Thread by @StocksWithBrian

If you invest, you MUST learn how to read SEC filings.

Here are the 10 most useful filings, how to find them, and what they tell you:

1/ Filing: 10-K

The #1 go-to document to learn about a company.

Key insights:
▪️Business Overview
▪️All 3 financial statements compared to previous years
▪️Management’s discussion & analysis of the financials
▪️Risks

Here's $MDB latest 10K.

2/ Filing: 10-Q

The backup quarterback to the 10-K. A decent go-to when a 10-K isn't available or is several quarters old.

Key insights:
▪️Income Statement
▪️Balance Sheet
▪️Cash Flow Statement
▪️Management’s discussion & analysis
▪️Notes

$MDB's latest 10-Q:

3/ Filing: 8-K

An important "news brief" for investors.

Key insights: Details on a “material event” such as:
▪️Acquisition
▪️Delisting
▪️Management change
▪️Public event

Here’s the 8-K when $TWLO announced its recent layoff / restructuring plan.

4/ Filing: S-1, S-1A

An information-packed document released prior to going public.

Key insights:
▪️Business Description
▪️Growth strategy
▪️Pre-IPO financials
▪️Management’s discussion
▪️Use of proceeds
▪️Biggest shareholders
▪️Risks

Here’s $LMND's S-1 table of contents

5/ Filing: 424B4, 424B7

Update on the S1 AFTER a company comes public

Key insights:
▪️How many shares were sold
▪️IPO Pricing
▪️Post-IPO balance sheet

Here’s how much $LMND raised from its IPO

6/ Filing: S-4, Form 425

Merge/Acquisition details

Key insights:
▪️Terms of the acquisition
▪️Risks
▪️Pro-forma financial information (what the company’s financials would look like when combined)

Here's Lemonade's and MetroMile's combined assets from its S-4.

7/ Filing: DEF 14A (Proxy Statement)

Annual meeting information

Key insights:
▪️Items of vote for shareholders
▪️Executive compensation
▪️Inside Ownership of management/board

Here’s $DDOG's top shareholders from its DEF 14A. (note co-founder's skin in the game!)

8/ Filing: SC-13G (Schedule 13G), SC-13D (Schedule 13D)

What: A person/group now owns more than 5% of the company’s stock

Key Information:
▪️Buyer name & ownership stake

Below is the 13D where Elon Musk disclosed his 9.2% position in $TWTR in March 2022.

9/ Filing: Form 3, Form 4, Form 5

Insider ownership updates

Who:
▪️Management
▪️Board members
▪️An outside investor owns 10%+ of the company

Form 3 - Initial reporting
Form 4 - Change in ownership
Form 5 - Annual ownership statement

10a/ Foreign company SEC filings:

F-1 ➡️ Foreign IPO Prospectus (Like an S1)
20-F ➡️ Annual report (Like a 10k)
40-F ➡️ Annual report (Canadian company 10k)
6-k ➡️ Quarterly report, important Press release

10b/ SPAC SEC filings

8-K ➡️ Merger details finalized
424b3 ➡️ Post SPAC registration info
S-4 ➡️ Additional details and financial info
Form 425 ➡️ Tweets, interviews

To find this information, either visit:

1️⃣ SEC EDGAR database (sec.gov/edgar/searched…)
2️⃣ or the company’s investor relations page

For EDGAR: click the link above, type in a stock symbol in the search, then click to bring up the statements you want:

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In summary; here's my go-to SEC reports:

1️⃣ 10-K (Annual Report)
2️⃣ DEF 14A (Proxy)
3️⃣ 424B4 (Post-IPO Data & Financials)

H/T to @BrianFeroldi for his cheat sheet and insights for this thread: