Five companies met our criteria from the nine 10-K annual reports filed with the SEC on 10 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. A prior-year filing was not available for Pluri Inc., Gold.com, Inc., MasterCraft Boat Holdings, Inc. and IBEX Ltd, 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
- Palo Alto Networks Inc (High) — Palo Alto Networks is signaling a more aggressive, acquisition-led push to become a broader platform company, with CyberArk central to the strategy.
- EGAIN Corp (Medium) — eGain is widening its story from contact-center software to enterprise AI knowledge management, backed by new third-party validation.
- ALLIANCE ENTERTAINMENT HOLDING CORP (Medium) — Alliance is still leaning on exclusive distribution wins and a wider product mix to grow, which is positive for scale but depends on execution.
- AURA SYSTEMS INC (Low) — This filing reads as a cleanup of cyber disclosure, not a new risk signal.
- CONSUMERS BANCORP INC /OH/ (Low) — No material filing change can be confirmed from the supplied information, so investors should wait for the full 10-K text before drawing conclusions.
Ranking Table
| Rank | Company | CIK | Full Filing Similarity | Business Similarity | Risk Factors Similarity | MD&A Similarity | Most Changed Section | Assessment |
|---|---|---|---|---|---|---|---|---|
| 1 | Palo Alto Networks Inc | 1327567 | 0.981 | 0.988 | 0.993 | 0.879 | MD&A | high |
| 2 | EGAIN Corp | 1066194 | 0.995 | 0.988 | 0.267 | 0.996 | Risk Factors | medium |
| 3 | ALLIANCE ENTERTAINMENT HOLDING CORP | 1823584 | 0.543 | 0.994 | 0.989 | 0.997 | Risk Factors | medium |
| 4 | AURA SYSTEMS INC | 826253 | 0.993 | 0.997 | 0.989 | 0.999 | Risk Factors | low |
| 5 | CONSUMERS BANCORP INC /OH/ | 1006830 | 0.996 | n/a | n/a | n/a | N/A | low |
Palo Alto Networks Inc
| Rank | 1 |
|---|---|
| Lowest similarity section | MD&A |
| Assessment | high |
| SEC filings | 2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text) |
Palo Alto Networks broadened its growth story in this filing, with MD&A and Business language now highlighting new products, AI capabilities, and a much more aggressive acquisition strategy. The company specifically points to CyberArk and other deals as part of building next-generation platforms across identity, observability, endpoint, and agentic workflows. For investors, the message is that management is trying to accelerate platformization through both product launches and M&A.
Main Changes
- MD&A forward-looking statements now explicitly include "new revenues," "demand," and "the benefits and synergies" from the CyberArk acquisition, signaling a more acquisition-driven growth narrative.
- The company added language that it expects recurring revenue from growth in end-customers and increased adoption of "products, subscriptions and services," broadening the monetization story beyond products and support.
- The business section says fiscal 2026 brought new offerings such as PAN-OS 12.1 Orion, Prisma AIRS 2.0 and 3.0, and NGTS, and states the company will "significantly invest" in R&D to extend the portfolio.
- Palo Alto Networks now describes a series of acquisitions and pending deals, including Chronosphere, CyberArk, Koi, Portkey, Embrace, and Console, to build next-generation observability, identity security, endpoint, AI gateway, RUM, and agentic workflow capabilities.
Watch Items
- The heavier emphasis on acquisitions suggests management is leaning on M&A to fill product gaps and accelerate platform expansion, which could reshape the growth profile.
- Adding CyberArk synergies and new revenue language raises the bar for integration execution and cross-sell delivery.
- The expanded AI and observability references show the company is pushing deeper into adjacent security and infrastructure markets, which could support longer-term revenue growth but also increase complexity.
