Three companies met our criteria from the three 10-K annual reports filed with the SEC on 15 July 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
- NIKE, Inc. (Medium) — NIKE is flagging a more fragile operating setup, with supply chain, talent, and footprint changes now more central to the investment story.
- CONAGRA BRANDS INC. (Medium) — Conagra is flagging a tougher cost and demand backdrop, with tariffs now a more explicit threat to margins.
- Caro Holdings Inc. (Low) — Caro remains a highly speculative, merger-dependent story with no operating revenue and clear dilution risk.
Ranking Table
| Rank | Company | CIK | Full Filing Similarity | Business Similarity | Risk Factors Similarity | MD&A Similarity | Most Changed Section | Assessment |
|---|---|---|---|---|---|---|---|---|
| 1 | NIKE, Inc. | 320187 | 0.995 | 0.74 | 0.996 | 0.999 | Business | medium |
| 2 | CONAGRA BRANDS INC. | 23217 | 0.995 | 0.999 | 0.998 | 0.999 | Risk Factors | medium |
| 3 | Caro Holdings Inc. | 1678105 | 0.997 | n/a | 0.998 | 0.997 | MD&A | low |
NIKE, Inc.
| Rank | 1 |
|---|---|
| Lowest similarity section | Business |
| Assessment | medium |
| SEC filings | 2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text) |
NIKE’s filing puts more emphasis on supply chain reliability and workforce retention than the prior year. It now explicitly warns that trade policy changes, supplier failures, and specialized factory exits could disrupt product flow, while also broadening employee-related risks around culture, immigration, and regulatory scrutiny. The property section also shows a slightly leaner store and distribution footprint.
Main Changes
- The Business section now says NIKE depends on a "steady supply of products from our contract manufacturers" and adds that supplier disruptions could stem from "changes in applicable trade policies" or manufacturers being unable to perform.
- NIKE added a new warning that some "primary footwear contract manufacturers" could miss shipments, fail quality standards, or not deliver product as planned, which could hurt operations and results.
- The filing expands workforce risk language, saying success depends on retaining and recruiting high-quality employees, preserving workplace culture and values, and navigating immigration, work permit, inclusion-and-belonging, employee engagement, and climate-related scrutiny.
- Property disclosures were updated to rename the headquarters as the "Philip H. Knight Campus," reduce U.S. Memphis distribution centers from five to four, and lower worldwide retail stores from about 1,029 to about 980.
Watch Items
- The added supplier and trade-policy language signals more sensitivity to sourcing disruption, which matters for inventory flow, margins, and product availability.
- The broader employee and culture risk disclosure suggests management sees talent retention and workplace perception as more important operating risks than before.
- The property and store-count updates point to a smaller physical footprint, which may reflect ongoing retail rationalization and distribution network changes.
Important Filing Changes
NIKE’s athletic footwear products are designed primarily for specific athletic use, although a large percentage of the products are worn for casual or leisure purposes. We place considerable emphasis on innovation and high-quality construction in the development and manufacturing of our products. We also sell sports apparel, which features the same trademarks and are sold predominantly through the same marketing and distribution channels as athletic footwear.
Business "Manufacturing," are generally available to manufacturers locally or in the countries where our manufacturing takes place. Both our apparel and footwear products are dependent upon the ability of our contract manufacturers to locate, train, employ and retain adequate personnel.
Nearly all of our products are manufactured by independent contractors. Nearly all footwear and apparel products are manufactured outside the United States, while equipment products are manufactured both in the United States and abroad. All references to fiscal 2025, 2024 and 2023 are to NIKE, Inc.’s fiscal years ended May 31, 2025, 2024 and 2023, respectively.
Business "Manufacturing," are generally available to manufacturers locally or in the countries where our manufacturing takes place. Both our apparel and footwear products are dependent upon the ability of our contract manufacturers to locate, train, employ and retain adequate personnel. NIKE contract manufacturers and materials suppliers source raw materials and are subject to wage rates and other labor standards that are oftentimes regulated by the governments of the countries in which our products are manufactured.
NIKE, Inc. portfolio brands include the NIKE Brand, Jordan Brand and Converse. The NIKE Brand is focused on performance athletic footwear, apparel, equipment, accessories and services across Men’s, Women’s and Kids’, amplified with sport-inspired lifestyle products carrying the Swoosh trademark, as well as other NIKE Brand trademarks. The Jordan Brand is focused on athletic and casual footwear, apparel and accessories using the Jumpman trademark.
Despite these factors, we are focused on driving distinction within key sports, building a complete product portfolio, creating stories to inspire and emotionally connect with consumers, and elevating and growing the entire marketplace as we continue to take actions across the following areas: • Product Management: Accelerating product innovation and reducing the supply of certain footwear products in the marketplace to rebalance the mix of our footwear portfolio. • Marketplace Management: Repositioning NIKE Brand Digital as a full-price platform and reinvesting in wholesale distribution. This includes liquidating inventory through increased markdowns across NIKE Direct, and higher sales returns and discounts with our wholesale partners to reduce inventory and create capacity for new product.
