VALUE LINE INC
For the period ended Apr 30, 2026. Filed Jul 29, 2026.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2026 · Filed Jul 29, 2026
VALU$42.37-4.2%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-K
Period ended 2025-04-30; filed 2025-07-29.
0001437749-25-023754
Item 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-K
Period ended 2026-04-30; filed 2026-07-29.
0001437749-26-024817
Item 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 116 previous paragraphs and 119 current paragraphs.
64 unchanged; 37 reworded; 18 added; 15 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 14 previous and 14 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (18)
Current report
The U.S. economy got off to a decent start in calendar 2026. This followed a mediocre conclusion to 2025, when the gross domestic product (GDP) advance of just 0.5% was hurt by the longest federal government shutdown in the nation’s 250-year history. In the March quarter, GDP expanded at an estimated annualized rate of 2.1%, primarily fueled by massive spending on artificial intelligence (AI). The ongoing AI infrastructure buildout helped offset a sharp decrease in the rate of personal consumption and a notable decline in residential construction, both of which were hurt by inflation and higher borrowing rates. Notwithstanding some pockets of weakness, the consensus forecast at the midpoint of 2026 was that real GDP growth, powered by the AI revolution, will advance 2.5%-3.1% this year.
Current report
The inflation situation remains a concern for the Federal Reserve. The reacceleration in the pace of price growth was evident in the May inflation data, with the Consumer and Producer Price Indexes (on a 12-month basis) jumping 4.2% and 6.5%, respectively. The latter increase was the highest rate since November 2022. Likewise, the Personal Consumption Expenditures (PCE) Price Index, the assessment of inflation most closely watched by the Fed, climbed 4.1% over the 12-month period ended May 31 st. These figures remain well above the central bank’s target growth rate of 2.0%. At the June Federal Open Market Committee (FOMC) meeting, half of the voting members were expecting at least one hike to the benchmark overnight interest rate before the conclusion of 2026.
Current report
The labor market appears to be less of a worry for the Federal Reserve right now. True, the June job creation figure came in below forecast, at 57,000, and the May estimate was revised notably lower, from 172,000 to 129,000. However, weekly unemployment claims still remain low and the number of job openings totaled 7.3 million in June. Both metrics indicate that the labor market is holding up well, despite some notable recent layoffs in the information technology (IT) services sector. The unemployment rate also ticked lower, to 4.2%, in June, but that was likely the result of more individuals exiting the labor force, primarily the product of an aging U.S. population and the rapid reduction in immigration under the Trump Administration.
Current report
Meanwhile, Corporate America continues to flourish. Profit growth for the S&P 500 companies averaged approximately 28% in the first quarter, and indications are that the growth rate remained above 20% in the second period, again powered by strong profit gains for the technology companies. The astronomical spending on AI infrastructure (i.e., data center construction and storage/processing chips) is the main catalyst behind the profit gains. Looking forward, the sharp drop in oil prices since early June, on the hopes of an eventual deal being signed to end the war in Iran, might provide another boost for corporate earnings in the second half of the year. That said, the negotiations between the United States and Iran remain very fluid and can change in a moment’s notice, so some volatility in the energy markets also can’t be ruled out in the months ahead.
Current report
In conclusion: The business environment is in good shape at the start of the second half of calendar 2026. Spending on AI is providing a major catalyst and should power earnings growth through the end of this year. The strong profit gains are supporting equity valuations, despite the recent sentiment that the Federal Reserve is now more likely to raise the benchmark short-term interest rate before the end of calendar 2026.
Current report
During the twelve months ended April 30, 2026, the Company’s net income of $21,630,000, or $2.30 per share, was 4.6% above net income of $20,686,000, or $2.20 per share, for the twelve months ended April 30, 2025. During the twelve months ended April 30, 2026, the Company’s income from operations was $4,031,000 compared to income from operations of $5,985,000 during the twelve months ended April 30, 2025. For the twelve months ended April 30, 2026, operating expenses increased 1.1% above those during the twelve months ended April 30, 2025.
Current report
During the twelve months ended April 30, 2026, there were 9,399,062 average common shares outstanding as compared to 9,417,097 average common shares outstanding during the twelve months ended April 30, 2025.
Current report
During the three months ended April 30, 2026, the Company’s net income of $3,578,000, or $0.38 per share, was 9.4% below net income of $3,951,000, or $0.42 per share, for the three months ended April 30, 2025. During the three months ended April 30, 2026, the Company’s income from operations was $19,000 compared to income from operations of $830,000 during the three months ended April 30, 2025.
Current report
Investment periodicals and related publications revenues of $23,857,000 (excluding copyright fees) during the twelve months ended April 30, 2026 were 3.3% below publishing revenues of $24,682,000 in the prior fiscal year. The Company continued a variety of efforts to attract new subscribers through various marketing channels, primarily direct mail, e-mail, social media, and by the efforts of our sales personnel. As fewer individual investors manage their own portfolios, total product line circulation at April 30, 2026, was 1.4% below total product line circulation at April 30, 2025.
Current report
Total print circulation at April 30, 2026 was 3.3% below the total print circulation at April 30, 2025. During the twelve months ended April 30, 2026, print publication revenues of $8,451,000, decreased 3.8%, below print publication revenues of $8,783,000 during the twelve months ended April of 2025 because we deferred advertising in light of negative sentiment among prospective individual customers in a challenging market environment. Total digital circulation at April 30, 2026 was 0.8% above total digital circulation at April 30, 2025 with the professional clientele offsetting individual subscribers. During the twelve months ended April 30, 2026, digital revenues of $15,406,000 were down 3.1% as compared to the prior fiscal year. These figures reflect the ongoing shift from our print services to digital counterparts. Sales of our higher-price, higher-profit, publications have remained strong.
Current report
Annual variations can be triggered by fluctuations in the performance of the Funds, and investor preferences for sectors of the Equity markets that may not represent the sectors in which the Value Line Funds concentrate.
