The business
How it makes money, where the profit really comes from, customers and competitors.
Free checklist · PDF and Word
20 Questions I Ask of Every 10-K
Where to look in the filing, and why it matters — the checklist I use before forming a view on any company. Arda Solmaz, founder of AnalystBook and author of The Value Thesis.
- 20 questions in five groups, each with the 10-K section to read
- Works as AI prompts — with one line that keeps the answers honest
- No ratings or targets — just how to read the primary source
Five groups. Twenty questions.
The numbers
Growth drivers, margins, whether profit turns into cash, capital allocation, debt maturities.
Quality of earnings
Receivables, accounting changes, adjusted vs reported, the forensic screens.
What changed
New risk factors, reworded MD&A, lawsuits and commitments, the auditor.
People and incentives
What management is paid for, insider trades, departures and votes.
The one-page check
Three lines to write when you're done — the start of an investment memo.
When you're done, write it up with the free Investment Memo Template.
FAQ
Common questions.
What do I do with the 20 questions?
Work through them with a company's latest 10-K open. Each question says where in the filing the answer is and why it matters. One line per answer is enough; reread them after the next filing.
Can I use them as AI prompts?
Yes. Paste the filing into an AI assistant, or ask AnalystBook's Ana, and add: answer only from the filing, and cite the section. An answer without a citation should not be trusted.
Is it really free?
Yes. You get the PDF and Word versions for an email address. There is no account to create and nothing to pay.
Is this investment advice?
No. It is a reading checklist for primary sources. It contains no ratings, targets or company recommendations.
Let AnalystBook do the lookup.
Filings as readable sections with what-changed flags, forensic screens computed from each company's filings, insider activity and leadership changes — and Ana, who answers from the filings and cites her sources. 14 days free, no credit card required.