Ukraine War Impact on Corporate Filings

March 21, 2022
SMA Team

Social Market Analytics released U.S. Machine Readable Filings (MRF) in partnership with S&P Global Market Intelligence in April 2020. Machine Readable Filings is the first product to provide parsed textual data of SEC Edgar Regulatory Filings at the Document, Part, Item, Section, and Notes level with historical baselines back to 2006. Global Machine Readable Filings (GMRF) was released in April 2021 in partnership with S&P Global Market Intelligence. Global Machine Readable Filings provides parsed textual data of international companies’ Annual, Semi-Annual, and Quarterly Reports and Financial Supplements across ~1.6M documents spanning over 200 countries. These magazine-style documents are parsed according to the structure of the underlying document with machine-readable text organized in multi-level JSON format.

In January of 2022, SMA released the Unstructured Data Terminal (UDT). This tool allows for real-time analysis of corporate filings in an easy-to-use interface. One feature of this product is ThemeX, which allows for real time custom topic searching of corporate filings. With the war in Ukraine just beginning, we were asked how quickly will companies react to this new conflict in their corporate filings?

Below we created a search looking at documents that must include the phrases ‘Russia’ and ‘war’ and has any mention of ‘Ukraine’. This searches all pieces of textual data throughout the entire document on all Global Filings going back 1 full year. The phrase ‘trade war’ is excluded to remove any information that is deemed irrelevant to the topic.

Below are the results of an executed search on the war in Ukraine. The search displays the trend of mentions month over month, a company breakdown, and country breakdown. ThemeX has ability to identify other related phrases and topics to the core theme as well, under the ‘Show Suggestions’ link.


The first chart shows the number of ThemeX hits on unique companies and filings by month.  The second table shows the number of documents hit on the ThemeX search for each company. The pie chart shows country exposure amongst the ThemeX hit companies.

If you want to explore the filing with ThemeX, you can read the section in each document where the reference is made. If you click PH Glatfelter, it shows the filing type, date, and section where the phrase was mentioned. From there you can read the entire document and browse SMA patented sentiment.

The invasion started Thursday, February 24th. In the first month, the mention of Ukraine in reference to war has already skyrocketed. Many companies have already added this topic to their Risk Factors section as there is significant worry the war will spread globally. Less than a month into the invasion, nearly 600 companies across the globe have referenced the risk of impact from the war into their corporate filings.

To learn more about this topic or explore other topics in ThemeX, email us at or schedule a meeting using our 1 on 1 Meeting Signup

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