Three companies met our criteria from the three 10-K annual reports filed with the SEC on 25 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
- SelectQuote, Inc. (Medium) — SelectQuote is doubling down on pharmacy-led healthcare services while explicitly flagging AI and NYSE listing risk.
- MARZETTI CO (Low) — Marzetti is signaling steady growth investment and a stronger focus on adjusted operating metrics, not a major change in strategy.
- Electromed, Inc. (Low) — Electromed’s filing shows no material business shift, but the loss of Risk Factors disclosure reduces transparency around company-specific risks.
Ranking Table
| Rank | Company | CIK | Full Filing Similarity | Business Similarity | Risk Factors Similarity | MD&A Similarity | Most Changed Section | Assessment |
|---|---|---|---|---|---|---|---|---|
| 1 | SelectQuote, Inc. | 1794783 | 0.998 | 0.999 | 1 | 1 | Business | medium |
| 2 | MARZETTI CO | 57515 | 0.901 | 0.998 | 0.985 | 0.975 | MD&A | low |
| 3 | Electromed, Inc. | 1488917 | 0.996 | 1 | 1 | n/a | Business | low |
SelectQuote, Inc.
| Rank | 1 |
|---|---|
| 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) |
SelectQuote’s filing keeps the same overall strategy shift away from Auto & Home and toward healthcare services, but the new wording is more focused on pharmacy services and less expansive than before. The risk section also becomes more explicit about AI and exchange-listing risk, which highlights technology dependence and public-market pressure. Overall, this looks like a refinement of priorities rather than a major new pivot.
Main Changes
- The Business section now says the company is prioritizing "higher-growth opportunities" in healthcare services, but the new wording narrows that focus to "pharmacy services" rather than pharmacy services and chronic care management.
- The company still says it has "de-emphasized" Auto & Home distribution, reinforcing that this line is no longer a core focus.
- The risk factor list adds a new item for "our and third parties’ use of artificial intelligence," signaling a newly explicit technology-related risk.
- The public-company risk language now specifically mentions "our ability to maintain our listing on the New York Stock Exchange," which was not called out in the prior filing.
Watch Items
- The tighter Business description suggests management is concentrating capital and execution on pharmacy rather than a broader healthcare-services buildout.
- Adding AI as a named risk matters because the company relies on machine-learning-driven lead routing and marketing optimization, so model performance or governance issues could affect operations.
- The NYSE listing reference raises the visibility of capital-markets and compliance pressure if operating performance remains volatile.
Important Filing Changes
No material section-level wording change was large enough to quote from the compared sections.
MARZETTI CO
| Rank | 2 |
|---|---|
| Lowest similarity section | MD&A |
| Assessment | low |
| SEC filings | 2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text) |
Marzetti’s filing is mostly a refresh, but it adds a clearer emphasis on adjusted performance measures and on capacity-related growth investments. Management also updated its long-term growth language to highlight the Atlanta production facility acquisition and slightly refined how it describes licensing and public-health risks. Overall, the filing reads as a modestly more operationally focused update rather than a strategic reset.
Main Changes
- MD&A now explicitly says the company prepares its financial statements under U.S. GAAP and also presents several non-GAAP measures, including Adjusted Consolidated Net Sales, Adjusted Foodservice Net Sales, Adjusted Cost of Sales, Adjusted Gross Profit, Adjusted Gross Margin, Adjusted Operating Income and Adjusted Net Income Per Diluted Share.
- The long-term growth discussion was broadened from focusing on plant infrastructure, IT platforms and other initiatives to emphasizing plant infrastructure, production capacity and related investments, with the new example of the Atlanta sauce and dressing facility acquisition.
- The licensing discussion was slightly reworded to say success has come through both established and new relationships in the foodservice industry, rather than only through strategic licensing programs tied to foodservice relationships.
- The risk-factor order was reorganized and one public-health reference was narrowed from “epidemics, pandemics or similar widespread public health concerns and disease outbreaks” to “epidemics, pandemics or similar widespread public health concerns and foodborne outbreaks.”