CONAGRA BRANDS INC.
| 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) |
Conagra did not change its core business story, but it sharpened its risk disclosure around tariffs, geopolitical conflict, and a weaker consumer environment. The new language says tariffs are already increasing input costs and that slower growth could hurt demand, customers, and suppliers. Overall, the filing points to more pressure on margins and working capital rather than a change in strategy.
Main Changes
- The macro risk factor was rewritten to say inflation, recession, and "periods of slow growth" may hurt demand, replacing the prior wording that focused on "economic recession" and "periods of inflation or economic uncertainty."
- Conagra expanded the list of pressures to include "actual or threatened hostilities or war" and "rapidly imposed and threatened tariffs" from the U.S. and trading partners, with a new statement that tariffs are raising costs for ingredients, packaging, and other commodities.
- The company added that weak economic conditions can hurt customers, suppliers, and vendors, increasing the risk of "uncollectible accounts or trade receivables, extended payment terms, and bankruptcy."
- The business section was lightly updated for the new fiscal year and facility count, but the core strategy and portfolio description were unchanged.
Watch Items
- Tariff exposure now reads as a more explicit margin risk, especially for packaging and commodity inputs, which could pressure pricing and gross profit if mitigation falls short.
- The added reference to slower growth and war/geopolitical conflict signals management sees a more uncertain consumer backdrop and broader supply-chain disruption risk.
- Receivables and counterparty-credit language suggests a higher chance of working-capital strain if customers or suppliers weaken further.
Important Filing Changes
You should not interpret the disclosure of any risk factor to imply that the risk has not already materialized. Market Risks Deterioration of general economic conditions, an economic recession, periods of inflation, or economic uncertainty may affect consumers resulting in reductions in consumer spending and have in the past harmed and could continue to harm our business and results of operations. These economic factors could continue to impact our business and operations in a variety of ways, including as follows: ● consumers shifting purchases to more generic, lower-priced, or other value offerings, or foregoing certain purchases altogether during economic downturns, which could result in a reduction in sales of higher margin products, or a shift in our product mix to lower margin offerings adversely affecting the results of our operations; ● volatility in commodity and other input costs could substantially…
While we believe we have identified and discussed below the key risk factors affecting our business, there may be additional risks and uncertainties that are not presently known or that are not currently believed to be significant that may adversely affect our business, performance, or financial condition in the future. Market Risks Deterioration in general economic conditions, an economic recession or periods of slow growth, periods of inflation or increasing interest rates, or economic uncertainty may affect consumers resulting in reductions in consumer spending and have in the past harmed and could continue to harm our business and results of operations. These economic factors could continue to impact our business and operations in a variety of ways, including as follows: ● consumers seeking to reduce their spending on food by shifting purchases to more generic, lower-priced, or other value offerings, or foregoing certain purchases altogether during economic downturns, which could result in a reduction in sales of higher margin products, or a shift in our product mix to lower margin offerings adversely affecting the results of our operations; ● volatility in commodity and other input costs could substantially impact our result of operations; ● rising interest rates may adversely impact our results of operations; ● decreased demand in the restaurant business, particularly casual and fine dining, may adversely affect our Foodservice operations; ● volatility in the equity markets or interest rates could substantially impact our pension costs and required pension contributions; and ● it may become more costly or difficult to obtain debt or equity financing to fund operations or investment opportunities, or to refinance our debt in the future, in each case on terms and within a time period acceptable to us .
Market Risks Deterioration of general economic conditions, an economic recession, periods of inflation, or economic uncertainty may affect consumers resulting in reductions in consumer spending and have in the past harmed and could continue to harm our business and results of operations. These economic factors could continue to impact our business and operations in a variety of ways, including as follows: ● consumers shifting purchases to more generic, lower-priced, or other value offerings, or foregoing certain purchases altogether during economic downturns, which could result in a reduction in sales of higher margin products, or a shift in our product mix to lower margin offerings adversely affecting the results of our operations; ● volatility in commodity and other input costs could substantially impact our result of operations; ● rising interest rates may adversely impact our results of operations; ● decreased demand…
Market Risks Deterioration in general economic conditions, an economic recession or periods of slow growth, periods of inflation or increasing interest rates, or economic uncertainty may affect consumers resulting in reductions in consumer spending and have in the past harmed and could continue to harm our business and results of operations. These economic factors could continue to impact our business and operations in a variety of ways, including as follows: ● consumers seeking to reduce their spending on food by shifting purchases to more generic, lower-priced, or other value offerings, or foregoing certain purchases altogether during economic downturns, which could result in a reduction in sales of higher margin products, or a shift in our product mix to lower margin offerings adversely affecting the results of our operations; ● volatility in commodity and other input costs could substantially impact our result of operations; ● rising interest rates may adversely impact our results of operations; ● decreased demand in the restaurant business, particularly casual and fine dining, may adversely affect our Foodservice operations; ● volatility in the equity markets or interest rates could substantially impact our pension costs and required pension contributions; and ● it may become more costly or difficult to obtain debt or equity financing to fund operations or investment opportunities, or to refinance our debt in the future, in each case on terms and within a time period acceptable to us . Rapid changes in trade policies, including rapidly imposed and threatened tariffs by the U.S. and reciprocal tariffs from U.S. trading partners, continue to create uncertainty and could negatively impact our business and the business of our key business partners.
