Five companies met our criteria from the five 10-K annual reports filed with the SEC on 12 August 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
- LEGEND SPICES, INC. (High) — Legend Spices is no longer a seasoning company; it is now a shell with no operating revenue and an unproven plan to find a new business.
- Performance Food Group Co (Medium) — PFG is signaling that Cheney Bros. integration and broader growth execution are now the main near-term risks and value drivers.
- KENNAMETAL INC (Medium) — Kennametal’s turnaround is showing up in both revenue and margins, but investors should watch whether the pricing and cost benefits can hold as financing costs rise.
- CARPENTER TECHNOLOGY CORP (Medium) — Carpenter is still benefiting from a powerful aerospace-led demand mix, and the new tax rules look manageable for now.
- Madison Square Garden Entertainment Corp. (Low) — This 10-K is largely unchanged, with the main investor-relevant update being a venue naming change and a new performance benchmark.
Ranking Table
| Rank | Company | CIK | Full Filing Similarity | Business Similarity | Risk Factors Similarity | MD&A Similarity | Most Changed Section | Assessment |
|---|---|---|---|---|---|---|---|---|
| 1 | LEGEND SPICES, INC. | 1970129 | 0.989 | 0.737 | 0.985 | 0.983 | Business | high |
| 2 | Performance Food Group Co | 1618673 | 0.997 | 0.995 | 0.998 | 0.911 | MD&A | medium |
| 3 | KENNAMETAL INC | 55242 | 0.999 | n/a | n/a | 0.914 | MD&A | medium |
| 4 | CARPENTER TECHNOLOGY CORP | 17843 | 0.961 | 0.999 | 1 | 0.989 | MD&A | medium |
| 5 | Madison Square Garden Entertainment Corp. | 1952073 | 0.997 | 0.996 | 0.982 | 0.999 | Risk Factors | low |
LEGEND SPICES, INC.
| Rank | 1 |
|---|---|
| Lowest similarity section | Business |
| Assessment | high |
| SEC filings | 2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text) |
Legend Spices has effectively exited its seasoning business and is now looking for a new direction, including possible acquisitions. The company says it has no operating revenue after the shutdown and is functioning as a shell company. That is a major change from a small operating spice producer to a blank-check-like situation with no identified replacement business.
Main Changes
- The company now says it "has ceased its seasoning production and marketing business" and "discontinued all seasoning-related operations in Armenia," replacing the prior description of an operating spice manufacturer.
- Management added that it will "focus on exploring new business opportunities and evaluating potential acquisition targets," with "no definite new operating business" identified yet.
- The filing now states that "no revenue has been generated from operating businesses since the discontinuation of the seasoning segment" and that the company is "currently operating as a shell company."
- It also removes the prior operating footprint language about Armenia-based production, sourcing, and market expansion, and notes that Mr. Mkrtchyan is no longer a related party after the March 29, 2025 share sale.
Watch Items
- The shift from an operating food business to a shell company raises execution risk: future value now depends on finding and closing a new acquisition or business line.
- With no operating revenue since the shutdown, investors should watch cash burn, financing needs, and whether the company can maintain compliance while dormant.
- The removal of the former owner as a related party suggests a change in control dynamics that may affect strategy, governance, and transaction risk.
Important Filing Changes
Legend Spices was established in 2021 after extensive tastings and product evaluations with food industry consultants and potential customers. Legend Spices purchased the brand name Sacred Spices, recipes and remaining inventory of a company named Sacred Spices Inc, which was going out of business. Currently, the ingredients for our spices are sourced from various individual local suppliers, Cardinal International LLC, and Avan Salt Factory.
The address of agent for service in Nevada and registered corporate office is c/o National Registered Agents, Inc. of Nevada, 100 East William Street, Suite 204, Carson City, NV, 89701. The Company has ceased its seasoning production and marketing business. Going forward, the Company intends to focus on exploring new business opportunities and evaluating potential acquisition targets.
