intangibles ( 25.3 ) ( 25.6 ) ( 25.7 ) Interest and other expense, net (3) ( 43.9 ) ( 76.2 ) ( 75.3 ) Restructuring and related costs (4) ( 101.8 ) ( 50.7 ) ( 34.7 ) Acquisition and integration costs (5) — ( 0.5 ) ( 6.1 ) Sun Care reformulation costs (6) ( 4.4 ) ( 3.5 ) ( 4.4 ) Wet Ones manufacturing plant fire — — ( 12.2 ) Legal matters (7) ( 7.5 ) — ( 3.9 ) Gain (loss) on investment (8) 1.1 0.9 ( 3.1 ) Commercial realignment (9) 0.2 ( 2.9 ) — Other project and related costs (10) ( 6.0 ) ( 3.2 ) ( 5.3 ) Total (loss) earnings before income taxes $ ( 0.8 ) $ 37.2 $ 54.9 (1) Includes SG&A, A&P and R&D costs, which are not regularly provided to the CODM by segment, but included within the measure of segment profit reviewed by the CODM. (2) Includes indirect expenses for corporate overhead during fiscal 2026, 2025 and 2024 previously allocated to Feminine Care segment profit, which remain reported within continuing operations following the divestiture and are not reallocated to the Wet Shave or Sun and Skin Care segments. (3) Includes $ 21.5 of pre-tax other income during fiscal 2026 for services provided under the TSA. Refer to Note 3 of Notes to Consolidated Financial Statements. (4) The Company recorded $ 101.8 , $ 50.7 and $ 34.7 during fiscal 2026, 2025 and 2024, respectively, related to actions to strengthen its operating model and improve manufacturing and supply chain efficiency and productivity.
Added: The new filing adds held-for-sale asset and liability amounts and discontinued operations cash flow items.
[No corresponding passage in the 2025 filing’s Risk Factors section.]
In the second quarter of fiscal 2026, upon derecognizing the net assets of the disposal group because of the closing of the transaction, we finalized the calculation of the loss on assets held for sale reflective of a final purchase price adjustment, transaction costs and revised carrying amounts at the sale date. 61 The following table presents the carrying amounts of assets and liabilities that were classified as held for sale on the Consolidated Balance Sheet as of September 30, 2025: September 30, 2025 Inventories $ 50.9 Other current assets 8.7 Current assets held for sale 59.6 Property, plant and equipment, net 74.3 Goodwill 154.0 Other intangible assets, net 93.1 Other assets 0.4 Non-current assets held for sale 321.8 Total assets held for sale 381.4 Other current liabilities 5.2 Current liabilities held for sale 5.2 Total liabilities held for sale $ 5.2 The following table presents significant cash flow items from discontinued operations: Fiscal Year 2026 2025 2024 Capital expenditures $ 1.2 $ 8.9 $ 7.2 Depreciation and amortization $ 1.3 $ 15.6 $ 12.2 The goodwill impairment charge of $ 37.4 and loss on assets held for sale of $ 2.2 are the material non-cash amounts included in the Consolidated Statements of Cash Flows which are included in operating activities for fiscal 2026. In connection with the divestiture, Edgewell entered into a Transition Services Agreement (“TSA”) with Essity.
Guru App Factory Corp
| 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) |
Guru App Factory’s latest filing shows a weaker balance sheet and more dependence on its controlling shareholder for funding. Management says the owner will support the company for at least the next 12 months and defer repayment of related-party debt, but the filing still warns there is substantial doubt about the company’s ability to continue as a going concern. The business remains early-stage, with losses and negative operating cash flow continuing to outpace revenue generation.
Main Changes
- The MD&A now says the company had a "working capital deficit of $60,743" and "accumulated deficit of $126,863," versus a prior year with no deficit, showing a sharper liquidity shortfall.
- The filing adds that the major stockholder, who is also the sole officer and director, "has undertaken to provide continuing financial support" for at least 12 months and will not demand repayment of a $40,525 related-party balance until liquidity allows.
