One company met our criteria from the one 10-K annual report filed with the SEC on 21 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
- WINNEBAGO INDUSTRIES INC (Medium) — Winnebago is flagging a tougher operating backdrop, with new tariff, AI, and consumer-income risks layered onto an already cyclical demand story.
Ranking Table
| Rank | Company | CIK | Full Filing Similarity | Business Similarity | Risk Factors Similarity | MD&A Similarity | Most Changed Section | Assessment |
|---|---|---|---|---|---|---|---|---|
| 1 | WINNEBAGO INDUSTRIES INC | 107687 | 0.995 | 0.993 | 0.996 | 0.974 | MD&A | medium |
WINNEBAGO INDUSTRIES INC
| Rank | 1 |
|---|---|
| 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) |
Winnebago’s new filing adds several risk disclosures that make the business look more exposed to consumer spending, trade policy, and technology execution. The company also sharpened its dealer risk language, pointing to greater concern about dealer financial health and channel stability. Overall, the changes read as a more cautious risk profile rather than a strategic pivot.
Main Changes
- Risk factors now add "changes in consumer disposable income" to the macro demand warning, making the consumer spending sensitivity more explicit.
- The company added a new risk tied to "changes in trade policy, including tariffs," which was not listed in the prior filing.
- Operational risk language was broadened from protecting IT systems from "data security, cyberattacks, and network disruption risks" to include system failures, disruptions, and risks tied to "system implementations" and "Artificial Intelligence."
- The dealer risk disclosure was tightened from "independent dealers" to "performance and financial condition of independent dealers," signaling more focus on dealer health.
Watch Items
- Tariff exposure could pressure margins or sourcing flexibility if trade policy worsens, especially for a manufacturer with component and dealer-channel dependence.
- The added AI and system-implementation language suggests management sees technology execution as a more material operating risk than before.
- Explicit mention of consumer disposable income reinforces that RV and marine demand remains highly cyclical and vulnerable to household budget pressure.
Important Filing Changes
Added: The company added a disclosure that the U.S. government has imposed significant tariffs under several legal authorities.
[No corresponding passage in the 2025 filing’s Risk Factors section.]
Our business is subject to risks arising from changes in U.S. and foreign trade policy, including the imposition of tariffs, trade sanctions, import and export restrictions, and retaliatory measures by foreign governments. In recent periods, the U.S. government has imposed significant tariffs on imported goods under various legal authorities, including Section 232 of the Trade Expansion Act of 1962, Section 301 of the Trade Act of 1974, Section 338 of the Tariff Act of 1930, the International Emergency Economic Powers Act ("IEEPA") and Section 122 of the Trade Act of 1974. Supreme Court struck down tariffs imposed under IEEPA, and the administration subsequently reimposed tariffs under alternative legal authority, creating continued uncertainty regarding the scope, duration, and legal basis of current and future tariff actions.
Added: The company added that tariffs under IEEPA were struck down and reimposed under alternative authority, creating uncertainty.
[No corresponding passage in the 2025 filing’s Risk Factors section.]
In recent periods, the U.S. government has imposed significant tariffs on imported goods under various legal authorities, including Section 232 of the Trade Expansion Act of 1962, Section 301 of the Trade Act of 1974, Section 338 of the Tariff Act of 1930, the International Emergency Economic Powers Act ("IEEPA") and Section 122 of the Trade Act of 1974. Supreme Court struck down tariffs imposed under IEEPA, and the administration subsequently reimposed tariffs under alternative legal authority, creating continued uncertainty regarding the scope, duration, and legal basis of current and future tariff actions. We source certain raw materials, components, and finished goods from countries subject to these tariff actions, including China, Mexico, and Canada.
Added: The company added a repurchase agreement disclosure covering dealer defaults and repurchase obligations for RV and marine units.
[No corresponding passage in the 2025 filing’s MD&A section.]
As is customary in the industries we serve, we typically enter into a repurchase agreement with a lending institution financing a dealer’s purchase of our product upon the lending institution’s request and after completion of a credit check of the dealer involved. Our repurchase agreements provide that, for up to 18 months after an RV unit is financed and up to 24 months after a marine unit is financed, in the event of default by the dealer on the agreement to pay the lending institution and repossession of the unit(s) by the lending institution, we will repurchase the financed merchandise from the lender at the amount then due, which is often less than dealer invoice. Our maximum exposure for repurchases can vary significantly, depending upon the level of dealer inventory, general economic conditions, demand for our products, dealer location, and access to and the cost of financing.
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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