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American Integrity Insurance Group, Inc. (AII)

NYSE / Financial Services / Insurance - Property & Casualty

Share price

27.70 USD Market dataClose of Oct 15, 2026

Market capitalisation

542.6M USD Market dataClose of Oct 15, 2026
Market data
Oct 15, 2026
Filed accounts
FY2025, filed Feb 27, 2026
Ratios computed
Oct 15, 2026
Filed years
2, FY2024 to FY2025
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
SEC filingFiled with the SEC
Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement
What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data
Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener
Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Four questions, at a glance

Quality

Return on equity

29.6% Computed

From the FY2025 filing

Read quality

Valuation

Price to earnings

4.90x Computed

FY2025 accounts, priced at the latest close

Read valuation

Cash generation

Free cash flow yield

n/m Computed

FY2025 accounts, priced at the latest close

Why n/m

For a bank, an insurer, a broker or investment firm, or a mortgage trust, operating cash flow swings with the size of the loan, trading and funding book rather than with operating performance, so free cash flow is not the measure of the business. Look at earnings and capital adequacy.

Read cash generation

Revenue and net income, by fiscal year

FY2023 Revenue: 200.9M USDFY2023 Net income: 37.8M USDFY2024 Revenue: 204.4M USDFY2024 Net income: 39.7M USDFY2025 Revenue: 276.5M USDFY2025 Net income: 99.6M USD
Revenue Net income3 fiscal years; a year whose statement names no SEC filing is market data, and the table in Filings says which.
Named tests met
2 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it cheap

Price to earnings is 4.90x at the close of 2026-10-15 on FY2025 figures; the lines are 15.00x (Graham's defensive ceiling) and, by market convention, 10.00x, 25.00x and 40.00x, and this sits below the lowest.

Today, against the Insurance - Property & Casualty industry (37 companies), 4.90x sits at the 0th percentile; the middle half of that group runs from 7.99x to 14.29x.

Is it good

Return on equity was 29.6% in FY2025, in the band labelled "Exceptional, check the leverage" (25.0% and above), on lines anchored on Damodaran's cost-of-capital data, suggesting high returns on shareholders' money, which leverage can also produce.

Today, against the Insurance - Property & Casualty industry (40 companies), 29.6% sits at the 79th percentile; the middle half of that group runs from 11.3% to 26.5%.

Is it safe

Debt to equity was 0.0032 in FY2025, in the band labelled "Conservative" (below 0.50), on lines anchored on Graham's defensive-investor criteria, suggesting a balance sheet that relies little on borrowing.

Today, against the Financial Services sector (80 companies), 0.0032 sits at the 6th percentile; the middle half of that group runs from 0.21 to 1.42.

Year by year against peers
Whether American Integrity Insurance Group, Inc.'s return on equity stayed above the median of the Insurance - Property & Casualty industry, year by year. (FY2023 to FY2025, 3 fiscal years of American Integrity Insurance Group, Inc. with a comparable figure)
What could explain it
What in American Integrity Insurance Group, Inc.'s filed statements could explain the movements. (3 readings drawn from the statement lines American Integrity Insurance Group, Inc. filed)
What to check next
What to check next on American Integrity Insurance Group, Inc., and where in its filings. (2 questions for American Integrity Insurance Group, Inc.)
In one paragraph
One paragraph on American Integrity Insurance Group, Inc.'s returns, cash, balance sheet and price. (4 of sixteen figures read for American Integrity Insurance Group, Inc.)

These are AII’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research AIIPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2025 annual report: 10-K, filed Feb 27, 2026, accession 0002007587-26-000016.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

American Integrity Insurance Group, Inc: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax
Why n/m

Invested capital is equity plus debt less cash. A financial company's debt and cash are operating positions, so returns measured against that base are not comparable to an operating business.

n/m ComputedFY2025 10-K, filed Feb 27, 2026, 0002007587-26-000016
Return on equity29.6% ComputedFY2025 10-K, filed Feb 27, 2026, 0002007587-26-000016
Return on capital employed, pre-tax
Why n/m

Invested capital is equity plus debt less cash. A financial company's debt and cash are operating positions, so returns measured against that base are not comparable to an operating business.

n/m ComputedFY2025 10-K, filed Feb 27, 2026, 0002007587-26-000016
Return on assets8.1% ComputedFY2025 10-K, filed Feb 27, 2026, 0002007587-26-000016
Gross margin
Why n/a

No gross profit line is filed for this year.

n/a ComputedFY2025 10-K, filed Feb 27, 2026, 0002007587-26-000016
Operating margin
Why n/a

No operating income line is filed for this year.