Current report
(1) Value Line Core Bond Fund liquidated November 24, 2025.
Current report
The gross fees and net income of EAM’s investment management operations during the twelve months ended April 30, 2026, before interest holder distributions, included total investment management fees earned from the Value Line Funds of $30,758,000, 12b-1 fees and other fees of $5,774,000 and other net gains of $601,000. For the same period, total investment management fee waivers were a nominal $136,000 and 12b-1 fee waivers were $49,000. During the twelve months ended April 30, 2026, EAM's net income was $4,644,000 after giving effect to Value Line’s non-voting revenues interest of $16,648,000, but before distributions to voting profits interest holders and to the Company in respect of its 50% non-voting profits interest.
Current report
Operating expenses of $29,416,000 during the twelve months ended April 30, 2026, were 1.1% above those during the twelve months ended April 30, 2025. Operating expenses of $7,990,000 during the three months ended April 30, 2026, were 5.7% above those during the three months ended April 30, 2025.
Current report
During the twelve months ended April 30, 2026, salaries and employee benefits of $14,365,000 decreased slightly below the prior fiscal year as substantial headcount reduction occurred late in the fiscal year and shortly thereafter.
Current report
During the twelve months ended April 30, 2026, production and distribution expenses of $6,018,000 increased slightly above the prior fiscal year.
Current report
During the twelve months ended April 30, 2026, office and administrative expenses of $5,315,000 increased 9.5% above the prior fiscal year, primarily because the Company incurred costs associated with fulfillment system upgrade, new E-commerce platform, multi-factor authentication and American Disabilities Act digital product compliance.
Current report
In September 2025, the FASB issued ASU No. 2025-06: Targeted Improvements to the Accounting for Internal-Use Software (ASU No. 2025-06) to clarify and modernize the recognition and disclosure framework for internal-use software costs. This standard removes all references to software development project stages and requires capitalization to begin once (1) management commits funding and (2) completion and intended use are probable, considering whether significant development uncertainties have been resolved. This standard is effective for fiscal years beginning after December 15, 2027, and for interim periods within those annual reporting periods. Early adoption is permitted. We are currently evaluating the impact on our financial statement disclosures.
Removed paragraphs (15)
Previous report
The U.S. economy, after performing well in 2024, got off to a weak start in calendar 2025. The nation’s gross domestic product (GDP) contracted by an estimated 0.5% during the first quarter, statistically attributable to businesses and consumers buying ahead of the implementation of the Trump Administration’s wide-ranging tariffs on April 2, 2025. The surge in imports to the United States detracts from GDP. President Trump subsequently delayed or modified many of the levies.
Previous report
The weak economic start to 2025, along with the still unsettled global trade environment and geopolitical unrest, including the war in Ukraine and the 12 days of aerial attacks between Israel and Iran, did bring a cautious reaction from the Federal Reserve on the monetary policy front. Indeed, the central bank kept the federal funds rate steady, in the range of 4.25% to 4.50%, during the first half of 2025, while it assessed the impact of the global developments on the rate of inflation stateside. There still are concerns that the tariffs may lead to a reacceleration in the pace of price growth, which, along with somewhat a softening labor market, could lead to a period of stagflation. Stagflation occurs when there are rising inflation and weakening employment at the same time the economy is slowing.
Previous report
That said, while some of the soft (sentiment) data during the spring season, including a decline in consumer confidence, suggest that the economy is weakening, the hard data did not indicate as much. On the positive side, inflation on both the consumer and producer (wholesale) levels did ease some this spring; the job market proved resilient, with the unemployment rate falling to 4.1% in June, a level indicative of full employment; and manufacturing activity, though still contracting, did come in above forecast during the month of June. This suggests that the economy likely returned to growth mode in the second quarter and the aforementioned stagflation scenario has yet to materialize.
Previous report
Amid the global uncertainty, the Republican-controlled House of Representatives and Senate were able to produce a new budget deal that President Trump signed into law on July 4, 2025. The President’s comprehensive tax and policy legislation, which is estimated to add $3.4 trillion to the federal deficit over the next decade, also included legislation that increases the nation’s debt ceiling by $5 trillion. In the near-to-intermediate term, the new budget deal, along with the possibility that the Federal Reserve may enact one or two quarter-point cuts to the benchmark short-term interest rate, which is widely considered to be restrictive, in the second half of the year, may lift corporate and consumer spending. This may well spur GDP growth over the final six months of calendar 2025.
Previous report
In all, the business environment has held up well amid the uncertain fiscal and monetary environment, highlighted by double-digit earnings growth for the S&P 500 companies during the first quarter of 2025. This, along with the popularity of artificial intelligence (AI)-related stocks, helped the major averages climb the proverbial “wall of worry,” with the S&P 500 Index and technology-dominated NASDAQ Composite ending the first half of 2025 at record highs. That said, valuations looked quite frothy entering the second half of 2025 and with concerns over import tariffs and inflation still persisting, some share-price volatility can’t be ruled out.
Previous report
During the three months ended April 30, 2023, the Company’s net income of $4,033,000, or $0.43 per share, was 5.9% below net income of $3,807,000, or $0.40 per share, for the three months ended April 30, 2022. During the three months ended April 30, 2023, the Company’s income from operations was $2,757,000 compared to income from operations of $2,923,000 during the three months ended April 30, 2022.
Previous report
During the twelve months ended April 30, 2023, the Company’s net income of $18,069,000, or $1.91 per share, was 24.1% below net income of $23,822,000, or $2.50 per share, for the twelve months ended April 30, 2022. Fiscal 2022 included a gain of $2,331,000 from the tax-free forgiveness of SBA’s PPP loan to the Company. During the twelve months ended April 30, 2023, the Company’s income from operations was $11,470,000 compared to income from operations of $10,800,000 during the twelve months ended April 30, 2022. For the twelve months ended April 30, 2023, operating expenses decreased 5.0% below those during the twelve months ended April 30, 2022.
