Three companies met our criteria from the three 10-K annual reports filed with the SEC on 17 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
- CULP INC (Medium) — Culp has finished a meaningful footprint consolidation that should improve efficiency, but it also raises execution risk as more operations are concentrated in Stokesdale.
- PAYCHEX INC (Medium) — Paychex is signaling that Paycor integration, AI adoption, and the new debt load are now the key drivers of the stock.
- FREQUENCY ELECTRONICS INC (Low) — This filing is mostly housekeeping, with the only notable business signal being a cleaner corporate structure and a more expansive satellite market backdrop.
Ranking Table
| Rank | Company | CIK | Full Filing Similarity | Business Similarity | Risk Factors Similarity | MD&A Similarity | Most Changed Section | Assessment |
|---|---|---|---|---|---|---|---|---|
| 1 | CULP INC | 723603 | 0.958 | 0.991 | 0.905 | 0.967 | Risk Factors | medium |
| 2 | PAYCHEX INC | 723531 | 0.981 | 0.989 | 0.991 | 0.989 | Business | medium |
| 3 | FREQUENCY ELECTRONICS INC | 39020 | 0.995 | 0.997 | 0.997 | 0.997 | Risk Factors | low |
CULP 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) |
Culp’s filing shows a completed operating reset: it has moved from separate mattress fabrics and upholstery fabrics segments to a more integrated bedding and upholstery business. The company also closed the Burlington upholstery site and shifted more work into Stokesdale, while expanding the role of Vietnam for sourcing and customer exposure. Overall, the changes point to a simpler, more centralized operating model rather than a new product strategy.
Main Changes
- The company now says it will "create one integrated Culp-branded business" and states that the strategic transformation was "completed by the end of fiscal 2026," replacing the prior wording that it would "become" more integrated.
- The segment names were updated from "mattress fabrics" and "upholstery fabrics" to "bedding" and "upholstery," with the mattress fabrics segment now described as bedding and the same North Carolina and Haiti operations carried forward under the new label.
- The Burlington, North Carolina upholstery facility is now described as closed in fiscal 2026, with production and distribution moved into the owned Stokesdale, North Carolina facility under a shared management model.
- The upholstery segment disclosure adds Read Window Products and says its Knoxville, Tennessee and Burlington, North Carolina operations were moved to Stokesdale in fiscal 2026.
Watch Items
- The integration into Stokesdale suggests a leaner operating structure and potential cost savings, but also concentrates more activity in one facility.
- The Burlington closure and Read relocation indicate management is simplifying the footprint and centralizing operations, which could improve efficiency if execution goes smoothly.
- The new Vietnam showroom language signals a more active push to support sourcing and customer development in Asia.
Important Filing Changes
Fiscal Year Our fiscal year is the 52 or 53-week period ending on the Sunday closest to April 30. Fiscal 2025, 2024, and 2023 each comprised 52-week periods. Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.
General Our fiscal year is the 52 or 53-week period ending on the Sunday closest to April 30. Fiscal 2026, 2025, and 2024 comprised 53-week, 52-week, and 52-week periods, respectively. We refer to the year ended May 3, 2026 as “fiscal 2026,” the year ended April 27, 2025 as “fiscal 2025” and the year ended April 28, 2024 as “fiscal 2024.” Our operations are classified into two reportable segments: bedding and upholstery.
Fiscal 2025, 2024, and 2023 each included 52- weeks periods. We refer to the year ended April 27, 2025 as “fiscal 2025,” the year ended April 28, 2024 as “fiscal 2024” and the year ended April 30, 2023 as “fiscal 2023.” Our operations are classified into two reportable segments: mattress fabrics and upholstery fabrics. On April 24, 2025, the company announced a strategic transformation of its operating model that will combine certain activities within the mattress fabrics and upholstery fabrics business segments and become a more integrated Culp-branded business.
