Three companies met our criteria from the three 10-K annual reports filed with the SEC on 23 October 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
- HOOPS SCOUTING USA (Medium) — The key update is that Hoops Scouting USA now openly discloses minimal cybersecurity controls, underscoring the operational fragility of a one-person company.
- ACUITY INC. (DE) (Medium) — Acuity looks less levered than last year, which should modestly reduce earnings sensitivity to higher rates.
- JABIL INC (Low) — This filing is mostly housekeeping, with the main signal being Jabil’s slightly broader positioning as an end-to-end services partner.
Ranking Table
| Rank | Company | CIK | Full Filing Similarity | Business Similarity | Risk Factors Similarity | MD&A Similarity | Most Changed Section | Assessment |
|---|---|---|---|---|---|---|---|---|
| 1 | HOOPS SCOUTING USA | 1721056 | 0.995 | 0.999 | 0.177 | n/a | Risk Factors | medium |
| 2 | ACUITY INC. (DE) | 1144215 | 0.996 | 0.996 | 0.944 | 0.999 | Risk Factors | medium |
| 3 | JABIL INC | 898293 | 0.997 | 0.997 | 0.993 | 0.998 | Risk Factors | low |
HOOPS SCOUTING USA
| Rank | 1 |
|---|---|
| Lowest similarity section | Risk Factors |
| Assessment | medium |
| SEC filings | 2026 10-K HTML/iXBRL (SEC page, raw text) | 2026 10-K HTML/iXBRL (SEC page, raw text) |
Hoops Scouting USA added a new cybersecurity section to its 10-K. Management says it has no formal cyber risk program, relies on its sole officer to oversee security, and uses third-party providers for key functions. The company also says it is not aware of any cyber incident that has had a material impact.
Main Changes
- The company added a new Item 1C, stating it is "a small company with no employees and limited operations" and has "not adopted formal processes" to assess, identify, and manage cybersecurity risks.
- It now says the sole officer and director oversees cybersecurity for the website, the Grit application, and third-party providers used for accounting, banking, and SEC filing.
- The filing adds that the company is not aware of any cybersecurity incidents that have materially affected, or are reasonably likely to materially affect, the business, results of operations, or financial condition.
Watch Items
- The new disclosure highlights weak formal controls, which matters because a single-person operation with no employees can be more exposed to operational and data-security failures.
- Cyber risk now explicitly covers the app and outside vendors, so any breach or service disruption could hit a small business disproportionately.
- The company is still saying it has no known material incidents, but the absence of formal processes suggests risk management remains early-stage.
Important Filing Changes
Removed: The going concern disclosure was removed, stating auditors issued a going concern opinion and additional capital is needed.
Net cash provided by financing activities for the year ended June 30, 2025, is $28,997 and 2024 is $69,441. 10 Going concern consideration Our auditors have issued a “going concern” opinion, meaning that there is substantial doubt if we can continue as an ongoing business for the next twelve months unless we obtain additional capital. No substantial revenues are anticipated until we have completed the financing from this offering and implemented our plan of operations.
[No corresponding passage in the 2026 filing’s Risk Factors section.]
ACUITY INC. (DE)
| 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) |
Acuity’s filing shows lower debt and less interest-rate exposure than last year, with borrowings on its credit agreement cut in half to $200 million. The company also refreshed its foreign exchange discussion, keeping Mexico as the main currency risk while broadening the list of secondary exposures. Overall, this reads as a modest improvement in financial risk rather than a major change in strategy.
Main Changes
- The company updated its debt disclosure to say that as of August 31, 2026, debt consisted of fixed-rate senior unsecured notes and variable-rate borrowings on its credit agreement, versus prior-year language referencing a term loan facility.
- Outstanding borrowings on the credit agreement fell to $200.0 million from $400.0 million a year earlier, cutting the stated 10% rate-shock impact on annual interest expense to about $0.9 million from about $2.2 million.
- The estimated fair value hit from a 10% rate increase on senior unsecured notes narrowed to about $8.9 million from about $9.6 million.
- Foreign exchange disclosure was narrowed to emphasize Mexico as the largest exposure, with Canada, Europe, and Asia listed as secondary exposures; the prior year highlighted Mexico and Canada and separately quantified Canada and peso sensitivity.
Watch Items
- Lower borrowings suggest improved balance-sheet flexibility and less sensitivity to rising rates, which is supportive for earnings and cash flow.
