Financial Data and Key Metrics Changes - The company reported a net income of $20,686,000 for fiscal 2025, translating to $2.20 per share, which is an increase of 8.8% from fiscal 2024 [13] - Retained earnings rose by more than $9.1 million, or 8.8%, totaling $113,400,000, marking the highest level in the past two decades [14][17] - Liquid assets exceeded $77.1 million at year-end, reflecting a more than 13% increase year-over-year [17] Business Line Data and Key Metrics Changes - Earnings from EAM, the investment advisor to the Value Line Mutual Fund, totaled $18,318,000, growing by over $5 million, or 38% from the previous year [13] - Income from securities transactions reached a record high of $3,238,000, exceeding the prior year's income of $2,764,000 by more than 17% [14] Market Data and Key Metrics Changes - The U.S. economy, where the company conducts 98% of its business, has been generally expanding, with expectations for continued growth [18] - Stock market conditions have been favorable, with most indexes hitting new highs, positively impacting the company [19] Company Strategy and Development Direction - The company continues to invest in advertising and marketing initiatives, particularly targeting individual investors, and is utilizing artificial intelligence for more effective advertising [15] - There is an ongoing effort to update and redesign information technology systems for greater efficiency and security, including replacing older legacy systems [16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the economic outlook, despite concerns about rising unemployment and softness in certain sectors like manufacturing and home building [18] - The company believes that the Federal Reserve's timely policy actions will address areas of economic softness [19] - Higher tariffs have had little impact on profitability and supply chain disruptions, with the company diversifying supply sources to mitigate risks [20] Other Important Information - The company has paid over $20 million in dividends to shareholders over the past two years, reflecting a commitment to returning value to shareholders [17] Q&A Session Summary Question: What is management's view of the economic outlook and its effect on the company? - Management expects the U.S. economy to continue expanding, with some concerns about rising unemployment and softness in manufacturing and home building [18] - The Federal Reserve's actions are seen as timely to address economic softness, and stock market conditions have been favorable for the company [19] Question: What are the board's plans for buying back stock? - The company has been moderately active in stock repurchase programs and continues to evaluate its stance periodically [20]

Core Insights - Value Line, Inc. (VALU) shares have increased by 1.4% since the earnings report for the quarter ended July 31, 2025, outperforming the S&P 500 index's 0.5% gain during the same period, indicating investor optimism despite muted topline growth [1] Financial Performance - For the fiscal first quarter, Value Line reported earnings per share of 69 cents, an 11.3% increase from 62 cents a year earlier [2] - Total publishing revenues declined slightly to $8.6 million, down 3.1% from $8.9 million in the prior-year quarter, driven by decreases in both major publishing revenue components [3] - Net income rose to $6.5 million, a 9.7% increase compared to $5.9 million in the same period last year [3] Revenue Streams - The increase in net income was largely due to growth in non-operating income streams, with $5.1 million recorded from non-voting revenues and profits interest in EULAV Asset Management Trust (EAM), representing a 20.7% rise compared to $4.2 million in the prior-year period [4] - The company reported $2 million in investment gains for the quarter, an 18.1% increase from $1.7 million a year ago, primarily from unrealized appreciation in equity securities [5] Expense Management - Total expenses rose marginally by 1% to $7.1 million, with salaries and benefits slightly increasing to $3.6 million and production and distribution expenses rising to $1.6 million [6] - Income from operations fell to $1.5 million from $1.9 million, marking a 19% decline, but was offset by increases in other income sources [6] Management Strategy - Management emphasized the focus on delivering consistent financial results through diversified revenue streams, highlighting the 9.7% year-over-year increase in net income and the 20.7% gain in receipts from EAM [7] - The company maintains a strong financial position with $33.7 million in cash and cash equivalents and no debt, supporting capital return initiatives and operational stability [8] Market Dynamics - Earnings improvement was driven by increased income from the asset management affiliate and higher investment gains, while the core publishing business faced modest revenue erosion [9] - The decline in publishing revenues reflects competitive pressures in the financial information space, where cost-effective and digital alternatives are gaining traction [10] Shareholder Returns - During the quarter, the company repurchased 1,481 shares, with $0.7 million remaining under the existing share repurchase authorization [11] - Value Line declared a quarterly dividend of 32.5 cents per share, up from 30 cents in the same quarter last year, reflecting a commitment to shareholder returns [11]

Core Viewpoint - Value Line, Inc. reported a strong financial performance for the first three months ended July 31, 2025, with notable increases in net income, investment gains, and equity [10]. Financial Performance - The company's net income for the three months ended July 31, 2025, was $6,460,000, or $0.69 per share, representing a 9.7% increase from $5,887,000, or $0.62 per share, for the same period in 2024 [10]. - Receipts from the company's interest in Eulav Asset Management increased by $880,000, or 20.7%, totaling $5,121,000 compared to the prior fiscal year [10]. - Total investment gains reached $2,019,000, exceeding last year's $1,709,000 by $310,000, or 18.1% [10]. - Retained earnings as of July 31, 2025, were $116,802,000, reflecting a 3.0% increase from April 30, 2025 [10]. - Shareholders' equity rose to $103,036,000, a 3.4% increase from $99,678,000 as of April 30, 2025 [10]. Company Services - Value Line provides a range of proprietary investment research services, including: - Value Line Select, which recommends one exceptional stock monthly [3]. - The Value Line Special Situations Service, focusing on small and mid-cap stocks with high return potential [4]. - Value Line Select ETFs, identifying one ETF expected to outperform the market each month [4]. - Value Line Select: Dividend Income & Growth, offering two stock recommendations for current income and long-term growth [5]. - The Value Line M&A Service, highlighting one company monthly as a potential acquisition target [6]. - The Value Line Climate Change Investing Service, addressing investment opportunities related to climate change [7]. - The company also offers extensive data and analysis on over 2,800 ETFs and 19,000 funds, helping investors make informed decisions [8][9].

[PART I. FINANCIAL INFORMATION](index=3&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Item 1. Consolidated Condensed Financial Statements](index=4&type=section&id=Item%201.%20Consolidated%20Condensed%20Financial%20Statements) This section presents Value Line, Inc.'s unaudited consolidated condensed financial statements for the period ended July 31, 2025, including balance sheets, income statements, comprehensive income statements, cash flow statements, and statements of changes in shareholders' equity, along with detailed notes explaining accounting policies, investments, related party transactions, and other financial disclosures [Consolidated Condensed Balance Sheets](index=4&type=page&id=Consolidated%20Condensed%20Balance%20Sheets) | Metric | July 31, 2025 (in thousands) | April 30, 2025 (in thousands) | | :------------------------------------------ | :----------------------------- | :---------------------------- | | Total current assets | $83,471 | $79,883 | | Total long term assets | $64,732 | $64,650 | | **Total assets** | **$148,203** | **$144,533** | | Total current liabilities | $23,723 | $23,653 | | Total long term liabilities | $21,444 | $21,202 | | **Total liabilities** | **$45,167** | **$44,855** | | Total shareholders' equity | $103,036 | $99,678 | - Total assets increased by **$3,670 thousand (2.5%)** from April 30, 2025, to July 31, 2025, primarily driven by an increase in current assets[9](index=9&type=chunk) - Shareholders' equity increased by **$3,358 thousand (3.4%)** from April 30, 2025, to July 31, 2025[9](index=9&type=chunk) [Consolidated Condensed Statements of Income](index=6&type=page&id=Consolidated%20Condensed%20Statements%20of%20Income) | Metric | Three Months Ended July 31, 2025 (in thousands) | Three Months Ended July 31, 2024 (in thousands) | Change (%) | | :------------------------------------------ | :---------------------------------------------- | :---------------------------------------------- | :--------- | | Total publishing revenues | $8,606 | $8,884 | -3.1% | | Total expenses | $7,110 | $7,037 | 1.0% | | Income from operations | $1,496 | $1,847 | -19.0% | | Revenues and profits interests in EAM Trust | $5,121 | $4,241 | 20.7% | | Investment gains/(losses) | $2,019 | $1,709 | 18.1% | | Income before income taxes | $8,636 | $7,797 | 10.8% | | Income tax provision | $2,176 | $1,910 | 13.9% | | Net income | $6,460 | $5,887 | 9.7% | | Earnings per share, basic & fully diluted | $0.69 | $0.62 | 11.3% | - Net income increased by **9.7% to $6,460 thousand**, and EPS increased by **11.3% to $0.69** for the three months ended July 31, 2025, compared to the same period in 2024[12](index=12&type=chunk) - Income from operations decreased by **19.0%**, while revenues and profits interests from EAM Trust increased by **20.7%**, significantly contributing to the overall income growth[12](index=12&type=chunk) [Consolidated Condensed Statements of Comprehensive Income](index=7&type=page&id=Consolidated%20Condensed%20Statements%20of%20Comprehensive%20Income) | Metric | Three Months Ended July 31, 2025 (in thousands) | Three Months Ended July 31, 2024 (in thousands) | | :------------------------------------------------ | :---------------------------------------------- | :---------------------------------------------- | | Net income | $6,460 | $5,887 | | Change in unrealized gains/(losses) on Fixed Income securities, net of tax | $15 | $177 | | **Comprehensive income** | **$6,475** | **$6,064** | - Comprehensive income increased by **6.8% to $6,475 thousand** for the three months ended July 31, 2025, compared to **$6,064 thousand** in the prior year[15](index=15&type=chunk) - The change in unrealized gains on Fixed Income securities, net of tax, significantly decreased from **$177 thousand** in 2024 to **$15 thousand** in 2025[15](index=15&type=chunk) [Consolidated Condensed Statements of Cash Flows](index=8&type=page&id=Consolidated%20Condensed%20Statements%20of%20Cash%20Flows) | Cash Flow Activity | Three Months Ended July 31, 2025 (in thousands) | Three Months Ended July 31, 2024 (in thousands) | | :--------------------------------- | :---------------------------------------------- | :---------------------------------------------- | | Net cash provided by operating activities | $5,560 | $4,771 | | Net cash provided by/(used in) investing activities | $(2,811) | $9,473 | | Net cash used in financing activities | $(3,118) | $(3,006) | | Net change in cash and cash equivalents | $(369) | $11,238 | | Cash, cash equivalents and restricted cash at end of period | $34,013 | $15,933 | - Net cash provided by operating activities increased by **16.5% to $5,560 thousand** for the three months ended July 31, 2025[18](index=18&type=chunk) - Investing activities shifted from a net inflow of **$9,473 thousand** in 2024 to a net outflow of **$2,811 thousand** in 2025, primarily due to changes in purchases and sales of securities[18](index=18&type=chunk) - Net change in cash and cash equivalents was a decrease of **$369 thousand** in 2025, a significant change from an increase of **$11,238 thousand** in 2024[18](index=18&type=chunk) [Consolidated Condensed Statement of Changes in Shareholders' Equity (July 31, 2025)](index=9&type=page&id=Consolidated%20Condensed%20Statement%20of%20Changes%20in%20Shareholders'%20Equity%20(July%2031%2C%202025)) | Metric | April 30, 2025 (in thousands) | July 31, 2025 (in thousands) | | :-------------------------------- | :---------------------------- | :--------------------------- | | Retained earnings | $113,400 | $116,802 | | Treasury stock, at cost (shares) | (588,997) | (590,478) | | Treasury stock, at cost (amount) | $(15,647) | $(15,706) | | Accumulated other comprehensive income | $(66) | $(51) | | Total shareholders' equity | $99,678 | $103,036 | - Shareholders' equity increased from **$99,678 thousand** to **$103,036 thousand** during the three months ended July 31, 2025, driven by net income of **$6,460 thousand**, partially offset by dividends declared of **$3,058 thousand** and treasury stock purchases of **$59 thousand**[20](index=20&type=chunk) - Dividends declared per common share were **$0.325** for the three months ending July 31, 2025[20](index=20&type=chunk) [Consolidated Condensed Statement of Changes in