10-K / 10-Q Diff Tracker
Companies file 10-Ks (annual) and 10-Qs (quarterly) with hundreds of pages of boilerplate. The signal lives in the diff between consecutive filings — newly added risk factors, MD&A language shifts, segment redefinitions. HoldLens surfaces those changes automatically.
What gets diffed
- Risk Factors (Item 1A) — newly added, removed, or materially reworded risks. New risk-factor text is usually the single most-tradable signal in a 10-K.
- MD&A (Item 7) — Management Discussion and Analysis tone shifts, customer-concentration disclosures, accounting policy changes, segment reporting redefinitions.
- Legal Proceedings (Item 3) — new litigation disclosures, settlement amounts, reversed prior estimates.
- Segment data — segment redefinitions (often signal preparation for divestiture or spin-off) and per-segment margin shifts.
Why this is hard (and rare)
Almost no platform does this well — Bloomberg charges $25k/year for 10-K diff tools, no free tool exists. The challenge: 10-Ks are filed as multi-megabyte XBRL/HTML documents with formatting changes that LOOK like content changes. HoldLens normalizes the text first (strips boilerplate formatting) then diffs on semantic chunks.
Status
Phase 2 ship (planned 2026 Q3). Day-1 hub shipped. Day-2: 10-K + 10-Q EDGAR fetcher with text-normalization pass. Day-3: per-issuer year-over-year diff pages with section-by-section change highlights. Day-4: per-section subscription alerts for new risk factors and MD&A language shifts.
Related
8-K material events · Financial restatements · Insider trades · Proxy filings