Five companies met our criteria from the five 10-K annual reports filed with the SEC on 12 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.
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
- LEGEND SPICES, INC. (High) — Legend Spices is no longer a seasoning company; it is now a shell with no operating revenue and an unproven plan to find a new business.
- Performance Food Group Co (Medium) — PFG is signaling that AI adoption, Cheney Bros. integration, and customer retention are now the key execution risks to watch.
- KENNAMETAL INC (Medium) — Kennametal’s 2026 filing points to a real operating recovery, but investors should test how much of the margin surge comes from one-time pricing and restructuring benefits.
- CARPENTER TECHNOLOGY CORP (Medium) — Carpenter is still executing well, but the story is increasingly tied to aerospace demand and continued capacity investment.
- Madison Square Garden Entertainment Corp. (Low) — This 10-K shows no major strategic shift; the main investor-relevant updates are a venue naming-rights refresh, a new performance benchmark, and a slightly broader sublease disclosure.
Ranking Table
| Rank | Company | CIK | Full Filing Similarity | Business Similarity | Risk Factors Similarity | MD&A Similarity | Most Changed Section | Assessment |
|---|---|---|---|---|---|---|---|---|
| 1 | LEGEND SPICES, INC. | 1970129 | 0.989 | 0.737 | 0.985 | 0.983 | Business | high |
| 2 | Performance Food Group Co | 1618673 | 0.997 | 0.995 | 0.998 | 0.911 | MD&A | medium |
| 3 | KENNAMETAL INC | 55242 | 0.999 | n/a | n/a | 0.914 | MD&A | medium |
| 4 | CARPENTER TECHNOLOGY CORP | 17843 | 0.961 | 0.999 | 1 | 0.989 | MD&A | medium |
| 5 | Madison Square Garden Entertainment Corp. | 1952073 | 0.997 | 0.996 | 0.982 | 0.999 | Risk Factors | low |
LEGEND SPICES, INC.
| 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) |
Legend Spices has shut down its seasoning business in Armenia and says it is now looking for new business opportunities or acquisition targets. The company also says it has generated no operating revenue since the shutdown and is now operating as a shell company. That signals a complete break from the prior operating model and leaves the stock tied to management’s ability to find a new business.
Main Changes
- The company now says it "has ceased its seasoning production and marketing business" and that it "has discontinued all seasoning-related operations in Armenia."
- It adds that the company will "focus on exploring new business opportunities and evaluating potential acquisition targets," with "no definite new operating business" identified yet.
- The filing states that since the seasoning segment was discontinued, the company "has not generated any operating revenue" and is "currently operating as a shell company."
- It removes the prior operating description of making and selling seasonings in Armenia and replaces it with a no-operating-business status.
Watch Items
- This is a major strategy reset: investors should treat the company as a shell seeking a new direction rather than an operating spice business.
- The lack of any identified replacement business raises execution risk and makes future value dependent on management finding and closing a credible acquisition or new venture.
- The disclosure that no operating revenue has been generated since the shutdown highlights ongoing liquidity and going-forward financing risk.
Important Filing Changes
Legend Spices was established in 2021 after extensive tastings and product evaluations with food industry consultants and potential customers. Legend Spices purchased the brand name Sacred Spices, recipes and remaining inventory of a company named Sacred Spices Inc, which was going out of business. Currently, the ingredients for our spices are sourced from various individual local suppliers, Cardinal International LLC, and Avan Salt Factory.
The address of agent for service in Nevada and registered corporate office is c/o National Registered Agents, Inc. of Nevada, 100 East William Street, Suite 204, Carson City, NV, 89701. The Company has ceased its seasoning production and marketing business. Going forward, the Company intends to focus on exploring new business opportunities and evaluating potential acquisition targets.
Legend Spices was established in 2021 after extensive tastings and product evaluations with food industry consultants and potential customers. Legend Spices purchased the brand name Sacred Spices, recipes and remaining inventory of a company named Sacred Spices Inc, which was going out of business. Currently, the ingredients for our spices are sourced from various individual local suppliers, Cardinal International LLC, and Avan Salt Factory.
