SEC Filing Scanner for M&A

SEC EDGAR filing analysis for M&A due diligence — extract financials, detect risks, and track corporate events from 10-K, 10-Q, and 8-K filings

Extract and analyze SEC EDGAR filings for acquisition due diligence.

Data Source

SEC EDGAR API (free, no API key, 10 req/sec rate limit):

• Company Facts: https://data.sec.gov/api/xbrl/companyfacts/CIK{cik}.json
• Submissions: https://data.sec.gov/submissions/CIK{cik}.json
• Full-Text Search: https://efts.sec.gov/LATEST/search-index?q=...

Filing Types & M&A Relevance

Filing	Use Case
10-K	Annual financials, risk factors, segment data, legal proceedings
10-Q	Quarterly trends, interim changes, going concern flags
8-K	Material events: acquisitions, dispositions, leadership changes, restatements
DEF 14A	Executive comp, related-party transactions, governance
SC 13D/G	Activist positions, ownership changes above 5%
Form 4	Insider buying/selling patterns (signal conviction)
Form D	Private placement activity (pre-IPO targets)

Extraction Framework

1. Financial Extraction (from XBRL)

• Revenue (3-5 year trend from Revenues or RevenueFromContractWithCustomerExcludingAssessedTax)
• EBITDA (computed: OperatingIncome + DepreciationAndAmortization)
• Net income, EPS, diluted shares
• Total assets, total liabilities, stockholders' equity
• Operating cash flow, CapEx, free cash flow
• Segment revenue breakdown (if multi-segment)

2. Risk Factor Analysis (from 10-K Item 1A)

• Categorize risks: market, operational, regulatory, financial, legal, technology
• Flag risks mentioning: litigation, regulatory investigation, material weakness, going concern
• Compare risk factors year-over-year to detect new disclosures
• Score overall risk severity (low / moderate / elevated / high)

3. Material Event Detection (from 8-K)

• Item 1.01: Entry into material agreement
• Item 2.01: Completion of acquisition or disposition
• Item 2.05: Costs of restructuring
• Item 4.01: Change in accountant (red flag)
• Item 5.02: Departure of directors/officers
• Item 8.01: Other material events

4. Ownership & Governance (from DEF 14A, 13D/G)

• Top institutional holders and concentration
• Insider ownership percentage
• Recent insider transactions (net buying vs. selling)
• Activist involvement flags

Output Format

text

SEC Filing Analysis: [Company Name] (CIK: XXXXXXXXXX)

Filings Scanned: 12 (3x 10-K, 8x 10-Q, 1x 8-K)
Date Range: 2023-01-01 to 2025-12-31

Financial Summary (from XBRL):
  Revenue TTM:     $164.5M (↑ 12% YoY)
  EBITDA TTM:      $28.3M  (17.2% margin)
  FCF TTM:         $22.1M
  Net Debt:        $45.0M  (1.6x EBITDA)

Risk Flags:
  ⚠ New risk factor: "concentration of revenue" (added FY2025)
  ⚠ Material weakness in internal controls (10-K Item 9A)
  ✓ No going concern language
  ✓ No change in auditor

Material Events (8-K):
  2025-09-15: Entered into $50M credit facility (Item 1.01)
  2025-06-01: CFO departure (Item 5.02)

Insider Activity (Last 12 months):
  Net Selling: $2.3M (3 insiders sold, 0 bought)

M&A-Specific Checks

• Change of control provisions: Search 10-K for "change of control", "golden parachute", "poison pill"
• Material contracts: Identify contracts with change-of-control triggers
• Customer concentration: Extract from risk factors or segment data
• Pending litigation: Quantify contingent liabilities from footnotes
• NOL carryforwards: Extract tax asset values (Section 382 limitation risk in acquisition)
• Lease obligations: Right-of-use assets and total lease commitments