SEC 10-K Filing Analysis — Trellison Institute

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Trellison Institute applies established, publicly documented financial analysis frameworks — DuPont analysis, Altman Z-Score, Piotroski F-Score — to freely available SEC EDGAR filings. These are standard analytical methods published in peer-reviewed finance literature. Trellison does not provide investment advice, stock recommendations, or forward-looking financial guidance. All analysis is retrospective and methodological.

What This Service Does

Automated Financial Filing Analysis

Every publicly traded company in the United States files annual reports (10-K) with the Securities and Exchange Commission. These filings contain standardized financial statements, risk disclosures, management discussion, and audit opinions — all freely available through the SEC EDGAR database.

Trellison applies established financial analysis frameworks to extract structured data from these filings, enabling researchers to study corporate financial health, industry trends, risk factor evolution, and disclosure patterns at scale.

Analytical Frameworks

Published Methodologies Applied

DuPont Analysis Decomposes return on equity into profit margin, asset turnover, and financial leverage. Standard framework from DuPont Corporation (1920s), refined in academic literature by Soliman (2008) and others.

Altman Z-Score Bankruptcy prediction model published by Edward Altman (1968, NYU Stern). Five financial ratios weighted to predict financial distress. Updated variants for private firms and non-manufacturing.

Piotroski F-Score Nine-point scoring system published by Joseph Piotroski (2000, University of Chicago). Evaluates profitability, leverage, liquidity, and operating efficiency from financial statements.

Risk Factor Text Analysis Natural language processing of Item 1A risk disclosures. Tracks risk factor categories, sentiment changes, and novel risk emergence across filing periods.

Data Sources

Public Data, Transparent Methods

SEC EDGAR Full-Text Search — all 10-K, 10-Q, 8-K, and proxy filings via EDGAR API (no commercial data provider required)
XBRL Financial Data — machine-readable financial statements in eXtensible Business Reporting Language, standardized by the SEC since 2009
FRED Economic Data — Federal Reserve Economic Data for macroeconomic context (interest rates, GDP, inflation, sector indices)
Census Bureau Business Data — County Business Patterns, Annual Business Survey for industry benchmarking
SIC/NAICS Classification — Standard Industrial Classification and North American Industry Classification for peer group identification

Research Applications

Available for Verified Researchers

What researchers can do with this service

Corporate financial health tracking — automated Z-Score, F-Score, and DuPont decomposition for any public company across any time period covered by EDGAR filings.

Industry trend analysis — aggregate financial metrics by SIC/NAICS sector, identify industry-wide shifts in profitability, leverage, or risk disclosure patterns.

Risk factor evolution — NLP analysis tracking how companies describe emerging risks (climate, cybersecurity, supply chain, pandemic) across filing periods.

Peer comparison — automated identification of comparable companies and relative performance scoring using standard financial metrics.

This service is free for researchers whose methodology passes Trellison's evaluation criteria. We provide the data extraction and analytical pipeline. Researchers provide the research questions and interpret the results. We do not tell researchers what to find.

Access This Service

If you are a researcher studying corporate finance, risk disclosure, or industry economics, request access to our SEC filing analysis pipeline.

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