Four companies met our criteria from the four 10-K annual reports filed with the SEC on 26 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
- PHIBRO ANIMAL HEALTH CORP (Medium) — Phibro is flagging cyber and AI as emerging operational risks while its core antibacterials regulatory exposure remains a key overhang.
- Great Elm Group, Inc. (Medium) — Great Elm’s cash flow improved sharply, but the company is still leaning on asset sales and rising convertible debt to fund the business.
- UNIFI INC (Medium) — UNIFI is signaling a defensive reset: fewer people, lower costs, and a sharper focus on preserving margins.
- QUINSTREET, INC (Low) — QuinStreet is signaling a more operational international push while also highlighting added financing and compliance risk.
Ranking Table
| Rank | Company | CIK | Full Filing Similarity | Business Similarity | Risk Factors Similarity | MD&A Similarity | Most Changed Section | Assessment |
|---|---|---|---|---|---|---|---|---|
| 1 | PHIBRO ANIMAL HEALTH CORP | 1069899 | 0.998 | 0.999 | 0.16 | 1 | Risk Factors | medium |
| 2 | Great Elm Group, Inc. | 1831096 | 0.977 | 1 | 0.999 | 0.994 | MD&A | medium |
| 3 | UNIFI INC | 100726 | 0.998 | 0.992 | 0.999 | 0.999 | Business | medium |
| 4 | QUINSTREET, INC | 1117297 | 0.978 | 1 | 1 | 0.999 | MD&A | low |
PHIBRO ANIMAL HEALTH CORP
| Rank | 1 |
|---|---|
| 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) |
Phibro added a new cybersecurity risk factor and described a more formal security program, including outside testing, monitoring, training, and vendor oversight. It also introduced explicit language on managing AI-related risks and slightly broadened its antibacterials regulatory warning. The filing reads as a modest but meaningful step-up in disclosure around operational and technology risk.
Main Changes
- Added a new risk factor on "information technology system failures, network disruptions and breaches in data security," saying these issues have not materially affected operations but that cyber threats are becoming "more sophisticated and frequent."
- Expanded disclosure on cyber defenses, including threat intelligence, third-party penetration tests, managed detection and response services, phishing training, and monitoring of external service providers with system access.
- Added new language on emerging technology risk, saying management has processes for the secure adoption of artificial intelligence through user education, guidelines, and monitoring tools.
- Tightened the animal-health risk wording from antibacterials restrictions that may "become more prevalent" to restrictions that may "change or become more prevalent" in larger production markets globally.
Watch Items
- The new cyber disclosure signals management sees digital security as a more important operational risk, even if it has not yet caused a material incident.
- The AI language suggests the company is formalizing controls around new technology adoption, which matters for data security and execution discipline.
- The antibacterials wording still points to regulatory pressure on a key product category, which remains a core demand and margin risk.
Important Filing Changes
Any actual or perceived access, disclosure or other loss of information or any significant breakdown, intrusion, interruption, cyber-attack or corruption of customer, employee or company data or our failure to comply with federal, state, local and foreign privacy laws or contractual obligations with customers, vendors, payment processors and other third parties, could result in legal claims or proceedings, liability under laws or contracts that protect the privacy of personal information, regulatory penalties, disruption of our operations and damage to our reputation, all of which could materially adversely affect our business, revenue and competitive position. We may be subject to information technology system failures, network disruptions and breaches in data security. We are increasingly dependent upon information technology systems and infrastructure to conduct critical operations and generally operate our business, which includes using information technology systems to process, transmit and store…
Risk Factors — Risk Factors Relating to Our Business — We may be exposed to information technology system failures, network disruptions and breaches in data security.” T hese issues haven’t materially affected our operations or financial performance. Still, we recognize that cyber threats are becoming more sophisticated and frequent, and we expect ongoing attempts to compromise our operations.
Such attacks could result in our intellectual property and other confidential information being lost or stolen, disruption of our operations and other negative consequences, such as increased costs for security measures or remediation costs, and diversion of management attention. Although the aggregate impact on the Company’s operations and financial condition has not been material to date, the Company has been the target of events of this nature and expects them to continue as cyber-attacks are becoming more sophisticated and frequent, and the techniques used in such attacks change rapidly. The Company monitors its data, information technology and personnel usage of Company systems to reduce these risks and continues to do so on an ongoing basis for any current or potential threats.
