| Item 7 | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 23 |
| Item 7A | Quantitative and Qualitative Disclosures About Market Risk | 35 |
| Item 8 | Financial Statements and Supplementary Data | 37 |
| Item 9 | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure | 38 |
| Item 9A | Controls and Procedures | 38 |
| Item 9B | Other Information | 39 |
| Item 9C | Disclosure Regarding Foreign Jurisdictions that Prevent Inspection | 39 |
| PART III |
|---|
| Item 10 | Directors, Executive Officers, and Corporate Governance | 40 |
| Item 11 | Executive Compensation | 42 |
| Item 12 | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters | 42 |
| Item 13 | Certain Relationships and Related Transactions and Director Independence | 43 |
| Item 14 | Principal Accounting Fees and Services | 44 |
| PART IV |
|---|
| Item 15 | Exhibits and Financial Statement Schedules | 45 |
Value Line, the Value Line logo, The Most Trusted Name In Investment Research, “Smart research. Smarter investing”, The Value Line Investment Survey, Value Line Select, Timeliness and Safety are trademarks or registered trademarks of Value Line Inc. and/or its affiliates in the United States and other countries. All other trademarks are the property of their respective owners.
Cautionary Statement Regarding Forward-Looking Information
In this report, “Value Line,” “we,” “us,” “our” refers to Value Line, Inc. and “the Company” refers to Value Line and its subsidiaries unless the context otherwise requires.
This report contains statements that are predictive in nature, depend upon or refer to future events or conditions (including certain projections and business trends) accompanied by such phrases as “believe”, “estimate”, “expect”, “anticipate”, “will”, “intend” and other similar or negative expressions, that are “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995, as amended. Actual results for Value Line, Inc. (“Value Line” or “the Company”) may differ materially from those projected as a result of certain risks and uncertainties, including but not limited to the following:
| ● | maintaining revenue from subscriptions for the Company’s digital and print published products; |
| ● | changes in investment trends and economic conditions, including global financial issues; |
| ● | changes in Federal Reserve policies affecting interest rates and liquidity along with resulting effects on equity markets; |
| ● | stability of the banking system, including the success of U.S. government policies and actions in regard to banks with liquidity or capital issues, along with the associated impact on equity markets; |
| ● | continuation of orderly markets for equities and corporate and governmental debt securities; |
| ● | problems protecting intellectual property rights in Company methods and trademarks; |
| ● | problems protecting confidential information including customer confidential or personal information that we may possess; |
| ● | dependence on non-voting revenues and non-voting profits interests in EULAV Asset Management (“EAM” or “EAM Trust”), and accordingly on its key management, investment management, and sales personnel. EAM Trust is a Delaware statutory trust, which serves as the investment advisor to the Value Line Funds and engages in related distribution, marketing and administrative services; |
| ● | fluctuations in EAM’s and third-party copyright assets under management due to evaluations by outside rating agencies, broadly based changes in the values of equity and debt securities, market sector variations, redemptions by investors and other factors including continuation of employment by key members of its management, investment management, and sales leadership; |
| ● | possible changes in the valuation of EAM’s intangible assets from time to time; |
| ● | possible changes in future revenues or collection of receivables from significant customers; |
| ● | dependence on key executive and specialist personnel of signification supplier and other firms; |
| ● | risks associated with the outsourcing of certain functions, technical facilities, and operations, including in some instances outside the U.S.; |
| ● | risks of increased tariffs and other restrictions affecting the cost and availability of materials, equipment, and other necessary inputs to the Company’s operations; |
| ● | competition in the fields of publishing, copyright and investment management, along with associated effects on the level and structure of prices and fees, and the mix of services delivered; |
| ● | the impact of government regulation on the Company’s and EAM’s businesses; |
| ● | federal and/or state legislative changes that might affect Value Line’s business; |
| ● | the availability of free or low cost investment information through discount brokers or generally over the internet; |
| ● | the economic and other impacts of present and future global political and military conflicts, which could affect investor interest in stock market investing or cause assets under management in EAM to fall or to rise, or affect availability and cost of energy, goods, and services required by the Company and its suppliers; |
| ● | continued availability of generally dependable energy supplies, transportation facilities, digital data and telephone transmission infrastructure in the geographic areas in which the company and certain suppliers operate; |
| ● | terrorist attacks, cyber attacks and natural disasters; |
| ● | the need for changes in our business plans because of unexpected events that occur; |
| ● | widespread illnesses which may drastically affect markets, employment, and other economic conditions, and may have additional unpredictable impacts on employees, suppliers, customers, and operations; |
| ● | changes in prices and availability of materials and other inputs and services, such as financial data, freight and postage, required by the Company; |
| ● | risk of short-term or long-term catastrophic computer problems associated with legacy software systems which could interrupt regular publication schedules; |
| ● | risk of inadequacy of our insurance coverage to compensate for potential losses; |
| ● | potential impact of vendors’ consolidation; |
| ● | other risks and uncertainties, including but not limited to the risks described in Part I, Item 1A, “Risk Factors” of the Company’s Annual Report on Form 10-K for the year ended April 30, 2026 and other risks and uncertainties arising from time to time. |
These factors are not necessarily all of the important factors that could cause actual results to differ materially from those expressed in any of our forward-looking statements. Other unknown or unpredictable factors which may involve external factors over which we may have no control could also have material adverse effects on future results. Likewise, changes we make in our plans, objectives, strategies, or intentions, which may occur at any time in our discretion, could also have material favorable or adverse effects on our future results. Except as otherwise required to be disclosed in periodic reports required to be filed by public companies with the SEC pursuant to the SEC's rules, we have no duty to update these statements, and we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In light of these risks and uncertainties, current plans, anticipated actions, and future financial conditions and results may differ from those expressed in any forward-looking information contained herein.
Explanatory Notes
References in this Annual Report on Form 10-K for the fiscal year ending April 30, 2026, to “the Company”, “Value Line”, “we”, “us” and “our” refer to Value Line, Inc. and its consolidated subsidiaries, unless the context otherwise requires. In addition, unless the context otherwise requires, references to:
“fiscal 2026” are to the twelve month period from May 1, 2025 to April 30, 2026;
“fiscal 2025” are to the twelve month period from May 1, 2024 to April 30, 2025;
“fiscal 2024” are to the twelve month period from May 1, 2023 to April 30, 2024;
the “Adviser” or “EAM” are to EULAV Asset Management Trust, a Delaware business statutory trust;
the “Distributor” or “ES” are to EULAV Securities LLC, a Delaware limited liability company wholly
owned by EAM;
the “EAM Declaration of Trust” are to the EAM Declaration of Trust dated December 23, 2010;
the capital structure of EAM is established so that the Company owns only non-voting revenue and non-voting profits interests of EAM, and each of five individual Trustees all of whom are independent of the Company and of EAM (except for the CEO of EAM) owns a profits interest with 20% of the voting power; and
the “Value Line Funds” or the “Funds” are to the Value Line Mutual Funds registered under the Investment Company Act of 1940 for which EAM serves as investment adviser.
Part I