Shareholders' Equity (July 31, 2024)](index=10&type=page&id=Consolidated%20Condensed%20Statement%20of%20Changes%20in%20Shareholders'%20Equity%20(July%2031%2C%202024)) | Metric | April 30, 2024 (in thousands) | July 31, 2024 (in thousands) | | :-------------------------------- | :---------------------------- | :--------------------------- | | Retained earnings | $104,249 | $107,311 | | Treasury stock, at cost (shares) | (577,517) | (581,926) | | Treasury stock, at cost (amount) | $(15,194) | $(15,373) | | Accumulated other comprehensive income | $(253) | $(76) | | Total shareholders' equity | $90,793 | $93,853 | - Shareholders' equity increased from **$90,793 thousand** to **$93,853 thousand** during the three months ended July 31, 2024, primarily due to net income of **$5,887 thousand**, partially offset by dividends declared of **$2,825 thousand** and treasury stock purchases of **$179 thousand**[24](index=24&type=chunk) - Dividends declared per common share were **$0.30** for the three months ending July 31, 2024[24](index=24&type=chunk) [Notes to Consolidated Condensed Financial Statements](index=11&type=page&id=Notes%20to%20Consolidated%20Condensed%20Financial%20Statements) [Note 1 - Organization and Summary of Significant Accounting Policies](index=11&type=page&id=Note%201%20-%20Organization%20and%20Summary%20of%20Significant%20Accounting%20Policies) - Value Line, Inc. (VLI) primarily produces investment periodicals and research, and licenses its proprietary information to third parties, holding a significant non-voting interest in Eulav Asset Management LLC (EAM)[27](index=27&type=chunk) - The Company accounts for its investment in EAM under the equity method, as it is not deemed the primary beneficiary of this Variable Interest Entity (VIE)[31](index=31&type=chunk) - Subscription revenues are recognized ratably over the subscription life, while copyright fees are recognized monthly based on asset-based agreements[32](index=32&type=chunk)[33](index=33&type=chunk) - Recent accounting pronouncements include ASU 2023-07 (Improvements to Reportable Segment Disclosures), ASU 2023-09 (Improvements to Income Tax Disclosures), and ASU 2024-03 (Income Statement-Reporting Comprehensive Income- Expense Disaggregation Disclosures), which the company is evaluating or has adopted[39](index=39&type=chunk)[40](index=40&type=chunk)[41](index=41&type=chunk) [Note 2 - Investments](index=17&type=page&id=Note%202%20-%20Investments) - The Company's investments include equity securities (ETFs for dividend yield) and available-for-sale fixed income securities (government debt and CDs), all classified as current assets[52](index=52&type=chunk)[53](index=53&type=chunk)[57](index=57&type=chunk) | Investment Type | July 31, 2025 Fair Value (in thousands) | April 30, 2025 Fair Value (in thousands) | | :------------------------ | :-------------------------------------- | :--------------------------------------- | | Equity securities | $22,126 | $20,879 | | Available-for-sale fixed income securities | $25,362 | $22,435 | - Proceeds from sales of equity securities were **$215 thousand** for the three months ended July 31, 2025, up from **$90 thousand** in the prior year[55](index=55&type=chunk) - The average yield on Government debt securities classified as available-for-sale was **4.2%** at July 31, 2025, slightly down from **4.3%** at April 30, 2025[62](index=62&type=chunk) [Note 3 - Variable Interest Entity](index=21&type=page&id=Note%203%20-%20Variable%20Interest%20Entity) - EAM is considered a Variable Interest Entity (VIE) in relation to Value Line, but the Company does not consolidate it as it lacks the power to direct EAM's most significant economic activities[72](index=72&type=chunk)[73](index=73&type=chunk) - Value Line's maximum exposure to loss from EAM is limited to its initial investment and undistributed revenues/profits interests, as it has no obligation to fund EAM in the future[75](index=75&type=chunk) | Metric | July 31, 2025 (in thousands) | April 30, 2025 (in thousands) | | :-------------------------------- | :---------------------------- | :---------------------------- | | EAM's total assets | $64,443 | $63,699 | | Value Line Investment in EAM Trust | $61,220 | $60,807 | | Maximum Exposure to Loss | $61,220 | $60,807 | [Note 4 - Supplementary Cash Flows Information](index=22&type=page&id=Note%204%20-%20Supplementary%20Cash%20Flows%20Information) | Metric | Three Months Ended July 31, 2025 (in thousands) | Three Months Ended July 31, 2024 (in thousands) | | :------------------------------------------------ | :---------------------------------------------- | :---------------------------------------------- | | Cash and cash equivalents | $33,708 | $15,628 | | Restricted cash | $305 | $305 | | Total cash, cash equivalents, and restricted cash | $34,013 | $15,933 | | Income Tax Payments | Three Months Ended July 31, 2025 (in thousands) | Three Months Ended July 31, 2024 (in thousands) | | :-------------------------- | :---------------------------------------------- | :---------------------------------------------- | | State and local income tax payments | $122 | $91 | | Federal income tax payments | $- | $- | [Note 5 - Employees' Profit Sharing and Savings Plan](index=22&type=page&id=Note%205%20-%20Employees'%20Profit%20Sharing%20and%20Savings%20Plan) - The estimated profit sharing plan contributions for the three months ended July 31, 2025, and July 31, 2024, were **$96,000** for both periods, included in salaries and employee benefits[80](index=80&type=chunk) [Note 6 - Comprehensive Income](index=22&type=page&id=Note%206%20-%20Comprehensive%20Income) - Comprehensive income includes net income and other comprehensive income, such as changes in unrealized gains/losses on available-for-sale fixed income securities, net of tax[81](index=81&type=chunk)[82](index=82&type=chunk) | Component | Three Months Ended July 31, 2025 (in thousands) | Three Months Ended July 31, 2024 (in thousands) | | :------------------------------------------------ | :---------------------------------------------- | :---------------------------------------------- | | Change in unrealized gains/(losses) on available-for-sale fixed income securities, net of tax | $15 | $177 | [Note 7 - Related Party Transactions](index=24&type=page&id=Note%207%20-%20Related%20Party%20Transactions) - Value Line receives non-voting revenues and non-voting profits interests from EAM, ranging from **41% to 55%** of EAM's investment management fee revenues and **50%** of residual profits[87](index=87&type=chunk)[88](index=88&type=chunk) | Interest Type | Three Months Ended July 31, 2025 (in thousands) | Three Months Ended July 31, 2024 (in thousands) | | :-------------------------- | :---------------------------------------------- | :---------------------------------------------- | | Non-voting revenues interest from EAM | $4,488 | $3,680 | | Non-voting profits interest from EAM | $633 | $561 | | Total | $5,121 | $4,241 | - The Company was reimbursed **$58,000** and **$60,000** for services provided to its Parent Company, Arnold Bernhard and Co., Inc., for the three months ended July 31, 2025 and 2024, respectively[90](index=90&type=chunk) - As of July 31, 2025, the Parent owned **91.76%** of the outstanding common stock of Value Line[92](index=92&type=chunk) [Note 8 - Federal, State and Local Income Taxes](index=25&type=page&id=Note%208%20-%20Federal%2C%20State%20and%20Local%20Income%20Taxes) | Tax Component | Three Months Ended July 31, 2025 (in thousands) | Three Months Ended July 31, 2024 (in thousands) | | :-------------------- | :---------------------------------------------- | :---------------------------------------------- | | Current tax expense | $1,781 | $1,595 | | Deferred tax expense (benefit) | $395 | $315 | | **Income tax provision** | **$2,176** | **$1,910** | - The overall effective income tax rate increased to **25.20%** for the three months ended July 31, 2025, from **24.50%** in the prior year, primarily due to an increase in state and local income tax rates[94](index=94&type=chunk) | Deferred Tax Liability Component | July 31, 2025 (in thousands) | April 30, 2025 (in thousands) | | :--------------------------------------- | :---------------------------- | :---------------------------- | | Federal tax liability | $11,059 | $10,772 | | State and local tax liabilities | $2,423 | $2,423 | | **Deferred tax liability, long-term** | **$13,482** | **$13,195** | [Note 9 - Property and Equipment](index=27&type=page&id=Note%209%20-%20Property%20and%20Equipment) | Property and Equipment (net) | July 31, 2025 (in thousands) | April 30, 2025 (in thousands) | | :--------------------------------- | :---------------------------- | :---------------------------- | | Building and leasehold improvements | $652 | $652 | | Operating lease - right-of-use asset | $2,764 | $3,037 | | Furniture and equipment | $2,430 | $2,430 | | Accumulated depreciation and amortization | $(2,675) | $(2,644) | | **Total property and equipment, net** | **$3,171** | **$3,475** | - Total property and equipment, net, decreased by **$304 thousand** from April 30, 2025, to July 31, 2025, primarily due to a decrease in the operating lease right-of-use asset[101](index=101&type=chunk) [Note 10 - Accounting for the Costs of Computer Software Developed for Internal Use](index=27&type=page&id=Note%2010%20-%20Accounting%20for%20the%20Costs%20of%20Computer%20Software%20Developed%20for%20Internal%20Use) - The Company capitalizes costs associated with developing or purchasing internal-use software and amortizes them over an estimated useful life of **3 to 5 years**[102](index=102&type=chunk) - Total amortization expenses for internal-use software were **$11,000** for the three months ended July 31, 2025, down from **$14,000** in the prior year[102](index=102&type=chunk) - No expenditures related to third-party programmers' costs or internal costs to develop software for internal use were capitalized during the three months ended July 31, 2025 or 2024[103](index=103&type=chunk) [Note 11 - Treasury Stock and Repurchase Program](index=27&type=page&id=Note%2011%20-%20Treasury%20Stock%20and%20Repurchase%20Program) - The Board of Directors approved a share repurchase program in October 2022, authorizing repurchases up to **$3,000,000**[104](index=104&type=chunk) | Metric | April 30, 2025 | July 31, 2025 | | :-------------------------------- | :------------- | :------------ | | Treasury stock shares | 588,997 | 590,478 | | Treasury stock amount (in thousands) | $15,647 | $15,706 | | Remaining under program (in thousands) | $758 | $699 | - During the three months ended July 31, 2025, the Company repurchased **1,481 shares** for **$59,000**, leaving **$699,000** remaining under the authorized program[105](index=105&type=chunk)[106](index=106&type=chunk) [Note 12 - Lease Commitments](index=29&type=page&id=Note%2012%20-%20Lease%20Commitments) - The Company leases office space in New York, NY, under an operating lease agreement ending November 29, 2027, with an annual base rent increasing by **2.25%** each year[107](index=107&type=chunk) - The Company adopted ASU 2016-02 (Leases) in May 2019, recognizing a right-of-use asset and lease liability for its operating lease[109](index=109&type=chunk)[110](index=110&type=chunk)[111](index=111&type=chunk) | Fiscal Year Ended April 30, | Undiscounted Future Minimum Lease Payments (in thousands) | | :-------------------------- | :-------------------------------------------------------- | | 2026 | $1,099 | | 2027 | $1,493 | | 2028 | $882 | | **Total** | **$3,474** | - The weighted-average remaining lease term is **2.33 years**, with a weighted-average discount rate of **5.25%** as of July 31, 2025[117](index=117&type=chunk) [Note 13 - Restricted Cash and Deposits](index=30&type=page&id=Note%2013%20-%20Restricted%20Cash%20and%20Deposits) - Restricted money market investment of **$305,000** secures a letter of credit for the Company's New York City leased corporate office facility[118](index=118&type=chunk) [Note 14 - Concentration](index=30&type=page&id=Note%2014%20-%20Concentration) - During the three months ended July 31, 2025, **28.7%** of total publishing revenues (**$8,606,000**) were derived from a single customer[119](index=119&type=chunk) [Note 15 - Concentration of Credit Risk](index=31&type=page&id=Note%2015%20-%20Concentration%20of%20Credit%20Risk) - The Company's cash deposits are subject to concentration of credit risk, with **$1,259,000** in excess of the FDIC insured limit as of July 31, 2025[120](index=120&type=chunk) - Management believes the excess over the FDIC limit does not represent a material risk due to the creditworthiness of the counterparties[120](index=120&type=chunk) [Note 16 - Business Segments](index=31&type=page&id=Note%2016%20-%20Business%20Segments) - The Company operates as a single reportable business segment, 'Publishing,' which includes investment periodicals, related publications, and copyright services[122](index=122&type=chunk)[139](index=139&type=chunk) - The Company's products and services fall into four categories: comprehensive research services, niche newsletters, investment analysis software, and copyright services[123](index=123&type=chunk)[124](index=124&type=chunk)[125](index=125&type=chunk)[126](index=126&type=chunk) - The investment management business (EAM) is not considered a reportable segment because the CEO does not regularly review its operating