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SEC Annual Comparison

SEC年度对比分析

Compare key metrics and risk factors between current and previous year 10-K filings for public companies using the Octagon MCP server.
使用Octagon MCP服务器比较上市公司当前与上一年度10-K申报文件中的关键指标和风险因素。

Prerequisites

前提条件

Ensure Octagon MCP is configured in your AI agent (Cursor, Claude Desktop, Windsurf, etc.). See references/mcp-setup.md for installation instructions.
确保你的AI Agent（Cursor、Claude Desktop、Windsurf等）中已配置Octagon MCP。安装说明请参阅references/mcp-setup.md。

Workflow

工作流程

1. Identify Analysis Parameters

1. 确定分析参数

Determine the following before querying:
  • Ticker: Stock symbol (e.g., AAPL, MSFT, GOOGL)
  • Years (optional): Specific fiscal years to compare
  • Focus Areas (optional): Financials, risks, segments, strategy
查询前请确定以下信息：
  • 股票代码（Ticker）：股票符号（如AAPL、MSFT、GOOGL）
  • 年份（可选）：要比较的特定财年
  • 重点领域（可选）：财务状况、风险、细分板块、战略

2. Execute Query via Octagon MCP

2. 通过Octagon MCP执行查询

Use the 
octagon-agent
tool with a natural language prompt:
Compare key metrics and risk factors between <TICKER>'s current and previous year 10-K filings.
MCP Call Format:
json
{
  "server": "octagon-mcp",
  "toolName": "octagon-agent",
  "arguments": {
    "prompt": "Compare key metrics and risk factors between CRM's current and previous year 10-K filings."
  }
}
使用
octagon-agent
工具并输入自然语言提示：
Compare key metrics and risk factors between <TICKER>'s current and previous year 10-K filings.
MCP调用格式：
json
{
  "server": "octagon-mcp",
  "toolName": "octagon-agent",
  "arguments": {
    "prompt": "Compare key metrics and risk factors between CRM's current and previous year 10-K filings."
  }
}

3. Expected Output

3. 预期输出

The agent returns structured year-over-year comparison including:
Financial Metrics:
  • Revenue: $31.353B (FY2023) vs $26.492B (FY2022) - 18.59% growth
  • Net Income: $208M (FY2023) vs $1.444B (FY2022) - significant decline
  • Total Assets: $98.849B vs $95.209B
  • Total Liabilities: $41.755B vs $37.076B
Key Changes:
  • $1.2B impairment of customer relationships and acquisition assets
  • Increased goodwill from acquisitions (Slack, Acumen, Vlocity)
  • Debt at $10.682B, covenant compliant
Risk Factors:
  • Operational, regulatory, financial, market volatility risks
  • Industry competition risks
Data Sources: octagon-financials-agent, octagon-sec-agent
Agent会返回结构化的同比对比结果，包括：
财务指标：
  • 营收：313.53亿美元（2023财年） vs 264.92亿美元（2022财年）——增长18.59%
  • 净利润：2.08亿美元（2023财年） vs 14.44亿美元（2022财年）——大幅下降
  • 总资产：988.49亿美元 vs 952.09亿美元
  • 总负债：417.55亿美元 vs 370.76亿美元
主要变化：
  • 客户关系与收购资产减值12亿美元
  • 收购（Slack、Acumen、Vlocity）带来的商誉增加
  • 债务规模为106.82亿美元，符合契约要求
风险因素：
  • 运营、监管、财务、市场波动风险
  • 行业竞争风险
数据来源：octagon-financials-agent, octagon-sec-agent

4. Interpret Results

4. 解读结果

See references/interpreting-results.md for guidance on:
  • Understanding year-over-year trends
  • Identifying significant changes
  • Evaluating risk factor evolution
  • Assessing strategic shifts
关于以下内容的指导，请参阅references/interpreting-results.md：
  • 理解同比趋势
  • 识别重大变化
  • 评估风险因素的演变
  • 分析战略转变

