Four companies met our criteria from the four 10-K annual reports filed with the SEC on 5 November 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
- Rainmaker Worldwide Inc. (High) — Rainmaker is betting on distributor rights to drive value after fully impairing its RWI investment, which makes execution and cash generation the main investment question.
- VISA INC. (Medium) — Visa is signaling that stablecoins and broader payments regulation are now strategic priorities, not side issues.
- Galaxy Enterprises Inc. /WY/ (Medium) — Galaxy Enterprises is still pre-revenue and increasingly dependent on insider support and new financing to survive.
- KURA SUSHI USA, INC. (Medium) — The key update is that Kura Sushi is flagging emerging consumer and cyber risks, not changing its core business model.
Ranking Table
| Rank | Company | CIK | Full Filing Similarity | Business Similarity | Risk Factors Similarity | MD&A Similarity | Most Changed Section | Assessment |
|---|---|---|---|---|---|---|---|---|
| 1 | Rainmaker Worldwide Inc. | 1872292 | 0.984 | 0.856 | 0.386 | 0.897 | Risk Factors | high |
| 2 | VISA INC. | 1403161 | 0.996 | 0.992 | 0.993 | 0.961 | MD&A | medium |
| 3 | Galaxy Enterprises Inc. /WY/ | 1871890 | 0.997 | 1 | 0.991 | 1 | Risk Factors | medium |
| 4 | KURA SUSHI USA, INC. | 1772177 | 0.996 | 1 | 1 | 1 | Business | medium |
Rainmaker Worldwide Inc.
| Rank | 1 |
|---|---|
| Lowest similarity section | Risk Factors |
| Assessment | high |
| SEC filings | 2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text) |
Rainmaker’s filing shifts the story away from ownership value in RWI and toward contractual distribution rights. Management says it now has exclusive direct-sales rights in the U.S. under a new agreement, but it also wrote its RWI investment down to zero after a restructuring and worsening financial condition at the affiliate. The key signal is that the company is trying to monetize its water technology relationships even as the balance-sheet value of those relationships has weakened.
Main Changes
- The company added that it now has a new Master Distributor Agreement dated April 30, 2026, giving Rainmaker "exclusive direct-sales rights in the United States" while allowing other Miranda distributors to operate in the same territory.
- Rainmaker disclosed that the new agreement replaced the June 1, 2024 deal and gives it the ability to seek approval for opportunities outside the U.S., excluding Mexico, on a client-by-client basis, with an initial five-year term and 90 days’ notice termination rights.
- The business section now says Rainmaker’s investment in RWI was restructured on December 31, 2024, reducing ownership to 13.65% and leading management to impair the investment to zero because RWI had insufficient cash flow, net liabilities, and ongoing losses.
- The company also added that it continues to benefit from the original distribution rights, especially in Mexico and the United States, even though the equity investment was written down.
Watch Items
- The new U.S. distribution rights could improve commercial access, but the carve-outs for other distributors and the ability to terminate on 90 days’ notice limit the durability of that advantage.
- The zero write-down of the RWI stake underscores weak economics at the affiliate level and suggests Rainmaker is relying more on distribution rights than on equity value creation.
- The going-concern language remains in place, so investors should watch whether the expanded commercial arrangement translates into actual revenue and cash flow.
Important Filing Changes
Reworded: The new filing adds Miranda’s location in Ankara, Turkey and removes the plan to acquire the remaining 40%.
In line with its expansion strategy, Rainmaker sold a 60% stake in RWI on March 31, 2023, retaining a 40% interest. Subsequently, on January 22, 2024, RWI acquired a 60% stake in Miranda Environmental and Water Treatment Technologies, with plans to acquire the remaining 40% over the next two years. This acquisition significantly expanded RAKR’s portfolio through its distribution rights for Miranda’s products, thereby strengthening its water treatment capabilities.