- Cash flow disclosure now shows $39,222 of financing from related-party advances in 2026, compared with no financing cash flow in 2025, while operating cash use widened to $39,222 from $23,043.
- The report also adds a new Item 9C on foreign jurisdictions that prevent inspections, which was not listed in the prior filing.
Watch Items
- The explicit going concern language and owner support commitment signal the business still depends on related-party funding to stay afloat.
- Rising liabilities and continued operating losses suggest dilution or additional debt may be needed if outside financing is not secured.
- The new foreign-inspections disclosure may matter if the company uses overseas operations or auditors tied to restricted jurisdictions.
Important Filing Changes
Added: The company added a going concern disclosure citing a $40,525 related-party balance and continuing financial support from the major stockholder.
These factors raise substantial doubt regarding the Company’s ability to continue as a going concern. [No corresponding passage in the 2025 filing.] These financial statements do not include any adjustments related to the recoverability and classification of assets or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.
These factors raise substantial doubt regarding the Company’s ability to continue as a going concern. The management of the Company is of the opinion that the use of the going concern basis in the preparation of the Company’s financial statements is appropriate, after taking into consideration the following factors: · The related party, who is the major stockholder has undertaken to not demand the repayment of outstanding balance due from the Company as of July 31, 2026 amounting to $40,525 until the Company’s liquid resources permit. · The major stockholder who is also the sole officer and director of the Company has undertaken to provide continuing financial support to the Company for working capital purpose for at least 12 months from the date the financial statements are issued. · The Company’s plans to seek third party equity and / or debt financing. Management’s plans to obtain additional financing are subject to uncertainty, and there can be no assurance that these plans will be successfully implemented.
Removed: The company removed its statement that going concern depended on major shareholder support and third-party equity or debt financing.
For the fiscal year ended July 31, 2025, the Company incurred a net loss of $43,690 and negative cash flows from operating activities of $23,043. The Company’s ability to continue as a going concern is dependent upon its ability to acquire financial support from its major shareholder to meet its minimal operating expenses and seeking third party equity and/or debt financing. These factors raise substantial doubt about the ability of the company to continue as a going concern for a period of one year after the date that these financial statements are issued.
For the fiscal year ended July 31, 2026, the Company incurred a net loss of $59,440 and negative cash flows from operating activities of $39,222. [No corresponding passage in the 2026 filing.] These factors raise substantial doubt regarding the Company’s ability to continue as a going concern.
Tennessee Valley Authority
| Rank | 3 |
|---|---|
| Lowest similarity section | Business |
| Assessment | medium |
| SEC filings | 2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text) |
TVA’s business description now leans more clearly toward expanding gas-fired generation and storage as the core of its reliability strategy. It also broadens the funding discussion to include both IRA and infrastructure-law support, which points to a more active push to offset project costs. Overall, the filing reads as more explicit about balancing growth, reliability, and affordability through new generation and grid flexibility.
Main Changes
- TVA added new emphasis that it is "building an American energy future" focused on "energy security and national security," replacing the prior softer line that it "continues to focus" on that goal.
- The business section now says "gas expansion serves broad system needs" and highlights the Cumberland Combined Cycle Gas Plant beginning pre-commercial operations in 2026, signaling a more explicit push toward dispatchable gas capacity.
- TVA expanded its storage strategy from general hydro and pumped-storage language to include "battery storage" and the "potential for additional pumped storage," while also adding solar expansion, energy efficiency deployment, and demand response growth.
- The filing now says TVA is pursuing funding opportunities under both the IRA and the Bipartisan Infrastructure Law, whereas the prior filing only referenced IRA direct-pay tax credits.
Watch Items
- The stronger gas and storage language suggests TVA is prioritizing reliability and load growth support, which could shape capital spending and future rate pressure.
- Mention of BIL funding broadens the financing toolkit for projects, but execution risk remains if grants or credits do not materialize as expected.
- The added focus on energy security and national security may indicate a more policy-driven investment posture, especially around dispatchable generation and grid resilience.
Important Filing Changes
Reworded: The cyber attack risk now includes extortion, third-party partner disruption, inhibited growth, and liability from litigation or regulatory enforcement.
