SEC What Changed: 10-K Filing Snapshot for 1 June 2026
Five companies filed 10-K reports on 1 June 2026. This snapshot ranks the filings by how similar the latest 10-K is to the prior-year filing. In this analysis, cosine similarity runs from 0 to 1 because it is calculated on non-negative text vectors. A score near 1 means the texts are very similar; a lower score means they are less similar and more language has changed.
We compare three high-signal 10-K sections. Business describes what the company does and how the operating model is changing. Risk Factors shows what management is warning investors about, including new, removed, or softened risks. MD&A explains the drivers of financial performance, liquidity, and management’s view of the business. Comparing similarity across these sections helps surface quiet but potentially important disclosure changes that can be hard to spot manually.
Ranking Table
| Rank | Company | CIK | Full Filing Similarity | Business Similarity | Risk Factors Similarity | MD&A Similarity | Most Changed Section | LLM Assessment |
|---|---|---|---|---|---|---|---|---|
| 1 | ProPhase Labs, Inc. | 868278 | 0.991 | 0.992 | 0.711 | n/a | Risk Factors | medium |
| 2 | Greenwich LifeSciences, Inc. | 1799788 | 0.958 | 1 | 1 | n/a | Risk Factors | low |
| 3 | Freedom Holding Corp. | 924805 | 0.989 | 0.997 | 0.999 | 0.978 | MD&A | medium |
| 4 | UNIVERSAL CORP /VA/ | 102037 | 0.99 | 0.994 | 0.993 | n/a | Risk Factors | low |
| 5 | Korth Direct Mortgage Inc. | 1695963 | 0.991 | 1 | 1 | n/a | Business | low |
ProPhase Labs, Inc. (868278)
| Rank | 1 |
|---|---|
| Lowest similarity section | Risk Factors |
| LLM assessment | medium |
| SEC filings | 2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text) |
ProPhase Labs made two significant structural changes in its latest 10-K. First, it exercised a smaller reporting company exemption to completely eliminate its Risk Factors section — a move that dramatically reduces transparency for investors who previously relied on roughly 30 pages of detailed risk disclosures. Second, the company has effectively repositioned itself: COVID-19 testing is described as a past business, and the filing now leads with whole genome sequencing (Nebula Genomics, DNA Complete), drug/supplement development (ProPhase BioPharma), and the BE-Smart esophageal cancer screening test developed with Mayo Clinic. The company also moved its headquarters. The shorter, restructured filing signals a business in transition from a diagnostics-driven revenue model to an early-stage biotech/genomics model, with the associated funding and commercialization risks now less visible in the public disclosure.
Main Changes
- Risk Factors section entirely omitted in the new filing: company invoked smaller reporting company exemption under Item 105 of Regulation S-K, replacing ~30 pages of detailed risk disclosures with a single sentence stating the section is not required.
- Business overview rewritten to lead with genomics and biopharma identity: Nebula Genomics, DNA Complete, and ProPhase BioPharma (PBIO) are now the primary described segments, with COVID-19 PCR/antigen testing described in past tense as a former activity.
- BE-Smart Esophageal Pre-Cancer diagnostic test newly highlighted as a key development asset, including a published Mayo Clinic collaboration providing clinical evidence for the 8-protein mass spectrometry assay.
- 10-K document is materially shorter: Risk Factors previously ran to page 50; new filing places Item 1C Cybersecurity at page 17, indicating significant reduction in total disclosure length.
Watch Items
- Elimination of the full Risk Factors section removes substantial investor-facing disclosure about liquidity, regulatory, clinical, and competitive risks that were previously enumerated in detail — investors must now independently assess risks with less company-provided guidance.
- COVID diagnostics revenue stream appears to have wound down; replacement revenue from genomics and biopharma segments is unproven at scale, raising going-concern and revenue continuity questions.
- BE-Smart test is still in development with further clinical trials required; commercialization timeline and funding path are not yet defined.
Important Filing Changes
In evaluating our business, investors should pay particular attention to the risks and uncertainties described below and in other sections of this Annual Report and in our subsequent filings with the SEC. These risks and uncertainties, or other events that we do not currently anticipate or that we currently deem immaterial, may also affect our results of operations, cash flows and financial condition. The trading price of our common stock could also decline due to any of these risks.
Risk Factors: As a smaller reporting company, we are not required to provide disclosure pursuant to this Item, in accordance with Item 105 of Regulation S-K.
ProPhase Diagnostics’ two CLIA- (Clinical Laboratory Improvement Amendments) certified laboratories are located in Old Bridge, New Jersey and Garden City, New York, respectively. BE-Smart Esophageal Pre-Cancer Diagnostics Screening Test We own the worldwide exclusive rights to the BE-Smart Esophageal Pre-Cancer diagnostics screening test and related intellectual property assets. The BE-Smart test is aimed at early detection of esophageal cancer.
