Ryufin research · Nov 2, 2026
Red flags in the filings
Some of the plainest warnings about a company come from the company itself, in forms it has to file with the SEC. We counted them across 2,832 US-listed companies over the three years to Oct 30, 2026. 76 told the SEC that past financial statements could no longer be relied on, 181 could not file a quarterly or annual report on time, 311 changed auditor and 87 reported a material write-down.
The findings
Each company counted once per flag, by its latest occurrence in the three years.
companies · restated, 2.7% of all
companies · filed a report late, 6.4%
restated or filed late · under $2B against $50B and up
- Red flags are a small-company story. 13% of companies worth under $2 billion restated or filed late in three years, against 1.6% of those worth $50 billion or more. Late reports alone: 11.2% against 1.2%.
- Above $2 billion they are rare: 77 of 1,722 companies, 4.5%, restated or filed late. Rare is the point: on a company page each flag stands beside this base rate, so a reader can tell an exception from a routine.
- Auditor changes are common (311 companies) and usually routine on their own. They matter next to a restatement or a late report, which is how the company pages read them.
By company size
Share of companies with each flag in the three years, by market value today.
| Market value | Restated | Filed late | Changed auditor | Write-down |
|---|---|---|---|---|
| under $2B (1,110) | 4.0% | 11.2% | 17.3% | 2.0% |
| $2B to $10B (959) | 2.1% | 4.2% | 9.3% | 3.5% |
| $10B to $50B (509) | 2.0% | 2.8% | 5.3% | 4.5% |
| $50B and up (254) | 0.4% | 1.2% | 1.2% | 3.1% |
By sector
Share of each sector's companies, all sizes, that restated or filed late in the three years.
| Sector | Restated or late | Restated | Filed late |
|---|---|---|---|
| Utilities (74) | 10.8% | 5.4% | 9.5% |
| Technology (411) | 10.0% | 2.9% | 8.5% |
| Financial Services (534) | 9.0% | 3.2% | 7.5% |
| Basic Materials (173) | 8.7% | 2.9% | 7.5% |
| Industrials (409) | 8.1% | 2.9% | 6.6% |
| Healthcare (471) | 7.6% | 3.0% | 6.4% |
| Consumer Defensive (118) | 5.1% | 1.7% | 5.1% |
| Communication Services (99) | 5.1% | 0.0% | 5.1% |
| Consumer Cyclical (283) | 5.0% | 2.1% | 3.9% |
| Real Estate (127) | 3.9% | 2.4% | 2.4% |
| Energy (133) | 3.8% | 0.8% | 3.0% |
The latest, at companies worth $2B or more
Restatements and late reports of the last twelve months, newest first. Each links to the company's SEC record.
| Company | Flag | Filed |
|---|---|---|
| INFQInfleqtion, Inc. | Late report (NT 10-K or 10-Q) | Aug 17, 2026 |
| AVAVAeroVironment | Restatement (8-K 4.02) | Jun 22, 2026 |
| DANDana Incorporated | Late report (NT 10-K or 10-Q) | May 12, 2026 |
| RKTRocket Companies, Inc. | Late report (NT 10-K or 10-Q) | May 12, 2026 |
| HASHasbro | Late report (NT 10-K or 10-Q) | May 11, 2026 |
| DRVNDriven Brands Holdings Inc. | Late report (NT 10-K or 10-Q) | May 8, 2026 |
| DCODucommun Incorporated | Restatement (8-K 4.02) | May 1, 2026 |
| ICLRICON Public Limited Company | Late report (NT 10-K or 10-Q) | May 1, 2026 |
| GRBKGreen Brick Partners, Inc. | Restatement (8-K 4.02) | Apr 29, 2026 |
| KRMNKarman Holdings Inc. | Late report (NT 10-K or 10-Q) | Apr 1, 2026 |
| MCHBMechanics Bancorp | Late report (NT 10-K or 10-Q) | Mar 17, 2026 |
| CENXCentury Aluminum Company | Restatement (8-K 4.02) | Mar 3, 2026 |
| CENXCentury Aluminum Company | Late report (NT 10-K or 10-Q) | Mar 3, 2026 |
| IPARInterparfums, Inc. | Late report (NT 10-K or 10-Q) | Mar 3, 2026 |
| ASTHAstrana Health, Inc. | Late report (NT 10-K or 10-Q) | Mar 2, 2026 |
| CORZCore Scientific, Inc. | Restatement (8-K 4.02) | Mar 2, 2026 |
| MPWRMonolithic Power Systems | Restatement (8-K 4.02) | Feb 27, 2026 |
| DRVNDriven Brands Holdings Inc. | Restatement (8-K 4.02) | Feb 25, 2026 |
| SEZLSezzle Inc. | Restatement (8-K 4.02) | Feb 25, 2026 |
| KDKyndryl Holdings, Inc. | Late report (NT 10-K or 10-Q) | Feb 9, 2026 |
| SWXSouthwest Gas Holdings, Inc. | Restatement (8-K 4.02) | Jan 9, 2026 |
| PACSPACS Group, Inc. | Late report (NT 10-K or 10-Q) | Nov 17, 2025 |
| QQnity Electronics | Late report (NT 10-K or 10-Q) | Nov 14, 2025 |
| CLMTCalumet, Inc. | Restatement (8-K 4.02) | Nov 7, 2025 |
A late-filing notice says the report was not ready by the deadline, often for reasons the company explains in the notice itself; a restatement says earlier figures were wrong. Neither is a verdict on the company today: open its SEC record for the filing and what followed.
How it was measured
From each company’s SEC submissions record: 8-K item 4.02 (non-reliance on previously issued financial statements, read against the filing text), Forms NT 10-K and NT 10-Q (notification of late filing under Rule 12b-25), 8-K item 4.01 (change in certifying accountant) and 8-K item 2.06 (material impairment). A company counts once per flag when its latest occurrence falls within three years of Oct 30, 2026. Delisting notices are left out: the same 8-K item also carries voluntary moves between exchanges. Company size is today’s market value. Every flag, with the filing behind it, is on the company’s Events page.
The full table, one row per flagged company, is free to reuse under CC BY 4.0: red-flags-2026.json. Please cite “Ryufin, Red flags in the filings (2026)” with a link to this page.
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