Every change links back to the exact passage.
Material watches public companies' SEC filings so you don't have to read them yourself. Every new filing is checked against its own words and compared with the right prior period — then you see exactly what changed: litigation, leadership, agreements, restatements, and the disclosures that quietly disappeared.
Material watches for the 16 kinds of change that can actually matter — restatements, leadership changes, new litigation, material agreements, and the disclosures that quietly disappear. Each one is read from the filing, not inferred from price, sentiment or commentary. Severity decides what lands at the top of your feed.
High · 9
Sorted to the top of your feed and worth opening the day it lands.
Form 8-K Item 1.03: the company has entered bankruptcy or receivership proceedings.
Form 8-K Item 4.02: the company says a prior financial statement should no longer be relied on.
A previously reported financial figure was restated in a later filing's SEC XBRL data.
Form 8-K Item 4.01: the company's independent accountant changed.
Form NT 10-K/NT 10-Q: the company told the SEC its periodic report will be late.
Form 8-K Item 2.04: an event has triggered acceleration or an increase of a direct financial obligation.
Legal exposure can carry direct financial and reputational risk.
A disclosure from the prior comparable filing no longer appears — the filing never says why.
Leadership changes can signal a strategic shift or instability.
Medium · 4
A real signal, but usually one the company disclosed on purpose and through its own governance.
New or changed agreements can affect obligations, revenue, or control.
A specific transaction between the company and a director, officer, major shareholder, or their family member/affiliate was disclosed or dropped in the proxy statement.
The independent auditor added or dropped a Critical Audit Matter — an area of especially challenging or subjective judgment in this year's audit.
A forward-looking commitment from the prior comparable filing's MD&A is no longer restated — the filing never says why.
Low · 3
Context. Tracked so the record is complete, not because it's an alarm.
Shows which subsidiaries are consolidated in the financial statements.
A forward-looking commitment from the prior comparable filing's MD&A was reworded — often a changed timeline or figure.
Tracks reported financial performance period over period.
9
EDGAR form types read
16
Kinds of change flagged
6h
Between filing checks
1
Company free, forever
Add a company
A ticker or an SEC CIK number. Companies only — an individual SEC filer is refused rather than tracked, because a person has no 10-K to read.
Material reads the filing so you don't have to
Leadership, litigation, material agreements, forward-looking commitments, the basis of consolidation — pulled straight out of the filing text, each fact tagged with the verbatim sentence it came from.
Everything is checked against the filing's own words
If the filing doesn't support a fact, Material doesn't report it. A claim is stored only once the filing's own text backs it up — a fabricated officer that reached the database would reach your inbox, so it never reaches the database.
Compared with the right prior filing
Quarter against the same quarter a year earlier, annual against annual — never a quarter against a full year — so what you see is what actually changed. What a company stopped saying counts as a change too.
Stop checking the SEC yourself
Material watches for new filings and changes so you don't have to keep refreshing EDGAR — it checks every 6 hours. By default an alert goes out as soon as something turns up; a daily or weekly digest at 9am in your own timezone is the alternative.
How far a filing's language moved, in one number.
Every 10‑K and 10‑Q's Management's Discussion and Analysis is measured across seven categories of financial language and compared with the prior quarter or the same period a year earlier. You get a score from 0 to 100 and the category that moved most — so a rewrite that slips past a read-through doesn't slip past this.
The method
Loughran-McDonald financial sentiment word lists
The standard vocabulary of academic finance research. General-purpose sentiment tools read words like “liability” and “tax” as bad news; these lists were built from 10‑K filings themselves, so ordinary accounting language isn't mistaken for a warning sign. Used with the authors' permission.
Filing language drift
Example30.0
vs. the same period a year earlier — largest shift in Uncertainty word usage.
AI reads it. The filing proves it.
A fact that isn't in the filing never gets stored
Material doesn't treat an AI response as evidence. Every fact carries the verbatim sentence that backs it up, and anything the filing's own text doesn't support is dropped before it's ever stored — not after.
The headline figures come from SEC's data, not from prose
SEC's XBRL company-facts data is the primary source for revenue, net income, total assets and cash flow — matched to a filing by its accession number, not inferred from prose. A figure a later filing reports differently for a period already on file is flagged as a restatement.
Every item links back to the filing on EDGAR
Where the quote is specific enough, the link lands on that exact passage instead of the top of a 300-page document. Where it isn't, it opens the filing itself. Nothing here asks to be taken on faith.
What a company stopped saying counts as a change
MD&A, Risk Factors and Legal Proceedings are diffed sentence by sentence against the prior comparable filing. When a forward-looking commitment quietly stops being repeated, that's flagged too — the filing never says why, and neither do we.
Start with one company you already care about.
Its most recent filing is read the moment you add it, and every filing after that is compared against the one before it.