results for resource allocation decisions[132](index=132&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=33&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's perspective on the Company's financial performance, condition, and future outlook, including an executive summary of its business, an analysis of the operating environment, detailed results of operations, liquidity and capital resources, and critical accounting policies [Cautionary Statement Regarding Forward-Looking Information](index=33&type=page&id=Cautionary%20Statement%20Regarding%20Forward-Looking%20Information) - The report contains forward-looking statements subject to various risks and uncertainties, including maintaining subscription revenue, changes in economic conditions, intellectual property protection, and dependence on EAM[134](index=134&type=chunk) - Other risks include fluctuations in EAM's assets under management, potential changes in customer revenues, competition, government regulation, and the impact of global conflicts or widespread illnesses[134](index=134&type=chunk) - The Company has no duty to update these statements, and actual results may differ materially from projections[135](index=135&type=chunk) [Executive Summary of the Business](index=35&type=page&id=Executive%20Summary%20of%20the%20Business) - Value Line's core business is producing investment publications and research, and licensing its proprietary information (e.g., Value Line Proprietary Ranks) to third parties for investment products[136](index=136&type=chunk) - Target audiences include individual investors, colleges, libraries, and investment management professionals[137](index=137&type=chunk) - The Company's Publishing segment is its only reportable business segment, encompassing investment publications and copyright services[139](index=139&type=chunk) - Value Line maintains non-voting revenue and profit interests in EULAV Asset Management Trust (EAM), which manages Value Line Funds, but has no voting authority or control over EAM's business[140](index=140&type=chunk) [Business Environment](index=36&type=page&id=Business%20Environment) - The U.S. economy experienced uneven performance in the first half of 2025, with a **0.5% GDP contraction** in Q1 followed by a **3.3% rebound** in Q2, resulting in an overall annualized growth rate of **1.4%**[141](index=141&type=chunk) - Inflation remains unsettled, with the PCE Price Index and core PCE rising **2.6%** and **2.9%** respectively in July, still above the Federal Reserve's **2.0%** target[143](index=143&type=chunk) - The Federal Reserve is poised to resume cutting interest rates due to a softening job market and slowing economy, which could spark stock market volatility despite strong corporate earnings[143](index=143&type=chunk)[145](index=145&type=chunk) [Results of Operations for the Three Months Ended July 31, 2025 and 2024](index=37&type=page&id=Results%20of%20Operations%20for%20the%20Three%20Months%20Ended%20July%2031%2C%202025%20and%202024) | Metric | 2025 (in thousands) | 2024 (in thousands) | Change (%) | | :------------------------------------------ | :------------------ | :------------------ | :--------- | | Income from operations | $1,496 | $1,847 | -19.0% | | Non-voting revenues and non-voting profits interests from EAM Trust | $5,121 | $4,241 | 20.7% | | Income from operations plus non-voting revenues and non-voting profits interests from EAM Trust | $6,617 | $6,088 | 8.7% | | Operating expenses | $7,110 | $7,037 | 1.0% | | Investment gains/(losses) | $2,019 | $1,709 | 18.1% | | Income before income taxes | $8,636 | $7,797 | 10.8% | | Net income | $6,460 | $5,887 | 9.7% | | Earnings per share | $0.69 | $0.62 | 9.8% | - Net income increased by **9.7% to $6,460,000**, and EPS rose by **9.8% to $0.69**, despite a **19.0%** decrease in income from operations[148](index=148&type=chunk) - The increase in net income was primarily driven by a **20.7%** increase in non-voting revenues and non-voting profits interests from EAM Trust and an **18.1%** increase in investment gains[148](index=148&type=chunk) [Total operating revenues](index=38&type=page&id=Total%20operating%20revenues) | Revenue Type | 2025 (in thousands) | 2024 (in thousands) | Change (%) | | :-------------------------- | :------------------ | :------------------ | :--------- | | Investment publications | $6,140 | $6,287 | -2.3% | | Copyright fees | $2,466 | $2,597 | -5.0% | | **Total publishing revenues** | **$8,606** | **$8,884** | **-3.1%** | - Total publishing revenues decreased by **3.1% to $8,606,000** for the three months ended July 31, 2025, compared to the prior fiscal year[151](index=151&type=chunk) - New sales of print publications increased as a percentage of total gross sales, while conversion and renewal sales orders decreased[152](index=152&type=chunk) - Unearned subscription revenue decreased by **3.3%** from April 30, 2025, but increased by **2.3%** from July 31, 2024[153](index=153&type=chunk) [Investment publications revenues](index=39&type=page&id=Investment%20publications%20revenues) - Investment publications revenues decreased by **2.3% to $6,140,000**, reflecting weak investor sentiment and a shift from print to digital services[154](index=154&type=chunk)[155](index=155&type=chunk) - Total product line circulation decreased by **1.8%** at July 31, 2025, compared to the prior year[154](index=154&type=chunk) - Sales of higher-priced, higher-profit publications have been stronger, offsetting some of the dip in print circulation[155](index=155&type=chunk) [Copyright fees](index=39&type=page&id=Copyright%20fees) - Copyright fees decreased by **5.0% to $2,466,000** for the three months ended July 31, 2025, compared to the prior fiscal year[158](index=158&type=chunk) - The Value Line Proprietary Ranks, a component of The Value Line Investment Survey, are utilized in the Company's copyright business and provided to EAM without charge[157](index=157&type=chunk) [Investment management fees and services – (unconsolidated)](index=39&type=page&id=Investment%20management%20fees%20and%20services%20%E2%80%93%20(unconsolidated)) - Total assets in the Value Line Funds managed and/or distributed by EAM increased by **8.8% to $5.01 billion** at July 31, 2025, from **$4.60 billion** at July 31, 2024[159](index=159&type=chunk) | Fund Type | As of July 31, 2025 (in millions) | As of July 31, 2024 (in millions) | Change (%) | | :------------------ | :-------------------------------- | :-------------------------------- | :--------- | | Equity and hybrid funds | $4,974 | $4,565 | 9.0% | | Fixed income funds | $35 | $37 | -6.2% | | **Total EAM managed net assets** | **$5,009** | **$4,602** | **8.8%** | [EAM Trust - Results of operations before distribution to interest holders](index=40&type=page&id=EAM%20Trust%20-%20Results%20of%20operations%20before%20distribution%20to%20interest%20holders) - EAM's total investment management fees earned from Value Line Funds increased to **$8,302,000** in 2025 from **$7,376,000** in 2024[161](index=161&type=chunk)[162](index=162&type=chunk) - EAM's net income was **$1,266,000** in 2025, after Value Line's non-voting revenues interest of **$4,488,000**, compared to **$1,122,000** in 2024[161](index=161&type=chunk)[162](index=162&type=chunk) - Equity and hybrid funds represent **99.3%** of total EAM AUM, increasing by **9.0%** year-over-year, while fixed income AUM decreased by **6.2%**[164](index=164&type=chunk) [EAM - The Company's non-voting revenues and non-voting profits interests](index=40&type=page&id=EAM%20-%20The%20Company's%20non-voting%20revenues%20and%20non-voting%20profits%20interests) | Interest Type | 2025 (in thousands) | 2024 (in thousands) | Change (%) | | :-------------------------- | :------------------ | :------------------ | :--------- | | Non-voting revenues interest | $4,488 | $3,680 | 22.0% | | Non-voting profits interest | $633 | $561 | 12.8% | | **Total** | **$5,121** | **$4,241** | **20.7%** | - Total non-voting revenues and non-voting profits interests from EAM increased by **20.7% to $5,121,000** for the three months ended July 31, 2025[165](index=165&type=chunk) [Operating expenses](index=41&type=page&id=Operating%20expenses) | Expense Category | 2025 (in thousands) | 2024 (in thousands) | Change (%) | | :------------------------- | :------------------ | :------------------ | :--------- | | Advertising and promotion | $717 | $860 | -16.6% | | Salaries and employee benefits | $3,616 | $3,543 | 2.1% | | Production and distribution | $1,631 | $1,489 | 9.5% | | Office and administration | $1,146 | $1,145 | 0.1% | | **Total expenses** | **$7,110** | **$7,037** | **1.0%** | - Total operating expenses increased by **1.0% to $7,110,000** for the three months ended July 31, 2025[166](index=166&type=chunk) [Advertising and promotion](index=41&type=page&id=Advertising%20and%20promotion) - Advertising and promotion expenses decreased by **16.6% to $717,000**, primarily due to reductions in direct mail and other promotion costs[167](index=167&type=chunk) [Salaries and employee benefits](index=41&type=page&id=Salaries%20and%20employee%20benefits) - Salaries and employee benefits increased by **2.1% to $3,616,000** for the three months ended July 31, 2025[168](index=168&type=chunk) [Production and distribution](index=41&type=page&id=Production%20and%20distribution) - Production and distribution expenses increased by **9.5% to $1,631,000**, mainly due to outsourcing internal distribution operations in May 2024[169](index=169&type=chunk) [Office and administration](index=41&type=page&id=Office%20and%20administration) - Office and administrative expenses remained comparable at **$1,146,000** for the three months ended July 31, 2025[170](index=170&type=chunk) [Concentration](index=41&type=page&id=Concentration) - A single customer accounted for **28.7%** of total publishing revenues of **$8,606,000** during the three months ended July 31, 2025[171](index=171&type=chunk) [Investment gains / (losses)](index=42&type=page&id=Investment%20gains%20%2F%20(losses)) | Component | 2025 (in thousands) | 2024 (in thousands) | Change (%) | | :------------------------------------------ | :------------------ | :------------------ | :--------- | | Dividend income | $161 | $147 | 9.5% | | Interest income | $514 | $545 | -5.7% | | Investment gains/(losses) recognized on sale of equity securities during the period | $2 | $- | N/A | | Unrealized gains/(losses) recognized on equity securities held at the end of the period | $1,342 | $950 | 41.3% | | Other | $- | $67 | -100.0% | | **Total investment gains/(losses)** | **$2,019** | **$1,709** | **18.1%** | - Total investment gains increased by **18.1% to $2,019,000**, primarily driven by a **41.3%** increase in unrealized gains on equity securities[173](index=173&type=chunk) [Effective income tax rate](index=43&type=page&id=Effective%20income%20tax%20rate) - The effective income tax rate increased to **25.20%** for the three months ended July 31, 2025, from **24.50%** in the prior year, mainly due to changes in state and local income tax allocations[175](index=175&type=chunk) [Lease Commitments](index=43&type=page&id=Lease%20Commitments) - The Company's New York City office lease runs until November 29, 2027, with annual rent increases of **2.25%**[176](index=176&type=chunk) - The lease for the Lyndhurst, NJ warehouse ended on April 30, 2024, with distribution functions now outsourced[177](index=177&type=chunk) [Liquidity and Capital Resources](index=43&type=page&id=Liquidity%20and%20Capital%20Resources) | Metric | July 31, 2025 (in thousands) | April 30, 2025 (in thousands) | | :-------------------------- | :---------------------------- | :---------------------------- | | Working capital | $59,748 | $56,230 | | Cash and short-term securities | $81,196 | $77,391 | | Retained earnings | $116,802 | $113,400 | - Working capital increased to **$59,748,000** at July 31, 2025, from **$56,230,000** at April 30, 2025[178](index=178&type=chunk) - Management believes current liquid assets and future cash flows from operations and EAM interests will be sufficient to meet liquidity needs for the next twelve months and beyond[184](index=184&type=chunk) [Cash from operating activities](index=43&type=page&id=Cash%20from%20operating%20activities) - Cash inflows from operating activities increased to **$5,560,000** for the three months ended July 31, 2025, from **$4,771,000** in the prior year[180](index=180&type=chunk) - This change was due to increased unrealized gains on equity securities and decreased accounts receivable, partially offset by a smaller decline in unearned revenue[180](index=180&type=chunk) [Cash from investing activities](index=44&type=page&id=Cash%20from%20investing%20activities) - Cash outflows from investing activities were **$2,811,000** for the three months ended July 31, 2025, a significant shift from inflows of **$9,473,000** in the prior year[181](index=181&type=chunk) - The shift was due to strategic decisions in the previous year to invest proceeds from fixed income securities into higher-yield money market funds[181](index=181&type=chunk) [Cash from financing activities](index=44&type=page&id=Cash%20from%20financing%20activities) - Cash outflows from financing activities increased to **$3,118,000** for the three months ended July 31, 2025, from **$3,006,000** in the prior year[182](index=182&type=chunk) - This was primarily due to higher quarterly dividend payments of **$0.325 per share ($3,059,000)** in fiscal year 2026, compared to **$0.30 per share ($2,827,000)** in fiscal year 2025[182](index=182&type=chunk) [Debt and Liquid Assets](index=44&type=page&id=Debt%20and%20Liquid%20Assets) - The Company's retained earnings were **$116,802,000** and liquid assets were **$81,196,000** as of July 31, 2025[184](index=184&type=chunk) - Management does not anticipate making any borrowings during the next twelve months and has no off-balance-sheet arrangements[184](index=184&type=chunk) [Seasonality](index=44&type=page&id=Seasonality) - Cash flows from operating activities are minimally seasonal, mainly influenced by the timing of customer payments for annual subscriptions and renewals[185](index=185&type=chunk) [Recent Accounting Pronouncements](index=44&type=page&id=Recent%20Accounting%20Pronouncements) - The Company adopted ASU 2023-07 (Improvements to Reportable Segment Disclosures) and is evaluating ASU 2023-09 (Improvements to Income Tax Disclosures) and ASU 2024-03 (Income Statement-Reporting Comprehensive Income- Expense Disaggregation Disclosures)[186](index=186&type=chunk)[187](index=187&type=chunk)[188](index=188&type=chunk) [Critical Accounting Estimates and Policies](index=45&type=page&id=Critical%20Accounting%20Estimates%20and%20Policies) - The Company's critical accounting policy relates to the valuation of EAM, with no material changes during the three months ended July 31, 2025[190](index=190&type=chunk) - Financial statements require management to make estimates and judgments, which are based on historical experience and reasonable assumptions, with actual results potentially differing[189](index=189&type=chunk) [Contractual Obligations](index=45&type=page&id=Contractual%20Obligations) | Fiscal Year Ended April 30, | Estimated Operating Lease Payments (in thousands) | | :-------------------------- | :------------------------------------------------ | | 2026 | $1,099 | | 2027 | $1,493 | | 2028 | $882 | | **Total** | **$3,474** | [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=46&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section details the Company's exposure to market risks, primarily interest rate risk and equity price risk, associated with its investment activities, outlining strategies to mitigate these risks and providing hypothetical scenarios for potential impacts on fair values [Market Risk Disclosures](index=46&type=page&id=Market%20Risk%20Disclosures) - The Company's balance sheet includes assets whose fair values are subject to market risks, primarily from interest rates and equity prices[193](index=193&type=chunk) [Interest Rate Risk](index=46&type=page&id=Interest%20Rate%20Risk) - The Company invests primarily in short-term debt obligations maturing within one year to limit price fluctuations from interest rate changes[195](index=195&type=chunk) | Interest Rate Change | July 31, 2025 Estimated Fair Value (in thousands) | April 30, 2025 Estimated Fair Value (in thousands) | | :------------------- | :------------------------------------------------ | :------------------------------------------------- | | Fair Value | $25,362 | $22,435 | | 50 bp increase | $25,066 | $22,043 | | 50 bp decrease | $25,454 | $22,480 | | 100 bp increase | $24,875 | $21,830 | | 100 bp decrease | $25,652 | $22,702 | [Equity Price Risk](index=47&type=page&id=Equity%20Price%20Risk) - The Company's equity investment strategy involves acquiring diversified equity securities, primarily ETFs held for dividend yield[202](index=202&type=chunk) - To maintain liquidity, the Company's policy is to hold no more than **5%** of the approximate average daily trading volume in any one issue[202](index=202&type=chunk) | Equity Price Change | July 31, 2025 Estimated Fair Value (in thousands) | April 30, 2025 Estimated Fair Value (in thousands) | | :------------------ | :------------------------------------------------ | :------------------------------------------------- | | Fair Value | $22,126 | $20,879 | | 30% increase | $28,764 | $27,143 | | 30% decrease | $15,488 | $14,615 | - A hypothetical **30%** increase in equity prices would result in a **5.09%** increase in shareholders' equity as of July 31, 2025, while a **30%** decrease would result in a **5.09%** decrease[204](index=204&type=chunk) [Item 4. Controls and Procedures](index=48&type=section&id=Item%204.%20Controls%20and%20Procedures) This section confirms the effectiveness of the Company's disclosure controls and procedures and states that there have been no material changes in internal control over financial reporting during the last fiscal quarter - The Company's disclosure controls and procedures were effective as of July 31, 2025, ensuring timely and accurate reporting of information to the SEC[205](index=205&type=chunk) - No material changes in internal control over financial reporting occurred during the last fiscal quarter[205](index=205&type=chunk) [PART II. OTHER INFORMATION](index=48&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=48&type=section&id=Item%201.%20Legal%20Proceedings) This section states that there are no legal proceedings to report for the Company - There are no legal proceedings to report[206](index=206&type=chunk) [Item 1A. Risk Factors](index=48&type=page&id=Item%201A.%20Risk%20Factors) This section refers to the risk factors disclosed in the Company's Annual Report on Form 10-K, with any updates or changes reflected in Part I, Item 2 of this Quarterly Report - Risk factors are detailed in the Company's Annual Report on Form 10-K for the year ended April 30, 2025, with updates in Part I, Item 2 of this 10-Q[207](index=207&type=chunk) - Any new risk factors reflect ongoing analysis of the business environment, not specific events[207](index=207&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=49&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section provides information on the Company's common stock repurchases during the fiscal quarter ended July 31, 2025, under its authorized share repurchase program | Month Ended | Total Shares Purchased | Average Price Paid per Share | Maximum Value Remaining Under Program (in thousands) | | :------------ | :--------------------- | :--------------------------- | :--------------------------------------------------- | | May 31, 2025 | 500 | $39.33 | $738 | | June 30, 2025 | 981 | $38.96 | $699 | | July 31, 2025 | - | $- | $699 | | **Total** | **1,481** | **$38.82** | **$699** | - The Company repurchased **1,481 shares** of common stock for an aggregate average price of **$38.82 per share** during the quarter[211](index=211&type=chunk) - As of July 31, 2025, **$699,000** remains available under the **$3,000,000** share repurchase program approved in October 2022[211](index=211&type=chunk) [Item 3. Defaults Upon Senior Securities](index=49&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) This section states that there are no defaults upon senior securities to report - Not applicable; there are no defaults upon senior securities[212](index=212&type=chunk) [Item 4. Mine Safety Disclosures](index=49&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This section states that there are no mine safety disclosures to report - Not applicable; there are no mine safety disclosures[212](index=212&type=chunk) [Item 5. Other Information](index=49&type=section&id=Item%205.%20Other%20Information) This section confirms that Value Line has not adopted a Rule 10b5-1 trading arrangement and that no directors or executive officers adopted or terminated such arrangements during the fiscal quarter - Value Line has never adopted a Rule 10b5-1 trading arrangement[213](index=213&type=chunk) - No directors or executive officers adopted or terminated Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during the fiscal quarter ended July 31, 2025[213](index=213&type=chunk) [Item 6. Exhibits](index=50&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including certifications required by the Sarbanes-Oxley Act and Inline XBRL documents - Exhibits include Section 302 and 906 certifications under the Sarbanes-Oxley Act[217](index=217&type=chunk) - Inline XBRL documents (Instance, Schema, Calculation, Definition, Label, Presentation Linkbase Documents) are also filed[217](index=217&type=chunk) [Signatures](index=51&type=section&id=Signatures) This section contains the duly authorized signatures of Value Line, Inc.'s Principal Executive Officer and Principal Financial Officer, certifying the filing of the report - The report is signed by Howard A. Brecher, Chief Executive Officer (Principal Executive Officer), and Stephen R. Anastasio, Vice President & Treasurer (Principal Financial Officer)[220](index=220&type=chunk) - The report was dated September 15, 2025[220](index=220&type=chunk)

Core Insights - Value Line, Inc. (VALU) shares have declined 2% since the earnings report for the quarter ended April 30, 2025, underperforming the S&P 500 index, which grew by 2.4% during the same period [1] - The company's earnings per share (EPS) for Q4 fiscal 2025 decreased to 42 cents from 51 cents in the prior year, with net income falling 17.4% to $4 million [2] - For the full fiscal year 2025, EPS increased by 8.9% to $2.20, driven by a 37.9% rise in non-voting revenues from EULAV Asset Management Trust (EAM) [3] Financial Performance - Net income for Q4 fiscal 2025 was $4 million, down from $4.8 million in the same quarter last year, while operating income decreased to $0.8 million from $1.5 million [2] - For the full year, income from operations fell 34.5% to $6 million, down from $9.1 million the previous year [3] - Operating expenses rose by 2.6% year over year to $29.1 million, but this was offset by a 17.1% increase in investment gains to $3.2 million [4] Management Commentary - Management attributed the decline in operational income to decreased copyright revenues and cost pressures, while highlighting the strong contribution from EAM [5] - The company is focused on digital transformation to counteract the long-term decline in print revenue [5] EAM Performance - EAM's assets under management (AUM) grew to $4.7 billion, a 12% increase from $4.2 billion the previous year, contributing to improved earnings from Value Line's non-voting economic interests in EAM [6] Revenue Trends - Declines in subscription-based and copyright-related income negatively impacted operational results, with continued pressure on retail print subscriptions expected to persist [7] - Digital revenue streams are growing but not yet sufficient to fully replace lost print revenues [7] - The increase in non-voting revenues and profits from EAM helped improve net income, attributed to rising AUM and better investment performance [8] Macroeconomic Context - Management cited geopolitical uncertainties, trade tensions, and a cooling U.S. economy as headwinds, but noted a resilient job market and easing inflation in spring 2025, which supported broader equity markets [9] Share Repurchase Program - During the fiscal quarter, Value Line repurchased 4,961 shares at an average price of $36.40, with approximately $0.8 million remaining under the $3 million buyback authorization approved in October 2022 [11]

Core Viewpoint - Value Line, Inc. reported a strong fiscal year ending April 30, 2025, with significant increases in net income, investment gains, and retained earnings, indicating robust financial health and growth potential for investors [1][9]. Financial Performance - The company's net income for the fiscal year was $20,686,000, or $2.20 per share, representing an 8.8% increase from $19,016,000, or $2.02 per share, in the previous year [9]. - Total receipts from non-voting revenues and profits interest in EAM increased by $5,036,000, or 37.9%, totaling $18,318,000 [9]. - Total investment gains reached $3,238,000, up by $474,000, or 17.2%, from last year's $2,764,000 [9]. - The company declared total dividends of $1.225 per share for fiscal year 2025, with a quarterly dividend of $0.325 per share in April 2025, marking the eleventh consecutive year of dividend increases [9]. - Retained earnings increased to $113,400,000, an 8.8% rise compared to the previous year [9]. - Liquid assets grew to $77,391,000, reflecting a 13.2% increase from the prior year [9]. - Shareholders' equity reached $99,678,000, a 9.8% increase from $90,793,000 as of April 30, 2024 [9]. Investment Research Services - Value Line offers a variety of proprietary investment research services, including: - Value Line Select, which recommends one exceptional stock monthly [3]. - The Value Line Special Situations Service, focusing on small and mid-cap stocks with high return potential [4]. - Value Line Select ETFs, identifying the best-positioned ETFs for market outperformance [4]. - Value Line Select: Dividend Income & Growth, providing two stock recommendations for above-average income and long-term growth [5]. - The Value Line M&A Service, highlighting potential acquisition candidates [6]. - The Value Line Climate Change Investing Service, targeting investment opportunities related to climate change [7]. - The Value Line Options Survey, covering over 600,000 options on stocks [7]. - The Value Line Fund Adviser Plus, analyzing 20,000 funds across various investment objectives [8]. Accessibility - Value Line's products are available to individual investors through their website and by mail, with institutional services offered through dedicated platforms [11][12].