The Company has ceased its seasoning production and marketing business. Going forward, the Company intends to focus on exploring new business opportunities and evaluating potential acquisition targets. No revenue has been generated from operating businesses since the discontinuation of the seasoning segment.
Management’s Discussion and Analysis of Financial Condition and Results of Operations The following discussion of our financial condition and results of operation should be read in conjunction with the financial statements and related notes that appear elsewhere in this annual report. This discussion contains forward-looking statements and information relating to our business that reflect our current views and assumptions with respect to future events and are subject to risks and uncertainties, including the risks in the section entitled Risk Factors beginning on page 5, that may cause our or our industry’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.
Management’s Discussion and Analysis of Financial Condition and Results of Operations Overview We are an emerging growth company. Following the change in ownership on March 29, 2025, we discontinued our historical seasoning – production – related operations in Armenia and are in the process of evaluating new business opportunities and potential acquisition targets, with no new operating business finalized as of December 31, 2025.
Performance Food Group Co
| 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) |
Performance Food Group’s filing adds more explicit risk language around artificial intelligence, innovation execution, and customer contract durability. It also highlights the Cheney Bros. acquisition as a key growth step in the Southeast, signaling that integration and synergy delivery remain important to the story. Overall, the filing reads as a modest but meaningful update to the company’s risk profile and growth narrative.
Main Changes
- The forward-looking risk list now says technology disruption includes delays in implementing new technology, including artificial intelligence, and the integration of AI into company processes.
- Management added a new risk that the company’s "growth and innovation strategy may not achieve the anticipated results," which was not called out in the prior filing.
- The economic risk language was broadened to include "tariff increases or modifications" rather than just tariff increases, and the company also added that it does not have long-term contracts with certain customers.
- The business description still says PFG distributes more than 250,000 products from 155 distribution centers, but now explicitly notes the October 8, 2024 acquisition of Cheney Bros., expanding Foodservice in the Southeastern U.S.
Watch Items
- The new AI and innovation language suggests management sees execution risk in technology adoption, which could affect efficiency and service levels if implementation lags.
- The added Cheney Bros. integration reference keeps attention on whether the acquisition delivers the expected synergies and regional growth benefits.
- The new note about limited long-term customer contracts highlights some revenue visibility risk in a competitive, low-margin distribution business.
Important Filing Changes
Form 10-K Summary 80 SIGNATURES 85 SPECIAL NOTE REGARDING F ORWARD-LOOKING STATEMENTS In addition to historical information, this Annual Report on Form 10-K (this “Form 10-K”) may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which are subject to the “safe harbor” created by those sections. All statements, other than statements of historical facts included in this Form 10-K, including statements concerning our plans, objectives, goals, beliefs, business strategies, future events, business conditions, our results of operations, financial position, our business outlook, business trends and other information, and integration of our acquisition of Cheney Bros., Inc. (the “Cheney Brothers Acquisition”), are forward-looking statements. Words such as “estimates,” “expects,” “contemplates,” “will,” “anticipates,” “projects,” “plans,”…
Form 10-K Summary 81 SIGNATURES 86 SPECIAL NOTE REGARDING F ORWARD-LOOKING STATEMENTS In addition to historical information, this Annual Report on Form 10-K (this “Form 10-K”) may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which are subject to the “safe harbor” created by those sections. All statements, other than statements of historical facts included in this Form 10-K, including statements concerning our plans, objectives, goals, beliefs, business strategies, future events, business conditions, our results of operations, financial position, our business outlook, business trends, and other information, are forward-looking statements. Words such as “estimates,” “expects,” “contemplates,” “will,” “anticipates,” “projects,” “plans,” “intends,” “believes,” “forecasts,” “may,” “should” and variations of such words or similar expressions are intended to identify forward-looking statements.
