14 companies met our criteria from the 18 10-K annual reports filed with the SEC on 22 June 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 Honda Auto Receivables 2025-2 Owner Trust, Honda Auto Receivables 2025-3 Owner Trust, Honda Auto Receivables 2025-4 Owner Trust and Honda Auto Receivables 2026-1 Owner Trust, 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
- MADE IN USA INC. (High) — This filing shows a full business pivot into origin-verification and reshoring, but the new strategy is still unproven and pre-revenue.
- Libity (High) — Libity has pivoted from an India SPAC to a Blue Finance acquisition story, making deal completion the central investment issue.
- Outdoor Holding Co (High) — Outdoor Holding is now a single-asset marketplace story, so the stock should trade primarily on GunBroker’s growth and profitability rather than the sold ammunition business.
- ORACLE CORP (Medium) — Oracle is telling investors that cloud is now the main engine of the business, with longer contracts and a clearer push to migrate customers off legacy licenses.
- CASEYS GENERAL STORES INC (Medium) — Casey’s is still expanding, but the filing shows a more streamlined post-acquisition business model centered on converting stores to the Casey’s brand and growing fuel wholesale.
- Honda Auto Receivables 2023-2 Owner Trust (Low) — This filing comparison shows no material new information for investors.
- Honda Auto Receivables 2023-4 Owner Trust (Low) — This comparison shows no identified material disclosure change, so the investment focus should remain on trust performance rather than filing language.
- Honda Auto Receivables 2024-2 Owner Trust (Low) — This filing comparison shows no material new information for investors.
- Honda Auto Receivables 2024-4 Owner Trust (Low) — This filing comparison does not show a material change in the trust’s disclosure or risk profile.
- Honda Auto Receivables 2023-1 Owner Trust (Low) — This filing comparison does not reveal a material new development for Honda Auto Receivables 2023-1 Owner Trust.
- Honda Auto Receivables 2023-3 Owner Trust (Low) — No material change is evident in the supplied filing comparison, so the trust appears operationally stable from this disclosure set.
- Honda Auto Receivables 2024-1 Owner Trust (Low) — No material change is evident from the supplied filing sections, so the trust appears unchanged on the information provided.
- Honda Auto Receivables 2024-3 Owner Trust (Low) — This filing comparison shows no material new information for investors.
- Honda Auto Receivables 2025-1 Owner Trust (Low) — This filing comparison does not show a material change, so the investment story remains driven by collateral performance rather than new disclosure.
Ranking Table
| Rank | Company | CIK | Full Filing Similarity | Business Similarity | Risk Factors Similarity | MD&A Similarity | Most Changed Section | Assessment |
|---|---|---|---|---|---|---|---|---|
| 1 | MADE IN USA INC. | 1977837 | 0.977 | 0.691 | 0.268 | 0.894 | Risk Factors | high |
| 2 | Libity | 1852889 | 0.94 | 0.779 | 0.971 | 0.849 | Business | high |
| 3 | Outdoor Holding Co | 1015383 | 0.994 | 0.997 | n/a | n/a | Business | high |
| 4 | ORACLE CORP | 1341439 | 0.994 | 0.907 | 0.343 | 0.994 | Risk Factors | medium |
| 5 | CASEYS GENERAL STORES INC | 726958 | 0.989 | 0.992 | 0.999 | 0.999 | Business | medium |
| 6 | Honda Auto Receivables 2023-2 Owner Trust | 1976562 | 1 | n/a | n/a | n/a | N/A | low |
| 7 | Honda Auto Receivables 2023-4 Owner Trust | 1996308 | 1 | n/a | n/a | n/a | N/A | low |
| 8 | Honda Auto Receivables 2024-2 Owner Trust | 2019551 | 1 | n/a | n/a | n/a | N/A | low |
| 9 | Honda Auto Receivables 2024-4 Owner Trust | 2037549 | 1 | n/a | n/a | n/a | N/A | low |
| 10 | Honda Auto Receivables 2023-1 Owner Trust | 1962487 | 1 | n/a | n/a | n/a | N/A | low |
| 11 | Honda Auto Receivables 2023-3 Owner Trust | 1985449 | 1 | n/a | n/a | n/a | N/A | low |
| 12 | Honda Auto Receivables 2024-1 Owner Trust | 2008953 | 1 | n/a | n/a | n/a | N/A | low |
| 13 | Honda Auto Receivables 2024-3 Owner Trust | 2029555 | 1 | n/a | n/a | n/a | N/A | low |
| 14 | Honda Auto Receivables 2025-1 Owner Trust | 2052479 | 1 | n/a | n/a | n/a | N/A | low |
MADE IN USA INC.
| Rank | 1 |
|---|---|
| Lowest similarity section | Risk Factors |
| Assessment | high |
| SEC filings | 2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text) |
Made in USA Inc. has moved away from its former music-recognition app business and now presents itself as a company focused on helping U.S. manufacturers prove domestic origin and authenticity. The new filing adds detailed discussion of FTC and USDA rules, signaling that regulation is now central to the business model. It also makes clear the company is still early-stage and has not yet produced meaningful revenue from the new strategy.
Main Changes
- The company replaced its prior music-recognition business description with a new focus on "reshoring U.S. manufacturing" and technology that helps American producers verify the origin and authenticity of products.
- It added a new operating model centered on "certification and origin verification" plus "monitoring and reshoring" under a single "Made in USA" brand, instead of the prior Alixo app and API rental service.
- The filing now says the company is an "early-stage company" that "has not yet generated material revenue from its new business," which is a new disclosure versus the prior revenue-generating app model.
- Risk disclosure now emphasizes regulatory exposure around U.S.-origin claims, including FTC "all or virtually all" standards and USDA FSIS traceability rules for "Product of USA" and "Made in the USA" claims.
Watch Items
- The business reset suggests a complete strategic pivot, so investors should watch whether management can execute beyond branding and build a real customer base.
- The new model depends on regulatory compliance and documentation support, which could create demand if enforcement tightens but also raises liability if claims are challenged.
- The company is still early-stage with no material revenue from the new business, so funding needs and commercialization progress remain key.
Important Filing Changes
API plans can be accessed through the website: https://alixo-yolloo.com/. Corporate Organization Alixo-Yolloo Corporation was incorporated under the laws of the State of Nevada, U.S. on January 17, 2019. Our Operational Office and Directors Location is maintained at: Business Center Sunkar, Building 47B, Aktau, 130002 Kazakhstan and we can be reached via phone at +1-252-34-66-180.
Overview Made in USA Inc., a Nevada corporation (the “Company”), formerly known as Alixo-Yolloo Corporation, was incorporated on January 17, 2019. As reported in the Company’s Current Report on Form 8-K filed September 10, 2025, effective August 28, 2025, a change in control occurred through the purchase by a group of a majority of the Company’s outstanding common stock, together with changes in the Board of Directors and executive officers.
However, we recognize the importance of protecting our intellectual property and may consider taking appropriate measures to do so in the future. Employees We are a development stage company and currently have no employees, other than our board of directors, Rassul Sadakbayev, Director and Roman Zhezhel who takes the position of the President, Treasurer, Secretary and Director. Government Regulation We will be required to comply with all regulations, rules, and directives of governmental authorities and agencies applicable to our business in any jurisdiction which we would conduct activities.
Overview Made in USA Inc., a Nevada corporation (the “Company”), formerly known as Alixo-Yolloo Corporation, was incorporated on January 17, 2019. As reported in the Company’s Current Report on Form 8-K filed September 10, 2025, effective August 28, 2025, a change in control occurred through the purchase by a group of a majority of the Company’s outstanding common stock, together with changes in the Board of Directors and executive officers. Following the change in control, the Company adopted a new business focused on reshoring U.S. manufacturing and on technology that helps American producers verify the origin and authenticity of their products.
Management’s Discussion and Analysis of Financial Condition and Results of Operations. Results of Operations for the years ended February 28, 2025 and February 29, 2024: Revenues For the years ended February 28, 2025 and February 29, 2024, the Company generated total revenue of $37,760 having sold the Application Programming Interface (API) packages provided on its website and $21,518, respectively. The Company’s revenue increased by $16,242, or 75%, compared to the prior year, primarily due to an overall increase in business activity and an expanded customer base.