PART I [Business](index=6&type=section&id=Item%201.%20BUSINESS.) Value Line produces investment periodicals, research, and licenses proprietary information, holding interests in EULAV Asset Management - Value Line's core business involves producing investment periodicals and research, and licensing Value Line copyrights, trademarks, and proprietary ranks to third parties for use in investment products[19](index=19&type=chunk) - The company holds substantial non-voting revenue and profit interests in EULAV Asset Management (EAM), which provides investment management services to the Value Line Funds[19](index=19&type=chunk)[60](index=60&type=chunk)[61](index=61&type=chunk) - Value Line's products and services are marketed under well-known brands such as Value Line®, The Value Line Investment Survey®, and Smart Research, Smarter Investing™[19](index=19&type=chunk) [A. Investment Related Periodicals & Publications](index=6&type=section&id=A.%20Investment%20Related%20Periodicals%20%26%20Publications) Value Line Publishing offers diverse investment periodicals, research, software, and financial databases in print and digital formats - VLP offers comprehensive research services (e.g., The Value Line Investment Survey, Small and Mid-Cap, Fund Advisor Plus) providing statistical and text coverage with proprietary research and ranks[22](index=22&type=chunk)[27](index=27&type=chunk)[28](index=28&type=chunk)[29](index=29&type=chunk) - Niche newsletters cover specific interests like dividend income, ETFs, special situations, M&A, and climate change investing[23](index=23&type=chunk)[32](index=32&type=chunk)[33](index=33&type=chunk)[34](index=34&type=chunk)[38](index=38&type=chunk)[39](index=39&type=chunk) - Digital versions of most products are available via www.valueline.com, with The Value Line Research Center offering packaged access to multiple services[25](index=25&type=chunk)[44](index=44&type=chunk) - Institutional customers are provided with investment analysis software (e.g., Value Line Investment Analyzer) and current/historical financial databases (e.g., DataFile, Estimates & Projections, Mutual Fund DataFile)[26](index=26&type=chunk)[40](index=40&type=chunk)[41](index=41&type=chunk)[42](index=42&type=chunk)[43](index=43&type=chunk) [B. Copyright Programs](index=12&type=section&id=B.%20Copyright%20Programs) Value Line licenses its proprietary Ranking System and information to third parties for investment products, with fees based on asset market value - The Company's copyright services involve licensing proprietary Ranking System results and other information to third parties for use in their investment products[58](index=58&type=chunk) - Copyright fees are primarily based on the market value of assets invested in products utilizing Value Line's proprietary data, resulting in fluctuating payments[58](index=58&type=chunk) [C. Investment Management Services](index=12&type=section&id=C.%20Investment%20Management%20Services) Value Line holds non-voting interests in EAM, adviser to Value Line Funds, with assets under management increasing to **$4.68 billion** in fiscal 2025 - Value Line holds non-voting revenue and profit interests in EAM, entitling it to **41%-55%** of EAM's non-distribution revenues and **50%** of its residual profits[61](index=61&type=chunk) - EAM acts as the investment adviser to the Value Line Funds, utilizing Value Line's proprietary Ranking System information[62](index=62&type=chunk)[65](index=65&type=chunk)[67](index=67&type=chunk) Total Assets in Value Line Funds Managed by EAM | Metric | April 30, 2025 (in billions) | April 30, 2024 (in billions) | Change (YoY) | | :----- | :--------------------------- | :--------------------------- | :----------- | | Total Assets | $4.68 | $4.17 | +12.0% | [D. Wholly-Owned Operating Subsidiaries](index=14&type=section&id=D.%20Wholly-Owned%20Operating%20Subsidiaries) Value Line's subsidiaries include Value Line Publishing, Vanderbilt Advertising, and Value Line Distribution Center, which outsourced print operations - Wholly-owned subsidiaries include Value Line Publishing LLC (VLP), Vanderbilt Advertising Agency, Inc., and Value Line Distribution Center, Inc. (VLDC)[68](index=68&type=chunk)[74](index=74&type=chunk) - VLDC's print distribution operations were outsourced to third parties in the U.S. after April 30, 2024[74](index=74&type=chunk) [E. Trademarks](index=14&type=section&id=E.%20Trademarks) Value Line holds numerous global trademark and service mark registrations, which are significant assets for marketing its products, services, and funds - Value Line holds trademark and service mark registrations for various names and logos in multiple countries[68](index=68&type=chunk) - These trademarks are considered significant assets, crucial for marketing the Company's products, services, and the Value Line Funds[68](index=68&type=chunk) [F. Investments](index=14&type=section&id=F.%20Investments) Value Line held **$43.314 million** in investment assets as of April 30, 2025, primarily equity and fixed income securities, down from **$63.955 million** in 2024 Total Investment Assets (excluding EAM interests) | Metric | April 30, 2025 (in thousands) | April 30, 2024 (in thousands) | | :----- | :---------------------------- | :---------------------------- | | Total Investment Assets | $43,314 | $63,955 | - Investments include equity securities (SPDR Series Trust S&P Dividend ETF, First Trust Value Line Dividend Index ETF, ProShares Trust S&P 500 Dividend Aristocrats ETF, IShares DJ Select Dividend ETF, other ETFs, and common stock) and available-for-sale fixed income securities (U.S. federal government securities and bank certificates of deposit)[69](index=69&type=chunk) [G. Employees](index=14&type=section&id=G.%20Employees) Value Line and its subsidiaries employed **117 people** as of April 30, 2025, with policies to prevent analyst conflicts of interest - The Company and its subsidiaries employed **117 people** as of April 30, 2025[70](index=70&type=chunk) - Policies are in place to prevent conflicts of interest, including prohibiting analysts from owning covered securities and restricting trading based on rank changes[71](index=71&type=chunk) [H. Principal Business Segments](index=14&type=section&id=H.%20Principal%20Business%20Segments) Information on Value Line's principal business segments is incorporated by reference, with Publishing identified as the sole reportable segment - Information on principal business segments is incorporated by reference to Note 18 of the Consolidated Financial Statements[72](index=72&type=chunk) - The Publishing segment, which includes investment periodicals, related publications, and copyright services, is the Company's only reportable business segment[120](index=120&type=chunk)[375](index=375&type=chunk) [I. Competition](index=14&type=section&id=I.%20Competition) Value Line and EAM face intense competition in investment information, publishing, and asset management, including from larger firms and free online research - The investment information, publishing, and investment management businesses are highly competitive, with many firms and diverse product offerings[73](index=73&type=chunk) - Competition is intensified by larger firms with greater financial resources, the availability of free/low-cost online research, and the ease of asset transfer in the mutual fund industry[73](index=73&type=chunk)[88](index=88&type=chunk) [J. Executive Officers of the Registrant](index=15&type=section&id=J.%20Executive%20Officers%20of%20the%20Registrant) Value Line's executive officers include Howard A. Brecher (Chairman and CEO) and Stephen R. Anastasio (VP and Treasurer), both with extensive company experience - Howard A. Brecher serves as Chairman and Chief Executive Officer, with over **25 years** of experience as an officer[76](index=76&type=chunk) - Stephen R. Anastasio is the Vice President and Treasurer, having been an officer for over **20 years**[76](index=76&type=chunk) [Risk Factors](index=16&type=page&id=ITEM%201A.%20RISK%20FACTORS) Value Line faces risks from key personnel, EAM revenue fluctuations, single customer reliance, declining print subscriptions, intellectual property, competition, and cyber threats - The Company's success depends on retaining and recruiting qualified executives and professionals; the loss of key personnel could have an adverse effect[79](index=79&type=chunk) - A significant portion of cash flow is derived from EAM, making the Company vulnerable to decreases in EAM's revenue due to market conditions, fund performance, or investor decisions[80](index=80&type=chunk)[81](index=81&type=chunk) - The Company relies on a single significant customer for a substantial portion of its publishing revenues, and a decrease from this customer could adversely affect cash flow and financial condition[83](index=83&type=chunk) - Expected continued decline in retail print subscription revenue, with uncertainty if digital revenue growth will offset this trend[85](index=85&type=chunk) - Cyber risks pose a threat to continuous and secure operation of computer systems, potentially leading to loss or misuse of sensitive information and increased security costs[94](index=94&type=chunk) [Item 1B. Unresolved Staff Comments](index=19&type=section&id=Item%201B.%20UNRESOLVED%20STAFF%20COMMENTS.) There are no unresolved staff comments to report for Value Line, Inc - No unresolved staff comments[96](index=96&type=chunk) [Item 1C. Cybersecurity](index=19&type=section&id=Item%201C.%20CYBERSECURITY) Value Line considers information security critical, maintaining a continuously assessed cybersecurity program with management and Audit Committee oversight, and has not encountered material events - Information security is a critical component of the business strategy, with a continuously assessed and strengthened cybersecurity program[97](index=97&type=chunk) - Management, chaired by the Executive Director of Information Technology, is responsible for day-to-day risk administration, including identification, analysis, and response to risks[98](index=98&type=chunk) - Third-party services are regularly engaged for security control evaluations, including penetration testing and independent audits[99](index=99&type=chunk) - The Audit Committee oversees the Company's risk management program, including technology and cybersecurity risks[101](index=101&type=chunk) - The Company has not encountered a cybersecurity event that has had a material impact on its business[102](index=102&type=chunk) [Item 2. Properties](index=20&type=section&id=Item%202.%20PROPERTIES.) Value Line leases 24,726 square feet of New York office space until November 2027, with print distribution operations outsourced after April 2024 - The Company leases **24,726 square feet** of office space at 551 Fifth Avenue, New York, NY, with a sublease agreement ending November 29, 2027[103](index=103&type=chunk)[104](index=104&type=chunk) - Annual base rent for the New York office space is **$1,126,000**, with a **2.25%** annual increase[104](index=104&type=chunk) - The New Jersey warehouse facility, previously used for print distribution, was vacated after April 30, 2024, with operations outsourced to third parties[103](index=103&type=chunk) [Item 3. Legal Proceedings](index=20&type=section&id=Item%203.%20LEGAL%20PROCEEDINGS.) Value Line, Inc. has no legal proceedings to report - No legal proceedings[106](index=106&type=chunk) [Item 4. Mine Safety Disclosures](index=20&type=section&id=Item%204.%20MINE%20SAFETY%20DISCLOSURES.) Mine Safety Disclosures are not applicable to Value Line, Inc - Not applicable[108](index=108&type=chunk) PART II [Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=21&type=section&id=Item%205.%20Market%20for%20Registrant's%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities.) Value Line's common stock trades on NASDAQ, with **9.41 million shares outstanding** and increasing quarterly dividends; the company repurchased **$453,000** in shares in fiscal 2025 - Value Line's Common Stock is traded on NASDAQ under the symbol "VALU"[109](index=109&type=chunk) - As of April 30, 2025, the closing stock price was **$40.90**, and **9,409,522 shares** of Common Stock were outstanding at June 30, 2025[7](index=7&type=chunk)[109](index=109&type=chunk) Regular Dividend Declared Per Share | Quarter Ended | Regular Dividend Declared Per Share | | :------------ | :---------------------------------- | | April 30, 2025 | $0.325 | | January 31, 2025 | $0.30 | | October 31, 2024 | $0.30 | | July 31, 2024 | $0.30 | | April 30, 2024 | $0.30 | | January 31, 2024 | $0.28 | | October 31, 2023 | $0.28 | | July 31, 2023 | $0.28 | Issuer Purchases of Equity Securities (Fiscal Year Ended April 30, 2025) | Period | Total Number of Shares Purchased | Average Price Paid per Share | Maximum Dollar Value Remaining Under Program (in thousands) | | :--------------------------------- | :------------------------------- | :--------------------------- | :---------------------------------------------------------- | | February 1, 2025 - April 30, 2025 | 4,961 | $36.40 | $758 | | Fiscal 2025 (aggregate) | 11,480 | $39.46 | N/A | - A share repurchase program authorized on October 21, 2022, allows for repurchases up to **$3 million**, with **$758,000** remaining as of April 30, 2025[112](index=112&type=chunk)[366](index=366&type=chunk) [Item 6. [Reserved]](index=22&type=section&id=Item%206.