Effective April 1, 2023, the Company divested a 60% ownership interest in RWI, retaining a 40% interest at that time. On January 22, 2024, RWI acquired a 60% ownership interest in Miranda Environmental and Water Treatment Technologies (“Miranda”), based in Ankara, Turkey. Miranda’s water purification and wastewater treatment technologies expanded the product portfolio available to RAKR through its distribution relationship with RWI.
VISA INC.
| 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) |
Visa’s filing shows a clearer push beyond core card processing into commercial solutions, value-added services and digital-asset infrastructure. The company now explicitly describes stablecoin products and blockchain-based value movement, which suggests it wants to participate in the next generation of payments rather than just defend its legacy network. At the same time, the risk discussion is broader, with more emphasis on data rights, AI, cybersecurity and tougher state-level regulation.
Main Changes
- The business overview now says Visa has broadened beyond the traditional four-party model to include digital banks, digital wallets, fintechs, governments and NGOs, and it explicitly frames the company around consumer payments, commercial solutions and value-added services.
- Visa added new digital-asset language, saying it supports the movement and conversion of value across blockchain networks and payment rails, launched the Visa Stablecoin Platform for minting, movement and management, and supports stablecoin settlement and stablecoin-linked card programs.
- The regulatory discussion was expanded to include artificial intelligence, cybersecurity, privacy and data rights, and it now says some U.S. states are enacting or considering stricter rules than federal law.
- The company also updated its sustainability references to cite specific regimes such as the EU Corporate Sustainability Reporting Directive, Australia’s Treasury Laws Amendment and U.S. states such as California.
Watch Items
- The stablecoin and blockchain language signals Visa is trying to connect its network to digital assets rather than treating them as a separate threat.
- Broader regulatory references suggest a heavier compliance burden and more potential friction in payments, data access and consumer protection.
- The emphasis on value-added services and sponsorships points to a push to deepen client engagement and diversify growth beyond core card processing.
Important Filing Changes
Added: Visa added a new risk disclosure about acquisitions, joint ventures, strategic investments, and related integration and security risks.
As part of our overall business strategy, we make acquisitions and strategic investments, and enter into joint ventures. [No corresponding passage in the 2025 filing.] In addition, we may pursue additional strategic objectives, such as additional exchange offers, which can divert resources and management’s attention from our existing business and, if unsuccessful, may harm our business and reputation.
As part of our overall business strategy, we make acquisitions and strategic investments, and enter into joint ventures. We may not achieve the anticipated benefits of our current and future acquisitions, joint ventures, strategic investments or other strategic objectives and they may involve significant risks and uncertainties, including: • disruption to our ongoing business, including diversion of resources and management’s attention; • greater than expected investment of resources or operating expenses; • difficulty, expense or failure to adequately develop, maintain or integrate our acquired entities or joint ventures, including the development and retention of employees, clients or partners, the integration of employees, business cultures, operations, business systems and technologies, and the implementation of appropriate controls, procedures and policies, in some cases, across different cultures and languages; • inadequate data security, cybersecurity or operational resilience posture of our acquired entities, joint ventures or companies we invest in or partner with, which may lead to increased risk of system failures, service disruptions or cyber incidents or attacks; • disruptions, costs, liabilities, judgments, settlements or business pressures resulting from litigation, investigations or legal proceedings involving our acquisitions, joint ventures or strategic investments, including the inability to pursue certain aspects of such transactions; • failure to obtain the necessary government or other approvals at all, on a timely basis or without the imposition of burdensome conditions or restrictions, including as a result of increased scrutiny with respect to antitrust, national security and other considerations; • economic, political, regulatory and compliance risks, including when entering into new businesses, regions or countries. We may be unable to attract, hire, develop, motivate and retain a highly qualified workforce, including key members of management.
Removed: Visa’s fiscal 2024 Pismo acquisition and Prosa agreement were omitted.
Visa applies a rigorous business analysis to our acquisitions, joint ventures and investments to ensure they will differentiate our network, provide value-added services and accelerate growth. In fiscal 2024, we completed our acquisition of Pismo, a global cloud-native issuer processing and core banking platform with operations in Latin America, Asia Pacific and Europe, and we entered into a definitive agreement to acquire a majority interest in Prosa, a leading payments processor in Mexico. After closing, Prosa will continue to operate as an independent company.