B usiness Performance Food Group Company, through its subsidiaries, markets and distributes more than 250,000 food and food-related products to customers across North America, from our 155 distribution centers to over 300,000 customer locations in the food-away-from-home industry. Our approximately 43,000 employees serve a diverse mix of customers, from independent and chain restaurants to schools, business and industry locations, hospitals, vending distributors, office coffee service distributors, retailers, convenience stores, and theaters. We source our products from various suppliers and serve as an important partner to our suppliers by providing them access to our broad customer base.
B usiness Performance Food Group Company, through its subsidiaries, markets and distributes more than 300,000 food and food-related products to customers across North America, from our over 150 distribution centers to over 350,000 customer locations in the food-away-from-home industry. Our over 44,000 employees serve a diverse mix of customers, from independent and chain restaurants to schools, business and industry locations, vending distributors, office coffee service distributors, retailers, convenience stores, and theaters. We source our products from various suppliers and serve as an important partner to our suppliers by providing them access to our broad customer base.
Form 10-K Summary 80 SIGNATURES 85 SPECIAL NOTE REGARDING F ORWARD-LOOKING STATEMENTS In addition to historical information, this Annual Report on Form 10-K (this “Form 10-K”) may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which are subject to the “safe harbor” created by those sections. All statements, other than statements of historical facts included in this Form 10-K, including statements concerning our plans, objectives, goals, beliefs, business strategies, future events, business conditions, our results of operations, financial position, our business outlook, business trends and other information, and integration of our acquisition of Cheney Bros., Inc. (the “Cheney Brothers Acquisition”), are forward-looking statements. Words such as “estimates,” “expects,” “contemplates,” “will,” “anticipates,” “projects,” “plans,”…
Form 10-K Summary 81 SIGNATURES 86 SPECIAL NOTE REGARDING F ORWARD-LOOKING STATEMENTS In addition to historical information, this Annual Report on Form 10-K (this “Form 10-K”) may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which are subject to the “safe harbor” created by those sections. All statements, other than statements of historical facts included in this Form 10-K, including statements concerning our plans, objectives, goals, beliefs, business strategies, future events, business conditions, our results of operations, financial position, our business outlook, business trends, and other information, are forward-looking statements. Words such as “estimates,” “expects,” “contemplates,” “will,” “anticipates,” “projects,” “plans,” “intends,” “believes,” “forecasts,” “may,” “should” and variations of such words or similar expressions are intended to identify forward-looking statements.
KENNAMETAL INC
| Rank | 3 |
|---|---|
| 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) |
Kennametal’s new filing shows a sharp year-over-year rebound in sales, gross profit and earnings after a much weaker prior year. The improvement was driven by stronger end-market demand, better pricing versus input costs, and savings from restructuring actions, although operating expenses and interest costs also moved higher. Management also said the new U.S. tax law should not materially affect the company.
Main Changes
- Sales rose 20% to $2.36 billion from $1.97 billion, with 19% organic growth and a 2% foreign exchange tailwind, partly offset by a 1% divestiture effect.
- Gross profit jumped to $970.0 million from $598.1 million, as management cited favorable timing of raw material pricing versus costs, higher volumes, pricing and tariff surcharges, plus restructuring savings.
- Operating expense increased 11% to $479.0 million, while R&D stayed roughly flat at $43.2 million versus $44.4 million, showing continued investment in technology and innovation.
- The company said the January 2025 restructuring program reached $23.9 million of charges through June 30, 2026 and included a $1.0 million reversal of prior restructuring charges.
Watch Items
- The margin rebound is the key signal: investors should watch whether the pricing/cost timing benefit and restructuring savings are repeatable or temporary.
- Interest expense rose to $28.6 million, including a $2.2 million loss on early extinguishment of the 2028 notes, and borrowings under the credit agreement increased to $20 million.
- Management said the OBBBA tax law is not expected to materially affect results, which reduces near-term policy uncertainty.