%20%5BReserved%5D) This item is reserved and contains no information [Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=23&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section discusses Value Line's financial performance for fiscal years 2025-2023, highlighting an **8.8% increase in net income** driven by EAM interests and investment gains - Value Line's core business is producing investment periodicals and research, and licensing proprietary information, with a significant non-voting interest in EAM Trust for investment management services[117](index=117&type=chunk) - The U.S. economy experienced a weak start in calendar 2025 due to tariffs, but hard data suggested a return to growth in Q2, with S&P 500 companies showing double-digit earnings growth in Q1 2025, partly driven by AI-related stocks[124](index=124&type=chunk)[126](index=126&type=chunk)[128](index=128&type=chunk) Key Financial Highlights (Fiscal Years Ended April 30) | Metric (in thousands) | 2025 | 2024 | 2023 | Change '25 vs. '24 | Change '24 vs. '23 | | :-------------------- | :-------- | :-------- | :-------- | :----------------- | :----------------- | | Income from operations | $5,985 | $9,141 | $11,470 | -34.5% | -20.3% |\ | Non-voting revenues and non-voting profits interests from EAM Trust | $18,318 | $13,282 | $11,131 | 37.9% | 19.3% |\ | Income from operations plus EAM interests | $24,303 | $22,423 | $22,601 | 8.4% | -0.8% |\ | Operating expenses | $29,094 | $28,346 | $28,225 | 2.6% | 0.4% |\ | Investment gains | $3,238 | $2,764 | $1,174 | 17.1% | 135.4% |\ | Income before income taxes | $27,541 | $25,187 | $23,775 | 9.3% | 5.9% |\ | Net income | $20,686 | $19,016 | $18,069 | 8.8% | 5.2% |\ | Earnings per share | $2.20 | $2.02 | $1.91 | 8.9% | 5.6% | [Executive Summary of the Business](index=23&type=section&id=Executive%20Summary%20of%20the%20Business) Value Line's core business involves producing investment periodicals and research, licensing proprietary information, and holding a significant non-voting investment in EAM Trust - The Company's core business is producing investment periodicals and research, and making available Value Line copyrights, trademarks, and proprietary ranks to third parties[117](index=117&type=chunk) - Value Line maintains a significant non-voting investment in EAM Trust, from which it receives payments based on non-voting revenues and profits interests[117](index=117&type=chunk) - Target audiences include individual investors, colleges, libraries, and investment management professionals, with revenue from subscriptions recognized ratably over the subscription life[118](index=118&type=chunk)[119](index=119&type=chunk) [Asset Management and Mutual Fund Distribution Businesses](index=24&type=section&id=Asset%20Management%20and%20Mutual%20Fund%20Distribution%20Businesses) Value Line holds non-voting revenue and profit interests in EAM, the investment adviser to Value Line Funds, receiving **41%-55%** of non-distribution revenues and **50%** of residual profits - Value Line holds non-voting revenue and profit interests in EAM, entitling it to **41%-55%** of EAM's non-distribution revenues and **50%** of its residual profits[123](index=123&type=chunk) - The Company has no voting authority over EAM's trustees or control over its business[122](index=122&type=chunk) - At least **90%** of EAM's profits are distributed each fiscal quarter to interest holders[123](index=123&type=chunk) [Business Environment](index=24&type=section&id=Business%20Environment) The U.S. economy saw a Q1 2025 GDP contraction but likely resumed growth in Q2, with easing inflation, a resilient job market, and S&P 500 earnings growth driven by AI stocks - U.S. GDP contracted by an estimated **0.5%** in Q1 2025, attributed to pre-tariff buying, but the economy likely returned to growth in Q2[124](index=124&type=chunk)[126](index=126&type=chunk) - The Federal Reserve kept the federal funds rate steady (**4.25%-4.50%**) in H1 2025 due to global uncertainties, with concerns about tariffs leading to stagflation[125](index=125&type=chunk) - Inflation eased, the job market remained resilient (unemployment at **4.1%** in June), and manufacturing activity improved, suggesting the stagflation scenario has not materialized[126](index=126&type=chunk) - A new budget deal and potential Fed rate cuts in H2 2025 may boost corporate and consumer spending, while S&P 500 companies saw double-digit earnings growth in Q1 2025, driving major averages to record highs, partly due to AI-related stocks[127](index=127&type=chunk)[128](index=128&type=chunk) [Results of Operations for Fiscal Years 2025, 2024 and 2023](index=25&type=section&id=Results%20of%20Operations%20for%20Fiscal%20Years%202025%2C%202024%20and%202023) Value Line's net income increased **8.8%** to **$20.686 million** in fiscal 2025, driven by EAM interests and investment gains, despite declining operating income and revenues Consolidated Income Statement Summary (in thousands, except EPS) | Metric | FY2025 (in thousands) | FY2024 (in thousands) | FY2023 (in thousands) | YoY Change (25 vs 24) | YoY Change (24 vs 23) | | :------------------------------------------------ | :-------------------- | :-------------------- | :-------------------- | :-------------------- | :-------------------- | | Income from operations | $5,985 | $9,141 | $11,470 | -34.5% | -20.3% |\ | Non-voting revenues and non-voting profits interests from EAM Trust | $18,318 | $13,282 | $11,131 | 37.9% | 19.3% |\ | Investment gains | $3,238 | $2,764 | $1,174 | 17.1% | 135.4% |\ | Net income | $20,686 | $19,016 | $18,069 | 8.8% | 5.2% |\ | Earnings per share (EPS) | $2.20 | $2.02 | $1.91 | 8.9% | 5.6% | - Net income increased by **8.8%** in fiscal 2025, primarily due to significant increases in EAM interests and investment gains, offsetting a decline in operating income[130](index=130&type=chunk) Total Operating Revenues (in thousands) | Revenue Category | FY2025 (in thousands) | FY2024 (in thousands) | FY2023 (in thousands) | YoY Change (25 vs 24) | YoY Change (24 vs 23) | | :--------------- | :-------------------- | :-------------------- | :-------------------- | :-------------------- | :-------------------- | | Investment periodicals and related publications | $24,682 | $25,420 | $26,232 | -2.9% | -3.1% |\ | Copyright fees | $10,397 | $12,067 | $13,463 | -13.8% | -10.4% |\ | Total operating revenues | $35,079 | $37,487 | $39,695 | -6.4% | -5.6% | - Total operating revenues decreased by **6.4%** in fiscal 2025, mainly due to a **13.8% decline** in copyright fees and a **2.9% decrease** in investment periodicals and related publications revenue[139](index=139&type=chunk) Operating Expenses (in thousands) | Expense Category | FY2025 (in thousands) | FY2024 (in thousands) | FY2023 (in thousands) | YoY Change (25 vs 24) | YoY Change (24 vs 23) | | :---------------------- | :-------------------- | :-------------------- | :-------------------- | :-------------------- | :-------------------- | | Advertising and promotion | $3,797 | $2,955 | $3,049 | 28.5% | -3.1% |\ | Salaries and employee benefits | $14,455 | $14,851 | $15,203 | -2.7% | -2.3% |\ | Production and distribution | $5,987 | $5,455 | $5,210 | 9.8% | 4.7% |\ | Office and administration | $4,855 | $5,085 | $4,763 | -4.5% | 6.8% |\ | Total expenses | $29,094 | $28,346 | $28,225 | 2.6% | 0.4% | - Total operating expenses increased by **2.6%** in fiscal 2025, driven by higher advertising and promotion (**28.5%**) and production and distribution (**9.8%**) costs, partially offset by a decrease in salaries and employee benefits (**-2.7%**) due to reduced headcount and outsourcing[165](index=165&type=chunk)[168](index=168&type=chunk)[171](index=171&type=chunk)[175](index=175&type=chunk) Investment Gains/(Losses) (in thousands) | Metric | FY2025 (in thousands) | FY2024 (in thousands) | FY2023 (in thousands) | YoY Change (25 vs 24) | YoY Change (24 vs 23) | | :------------------------------------------------ | :-------------------- | :-------------------- | :-------------------- | :-------------------- | :-------------------- | | Dividend income | $553 | $551 | $595 | 0.4% | -7.4% |\ | Interest income | $2,126 | $1,934 | $706 | 9.9% | 173.9% |\ | Investment gains/(losses) recognized on sale of equity securities | $(123) | $(1) | $(81) | -12200.0% | 98.8% |\ | Unrealized gains/(losses) recognized on equity securities held at period end | $682 | $288 | $(45) | 136.8% | 740.0% |\ | Other | $- | $(8) | $(1) | 100.0% | -700.0% |\ | Total investment gains/(losses) | $3,238 | $2,764 | $1,174 | 17.1% | 135.4% | - Total investment gains increased by **17.1%** to **$3.238 million** in fiscal 2025, primarily from unrealized gains on equity securities and increased interest income[183](index=183&type=chunk) Effective Income Tax Rate | Fiscal Year | Effective Income Tax Rate (%) | | :---------- | :---------------------------- | | 2025 | 24.89 |\ | 2024 | 24.50 |\ | 2023 | 24.00 | - The effective income tax rate increased to **24.89%** in fiscal 2025 from **24.50%** in fiscal 2024, mainly due to an increase in the state and local tax rate[185](index=185&type=chunk) [Liquidity and Capital Resources](index=33&type=section&id=Liquidity%20and%20Capital%20Resources) Value Line's working capital increased to **$56.230 million** in fiscal 2025, with strong cash flows from operations and investing activities, maintaining liquidity Working Capital and Liquid Assets (in thousands) | Metric | April 30, 2025 (in thousands) | April 30, 2024 (in thousands) | | :---------------------- | :---------------------------- | :---------------------------- | | Working capital | $56,230 | $48,770 |\ | Cash and short-term securities | $77,391 | $68,345 | Cash Flows from Activities (in thousands) | Activity | FY2025 (in thousands) | FY2024 (in thousands) | FY2023 (in thousands) | | :---------------------- | :-------------------- | :-------------------- | :-------------------- | | Operating activities | $20,243 | $17,932 | $18,178 |\ | Investing activities | $21,200 | $(10,048) | $(26,116) |\ | Financing activities | $(11,756) | $(11,084) | $(14,175) | - Significant cash inflows from investing activities in fiscal 2025 (**$21.2 million**) were due to investing proceeds from fixed income maturities into higher-yield U.S. Government money market funds[189](index=189&type=chunk) - Financing outflows included **$453,000** for share repurchases (**11,480 shares**) and **$11.303 million** for quarterly dividend payments in fiscal 2025[190](index=190&type=chunk) - Management believes current cash and liquid assets, along with future cash flows from operations and EAM interests, will be sufficient to meet liquidity needs for the foreseeable future[192](index=192&type=chunk) [Recent Accounting Pronouncements](index=34&type=section&id=Recent%20Accounting%20Pronouncements) Value Line adopted ASU 2023-07 in fiscal 2025 and is evaluating ASU 2023-09 and ASU 2024-03 for future impacts on financial statement disclosures - Adopted ASU 2023-07, "Improvements to Reportable Segment Disclosures," in fiscal 2025, requiring disclosures of significant expenses by segment and interim disclosures[194](index=194&type=chunk)[290](index=290&type=chunk) - Evaluating ASU 2023-09, "Improvements to Income Tax Disclosures," effective for fiscal years beginning after December 15, 2024, which requires additional tax rate reconciliations and income taxes paid disclosures[195](index=195&type=chunk)[291](index=291&type=chunk) - Evaluating ASU 2024-03, "Income Statement-Reporting Comprehensive Income- Expense Disaggregation Disclosures," effective for fiscal years beginning after December 15, 2026, which requires additional disclosure of expense nature[196](index=196&type=chunk)[292](index=292&type=chunk) [Critical Accounting Estimates and Policies](index=35&type=section&id=Critical%20Accounting%20Estimates%20and%20Policies) Value Line's critical accounting policies involve significant estimates, particularly for the equity method valuation of its EAM Trust investment, annually assessed for impairment - The Company prepares financial statements in accordance with U.S. GAAP, requiring estimates and judgments affecting reported amounts[197](index=197&type=chunk)[281](index=281&type=chunk) - The investment in EAM Trust is accounted for using the equity method, with an annual impairment assessment based on an independent valuation[198](index=198&type=chunk)[199](index=199&type=chunk)[288](index=288&type=chunk) - Contractual obligations include lease payments for office space, totaling **$3.836 million** over the next four fiscal years[200](index=200&type=chunk)[357](index=357&type=chunk) [Item 7A. Quantitative and Qualitative Disclosures About Market Risk](index=36&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Value Line's market risks primarily relate to interest rates and equity prices, managed through short-term debt investments and diversified equity portfolios - The Company's primary market risks are associated with interest rates and equity prices[202](index=202&type=chunk) - Interest rate risk is mitigated by investing primarily in short-term debt obligations maturing within one year[204](index=204&type=chunk) Estimated Fair Value of Fixed Income Securities after Hypothetical Interest Rate Changes (in thousands) | As of April 30, 2025 | Fair Value (in thousands) | 50 bp increase (in thousands) | 50 bp decrease (in thousands) | 