- The reduced detail on Canada sensitivity and the shift in FX framing may indicate a changed operating mix, with Mexico remaining the key currency risk.
- The filing does not add new risk factors, so the main investor read-through is a modest de-risking rather than a new strategic concern.
Important Filing Changes
Added: The company recorded $29.6 million in pre-tax nonrecurring acquisition date fair value adjustments to inventory related to the QSC acquisition.
[No corresponding passage in the 2025 filing’s MD&A section.]
Additionally, in fiscal 2026 we received $51.3 million in refunds from U.S. Customs for tariffs previously paid under the International Emergency Economic Powers Act (“IEEPA”), and in fiscal 2025 we recorded $29.6 million in pre-tax nonrecurring acquisition date fair value adjustments to inventory related to the acquisition of QSC. These increases were partially offset by the fall through of lower net sales within the ABL segment.
Reworded: Gross profit now also reflects the QSC acquisition, higher Distech net sales, and $29.6 million of nonrecurring inventory fair value adjustments.
AIS gross profit was $424.0 million (55.5% of AIS net sales) for the year ended August 31, 2025 compared with $169.2 million (58.0% of AIS net sales) in the prior-year period, an increase of $254.8 million. The increase in gross profit was due primarily to fall through of higher net sales, including contributions from the QSC acquisition. These increases were partially offset by preliminary pre-tax fair value adjustments to QSC’s inventory and higher tariffs.
AIS gross profit was $678.1 million (61.3% of AIS net sales) for the year ended August 31, 2026 compared with $424.0 million (55.5% of AIS net sales) in the prior-year period, an increase of $254.1 million. The increase in gross profit was due primarily to the acquisition of QSC, the fall through of higher Distech net sales, and $29.6 million in pre-tax nonrecurring acquisition date fair value adjustments to inventory related to the acquisition of QSC, which did not recur in fiscal 2026. Additionally, we recognized $13.1 million in IEEPA tariff refunds in fiscal 2026.
JABIL 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) |
Jabil’s filing mostly reflects modest business-description updates and routine leadership disclosure changes. The most notable business wording adds post-production to the company’s service offering, which slightly broadens how management describes its role in customers’ supply chains. Risk disclosures were largely unchanged, with only minor wording updates around cybersecurity oversight.
Main Changes
- The business description now says Jabil provides "engineering, supply chain, and manufacturing solutions" and that its lifecycle services extend through "delivery, and post-production," adding a broader service scope versus the prior wording.
- The company description still emphasizes helping customers reduce costs and improve supply chain efficiency, but the new filing slightly reorders the wording around its core capabilities rather than changing the underlying strategy.
- The leadership section adds Rafael Renno as Senior Vice President, Global Business Units, effective January 2026, and says he leads the Connected Living & Digital Commerce segment.
- The table of contents and page references were updated, and the risk factor section’s cybersecurity oversight language was lightly refreshed to say the committee reports to the Board annually instead of periodically.
Watch Items
- The added "post-production" language suggests Jabil is framing itself as a more end-to-end services provider, which could support stickier customer relationships.
- The new executive disclosure around Rafael Renno points to ongoing portfolio management within Global Business Units and may signal segment-level leadership changes.
- The cybersecurity wording change does not add new risk, but investors should note the company continues to emphasize board-level oversight of cyber risk.
Important Filing Changes
Reworded: The old tariff description was replaced by a Supreme Court ruling striking down IEEPA tariffs on Canadian, Chinese, Mexican, baseline, and reciprocal imports.
We monitor the current economic environment and its potential impact on both the customers we serve as well as our end-markets and closely manage our costs and capital resources so that we can respond appropriately as circumstances change. Beginning in February 2025, the U.S. implemented tariffs on a variety of countries and commodities, including, among others, tariffs on aluminum and steel derivative products, imports of certain Canadian and Mexican goods, imports of Chinese goods, universal tariffs on imports from most countries, and reciprocal tariffs on select countries. In response, certain countries have imposed, or are considering, retaliatory tariffs on U.S. exports.
We monitor the current economic environment and its potential impact on both the customers we serve as well as our end-markets and closely manage our costs and capital resources so that we can respond appropriately as circumstances change. Supreme Court issued a ruling striking down tariffs imposed under the International Emergency Economic Powers Act (“IEEPA”), including, among others, tariffs on imports of certain Canadian, Chinese, and Mexican goods, a universal baseline tariff on imports from most countries, and reciprocal tariffs on select countries. Customs and Border Protection launched a system to process IEEPA tariff refund claims.
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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