Previous report
During the twelve months ended April 30, 2023, there were 9,458,605 average common shares outstanding as compared to 9,544,421 average common shares outstanding during the twelve months ended April 30, 2022.
Previous report
Investment periodicals and related publications revenues of $26,232,000 (excluding copyright fees) during the twelve months ended April 30, 2023 were 3.4% below publishing revenues of $27,145,000 in the prior fiscal year. The Company continued actions to attract new subscribers through various marketing channels, primarily direct mail, e-mail, and by the efforts of our sales personnel. As fewer individual investors manage their own portfolios, total product line circulation at April 30, 2023, was 10.4% below total product line circulation at April 30, 2022. However, during the twelve months ended April 30, 2023, Institutional Sales department total sales orders, representing our growing business with financial advisors and professional investors, reached a record of $15,236,000, 10.0% above the prior fiscal year. The retail telemarketing sales team generated total sales orders of $7,409,000 or 10.6% below the prior fiscal year.
Previous report
Total print circulation at April 30, 2023 was 16.0% below the total print circulation at April 30, 2022. During the twelve months ended April 30, 2023, print publication revenues of $9,963,000, decreased 11.5%, below print publication revenues of $11,253,000 during April of 2022 because we deferred advertising in light of negative sentiment among prospective individual customers in a challenging market environment. Total digital circulation at April 30, 2023 was 2.7% below total digital circulation at April 30, 2022 with the professional clientele offsetting individual subscribers. During the twelve months ended April 30, 2023, digital revenues of $16,269,000 were up 2.4% as compared to the prior fiscal year. These figures reflect the ongoing shift from our print services to digital counterparts. Further, publishing revenue was fairly steady, despite the dip in print circulation. Sales of our higher-price, higher-profit, publications have been stronger than sales of lower price “starter” products.
Previous report
The gross fees and net income of EAM’s investment management operations during the twelve months ended April 30, 2023, before interest holder distributions, included total investment management fees earned from the Value Line Funds of $19,824,000, 12b-1 fees and other fees of $5,964,000 and other net gains of $142,000. For the same period, total investment management fee waivers were $164,000 and 12b-1 fee waivers were $105,000. During the twelve months ended April 30, 2023, EAM's net income was $1,468,000 after giving effect to Value Line’s non-voting revenues interest of $10,397,000, but before distributions to voting profits interest holders and to the Company in respect of its 50% non-voting profits interest.
Previous report
Operating expenses of $28,225,000 during the twelve months ended April 30, 2023, were 5.0% below those during the twelve months ended April 30, 2022 as a result of cost controls in fiscal year 2023. Operating expenses of $6,961,000 during the three months ended April 30, 2023, were 3.4% below those during the three months ended April 30, 2022.
Previous report
During the twelve months ended April 30, 2023, salaries and employee benefits of $15,203,000 decreased 12.2% below the prior fiscal year, primarily due to decreases in salaries and employee benefits resulting from a reduced employee headcount in fiscal year 2023, as well as reductions in payment for a profit sharing contribution and the company’s share of medical benefits.
Previous report
During the twelve months ended April 30, 2023, production and distribution expenses of $5,211,000 increased 4.1% above the prior fiscal year. Increases in production support of the Company’s website and maintenance of the Company’s publishing and application software and operating systems were partially offset by lower paper and printing costs resulting from decreases in print circulation.
Previous report
During the twelve months ended April 30, 2023, office and administrative expenses of $4,763,000 increased 14.1% above the prior fiscal year, primarily due to an increase in settlement costs and professional fees.
Reworded paragraphs (37)
Previous wording
The Company's core business is producing investment periodicals and their underlying research and making available certain Value Line copyrights, Value Line trademarks and Value Line Proprietary Ranks and other proprietary information, to third parties under written agreements for use in third-party managed and marketed investment products and for other purposes. Value Line markets under well-known brands includingValue Line®, the Value Linelogo®,The Value Line Investment Survey®, Smart Research, Smarter Investing™* andThe Most Trusted Name in Investment Research*®. The name "Value Line" as used to describe the Company, its products, and its subsidiaries, is a registered trademark of the Company. EULAV Asset Management Trust (“EAM”) was established to provide the investment management services to the Value Line Funds, institutional and individual accounts and provide distribution, marketing, and administrative services to the Value Line® Mutual Funds ("Value Line Funds"). The Company maintains a significant investment in EAM from which it receives payments in respect of its non-voting revenues and non-voting profits interests.
Current wording
The Company's core business is producing investment publications and their underlying research and making available certain Value Line copyrights, Value Line trademarks and Value Line Proprietary Ranks and other proprietary information, to third parties under written agreements for use in third-party managed and marketed investment products and for other purposes. Value Line markets under well-known brands includingValue Line®, the Value Linelogo®,The Value Line Investment Survey®, Smart Research, Smarter Investing™* andThe Most Trusted Name in Investment Research*®. The name "Value Line" as used to describe the Company, its products, and its subsidiaries, is a registered trademark of the Company. EULAV Asset Management Trust (“EAM”) was established to provide the investment management services to the Value Line Funds, institutional and individual accounts and provide distribution, marketing, and administrative services to the Value Line® Mutual Funds ("Value Line Funds").
Previous wording
The investment periodicals and related publications (retail and institutional) and Value Line copyrights and Value Line Proprietary Ranks and other proprietary information consolidate into one segment called Publishing. The Publishing segment constitutes the Company’s only reportable business segment.
Current wording
The investment publications and related publications (retail and institutional) and Value Line copyrights and Value Line Proprietary Ranks and other proprietary information consolidate into one segment called Publishing. The Publishing segment constitutes the Company’s only reportable business segment.
Previous wording
Pursuant to the EAM Declaration of Trust, the Company maintains an interest in certain revenues of EAM and a portion of the residual profits of EAM but has no voting authority with respect to the election or removal of the trustees of EAM or control of its business.
