AI that reads SEC filings
and finds what doesn't add up
Our multi-pass verification engine cross-references every claim in a company's 10-K and 10-Q filings. When the numbers contradict each other, we flag it — before the market does.
The signal is real
Backtested across 97 S&P 500 companies and 4 market regimes. Buy-Sell spread of +23.4pp. Sell signals averaged -9.5% alpha vs SPY.
| SIGNAL | 12M ALPHA VS SPY | HIT RATE |
|---|---|---|
| Strong Buy | +3.06% | — |
| Buy | +16.94% | 57.1% |
| Hold | -9.95% | — |
| Sell | -5.45% | — |
| Strong Sell | -9.29% | 33.3%* |
* Strong Sell hit rate = % that underperformed SPY at 12-month mark. Data: 2022–2025, multiple filing windows.
Latest Red Flags
From Q1 2026 SEC filings. Updated as companies file.
Revenue up 91% but margins only improved 15%. SDG&E recorded $651M regulatory charge.
Segment revenues exceed consolidated total by $173B. Medical Care Ratio deteriorated 710bps since 2022.
Segment revenues exceed total by $6.5B (20%). Segment net income discrepancy of $2B (41%).
COVID testing revenue collapsed 97%. Life Sciences margins compressed from 50%+ to 32%.
Negative shareholder equity ($9.9B deficit). Comp sales declining: -4.3% to -7.4% across quarters.
21 companies analyzed · 9 flagged · 3,574 checks performed
How it works
Four automated passes. Every filing. Every quarter.
Ingest
We pull every 10-K and 10-Q from SEC EDGAR the moment it's filed. Full text, structured data, and XBRL financials.
SEC EDGAR → Filing Text + XBRLExtract
AI reads every section — MD&A, financial statements, risk factors — and extracts all quantitative claims with their sources.
LLM → 200+ claims per filingCross-Reference
Every number is checked against every other number in the filing, then against historical filings. Revenue in the MD&A should match the income statement. Cash flow trends should match earnings trends.
Internal + Temporal verificationScore
Each company gets an anomaly score based on what doesn't add up. High anomaly + low quality = red flag. The score is deterministic — no LLM opinion, just math.
Anomaly · Quality · Momentum → SignalGet the 5 riskiest filings every week
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