Two companies met our criteria from the three 10-K annual reports filed with the SEC on 2 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 MYX Inc., so it is 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
- CISCO SYSTEMS, INC. (Medium) — Cisco is still returning cash aggressively, but it now flags a more explicit IP litigation risk while buyback capacity has narrowed.
- PROVIDENT FINANCIAL HOLDINGS INC (Low) — Provident is signaling a more mature cyber-risk management process, but not a material escalation in disclosed risk.
Ranking Table
| Rank | Company | CIK | Full Filing Similarity | Business Similarity | Risk Factors Similarity | MD&A Similarity | Most Changed Section | Assessment |
|---|---|---|---|---|---|---|---|---|
| 1 | CISCO SYSTEMS, INC. | 858877 | 0.964 | 0.807 | 0.683 | 0.997 | Risk Factors | medium |
| 2 | PROVIDENT FINANCIAL HOLDINGS INC | 1010470 | 0.995 | 0.998 | 0.997 | 0.993 | MD&A | low |
CISCO SYSTEMS, INC.
| Rank | 1 |
|---|---|
| Lowest similarity section | Risk Factors |
| Assessment | medium |
| SEC filings | 2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text) |
Cisco’s filing adds a new intellectual property infringement risk, signaling that legal and product-related disputes are now being flagged more directly. It also shows continued shareholder returns, with a higher quarterly dividend and a smaller remaining buyback authorization after recent repurchases. Overall, the changes point to steady cash generation but a slightly more explicit legal risk profile.
Main Changes
- Added a new risk factor: "we may be found to infringe on intellectual property rights of others," which was not called out in the prior filing excerpt.
- Updated capital return disclosures to show the remaining stock repurchase authorization fell to about $8.1 billion from about $14.2 billion, while the quarterly dividend was raised to $0.42 per share from $0.41.
- Reframed capital allocation to say Cisco now targets returning a minimum of 50% of free cash flow annually through dividends and buybacks.
Watch Items
- The new IP infringement risk suggests legal exposure is being highlighted more explicitly, which could matter if Cisco faces product disputes or licensing costs.
- The lower buyback authorization indicates Cisco has used more of its repurchase capacity, which may slow future capital return pace unless replenished.
- The higher dividend and formal 50% free-cash-flow return target reinforce management’s confidence in cash generation and shareholder payouts.
Important Filing Changes
As of July 26, 2025, the remaining authorized amount for stock repurchases under this program was approximately $ 14.2 billion with no termination date. Our stock repurchase activity under the stock repurchase program, reported based on the trade date, is summarized as follows (in millions, except per-share amounts): Years Ended Shares Weighted-Average Price per Share Amount July 26, 2025 105 $ 56.53 $ 5,995 July 27, 2024 117 $ 49.45 $ 5,764 July 29, 2023 88 $ 48.49 $ 4,271 There were $ 20 million, $ 25 million and $ 48 million in stock repurchases that were pending settlement as of July 26, 2025, July 27, 2024 and July 29, 2023, respectively. The purchase price for the shares of our stock repurchased is reflected as a reduction to stockholders’ equity.
As of July 25, 2026, the remaining authorized amount for stock repurchases under this program was approximately $ 8.1 billion, with no termination date. Our stock repurchase activity under the stock repurchase program, reported based on the trade date, is summarized as follows (in millions, except per-share amounts): Years Ended Shares Weighted-Average Price per Share Amount July 25, 2026 76 $ 80.26 $ 6,106 July 26, 2025 105 $ 56.53 $ 5,995 July 27, 2024 117 $ 49.45 $ 5,764 Amounts may not recalculate due to rounding. The purchase price for the shares of our stock repurchased is reflected as a reduction to stockholders’ equity.
For each share awarded as restricted stock or a restricted stock unit award under the 2005 Plan, 1.5 shares was deducted from the available share-based award balance. If awards issued under the 2005 Plan are forfeited or terminated for any reason before being exercised or settled, then the shares underlying such awards, plus the number of additional shares, if any, that counted against shares available for issuance under the 2005 Plan at the time of grant as a result of the application of the share ratio described above, will become available again for issuance under the 2005 Plan. As of July 26, 2025, 100 million shares were authorized for future grant under the 2005 Plan. (b) Employee Stock Purchase Plan We have an Employee Stock Purchase Plan under which eligible employees are offered shares through a 24 -month offering period,…
For each share awarded as restricted stock or a restricted stock unit award under the 2005 Plan, 1.5 shares was deducted from the available share-based award balance. Notes to Consolidated Financial Statements (Continued) the application of the share ratio described above, will become available again for issuance under the 2005 Plan. As of July 25, 2026, 131 million shares were authorized for future grant under the 2005 Plan. (b) Employee Stock Purchase Plan We have an Employee Stock Purchase Plan under which eligible employees are offered shares through a 24 -month offering period, which consists of four consecutive 6 -month purchase periods.
To the extent that we do not effectively scale our operations to meet the needs of our customers and to maintain performance as our customers expand their use of our solutions, we may not be able to grow this business as quickly as we anticipate, our customers may reduce or cancel use of our solutions, and we may be unable to compete as effectively and our business and results of operations may be harmed. Additionally, if our costs associated with our software subscription offerings were to significantly increase, our business, results of operations and financial condition may be negatively impacted. We are also subject to the risk of performance-related problems or interruption of the services provided by third-party providers on which we rely, which could cause revenues for software subscription offerings to decline, damage to our reputation, legal liability exposure,…
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued) CRITICAL ACCOUNTING ESTIMATES The preparation of financial statements and related disclosures in conformity with accounting principles generally accepted in the United States requires us to make judgments, assumptions, and estimates that affect the amounts reported in the Consolidated Financial Statements and accompanying notes. Note 2 to the Consolidated Financial Statements describes the significant accounting policies and methods used in the preparation of the Consolidated Financial Statements.