Management’s Discussion and Analysis of Financial Condition and Results of Operations. Results of Operations for the year ended February 28, 2026, compared to February 28, 2025: Revenues For the year ended February 28, 2026, and 2025, the Company generated total revenue of $37,036 and $37,760, respectively, selling the Application Programming Interface (API) packages provided on its website. The Company’s revenue decreased by $724, or 2%, compared to the prior year, primarily due to the change in new management and new direction of the business model.
Libity
| Rank | 2 |
|---|---|
| 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) |
Libity has moved from being an India-focused SPAC to a vehicle centered on a pending acquisition of Blue Finance, a UK consumer finance technology company. The filing also shows a change in control at the sponsor level, which appears to have driven the strategic reset. For investors, the key signal is that the company is now effectively all-in on one named deal rather than a broad search.
Main Changes
- The company says it is now Libity, and the former sponsor has been replaced: "Samara Special Opportunities" acquired control on August 28, 2025, while ICE I Holdings is now the "Former Sponsor."
- The business focus shifted away from India-based targets: the filing says the company "no longer focuses its search on India-based targets" and now centers on "financial technology, consumer finance and adjacent sectors."
- The company discloses a specific pending transaction with Blue Finance, a UK consumer finance technology company, and says its "primary focus" is completing that Business Combination.
- The filing adds that the company intends to propose another name change in connection with the Blue Finance deal, signaling a move from a generic SPAC identity to an operating-company platform.
Watch Items
- The sponsor change and new target focus suggest a reset in deal strategy, which can materially affect closing odds and post-deal positioning.
- Blue Finance operates under FCA oversight and uses warehouse and forward-flow funding, so investors should watch regulatory compliance and financing access as key execution risks.
- The company notes its remaining trust balance may limit alternative targets, increasing dependence on the Blue Finance transaction closing.
Important Filing Changes
BUSINESS In this Annual Report on Form 10-K (the “Form 10-K”), references to the “Company” and to “we,” “us,” and “our” refer to Investcorp AI Acquisition Corp. formerly known as Investcorp India Acquisition Corp. General Investcorp AI Acquisition Corp. is a blank check company incorporated in the Cayman Islands on February 19, 2021.
Business In this Form 10-K, references to the “Company,” “we,” “us” and “our” refer to Libity (formerly Investcorp AI Acquisition Corp.) References to the “Sponsor” or the “Current Sponsor” mean Samara Special Opportunities, a Cayman Islands exempted company that acquired control of the Company on August 28, 2025. References to the “Former Sponsor” mean ICE I Holdings Pte.
Concurrently with the execution and delivery of the business combination agreement and scheme implementation deed, the Sponsor, the Company, certain shareholders of the Company (“Sponsor Members”), Pubco, and Bigtincan Holdings Limited entered into a voting and support agreement. Additionally on October 21, 2024 the Sponsor Members, the Company, Pubco, and Bigtincan Holdings Limited entered into a lock-up agreement. Lastly, Investcorp Cayman Holdings Limited (“Investcorp”), Pubco, and Bigtincan Holdings Limited entered into a subscription agreement pursuant to which Investcorp agreed to subscribe for and purchase from Pubco an aggregate of 1,250,000 Pubco ordinary shares at a purchase price of $10 per share for aggregate gross proceeds of $12,500,000.
Business In this Form 10-K, references to the “Company,” “we,” “us” and “our” refer to Libity (formerly Investcorp AI Acquisition Corp.) References to the “Sponsor” or the “Current Sponsor” mean Samara Special Opportunities, a Cayman Islands exempted company that acquired control of the Company on August 28, 2025. References to the “Former Sponsor” mean ICE I Holdings Pte. General Libity (formerly Investcorp AI Acquisition Corp.) is a Cayman Islands exempted company, formed on February 19, 2021 as a special purpose acquisition company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses (the “Initial Business Combination”).
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS References to the “Company,” “our,” “us” or “we” refer to Investcorp AI Acquisition Corp. The following discussion and analysis of the Company’s financial condition and results of operations should be read in conjunction with the audited financial statements and the notes related thereto which are included in “
Management’s Discussion and Analysis of Financial Condition and Results of Operations The following discussion should be read together with our audited financial statements and related notes included elsewhere in this Form 10-K. Forward-looking statements are subject to the risks and uncertainties described under “Item 1A.