Fiscal 2026, 2025, and 2024 comprised 53-week, 52-week, and 52-week periods, respectively. We refer to the year ended May 3, 2026 as “fiscal 2026,” the year ended April 27, 2025 as “fiscal 2025” and the year ended April 28, 2024 as “fiscal 2024.” Our operations are classified into two reportable segments: bedding and upholstery. On April 24, 2025, the company announced a strategic transformation of its operating model to combine certain activities within the bedding and upholstery segments and create one integrated Culp-branded business.
Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our Annual Report on Form 10-K for the fiscal year ended April 28, 2024, filed with the SEC on July 12, 2024. Liquidity and Capital Resources Overall Currently, our sources of liquidity include cash and cash equivalents ("cash"), cash flow from operations, and amounts available under our lines of credit. As of April 27, 2025, we believe: (i) our cash of $5.6 million, (ii) proceeds totaling $5.7 million during fiscal 2026, for the sale of Property located in Quebec, Canada, as part of our restructuring activities announced on May 1, 2024, (iii) improvement in cash flow from operations stemming from expected cash savings from our recent restructuring activities, and (iv) the current availability under our U.S. line of credit totaling $21.4 million (Refer to Note 11 of the…
Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our Annual Report on Form 10-K for the fiscal year ended April 27, 2025, filed with the SEC on July 11, 2025. Liquidity and Capital Resources Overall Currently, our sources of liquidity include cash, cash flow from operations, and amounts available under our lines of credit. As of May 3, 2026, we believe: (i) our cash of $8.3 million, (ii) improvement in cash flow from operations stemming from expected cash savings from our recent restructuring activities, and (iii) the current availability under our lines of credit totaling $15.9 million, including $14.5 million in available borrowings under the ABL Facility and additional availability under our China credit agreements (Refer to Note 11 of the consolidated financial statements for further details regarding our financing arrangements) will be sufficient to fund our foreseeable business needs, capital expenditures, commitments, contractual obligations, and income tax payments.
PAYCHEX INC
| Rank | 2 |
|---|---|
| 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) |
Paychex’s filing now puts the Paycor acquisition front and center, both in the business description and in the risk factors. It also adds a new risk around AI and new technologies, while making clear that the company funded the deal with $4.2 billion of new debt. Overall, the filing reads like a company in integration mode, with execution and leverage now more important to the story.
Main Changes
- The Business section now says Paychex is focused on the "integration of Paycor HCM, Inc. ("Paycor")" and ties future outlook to that acquisition, signaling Paycor is a central part of the company’s current strategy.
- The risk discussion adds a new factor for "risks related to our use of artificial intelligence ("AI") and new technologies in our business," which was not called out in the prior filing.
- The acquisition risk language is broadened from general integration risk to "risks related to acquisitions and the integration and performance of the businesses we acquire," and specifically mentions the "integration of Paycor."
- The debt disclosure now says Paychex issued "$4.2 billion" of fixed-rate corporate debt in April 2025 and used the proceeds to fund the Paycor acquisition, making the financing link explicit.
Watch Items
- Paycor integration is now a core execution issue; investors should watch for cross-sell benefits, retention, and any disruption to service levels during the integration period.
- The new AI risk suggests management sees technology adoption as both an opportunity and an operational risk, which could affect product development and competitive positioning.
- The added debt-funded acquisition language highlights higher leverage and refinancing sensitivity, so cash flow and debt service coverage deserve closer attention.
Important Filing Changes
Business Unless we state otherwise or the context otherwise requires, the terms “Paychex,” “we,” “us,” “our” and the “Company” refer to Paychex, Inc., a Delaware corporation, and its consolidated subsidiaries. Overview We are an industry-leading human capital management (“HCM”) company delivering a full suite of technology and advisory solutions in human resources (“HR”), employee benefit solutions, insurance, and payroll processing. As of May 31, 2025, we served approximately 800,000 clients and their employees across the U.S. and parts of Europe.
