20-F Filings

The 20-F is the comprehensive annual report that foreign private issuers file with the SEC — the international equivalent of a 10-K, covering companies headquartered outside the US that trade on American exchanges.

Every week, we scan SEC EDGAR for new filings across 1,500+ foreign private issuers. For any 20-F filed in the past 7 days, our pipeline extracts and analyzes the full document — with particular emphasis on strategic initiatives, international expansion plans, and technology investments that these global companies disclose to US regulators.

Each filing is classified into one or more of 70+ event subtypes (AI investments, international expansion, digital transformation, acquisitions, etc.) using a model we've fine-tuned specifically for SEC document analysis.

A single filing can produce between 5-25 signals, depending on how many relevant initiatives or pain points can be inferred accurately from the document's content.

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Each filing is classified into one or more of 70+ event subtypes (AI investments, international growth, cloud infrastructure, competitive dynamics, and more) — the specific business events we extract from the document.

Available Subtypes (70+)

Subtype Enum	Description
`acquisitionAnnounced`	Company announced an upcoming acquisition
`acquisitionCompleted`	Company completed an acquisition
`aiInvestment`	Company is investing in AI/ML capabilities
`auditIssue`	Audit findings or concerns identified
`automationInvestment`	Investing in automation initiatives to improve efficiency
`backlogGrowth`	Order backlog is growing significantly
`bankruptcyProceeding`	Bankruptcy filing or proceeding disclosed
`boardChange`	Changes to board of directors
`bookingsDecline`	Decline in bookings or orders
`capacityConstraint`	Facing capacity constraints or limitations
`capexIncrease`	Capital expenditure is increasing
`carbonCommitment`	Carbon reduction or net-zero commitments
`cashFlowConcern`	Facing cash flow challenges or concerns
`ceoChange`	New CEO appointed
`cfoChange`	New CFO appointed
`channelShift`	Shifting sales or distribution channels
`chroChange`	New Chief Human Resources Officer appointed
`cioChange`	New CIO appointed
`cisoChange`	New CISO appointed
`cloudInvestment`	Investing in cloud infrastructure and migration
`cmoChange`	New CMO appointed
`competitorNamed`	Specific competitor mentioned as significant threat
`complianceBurden`	Facing significant regulatory compliance challenges
`cooChange`	New COO appointed
`costReduction`	Actively pursuing cost reduction initiatives
`croChange`	New Chief Revenue Officer appointed
`ctoChange`	New CTO appointed
`customerChurn`	Experiencing customer churn issues
`customerConcentration`	Revenue concentrated in few customers
`cybersecurityIncident`	Cybersecurity breach or incident disclosed
`cybersecurityInvestment`	Investing in cybersecurity measures and infrastructure
`dataInvestment`	Investing in data and analytics capabilities
`debtRefinancing`	Refinancing debt obligations
`deiInitiative`	Diversity, equity, and inclusion initiatives
`digitalTransformation`	Undergoing digital transformation initiatives
`divestiture`	Divesting business units or assets
`environmentalLiability`	Facing environmental liability or remediation
`founderDeparture`	Founder leaving the company
`generalCounselChange`	New General Counsel appointed
`goodwillImpairment`	Taking goodwill impairment charges
`governanceChange`	Corporate governance changes
`hiringFreeze`	Hiring freeze announced
`inflationImpact`	Inflation significantly impacting costs or margins
`internalControlWeakness`	Internal control weaknesses identified
`internationalGrowth`	Expanding international presence
`inventoryIssue`	Facing inventory management challenges
`jointVenture`	Forming joint venture or strategic partnership
`laborShortage`	Facing labor or talent shortages
`layoffs`	Workforce reduction announced
`legacyModernization`	Modernizing legacy systems and technical debt
`litigationMaterial`	Facing material litigation or legal matters
`logisticsChallenge`	Experiencing logistics and distribution difficulties
`majorContractLoss`	Lost significant contract or deal
`majorContractWin`	Won significant contract or deal
`manufacturingIssue`	Facing manufacturing challenges or capacity constraints
`marginPressure`	Profit margins under pressure
`marketExpansion`	Expanding into new markets or segments
`marketShareLoss`	Losing market share to competitors
`materialContract`	Significant contract or agreement disclosed
`platformStrategy`	Pursuing platform-based business strategy
`pricingPressure`	Facing competitive pricing pressure
`productLaunch`	Launching new products or services
`productLiability`	Facing product liability issues
`qualityIssue`	Product or service quality issues
`recurringRevenueShift`	Shifting business model toward recurring revenue
`regulatoryFine`	Regulatory fine or penalty
`regulatoryInvestigation`	Under regulatory investigation
`restructuring`	Undergoing organizational restructuring
`restructuringCharge`	Taking restructuring charges
`softwareImplementation`	Implementing major new software systems
`spinoff`	Spinning off business unit
`successionAnnouncement`	Leadership succession plan announced
`supplierConcentration`	Supply chain concentrated in few suppliers
`supplyChainDisruption`	Experiencing supply chain disruptions
`sustainabilityInvestment`	Investing in ESG and sustainability initiatives