Important Filing Changes
RESULTS OF CONTINUING OPERATIONS SALES Sales of $1,966.8 million in 2025 decreased 4 percent from $2,046.9 million in 2024, reflecting an organic sales decline of 4 percent and an unfavorable currency exchange effect of 1 percent, partially offset by a favorable business days effect of 1 percent . Our sales growth (decline) by end market and region are as follows: 2025 (in percentages) As Reported Constant Currency End market sales growth (decline): Aerospace & Defense 6% 6% Energy (1) 0 General Engineering (5) (4) Transportation (6) (4) Earthworks (6) (7) Regional sales decline: Americas (4)% (3)% Europe, the Middle East and Africa (EMEA) (4) (4) Asia Pacific (2) (1) GROSS PROFIT Gross profit decreased $29.0 million to $598.1 million in 2025 from $627.1 million in 2024.
RESULTS OF CONTINUING OPERATIONS SALES Sales of $2,356.7 million in 2026 increased 20 percent from $1,966.8 million in 2025, reflecting organic sales growth of 19 percent and a favorable foreign currency exchange effect of 2 percent, partially offset by a divestiture effect of 1 percent. Our sales growth by end market and region are as follows: 2026 (in percentages) As Reported Constant Currency (1) End market sales growth: Aerospace & Defense 31% 28% Energy 32 34 General Engineering 13 13 Transportation 5 2 Earthworks 39 36 Regional sales growth: Americas 25% 28% Europe, the Middle East and Africa (EMEA) 14 7 Asia Pacific 15 15 (1) Constant currency excludes the effect of divestiture and currency exchange.
RESULTS OF CONTINUING OPERATIONS SALES Sales of $1,966.8 million in 2025 decreased 4 percent from $2,046.9 million in 2024, reflecting an organic sales decline of 4 percent and an unfavorable currency exchange effect of 1 percent, partially offset by a favorable business days effect of 1 percent . Our sales growth (decline) by end market and region are as follows: 2025 (in percentages) As Reported Constant Currency End market sales growth (decline): Aerospace & Defense 6% 6% Energy (1) 0 General Engineering (5) (4) Transportation (6) (4) Earthworks (6) (7) Regional sales decline: Americas (4)% (3)% Europe, the Middle East and Africa (EMEA) (4) (4) Asia Pacific (2) (1) GROSS PROFIT Gross profit decreased $29.0 million to $598.1 million in 2025 from $627.1 million in 2024. The decrease in gross profit was primarily due to lower sales and production volumes,…
RESULTS OF CONTINUING OPERATIONS SALES Sales of $2,356.7 million in 2026 increased 20 percent from $1,966.8 million in 2025, reflecting organic sales growth of 19 percent and a favorable foreign currency exchange effect of 2 percent, partially offset by a divestiture effect of 1 percent. Our sales growth by end market and region are as follows: 2026 (in percentages) As Reported Constant Currency (1) End market sales growth: Aerospace & Defense 31% 28% Energy 32 34 General Engineering 13 13 Transportation 5 2 Earthworks 39 36 Regional sales growth: Americas 25% 28% Europe, the Middle East and Africa (EMEA) 14 7 Asia Pacific 15 15 (1) Constant currency excludes the effect of divestiture and currency exchange. GROSS PROFIT Gross profit increased $371.9 million to $970.0 million in 2026 from $598.1 million in 2025.
CARPENTER TECHNOLOGY CORP
| 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) |
Carpenter Technology’s latest MD&A shows another year of strong top-line and profit growth, with sales, operating income, and earnings all up meaningfully. The business is becoming even more dependent on aerospace and defense, which is now nearly two-thirds of revenue, while other end markets are smaller. The company also sounds more comfortable with the new U.S. tax law, saying it does not expect a material hit to its tax rate.
Main Changes
- MD&A now shows fiscal 2026 net sales of $3.124 billion versus $2.877 billion in 2025, with operating income rising to $702.0 million from $521.8 million and net income increasing to $529.8 million from $376.0 million.
- The sales mix shifted further toward aerospace and defense, which rose to 65% of total net sales from 62% a year earlier, while medical fell to 9% from 12% and transportation declined to 3% from 4%.
- Capital spending increased to $242.7 million from $154.3 million, and adjusted free cash flow improved to $362.3 million from $287.5 million.