Business Unless we state otherwise or the context otherwise requires, the terms “Paychex,” the “Company,” “we,” “our,” and “us” refer to Paychex, Inc., a Delaware corporation, and its consolidated subsidiaries. Overview We are an industry-leading human capital management (“HCM”) company providing comprehensive technology and advisory solutions in human resources (“HR”), payroll processing, employee benefits, and insurance. As of May 31, 2026, we served approximately 840,000 total customers across the U.S. and parts of Europe, of which approximately 800,000 are payroll clients.
Overview We are an industry-leading human capital management (“HCM”) company delivering a full suite of technology and advisory solutions in human resources (“HR”), employee benefit solutions, insurance, and payroll processing. As of May 31, 2025, we served approximately 800,000 clients and their employees across the U.S. and parts of Europe. Paychex was incorporated in Delaware in 1979, maintains a corporate headquarters in Rochester, New York, and has a fiscal year that ends on May 31st.
Overview We are an industry-leading human capital management (“HCM”) company providing comprehensive technology and advisory solutions in human resources (“HR”), payroll processing, employee benefits, and insurance. As of May 31, 2026, we served approximately 840,000 total customers across the U.S. and parts of Europe, of which approximately 800,000 are payroll clients. Paychex was incorporated in Delaware in 1979, maintains dual corporate headquarters in Rochester, New York and Cincinnati, Ohio, and has a fiscal year that ends on May 31st.
Forward-looking statements can be identified by such words and phrases as “expect,” “estimate,” “intend,” “intent,” “outlook,” “will,” “would,” “guidance,” “projections,” “strategy,” “mission,” “anticipate,” “believe,” “can,” “could,” “design,” “look forward,” “may,” “target,” “possible,” “potential,” “purpose,” “design,” “might,” “should,” and other similar words or phrases. Forward-looking statements include, without limitation, all matters that are not historical facts.
Forward-looking statements can be identified by such words and phrases as “aim,” “expect,” “estimate,” “intend,” “outlook,” “will,” “would,” “guidance,” “projections,” “strategy,” “mission,” “anticipate,” “believe,” “can,” “continue,” “could,” “design,” “future,” “may,” “might,” “opportunities,” “target,” “plan,” “possible,” “potential,” “purpose,” “should,” “view,” “see,” and other similar words or phrases. Forward-looking statements include, without limitation, all matters that are not historical facts.
FREQUENCY ELECTRONICS INC
| Rank | 3 |
|---|---|
| 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) |
Frequency Electronics’ filing shows mostly incremental updates, led by a legal restructuring of FEI-Elcom and refreshed market framing around a larger satellite universe. The company also added disclosure around new accounting standards and slightly sharpened its cybersecurity process description, but there is no sign of a new material operating or risk issue.
Main Changes
- Added a new corporate structure note: "FEI-Elcom Tech, Inc." was converted into a Delaware limited liability company on April 30, 2026, and its operations will continue under the FEI-NY segment.
- Updated the satellite market description to say there are "over 14,000 U.S. satellites" versus "over 5,000" previously, while keeping the same core message that demand for high-throughput and anti-jam/anti-spoofing systems is growing.
- Expanded accounting pronouncements disclosure to include ASU 2023-09 adoption and new standards ASU 2024-03 and ASU 2025-11, with management saying it is still evaluating their future impact.
- In Risk Factors, the cybersecurity section was mostly reworded, but the incident response description now explicitly says the plan includes "vulnerability identification, initial assessment, and engagement of external experts as needed."
Watch Items
- The FEI-Elcom restructuring looks administrative rather than strategic, but investors should watch whether it affects segment reporting, cost structure, or legal entity simplification.
- The jump in the satellite count supports a larger addressable market narrative, which could matter if management uses it to justify growth expectations or backlog opportunities.
- The new accounting standards disclosures do not change results today, but they signal more detailed expense and tax reporting ahead.