Categories group subtypes into higher-level themes — a common way to filter signals by sales motion or use case.

Signal Categories

Category	Description
`strategic`	M&A, platform strategy, product launches, ESG initiatives
`market`	Expansion, competition, pricing, customer dynamics
`financial`	Margins, capex, debt, revenue model changes
`technology`	AI, automation, digital transformation, cybersecurity investments
`risk`	Compliance, internal controls, concentration risks
`operations`	Supply chain, inventory, restructuring, cost reduction initiatives
`revenue`	Revenue trends, bookings, growth signals
`workforce`	Leadership changes, talent acquisition, labor challenges
`leadership`	Executive and board changes
`esg`	Environmental, social, governance initiatives

Example Signal

What a single entry looks like in a delivered signal file:

{
  "signal_id": "e8f52b74-1c6a-4d93-bf42-7a9e0d318f65",
  "batch_id": "2026-03-15-00-00-00",
  "signal_type": "20f",
  "signal_subtype": "aiInvestment",
  "detected_at": "2026-03-15T09:41:18.992347Z",
  "association": "company",
  "company": {
    "name": "ASML Holding N.V.",
    "domain": "asml.com",                     // match on domain
    "linkedin_url": "linkedin.com/company/asml",  // or match on LinkedIn URL
    "industries": ["Semiconductor Manufacturing"],
    "employee_count_low": 10001,
    "employee_count_high": 50000,
    "description": "Semiconductor lithography equipment manufacturer..."
  },
  "contact": [],
  "data": {
    "summary": "ASML disclosed a €2.8B R&D investment in computational lithography and AI-driven patterning for next-generation EUV systems...",
    "detail": "ASML's 20-F reveals a major expansion of their computational lithography division, explicitly naming machine learning-based mask optimization and AI-driven defect detection as critical to enabling sub-2nm chip manufacturing. The filing identifies new fab construction in Asia as a key demand driver...",
    "relevance": 0.92,                      // 0.0-1.0; higher = more actionable for outreach
    "excerpts": "We are investing approximately €2.8 billion in research and development for computational lithography solutions, including machine learning-based patterning optimization and AI-driven defect inspection systems...",
    "source_url": "https://www.sec.gov/Archives/edgar/data/937966/000093796626000008/asml-20251231.htm",
    "confidence": "high",                    // how certain this signal is accurate
    "sentiment": "positive",
    "competitors_mentioned": ["Applied Materials", "KLA Corporation"],
    "vendors_mentioned": ["NVIDIA", "Synopsys"],
    "technologies_mentioned": [
      "computational lithography",
      "EUV patterning",
      "machine learning defect detection",
      "high-NA optics"
    ],
    "regions_mentioned": ["Netherlands", "Taiwan", "South Korea", "United States"],
    "fiscal_year_end": "12/31",
    "filing_year": 2026,
    "sales_relevance": "Expanding AI/ML compute infrastructure for lithography R&D",
    "filing_date": "2026-03-08",
    "signal_category": "technology",
    "metrics": {
      "dollar_millions": 3080.0,
      "dollar_context": "R&D investment in computational lithography and AI patterning (€2.8B converted)",
      "pct": 0.22,
      "pct_context": "Year-over-year increase in R&D spending",
      "timeframe": "next_two_years"
    }
  }
}

Field Reference

Standard envelope and entity fields are shared across all signals — see Schema and Resolution. The fields below are specific to this signal:

Signal-Specific Fields

The data object contains everything unique to this signal type — the intelligence extracted from the filing.

