Due diligence

SEC filing due diligence checklist for US stock research.

Use this checklist before committing capital so your thesis is grounded in primary filing evidence.

Core checklist

  • Read the latest 10-K and latest two 10-Q filings end to end.
  • Document changes in risk factors, liquidity language, and controls disclosure.
  • Track terms tied to restructuring, impairment, and financing risk.
  • Review consistency between narrative sections and numerical disclosures.
  • Compare against 2 to 3 peers in the same sector.
  • Write down what would invalidate your investment thesis.

Small-cap research notes

  • Watch for abrupt language shifts between quarters.
  • Check whether disclosures become more conditional or uncertain.
  • Treat one-time wording spikes with caution until confirmed in later filings.
  • Prioritize evidence you can tie to exact filing passages.

Keep your process consistent

Reuse the same checklist for every company so position sizing and conviction are based on comparable evidence.

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