Current wording
Pursuant to the EAM Declaration of Trust, the Company maintains an interest in revenues of EAM and a portion of the residual profits of EAM but has no voting authority with respect to the election or removal of the trustees of EAM or control of its business. Although the Company does not have control over the operating and financial policies of EAM, the Company has a contractual right to receive its share of EAM’s revenues and profits.
Previous wording
The business of EAM is managed by its five individual trustees each owning 20% of the voting interest in EAM and by its officers subject to the direction of the trustees. The Company’s non-voting revenues and non-voting profits interests in EAM entitle it to receive a range of 41% to 55% of EAM’s revenues (excluding distribution revenues) from EAM’s mutual fund and separate account business and 50% of the residual profits of EAM (subject to temporary increase in certain limited circumstances). The Voting Profits Interest Holders received the other 50% of residual profits of EAM. Distribution is not less than 90% of EAM’s profits payable each fiscal quarter under the provisions of the EAM Trust Agreement.
Current wording
The business of EAM is managed by its five individual trustees each owning 20% of the voting interest in EAM and by its officers subject to the direction of the trustees. The Company is entitled to receive from EAM a range of 41% to 55% of EAM’s revenues (excluding distribution revenues) from EAM’s mutual fund and separate account business and 50% of the residual profits of EAM (subject to temporary increase in certain limited circumstances). The Holders of the remaining profits interests will receive the other 50% of residual profits of EAM. Distribution is not less than 90% of EAM’s profits payable each fiscal quarter under the provisions of the EAM Trust Agreement.
Previous wording
Within investment periodicals and related publications, subscription sales orders are derived from print and digital products. The following chart illustrates the changes in the sales orders associated with print and digital subscriptions.
Current wording
Within investment periodicals and related publications, subscription sales orders are derived from print and digital publications. The following chart illustrates the changes in the sales orders associated with print and digital subscriptions.
Previous wording
During the twelve months ended April 30, 2025, 2024 & 2023, new sales of print publications increased while conversion and renewal sales orders decreased.
Current wording
During the twelve months ended April 30, 2026, 2025 & 2024, new sales of print publications increased while renewal sales orders decreased.
Previous wording
Investment periodicals and related publications revenues of $24,682,000 (excluding copyright fees) during the twelve months ended April 30, 2025 were 2.9% below publishing revenues of $25,420,000 in the prior fiscal year. The Company continued and increased to attract new subscribers through various marketing channels, primarily direct mail, e-mail, and by the efforts of our sales personnel. As fewer individual investors manage their own portfolios, particularly in volatile markets, total product line circulation at April 30, 2025, was 1.7% below total product line circulation at April 30, 2024.
Current wording
Investment periodicals and related publications revenues of $24,682,000 (excluding copyright fees) during the twelve months ended April 30, 2025 were 2.9% below publishing revenues of $25,420,000 in the prior fiscal year. The Company continued and increased to attract new subscribers through various marketing channels, primarily direct mail, e-mail, and by the efforts of our sales personnel. As fewer individual investors managed their own portfolios, particularly in volatile markets, total product line circulation at April 30, 2025, was 1.7% below total product line circulation at April 30, 2024.
Previous wording
Total print circulation at April 30, 2025 was 1.9% below the total print circulation at April 30, 2024. During the twelve months ended April 30, 2025, print publication revenues of $8,783,000, decreased 5.4%, below print publication revenues of $9,286,000 during April of 2024 because we deferred advertising in light of negative sentiment among prospective individual customers in a challenging market environment. Total digital circulation at April 30, 2025 was 1.5% below total digital circulation at April 30, 2024 with the professional clientele offsetting individual subscribers. During the twelve months ended April 30, 2025, digital revenues of $15,899,000 were down 1.5% as compared to the prior fiscal year. These figures reflect weak investor sentiment, likely temporary, and the ongoing shift from our print services to digital counterparts. Further, publishing revenue is fairly steady, despite the dip in print circulation. Sales of our higher-price, higher-profit, publications have been stronger than sales of lower price “starter” products.
Current wording
Total print circulation at April 30, 2025 was 1.9% below the total print circulation at April 30, 2024. During the twelve months ended April 30, 2025, print publication revenues of $8,783,000, decreased 5.4%, below print publication revenues of $9,286,000 during April of 2024. Total digital circulation at April 30, 2025 was 1.5% below total digital circulation at April 30, 2024 with the professional clientele offsetting individual subscribers. During the twelve months ended April 30, 2025, digital revenues of $15,899,000 were down 1.5% as compared to the prior fiscal year. These figures reflect the ongoing shift from our print services to digital counterparts. Sales of our higher-price, higher-profit, publications have been stronger than sales of lower price “starter” products.
Previous wording
Investment periodicals and related publications revenues of $25,420,000 (excluding copyright fees) during the twelve months ended April 30, 2024 were 3.1% below publishing revenues of $26,232,000 in the prior fiscal year. The Company continued actions to attract new subscribers through various marketing channels, primarily direct mail, e-mail, and by the efforts of our sales personnel. As fewer individual investors manage their own portfolios, particularly in volatile markets, total product line circulation at April 30, 2024, was 3.2% below total product line circulation at April 30, 2023. However, Institutional Sales department total sales orders reached a record level last fiscal year ended April 30, 2023 and this higher profit margin distribution to financial advisors and professional investors significantly offsets the long-term trend of declining individual investor circulation.
Current wording
Investment periodicals and related publications revenues of $25,420,000 (excluding copyright fees) during the twelve months ended April 30, 2024 were 3.1% below publishing revenues of $26,232,000 in the prior fiscal year. The Company continued actions to attract new subscribers through various marketing channels, primarily direct mail, e-mail, and by the efforts of our sales personnel. As fewer individual investors manage their own portfolios, particularly in volatile markets, total product line circulation at April 30, 2024, was 3.2% below total product line circulation at April 30, 2023.