Example Queries

示例查询

Full Annual Comparison:
Compare key metrics and risk factors between CRM's current and previous year 10-K filings.
Multi-Year Trend:
Compare AAPL's financial performance across the last 3 fiscal years from 10-K filings.
Risk Factor Evolution:
How have TSLA's risk factors changed between FY2024 and FY2023 10-K filings?
Segment Comparison:
Compare revenue segment breakdown between GOOGL's FY2024 and FY2023 10-K filings.
Strategic Changes:
Compare the business description and strategy sections between MSFT's current and prior year 10-K.
Margin Analysis:
Compare gross margin and operating margin trends between NVDA's FY2024 and FY2023 10-K filings.
完整年度对比：
Compare key metrics and risk factors between CRM's current and previous year 10-K filings.
多年趋势：
Compare AAPL's financial performance across the last 3 fiscal years from 10-K filings.
风险因素演变：
How have TSLA's risk factors changed between FY2024 and FY2023 10-K filings?
细分板块对比：
Compare revenue segment breakdown between GOOGL's FY2024 and FY2023 10-K filings.
战略变化：
Compare the business description and strategy sections between MSFT's current and prior year 10-K.
利润率分析：
Compare gross margin and operating margin trends between NVDA's FY2024 and FY2023 10-K filings.

Comparison Framework

对比框架

Financial Metrics

财务指标

CategoryKey Metrics
RevenueTotal revenue, growth rate, segment breakdown
ProfitabilityGross profit, operating income, net income
MarginsGross margin, operating margin, net margin
Balance SheetAssets, liabilities, equity, cash, debt
Cash FlowOperating, investing, financing, free cash flow
Per ShareEPS, book value, dividends
类别关键指标
营收总营收、增长率、细分板块构成
盈利能力毛利润、营业利润、净利润
利润率毛利率、营业利润率、净利润率
资产负债表资产、负债、权益、现金、债务
现金流经营、投资、融资现金流，自由现金流
每股指标每股收益（EPS）、账面价值、股息

Operational Metrics

运营指标

CategoryKey Metrics
CustomersCount, retention, concentration
EmployeesHeadcount, productivity
GeographicRevenue by region, asset location
SegmentsBusiness unit performance
类别关键指标
客户数量、留存率、集中度
员工人数、生产率
地域分区域营收、资产分布
细分板块业务单元表现

Risk Factors

风险因素

CategoryWhat to Compare
BusinessCompetitive, operational, strategic
FinancialLiquidity, debt, currency
RegulatoryCompliance, legal
MarketEconomic, industry
TechnologyInnovation, disruption
类别对比要点
业务竞争、运营、战略风险
财务流动性、债务、汇率风险
监管合规、法律风险
市场经济、行业风险
技术创新、颠覆性风险

Strategic Elements

战略要素

CategoryWhat to Compare
MissionCorporate purpose
StrategyGrowth initiatives
InvestmentsR&D, CapEx, M&A
MarketsGeographic, product expansion
类别对比要点
使命企业宗旨
战略增长举措
投资研发、资本支出、并购
市场地域、产品扩张

Year-over-Year Analysis

同比分析

Financial Trend Assessment

财务趋势评估

MetricPositive TrendNegative Trend
RevenueGrowing, acceleratingDeclining, slowing
MarginsExpandingContracting
EarningsIncreasingDecreasing
Cash FlowStrengtheningWeakening
DebtDecliningIncreasing
指标积极趋势消极趋势
营收增长、增速加快下降、增速放缓
利润率扩大收缩
收益增加减少
现金流增强减弱
债务减少增加

Key Ratios to Track

需跟踪的关键比率

RatioCalculationWhat It Shows
Revenue Growth(Current - Prior) / PriorTop-line momentum
Gross MarginGross Profit / RevenuePricing power, costs
Operating MarginOperating Income / RevenueOperational efficiency
Net MarginNet Income / RevenueBottom-line profitability
ROENet Income / EquityShareholder returns
Debt/EquityTotal Debt / EquityFinancial leverage
比率计算公式反映内容
营收增长率（当期-上期）/上期topline增长动力
毛利率毛利润/营收定价能力、成本控制
营业利润率营业利润/营收运营效率
净利润率净利润/营收最终盈利能力
净资产收益率（ROE）净利润/权益股东回报
债务权益比总债务/权益财务杠杆

Change Analysis

变化分析

Change TypeSignificance
>20% improvementMajor positive development
5-20% improvementSolid progress
±5%Stable/flat
5-20% declineConcerning deterioration
>20% declineMaterial negative change
变化类型重要性
改善>20%重大积极进展
改善5-20%稳健进步
±5%稳定/持平
下降5-20%令人担忧的恶化
下降>20%重大负面变化

Risk Factor Comparison

风险因素对比

Types of Changes

变化类型

ChangeWhat It Means
New risk addedEmerging concern
Risk removedIssue resolved or de-emphasized
Language expandedIncreased concern
Language reducedDiminished concern
Position changedPriority shift
Specificity addedCrystallizing risk
变化含义
新增风险出现新的关注点
移除风险问题已解决或不再强调
描述扩展关注度提升
描述简化关注度降低
位置变化优先级转移
新增细节风险具体化