100 bp increase (in thousands) | 100 bp decrease (in thousands) | | :------------------- | :------------------------ | :---------------------------- | :---------------------------- | :----------------------------- | :----------------------------- | | Fixed maturities | $22,435 | $22,043 | $22,480 | $21,830 | $22,702 |\ | As of April 30, 2024 | Fair Value (in thousands) | 50 bp increase (in thousands) | 50 bp decrease (in thousands) | 100 bp increase (in thousands) | 100 bp decrease (in thousands) | | :------------------- | :------------------------ | :---------------------------- | :---------------------------- | :----------------------------- | :----------------------------- | | Fixed maturities | $47,611 | $46,554 | $46,935 | $46,363 | $47,126 | - Equity investment strategy involves acquiring equity securities across diverse industry groups, primarily ETFs held for dividend yield[211](index=211&type=chunk) - The Company limits its holdings to no more than **5%** of the approximate average daily trading volume in any one issue to maintain liquidity[211](index=211&type=chunk) Estimated Fair Value of Equity Securities after Hypothetical Price Changes (in thousands) | As of April 30, 2025 | Fair Value (in thousands) | Hypothetical Price Change | Estimated Fair Value after Change (in thousands) | Hypothetical % Change in Shareholders' Equity | | :------------------- | :------------------------ | :------------------------ | :----------------------------------------------- | :-------------------------------------------- | | Equity Securities and ETFs | $20,879 | 30% increase | $27,143 | 4.96% |\ | | | 30% decrease | $14,615 | -4.96% |\ | As of April 30, 2024 | Fair Value (in thousands) | Hypothetical Price Change | Estimated Fair Value after Change (in thousands) | Hypothetical % Change in Shareholders' Equity | | :------------------- | :------------------------ | :------------------------ | :----------------------------------------------- | :-------------------------------------------- | | Equity Securities and ETFs | $16,344 | 30% increase | $21,247 | 4.27% |\ | | | 30% decrease | $11,441 | -4.27% | [Item 8. Financial Statements and Supplementary Data](index=38&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents Value Line's audited consolidated financial statements for fiscal years 2025-2023, prepared under U.S. GAAP, with an unqualified opinion - The consolidated financial statements for Value Line, Inc. and its subsidiaries are included, covering fiscal years ended April 30, 2025, 2024, and 2023[214](index=214&type=chunk)[256](index=256&type=chunk) - The independent auditors, Horowitz & Ullmann, P.C., issued an unqualified opinion, stating the financial statements present fairly the financial position and results of operations in conformity with U.S. GAAP[256](index=256&type=chunk) - A critical audit matter identified was the significant judgments made by management in estimating the fair value of the investment in the unconsolidated entity (EAM Trust)[261](index=261&type=chunk)[262](index=262&type=chunk) [Report of Independent Auditors](index=50&type=section&id=Report%20of%20independent%20auditors%20%28PCAOB%20ID%20No.%20921%29) Horowitz & Ullmann, P.C. issued an unqualified opinion on Value Line's financial statements, noting significant judgment in valuing the EAM Trust investment - The independent auditors issued an unqualified opinion on the consolidated financial statements for the three-year period ended April 30, 2025[256](index=256&type=chunk) - A critical audit matter involved the significant judgments and audit effort in evaluating management's estimation of the fair value of the investment in the unconsolidated EAM Trust[261](index=261&type=chunk)[262](index=262&type=chunk) [Consolidated Balance Sheets](index=52&type=section&id=Consolidated%20balance%20sheets%20at%20April%2030%2C%202025%20and%202024) As of April 30, 2025, Value Line's total assets increased to **$144.533 million**, driven by higher cash and equity securities, with shareholders' equity rising to **$99.678 million** Consolidated Balance Sheet Highlights (in thousands) | Metric | April 30, 2025 (in thousands) | April 30, 2024 (in thousands) | | :-------------------------------------------- | :---------------------------- | :---------------------------- | | **Assets:** | | |\ | Cash and cash equivalents | $34,077 | $4,390 |\ | Equity securities | $20,879 | $16,344 |\ | Available-for-sale Fixed Income securities | $22,435 | $47,611 |\ | Total current assets | $79,883 | $71,024 |\ | Investment in EAM Trust | $60,807 | $60,134 |\ | Total assets | $144,533 | $136,035 |\ | **Liabilities:** | | |\ | Total current liabilities | $23,653 | $22,254 |\ | Total long term liabilities | $21,202 | $22,988 |\ | Total liabilities | $44,855 | $45,242 |\ | **Shareholders' Equity:** | | |\ | Retained earnings | $113,400 | $104,249 |\ | Total shareholders' equity | $99,678 | $90,793 | - Total assets increased by **$8.498 million**, driven by a significant increase in cash and cash equivalents and equity securities, partially offset by a decrease in fixed income securities[266](index=266&type=chunk) - Shareholders' equity increased by **$8.885 million**, primarily due to an increase in retained earnings[266](index=266&type=chunk) [Consolidated Statements of Income](index=54&type=section&id=Consolidated%20statements%20of%20income%20for%20the%20fiscal%20years%20ended%20April%2030%2C%202025%2C%202024%20and%202023) Value Line's net income for fiscal 2025 was **$20.686 million** (**$2.20 EPS**), an **8.8% increase**, supported by EAM interests and investment gains Consolidated Statements of Income (in thousands, except share & per share amounts) | Metric | FY2025 (in thousands) | FY2024 (in thousands) | FY2023 (in thousands) | | :-------------------------------------------- | :-------------------- | :-------------------- | :-------------------- | | Investment periodicals and related publications | $24,682 | $25,420 | $26,232 |\ | Copyright fees | $10,397 | $12,067 | $13,463 |\ | Total publishing revenues | $35,079 | $37,487 | $39,695 |\ | Total expenses | $29,094 | $28,346 | $28,225 |\ | Income from operations | $5,985 | $9,141 | $11,470 |\ | Revenues interest in EAM Trust | $16,183 | $11,900 | $10,397 |\ | Profits interest in EAM Trust | $2,135 | $1,382 | $734 |\ | Investment gains | $3,238 | $2,764 | $1,174 |\ | Income before income taxes | $27,541 | $25,187 | $23,775 |\ | Income tax provision | $6,855 | $6,171 | $5,706 |\ | Net income | $20,686 | $19,016 | $18,069 |\ | Earnings per share, basic & fully diluted | $2.20 | $2.02 | $1.91 |\ | Weighted average number of common shares | 9,417,097 | 9,428,379 | 9,458,605 | - Net income increased by **8.8%** in fiscal 2025, driven by higher revenues and profits interests from EAM Trust and investment gains, despite a decrease in total publishing revenues and income from operations[268](index=268&type=chunk) [Consolidated Statements of Comprehensive Income](index=55&type=section&id=Consolidated%20statements%20of%20comprehensive%20income%20for%20the%20fiscal%20years%20ended%20April%2030%2C%202025%2C%202024%20and%202023) Value Line reported comprehensive income of **$20.873 million** in fiscal 2025, including net income and **$187,000** in other comprehensive income Consolidated Statements of Comprehensive Income (in thousands) | Metric | FY2025 (in thousands) | FY2024 (in thousands) | FY2023 (in thousands) | | :-------------------------------------------- | :-------------------- | :-------------------- | :-------------------- | | Net income | $20,686 | $19,016 | $18,069 |\ | Change in unrealized gains/(losses) on Fixed Income securities, net of taxes | $187 | $(627) | $398 |\ | Other comprehensive income/(loss) | $187 | $(627) | $398 |\ | Comprehensive income | $20,873 | $18,389 | $18,467 | - Comprehensive income for fiscal 2025 was **$20.873 million**, reflecting net income and a positive change in unrealized gains on fixed income securities[270](index=270&type=chunk) [Consolidated Statements of Cash Flows](index=56&type=section&id=Consolidated%20statements%20of%20cash%20flows%20for%20the%20fiscal%20years%20ended%20April%2030%2C%202025%2C%202024%20and%202023) Value Line generated **$20.243 million** cash from operations and **$21.200 million** from investing activities in fiscal 2025, increasing cash and cash equivalents Consolidated Statements of Cash Flows (in thousands) | Cash Flow Category | FY2025 (in thousands) | FY2024 (in thousands) | FY2023 (in thousands) | | :-------------------------------------- | :-------------------- | :-------------------- | :-------------------- | | Net cash provided by operating activities | $20,243 | $17,932 | $18,178 |\ | Net cash provided by/(used in) investing activities | $21,200 | $(10,048) | $(26,116) |\ | Net cash used in financing activities | $(11,756) | $(11,084) | $(14,175) |\ | Net change in cash and cash equivalents | $29,687 | $(3,200) | $(22,113) |\ | Cash, cash equivalents and restricted cash at end of year | $34,382 | $4,695 | $7,895 | - Operating cash inflows increased due to higher cash receipts from EAM and publication subscription sales, and lower income tax payments[188](index=188&type=chunk) - Investing activities shifted from significant outflows to a **$21.2 million** inflow in fiscal 2025, driven by re-investing fixed income maturities into higher-yield money market funds[189](index=189&type=chunk)[272](index=272&type=chunk) - Financing activities primarily consisted of dividend payments (**$11.303 million**) and treasury stock repurchases (**$453,000**) in fiscal 2025[190](index=190&type=chunk)[272](index=272&type=chunk) [Consolidated Statement of Changes in Shareholders' Equity](index=57&type=section&id=Consolidated%20statement%20of%20changes%20in%20shareholders'%20equity%20for%20the%20fiscal%20years%20ended%20April%2030%2C%202025%2C%202024%20and%202023) Value Line's shareholders' equity increased to **$99.678 million** in fiscal 2025, driven by net income and unrealized gains, offset by dividends and share repurchases Consolidated Statement of Changes in Shareholders' Equity (in thousands) | Metric | April 30, 2025 (in thousands) | April 30, 2024 (in thousands) | April 30, 2023 (in thousands) | | :-------------------------------------------- | :---------------------------- | :---------------------------- | :---------------------------- | | Balance as of April 30 | $99,678 | $90,793 | $83,673 |\ | Net income | $20,686 | $19,016 | $18,069 |\ | Change in unrealized gains/(losses) on Fixed Income securities, net of taxes | $187 | $(627) | $398 |\ | Purchase of treasury stock | $(453) | $(523) | $(4,704) |\ | Dividends declared | $(11,535) | $(10,746) | $(9,735) |\ | Retained earnings | $113,400 | $104,249 | $95,979 | - Shareholders' equity increased by **$8.885 million** in fiscal 2025, driven by net income and unrealized gains, partially offset by dividends and treasury stock repurchases[276](index=276&type=chunk)[277](index=277&type=chunk) - Dividends declared per share increased to **$0.325** for the quarter ended April 30, 2025, from **$0.30** in the prior year[277](index=277&type=chunk) [Notes to the Consolidated Financial Statements](index=59&type=section&id=Notes%20to%20the%20consolidated%20financial%20statements) These notes detail Value Line's accounting policies, related party transactions, investments, income taxes, and lease commitments, including EAM equity method and fair value measurements - The Company's financial statements are prepared in conformity with U.S. GAAP, requiring management to make estimates and assumptions[281](index=281&type=chunk) - Revenue from subscriptions is recognized ratably over the subscription life, while copyright fees are recognized monthly based on asset-based contractual arrangements[284](index=284&type=chunk)[285](index=285&type=chunk) - The investment in EAM Trust is accounted for using the equity method, as Value Line does not have a controlling financial interest despite significant non-voting revenue and profit interests[283](index=283&type=chunk)[288](index=288&type=chunk)[289](index=289&type=chunk)[335](index=335&type=chunk) - Investments are classified as equity securities and available-for-sale fixed income securities, valued at market, with unrealized gains/losses recognized in income or comprehensive income, respectively[293](index=293&type=chunk) - The effective income tax rate for fiscal 2025 was **24.89%**, an increase from **24.50%** in 2024, primarily due to higher state and local tax rates[341](index=341&type=chunk) [Note 1 - Organization and Summary of Significant Accounting Policies](index=59&type=section&id=Note%201-Organization%20and%20Summary%20of%20Significant%20Accounting%20Policies%3A) Value Line's core business involves investment periodicals and licensing, with its EAM Trust investment accounted for by the equity method as a VIE - Value Line's core business is producing investment periodicals and research, and licensing proprietary information, with a significant non-voting interest in EAM[280](index=280&type=chunk) - The Company accounts for its investment in EAM using the equity method, as it is a Variable Interest Entity (VIE) where Value Line is not the primary beneficiary and does not have a controlling financial interest[282](index=282&type=chunk)[283](index=283&type=chunk)[288](index=288&type=chunk)[335](index=335&type=chunk) - Subscription revenues