Important Filing Changes
Forward-looking statements generally can be identified by words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potentially,” “projects,” “will,” “will be,” “will continue,” “will likely result,” “would,” and similar expressions that convey uncertainty of future events or outcomes. These forward-looking statements include, but are not limited to, statements concerning the following: • expectations regarding the cybersecurity landscape; • expectations regarding our platformization strategy and related progress and opportunities; • expectations regarding annual recurring revenue, remaining performance obligations, and product development strategy; • expectations regarding artificial intelligence; • expectations regarding our strategic partnerships; • expectations regarding drivers of and factors affecting growth in our business; • statements regarding expected profitability, trends in annual recurring revenue, trends in remaining performance obligations, our mix of product and subscription and support revenue, cost of revenue, gross margin, cash flows, operating expenses,…
Forward-looking statements generally can be identified by words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potentially,” “projects,” “will,” “will be,” “will continue,” “will likely result,” “would,” and similar expressions that convey uncertainty of future events or outcomes. These forward-looking statements include, but are not limited to, statements concerning the following: • expectations regarding the cybersecurity landscape and demand; • expectations regarding our platformization strategy and related progress and opportunities, our product development strategy, and drivers of and factors affecting growth in our business; • expectations regarding annual recurring revenue and remaining performance obligations; • expectations regarding artificial intelligence; • expectations regarding our strategic partnerships; • statements regarding expected profitability, new revenues, trends in annual recurring revenue, trends in remaining performance obligations, our mix of product and subscription and support revenue, cost of revenue, gross margin, cash flows, operating expenses, including future share-based compensation expense, income taxes, investment plans, and liquidity; • expected recurring revenues resulting from growth in our end-customers and increased adoption of our products, subscriptions and services; • the performance advantages of our products and subscription and support offerings and the potential benefits to our customers; • expectations regarding future investments in research and development and product development, customer support, in our employees and in our sales force, including expectations regarding growth in our sales headcount; • expectations that we will continue to expand our global presence; • expectations regarding our revenues, including the seasonality and cyclicality from quarter to quarter; • expectations relating to our customer financing activities; • the sufficiency of our cash flow from operations with existing cash, cash equivalents, and investments to meet our cash needs for the foreseeable future; • our ability to successfully acquire and integrate companies and assets and expectations and intentions with respect to the assets, products and technologies that we acquire; • expectations regarding the benefits and synergies from our acquisition and integration of companies, assets, and technologies, including our acquisition of CyberArk Software Ltd.; • expectations regarding contingent consideration obligations; • expectations regarding the change in fair value of our convertible senior notes and capped call transactions and its impact on us and our financial results; • statements regarding our competition, including the expanded scope of our competitors as a result of entering into new product and service categories; • the timing and amount of capital expenditures and share repurchases; • the effects of worldwide economic and geopolitical conditions, including, but not limited to, hostilities in Israel and the surrounding regions, inflation, tariff rates, interest rate levels, public or administration policies, trade regulations, trade policy, growth rates and other conditions, on our operating and financial results and performance; • expectations regarding the manufacture, delivery and cost of certain of our products; • the effects of litigation or regulatory developments involving us or affecting our industry; • our debt repayment obligations; and • other statements regarding our future operations, financial condition and prospects, and business strategies. These forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties, including those described in “Risk Factors” included in Part I, Item 1A and elsewhere in this Annual Report on Form 10-K.
We undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements, except as required by law. Business General Palo Alto Networks, Inc. is a global cybersecurity provider and our vision is a world where each day is safer and more secure than the one before. We were incorporated in 2005 and are headquartered in Santa Clara, California.
We undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements, except as required by law. Business General Palo Alto Networks, Inc. is a global artificial intelligence (“AI”) cybersecurity provider and our vision is a world where each day is safer and more secure than the one before. We were incorporated in 2005 and are headquartered in Santa Clara, California.
Business General Palo Alto Networks, Inc. is a global cybersecurity provider and our vision is a world where each day is safer and more secure than the one before. We were incorporated in 2005 and are headquartered in Santa Clara, California.
Business General Palo Alto Networks, Inc. is a global artificial intelligence (“AI”) cybersecurity provider and our vision is a world where each day is safer and more secure than the one before. We were incorporated in 2005 and are headquartered in Santa Clara, California.
EGAIN Corp
| Rank | 2 |
|---|---|
| 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) |
eGain is now describing itself less as a customer experience tool and more as an enterprise AI knowledge platform. The filing also adds a new Gartner Leader recognition and fresher market data to support the growth story. Overall, the changes point to a broader product pitch and a stronger attempt to position the company as a category leader.
Main Changes
- The business description was rewritten from "automates customer experience with an AI knowledge hub solution" to "powers AI-driven knowledge management for the enterprise," expanding the product framing beyond customer service to employees and AI agents.
- New language says the platform "centralizes enterprise knowledge and puts it to work across customer service, employee support, and AI-powered automation," which is a broader positioning than the prior focus on trusted answers for customer experience.
- The company added external validation, stating that in July 2026 Gartner named eGain a Leader in the first-ever Magic Quadrant for Customer Service Knowledge Management Systems, with top marks for Ability to Execute and Completeness of Vision.