ProPhase Diagnostics’ two CLIA (Clinical Laboratory Improvement Amendments) certified laboratories are located in Old Bridge, New Jersey and Garden City, New York, respectively. BE-Smart Esophageal Pre-Cancer Diagnostics Screening Test We own the exclusive rights to the BE-Smart Esophageal Pre-Cancer diagnostics screening test and related intellectual property assets. The BE-Smart test is aimed at early detection of progression from Barretts esophagus to esophageal adenocarcinoma.
BE-Smart Esophageal Pre-Cancer Diagnostics Screening Test We own the worldwide exclusive rights to the BE-Smart Esophageal Pre-Cancer diagnostics screening test and related intellectual property assets. The BE-Smart test is aimed at early detection of esophageal cancer. It remains under development but has already been tested by an independent test lab, mProbe, Inc. (“mProbe”), on over 200 human samples.
BE-Smart Esophageal Pre-Cancer Diagnostics Screening Test We own the exclusive rights to the BE-Smart Esophageal Pre-Cancer diagnostics screening test and related intellectual property assets. The BE-Smart test is aimed at early detection of progression from Barretts esophagus to esophageal adenocarcinoma. It remains under development but has already been tested by an independent test lab, mProbe, Inc. (“mProbe”), on over 200 human samples.
Greenwich LifeSciences, Inc. (1799788)
| Rank | 2 |
|---|---|
| Lowest similarity section | Risk Factors |
| LLM assessment | low |
| SEC filings | 2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text) |
Greenwich LifeSciences’ latest 10-K is largely a roll-forward of the prior year with two notable substantive differences. First, the company’s internal-control material weakness has gotten worse on paper: management now discloses three categories of deficiency rather than one, adding missing accounting/bookkeeping software and inadequate expense-report approval procedures to the previously identified segregation-of-duties problem. No remediation has been completed. Second, part-time staff grew from 4 to 9 while full-time headcount held flat at 4, suggesting the company is leaning on contractors or part-timers rather than building a permanent team. Everything else — risk factors, regulatory descriptions, going-concern warnings, and capital-raise needs — appears substantively unchanged.
No material section-level wording change was large enough to quote from the compared sections.
Freedom Holding Corp. (924805)
| Rank | 3 |
|---|---|
| Lowest similarity section | MD&A |
| LLM assessment | medium |
| SEC filings | 2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text) |
Freedom Holding Corp.’s FY2026 10-K shows a company growing rapidly but diversifying well beyond its brokerage roots. Revenue rose about 9% to $2.19 billion, headcount jumped 35% to nearly 12,000, and the office network now skews heavily toward non-brokerage services. The most significant new developments are a pending acquisition of a Turkish bank (which would give FRHC a regulated banking platform in Türkiye), a newly disclosed AI data center project, and the decision to stop buying consumer loans from a CEO-affiliated microfinance firm — though those legacy loans still sit on the balance sheet. The telecom and media ventures in Kazakhstan are burning cash as expected and will continue to do so for years. Related-party transaction risks have modestly improved with the FST Belize wind-down, but CEO Turlov-linked entities remain active counterparties. Investors should watch the Turkish bank regulatory approval process, the scale of AI data center investment, and the credit quality of the inherited FFIN Credit loan book.
Main Changes
- Total revenues, net grew to $2,191.3M in FY2026 from $2,004.2M in FY2025, a ~9% increase, driven by margin loan growth and Freedom Bank KZ loan portfolio expansion, partially offset by lower trading securities interest income from a strategic portfolio shift.
- Headcount increased sharply from 8,764 to 11,846 employees (+35%) and offices expanded from 202 to 230, with a notable shift in office mix: brokerage offices declined from 49 to 32 while ‘other financial and non-financial services’ offices surged from 67 to 126, reflecting diversification away from pure brokerage.
- New geographic presence: Portugal added to the country list; Belgium removed; ‘Turkey’ rebranded to ‘Türkiye’ consistent with official naming.
- Turkish bank acquisition announced: subsidiary entered agreement to acquire ~99.32% of Turkish Bank A.S., intended as a core platform for Turkish financial services operations, subject to regulatory approval.
Watch Items
- Turkish Bank A.S. acquisition remains subject to regulatory approval; failure to close or integration challenges could impair the Turkish market strategy.
- Residual credit and servicing risk from legacy FFIN Credit loans on Freedom Bank KZ’s balance sheet until fully repaid — magnitude of exposure not quantified in excerpts.
- Freedom Telecom and Freedom Media continue to incur operating losses and require significant capital expenditure; combined drag on consolidated net income expected to persist for ‘several years.’
