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How to Read a 10-K

An investor can find a wealth of information in a company’s Form 10-K. Filed annually, the 10-K offers a detailed picture of what the company does, and the risks it faces. It also includes the company’s financial report.

The 10-K includes these sections:

  • “Business” describes the company’s main products and services. This is a good place to start to understand the company.
  • “Risk Factors” includes information about significant risks that the company faces, generally listed in order of importance.
  • “Selected Financial Data” provides certain financial information about the company for the last five years. You can find much more detailed financial information on the past three years in a separate section called, “Financial Statements and Supplementary Data.”
  • “Management’s Discussion and Analysis of Financial Condition and Results of Operations” gives the company’s view on the business results of the past fiscal year. This section, known as the MD&A for short, allows company management to tell its story in its own words.
  • “Financial Statements and Supplementary Data” contains the company’s audited financial statements, including the income statement, balance sheets, and statement of cash flows.

Please click here for more information and on these and other sections of the 10-K.