Legend Spices was established in 2021 after extensive tastings and product evaluations with food industry consultants and potential customers. Legend Spices purchased the brand name Sacred Spices, recipes and remaining inventory of a company named Sacred Spices Inc, which was going out of business. Currently, the ingredients for our spices are sourced from various individual local suppliers, Cardinal International LLC, and Avan Salt Factory.
The Company has ceased its seasoning production and marketing business. Going forward, the Company intends to focus on exploring new business opportunities and evaluating potential acquisition targets. No revenue has been generated from operating businesses since the discontinuation of the seasoning segment.
Management’s Discussion and Analysis of Financial Condition and Results of Operations The following discussion of our financial condition and results of operation should be read in conjunction with the financial statements and related notes that appear elsewhere in this annual report. This discussion contains forward-looking statements and information relating to our business that reflect our current views and assumptions with respect to future events and are subject to risks and uncertainties, including the risks in the section entitled Risk Factors beginning on page 5, that may cause our or our industry’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.
Management’s Discussion and Analysis of Financial Condition and Results of Operations Overview We are an emerging growth company. Following the change in ownership on March 29, 2025, we discontinued our historical seasoning – production – related operations in Armenia and are in the process of evaluating new business opportunities and potential acquisition targets, with no new operating business finalized as of December 31, 2025.
Performance Food Group Co
| Rank | 2 |
|---|---|
| Lowest similarity section | MD&A |
| Assessment | medium |
| SEC filings | 2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text) |
Performance Food Group’s filing puts much more emphasis on the Cheney Bros. acquisition and the challenge of integrating it successfully. Management also added a new strategic risk around growth and innovation, while sharpening language on customer contract durability and competitive pressure. Overall, the filing reads as a company leaning into expansion but acknowledging that execution will matter more from here.
Main Changes
- The forward-looking statement section now explicitly says results depend on the "integration of our acquisition of Cheney Bros., Inc." and warns that expected synergies and other benefits from the Cheney Brothers Acquisition may not be realized on time or at all.
- The risk list was expanded to include "our growth and innovation strategy may not achieve the anticipated results," a new strategic risk not called out in the prior filing.
- The company added more specific operating risks, including "we do not have long-term contracts with certain customers" and a new reference to "group purchasing" in the competitive/risk discussion.
- The business description still frames PFG as a broadline food distributor, but now highlights that the October 8, 2024 Cheney Bros. acquisition expanded Foodservice operations in the Southeastern U.S.
Watch Items
- Cheney Bros. integration becomes a key execution test; if synergies slip, margin and earnings upside could be delayed.
- The added note on growth and innovation strategy suggests management sees expansion and process change as central to the next phase, but also acknowledges execution risk.
- The new mention of limited long-term customer contracts points to some revenue stickiness risk if pricing or service conditions weaken.
Important Filing Changes
Form 10-K Summary 80 SIGNATURES 85 SPECIAL NOTE REGARDING F ORWARD-LOOKING STATEMENTS In addition to historical information, this Annual Report on Form 10-K (this “Form 10-K”) may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which are subject to the “safe harbor” created by those sections. All statements, other than statements of historical facts included in this Form 10-K, including statements concerning our plans, objectives, goals, beliefs, business strategies, future events, business conditions, our results of operations, financial position, our business outlook, business trends and other information, and integration of our acquisition of Cheney Bros., Inc. (the “Cheney Brothers Acquisition”), are forward-looking statements. Words such as “estimates,” “expects,” “contemplates,” “will,” “anticipates,” “projects,” “plans,”…
Form 10-K Summary 81 SIGNATURES 86 SPECIAL NOTE REGARDING F ORWARD-LOOKING STATEMENTS In addition to historical information, this Annual Report on Form 10-K (this “Form 10-K”) may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which are subject to the “safe harbor” created by those sections. All statements, other than statements of historical facts included in this Form 10-K, including statements concerning our plans, objectives, goals, beliefs, business strategies, future events, business conditions, our results of operations, financial position, our business outlook, business trends, and other information, are forward-looking statements. Words such as “estimates,” “expects,” “contemplates,” “will,” “anticipates,” “projects,” “plans,” “intends,” “believes,” “forecasts,” “may,” “should” and variations of such words or similar expressions are intended to identify forward-looking statements.