Important Filing Changes
This discussion summarizes the significant factors affecting our consolidated operating results, financial condition, liquidity and capital resources for fiscal 2025 and 2024. OVERVIEW Freedom Holding Corp. is organized under the laws of the State of Nevada and acts as a holding company for all of our operating subsidiaries. Our subsidiaries engage in a broad range of activities including securities brokerage, securities dealing for customers and for our own account, underwriting, market making activities, investment research, investment counseling, retail and commercial banking, insurance products, payment services, and information processing services.
This discussion summarizes the significant factors affecting our consolidated operating results, financial condition, liquidity and capital resources for fiscal 2026 and 2025. OVERVIEW FRHC is organized under the laws of the State of Nevada and acts as a holding company for all of our operating subsidiaries. Our subsidiaries engage in a broad range of activities including securities brokerage, securities dealing for customers and for our own account, underwriting, market making activities, investment research, investment counseling, retail and commercial banking, insurance products, payment services, and information processing services.
Our principal executive office is in New York, United States. We have a presence in Kazakhstan, Uzbekistan, Kyrgyzstan, Cyprus, Germany, the United Kingdom, Greece, Spain, France, Poland, Lithuania, Austria, Bulgaria, Italy, Netherlands, Belgium, the United States, Turkey, Armenia, Azerbaijan, Tajikistan, and the United Arab Emirates. We divested our Russian subsidiaries in February 2023.
Our principal executive office is in New York, United States. We have subsidiaries or otherwise maintain a presence in Kazakhstan, Uzbekistan, Kyrgyzstan, Cyprus, Germany, the United Kingdom, Greece, Spain, France, Poland, Lithuania, Austria, Bulgaria, Italy, Netherlands, Portugal, the United States, Türkiye, Armenia, Azerbaijan, Tajikistan, and the United Arab Emirates. We divested our Russian subsidiaries in February 2023.
Our subsidiaries engage in a broad range of activities including securities brokerage, securities dealing for customers and for our own account, market making activities, investment research, investment counseling, retail and commercial banking, and insurance products. We also own several ancillary businesses and lifestyle solutions, which complement our core financial services businesses, including payment and information processing services, entertainment and travel ticketing services, e-commerce business, and telecommunications and media businesses in Kazakhstan that are in a developmental stage. Our mission has always been to democratize access to financial markets for global customers.
Our subsidiaries engage in a broad range of activities including securities brokerage, securities dealing for customers and for our own account, market making activities, investment research, investment counseling, retail and commercial banking, and insurance products. We also own several ancillary businesses and lifestyle solutions, which complement our core financial services businesses, including payment and information processing services, entertainment and travel ticketing services, e-commerce business, cloud services, and telecommunications and media businesses in Kazakhstan that are in a developmental stage. Our mission has always been to democratize access to financial markets for global customers.
UNIVERSAL CORP /VA/ (102037)
| Rank | 4 |
|---|---|
| Lowest similarity section | Risk Factors |
| LLM assessment | low |
| SEC filings | 2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text) |
Universal Corporation’s FY2026 10-K shows mostly routine updates, but the most notable substantive change is a sharp drop in operating income — from $232.8M to $168.5M — suggesting meaningful earnings pressure in the fiscal year just ended. Revenue was described only as ‘approximately $2.9 billion,’ down from a precise $2,947.3M the prior year, making it harder to assess top-line trends without reading the full financials. The company renamed its Ingredients subsidiary to ‘Universal Ingredients, Inc.’ and added AI as an explicit technology priority in its corporate strategy. Risk factors and pension plan metrics were essentially unchanged. The health and safety section was rewritten in more formal language but reflects no apparent change in actual practices.
Main Changes
- Total operating income fell materially to $168.5M in FY2026 from $232.8M in FY2025, while total segment operating income declined to $214.8M from $252.5M — a roughly 28% and 15% drop, respectively.
- Revenue description changed from a precise $2,947.3M to an approximate ‘$2.9 billion,’ obscuring whether revenues were flat or slightly down year-over-year.
- Ingredients Operations subsidiary renamed from ‘Universal Global Ventures, Incorporated’ to ‘Universal Ingredients, Inc.’ signaling a rebranding of the non-tobacco platform.
- Corporate strategy language now explicitly includes ‘artificial intelligence (AI)’ as a technology focus under the organizational pillar — a new addition not present in the prior filing.
Watch Items
- The ~28% decline in total operating income ($232.8M to $168.5M) is a significant earnings deterioration and warrants scrutiny of segment-level drivers in the full financials.
- Revenue disclosure shifted from a precise figure to a rounded approximation — investors should verify actual FY2026 revenue in the financial statements to assess whether revenues declined.
- The AI mention in corporate strategy is new but vague; monitor future disclosures for capital allocation or operational changes tied to AI initiatives.