- The market narrative was updated with newer industry claims, including Gartner’s view that 58% of customer service leaders plan to upskill agents into knowledge management specialists and that by 2028, 40% of large enterprises will adopt AI-powered customer service knowledge automation.
Watch Items
- The broader enterprise and AI-agent framing suggests management is trying to expand the addressable market beyond contact center software into a wider knowledge automation platform.
- The Gartner Leader citation is a meaningful credibility boost that could support sales conversations and pricing power if customers view it as third-party validation.
- The updated market statistics imply management sees faster adoption ahead, but investors should watch whether this narrative translates into sustained revenue growth and larger deal sizes.
Important Filing Changes
Risk Factors.” GOVERNANCE Protecting our customers’ data is a top priority for our board of directors and management team. Our risk management team, integrated into our CIS function, is led by our CISO.
Risk Factors.” Cybersecurity Risk Management Processes Integrated [Flag] true Cybersecurity Risk Management Processes Integrated [Text Block] Protecting our business information, intellectual property, customer and employee data, and technology systems is crucial for our business continuity, regulatory compliance, and stakeholder trust. We have implemented enterprise cybersecurity risk mitigation and governance processes, detailed in our Information Security Protection Program (Security Plan).
Our risk management team, integrated into our CIS function, is led by our CISO. This team brings together extensive experience in information security, governance, and compliance, covering areas such as engineering, architecture, cybersecurity, and privacy. They are responsible for defining the program, overseeing cybersecurity governance, and gathering insights to assess, identify, and manage cybersecurity threats, their severity, and mitigations.
Risk Factors.” Cybersecurity Risk Management Processes Integrated [Flag] true Cybersecurity Risk Management Processes Integrated [Text Block] Protecting our business information, intellectual property, customer and employee data, and technology systems is crucial for our business continuity, regulatory compliance, and stakeholder trust. We have implemented enterprise cybersecurity risk mitigation and governance processes, detailed in our Information Security Protection Program (Security Plan). Our strategy is guided by the Security Plan’s principles, which involve monitoring threats and vulnerabilities, assessing and monitoring related controls, and supporting the Chief Information Security Officer (CISO).
BUSINESS Overview eGain automates customer experience with an AI knowledge hub solution. We sell our SaaS solution to enterprises who want to improve customer experience while reducing cost, by using AI to synthesize and deliver trusted, consumable answers from a knowledge hub.
BUSINESS Overview eGain powers AI-driven knowledge management for the enterprise. We sell our SaaS platform to enterprises that want to deliver trusted, consumable answers to customers, employees, and AI agents — aiming to reduce cost and improve outcomes across knowledge-intensive workflow.
ALLIANCE ENTERTAINMENT HOLDING CORP
| Rank | 3 |
|---|---|
| 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) |
Alliance’s filing shows a bigger and more diversified distribution footprint, highlighted by a new exclusive Amazon MGM physical media deal in the U.S. and Canada. The company also broadened its list of owned brands, partners, and product categories, while saying it now sells into more than 75 countries. Overall, the changes point to continued expansion of its content and product pipeline rather than a major shift in business model.
Main Changes
- The company added a new exclusive home entertainment license with Amazon MGM Studios Distribution in January 2026, saying it will be the exclusive physical media distribution partner for the U.S. and Canada.
- Alliance expanded its brand and channel description to include new owned properties such as CD WOW, Handmade by Robots, Vinyl Unlimited, Collectors Choice Vinyl, and Alliance Authentic, alongside its existing DTC and e-commerce brands.
- The customer and supplier list was refreshed to include Paramount, Studio Distribution Services, The Orchard, Allied Vaughn, Music Video Distribution, and eBay, while the company now says it sells to customers in more than 75 countries versus more than 70 previously.
- The business description now emphasizes a broader mix of physical media, collectibles, consumer electronics, accessories, and other entertainment products across wholesale, direct-to-consumer, and e-commerce channels.
Watch Items
- The Amazon MGM agreement suggests Alliance is still winning exclusive content distribution rights, which can support revenue visibility and strengthen its position with licensors and retailers.
- The broader brand and product mix points to a more diversified merchandising strategy, but it also raises execution risk if the company has to manage more categories and partnerships at once.
- The increase in stated international reach from more than 70 to more than 75 countries signals modest expansion, but investors should watch whether that translates into meaningful volume growth.