Cyber attacks may result in security breaches that may be detrimental to TVA’s operations, including third parties’ improperly accessing TVA’s system and demanding ransom based on threats to expose sensitive data, including data from employees, customers, and financial parties, to gain operational control, or to expose security vulnerabilities specific to TVA’s facilities. In such a case, a cyber attack could compromise sensitive data, significantly disrupt operations, require additional expenditures for cybersecurity, negatively affect TVA’s cash flows, results of operations, financial condition, and reputation, and pose health and safety risks to TVA personnel and the customers and communities that TVA serves. Because the investigation of any cybersecurity breach is inherently unpredictable and would require substantial time to complete, TVA may not be able to quickly remediate the consequences of any breach, which may increase the costs and enhance the negative consequences associated with a breach.
Such increases are expected to continue and become more sophisticated, further reducing the time to identify and mitigate threats. A cyber attack could compromise sensitive data, result in extortion, significantly disrupt TVA’s or its third-party partners’ operations, inhibit growth, require additional expenditures for cybersecurity, result in liability such as litigation or regulatory enforcement, negatively affect TVA’s cash flows, results of operations, financial condition, and reputation, and pose health and safety risks to TVA personnel and the customers and communities that TVA serves. Because the effects from and the investigation of any cybersecurity attack is inherently unpredictable and would require substantial time to complete, TVA may not be able to quickly remediate the consequences of any cyber attack, which may increase the costs and enhance the negative consequences associated with an attack.
Reworded: Johnsonville units were replaced by Cumberland pre-commercial operations, and the list of ongoing natural gas projects was shortened.
TVA is also reviewing how recent executive orders ("EOs"), the evolving regulatory environment, and overall system performance are impacting the operation of its coal-fired fleet. Commercial operations began on Johnsonville Aeroderivative Combustion Turbine Units ("CTs") 21-30 in 2025, and TVA has ongoing natural gas projects at its Cumberland Fossil Plant ("Cumberland") site and its Kingston Fossil Plant ("Kingston") site, an aeroderivative CT project at TVA’s Allen CT site, and a new Caledonia simple cycle CT project on TVA land. TVA is committed to investing in the future of nuclear with the evaluation of emerging advanced nuclear technologies, such as small modular reactors ("SMRs"), while working to renew its existing nuclear generation fleet licenses.
Gas expansion serves broad system needs, with the ability to provide firm, dispatchable capacity, economic energy, and system flexibility. Pre-commercial operations began at the Cumberland Combined Cycle Gas Plant ("CUG") during 2026, and TVA also has ongoing natural gas projects. TVA’s storage expansion continues, driven by both battery storage and the potential for additional pumped storage.
Added: TVA established a capacity commitment charge for new and expanding data center loads above 5 MW.
[No corresponding passage in the 2025 filing’s Business section.]
These changes were effective October 1, 2026, and will be phased in through 2029. Further, TVA established the Capacity Commitment Charge for new and expanding data center loads above 5 MW to cover the incremental capacity costs of data center demands. Capacity commitment charges under the agreement are based on a rate of approximately $1.5 million per MW of requested capacity above 5 MW.
Adient plc
| Rank | 4 |
|---|---|
| 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) |
Adient’s new filing shows a more aggressive restructuring posture, with a fresh 2026 plan aimed at lowering costs as the global auto industry changes its manufacturing footprint. The company also updated its prior restructuring programs and disclosed that its CFO will leave in late 2026, adding a management transition element to the story.
Main Changes
- MD&A adds a new "2026 Plan": Adient says restructuring actions will occur mainly in fiscal 2026-2028 and expects the plan to cut annual operating costs by about $80 million, with roughly 20% of that becoming net savings.
- The new plan is described as a response to "manufacturing footprint and structural changes occurring in the global automotive industry," replacing the prior emphasis on general cost discipline alone.
- Adient also updates the 2025 Plan to say it was committed in fiscal 2025 with $58 million of charges, offset by $7 million of prior-period underspend, and that it is primarily related to termination benefits in Europe.