Field	Type	Description
`summary`	string	One-line headline describing the signal (e.g., "ASML disclosed a €2.8B R&D investment in computational lithography and AI-driven patterning"). Designed to be shown directly to end users as a notification or list item. Typically 10–20 words, always includes the company name and the core event
`detail`	string	Multi-sentence analysis written for a salesperson or account executive. Explains what the company disclosed, why it matters commercially, and what kind of vendor or solution they might need. Typically 3–5 sentences. Generated by synthesizing multiple sections of the filing — not just the excerpt
`relevance`	float (0.0–1.0)	How actionable this signal is for outreach. Higher = stronger commercial signal. Useful for prioritization and filtering
`confidence`	string	Confidence that this event actually occurred and was categorized accurately. `high`, `medium`, or `low`. Useful for filtering in production
`sentiment`	string	Whether the disclosed event is favorable (`positive`), unfavorable (`negative`), or informational (`neutral`) for the company. Useful for segmenting outreach tone
`excerpts`	string	A representative direct quote pulled from the SEC filing that supports this signal. This is one passage that best illustrates the event — the model reads the full document and may synthesize insights from multiple sections that aren't all quoted here. Useful for displaying to users as proof or for fact-checking against the source
`source_url`	string (URL)	Link to the filing on SEC EDGAR. Useful for displaying to users who want to validate or fact-check the signal
`competitors_mentioned`	array[string]	Competitors explicitly named in the filing. Empty array if none found
`vendors_mentioned`	array[string]	Vendors or partners explicitly named. Useful for identifying existing tech stack
`technologies_mentioned`	array[string]	Technologies, platforms, or tools referenced. Useful for building tech-stack-based targeting
`regions_mentioned`	array[string]	Geographic regions referenced. Useful for territory-based routing
`fiscal_year_end`	string	Company's fiscal year end in MM/DD format. Useful for filtering by reporting cycle or aligning to budget seasons
`filing_date`	string (date)	Date the filing was submitted to the SEC. Useful for recency filtering
`filing_year`	integer	Calendar year the filing was submitted
`sales_relevance`	string	Brief phrase describing the outreach angle this signal creates. Useful as a prompt input or display label
`signal_category`	string	Category grouping (see Signal Categories above). Useful for routing signals to the right sales motion
`metrics.dollar_millions`	float \| null	Dollar amount in millions USD when a specific figure is cited in the filing (e.g., "$3,080M in R&D spend"). Null when the signal doesn't reference a dollar amount. Useful for sorting signals by financial magnitude
`metrics.dollar_context`	string \| null	What the dollar amount refers to. Useful for displaying alongside the number
`metrics.pct`	float \| null	Percentage value when cited (e.g., 0.22 = 22% increase). Null when no percentage is mentioned
`metrics.pct_context`	string \| null	What the percentage refers to
`metrics.timeframe`	string	Time horizon for the event — one of: `immediate`, `current_quarter`, `current_year`, `next_quarter`, `next_year`, `next_two_years`, `next_three_years`, `multi_year`, `last_year`, `ongoing`

Timing & Delivery

detected_at is when we processed the filing. Use filing_date and source_url for the original submission context.
One signal per subtype per company per fiscal year. A single 20-F can produce multiple signals across different subtypes, but won't fire the same subtype twice for the same filing.
Each delivery arrives in a timestamped folder. Treat all signals in a new folder as recent — no need to diff against prior deliveries.

This signal shares its schema with the other SEC filing signals (10-K, 8-K, 10-Q, 20-F, 6-K).

Coverage

Refresh: Weekly
Coverage: 8,000 foreign companies
Best for: International enterprise accounts, global technology investments, cross-border expansion signals

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See real delivered data → Sample Files

Example Signal

Field Reference

Signal-Specific Fields

Timing & Delivery

Coverage