Important Filing Changes
The demand for leaf tobacco, which is based upon customers’ expectations of their future requirements, can change from time to time depending upon factors affecting the demand for their products. Our customers’ expectations and their demand for leaf tobacco are influenced by a number of factors, including: • trends in the global consumption of cigarettes, • trends in consumption of cigars and other tobacco products, • trends in consumption of alternative tobacco products, such as electronic nicotine delivery systems (“ENDS”) and non-combustible products, • levels of competition among our customers, and • regulatory and governmental factors. The world supply of leaf tobacco at any given time is a function of current tobacco production, inventories held by manufacturers, and the stocks of leaf tobacco held by leaf tobacco suppliers.
The demand for leaf tobacco, which is based upon customers’ expectations of their future requirements, can change from time to time depending upon factors affecting the demand for their products. Our customers’ expectations and their demand for leaf tobacco are influenced by a number of factors, including: • trends in the global consumption of cigarettes, • trends in consumption of cigars and other tobacco products, • trends in consumption of alternative tobacco products, such as electronic nicotine delivery systems and non-combustible products, • levels of competition among our customers, • illicit trade in tobacco products, and • regulatory and governmental factors. The world supply of leaf tobacco at any given time is a function of current tobacco production, inventories held by manufacturers, and the stocks of leaf tobacco held by leaf tobacco suppliers.
Many of these materials and inputs are subject to price fluctuations from a number of factors, including changes in crop sizes, crop qualities, crop disease, product scarcity, fertilizer costs, energy costs, labor costs, currency fluctuations, import and export requirements (including tariffs), adverse weather events, pandemic illness, political instability or military conflict, and other factors that may be beyond our control. Recently, the U.S. has announced or implemented significant new tariffs on imports from a wide range of countries, which has prompted retaliatory tariffs by a number of countries and a cycle of retaliatory tariffs by both the United States and other countries. In early April 2025, actions were taken by the United States and certain other countries to delay the effective date of certain of these tariffs; however, as of the date of this Annual Report a number of new…
Many of these materials and inputs are subject to price fluctuations from a number of factors, including changes in crop sizes, crop qualities, crop disease, product scarcity, fertilizer costs, energy costs, labor costs, currency fluctuations, import and export requirements (including tariffs), adverse weather events, pandemic illness, political instability or military conflict, and other factors that may be beyond our control. In 2025, the U.S. implemented significant new tariffs on imports from a wide range of countries, which prompted retaliatory tariffs by a number of countries and a cycle of retaliatory tariffs by both the United States and other countries. Supreme Court issued a ruling striking down certain tariffs previously imposed under the International Emergency Economic Powers Act (“IEEPA”).
Rather, we support consumer product manufacturers by selling them transformed agriproducts and performing related services for them. Our business strategy focuses on three pillars: maximizing and optimizing our Tobacco Operations segment, growing our Ingredients Operations segment, and strengthening our organization. In our Tobacco Operations segment, we continue to look for opportunities to increase our sales volumes and market share, expand services across our customers’ supply chains, participate in the evolution of next generation products, and improve operating efficiency.
Rather, we support consumer product manufacturers by selling them transformed agriproducts and performing related services for them. Our business strategy focuses on three pillars: maximizing and optimizing our Tobacco Operations segment, growing our Ingredients Operations segment, and strengthening our Company for the future. In our Tobacco Operations segment, we continue to look for opportunities to increase our sales volumes and market share, expand services across our customers’ supply chains, participate in the evolution of next generation products, and improve operating efficiency.
Korth Direct Mortgage Inc. (1695963)
| Rank | 5 |
|---|---|
| Lowest similarity section | Business |
| LLM assessment | low |
| SEC filings | 2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text) |
Korth Direct Mortgage’s 10-K filing shows virtually no substantive year-over-year changes. The only meaningful update is that KDM moved from holding a controlling interest in KDM Stafford LLC (the entity owning a Virginia building) to owning 100% of it. Risk factors, business description, employee count, and all other disclosed information are essentially identical to the prior year. This filing reflects a stable, largely unchanged operating profile.
No material section-level wording change was large enough to quote from the compared sections.
Why?
The average 10-K is ~6x longer than in 1995 and the number of textual changes has risen ~12x, making attention and processing harder. Simple changes in 10K’s and 10Q’s can be highly informative. When a company quietly rewrites parts of its 10K/10Q it tends to go unnoticed at first. These changes often foreshadow tougher fundamentals and weaker future returns. The objective is that firms who change more, AKA "changers" earn systematically lower future returns – in large part due to firms adding in negative information into their 10K’s. In short: small wording shifts can be big information. For further information read the "Research" section for more details. Below I present the results of today’s analysis.
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