- In Business, Adient adds that CFO Mark Oswald will depart effective November 16, 2026, which is new management turnover disclosure not present in the prior filing.
Watch Items
- The larger, multi-year restructuring suggests management sees structural pressure in the auto seating market, not just a cyclical slowdown.
- The relatively low net-savings conversion on the new plan implies execution risk and may limit near-term margin relief.
- The disclosed CFO departure could create some transition risk around financial strategy, capital allocation and investor messaging.
Important Filing Changes
Reworded: Fiscal 2026 cites a goodwill impairment charge, favorable material costs and pension income, while fiscal 2024 cited lower volumes, restructuring costs, and tax expense.
Net income attributable to Adient was $18 million for fiscal 2024, compared to an income of $205 million for fiscal 2023. The lower net income in fiscal 2024 is primarily attributable to lower overall production volumes, higher restructuring and impairment costs, unfavorable material economics, net of recoveries, higher income tax expense, the unfavorable impact of foreign currencies and prior year non-recurring net benefits largely associated with insurance recoveries, partially offset by favorable net operating performance, lower SG&A expenses mainly driven by lower incentive compensation expense and lower net engineering and other administrative spending, higher equity income and lower income attributable to noncontrolling interests. Comprehensive Income (Loss) Attributable to Adient Year Ended September 30, (in millions) 2025 Change 2024 Change 2023 Comprehensive income (loss) attributable to Adient $ (256) >(100%) $ 167 (20)% $ 208 Comprehensive loss attributable to Adient was $256 million during fiscal 2025 compared to $167 million of comprehensive income during fiscal 2024.
Net Income (Loss) Attributable to Adient Year Ended September 30, (in millions) 2026 Change 2025 Change 2024 Net income (loss) attributable to Adient $ (17) 94% $ (281) >(100%) $ 18 Net loss attributable to Adient was $17 million for fiscal 2026, compared to a loss of $281 million for fiscal 2025. The lower net loss in fiscal 2026 is primarily attributable to a $333 million non-cash goodwill impairment charge relating to the EMEA reporting unit in the previous year, favorable net operating performance including favorable material costs, pension income and the favorable impact of foreign currencies, partially offset by unfavorable volume/mix, higher SG&A expenses mainly driven by higher compensation expense including equity and performance-based incentive compensation costs and higher net financing charges due to financing costs related to the repurchase of debt. Net loss attributable to Adient was $281 million during fiscal 2025, compared to net income attributable to Adient of $18 million during fiscal 2024.
Added: The new filing adds a risk that Americas and Asia goodwill or customer relationship intangibles could be significantly impaired if conditions worsen.
[No corresponding passage in the 2025 filing’s Risk Factors section.]
The fair values in both America and Asia reporting units showed higher levels as of September 30, 2025 resulting in greater levels of fair value in excess of carrying values but have since decreased as of September 30, 2026 as result of the ongoing uncertainties facing Adient and the global automotive industry. If future degradation in economic conditions Adient plc | Form 10-K | 14 occur, Adient’s Americas and Asia reporting units may incur significant impairment of goodwill and if market share losses in China worsen for these foreign OEM’s, Adient’s Asia segment may incur significant impairment of customer relationship intangible assets. Adient may also be required to undertake strategic initiatives to optimize its operations and improve financial results that could increase near-term costs with the intent of providing long-term benefits; however, there would be no certainty that any long-term benefits would be achieved.
Added: The new filing says no impairment was recorded, but Americas and Asia fair values decreased due to production growth and automotive volatility uncertainties.
[No corresponding passage in the 2025 filing’s Risk Factors section.]
Adient tested its goodwill balances for impairment as of September 30, 2026. No impairment was recorded; however, the fair values of both the Americas and Asia reporting units decreased at September 30, 2026 reflecting the uncertainties regarding future production volume growth and overall automotive industry volatility, which caused discounted future cash flows of the reporting units to decrease, and underlies the decrease in the overall market value of Adient’s ordinary shares. The fair values of the Americas and Asia reporting units continue to exceed their carrying values as of September 30, 2026 by appreciably more than 10%.
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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