- The tax discussion was updated to say the company does not expect the One Big Beautiful Bill Act to have a material impact on its effective tax rate, replacing the prior statement that the impact could not yet be reasonably determined.
Watch Items
- A heavier aerospace and defense concentration suggests Carpenter is leaning more into its strongest demand channel, which can support margins but increases customer concentration risk.
- Higher capital spending signals continued investment in capacity or productivity, so investors should watch whether that spend sustains earnings growth and cash generation.
- Management’s more confident tax language implies less near-term uncertainty from U.S. tax reform than last year.
Important Filing Changes
However, surcharges have had a dilutive effect on our gross margin and operating margin percentages as described later in this report. Approximately 40 percent of our net sales are sales to customers under firm price sales arrangements. Firm price sales arrangements involve a risk of profit margin fluctuations, particularly when raw material prices are volatile.
However, surcharges have had a dilutive effect on our gross margin and operating margin percentages as described later in this report. During fiscal year 2026, approximately 43 percent of our net sales were sales to customers under firm price sales arrangements. Firm price sales arrangements involve a risk of profit margin fluctuations, particularly when raw material prices are volatile.
Firm price sales arrangements involve a risk of profit margin fluctuations, particularly when raw material prices are volatile. In order to reduce the risk of fluctuating profit margins on these sales, we enter into commodity forward contracts to purchase certain critical raw materials necessary to produce the related products sold. Firm price sales arrangements generally include certain annual purchasing commitments and consumption schedules agreed to by the customers at selling prices based on raw material prices at the time the arrangements are established.
Firm price sales arrangements involve a risk of profit margin fluctuations, particularly when raw material prices are volatile. In order to reduce the risk of fluctuating profit margins on these sales, we may enter into commodity forward contracts to purchase certain critical raw materials necessary to produce the related products sold. Firm price sales arrangements generally include certain annual purchasing commitments and consumption schedules agreed to by the customers at selling prices based on raw material prices at the time the arrangements are established.
Madison Square Garden Entertainment Corp.
| Rank | 5 |
|---|---|
| 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) |
This filing is mostly a housekeeping update, with the biggest visible change being the renaming of one venue to the Infosys Theater at Madison Square Garden. The company also switched its stock performance benchmark because the prior entertainment index was discontinued, and it broadened the description of office space subleases to other third parties. The core risk profile, including cybersecurity, appears unchanged.
Main Changes
- The company renamed "The Theater at Madison Square Garden" to "the Infosys Theater at Madison Square Garden," signaling a venue naming-rights update rather than a change in operations.
- In the performance graph, it replaced the discontinued "Bloomberg Americas Entertainment Index" with the "Dow Jones U.S. Media Sector Index" and added disclosure that the prior index was discontinued in 2025.
- The property disclosure now says 126,000 square feet is subleased to other third parties, versus the prior filing’s narrower sublease description of only MSG Sports and Sphere Entertainment space.
- The cybersecurity risk factor remains substantively the same, still warning of "loss, disclosure, theft, destruction or misappropriation" of confidential information and business disruption.
Watch Items
- The Infosys naming-rights change is a branding and monetization signal, but it does not appear to alter venue economics by itself.
- The new media-sector benchmark may make relative stock performance look different going forward, so investors should not compare year-over-year chart results mechanically.
- The added third-party sublease disclosure suggests more monetization of office space, which could modestly support occupancy economics.