Outdoor Holding Co
| Rank | 3 |
|---|---|
| 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) |
Outdoor Holding has completed the shift from a two-segment company to a pure-play online marketplace after selling its ammunition business. The filing emphasizes that GunBroker is now the only continuing operation and slightly updates the platform’s scale, including a larger user base. For investors, the key question is whether the marketplace can stand on its own as a stable growth business without the ammunition segment.
Main Changes
- The company now describes itself as continuing only the GunBroker Marketplace after selling the Ammunition segment, whereas the prior filing framed the business as two operating segments.
- The filing replaces the prior "Discontinued Operations – Ammunition Segment" framing with "Sale of Ammunition Segment," reflecting that the ammunition business was sold to Olin Winchester and is no longer part of continuing operations.
- The Marketplace description was updated from a "marketplace" that supports lawful firearm sales to a "marketplace platform," and user count increased from approximately 8.4 million to 8.8 million.
- The company keeps the same core Marketplace model: it does not hold inventory and facilitates transactions between third-party buyers and sellers through more than 32,000 federally licensed firearm dealers.
Watch Items
- The divestiture makes Outdoor Holding a more focused, single-business company, so future results will depend almost entirely on GunBroker traffic, monetization and regulatory conditions.
- The higher user count suggests the marketplace may be growing, but investors should watch whether that translates into revenue and margin improvement after the ammunition exit.
- The company’s reduced operating diversification could increase sensitivity to changes in firearm-related demand, policy, and platform competition.
Important Filing Changes
Introduction Outdoor Holding Company ("Outdoor Holding," "we," "us," "our" or the "Company") began its operations in 2017 as a vertically integrated producer of high-performance ammunition and premium components. Following the acquisition of the GunBroker business ("GunBroker") in 2021, we conducted operations through two operating and reportable segments, Ammunition and Marketplace.
BUSINESS Introduction Outdoor Holding Company ("Outdoor Holding," "we," "us," "our" or the "Company") began its operations in 2017 as a producer of high-performance ammunition and premium components. Following the acquisition of the GunBroker business ("GunBroker") in 2021, we conducted operations through two operating and reportable segments: Ammunition segment and Marketplace segment.
Introduction Outdoor Holding Company ("Outdoor Holding," "we," "us," "our" or the "Company") began its operations in 2017 as a vertically integrated producer of high-performance ammunition and premium components. Following the acquisition of the GunBroker business ("GunBroker") in 2021, we conducted operations through two operating and reportable segments, Ammunition and Marketplace. The Ammunition segment engaged in the design, production and marketing of ammunition, ammunition components and related products.
BUSINESS Introduction Outdoor Holding Company ("Outdoor Holding," "we," "us," "our" or the "Company") began its operations in 2017 as a producer of high-performance ammunition and premium components. Following the acquisition of the GunBroker business ("GunBroker") in 2021, we conducted operations through two operating and reportable segments: Ammunition segment and Marketplace segment. The Ammunition segment engaged in the design, production and marketing of ammunition, ammunition components and related products.
ORACLE CORP
| Rank | 4 |
|---|---|
| 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) |
Oracle rebranded its core segment from cloud and license to cloud and software and increased the emphasis on cloud as the center of the business. The filing also says cloud contracts can now run up to five years and highlights programs that move customers from software licenses and support into Oracle Cloud. Overall, the update signals a continued shift away from legacy licensing and toward recurring cloud revenue.
Main Changes
- The business section now calls the segment "cloud and software" instead of "cloud and license," signaling a broader framing of the company’s mix.
- Oracle says its cloud and software business was 87% of fiscal 2026 revenue versus 86% in fiscal 2025, up from 86% and 84% in the prior filing’s fiscal 2025 and 2024 comparison.
- The cloud description now says Oracle Cloud Applications and Oracle Cloud Infrastructure arrangements generally run for "one to five years," versus "one to four years" before, extending the stated contract duration.