B usiness Performance Food Group Company, through its subsidiaries, markets and distributes more than 250,000 food and food-related products to customers across North America, from our 155 distribution centers to over 300,000 customer locations in the food-away-from-home industry. Our approximately 43,000 employees serve a diverse mix of customers, from independent and chain restaurants to schools, business and industry locations, hospitals, vending distributors, office coffee service distributors, retailers, convenience stores, and theaters. We source our products from various suppliers and serve as an important partner to our suppliers by providing them access to our broad customer base.
B usiness Performance Food Group Company, through its subsidiaries, markets and distributes more than 300,000 food and food-related products to customers across North America, from our over 150 distribution centers to over 350,000 customer locations in the food-away-from-home industry. Our over 44,000 employees serve a diverse mix of customers, from independent and chain restaurants to schools, business and industry locations, vending distributors, office coffee service distributors, retailers, convenience stores, and theaters. We source our products from various suppliers and serve as an important partner to our suppliers by providing them access to our broad customer base.
Form 10-K Summary 80 SIGNATURES 85 SPECIAL NOTE REGARDING F ORWARD-LOOKING STATEMENTS In addition to historical information, this Annual Report on Form 10-K (this “Form 10-K”) may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which are subject to the “safe harbor” created by those sections. All statements, other than statements of historical facts included in this Form 10-K, including statements concerning our plans, objectives, goals, beliefs, business strategies, future events, business conditions, our results of operations, financial position, our business outlook, business trends and other information, and integration of our acquisition of Cheney Bros., Inc. (the “Cheney Brothers Acquisition”), are forward-looking statements. Words such as “estimates,” “expects,” “contemplates,” “will,” “anticipates,” “projects,” “plans,”…
Form 10-K Summary 81 SIGNATURES 86 SPECIAL NOTE REGARDING F ORWARD-LOOKING STATEMENTS In addition to historical information, this Annual Report on Form 10-K (this “Form 10-K”) may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which are subject to the “safe harbor” created by those sections. All statements, other than statements of historical facts included in this Form 10-K, including statements concerning our plans, objectives, goals, beliefs, business strategies, future events, business conditions, our results of operations, financial position, our business outlook, business trends, and other information, are forward-looking statements. Words such as “estimates,” “expects,” “contemplates,” “will,” “anticipates,” “projects,” “plans,” “intends,” “believes,” “forecasts,” “may,” “should” and variations of such words or similar expressions are intended to identify forward-looking statements.
KENNAMETAL INC
| Rank | 3 |
|---|---|
| Lowest similarity section | MD&A |
| Assessment | medium |
| SEC filings | 2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text) |
Kennametal’s latest filing shows a much stronger year: sales grew sharply, gross profit rebounded, and earnings per share more than tripled. The improvement was driven by higher volumes, better pricing versus input costs, and savings from restructuring actions, although operating expenses and interest costs also moved higher. Management does not expect the new U.S. tax law to materially affect results.
Main Changes
- Sales rose 20% to $2.36 billion from $1.97 billion, driven by 19% organic growth and a 2% foreign exchange tailwind, partly offset by a 1% divestiture effect.
- Gross profit jumped to $970.0 million from $598.1 million, with management citing favorable timing of raw material pricing versus costs, higher volumes, tariff surcharges in Metal Cutting, and incremental restructuring savings.
- Operating expense increased 11% to $479.0 million, while R&D spending was slightly lower at $43.2 million versus $44.4 million.
- The company said it recorded $11.4 million of restructuring charges in 2026, including a $1.0 million reversal of prior charges, and noted the January 2025 cost actions are now expected to deliver about $35 million of annualized savings.
Watch Items
- The margin rebound is the key signal: gross margin expanded to 41.2% from 30.4%, suggesting pricing, mix and cost actions are materially improving profitability.
- Interest expense rose to $28.6 million after the early extinguishment of the 2028 notes and new borrowings under the credit agreement, which is worth watching for financing and capital allocation implications.
- Management said the OBBBA tax law is not expected to have a material impact, reducing near-term policy uncertainty around taxes.