Previous wording
Total print circulation at April 30, 2024 was 4.6% below the total print circulation at April 30, 2023. During the twelve months ended April 30, 2024, print publication revenues of $9,286,000, decreased 6.8%, below print publication revenues of $9,963,000 during April of 2023 because we deferred advertising in light of negative sentiment among prospective individual customers in a challenging market environment. Total digital circulation at April 30, 2024 was 1.4% below total digital circulation at April 30, 2023 with the professional clientele offsetting individual subscribers. During the twelve months ended April 30, 2024, digital revenues of $16,134,000 were slightly below compared to the prior fiscal year. These figures reflect weak investor sentiment, likely temporary, and the ongoing shift from our print services to digital counterparts. Further, publishing revenue is fairly steady, despite the dip in print circulation. Sales of our higher-price, higher-profit, publications have been stronger than sales of lower price “starter” products.
Current wording
Total print circulation at April 30, 2024 was 4.6% below the total print circulation at April 30, 2023. During the twelve months ended April 30, 2024, print publication revenues of $9,286,000, decreased 6.8%, below print publication revenues of $9,963,000 during April of 2023. Total digital circulation at April 30, 2024 was 1.4% below total digital circulation at April 30, 2023 with the professional clientele offsetting individual subscribers. During the twelve months ended April 30, 2024, digital revenues of $16,134,000 were slightly below compared to the prior fiscal year.
Previous wording
Value Line serves primarily individual and professional investors in stocks, who pay mostly on annual subscription plans, for basic services or as much as $100,000 or more annually for comprehensive premium quality research, not obtainable elsewhere. The ongoing goal of adding new subscribers has led us to introduce publications and packages at a range of price points. Prominently introduced in fiscal 2020 and 2021 were new features in theValue Line Research Center, which areThe Value Line ETFs Service, monthly publication Value Line* Information You Should KnowWealth Newsletter, The Value Line M & A Service,and our Value Line Climate Change Investing Service*.
Current wording
Value Line serves primarily individual and professional investors in stocks, and other securities, who pay mostly on annual or multi-year subscription plans, for basic services or as much as $100,000 or more annually for comprehensive premium quality research, not obtainable elsewhere.
Previous wording
The Value Line Proprietary Ranks (the “Ranking System”), a component of the Company’s flagship product,The Value Line Investment Survey, is also utilized in the Company’s copyright business. The Ranking System is made available to EAM for specific uses without charge. During the six month period ended April 30, 2025, the combined Ranking System “Rank 1 & 2” stocks’ decrease of 6.0% compared favorably to the Russell 2000 Index’s decrease of 10.6% during the comparable period. During the twelve month period ended April 30, 2025, the combined Ranking System “Rank 1 & 2” stocks’ increase of 7.4% compared favorably to the Russell 2000 Index’s decrease of 0.5% during the comparable period.
Current wording
The Value Line Proprietary Ranks (the “Ranking System”), a component of the Company’s flagship product,The Value Line Investment Survey, are also utilized in the Company’s copyright business. The Ranking System is made available to EAM for specific uses without charge. During the six month period ended April 30, 2026, the combined Ranking System “Rank 1 & 2” stocks’ increase of 14.2% compared to the Russell 2000 Index’s increase of 12.9% during the comparable period. During the twelve month period ended April 30, 2026, the combined Ranking System “Rank 1 & 2” stocks’ increase of 35.6% compared to the Russell 2000 Index’s increase of 42.6% during the comparable period.
Previous wording
During the twelve months ended April 30, 2025, copyright fees of $10,397,000 were 13.8% below those during the corresponding period in the prior fiscal year. During the twelve months ended April 30, 2024, copyright fees of $12,067,000 were 10.4% below those during the corresponding period in the prior fiscal year. During the twelve months ended April 30, 2023, copyright fees of $13,463,000 were slightly above those during the corresponding period in the prior fiscal year. These fees depend on the assets under management in financial products with contractual arrangements to use the Ranks and other Value Line proprietary information, which tend to fluctuate based on interest rates and ratings by fund rating agencies, among other factors.
Current wording
During the twelve months ended April 30, 2026, copyright fees of $9,590,000 were 7.8% below those during the corresponding period in the prior fiscal year. During the twelve months ended April 30, 2025, copyright fees of $10,397,000 were 13.8% below those during the corresponding period in the prior fiscal year. During the twelve months ended April 30, 2024, copyright fees of $12,067,000 were 10.4% below those during the corresponding period in the prior fiscal year. These fees depend on the assets under management in financial products with contractual arrangements to use the Ranks and other Value Line proprietary information, which tend to fluctuate based on interest rates sectoral investment trends and other factors.
Previous wording
Total assets in the Value Line Funds managed and/or distributed by EAM at April 30, 2024, were $4.17 billion, which is $1.08 billion, or 35.0%, above total assets of $3.09 billion in the Value Line Funds managed and/or distributed by EAM at April 30, 2023.
Current wording
Total assets in the Value Line Funds managed and/or distributed by EAM at April 30, 2026, were $3.72 billion, which is $0.96 billion, or 20.4%, below total assets of $4.68 billion in the Value Line Funds managed and/or distributed by EAM at April 30, 2025.
Previous wording
Total assets in the Value Line Funds managed and/or distributed by EAM at April 30, 2025, were $4.68 billion, which is $0.51 billion, or 12.0%, above total assets of $4.17 billion in the Value Line Funds managed and/or distributed by EAM at April 30, 2024.
Current wording
Total assets in the Value Line Funds managed and/or distributed by EAM at April 30, 2025, were $4.68 billion, which was $0.51 billion, or 12.0%, above total assets of $4.17 billion in the Value Line Funds managed and/or distributed by EAM at April 30, 2024.
Previous wording
Value Line Equity Funds experienced net inflows and the associated net asset outflows (redemptions less new sales) in fiscal 2025. Value Line Fixed Income Funds experienced net outflows during fiscal year 2025.
Current wording
Value Line Equity Funds experienced net outflows (redemptions less new sales) in fiscal 2026. Value Line Fixed Income Funds experienced net outflows during fiscal year 2026.