n/a ComputedFY2025 10-K, filed Feb 27, 2026, 0002007587-26-000016
Net margin36.0% ComputedFY2025 10-K, filed Feb 27, 2026, 0002007587-26-000016
AII 36.0%
ACIC 31.9%HRTG 23.1%ASIC 17.4%BOW 9.8%UVE 11.4%
9.8%36.0%
Net margin: AII against the 5 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

American Integrity Insurance Group, Inc: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity0.003 ComputedFY2025 10-K, filed Feb 27, 2026, 0002007587-26-000016
Current ratio
Why n/m

Banks and insurers present an unclassified balance sheet under Regulation S-X, with no split between current and non-current. A current ratio needs that split, so there is none to show.

n/m ComputedFY2025 10-K, filed Feb 27, 2026, 0002007587-26-000016
Quick ratio
Why n/m

Banks and insurers present an unclassified balance sheet under Regulation S-X, with no split between current and non-current. A current ratio needs that split, so there is none to show.

n/m ComputedFY2025 10-K, filed Feb 27, 2026, 0002007587-26-000016
Interest coverage
Why n/a

No operating income line is filed for this year.

n/a ComputedFY2025 10-K, filed Feb 27, 2026, 0002007587-26-000016
Altman Z-score
Why n/m

Altman's Z-Score was estimated on manufacturers and explicitly excludes financial firms. A financial company scores in the distress zone by construction, so the number would be wrong rather than alarming. Not applicable to financials.

n/m ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 27, 2026, 0002007587-26-000016
Net debt-220.9M ComputedFY2025 10-K, filed Feb 27, 2026, 0002007587-26-000016
Total assets 1.23BTotal liabilities 893.2MShareholders' equity 337.0MOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity
The balance sheet, line by line

Financial health

What American Integrity Insurance Group, Inc owned and owed at the end of fiscal 2025, from the balance sheet it filed (10-K, filed Feb 27, 2026, 0002007587-26-000016).

American Integrity Insurance Group, Inc: balance sheet position
Total assets1.23B FiledFY2025 10-K, filed Feb 27, 2026
Total liabilities893.2M FiledFY2025 10-K, filed Feb 27, 2026
Shareholders' equity337.0M FiledFY2025 10-K, filed Feb 27, 2026
Cash222.0M FiledFY2025 10-K, filed Feb 27, 2026
Total debt1.1M FiledFY2025 10-K, filed Feb 27, 2026
Net debt-220.9M
Current ration/m
Debt to equity0.003
  • Current ratio: FY2025: Banks and insurers present an unclassified balance sheet under Regulation S-X, with no split between current and non-current. A current ratio needs that split, so there is none to show.
  • Interest cover: FY2025: No operating income line is filed for this year.

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

American Integrity Insurance Group, Inc: what the market charges, each with its source
FigureValue, source and document
Price to earnings4.90x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 27, 2026, 0002007587-26-000016
P/E on trailing twelve months6.92x ComputedClose of Oct 15, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book1.42x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 27, 2026, 0002007587-26-000016
Price to sales1.73x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 27, 2026, 0002007587-26-000016
Enterprise value to EBIT
Why n/m

Enterprise value adds debt and subtracts cash. For a financial company both are the business itself, so the resulting multiple has no economic meaning.

n/m ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 27, 2026, 0002007587-26-000016
Enterprise value to EBITDA
Why n/m

Enterprise value adds debt and subtracts cash. For a financial company both are the business itself, so the resulting multiple has no economic meaning.

n/m ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 27, 2026, 0002007587-26-000016
Price to earnings over growth
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 27, 2026, 0002007587-26-000016
Diluted earnings per share5.65 USD FiledFY2025 10-K, filed Feb 27, 2026, 0002007587-26-000016
Graham number49.86 USD ComputedFY2025 10-K, filed Feb 27, 2026, 0002007587-26-000016

We publish no fair value or price target of our own. Value AII on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for American Integrity Insurance Group, Inc today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

American Integrity Insurance Group, Inc: valuation
Share price27.70 USD
Market capitalisation542.6M USD
Enterprise value to EBITDAn/m
Graham number49.86 USD
Diluted earnings per share, FY20255.65 USD

Price to earnings on trailing twelve months, a different basis from the fiscal-year P/E above, since Aug 13, 2025: low 2.75x, median 5.81x, high 9.57x, latest 6.92x. 294 trading days with a meaningful ratio. Each close over the trailing twelve months of earnings as known that day: a quarter counts from the day it was filed.