Watch Items
- The added non-GAAP metrics suggest management wants investors to focus more on adjusted operating performance and underlying sales trends.
- The shift toward production capacity and the Atlanta facility acquisition points to continued investment in supply and manufacturing capability, which can support growth but also raises execution and integration expectations.
- The narrower public-health wording in risk factors is not a major disclosure change, but it shows the company is tailoring its risk language more specifically to food-related disruptions.
Important Filing Changes
We also implement value engineering initiatives, such as the use of lower-cost packaging materials and alternative ingredients and/or recipes, to reduce Retail and Foodservice product costs to help offset inflation. CRITICAL ACCOUNTING POLICIES AND ESTIMATES This MD&A discusses our consolidated financial statements, which have been prepared in accordance with U.S. generally accepted accounting principles. The preparation of these consolidated financial statements requires that we make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period.
The following discussion should be read in conjunction with our consolidated financial statements and the notes thereto in Item 8 of this Annual Report on Form 10-K. We prepare our consolidated financial statements in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”).
Operating Income Operating income increased 10.5% to $220.3 million in 2025 compared to $199.4 million in 2024 due to the increase in gross profit and lower restructuring and impairment charges, as partially offset by the higher SG&A expenses. The following table presents a reconciliation between operating income as reported in accordance with U.S. generally accepted accounting principles (“GAAP”) and adjusted operating income, which is a non-GAAP financial measure. Adjusted operating income excludes certain items affecting comparability that can impact the analysis of our underlying core business performance and trends.
We prepare our consolidated financial statements in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). We have also presented Adjusted Consolidated Net Sales, Adjusted Foodservice Net Sales, Adjusted Cost of Sales, Adjusted Gross Profit, Adjusted Gross Margin, Adjusted Operating Income and Adjusted Net Income Per Diluted Share, each of which is considered a non-GAAP financial measure, to supplement the financial information included in this report.
Cybersecurity Risk Management Third Party Engaged [Flag] true Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false Cybersecurity Risk Board of Directors Oversight [Text Block] Our Audit Committee of the Board of Directors is responsible for oversight of risks from cybersecurity threats. Our Audit Committee receives quarterly reports from our Enterprise Risk Management Committee (“ERM Committee”), as well as directly from our Chief Information Officer (“CIO”) or VP Infrastructure, periodically, as appropriate. These reports cover various cybersecurity matters, including risk assessments, risk prevention and mitigation activities, and incident reports along with remediating actions, areas of emerging risks, industry trends, and other areas of importance.
Cybersecurity Risk Management Third Party Engaged [Flag] true Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false Cybersecurity Risk Board of Directors Oversight [Text Block] Our Audit Committee of the Board of Directors is responsible for oversight of risks from cybersecurity threats. Our Audit Committee receives quarterly reports from our Enterprise Risk Management Committee (“ERM Committee”), as well as directly from our CIO, periodically, as appropriate. These reports cover various cybersecurity matters, including risk assessments, risk prevention and mitigation activities, and incident reports along with remediating actions, areas of emerging risks, industry trends, and other areas of importance.
Electromed, Inc.
| Rank | 3 |
|---|---|
| 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) |
Electromed made only modest wording updates in its Business section, mainly around employee reviews and incentive language. The bigger change is that it no longer provides a Risk Factors section, saying it is not required to do so as a smaller reporting company. Overall, the filing reads as stable and operationally unchanged, with less disclosure detail than before.
No material section-level wording change was large enough to quote from the compared sections.
Why SEC Filing Changes Matter
Research by Cohen et al. (Lazy Prices, 2020) — using the complete history of SEC filings from 1995 to 2014 — shows that when firms make active changes to their annual disclosures, those changes convey an important signal about future operations and returns. A portfolio that shorted "changers" and bought "non-changers" earned over 22% per year in annual alpha historically. Changes to the Risk Factors section, Business description, and language referring to the executive team were especially informative. Critically, these returns accrued gradually as information was later revealed through news and earnings — not at the time of filing — suggesting many investors remain inattentive to these simple, public signals. This snapshot is a starting point for deeper investigation, not a buy or sell recommendation.
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