Important Filing Changes
Risk Factors , including in the risk factor entitled “We face continually evolving cybersecurity and similar risks, which could result in loss, disclosure, theft, destruction or misappropriation of, or access to, our confidential information and cause disruption to our business, damage to our brands and reputation, legal exposure and financial losses.” Item 2. Properties We own the Madison Square Garden Complex, which includes The Garden (with a maximum capacity of approximately 21,000 seats) and The Theater at Madison Square Garden (with a maximum capacity of approximately 5,600 seats) in New York City, comprising approximately 1,100,000 square feet; and The Chicago Theatre (with a maximum capacity of approximately 3,600 seats) in Chicago comprising approximately 72,600 square feet. Significant properties that are leased in New York City include approximately 367,000 square feet housing Madison Square Garden Entertainment Corp.’s administrative and executive offices…
Risk Factors , including in the risk factor entitled “We face continually evolving cybersecurity and similar risks, which could result in loss, disclosure, theft, destruction or misappropriation of, or access to, our confidential information and cause disruption to our business, damage to our brands and reputation, legal exposure and financial losses.” Item 2. Properties We own the Madison Square Garden Complex, which includes The Garden (with a maximum capacity of approximately 21,000 seats) and the Infosys Theater at Madison Square Garden (with a maximum capacity of approximately 5,600 seats) in New York City, comprising approximately 1,100,000 square feet; and The Chicago Theatre (with a maximum capacity of approximately 3,600 seats) in Chicago comprising approximately 72,600 square feet. Significant properties that are leased in New York City include approximately 367,000 square feet housing Madison Square Garden 24 Entertainment Corp.’s administrative and executive offices with approximately 64,000 square feet of space that is subleased to MSG Sports, approximately 19,000 square feet of space that is subleased to Sphere Entertainment, and approximately 126,000 square feet of space that is subleased to other third parties, approximately 577,000 square feet comprising Radio City Music Hall (with a maximum capacity of approximately 6,000 seats) and approximately 57,000 square feet comprising the Beacon Theatre (with a maximum capacity of approximately 2,800 seats).
Properties We own the Madison Square Garden Complex, which includes The Garden (with a maximum capacity of approximately 21,000 seats) and The Theater at Madison Square Garden (with a maximum capacity of approximately 5,600 seats) in New York City, comprising approximately 1,100,000 square feet; and The Chicago Theatre (with a maximum capacity of approximately 3,600 seats) in Chicago comprising approximately 72,600 square feet. Significant properties that are leased in New York City include approximately 367,000 square feet housing Madison Square Garden Entertainment Corp.’s administrative and executive offices with approximately 64,000 square feet of space that is subleased to MSG Sports and approximately 18,000 square feet of space that is subleased to Sphere Entertainment, approximately 577,000 square feet comprising Radio City Music Hall (with a maximum capacity of approximately 6,000 seats) and approximately 57,000 square feet comprising the Beacon Theatre (with…
Properties We own the Madison Square Garden Complex, which includes The Garden (with a maximum capacity of approximately 21,000 seats) and the Infosys Theater at Madison Square Garden (with a maximum capacity of approximately 5,600 seats) in New York City, comprising approximately 1,100,000 square feet; and The Chicago Theatre (with a maximum capacity of approximately 3,600 seats) in Chicago comprising approximately 72,600 square feet. Significant properties that are leased in New York City include approximately 367,000 square feet housing Madison Square Garden 24 Entertainment Corp.’s administrative and executive offices with approximately 64,000 square feet of space that is subleased to MSG Sports, approximately 19,000 square feet of space that is subleased to Sphere Entertainment, and approximately 126,000 square feet of space that is subleased to other third parties, approximately 577,000 square feet comprising Radio City Music Hall (with a maximum capacity of approximately 6,000 seats) and approximately 57,000 square feet comprising the Beacon Theatre (with a maximum capacity of approximately 2,800 seats). For more information on our venues, see “Item 1.
Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Our Class A common stock is listed on the NYSE under the symbol “MSGE.” The Company’s Class A Common Stock began “regular way” trading on the NYSE on April 21, 2023. Performance Graph The following graph compares the relative performance of our Class A Common Stock, the Russell 2000 Index and the Bloomberg Americas Entertainment Index. This graph covers the period from April 21, 2023 through June 30, 2025.
Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Our Class A common stock is listed on the NYSE under the symbol “MSGE.” The Company’s Class A common stock began “regular way” trading on the NYSE on April 21, 2023. Performance Graph The following graph compares the relative performance of our Class A common stock, the Russell 2000 Index and the Dow Jones U.S. This graph covers the period from April 21, 2023 (the first trading day following the MSGE Distribution) through June 30, 2026.
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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