Previous wording
The following table shows the change in assets for the past three fiscal years including sales (inflows), redemptions (outflows), dividends and capital gain distributions, and market value changes. Inflows for sales, and outflows for redemptions reflect decisions of individual investors and/or their investment advisors. The table also illustrates the assets within the Value Line Funds broken down into equity funds and fixed income funds as of April 30, 2025, 2024 and 2023.
Current wording
The following table shows the change in assets for the past three fiscal years including sales (inflows), redemptions (outflows), dividends and capital gain distributions, and market value changes. Inflows from sales, and outflows for redemptions reflect decisions of individual investors and/or their investment advisors. The table also illustrates the assets within the Value Line Funds broken down into equity funds and fixed income funds as of April 30, 2026, 2025 and 2024.
Previous wording
As of April 30, 2025, one of the Value Line Funds has 12b-1 fees waivers in place, and four funds have investment management fee waivers in place amounting in aggregate to less than 1% of all EAM management fee revenues.
Current wording
As of April 30, 2026, three funds have investment management fee waivers in place amounting in aggregate to less than 1% of all EAM management fee revenues.
Previous wording
The Value Line equity and hybrid funds’ assets represent 99.1% and fixed income fund assets represent 0.9%, respectively, of total fund assets under management (“AUM”) as of April 30, 2024. At April 30, 2024, equity and hybrid AUM increased by 35.6% and fixed income AUM decreased by 12.8% as compared to last year at April 30, 2023.
Current wording
The Value Line equity and hybrid funds’ assets represent 100% of total fund assets under management (“AUM”) as of April 30, 2026. At April 30, 2026, equity and hybrid AUM decreased by 20.4% when compared to last year at April 30, 2025.
Previous wording
The Value Line equity and hybrid funds’ assets represent 99.2% and fixed income fund assets represent 0.8%, respectively, of total fund assets under management (“AUM”) as of April 30, 2025. At April 30, 2025, equity and hybrid AUM increased by 12.0% and fixed income AUM was similar when compared to last year at April 30, 2024.
Current wording
The Value Line equity and hybrid funds’ assets represented 99.2% and fixed income fund assets represented 0.8%, respectively, of total fund assets under management (“AUM”) as of April 30, 2025. At April 30, 2025, equity and hybrid AUM increased by 12.0% and fixed income AUM was similar when compared to last year at April 30, 2024.
Previous wording
The Company holds non-voting revenues and non-voting profits interests in EAM which entitle the Company to receive from EAM an amount ranging from 41% to 55% of EAM's investment management fee revenues from its mutual fund and separate accounts business, and 50% of EAM’s net profits, not less than 90% of which is distributed in cash every fiscal quarter.
Current wording
The Company receives non-voting revenues interest and non-voting profits interest from EAM. The Company receives from EAM in an amount ranging from 41% to 55% of EAM's investment management fee revenues from its mutual fund business.
Previous wording
During twelve months ended April 30, 2024, advertising and promotion expenses of $2,955,000 decreased 3.1% as compared to the prior fiscal year. During the twelve months ended April 30, 2024, decreases were primarily due to decreases in total sales commissions.
Current wording
During twelve months ended April 30, 2026, advertising and promotion expenses of $3,718,000 decreased 2.1% as compared to the prior fiscal year. During the twelve months ended April 30, 2026, decreases were primarily due to decreases in total sales commissions and other promotion costs.
Previous wording
During twelve months ended April 30, 2023, advertising and promotion expenses of $3,049,000 decreased 5.4% as compared to the prior fiscal year. During the twelve months ended April 30, 2023, decreases were primarily due to decreases in media advertising expenses and direct mail campaigns, partially offset by increases in renewal solicitation costs and institutional sales commissions.
Current wording
During twelve months ended April 30, 2024, advertising and promotion expenses of $2,955,000 decreased 3.1% as compared to the prior fiscal year. During the twelve months ended April 30, 2024, decreases were primarily due to deferring direct mail activity in response to market condition.
Previous wording
During the twelve months ended April 30, 2025, 2024 and 2023, the Company recorded profit sharing expenses of $422,000, $410,000 and $557,000, respectively.
Current wording
During the twelve months ended April 30, 2026, 2025 and 2024, the Company recorded profit sharing expenses of $489,000, $422,000 and $410,000, respectively.
Previous wording
During the twelve months ended April 30, 2025, 29.6% of total publishing revenues of $35,079,000 were derived from a single customer. During the twelve months ended April 30, 2024, 32.2% of total publishing revenues of $37,487,000 were derived from a single customer. During the twelve months ended April 30, 2023, 33.9% of total publishing revenues of $39,695,000 were derived from a single customer.
Current wording
During the twelve months ended April 30, 2026, 28.7% of total publishing revenues of $33,447,000 were derived from a single customer. During the twelve months ended April 30, 2025, 29.6% of total publishing revenues of $35,079,000 were derived from a single customer. During the twelve months ended April 30, 2024, 32.2% of total publishing revenues of $37,487,000 were derived from a single customer.
Previous wording
During the twelve months ended April 30, 2024, the Company’s total investment gains of $2,764,000 increased 135.4% above prior fiscal year, primarily derived from unrealized gains on equity securities and increases in the interest income. Proceeds from the sales of equity securities during the twelve months ended April 30, 2024 and April 30, 2023 were $1,129,000 and $4,706,000, respectively. There were no capital gain distributions from ETFs in fiscal 2024 or fiscal 2023.
Current wording
During the twelve months ended April 30, 2026, the Company’s total investment gains of $6,428,000 increased 98.5% above the prior fiscal year, primarily derived from unrealized gains on equity securities. Proceeds from the sales of equity securities during the twelve months ended April 30, 2026 and April 30, 2025 were $2,425,000 and $3,243,000, respectively. There were no capital gain distributions from ETFs in fiscal 2026 or fiscal 2025. Moderate increases in the commitment to equity securities including select income - producing ETFs occurred during fiscal 2026 and subsequently.