- The prior emphasis on "license support" and "cloud license and on-premise license" has been recast as "software support" and "software license" revenues, with Oracle saying customers can pivot licenses and support to Oracle Cloud for new deployments and expand existing workloads.
Watch Items
- The new wording reinforces Oracle’s push to migrate customers from legacy license economics toward cloud subscriptions and support, which can improve revenue visibility over time.
- Longer stated cloud contract terms suggest stickier customer relationships and potentially more durable backlog, but also imply greater dependence on execution across multi-year deployments.
- The higher cloud revenue mix shows the company is becoming more cloud-centric, which should matter for growth expectations and margin mix over the next several years.
Important Filing Changes
No single customer accounted for 10% or more of our total revenues in fiscal 2025, 2024 or 2023. Refer to “Marketable and Non-Marketable Investments” above for additional information on our non-marketable investments. We outsource the manufacturing, assembly and delivery of the substantial majority of our hardware products that we sell to our customers as well as use internally to deliver our cloud services to a variety of companies, many of which are located outside the U.S.
We use our Investor Relations website as a means of disclosing material non-public information. Accordingly, investors should monitor our Investor Relations website, in addition to following our press releases, SEC filings and public conference calls and webcasts.
Inventories in excess of future demand are written down and charged to hardware expenses. In addition, we assess the impact of changing technology to our inventories and we write down inventories that are considered obsolete. At the point of loss recognition, a new, lower-cost basis for that inventory is established, and subsequent changes in facts and circumstances do not result in the restoration or increase in that newly established cost basis.
We use our Investor Relations website as a means of disclosing material non-public information. Accordingly, investors should monitor our Investor Relations website, in addition to following our press releases, SEC filings and public conference calls and webcasts. In addition, information regarding our environmental policy and global sustainability initiatives and solutions are also available on our website at www.oracle.com/social-impact.
Cloud and License Business Our cloud and license business, which represented 86% and 84% of our total revenues in fiscal 2025 and 2024, respectively, markets, sells and delivers a broad spectrum of enterprise applications and infrastructure technologies through our cloud and license offerings. Revenue streams included in our cloud and license business are: • Cloud services and license support revenues, which include: o cloud services revenues, which are earned by providing customers access to Oracle Cloud applications and infrastructure technologies via cloud-based deployment models that Oracle develops, provides unspecified updates and enhancements for, deploys, hosts, manages and supports and that customers access by entering into a subscription agreement with us for a stated period.
Cloud and Software Business Our cloud and software business, which represented 87% and 86% of our total revenues in fiscal 2026 and 2025, respectively, markets, sells and delivers a broad spectrum of enterprise applications and infrastructure technologies through our cloud and software offerings. Revenue streams included in our cloud and software business are: • Cloud revenues, which are earned by providing customers access to Oracle Cloud applications and infrastructure technologies via cloud-based deployment models that Oracle develops, provides unspecified updates and enhancements for, deploys, hosts, manages and supports and that customers access by entering into a subscription agreement with us for a stated period.
CASEYS GENERAL STORES INC
| Rank | 5 |
|---|---|
| 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) |
Casey’s added stores year over year, but the bigger story is how it is describing the business after the Fikes deal. The company is leaning harder into a simpler brand structure and a kitchen-led conversion strategy, while the wholesale fuel network is now a slightly larger part of revenue. The state count also fell to 19, which may point to a footprint adjustment that investors should monitor.
Main Changes
- The store base grew to 2,944 locations from 2,904, while the company now says it operates in 19 states instead of 20.
- Casey’s removed the Fikes acquisition detail from the business description and now frames the acquired sites more simply as limited "GoodStop (by Casey’s)" or "CEFCO" stores, with no mention of "Bucky’s" or "Lone Star Food Store" in the new filing.
- The company says acquired stores are typically rebranded to "Casey’s" once remodeled with a full-service kitchen; if the layout does not allow that, they remain under "GoodStop (by Casey’s)" or the acquired brand.
- The wholesale fuel network is now described as about 3% of revenue, up from about 2% last year, and the company says it self-distributes most fuel to stores.
Watch Items
- The higher wholesale revenue share suggests the fuel supply business is becoming a more meaningful part of the mix, which could affect margin and working-capital dynamics.