Companies like American Integrity Insurance Group, Inc

  1. American Coastal Insurance Corporation (ACIC)Market cap 530.7M USD
  2. Heritage Insurance Holdings, Inc. (HRTG)Market cap 1.09B USD
  3. Ategrity Specialty Holdings LLC (ASIC)Market cap 1.29B USD
  4. Bowhead Specialty Holdings Inc. (BOW)Market cap 1.12B USD
  5. Universal Insurance Holdings, Inc. (UVE)Market cap 1.30B USD

Same industry (Insurance - Property & Casualty) and size band (Small, 300M to 2B), nearest in market value and net margin. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

SEC filingComputed

American Integrity Insurance Group, Inc: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield
Why n/m

For a bank, an insurer, a broker or investment firm, or a mortgage trust, operating cash flow swings with the size of the loan, trading and funding book rather than with operating performance, so free cash flow is not the measure of the business. Look at earnings and capital adequacy.

n/m ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 27, 2026, 0002007587-26-000016
Free cash flow133.2M USD ComputedFY2025 10-K, filed Feb 27, 2026, 0002007587-26-000016
Free cash flow margin
Why n/m

For a bank, an insurer, a broker or investment firm, or a mortgage trust, operating cash flow swings with the size of the loan, trading and funding book rather than with operating performance, so free cash flow is not the measure of the business. Look at earnings and capital adequacy.

n/m ComputedFY2025 10-K, filed Feb 27, 2026, 0002007587-26-000016
Dividend yield
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 27, 2026, 0002007587-26-000016
Payout ratio
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2025 10-K, filed Feb 27, 2026, 0002007587-26-000016
FY2023 Free cash flow: 63.7M USDFY2023 Net income: 37.8M USDFY2024 Free cash flow: 147.6M USDFY2024 Net income: 39.7M USDFY2025 Free cash flow: 133.2M USDFY2025 Net income: 99.6M USD
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filingMarket data

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

American Integrity Insurance Group, Inc.: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
4.90xFY2025Oct 15, 2026
1.42xFY2025Oct 15, 2026
n/mFY2025Oct 15, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
n/mFY2025Oct 15, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
n/mFY2025Feb 27, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
n/aFY2025Oct 15, 2026
n/a The filed cash flow statement reports no dividend paid at all. That is not the same as a filed zero, and we will not read it as one.
0.003FY2025Feb 27, 2026
n/mFY2025Feb 27, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
1.73xFY2025Oct 15, 2026
n/aFY2025Oct 15, 2026
n/a This figure compares a year against the one before it, and we hold one filed year for this company.
n/mFY2025Oct 15, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
n/mFY2025Feb 27, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
n/mFY2025Feb 27, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.

The figures are computed from the accounts for fiscal 2025, the newest full year on file. 2 filed fiscal years on record, FY2024 to FY2025, from SEC EDGAR. Prices as of Oct 15, 2026. Ratios recomputed Oct 15, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

3 fiscal years, FY2023 to FY2025. 2 read from the annual reports American Integrity Insurance Group, Inc filed with the SEC, each naming its filing; the rest from statements that name none, which are market data. Amounts in USD, as reported.

American Integrity Insurance Group, Inc: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
YearRevenueOperating incomeNet incomeEPS, dilutedFree cash flowOperating marginReturn on equityFiling
FY2025276.5M115.1M99.6M5.65133.2Mn/a29.6%10-K, Feb 27, 20260002007587-26-000016
FY2024204.4M51.1M39.7M2.95147.6Mn/a24.5%10-K, Feb 27, 20260002007587-26-000016
FY2023200.9M44.8M37.8M1.8463.7M22.3%28.2%Market data, supplied Oct 15, 2026accession n/a
  • Revenue, compound annual growth FY2023 to FY2025: 17.3%
  • Earnings, compound annual growth FY2023 to FY2025: 62.3%
  • Earnings per share, compound annual growth FY2023 to FY2025: 75.2%
  • Free cash flow, compound annual growth FY2023 to FY2025: 44.6%

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

American Integrity Insurance Group, Inc: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score
Why n/m

The Beneish M-Score is built on gross margin, receivables and asset quality indices estimated on non-financial firms. Those inputs are not defined here.

n/m ComputedFY2025 10-K, filed Feb 27, 2026, 0002007587-26-000016
Piotroski F-score
Why n/m

4 of the nine Piotroski signals are undefined for an insurer: signal 5 (falling long-term leverage), signal 6 (rising current ratio), signal 8 (rising gross margin), signal 9 (rising asset turnover). We do not publish a partial score under the full score's name.

n/m ComputedFY2025 10-K, filed Feb 27, 2026, 0002007587-26-000016
Named tests met2 of 30 Computed
Beta
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026