Important Filing Changes
RESULTS OF CONTINUING OPERATIONS SALES Sales of $1,966.8 million in 2025 decreased 4 percent from $2,046.9 million in 2024, reflecting an organic sales decline of 4 percent and an unfavorable currency exchange effect of 1 percent, partially offset by a favorable business days effect of 1 percent . Our sales growth (decline) by end market and region are as follows: 2025 (in percentages) As Reported Constant Currency End market sales growth (decline): Aerospace & Defense 6% 6% Energy (1) 0 General Engineering (5) (4) Transportation (6) (4) Earthworks (6) (7) Regional sales decline: Americas (4)% (3)% Europe, the Middle East and Africa (EMEA) (4) (4) Asia Pacific (2) (1) GROSS PROFIT Gross profit decreased $29.0 million to $598.1 million in 2025 from $627.1 million in 2024.
RESULTS OF CONTINUING OPERATIONS SALES Sales of $2,356.7 million in 2026 increased 20 percent from $1,966.8 million in 2025, reflecting organic sales growth of 19 percent and a favorable foreign currency exchange effect of 2 percent, partially offset by a divestiture effect of 1 percent. Our sales growth by end market and region are as follows: 2026 (in percentages) As Reported Constant Currency (1) End market sales growth: Aerospace & Defense 31% 28% Energy 32 34 General Engineering 13 13 Transportation 5 2 Earthworks 39 36 Regional sales growth: Americas 25% 28% Europe, the Middle East and Africa (EMEA) 14 7 Asia Pacific 15 15 (1) Constant currency excludes the effect of divestiture and currency exchange.
RESULTS OF CONTINUING OPERATIONS SALES Sales of $1,966.8 million in 2025 decreased 4 percent from $2,046.9 million in 2024, reflecting an organic sales decline of 4 percent and an unfavorable currency exchange effect of 1 percent, partially offset by a favorable business days effect of 1 percent . Our sales growth (decline) by end market and region are as follows: 2025 (in percentages) As Reported Constant Currency End market sales growth (decline): Aerospace & Defense 6% 6% Energy (1) 0 General Engineering (5) (4) Transportation (6) (4) Earthworks (6) (7) Regional sales decline: Americas (4)% (3)% Europe, the Middle East and Africa (EMEA) (4) (4) Asia Pacific (2) (1) GROSS PROFIT Gross profit decreased $29.0 million to $598.1 million in 2025 from $627.1 million in 2024. The decrease in gross profit was primarily due to lower sales and production volumes,…
RESULTS OF CONTINUING OPERATIONS SALES Sales of $2,356.7 million in 2026 increased 20 percent from $1,966.8 million in 2025, reflecting organic sales growth of 19 percent and a favorable foreign currency exchange effect of 2 percent, partially offset by a divestiture effect of 1 percent. Our sales growth by end market and region are as follows: 2026 (in percentages) As Reported Constant Currency (1) End market sales growth: Aerospace & Defense 31% 28% Energy 32 34 General Engineering 13 13 Transportation 5 2 Earthworks 39 36 Regional sales growth: Americas 25% 28% Europe, the Middle East and Africa (EMEA) 14 7 Asia Pacific 15 15 (1) Constant currency excludes the effect of divestiture and currency exchange. GROSS PROFIT Gross profit increased $371.9 million to $970.0 million in 2026 from $598.1 million in 2025.
CARPENTER TECHNOLOGY CORP
| Rank | 4 |
|---|---|
| Lowest similarity section | MD&A |
| Assessment | medium |
| SEC filings | 2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text) |
Carpenter Technology’s latest MD&A shows another strong year, with sales, operating profit, and cash generation all moving higher. The biggest business shift is a further tilt toward aerospace and defense, now the clear majority of revenue. On taxes, the company added discussion of new U.S. and OECD rules but does not expect a major near-term hit.
Main Changes
- MD&A now shows fiscal 2026 net sales of $3.124 billion versus $2.877 billion in 2025, with operating income rising to $702.0 million from $521.8 million and net income to $529.8 million from $376.0 million.