Important Filing Changes
Risk Factors, of this Form 10-K for a discussion of other uncertainties, risks and assumptions associated with these statements. Alliance is a leading global wholesaler and a key player in the entertainment industry, boasts a diverse portfolio of owned brands, including Critics’ Choice, Collectors’ Choice, Movies Unlimited, Heartland Music, DeepDiscount, popmarket, blowitoutahere, Fulfillment Express, importCDs GamerCandy, WowHD, and others. As a leading global wholesaler, direct-to-consumer (“DTC”) distributor, and e- commerce provider, Alliance operates as the vital link between renowned international manufacturers of entertainment content, such as Universal Pictures, Warner Brothers Home Video, Walt Disney Studios, Sony Pictures, Lionsgate, Paramount, Universal Music Group, Sony Music, Warner Music Group, Microsoft, Nintendo, Take Two, Electronic Arts, Ubisoft, Square Enix, and others.
Risk Factors, of this Form 10-K for a discussion of other uncertainties, risks and assumptions associated with these statements. Alliance is a leading global wholesaler and a key player in the entertainment industry, with a diverse portfolio of owned brands and e-commerce properties, including DeepDiscount, Movies Unlimited, importCDs, WowHD, CD WOW, popmarket, blowitoutahere, Handmade by Robots, Vinyl Unlimited, Collectors Choice Vinyl, Heartland Music, Alliance Authentic , Fulfillment Express, Critics’ Choice, and other consumer-facing brands and specialty marketplaces. As a leading global wholesaler, direct-to-consumer (“DTC”) distributor, and e-commerce provider, Alliance serves as a key distribution partner between leading entertainment content and consumer product manufacturers, including Universal Pictures, Nintendo, Warner Bros.
Alliance is a leading global wholesaler and a key player in the entertainment industry, boasts a diverse portfolio of owned brands, including Critics’ Choice, Collectors’ Choice, Movies Unlimited, Heartland Music, DeepDiscount, popmarket, blowitoutahere, Fulfillment Express, importCDs GamerCandy, WowHD, and others. As a leading global wholesaler, direct-to-consumer (“DTC”) distributor, and e- commerce provider, Alliance operates as the vital link between renowned international manufacturers of entertainment content, such as Universal Pictures, Warner Brothers Home Video, Walt Disney Studios, Sony Pictures, Lionsgate, Paramount, Universal Music Group, Sony Music, Warner Music Group, Microsoft, Nintendo, Take Two, Electronic Arts, Ubisoft, Square Enix, and others. This pivotal role extends to connecting these manufacturers with top-tier retail partners both domestically and internationally.
Alliance is a leading global wholesaler and a key player in the entertainment industry, with a diverse portfolio of owned brands and e-commerce properties, including DeepDiscount, Movies Unlimited, importCDs, WowHD, CD WOW, popmarket, blowitoutahere, Handmade by Robots, Vinyl Unlimited, Collectors Choice Vinyl, Heartland Music, Alliance Authentic , Fulfillment Express, Critics’ Choice, and other consumer-facing brands and specialty marketplaces. As a leading global wholesaler, direct-to-consumer (“DTC”) distributor, and e-commerce provider, Alliance serves as a key distribution partner between leading entertainment content and consumer product manufacturers, including Universal Pictures, Nintendo, Warner Bros. Home Entertainment, Sony Pictures, Paramount, Studio Distribution Services, Universal Music Group, Sony Music Entertainment, Warner Music Group, Microsoft, The Orchard, Allied Vaughn, Music Video Distribution, Lionsgate, and others, including a broad network of retailers and consumers.
Home Video, Walt Disney Studios, Sony Pictures, Lionsgate, Paramount Pictures, Universal Music Group, Sony Music, Warner Music Group, Microsoft, Nintendo, Take-Two, Electronic Arts, Ubisoft, and Square Enix with leading retailers such as Walmart, Amazon, Best Buy, Barnes & Noble, Wayfair, Costco, Dell, Verizon, Kohl’s, Target, and Shopify. Through its multi-channel distribution model, the Company serves more than 35,000 retail locations and over 200 online storefronts across more than 70 countries. The Company’s operations are supported by advanced warehouse automation and scalable logistics infrastructure, enabling Alliance to offer a broad product selection, high in-stock availability, and fast fulfillment across over 340,000 SKUs.