- The continued emphasis on converting acquired stores to the Casey’s brand signals management still sees kitchen-led merchandising as the core value proposition.
- The drop from 20 states to 19 states may reflect a portfolio cleanup or divestiture and is worth watching for any strategic pruning beyond the core Midwest footprint.
Important Filing Changes
BUSINESS The Company As of April 30, 2025, Casey’s General Stores, Inc. and its direct and indirect wholly-owned subsidiaries operate convenience stores primarily under the names "Casey’s" and "Casey’s General Store" (collectively, with the stores below referenced as "GoodStop", "CEFCO", "Bucky’s", or "Lone Star Food Store", referred to as "Casey’s" or the "Company") throughout 20 states, approximately half of which are located in Iowa, Missouri and Illinois. On November 1, 2024, the Company closed on the acquisition of Fikes Wholesale and Group Petroleum Services (collectively "Fikes"), owner of CEFCO Convenience Stores, which added 198 total stores, including 148 additional stores in Texas, as well as 50 stores in Alabama, Florida, and Mississippi, which are the first stores Casey’s has operated in these states.
BUSINESS The Company As of April 30, 2026, Casey’s General Stores, Inc. and its direct and indirect wholly-owned subsidiaries operate convenience stores primarily under the names "Casey’s" and "Casey’s General Store" (collectively, with the stores below referenced as "GoodStop (by Casey’s)" or "CEFCO", referred to as "Casey’s" or the "Company") throughout 19 states, approximately half of which are located in Iowa, Missouri and Illinois. As of April 30, 2026, there were 2,944 stores in operation.
The Company competes on the basis of price, as well as on the basis of traditional features of convenience store operations such as location, extended hours, product offerings, and quality of service. As of April 30, 2025, there were a total of 2,904 stores in operation. All convenience stores carry a broad selection of food items (which at most stores includes, but is not limited to, freshly prepared foods such as regular and breakfast pizza, donuts, hot breakfast items, and hot and cold sandwiches), beverages, tobacco and nicotine products, groceries, health and beauty aids, automotive products, and other non-food items.
BUSINESS The Company As of April 30, 2026, Casey’s General Stores, Inc. and its direct and indirect wholly-owned subsidiaries operate convenience stores primarily under the names "Casey’s" and "Casey’s General Store" (collectively, with the stores below referenced as "GoodStop (by Casey’s)" or "CEFCO", referred to as "Casey’s" or the "Company") throughout 19 states, approximately half of which are located in Iowa, Missouri and Illinois. As of April 30, 2026, there were 2,944 stores in operation. Approximately 71% of all stores were opened in areas with populations of fewer than 20,000 persons.
In addition, the price of our common stock could be subject to wide fluctuations in response to these, and other factors: a deviation in our results from the expectations of public market analysts and investors; statements by research analysts about our common stock, company, or industry; changes in market valuations of companies in our industry and market evaluations of our industry generally; additions or departures of key personnel; actions taken by our competitors; sales or repurchases of common stock by the Company or other affiliates; and, other general economic, political, or market conditions, many of which are beyond our control. The market price of our common stock will also be affected by our quarterly operating results and same store sales results, which may be expected to fluctuate. Some of the factors that may affect our quarterly results and same store…
A compromise or a breach in our systems, or another data security or privacy incident that results in the loss, unauthorized release, disclosure or acquisition of such data or information, or other sensitive data or information, or other internal or external cyber or data security threats, including but not limited to viruses, denial-of-service attacks, phishing attacks, social engineering attacks, ransomware attacks and other intentional or unintentional disruptions, could occur and have a material adverse effect on our operations and ability to operate, reputation, operating results and financial condition. The rapid evolution and increased adoption of artificial intelligence technologies may also heighten our cybersecurity risks by making cyber-attacks more difficult to detect, contain, and mitigate. In addition, similar events at vendors, third-party service providers or other market participants, whether or not we are directly impacted, could negatively affect our business and supply chain or lead to a general loss of guest confidence, which could result in reduced guest traffic and sales.
