10k-digest · git:20260721.c0c852c · 2026-07-21 · sha256 0d23de9706715863
10k-digest git:20260721.c0c852cB
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--- description: Deep-read a 10-K annual report and output a structured markdown digest — abstract, section summaries, key metrics, and sourced references. Output in English or Traditional Chinese. --- # 10-K Report Digest ## ⚠️ Data Verification — Do This Before Any Analysis Before running the digest, confirm the filing details: 1. **Identify the filing** — confirm ticker, fiscal year-end, and exact 10-K filing date from SEC EDGAR. 2. **State your source** — note where the document came from (e.g., "SEC EDGAR, FY2024 10-K filed 2025-02-05") at the top of the output. 3. **Flag incomplete data** — if only partial sections are available, list what is missing before proceeding. > ⚠️ **Source unavailable.** If the full 10-K cannot be retrieved, display this warning and proceed only with the sections provided. --- Produce a clean, structured markdown document that distills a company's 10-K annual report into an abstract, per-section summaries, a digest of key metrics, and full source references. Designed for quick comprehension — not trading signals. Output language is selectable: English or Traditional Chinese (繁體中文). ## How to Use ``` # Analyze by ticker (fetches latest 10-K) /10k-digest AAPL # Paste 10-K text directly /10k-digest [paste 10-K sections here] # Specify fiscal year /10k-digest MSFT FY2024 # Output in Traditional Chinese /10k-digest NVDA --lang zh-TW # Save output to file /10k-digest GOOGL --output googl-10k-digest.md ``` --- ## Output Document Structure The skill produces a single markdown document with the following sections in order. --- ### 1. Cover Block ``` # [Company Name] ([TICKER]) — 10-K Digest **Fiscal Year:** [FY20XX ending MM/DD/YYYY] **Filed:** [Filing date] **Source:** SEC EDGAR — [Direct URL to filing] **Prepared:** [Today's date] **Language:** English | 繁體中文 ``` --- ### 2. Abstract A 3–5 sentence executive summary of the entire 10-K. Cover: - What the company does (core business in one sentence) - Year-over-year financial performance headline (revenue, profit, FCF) - The single most important strategic development disclosed in this filing - The most material risk disclosed - Overall filing tone (transparent / cautious / optimistic) --- ### 3. Section Summaries Summarize each major 10-K section. For each section, write 2–4 sentences capturing the substance — not just restating headings. #### 3.1 Business Overview (Item 1) - Core products/services and revenue model - Key markets and customer segments - Significant changes to business described in this filing (new products, acquisitions, divestitures) #### 3.2 Risk Factors (Item 1A) - Total number of risk factors disclosed - Top 3 risks by disclosure prominence (listed first, given most space, or new this year) - Any risks added or removed vs. prior filing (state "N/A if prior not available") - One-line assessment: are risks standard boilerplate or specific and material? #### 3.3 Selected Financial Data / Properties (Items 1B–2) - Key quantitative highlights from Selected Financial Data if present - Material properties or facilities disclosed #### 3.4 Management's Discussion & Analysis — MD&A (Item 7) - Revenue: total and YoY growth; organic vs. inorganic split if stated - Gross margin and operating margin trend - Management's stated explanation for performance changes - Forward-looking statements: what management guided or projected - Liquidity summary: cash position, debt level, upcoming maturities #### 3.5 Financial Statements (Items 8) - Revenue, net income, EPS (GAAP) — current year vs. prior year - Operating cash flow and free cash flow (OCF minus capex) - Total assets, total debt, shareholders' equity - Auditor name and opinion type (unqualified / qualified / adverse) - Any restatements or material changes in accounting policy noted #### 3.6 Quantitative Disclosures about Market Risk (Item 7A) - Primary market risks disclosed (interest