Priority Assessment

优先级评估

PositionPrior YearCurrent YearInterpretation
Top 5Top 5Top 5Persistent priority
LowerLowerTop 5Elevated concern
Top 5Top 5LowerReduced priority
NoneNoneAddedNew risk
PresentPresentRemovedResolved
位置上一年本年度解读
前5位前5位前5位持续优先级
靠后靠后前5位关注度提升
前5位前5位靠后优先级降低
无无新增新风险
存在存在移除问题已解决

Business Description Changes

业务描述变化

What to Track

跟踪要点

SectionChanges to Note
ProductsNew offerings, discontinued products
MarketsGeographic expansion, exits
CustomersTarget market shifts
CompetitionNew competitors, changed positioning
StrategyNew initiatives, changed priorities
TechnologyPlatform changes, R&D focus
章节需注意的变化
产品新增产品、停产产品
市场地域扩张、退出
客户目标市场转移
竞争新竞争对手、定位变化
战略新举措、优先级调整
技术平台变化、研发重点

Strategic Shifts

战略转变

IndicatorExamples
New emphasisRepeated new terms
Removed emphasisTopics no longer discussed
Changed languageDifferent framing
QuantificationNew metrics disclosed
CommitmentSpecific targets stated
指标示例
新强调点反复提及的新术语
不再强调不再讨论的话题
措辞变化表述框架调整
量化披露新增披露指标
承诺明确的目标声明

Segment Performance Comparison

细分板块表现对比

Revenue Analysis

营收分析

SegmentPrior YearCurrent YearGrowthMix Change
Segment A$X$YZ%+/- pp
Segment B$X$YZ%+/- pp
细分板块上一年本年度增长率占比变化
板块A$X$YZ%+/- pp
板块B$X$YZ%+/- pp

Segment Health Indicators

细分板块健康指标

IndicatorPositiveNegative
GrowthAcceleratingDecelerating
MarginImprovingDeclining
Share of TotalIncreasing (if healthy)Declining
InvestmentIncreasingDivesting
指标积极信号消极信号
增长增速加快增速放缓
利润率改善下降
总营收占比提升（若板块健康）下降
投资增加剥离

Multi-Year Trend Analysis

多年趋势分析

3-5 Year Comparison

3-5年对比

Track over extended periods:
  • Revenue CAGR
  • Margin trajectories
  • Balance sheet evolution
  • Risk factor patterns
  • Strategic consistency
长期跟踪以下内容：
  • 营收复合年增长率（CAGR）
  • 利润率走势
  • 资产负债表演变
  • 风险因素模式
  • 战略一致性

Inflection Points

拐点

SignalWhat Changed
Growth accelerationNew product, market
Margin expansionScale, efficiency
Cash flow improvementWorking capital, CapEx
Risk emergenceNew competitive threat
Strategic pivotChanged direction
信号变化内容
增长加速新产品、新市场
利润率扩大规模效应、效率提升
现金流改善营运资本、资本支出优化
风险出现新竞争威胁
战略转向方向调整

Analysis Tips

分析技巧

  1. Start with financials: Numbers provide objective comparison base.
  2. Read both MD&As: Management commentary reveals context.
  3. Track risk factor order: Position indicates priority.
  4. Note new disclosures: First-time mentions often significant.
  5. Compare segment detail: Business unit changes reveal strategy.
  6. Check footnote changes: Accounting policy shifts matter.
  1. 从财务数据入手：数字提供客观的对比基础。
  2. 阅读两份MD&A：管理层评论能揭示背景信息。
  3. 跟踪风险因素排序：位置反映优先级。
  4. 注意新披露内容：首次提及的内容通常很重要。
  5. 对比细分板块细节：业务单元变化能体现战略。
  6. 检查附注变化：会计政策调整很关键。

Use Cases

应用场景

  • Investment research: Understand company trajectory
  • Due diligence: Track performance evolution
  • Competitive analysis: Compare across competitors
  • Risk monitoring: Identify emerging concerns
  • Earnings analysis: Context for quarterly results
  • 投资研究：了解公司发展轨迹
  • 尽职调查：跟踪业绩演变
  • 竞争分析：跨竞品对比
  • 风险监控：识别潜在关注点
  • 收益分析：为季度业绩提供背景信息",