Honda Auto Receivables 2023-2 Owner Trust
| Rank | 6 |
|---|---|
| Lowest similarity section | N/A |
| Assessment | low |
| SEC filings | 2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text) |
The supplied filing comparison does not show any meaningful year-over-year changes. There is no evidence here of a new risk, strategy shift, or liquidity issue for the trust. Investors should treat this as a no-news update and continue monitoring the securitization’s underlying asset performance.
No material section-level wording change was large enough to quote from the compared sections.
Honda Auto Receivables 2023-4 Owner Trust
| Rank | 7 |
|---|---|
| Lowest similarity section | N/A |
| Assessment | low |
| SEC filings | 2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text) |
No substantive year-over-year changes were provided for this 10-K comparison. Based on the supplied sections, the filing does not appear to introduce new risks, strategy changes, or other material disclosure shifts. Investors should treat this as a routine update unless later review shows changes in collateral or credit performance.
No material section-level wording change was large enough to quote from the compared sections.
Honda Auto Receivables 2024-2 Owner Trust
| Rank | 8 |
|---|---|
| Lowest similarity section | N/A |
| Assessment | low |
| SEC filings | 2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text) |
Based on the sections supplied, there is no evidence of a meaningful year-over-year change in this 10-K. The filing does not show a new business direction, added risk, or other material disclosure shift. For investors, this looks like a routine update with no obvious impact on the trust’s credit profile.
No material section-level wording change was large enough to quote from the compared sections.
Honda Auto Receivables 2024-4 Owner Trust
| Rank | 9 |
|---|---|
| Lowest similarity section | N/A |
| Assessment | low |
| SEC filings | 2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text) |
Based on the sections provided, there is no evidence of a meaningful year-over-year disclosure change in this 10-K comparison. The filing does not show a new risk, strategy shift, or other material update that would alter the investment view. Investors should treat this as a no-news update and monitor trust performance metrics instead.
No material section-level wording change was large enough to quote from the compared sections.
Honda Auto Receivables 2023-1 Owner Trust
| Rank | 10 |
|---|---|
| Lowest similarity section | N/A |
| Assessment | low |
| SEC filings | 2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text) |
Based on the sections supplied, there is no evidence of a material change in the trust’s disclosure year over year. The filing comparison does not show a new risk, strategy shift, or other investor-relevant update. This looks like a routine update rather than a signal of changing credit conditions.
No material section-level wording change was large enough to quote from the compared sections.
Honda Auto Receivables 2023-3 Owner Trust
| Rank | 11 |
|---|---|
| Lowest similarity section | N/A |
| Assessment | low |
| SEC filings | 2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text) |
Based on the sections provided, there were no material year-over-year disclosure changes to summarize. The filing comparison does not show a new risk, strategy update, or other investor-relevant shift in the trust’s reporting.
No material section-level wording change was large enough to quote from the compared sections.
Honda Auto Receivables 2024-1 Owner Trust
| Rank | 12 |
|---|---|
| Lowest similarity section | N/A |
| Assessment | low |
| SEC filings | 2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text) |
Based on the sections provided, there is no visible year-over-year change to analyze. The filing appears to be routine rather than signaling a shift in trust structure, collateral performance, or risk profile. Investors should review the full 10-K only to confirm there are no new credit or servicing disclosures elsewhere.
No material section-level wording change was large enough to quote from the compared sections.
Honda Auto Receivables 2024-3 Owner Trust
| Rank | 13 |
|---|---|
| Lowest similarity section | N/A |
| Assessment | low |
| SEC filings | 2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text) |
Based on the sections provided, there is no visible substantive change in the 10-K compared with the prior filing. The update appears routine and does not signal a new risk, strategy shift, or change in trust economics. Investors should treat this as a non-event unless other sections not supplied contain material revisions.
No material section-level wording change was large enough to quote from the compared sections.
Honda Auto Receivables 2025-1 Owner Trust
| Rank | 14 |
|---|---|
| Lowest similarity section | N/A |
| Assessment | low |
| SEC filings | 2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text) |
Based on the sections supplied, there is no clear year-over-year substantive change to the Honda Auto Receivables 2025-1 Owner Trust filing. The comparison does not show new risks, strategy shifts, or other meaningful disclosure updates. Investors should treat this as a no-news filing and stay focused on trust performance metrics.
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.
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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