Risk Factors — Risk Factors Relating to Our Business — We may be exposed to information technology system failures, network disruptions and breaches in data security.” T hese issues haven’t materially affected our operations or financial performance. Still, we recognize that cyber threats are becoming more sophisticated and frequent, and we expect ongoing attempts to compromise our operations. We use a range of tools and strategies to identify and reduce cybersecurity risks, including the use of threat intelligence to spot potential attackers, emerging threats, and new attack methods.
Great Elm Group, 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) |
Great Elm’s latest filing shows a much stronger cash position at the operating and investing levels, mainly because of real estate sale proceeds, a related-party loan settlement, and investment sales. At the same time, debt remains in place and the Convertible Notes balance ticked higher, so the balance sheet is still being supported by a mix of asset sales and financing. The update reads as a liquidity improvement, but not a clean de-leveraging story yet.
Main Changes
- MD&A now says operating cash flow improved to $15.7 million from a $9.0 million use, driven by proceeds from real estate sales in September 2025 and June 2026 and better working-capital movement.
- Investing cash flow shifted to a $12.6 million source from a $1.3 million use, helped by settlement of a related-party loan receivable and net sales of investments.
- Financing cash use narrowed to $5.4 million from $8.8 million, with the company citing distributions and redemptions of non-controlling interests, stock repurchases, and some offset from common stock issuance.
- Convertible Notes increased to $36.8 million from $35.1 million, while the GEGGL Notes stayed at $26.9 million and the company again said all interest has been paid in-kind.
Watch Items
- The cash flow swing is meaningful because it suggests asset monetization and investment sales are supporting liquidity rather than relying only on financing.
- Higher Convertible Notes balance and continued in-kind interest point to ongoing leverage and potential dilution risk if holders convert.
- Management still says it has enough liquidity for the next 12 months, but investors should watch whether real estate sale proceeds are repeatable or one-time.
Important Filing Changes
Overview GEG is a publicly-traded alternative asset management company focused on growing a scalable and diversified portfolio of long-duration and permanent capital vehicles across credit, real estate, specialty finance, and other alternative strategies. GEG and its subsidiaries currently manage GECC, a publicly-traded BDC, and Monomoy UpREIT, an Industrial Outdoor Storage ( ISO ) focused real estate investment trust, in addition to other investment vehicles. The combined assets under management of these entities at June 30, 2025 was approximately $758.5 million.
Overview GEG is a publicly-traded alternative asset management company focused on growing a scalable and diversified portfolio of long-duration and permanent capital vehicles across credit, real estate, specialty finance, and other alternative strategies. GEG and its subsidiaries currently manage GECC, a publicly-traded BDC, and Monomoy UpREIT, an Industrial Outdoor Storage ( IOS ) focused real estate investment trust, in addition to other investment vehicles. The combined assets under management of these entities at June 30, 2026 was approximately $770.6 million.
MBTS completed its third purchase, a land parcel in Florida, in March 2025. Contemporaneously with the land purchases, MBTS entered into commercial lease agreements, as a lessor, in respect to the land parcels and build-to-suit improvements to be constructed thereon. The leases commence upon substantial completion of the build-to-suit developments and MBTS looks to sell the land and improvements with the attached leases at, or subsequent to, the respective lease commencement date.
As of the date of this report, GEG had no unfunded binding commitments to make additional investments. As part of its build-to-suit development initiatives, MBTS purchases certain land parcels. Contemporaneously with the land purchases, MBTS enters into commercial lease agreements, as a lessor, in respect to the land parcels and build-to-suit improvements to be constructed thereon.
UNIFI INC
| 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) |
UNIFI’s business section now highlights a more aggressive cost-cutting posture, including lower variable manufacturing costs and fewer salaried U.S. employees. The company also disclosed a smaller workforce overall and lower R&D spending, which points to a tighter operating model. The core product and market mix did not change, but management is clearly leaning into efficiency rather than growth.
Main Changes
- The company added that in fiscal 2026 it "implemented additional cost-saving initiatives" by reducing variable manufacturing costs across labor, spend, and support functions and "eliminating salaried positions in the U.S."
- Employee count fell to about 2,400 from about 2,700, with the Americas workforce down to roughly 1,430 from 1,700 and corporate headcount down to about 80 from 100.
- The business description still centers on recycled and synthetic yarn products, but the new wording emphasizes cost discipline and a leaner operating footprint rather than expansion.
- Research and development spending declined to $7.7 million from $8.8 million, reinforcing the tighter spending posture.
Watch Items
- The headcount reduction and cost cuts suggest management is prioritizing margin protection and cash preservation, which can help near-term profitability if demand stays weak.
- A smaller U.S. salaried base may improve flexibility, but it can also signal ongoing pressure in the core Americas business and potential strain on execution.
