Heat Maps · SEC filers
10-K Risk Factor Churn
What each SEC-filing watchlist company rewrote in its latest annual report, sentence by sentence, against the one before. Risk factors (Item 1A, or Item 3.D for foreign filers) and MD&A (Item 7, or Item 5). Shading is the company’s rank among the filers shown, darker is more change. Click a cell to read the sentences added and removed.
Comparison files built 2026-10-06, latest annual report against the prior one for each company. 35 SEC filers have no comparison yet: ADUR, AMC, AMT, ASTS, BABA, BAC, BLLN, CAI, CBRS, COIN, CRWV, GME, HELP, HOOD, IONQ, JPM, KEEL, LEEF.CN, LITE, MRNA, MSTR, NFLX, NKE, NLST, PLTR, RDDT, SMCI, SNAP, SPCX, TMUS, TSM, UBER, UNH, VBNK, VZ.
How to read it
The comparison cuts each section of the two annual reports into sentences and matches them. A sentence that only changed its figures, or was reworded by under 10%, is counted as kept. Added is the share of the new section that has no match in the old one; removed is the share of the old section that has no match in the new one; growth is the change in sentence count. A long section rewritten in place scores high on both added and removed with little growth.
Churn is not a verdict. New risk language can be a new business line, a new regulation, or a real problem surfacing; the sentences in the detail say which. A company whose section could not be found in one of the two filings shows no cell there. Lists longer than 50 sentences are cut and the count says how many more there are.
Source
The two latest annual reports filed on EDGAR, section by section.