Visa applies a rigorous business analysis to our acquisitions, joint ventures and investments to ensure they will differentiate our network, provide value-added services and accelerate growth. [No corresponding passage in the 2026 filing.] In fiscal 2026, we completed our acquisition of Prisma, a provider of credit, debit and prepaid card issuer processing, and Newpay, a multi-network infrastructure provider that operates real-time payments services, the Banelco ATM network and the bill payment platform PagoMisCuentas, in Argentina.
Galaxy Enterprises Inc. /WY/
| Rank | 3 |
|---|---|
| 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) |
Galaxy Enterprises remains a pre-revenue shell with no operating business yet, and the latest filing shows a wider loss, lower cash, and higher liabilities. The main new disclosure is that the company’s Las Vegas office is being provided by a director at no charge, underscoring continued reliance on insider support. The going-concern warning remains in place, and the company still expects to fund itself through equity or debt sales.
Main Changes
- The company now says its offices are at 1701 Charles Iam Court, Las Vegas, Nevada, "which one of our directors provides to us at no charge," replacing the prior statement that it did not own any real property interest.
- MD&A says the company "has not commenced operations" and "has not generated any revenue to date," versus the prior filing’s statement that it intended to commence business operations and had not yet pursued the plan.
- The accumulated deficit increased to $120,895 from $116,661, while the aggregate capital raised from common stock slipped to $82,983 from $83,400.
- The loss profile worsened: net loss rose to $19,233 from $9,748, and cash fell to $10 from $185, with liabilities increasing to $52,505 from $48,447.
Watch Items
- Free office space from a director suggests the business is still relying on insider support to stay afloat, which can mask true operating costs.
- The larger loss and near-zero cash balance reinforce that the company remains highly dependent on outside financing to continue.
- The filing still carries going-concern language, so investors should watch for any new capital raise or related-party funding.
Important Filing Changes
Added: Management says the company has recurring losses, no revenues, and a working capital deficit as of July 31, 2026.
The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or obtaining the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they become due. [No corresponding passage in the 2025 filing.] Management intends to finance operating costs over the next twelve months with existing cash on hand and proceeds from its public offering.
The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or obtaining the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they become due. MANAGEMENT PLAN TO ADDRESS GOING CONCERN Management acknowledges that the Company has incurred recurring losses from operations, has not yet generated revenues, and has a working capital deficit as of July 31, 2026. These conditions raise substantial doubt about the Company’s ability to continue as a going concern.
KURA SUSHI USA, INC.
| Rank | 4 |
|---|---|
| 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) |
Kura Sushi updated its Business section to call out two newer risks: the rise of weight-loss medications and the possibility that AI-related activity could contribute to cybersecurity incidents. It also kept the core message that changing consumer health preferences and technology failures could force menu changes or disrupt restaurant operations. Overall, the filing reads as a risk update rather than a change in strategy.
Main Changes
- The Business risk discussion now says consumer health trends may shift, "including the significant rise in weight loss medications," and could force the company to modify or discontinue menu items.
- The cybersecurity disclosure now adds that "any use of artificial intelligence that results in cybersecurity incidents" could cause breaches or disruptions, expanding the list of technology-related threats.
- The filing also tightens the competitive language from "many other restaurants" to "other restaurants," but the underlying meaning is unchanged.
Watch Items
- The weight-loss medication reference signals management sees a new demand risk that could pressure traffic or menu mix if eating habits change faster than expected.
- The AI-specific cyber language suggests the company is broadening its view of digital threats, which matters because its operations depend heavily on point-of-sale and ordering systems.
- No major strategic shift appears in the related-party or business model language; the update is mainly a risk refresh rather than a new operating plan.
Important Filing Changes
No material section-level wording change was large enough to quote from the compared sections.
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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