One company met our criteria from the one 10-K annual report filed with the SEC on 8 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
- EVI INDUSTRIES, INC. (Medium) — EVI is using acquisitions to push into a new consumer services market, but the move comes with higher integration and margin risk.
Ranking Table
| Rank | Company | CIK | Full Filing Similarity | Business Similarity | Risk Factors Similarity | MD&A Similarity | Most Changed Section | Assessment |
|---|---|---|---|---|---|---|---|---|
| 1 | EVI INDUSTRIES, INC. | 65312 | 0.981 | 0.995 | 0.994 | 0.994 | Risk Factors | medium |
EVI INDUSTRIES, 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) |
EVI’s filing now highlights a new acquisition, Sudsies, which moves the company into consumer garment care services for the first time. The risk section also gives a fuller warning on tariffs, legal actions, inflation, and supply-chain disruptions, pointing to a tougher operating environment. Overall, the filing reads as a step-up in strategic ambition with more exposure to execution risk.
Main Changes
- The company added a new disclosure that, on September 1, 2026, it acquired Sudsies, marking its entry into the consumer garment care services industry with cleaning, alteration, and repair services directly to consumers.
- The risk-factor discussion was updated to say economic uncertainty now includes "tariffs, legislation and judicial decisions" and that these can affect global trading markets, product availability and pricing, credit markets, costs, and results.
- The inflation risk language was tightened to say the company may not be able to raise prices enough to offset higher costs, and that price increases could reduce demand for its products and services.
- The growth strategy section still emphasizes a "buy-and-build" approach, but now sits alongside a concrete move into a new end market rather than only general acquisition language.
Watch Items
- The Sudsies deal signals management is broadening beyond industrial distribution into consumer services, which could change the company’s growth profile and integration risk.
- Expanded tariff, inflation, and supply-chain wording suggests management sees a more volatile operating backdrop that could pressure margins and demand.
- The continued emphasis on acquisitions means investors should watch for follow-on deals and whether the company can scale new businesses without stretching capital or execution.
Important Filing Changes
Auditing whether and when the sale of equipment and parts transferred to customers including installation was especially challenging due to the extent of audit effort required to evaluate the large volume of transactions. The primary procedures we performed to address this critical audit matter included: ● Testing the design and operating effectiveness of certain controls over revenue recognition relating to whether and when control of equipment and parts sold, including installation were transferred to customers. ● Testing revenue transactions on a sample basis by evaluating whether and when control of the equipment and parts sold, including installation, were transferred to customers by obtaining and inspecting: (i) contracts, (ii) invoices, and (iii) shipping documents or evidence of installation, where applicable. /s/ BDO USA, P.C. We have served as the Company’s auditor since 2018.
Auditing whether and when the sale of equipment and parts transferred to customers including installation was especially challenging due to the extent of audit effort required to evaluate the large volume of transactions. The primary procedures we performed to address this critical audit matter included: ● Testing the design and operating effectiveness of certain controls over revenue recognition relating to whether and when control of equipment and parts sold, including installation, were transferred to customers. ● Testing revenue transactions on a sample basis by evaluating whether and when control of the equipment and parts sold, including installation, was transferred to customers by obtaining and inspecting: (i) contracts, (ii) invoices, and (iii) shipping documents or evidence of installation, where applicable. /s/ BDO USA, P.C. We have served as the Company’s auditor since 2018.
The Company also provides its customers with the services described above. The Company reports its results of operations through a single operating and reportable segment. “Buy-and-Build” Growth Strategy The Company’s growth strategy includes the pursuit of organic growth initiatives and a “buy-and-build” growth strategy. The “buy” component of the strategy includes the consideration and pursuit of acquisitions and other strategic transactions which management believes would complement the Company’s existing business or otherwise offer growth opportunities for, or benefit, the Company.
The Company also provides its customers with the services described above. As of June 30, 2026 the Company reported its results of operations through a single operating and reportable segment. During July 2026, the Company announced its plans to expand into the consumer garment care services industry and, in connection therewith, the Company entered into a definitive agreement to acquire Miami, Florida-based Sudsies, Inc. (“Sudsies”), a well-established operator in the garment care sector and one of South Florida’s premier garment care businesses.
The Company believes that its restricted stock program promotes this culture and long-term performance because restricted stock grants generally provide for long-term vesting, including in certain cases entirely at the end of the recipient’s career (age 62 or later). The Company reports its results of operations through a single operating and reportable segment. Available Information The Company files Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q, files or furnishes Current Reports on Form 8-K, files or furnishes amendments to those reports, and files proxy and information statements with the SEC.
The Company believes that its restricted stock program promotes this culture and long-term performance because restricted stock grants generally provide for long-term vesting, including in certain cases entirely at the end of the recipient’s career (age 62 or later). As of June 30, 2026, the Company reported its results of operations through a single operating and reportable segment. During July 2026, the Company announced its plans to expand into the consumer garment care services industry and, in connection therewith, the Company entered into a definitive agreement to acquire Miami, Florida-based Sudsies, Inc. (“Sudsies”), a well-established operator in the garment care sector and one of South Florida’s premier garment care businesses.
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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