The named tests

Of 30 tests value investors published: 2 met, 10 not met, 18 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)
Meets
P/E times P/B (Benjamin Graham); Cheapest quarter on P/E (David Dreman)
Does not
Deep value; Large cap, low P/E; High F-score, low P/B (Joseph Piotroski); Dividends and buybacks; Near the 52-week low; High return on tangibles; Low P/S, rising earnings (James O'Shaughnessy); Book or below, low debt (Walter Schloss); Tangible book or below; Cheapest quarter on P/B (David Dreman)
Not measured
Defensive investor (Benjamin Graham); Earnings yield and ROIC (Joel Greenblatt); Three forensic scores; Low PEG, low debt (Peter Lynch); High returns and growth; Gross margin, turnover (Robert Novy-Marx); EV/EBITDA and coverage; High yield, low payout; Low beta, profitable; ROIC at or above WACC; Z-score and coverage (Edward Altman); Two thirds of NCAV (Benjamin Graham); High returns, low debt; Owner earnings yield; Cash-covered dividend; Cash-flow yield and ROIC; Clean books, high ROIC; Low P/E, growth, yield (John Neff). A test with a figure we could not read is incomplete, never met and never failed.
Figures we could not read(24)
  • Current Ratio: Banks and insurers present an unclassified balance sheet under Regulation S-X, with no split between current and non-current. A current ratio needs that split, so there is none to show.
  • Positive Earnings Streak: We hold 3 profitable filed years in a row; the test needs 10.
  • Piotroski F-Score: 4 of the nine Piotroski signals are undefined for an insurer: signal 5 (falling long-term leverage), signal 6 (rising current ratio), signal 8 (rising gross margin), signal 9 (rising asset turnover). We do not publish a partial score under the full score's name.
  • EV/EBIT: Enterprise value adds debt and subtracts cash. For a financial company both are the business itself, so the resulting multiple has no economic meaning.
  • Return on Invested Capital: Invested capital is equity plus debt less cash. A financial company's debt and cash are operating positions, so returns measured against that base are not comparable to an operating business.
  • Altman Z-Score: Altman's Z-Score was estimated on manufacturers and explicitly excludes financial firms. A financial company scores in the distress zone by construction, so the number would be wrong rather than alarming. Not applicable to financials.
  • Beneish M-Score: The Beneish M-Score is built on gross margin, receivables and asset quality indices estimated on non-financial firms. Those inputs are not defined here.
  • PEG Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Eps Growth 5Y: We do not hold this figure for this company, so there is nothing to show.
  • Rev Growth 5Y: We do not hold this figure for this company, so there is nothing to show.
  • Gross Margin: No gross profit line is filed for this year.
  • Asset Turnover: A lender's assets are loans and securities that earn interest, not plant used to produce sales. Revenue over assets is not a turnover measure here.
  • EV/EBITDA: Enterprise value adds debt and subtracts cash. For a financial company both are the business itself, so the resulting multiple has no economic meaning.
  • Interest Coverage: No operating income line is filed for this year.
  • Dividend Yield: We do not hold this figure for this company, so there is nothing to show.
  • Payout Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Free Cash Flow Yield: For a bank, an insurer, a broker or investment firm, or a mortgage trust, operating cash flow swings with the size of the loan, trading and funding book rather than with operating performance, so free cash flow is not the measure of the business. Look at earnings and capital adequacy.
  • Beta: We do not hold this figure for this company, so there is nothing to show.
  • ROIC-WACC Spread: Invested capital is equity plus debt less cash. A financial company's debt and cash are operating positions, so returns measured against that base are not comparable to an operating business.
  • Price To Ncav: Net current asset value needs current assets, which an unclassified balance sheet does not report.
  • Owner Earnings Yield: For a bank, an insurer, a broker or investment firm, or a mortgage trust, operating cash flow swings with the size of the loan, trading and funding book rather than with operating performance, so free cash flow is not the measure of the business. Look at earnings and capital adequacy.
  • Capex To Ocf: For a bank, an insurer, a broker or investment firm, or a mortgage trust, operating cash flow swings with the size of the loan, trading and funding book rather than with operating performance, so free cash flow is not the measure of the business. Look at earnings and capital adequacy.
  • Dividend Coverage Ratio: For a bank, an insurer, a broker or investment firm, or a mortgage trust, operating cash flow swings with the size of the loan, trading and funding book rather than with operating performance, so free cash flow is not the measure of the business. Look at earnings and capital adequacy.
  • Dividend Streak: We do not hold this figure for this company, so there is nothing to show.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by the founder: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

More on this company

What this cannot tell you

  • 24 figures could not be read on this company, among them Current Ratio, Positive Earnings Streak, Piotroski F-Score. Each blank in the table above names the rest, with its reason. 18 named tests come back incomplete because of them, which is neither met nor missed.
  • We hold 2 filed fiscal years rather than 10, so the run above is shorter than a full decade and is counted as what it is.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

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ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Margin Notes

Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.

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