Previous wording
The overall effective income tax rates, as a percentage of pre-tax ordinary income for the twelve months ended April 30, 2025, April 30, 2024 and April 30, 2023 were 24.89%, 24.50% and 24.00%, respectively. The increase in the effective tax rate during for the twelve months ended April 30, 2025 as compared to April 30, 2024, is primarily a result of an increase in the state and local tax rate from 3.72% to 4.09%. The Company's annualized overall effective tax rate fluctuates due to a number of factors, in addition to changes in tax law, including but not limited to an increase or decrease in the ratio of items that do not have tax consequences to pre-income tax, the Company's geographic profit mix between tax jurisdictions, taxation method adopted by each locality, changes in tax rates, new interpretations of existing tax laws and rulings and settlements with tax authorities.
Current wording
The overall effective income tax rates, as a percentage of pre-tax ordinary income for the twelve months ended April 30, 2026, April 30, 2025 and April 30, 2024 were 26.50%, 24.89% and 24.50%, respectively. The increase in the effective tax rate during for the twelve months ended April 30, 2026 as compared to April 30, 2025, is primarily a result of an increase in the state and local tax rate from 4.09% to 5.73%, primarily in the state of Florida that has changed from a market based approach to a cost of production approach affecting EAM's allocation of taxable income for the combined companies to that state. The Company's annualized overall effective tax rate fluctuates due to a number of factors, in addition to changes in tax law, including but not limited to an increase or decrease in the ratio of items that do not have tax consequences to pre-income tax, the Company's geographic profit mix between tax jurisdictions, taxation method adopted by each locality, changes in tax rates, new interpretations of existing tax laws and rulings and settlements with tax authorities.
Previous wording
The Company had working capital, defined as current assets less current liabilities, of $56,230,000 as of April 30, 2025 and $48,770,000 as of April 30, 2024. These amounts include short-term unearned revenue of $16,558,000 and $15,764,000 reflected in total current liabilities at April 30, 2025 and April 30, 2024, respectively. Cash and short-term securities were $77,391,000 and $68,345,000 as of April 30, 2025 and April 30, 2024, respectively.
Current wording
The Company had working capital, defined as current assets less current liabilities, of $66,389,000 as of April 30, 2026 and $56,230,000 as of April 30, 2025. These amounts include short-term unearned revenue of $14,742,000 and $16,558,000 reflected in total current liabilities at April 30, 2026 and April 30, 2025, respectively. Cash and short-term securities were $86,466,000 and $77,391,000 as of April 30, 2026 and April 30, 2025, respectively.
Previous wording
The Company’s cash and cash equivalents include $33,615,000 and $4,136,000 at April 30, 2025 and April 30, 2024, respectively, invested primarily in commercial banks and in Money Market Funds at brokers, which operate under Rule 2a-7 of the 1940 Act and invest primarily in short-term U.S. government securities.
Current wording
The Company’s cash and cash equivalents include $23,733,000 and $33,615,000 at April 30, 2026 and April 30, 2025, respectively, invested primarily in commercial banks and in Money Market Funds at brokers, which operate under Rule 2a-7 of the 1940 Act and invest primarily in short-term U.S. government securities.
Previous wording
The Company had cash inflows from operating activities of $20,243,000 during the twelve months ended April 30, 2025, compared to cash inflows from operations of $17,932,000 and $18,178,000 during the twelve months ended April 30, 2024 and 2023, respectively. The change in cash inflows was a result of an increase in cash receipts, EAM, publication subscription sales and a decrease in income tax payments offset by a decrease in cash receipts from customer accounts receivable from the same period last year.
Current wording
The Company had cash inflows from operating activities of $18,583,000 during the twelve months ended April 30, 2026, compared to cash inflows from operations of $20,243,000 and $17,932,000 during the twelve months ended April 30, 2025 and 2024, respectively. The decrease in cash flows from fiscal 2025 to fiscal 2026 is primarily attributable to a change in unearned revenue, reflecting lower customer prepayments received during the year.
Previous wording
The Company’s cash inflows from investing activities of $21,200,000 during the twelve months ended April 30, 2025, compared to cash outflows from investing activities of $10,048,000 and cash outflows of $26,116,000 for the twelve months ended April 30, 2024 and April 30, 2023, respectively. The significant cash inflows in investing activities for the twelve months ended April 30, 2025 was a result of management’s conscious decisions to invest the proceeds from maturities of fixed income short-term securities in the Company’s short-term U.S. Government money market fund accounts at sometimes higher yields than U.S Treasury Bills.
Current wording
The Company’s cash outflows from investing activities of $15,326,000 during the twelve months ended April 30, 2026, compared to cash inflows from investing activities of $21,200,000 and cash outflows of $10,048,000 for the twelve months ended April 30, 2025 and April 30, 2024, respectively. The significant cash outflows in investing activities for the twelve months ended April 30, 2026 was a result of management’s conscious decisions to invest the proceeds from maturities of fixed income short-term securities in the Company’s short-term U.S. Government money market fund accounts at mostly higher yields than U.S Treasury Bills during the fiscal year. The Company then purchased a U.S. T-Bill during the fourth quarter of fiscal 2026 as T-Bill rates became more favorable.
Previous wording
During the twelve months ended April 30, 2025, the Company’s cash outflows from financing activities were $11,756,000 and compared to cash outflows from financing activities of $11,084,000 and $14,175,000 for the twelve months ended April 30, 2024 and 2023, respectively. Cash outflows for financing activities included $453,000, $523,000 and $4,704,000 for the repurchase of 11,480 shares, 12,057 shares and 75,303 shares of the Company’s common stock under the May 2022 & October 2022 board approved common stock repurchase programs, during fiscal years 2025, 2024 and 2023, respectively. Quarterly regular dividend payments of $0.30 per share during fiscal 2025 aggregated $11,303,000. Quarterly regular dividend payments of $0.28 per share during fiscal 2024 aggregated $10,561,000. Quarterly regular dividend payments of $0.25 per share during fiscal 2023 aggregated $9,471,000.