rate, FX, commodity) - Sensitivity disclosures if provided (e.g., "1% rate rise = $X impact") #### 3.7 Controls and Procedures (Item 9A) - Management's conclusion on effectiveness of internal controls - Any material weaknesses or significant deficiencies disclosed #### 3.8 Legal Proceedings (Item 3) - Active material litigation or regulatory matters - Estimated financial exposure if disclosed #### 3.9 Executive Compensation & Governance (Items 10–13, from Proxy if incorporated) - CEO/CFO compensation summary - Board composition notes (independence, tenure) - Any significant governance changes --- ### 4. Key Metrics Table Provide a concise metrics table drawn directly from the financial statements. Use exact figures from the filing; do not estimate. ``` | Metric | Current FY | Prior FY | YoY Change | |---------------------------|-----------------|-----------------|------------| | Revenue | $X.XX B | $X.XX B | +X.X% | | Gross Profit | $X.XX B | $X.XX B | +X.X% | | Gross Margin % | XX.X% | XX.X% | +X bps | | Operating Income | $X.XX B | $X.XX B | | | Operating Margin % | XX.X% | XX.X% | | | Net Income (GAAP) | $X.XX B | $X.XX B | | | EPS Diluted (GAAP) | $X.XX | $X.XX | | | Operating Cash Flow | $X.XX B | $X.XX B | | | Capital Expenditures | $X.XX B | $X.XX B | | | Free Cash Flow | $X.XX B | $X.XX B | | | Cash & Equivalents | $X.XX B | $X.XX B | | | Total Debt | $X.XX B | $X.XX B | | | Net Debt / (Net Cash) | $X.XX B | $X.XX B | | | Shares Outstanding (dil.) | X.XX B | X.XX B | | ``` Note below the table: data source (filing section and page number if available). --- ### 5. Highlights & Concerns Two short lists that give the reader the "so what" without leaving the digest. Draw every item directly from the filing and cite the source Item. **Highlights** — up to 5 of the strongest positives disclosed this year (e.g., record revenue, margin expansion, new products/segments, strong FCF conversion, new buyback authorization, market-share gains). Format: `- **[Headline]** — [one sentence] *(Item X)*` **Concerns** — up to 5 of the most material negatives or warning signs (e.g., decelerating growth, margin compression, rising leverage, customer/supplier concentration, new risk factors, active litigation, going-concern language). Format: `- **[Headline]** — [one sentence] *(Item X)*` --- ### 6. Management Outlook & Forward Guidance Capture every forward-looking commitment made in the filing. Present as a table. ``` | Guidance Item | What Management Said | Time Horizon | Source | |----------------------------|-------------------------------------|--------------|------------| | Revenue growth | [target / range / directional] | [FY / multi] | Item 7 | | Margin target | [gross / operating target] | [horizon] | Item 7 | | Capex / capacity | [planned spend or expansion] | [horizon] | Item 7 | | Capital allocation | [dividend / buyback / debt / M&A] | [horizon] | Item 7/8 | | Strategic priorities | [product roadmap, new markets] | [horizon] | Item 1/7 | ``` Only include rows the filing actually addresses. If the 10-K gives no explicit guidance (common — 10-Ks are backward-looking), state that and summarize any qualitative forward statements instead. --- ### 7. Prior-Year Promise Tracker An accountability audit: take the forward-looking statements, targets, and stated priorities from **last year's** 10-K (Item 7 MD&A) and score whether they materialized in this year's results. This is the single most differentiating part of the digest — it measures management credibility over time. ``` | Prior-Year Commitment (FY[N-1] 10-K) | FY[N] Actual Result | Verdict | Notes | |-----------------------------------------|------------------------------|-------------|------------------| | [what management said they would do] | [what actually happened] | ✅ Delivered | [brief context] | | [e.g., "expand operating margin"] | [e.g., "margin +120 bps"] | 🟡 Partial | [brief context] | | [e.g., "launch product X in H2"] | [e.g., "slipped to next FY"] | ❌ Missed | [brief context] | ``` Verdict legend: ✅ Delivered · 🟡 Partial · ❌ Missed · ⏳ Too early to judge. Close with a one-line **Management Credibility read**: e.g., "4/5 prior commitments delivered — high follow-through." If the prior-year 10-K is unavailable, state `N/A — prior filing not retrieved` and skip the table. --- ### 8. Bull vs. Bear Synthesis A lightweight face-off built strictly from evidence in this filing — not a full valuation call (defer to `bear-case`, `stock-eval`, and `stock-valuation` for that). **Bull case** — 3–4 strongest points from this filing supporting the stock. **Bear case** — 3–4 strongest points from this filing arguing against it. **Net read** — one sentence weighing the two, consistent with the Investment Signal below. --- ### 9. Notable Disclosures Bullet list of up to 8 items that are worth investor attention but don't fit neatly into section summaries: - New segment or business unit disclosures - Changes in accounting estimates or policies - Related party transactions - Auditor changes - Going concern language (if any) - New share repurchase authorizations or dividend changes - Material acquisitions or divestitures announced - Specific named customers or suppliers with concentration risk --- ### 10. Source References List all sources cited in this digest. Format: ``` ## References 1. **SEC EDGAR Filing** — [Company] 10-K, FY[XXXX] URL: https://www.sec.gov/cgi-bin/browse-edgar?... Filed: [Date] | Accession No.: [XXXXXXXXXX-XX-XXXXXX] 2. **Item 1 — Business** (pp. X–X of filing) 3. **Item 1A — Risk Factors** (pp. X–X of filing) 4. **Item 7 — MD&A** (pp. X–X of filing) 5. **Item 8 — Financial Statements** (pp. X–X of filing) 6. **Item 9A — Controls and Procedures** (pp. X–X of filing) 7. **Exhibit 13 / Annual Report to Shareholders** (if incorporated by reference) 8. [Any additional sources used, e.g. earnings press release, investor presentation] ``` If page numbers are unavailable (e.g., pasted text), reference by Item number and section heading. --- ## Language Mode When `--lang zh-TW` is specified, output the **entire document** in Traditional Chinese (繁體中文), including: - All section headings translated - All narrative summaries written in Traditional Chinese - All tables with Chinese column headers - Cover block language field: `語言：繁體中文` - Keep ticker symbols, financial figures, and SEC item numbers in their original form Suggested Traditional Chinese headings for the interpretation sections: 亮點與隱憂 (Highlights & Concerns), 管理層展望 (Management Outlook & Forward Guidance), 上年度承諾兌現 (Prior-Year Promise Tracker), 多空對決 (Bull vs. Bear Synthesis). English mode is the default when no `--lang` flag is given. --- ## File Output When `--output <filename>` is specified: - Save the digest as a markdown file at the specified path - If no path separator is present, save in the current directory - Confirm the file path after saving: `✓ Digest saved to: <path>` - Default filename if `--output` flag is present without a name: `<TICKER>-10k-digest.md` --- ## Thesis Invalidation After delivering the digest, note what would make this document stale: **Re-run this digest when:** - [ ] Company files next 10-K or 10-K/A amendment - [ ] Material 8-K filed disclosing a restatement or auditor change - [ ] 12 months have elapsed since the filing date ``` ╔══════════════════════════════════════════════╗ ║ INVESTMENT SIGNAL ║ ╠══════════════════════════════════════════════╣ ║ Signal: BULLISH / NEUTRAL / BEARISH ║ ║ Confidence: HIGH / MEDIUM / LOW ║ ║ Horizon: SHORT / MEDIUM / LONG-TERM ║ ║ Score: X.X / 10 ║ ╠══════════════════════════════════════════════╣ ║ Action: BUY / HOLD / SELL ║ ║ Conviction: STRONG / MODERATE / WEAK ║ ╚══════════════════════════════════════════════╝ ``` Score Guide: 8.0–10.0 Strongly Bullish | 6.0–7.9 Moderately Bullish | 4.0–5.9 Neutral | 2.0–3.9 Moderately Bearish | 0.0–1.9 Strongly Bearish Confidence: HIGH (strong data, clear signals) | MEDIUM (mixed signals) | LOW (limited data, conflicting signals) Horizon: SHORT-TERM (1 week–3 months) | MEDIUM-TERM (3 months–1 year) | LONG-TERM (1+ years)