Home Video, Walt Disney Studios, Sony Pictures, Lionsgate, Paramount Pictures, Universal Music Group, Sony Music, Warner Music Group, Microsoft, Nintendo, Take-Two, Electronic Arts, Ubisoft, and Square Enix with leading retailers such as Walmart, Amazon, Best Buy, Barnes & Noble, Wayfair, Costco, Dell, Verizon, Kohl’s, Target, and Shopify. Through its multi-channel distribution model, the Company serves more than 35,000 retail locations and approximately 200 online storefronts across more than 75 countries. The Company’s operations are supported by advanced warehouse automation and scalable logistics infrastructure, enabling Alliance to offer a broad product selection, high in-stock availability, and fast fulfillment across over 340,000 SKUs.
AURA SYSTEMS INC
| Rank | 4 |
|---|---|
| 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) |
AURA Systems trimmed its cybersecurity risk disclosure but did not add any new risk or incident. The company kept the same message that it has not had a material cyber event and continues to rely on standard controls and Audit Committee oversight. The broader business section also looks largely unchanged, with customer concentration still high and no major strategic shift evident.
Main Changes
- The cybersecurity risk factor was shortened to a single sentence: "The Company’s information technology systems may be negatively affected by cybersecurity threats."
- The filing kept the same core controls and oversight language, including Audit Committee oversight, CFO updates, multi-factor authentication, firewall restrictions, network monitoring, phishing tests, and backup recovery improvements.
- The company still says it has "not experienced any material cybersecurity events" and that cybersecurity has not materially affected, or is reasonably likely to materially affect, the registrant.
Watch Items
- The company did not add any new cybersecurity incident or escalation, which suggests the risk profile is stable rather than worsening.
- Keeping the same governance and control language implies management is emphasizing process over new disclosure of exposure.
- Investors should still watch for any future breach or operational disruption because the company continues to flag cybersecurity as a standing risk.
Important Filing Changes
Cybersecurity Risk Management Third Party Engaged [Flag] true Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true Material Cybersecurity Incident Material Impact or Reasonably Likely Material Impact [Text Block] As of the date of this report, the Company has not experienced any material cybersecurity events. Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false Cybersecurity Risk Role of Management [Text Block] Governance The Audit Committee of the Board of Director’s has the responsibility of overseeing the Company’s cybersecurity risks. The Chief Financial Officer provides periodic updates to the Board of Director’s regarding actions taken to mitigate the Company’s exposure and protection to cybersecurity risks.
Risk Factors “The Company’s information technology systems may be negatively affected by cybersecurity threats.” 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] The Audit Committee of the Board of Director’s has the responsibility of overseeing the Company’s cybersecurity risks. The Chief Financial Officer provides periodic updates to the Board of Director’s regarding actions taken to mitigate the Company’s exposure and protection to cybersecurity risks.
This ensures the highest level of management are informed of potential risks associated with cybersecurity that could have a material and adverse effect on the Company. Cybersecurity Risk Board of Directors Oversight [Text Block] The Audit Committee of the Board of Director’s has the responsibility of overseeing the Company’s cybersecurity risks. Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] The Audit Committee of the Board of Director’s has the responsibility of overseeing the Company’s cybersecurity risks.
This includes safeguards implemented by the Company, such as a multi-factor authentication process for remote access to systems; restricted firewall settings; network monitoring, email phishing tests, and enhancing the Company’s backup recovery strategy, among others. Cybersecurity Risk Role of Management [Text Block] Governance The Audit Committee of the Board of Director’s has the responsibility of overseeing the Company’s cybersecurity risks. The Chief Financial Officer provides periodic updates to the Board of Director’s regarding actions taken to mitigate the Company’s exposure and protection to cybersecurity risks.
In such applications, one or more electric motors are used for propulsion. Most electric motors currently used for electric mobility employ high energy permanent magnets 4 due to their high efficiency and small size. The magnetic material is usually sintered neodymium–iron–boron (NdFeB) made or processed in China.
In such applications, one or more electric motors are used for propulsion. Most electric motors currently used for electric mobility employ high energy rare earth permanent magnets 4 due to their high efficiency and small size. The magnetic material is usually sintered neodymium–iron–boron (NdFeB) made or processed in China.
CONSUMERS BANCORP INC /OH/
| Rank | 5 |
|---|---|
| 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 materials provided, there is no evidence of a substantive year-over-year change in Consumers Bancorp’s 10-K. Because no sections were supplied, the comparison cannot identify any new disclosure, removed risk, or shift in strategy. Investors should treat this as an incomplete comparison rather than a confirmed no-change filing.
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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