Current wording
During the twelve months ended April 30, 2026, the Company’s cash outflows from financing activities were $13,154,000 and compared to cash outflows from financing activities of $11,756,000 and $11,084,000 for the twelve months ended April 30, 2025 and 2024, respectively. Cash outflows for financing activities included $928,000, $453,000 and $523,000 for the repurchase of 24,810 shares, 11,480 shares and 12,057 shares of the Company’s common stock under the May 2022, October 2022 & October 2025 board approved common stock repurchase programs, during fiscal years 2026, 2025 and 2024, respectively. Quarterly regular dividend payments of $0.325 per share during fiscal 2026 aggregated $12,226,000. Quarterly regular dividend payments of $0.30 per share during fiscal 2025 aggregated $11,303,000. Quarterly regular dividend payments of $0.28 per share during fiscal 2024 aggregated $10,561,000.
Previous wording
At April 30, 2025 there were 9,417,097 common shares outstanding as compared to 9,428,379 common shares outstanding at April 30, 2024. The Company expects financing activities to continue to include use of cash for dividend payments for the foreseeable future.
Current wording
At April 30, 2026 there were 9,399,062 common shares outstanding as compared to 9,417,097 common shares outstanding at April 30, 2025. The Company expects financing activities to continue to include use of cash for dividend payments for the foreseeable future.
Previous wording
Management believes that the Company’s cash and other liquid asset resources used in its business together with future cash flows from operations and from the Company’s non-voting revenues and non-voting profits interests in EAM will be sufficient to finance current and forecasted liquidity needs for the next twelve months and beyond next year. Management does not anticipate making any borrowings during the next twelve months. As of April 30, 2025, retained earnings and liquid assets were $113,400,000 and $77,391,000, respectively. As of April 30, 2024, retained earnings and liquid assets were $104,249,000 and $68,345,000, respectively.
Current wording
Management believes that the Company’s cash and other liquid asset resources used in its business together with future cash flows from operations and from the Company’s non-voting revenues and non-voting profits interests in EAM will be sufficient to finance current and forecasted liquidity needs for the next twelve months and beyond next year. Management does not anticipate making any borrowings during the next twelve months. As of April 30, 2026, retained earnings and liquid assets were $122,578,000 and $86,466,000, respectively. As of April 30, 2025, retained earnings and liquid assets were $113,400,000 and $77,391,000, respectively.
Previous wording
In December 2023, the FASB issued Accounting Standards Update 2023-09, “Improvements to Income Tax Disclosures” (“ASU 2023-09”), which provides for additional disclosures primarily related to the income tax rate reconciliations and income taxes paid. ASU 2023-09 requires entities to annually disclose the income tax rate reconciliation using both amounts and percentages, considering several categories of reconciling items, including state and local income taxes, foreign tax effects, tax credits and nontaxable or nondeductible items, among others. Disclosure of the reconciling items is subject to a quantitative threshold and disaggregation by nature and jurisdiction. ASU 2023-09 also requires entities to disclose net income taxes paid or received to federal, state and foreign jurisdictions, as well as by individual jurisdiction, subject to a five percent quantitative threshold. ASU 2023-09 may be adopted on a prospective or retrospective basis and is effective for fiscal years beginning after December 15, 2024 with early adoption permitted. We are evaluating the impact of ASU 2023-09 on disclosures in our Consolidated Financial Statements.
Current wording
In December 2023, the FASB issued Accounting Standards Update 2023-09, “Improvements to Income Tax Disclosures” (“ASU 2023-09”), which provides for additional disclosures primarily related to the income tax rate reconciliations and income taxes paid. ASU 2023-09 requires entities to annually disclose the income tax rate reconciliation using both amounts and percentages, considering several categories of reconciling items, including state and local income taxes, foreign tax effects, tax credits and nontaxable or nondeductible items, among others. Disclosure of the reconciling items is subject to a quantitative threshold and disaggregation by nature and jurisdiction. ASU 2023-09 also requires entities to disclose net income taxes paid(net of refunds received) to federal, state and foreign jurisdictions, as well as by individual jurisdiction, subject to a five percent quantitative threshold. ASU 2023-09 may be adopted on a prospective or retrospective basis and is effective for fiscal years beginning after December 15, 2024 with early adoption permitted. We adopted ASU 2023-09 with such disclosures included in Note 7 to our Consolidated Financial Statements.
Previous wording
In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03, Income Statement-Reporting Comprehensive Income- Expense Disaggregation Disclosures, requiring all public business entities to provide additional disclosure of the nature of expenses include in the income statement. This ASU is effective for fiscal years beginning after December 15, 2026, and for interim reporting periods beginning after December 15, 2027, on a prospective basis, with early adoption permitted. We are currently evaluating the impact on our financial statement disclosures.
Current wording
In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03, Income Statement-Reporting Comprehensive Income- Expense Disaggregation Disclosures, requiring all public business entities to provide additional disclosure of the nature of expenses include in the income statement. This ASU is effective for fiscal years beginning after December 15, 2026, and for interim reporting periods beginning after December 15, 2027, on a prospective basis, with early adoption permitted. We are evaluating the impact on our financial statement disclosures.
Previous wording
We are a party to lease contracts which will result in cash payments to lessors in future periods. Operating lease liabilities are included in our Consolidated Balance Sheets. Estimated payments of these liabilities in each of the next four fiscal years (in thousands): $1,461 in 2026; $1,493 in 2027 and $882 in 2028 totaling $3,836.
Current wording
We are a party to lease contracts which will result in cash payments to lessors in future periods. Operating lease liabilities are included in our Consolidated Balance Sheets. Estimated payments of these liabilities in each of the next two fiscal years (in thousands): $1,493 in 2027 and $882 in 2028 totaling $2,375.