- Aerospace and Defense became an even larger share of revenue, increasing to 65% of total sales from 62% last year, while Medical and Transportation both declined as a percentage of mix.
- The company added that the One Big Beautiful Bill Act allows an elective deduction for domestic R&D, 100% bonus depreciation, and changes to foreign income tax rules, but said it does not expect a material impact on its effective tax rate.
- The tax discussion also added January 2026 OECD "Side-by-Side Package" guidance and said the company is currently evaluating it, while maintaining that Pillar Two still does not significantly affect results or cash flows.
Watch Items
- The heavier aerospace mix suggests Carpenter is increasingly tied to a strong, higher-margin end market, which can support earnings but also raises concentration risk.
- Capex rose to $242.7 million from $154.3 million, signaling continued investment behind growth and capacity needs.
- Management’s view that new U.S. tax law will not materially change the tax rate reduces near-term policy risk, but the final impact still depends on IRS guidance and future facts.
Important Filing Changes
However, surcharges have had a dilutive effect on our gross margin and operating margin percentages as described later in this report. Approximately 40 percent of our net sales are sales to customers under firm price sales arrangements. Firm price sales arrangements involve a risk of profit margin fluctuations, particularly when raw material prices are volatile.
However, surcharges have had a dilutive effect on our gross margin and operating margin percentages as described later in this report. During fiscal year 2026, approximately 43 percent of our net sales were sales to customers under firm price sales arrangements. Firm price sales arrangements involve a risk of profit margin fluctuations, particularly when raw material prices are volatile.
Firm price sales arrangements involve a risk of profit margin fluctuations, particularly when raw material prices are volatile. In order to reduce the risk of fluctuating profit margins on these sales, we enter into commodity forward contracts to purchase certain critical raw materials necessary to produce the related products sold. Firm price sales arrangements generally include certain annual purchasing commitments and consumption schedules agreed to by the customers at selling prices based on raw material prices at the time the arrangements are established.
Firm price sales arrangements involve a risk of profit margin fluctuations, particularly when raw material prices are volatile. In order to reduce the risk of fluctuating profit margins on these sales, we may enter into commodity forward contracts to purchase certain critical raw materials necessary to produce the related products sold. Firm price sales arrangements generally include certain annual purchasing commitments and consumption schedules agreed to by the customers at selling prices based on raw material prices at the time the arrangements are established.
Madison Square Garden Entertainment Corp.
| Rank | 5 |
|---|---|
| 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) |
This filing is mostly a housekeeping update, but it does include a new name for one of the company’s key venues and a more detailed breakdown of office space subleases. The company also replaced a discontinued market benchmark in its stock performance chart. None of the changes point to a major shift in the core business or risk profile.
Main Changes
- The Garden’s venue name was updated from “Madison Square Garden” to “Infosys Theater at Madison Square Garden,” reflecting a naming-rights style branding change in the property description.
- The leased office footprint now says 19,000 square feet is subleased to Sphere Entertainment and adds 126,000 square feet subleased to other third parties, versus the prior filing’s smaller sublease disclosure.
- The performance graph benchmark changed from the Bloomberg Americas Entertainment Index to the Dow Jones U.S. Media Sector Index because the prior index was discontinued.
Watch Items
- The new venue naming suggests a sponsorship or branding arrangement that investors should track for revenue and partnership implications.
- The larger third-party sublease disclosure points to more monetization of office space, which can modestly support occupancy economics.
- Switching the comparison index can make relative stock performance look different, so investors should focus on the business rather than the benchmark.
