Filing Diff
Find what materially changed between this filing and the last one.
Seat
ER/HF · IB · PE
Level
Analyst / Associate
Your time
~20 min
Output
Material-changes memo with source citations
Access
Free to run
Runs for everyone
What this helps you accomplish
Companies bury changes in repetition: risk factors quietly reworded, accounting policies tweaked, segments redefined, legal exposures added. This workflow diffs consecutive filings and separates material changes from boilerplate churn.
Delegate · Verify · Decide
The core L3VLUP principle: AI output is never automatically correct. Know what to hand off, what to check, and what only you can own.
Delegate
AI is good enough to do this.
- • Section-by-section text comparison across both filings
- • Flagging added, deleted and reworded passages
- • Extracting changed accounting estimates into a table
- • Building the citation list with page/section references
Verify
AI accelerates you here, but a professional checks the work.
- • Flagged changes are real changes, not reformatting or renumbering
- • Quoted before/after language is verbatim from each filing
- • Numeric changes aren’t just presentation reclassifications — check the footnote
Decide
Judgment the human owns. This is the skill.
- • Which changes are material to your thesis or deal
- • Whether a new risk factor is lawyer boilerplate or a genuine signal
- • Whether a policy change flatters the numbers, and what to do about it
Inputs required
- Current filing (10-K / 10-Q / annual report)
- Prior comparable filing
- Focus areas if any: risk factors, segments, accounting policies, legal
The workflow
- 1
Align the documents
Match sections between filings — companies reorder sections precisely when they change them.
- 2
Diff the language
Risk factors, MD&A, accounting policies, commitments and contingencies. New paragraphs and deleted paragraphs matter more than edits.
- 3
Diff the numbers
Restatements, reclassifications, segment redefinitions, changes in estimates (useful lives, reserves, assumptions).
- 4
Rank materiality
Score each change: does it affect earnings power, risk profile, or disclosure quality? Discard formatting churn.
- 5
Write it up
Memo ordered by materiality, each item with the exact before/after language and page reference.
Run this skill
Want the checked version? Filing diff runs in Finance OS on the company’s filings, with every figure traced to its source. The runner below works from what you paste or what the web finds.
Any listed company, anywhere. Ticker or name.
Quality checklist
The output isn’t done until every box ticks.
- Every item cites section + page in both filings
- Changes ranked by materiality, not document order
- At least one "nothing changed here and that itself is notable" observation where relevant