PROVIDENT FINANCIAL HOLDINGS INC
| Rank | 2 |
|---|---|
| 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) |
Provident’s filing adds more detail around how it manages cybersecurity, including formal controls, testing, incident remediation, and third-party oversight. It also says the company may use insurance or other methods to transfer some cyber risk. Overall, the update reads like a more structured description of existing practices rather than a new risk disclosure.
Main Changes
- The cybersecurity disclosure was expanded to say technology risk management is a "fundamental part" of the company’s risk framework, with controls that are "designed, documented, and implemented" and then tested through compliance assessments and internal and external audits.
- The company added that it may transfer some cyber risk "wholly or partially" through insurance and other methods, and that incident response now includes remediating events while complying with regulatory obligations and evaluating remediation effectiveness.
- Third-party oversight was tightened from general monitoring to specific activities including "information sharing," contractual due diligence, and adherence to third-party security standards; the testing list also now explicitly includes "social engineering testing."
- Board reporting was slightly reworded from quarterly reporting to the Audit Committee and Board to quarterly reporting to the Board of Directors, with the Audit Committee still receiving the reports.
Watch Items
- The additions suggest a more formalized cyber-risk program, which can help limit operational and regulatory fallout if an incident occurs.
- The explicit mention of insurance and remediation review indicates management is thinking about both prevention and recovery, not just detection.
- The broader third-party controls matter because vendor and service-provider weaknesses are a common source of bank cyber incidents.
Important Filing Changes
In light of these risks, uncertainties and assumptions, the forward-looking statements discussed in this document might not occur, and you should not put undue reliance on any forward-looking statements. These factors could cause our actual results for fiscal 2026 and beyond to differ materially from those expressed in any forward-looking statements by, or on behalf of, us and could negatively affect the Corporation’s consolidated financial condition and consolidated results of operations as well as its stock price performance. General Provident, a Delaware corporation, was organized in January 1996 for the purpose of becoming the holding company of the Bank upon the Bank’s conversion completed on June 27, 1996. At June 30, 2025, the Corporation, on a consolidated basis, had total assets of $1.25 billion, total deposits of $888.8 million and total stockholders’ equity of $128.5 million.
In light of these risks, uncertainties and assumptions, the forward-looking statements discussed in this document might not occur, and you should not put undue reliance on any forward-looking statements. These factors could cause our actual results for fiscal year 2027 and beyond to differ materially from those expressed in any forward-looking statements by, or on behalf of, us and could negatively affect the Corporation’s consolidated financial condition and consolidated results of operations as well as its stock price performance. General Provident, a Delaware corporation, was organized in January 1996 for the purpose of becoming the holding company of the Bank upon the Bank’s conversion completed on June 27, 1996. At June 30, 2026, the Corporation, on a consolidated basis, had total assets of $1.21 billion, total deposits of $910.4 million and total stockholders’ equity of $126.2 million.
There are various risks inherent in the Corporation’s business including, among others, the general business environment, interest rates, the California real estate market, the demand for loans, the prepayment of loans, the repurchase of loans previously sold to investors, the secondary market conditions to sell loans, competitive conditions, legislative and regulatory changes, fraud and other risks. Management’s Discussion and Analysis of Financial Condition and Results of Operations is intended to assist in understanding the financial condition and results of operations of the Corporation. The information contained in this section should be read in conjunction with the audited Consolidated Financial Statements and accompanying selected Notes to Consolidated Financial Statements included in
There are various risks inherent in the Corporation’s business including, among others, the general business environment, interest rates, the California real estate market, the demand for loans, the prepayment of loans, the repurchase of loans previously sold to investors, the secondary market conditions to sell loans, competitive conditions, legislative and regulatory changes, fraud and other risks. Management’s Discussion and Analysis of Financial Condition and Results of Operations is intended to assist in understanding the financial condition and results of operations of the Corporation. The information contained in this section should be read in conjunction with the audited Consolidated Financial Statements and accompanying Notes to Consolidated Financial Statements included in
Risk Factors.” Additionally, the Corporation engages third-party experts as needed to assess, manage, and respond to cybersecurity risks through various methods, including risk assessments, IT audits based on different frameworks, penetration and vulnerability testing, social engineering, incident response, threat intelligence, education, and managed security services.The Corporation also monitors risks from third parties, such as service providers, through efforts like monitoring, information sharing, risk assessments, audits, contractual due diligence, and adherence to third-party security standards 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 Corporation’s Board of Directors, including the Audit Committee, oversees all risk management policies, procedures, and practices, including those related to cybersecurity. Senior management generally reports quarterly,…
Risk Factors.” Additionally, the Corporation engages third-party experts as needed to assess, manage, and respond to cybersecurity risks through various methods, including risk assessments, IT audits based on different frameworks, penetration and vulnerability testing, social engineering testing, incident response, threat intelligence, education, and managed security services.The Corporation also monitors risks from third parties, such as service providers, through activities including monitoring, information sharing, risk assessments, audits, contractual due diligence, and adherence to third-party security standards 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 Corporation’s Board of Directors, including the Audit Committee, oversees all risk management policies, procedures, and practices, including those related to cybersecurity. Senior management generally reports quarterly, or more frequently as necessary, to the Board of Directors on technology risks, including those from cybersecurity threats.
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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