Important Filing Changes
Risk Factors , including in the risk factor entitled “We face continually evolving cybersecurity and similar risks, which could result in loss, disclosure, theft, destruction or misappropriation of, or access to, our confidential information and cause disruption to our business, damage to our brands and reputation, legal exposure and financial losses.” Item 2. Properties We own the Madison Square Garden Complex, which includes The Garden (with a maximum capacity of approximately 21,000 seats) and The Theater at Madison Square Garden (with a maximum capacity of approximately 5,600 seats) in New York City, comprising approximately 1,100,000 square feet; and The Chicago Theatre (with a maximum capacity of approximately 3,600 seats) in Chicago comprising approximately 72,600 square feet. Significant properties that are leased in New York City include approximately 367,000 square feet housing Madison Square Garden Entertainment Corp.’s administrative and executive offices…
Risk Factors , including in the risk factor entitled “We face continually evolving cybersecurity and similar risks, which could result in loss, disclosure, theft, destruction or misappropriation of, or access to, our confidential information and cause disruption to our business, damage to our brands and reputation, legal exposure and financial losses.” Item 2. Properties We own the Madison Square Garden Complex, which includes The Garden (with a maximum capacity of approximately 21,000 seats) and the Infosys Theater at Madison Square Garden (with a maximum capacity of approximately 5,600 seats) in New York City, comprising approximately 1,100,000 square feet; and The Chicago Theatre (with a maximum capacity of approximately 3,600 seats) in Chicago comprising approximately 72,600 square feet. Significant properties that are leased in New York City include approximately 367,000 square feet housing Madison Square Garden 24 Entertainment Corp.’s administrative and executive offices with approximately 64,000 square feet of space that is subleased to MSG Sports, approximately 19,000 square feet of space that is subleased to Sphere Entertainment, and approximately 126,000 square feet of space that is subleased to other third parties, approximately 577,000 square feet comprising Radio City Music Hall (with a maximum capacity of approximately 6,000 seats) and approximately 57,000 square feet comprising the Beacon Theatre (with a maximum capacity of approximately 2,800 seats).
Properties We own the Madison Square Garden Complex, which includes The Garden (with a maximum capacity of approximately 21,000 seats) and The Theater at Madison Square Garden (with a maximum capacity of approximately 5,600 seats) in New York City, comprising approximately 1,100,000 square feet; and The Chicago Theatre (with a maximum capacity of approximately 3,600 seats) in Chicago comprising approximately 72,600 square feet. Significant properties that are leased in New York City include approximately 367,000 square feet housing Madison Square Garden Entertainment Corp.’s administrative and executive offices with approximately 64,000 square feet of space that is subleased to MSG Sports and approximately 18,000 square feet of space that is subleased to Sphere Entertainment, approximately 577,000 square feet comprising Radio City Music Hall (with a maximum capacity of approximately 6,000 seats) and approximately 57,000 square feet comprising the Beacon Theatre (with…
Properties We own the Madison Square Garden Complex, which includes The Garden (with a maximum capacity of approximately 21,000 seats) and the Infosys Theater at Madison Square Garden (with a maximum capacity of approximately 5,600 seats) in New York City, comprising approximately 1,100,000 square feet; and The Chicago Theatre (with a maximum capacity of approximately 3,600 seats) in Chicago comprising approximately 72,600 square feet. Significant properties that are leased in New York City include approximately 367,000 square feet housing Madison Square Garden 24 Entertainment Corp.’s administrative and executive offices with approximately 64,000 square feet of space that is subleased to MSG Sports, approximately 19,000 square feet of space that is subleased to Sphere Entertainment, and approximately 126,000 square feet of space that is subleased to other third parties, approximately 577,000 square feet comprising Radio City Music Hall (with a maximum capacity of approximately 6,000 seats) and approximately 57,000 square feet comprising the Beacon Theatre (with a maximum capacity of approximately 2,800 seats). For more information on our venues, see “Item 1.
Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Our Class A common stock is listed on the NYSE under the symbol “MSGE.” The Company’s Class A Common Stock began “regular way” trading on the NYSE on April 21, 2023. Performance Graph The following graph compares the relative performance of our Class A Common Stock, the Russell 2000 Index and the Bloomberg Americas Entertainment Index. This graph covers the period from April 21, 2023 through June 30, 2025.
Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Our Class A common stock is listed on the NYSE under the symbol “MSGE.” The Company’s Class A common stock began “regular way” trading on the NYSE on April 21, 2023. Performance Graph The following graph compares the relative performance of our Class A common stock, the Russell 2000 Index and the Dow Jones U.S. This graph covers the period from April 21, 2023 (the first trading day following the MSGE Distribution) through June 30, 2026.
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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