Understanding Form 20-F
In this guide, you'll learn what Form 20-F is, who files it, and what information it contains.
What Is Form 20-F?
Form 20-F is an annual report that certain foreign private issuers file with the U.S. Securities and Exchange Commission (SEC).
The filing helps investors understand a company's financial performance, business operations, risks, and corporate governance.
If a non-U.S. company lists its shares on a U.S. stock exchange and qualifies as a foreign private issuer, it may be required to file Form 20-F instead of Form 10-K.
What Does Form 20-F Include?
A typical Form 20-F contains:
- Business overview
- Risk factors
- Audited financial statements
- Management's discussion of financial performance
- Information about directors and executives
- Corporate governance disclosures
- Legal proceedings
- Information about the company's securities
Because it covers an entire fiscal year, Form 20-F is one of the most detailed filings submitted by foreign companies.
Form 20-F vs. Form 10-K
Both filings provide investors with annual information about a company, but they're intended for different types of issuers.
- Form 20-F - Filed by many foreign private issuers; Form 10-K - Filed by most U.S. public companies
- Form 20-F - Annual report; Form 10-K - Annual report
- Form 20-F - Filed with the SEC; Form 10-K - Filed with the SEC
- Form 20-F - Includes audited financial statements; Form 10-K - Includes audited financial statements
Although the filing requirements differ in some areas, both reports are designed to provide investors with detailed annual disclosures. For more context on annual reports, read our 10-K explainer.
Why Is Form 20-F Important?
Investors use Form 20-F to:
- Review annual financial performance
- Understand a company's business model
- Evaluate business risks
- Compare international companies
- Research companies listed on U.S. exchanges
For many foreign companies, the 20-F is the primary annual filing that investors rely on.
Where Can You Find Form 20-F Filings?
Form 20-F filings are publicly available through the SEC's EDGAR database.
You can search using:
- Company name
- Stock ticker
- Central Index Key (CIK)
- Filing type (20-F)
Many foreign companies also publish their latest annual reports on the investor relations section of their websites. For help searching EDGAR, read our SEC EDGAR database guide.
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