Caro Holdings Inc.
| Rank | 3 |
|---|---|
| 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) |
Caro Holdings’ filing does not show a major operational shift; it still describes a company with no revenue that is trying to finance itself and complete a merger. The main update is a new accounting disclosure on convertible instruments, while the core strategy remains to find a transaction that can create a business platform. For investors, the story is still about financing, dilution, and whether management can actually close a deal.
Main Changes
- The company’s stated business remains a digital expansion platform for small and mid-sized retailers, but the filing still describes it as an early-stage company with no revenues, limited cash, and losses since inception.
- The MD&A continues to say the company’s goal is to obtain debt and/or equity financing and merge with another entity, and that any acquisition or merger will likely be dilutive to existing stockholders.
- The filing adds a new accounting note on ASU 2020-06 for convertible debt and convertible preferred stock, saying management is still assessing the impact on the consolidated financial statements.
Watch Items
- The merger-first framing suggests the company is still more of a shell or acquisition vehicle than an operating business, which keeps execution risk high.
- The explicit warning that a future deal will likely be dilutive matters because any upside from a transaction may come at the expense of current shareholders.
- The new convertible-instrument accounting discussion may matter if the company raises capital with debt or preferred stock, since it can affect reported equity and dilution.
Important Filing Changes
Results of Operations The following summary of our results of operations should be read in conjunction with our financial statements for the year ended March 31, 2025, which are included herein. Our operating results for the year ended March 31, 2025, for the year ended March 31, 2024 and the changes between those periods for the respective items are summarized as follows: Year Ended March 31, Change Change 2025 2024 Amount Percentage Revenue $ 36,319 $ 577 $ 35,742 6,194 % Operating expenses 428,413 309,404 119,009 38 % Loss from operations (392,094 ) (308,827 ) (83,267 ) 27 % Other expenses (300,862 ) (230,214 ) (70,648 ) 31 % Net Loss $ (692,956 ) $ (539,041 ) $ (153,915 ) 29 % Net loss increased from $539,041 for the year ended March 31, 2024 to $692,956 for the year ended…
Results of Operations The following summary of our results of operations should be read in conjunction with our financial statements for the year ended March 31, 2025, which are included herein. Our operating results for the year ended March 31, 2025, for the year ended March 31, 2024 and the changes between those periods for the respective items are summarized as follows: Year Ended March 31, Change Change 2026 2025 Amount Percentage Revenue $ 11,254 $ 36,319 $ (25,065 ) -69 % Operating expenses 293,538 428,413 (134,875 ) -31 % Loss from operations (282,284 ) (392,094 ) 109,810 -28 % Other expenses (125,513 ) (300,862 ) 175,349 -58 % Net Loss $ (407,797 ) $ (692,956 ) $ 285,159 -41 % Net loss decreased from $692,956 for the year ended March 31, 2025 to $407,797 for the year ended March 31, 2026 due to the decrease in operating expenses and other expenses. During the year ended March 31, 2026 and 2025, we generated $11,254 and $36,319 in revenue, respectively.
During the year ended March 31, 2025 and 2024, we generated $36,319 and $577 in revenue, respectively. Operating expenses increased from $309,404 for the year ended March 31, 2024 to $428,413 for the year ended March 31, 2025 mainly due to the increase in press release expense, advertising and marketing expense, service fees and subscription fees. Other expenses increased from $230,214 for the year ended March 31, 2024 to $300,862 for the year ended March 31, 2025 mainly due to the increase in interest expense and debt issuance cost on convertible notes.
During the year ended March 31, 2026 and 2025, we generated $11,254 and $36,319 in revenue, respectively. Operating expenses decreased from $428,413 for the year ended March 31, 2025 to $293,538 for the year ended March 31, 2026, mainly due to decreases in professional fees and general and administrative expenses. Other expenses decreased from $300,862 for the year ended March 31, 2025 to $125,513 for the year ended March 31, 2026, mainly due to a decrease in interest expense on convertible notes.
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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