- R&D spending is still present, but the lower level may indicate less room for product development unless volumes recover.
Important Filing Changes
UNIFI also includes, as part of its research and development initiatives, the use of continuous improvement methodologies to increase its manufacturing and other operational efficiencies, both to enhance product quality and to derive cost savings. For fiscal 2025, 2024, and 2023, UNIFI incurred $8,750, $9,599, and $10,871, respectively, in costs for research and development (including employee costs). Intellectual Property UNIFI has numerous trademarks registered in the U.S. and in other countries and jurisdictions around the world.
Ultimately, combining leading-edge innovation with our prominent, high-quality brand and agile regional business model will allow for underlying sales and profitability growth. 2 Fiscal 2026 Financial Performance Fiscal 2026 represented a year of significant operational improvement for UNIFI, despite escalating geopolitical tensions contributing to volatility in petroleum markets. While global demand conditions remained challenging and customer purchasing patterns were impacted by macroeconomic uncertainty, trade disruptions, and tariff-related concerns, UNIFI executed a series of strategic actions that materially improved profitability, cash generation, and balance sheet strength.
We are encouraged by programs undertaken with key brands and retailers that benefit from the diversification and innovation of our global portfolio. During fiscal 2025, customer-demand headwinds resulted in depressed volumes in Asia and in the second half of the fiscal year, tariffs placed upon many foreign countries resulted in additional demand volatility due to the recent actions taken by the U.S. during trade-related negotiations. 4 Looking ahead, we expect to expand into additional markets in India, Europe, Africa, and the Middle East utilizing the asset-light supply chain and service model that has been successful for us in Asia.
2 Fiscal 2026 Financial Performance Fiscal 2026 represented a year of significant operational improvement for UNIFI, despite escalating geopolitical tensions contributing to volatility in petroleum markets. While global demand conditions remained challenging and customer purchasing patterns were impacted by macroeconomic uncertainty, trade disruptions, and tariff-related concerns, UNIFI executed a series of strategic actions that materially improved profitability, cash generation, and balance sheet strength. Throughout fiscal 2026, management remained focused on initiatives within the Fiscal 2026 Profit Improvement Plan and the consolidation of Americas yarn manufacturing operations, including organizational cost reductions, operating efficiency improvements, working capital management, and optimization of the Company’s global cost structure.
However, the COVID-19 pandemic had a significant unfavorable impact to product demand and our annual profitability suffered accordingly. Near the end of fiscal 2020, we divested a minority interest investment and significantly improved our liquidity position, supporting business preservation and the ability to capture long-term growth opportunities. • Throughout fiscal 2021, our businesses experienced sequential improvement alongside global demand and economic recovery, and we capitalized on profitable opportunities that fueled strong consolidated results. • Throughout fiscal 2022, we experienced adverse pressure from rising input costs and a weakening of labor productivity, primarily in our domestic operations. • Throughout fiscal 2023, we experienced a downturn in global textile demand as brands and retailers began to destock their inventory levels. • Throughout fiscal 2024, global textile demand remained weak, particularly in the Americas and Asia Segments with reduced overall order levels. •…
Ultimately, we believe that combining leading-edge innovation with our prominent, high-quality brand and agile regional business model will allow for underlying sales and profitability growth. Significant Developments and Trends Key drivers of our recent financial results include: • Throughout fiscal 2021, our businesses experienced sequential improvement alongside global demand and economic recovery, and we capitalized on profitable opportunities that fueled strong consolidated results. • Throughout fiscal 2022, we experienced adverse pressure from rising input costs and a weakening of labor productivity, primarily in our domestic operations. • Throughout fiscal 2023, we experienced a downturn in global textile demand as brands and retailers began to destock their inventory levels. • Throughout fiscal 2024, global textile demand remained weak, particularly in the Americas and Asia Segments with reduced overall order levels. • Throughout fiscal 2025, inflationary pressures and uncertainty over global trade policies resulted in volatility and customer-demand headwinds, particularly in the Americas and Asia Segments. • Throughout fiscal 2026, global textile demand remained weak resulting from geopolitical events and continued global trade uncertainty. However, certain demand began to improve in the second half of the fiscal year.
QUINSTREET, INC
| Rank | 4 |
|---|---|
| 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) |
QuinStreet’s filing adds more concrete language around its international footprint, saying it now has offices, employees and contractors outside the U.S. It also sharpens the warning that overseas expansion is resource-intensive and could create legal, tax and compliance costs without producing enough revenue. Separately, the company now flags the possibility that borrowings could become due earlier than expected.
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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