One company met our criteria from the one 10-K annual report filed with the SEC on 1 September 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
- REGIS CORP (Medium) — Regis is running a smaller salon network under a refreshed leadership team, so investors should watch whether tighter operations can offset the revenue drag from fewer locations.
Ranking Table
| Rank | Company | CIK | Full Filing Similarity | Business Similarity | Risk Factors Similarity | MD&A Similarity | Most Changed Section | Assessment |
|---|---|---|---|---|---|---|---|---|
| 1 | REGIS CORP | 716643 | 0.99 | 0.993 | 0.998 | 0.997 | Business | medium |
REGIS CORP
| 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) |
Regis reported a smaller salon footprint year over year, with fewer franchised and company-owned locations than in the prior filing. The business narrative also puts more weight on operational execution, especially hiring and retaining stylists and managers, while the executive roster shows several recent leadership changes. Overall, the filing reads like a company focused on stabilizing the network and tightening operations rather than expanding aggressively.
Main Changes
- The company said it operated 3,712 locations at June 30, 2026, down from 3,941 a year earlier, including 3,448 franchised salons and 264 company-owned salons versus 3,647 and 294 previously.
- The business description was softened from "each of the Company’s salon concepts generally offer similar salon products and services" to "generally offers similar salon products and hair services," a minor wording update with no clear change in strategy.
- The company added that salons are in "convenient locations" and that the industry needs to "hire multi-unit and experienced field and salon management," sharpening the emphasis on operating execution and labor quality.
- Management disclosure shows a leadership reset: Jim Lain became Interim President and CEO effective July 1, 2025, Keelee MacDonald joined as Senior Vice President, Franchise Operations in January 2026, and James Suarez was promoted to Executive Vice President, Company Operations in April 2026.
Watch Items
- The smaller store base suggests ongoing portfolio rationalization or attrition, which can pressure royalty revenue if not offset by better same-store performance.
- New emphasis on recruiting and retaining stylists and experienced managers highlights labor as a key operating constraint and a potential margin driver.
- The leadership changes point to a more hands-on operating focus, which could improve execution but also signals the company is still in transition.
Important Filing Changes
The Company’s locations consist of 3,647 franchised salons and 294 company-owned salons. Each of the Company’s salon concepts generally offer similar salon products and services. The major services supplied by the salons are haircutting and styling (including shampooing and conditioning) and hair coloring.
The Company’s locations consist of 3,448 franchised salons and 264 company-owned salons. Each of the Company’s salon concepts generally offers similar salon products and hair services. The major services supplied by the salons are haircutting and styling (including shampooing and conditioning) and hair coloring.
Salons operate primarily under the trade names of Supercuts, SmartStyle, Cost Cutters, First Choice Haircutters and Roosters and they generally serve the value category within the industry. Salons are primarily located in strip center locations and Walmart Supercenters. The Company reports its operations in two operating segments: franchise and company-owned.
Salons operate primarily under the trade names of Supercuts, SmartStyle, Cost Cutters, First Choice Haircutters and Roosters, and they generally serve the value category within the industry. Salons are primarily located in convenient locations, including strip centers and Walmart Supercenters. The Company reports its operations in two operating segments: franchise and company-owned.
The Company’s locations consist of 3,647 franchised salons and 294 company-owned salons. Each of the Company’s salon concepts generally offer similar salon products and services. The major services supplied by the salons are haircutting and styling (including shampooing and conditioning) and hair coloring.
The Company’s locations consist of 3,448 franchised salons and 264 company-owned salons. Each of the Company’s salon concepts generally offers similar salon products and hair services. The major services supplied by the salons are haircutting and styling (including shampooing and conditioning) and hair coloring.
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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