Important Filing Changes
As part of our risk management strategy, our cybersecurity framework encompasses the following key processes: ● Risk-Based Controls for Information Systems: We maintain an Information Technology (IT) infrastructure with physical, administrative, and technical controls tailored to protect the confidentiality, integrity, and availability of our information and systems. ● Cybersecurity Incident Response Plan and Testing: We have an incident response plan supported by a dedicated team to address cybersecurity incidents. This includes vulnerability identification, initial assessment, and engagement of external experts as needed. ● Training Initiatives: We provide security awareness training to help our employees understand their information protection and cybersecurity responsibilities at FEI. We also provide additional role-based training to employees based on customer requirements, regulatory obligations and industry risks as needed. ● Third-Party Assessments: We engage cybersecurity firms to regularly evaluate our cybersecurity posture, helping identify and mitigate risks…
As part of our risk management strategy, our cybersecurity framework encompasses the following key processes: ● Risk-Based Controls for Information Systems: We maintain an Information Technology (IT) infrastructure with physical, administrative, and technical controls tailored to protect the confidentiality, integrity, and availability of our information and systems. ● Cybersecurity Incident Response Plan and Testing: We have an incident response plan supported by a dedicated team to address cybersecurity incidents. This incident response plan includes vulnerability identification, initial assessment, and engagement of external experts as needed. ● Training Initiatives: We provide security awareness training to help our employees understand their information protection and cybersecurity responsibilities at the Company. We also provide additional role-based training to employees based on customer requirements, regulatory obligations and industry risks, as needed. ● Third-Party Assessments: We engage cybersecurity firms to regularly evaluate our cybersecurity posture, helping identify and mitigate risks posed by evolving threats.
As part of our risk management strategy, our cybersecurity framework encompasses the following key processes: ● Risk-Based Controls for Information Systems: We maintain an Information Technology (IT) infrastructure with physical, administrative, and technical controls tailored to protect the confidentiality, integrity, and availability of our information and systems. ● Cybersecurity Incident Response Plan and Testing: We have an incident response plan supported by a dedicated team to address cybersecurity incidents. This includes vulnerability identification, initial assessment, and engagement of external experts as needed. ● Training Initiatives: We provide security awareness training to help our employees understand their information protection and cybersecurity responsibilities at FEI. We also provide additional role-based training to employees based on customer requirements, regulatory obligations and industry risks as needed. ● Third-Party Assessments: We engage cybersecurity firms to regularly evaluate our cybersecurity posture, helping identify and mitigate risks…
As part of our risk management strategy, our cybersecurity framework encompasses the following key processes: ● Risk-Based Controls for Information Systems: We maintain an Information Technology (IT) infrastructure with physical, administrative, and technical controls tailored to protect the confidentiality, integrity, and availability of our information and systems. ● Cybersecurity Incident Response Plan and Testing: We have an incident response plan supported by a dedicated team to address cybersecurity incidents. This incident response plan includes vulnerability identification, initial assessment, and engagement of external experts as needed. ● Training Initiatives: We provide security awareness training to help our employees understand their information protection and cybersecurity responsibilities at the Company. We also provide additional role-based training to employees based on customer requirements, regulatory obligations and industry risks, as needed. ● Third-Party Assessments: We engage cybersecurity firms to regularly evaluate our cybersecurity posture, helping identify and mitigate risks posed by evolving threats.
Consequently, the Company determined that the segments indicated above appropriately reflect the way the Company’s CODM views the business. The FEI-NY segment, which includes the parent company, FEI, and operates out of the Company’s Long Island, New York headquarters facility, also includes the operations of the Company’s wholly-owned subsidiary, FEI-Elcom. FEI-Elcom, in addition to its own product line, provides design and technical support for FEI’s business.
Consequently, the Company determined that the segments indicated above appropriately reflect the way the Company’s CODM views the business. The FEI-NY segment, which includes the parent company, FEI, operates out of the Company’s Long Island, New York headquarters facility. The FEI-NY segment also includes the operations of FEI-Elcom.
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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