are recognized ratably over the subscription life, and copyright fees are recognized monthly based on asset-based contractual arrangements[284](index=284&type=chunk)[285](index=285&type=chunk) - Recent ASUs (2023-07, 2023-09, 2024-03) on segment disclosures, income tax disclosures, and expense disaggregation are being adopted or evaluated[290](index=290&type=chunk)[291](index=291&type=chunk)[292](index=292&type=chunk) Fair Value Measurements of Investments (in thousands) | As of April 30, 2025 | Level 1 (in thousands) | Level 2 (in thousands) | Level 3 (in thousands) | Total (in thousands) | | :------------------- | :--------------------- | :--------------------- | :--------------------- | :------------------- | | Cash equivalents | $33,615 | $- | $- | $33,615 |\ | Equity securities | $20,879 | $- | $- | $20,879 |\ | Available-for-sale fixed income securities | $22,435 | $- | $- | $22,435 |\ | Total | $76,929 | $- | $- | $76,929 |\ | As of April 30, 2024 | Level 1 (in thousands) | Level 2 (in thousands) | Level 3 (in thousands) | Total (in thousands) | | :------------------- | :--------------------- | :--------------------- | :--------------------- | :------------------- | | Cash equivalents | $4,136 | $- | $- | $4,136 |\ | Equity securities | $16,344 | $- | $- | $16,344 |\ | Available-for-sale fixed income securities | $47,361 | $250 | $- | $47,611 |\ | Total | $67,841 | $250 | $- | $68,091 | [Note 2 - Supplementary Cash Flow Information](index=65&type=section&id=Note%202%20-%20Supplementary%20Cash%20Flow%20Information%3A) This note reconciles cash, cash equivalents, and restricted cash to **$34.382 million** at April 30, 2025, and details income tax payments Reconciliation of Cash, Cash Equivalents, and Restricted Cash (in thousands) | Metric | FY2025 (in thousands) | FY2024 (in thousands) | FY2023 (in thousands) | | :-------------------------------------------- | :-------------------- | :-------------------- | :-------------------- | | Cash and cash equivalents | $34,077 | $4,390 | $7,590 |\ | Restricted cash | $305 | $305 | $305 |\ | Total cash, cash equivalents, and restricted cash | $34,382 | $4,695 | $7,895 | Income Tax Payments (in thousands) | Tax Type | FY2025 (in thousands) | FY2024 (in thousands) | FY2023 (in thousands) | | :---------------------------- | :-------------------- | :-------------------- | :-------------------- | | State and local income tax payments | $1,179 | $1,090 | $923 |\ | Federal income tax payments | $5,058 | $5,448 | $4,425 | [Note 3 - Related Party Transactions](index=65&type=section&id=Note%203%20-%20Related%20Party%20Transactions%3A) Value Line has significant non-voting revenue and profit interests in EAM, with EAM-managed assets increasing to **$4.68 billion**, and engages in transactions with its Parent, AB&Co. - Value Line holds non-voting revenue and profit interests in EAM, entitling it to **41%-55%** of EAM's non-distribution revenues and **50%** of its residual profits, with quarterly distributions[310](index=310&type=chunk)[312](index=312&type=chunk) Non-voting Revenues and Profits Interests in EAM (in thousands) | Metric | FY2025 (in thousands) | FY2024 (in thousands) | FY2023 (in thousands) | | :-------------------------- | :-------------------- | :-------------------- | :-------------------- | | Non-voting revenues interest in EAM | $16,183 | $11,900 | $10,397 |\ | Non-voting profits interest in EAM | $2,135 | $1,382 | $734 |\ | Total | $18,318 | $13,282 | $11,131 | - Total assets in Value Line Funds managed by EAM increased by **12.0%** to **$4.68 billion** at April 30, 2025[309](index=309&type=chunk) - The Company was reimbursed **$356,000** by AB&Co. in fiscal 2025 for services and made federal income tax payments of **$5.058 million** to AB&Co. under a tax-sharing arrangement[314](index=314&type=chunk)[315](index=315&type=chunk) - AB&Co., the Parent, owned **91.74%** of Value Line's outstanding common stock as of April 30, 2025[316](index=316&type=chunk) [Note 4 - Investments](index=67&type=section&id=Note%204%20-%20Investments%3A) Value Line's investments include equity securities (**$20.879 million** fair value) and fixed income securities (**$22.435 million** fair value), with **$3.238 million** in investment gains - Investments consist of equity securities (ETFs) and available-for-sale fixed income securities (government debt, CDs), classified as current assets[317](index=317&type=chunk)[318](index=318&type=chunk)[321](index=321&type=chunk) Equity Securities (in thousands) | Metric | April 30, 2025 (in thousands) | April 30, 2024 (in thousands) | | :-------------- | :---------------------------- | :---------------------------- | | Aggregate Cost | $15,513 | $11,663 |\ | Fair Value | $20,879 | $16,344 |\ | Gross Unrealized Gains (2025) | $5,450 | N/A |\ | Gross Unrealized Losses (2025) | $(84) | N/A | Fixed Income Securities (in thousands) | Metric | April 30, 2025 (in thousands) | April 30, 2024 (in thousands) | | :-------------- | :---------------------------- | :---------------------------- | | Aggregate Cost | $22,518 | $47,931 |\ | Fair Value | $22,435 | $47,611 |\ | Average Yield (%) | 5.99 | 4.40 | Investment Gains/(Losses) (in thousands) | Metric | FY2025 (in thousands) | FY2024 (in thousands) | FY2023 (in thousands) | | :------------------------------------------------ | :-------------------- | :-------------------- | :-------------------- | | Dividend income | $553 | $551 | $595 |\ | Interest income | $2,126 | $1,934 | $706 |\ | Investment gains/(losses) recognized on sales of equity securities | $(123) | $(1) | $(81) |\ | Unrealized gains/(losses) recognized on equity securities held at period end | $682 | $288 | $(45) |\ | Total investment gains/(losses) | $3,238 | $2,764 | $1,174 | - The investment in EAM Trust was **$60.807 million** at April 30, 2025, and is monitored for impairment, with no losses recorded in fiscal 2025 or 2024[328](index=328&type=chunk)[331](index=331&type=chunk) [Note 5 - Variable Interest Entity](index=71&type=section&id=Note%205%20-%20Variable%20Interest%20Entity%3A) EAM is a Variable Interest Entity (VIE) not consolidated by Value Line due to lack of control, with maximum exposure to loss limited to its **$60.807 million** investment - EAM is considered a Variable Interest Entity (VIE) in relation to Value Line[334](index=334&type=chunk) - Value Line does not consolidate EAM because it lacks the power to direct EAM's most significant economic activities, holding only non-voting interests and protective rights[335](index=335&type=chunk) Value Line's Exposure to EAM (in thousands) | Metric | April 30, 2025 (in thousands) | April 30, 2024 (in thousands) | | :-------------------------------------------- | :---------------------------- | :---------------------------- | | VIE Assets (EAM's total assets) | $63,699 | $63,076 |\ | Value Line Investment in EAM Trust | $60,807 | $60,134 |\ | Maximum Exposure to Loss | $60,807 | $60,134 | - Value Line's maximum exposure to loss from EAM is limited to its initial investment and any undistributed revenues and profits interests retained in EAM[337](index=337&type=chunk) [Note 6 - Property and Equipment](index=72&type=section&id=Note%206%20-%20Property%20and%20Equipment%3A) Net property and equipment totaled **$3.475 million** at April 30, 2025, carried at cost and depreciated, including a right-of-use asset for operating leases - Property and equipment are carried at cost, with depreciation and amortization provided using the straight-line method[339](index=339&type=chunk) Property and Equipment, Net (in thousands) | Metric | April 30, 2025 (in thousands) | April 30, 2024 (in thousands) | | :-------------------------------------------- | :---------------------------- | :---------------------------- | | Building and leasehold improvements | $652 | $652 |\ | Operating lease - right-of-use asset | $3,037 | $4,090 |\ | Furniture and equipment | $2,430 | $2,274 |\ | Total (gross) | $6,119 | $7,016 |\ | Accumulated depreciation and amortization | $(2,644) | $(2,576) |\ | Total property and equipment, net | $3,475 | $4,440 | [Note 7 - Federal, State and Local Income Taxes](index=72&type=section&id=Note%207%20-%20Federal%2C%20State%20and%20Local%20Income%20Taxes%3A) Value Line's income tax provision was **$6.855 million** in fiscal 2025, with an effective tax rate of **24.89%**, primarily due to increased state and local tax rates Income Tax Provision (in thousands) | Tax Type | FY2025 (in thousands) | FY2024 (in thousands) | FY2023 (in thousands) | | :---------------------------- | :-------------------- | :-------------------- | :-------------------- | | Current tax expense | $6,572 | $6,079 | $5,686 |\ | Deferred tax expense (benefit) | $283 | $92 | $20 |\ | Income tax provision | $6,855 | $6,171 | $5,706 | Effective Income Tax Rate | Fiscal Year | Effective Income Tax Rate (%) | | :---------- | :---------------------------- | | 2025 | 24.89 |\ | 2024 | 24.50 |\ | 2023 | 24.00 | - The increase in the effective tax rate in fiscal 2025 was primarily due to an increase in the state and local tax rate from **3.72%** to **4.09%**[341](index=341&type=chunk) Long-Term Deferred Tax Liability (in thousands) | Component | April 30, 2025 (in thousands) | April 30, 2024 (in thousands) | | :-------------------------------------------- | :---------------------------- | :---------------------------- | | Federal tax liability (benefit) | $10,772 | $10,596 |\ | State and local tax liabilities (benefits) | $2,423 | $2,297 |\ | Deferred tax liability, long-term | $13,195 | $12,893 | - The deferred tax liability is primarily from the deferred gain on deconsolidation of the Company's asset management and mutual fund distribution subsidiaries[342](index=342&type=chunk) [Note 8 - Employees' Profit Sharing and Savings Plan](index=73&type=section&id=Note%208%20-%20Employees'%20Profit%20Sharing%20and%20Savings%20Plan%3A) Value Line maintains a contributory Profit Sharing and Savings Plan for employees, with a discretionary annual contribution estimated at **$422,000** for fiscal 2025 - The Company maintains a qualified, contributory Profit Sharing and Savings Plan for substantially all employees[346](index=346&type=chunk) - The annual Company contribution is discretionary, based on eligible employee salaries and consolidated net operating income[346](index=346&type=chunk) Estimated Profit Sharing Plan Contribution (in thousands) | Fiscal Year | Contribution (in thousands) | | :---------- | :-------------------------- | | 2025 | $422 |\ | 2024 | $411 |\ | 2023 | $410 | [Note 9 - Lease Commitments](index=75&type=section&id=Note%209%20-%20Lease%20Commitments%3A) Value Line leases New York office space until November 2027, recognizing a right-of-use asset and lease liability under ASU 2016-02, with **$1.276 million** in lease expense - The Company leases office space in New York, NY, under an operating lease agreement ending November 29, 2027[348](index=348&type=chunk)[352](index=352&type=chunk) - ASU 2016-02, "Leases (Topic 842)," was adopted in May 2019, requiring recognition of a right-of-use asset and lease liability for leases longer than one year[350](index=350&type=chunk)[351](index=351&type=chunk) - As of April 30, 2025, the long-term lease asset was **$3.037 million**, and total operating lease liabilities were **$3.579 million**[354](index=354&type=chunk)[357](index=357&type=chunk) - Lease expense for fiscal 2025 was **$1.276 million**, and **$1.428 million** was paid in rent, classified within operating activities[355](index=355&type=chunk)[356](index=356&type=chunk) Undiscounted Future Minimum Lease Payments (in thousands) | Fiscal years ended April 30, | Amount (in thousands) | | :--------------------------- | :-------------------- | | 2026 | $1,461 |\ | 2027 | $1,493 |\ | 2028 | $882 |\ | Total | $3,836 | [Note 10 - Disclosure of Credit Risk of Financial Instruments with Off-Balance Sheet Risk](index=77&type=section&id=Note%2010%20-%20Disclosure%20of%20Credit%20Risk%20of%20Financial%20Instruments%20with%20Off-Balance%20Sheet%20Risk%3A) A single customer accounted for **29.6%** of Value Line's publishing revenues in fiscal 2025, representing a significant concentration and credit risk - A single customer accounted for a significant portion of total publishing revenues[359](index=359&type=chunk) Publishing Revenues from Single Customer | Fiscal Year | Percentage of Total Publishing Revenues (%) | | :---------- | :------------------------------------------ | | 2025 | 29.6 |\ | 2024 | 32.2 |\ | 2023 | 33.9 | [Note 11 - Comprehensive Income](index=77&type=section&id=Note%2011%20-%20Comprehensive%20Income%3A) Value Line reports comprehensive income, including net income and other comprehensive income (OCI) of **$187,000** from unrealized gains on fixed income securities - Comprehensive income includes net income and other comprehensive income (OCI)[360](index=360&type=chunk) - The change in valuation of fixed income securities, net of deferred income taxes, is recorded in Accumulated Other Comprehensive Income[361](index=361&type=chunk) Components of Comprehensive Income (in thousands) | Fiscal Year Ended April 30, 2025 | Amount Before Tax (in thousands) | Tax (Expense) / Benefit (in thousands) | Amount Net of Tax (in thousands) | | :------------------------------- | :------------------------------- | :------------------------------------- | :------------------------------- | | Change in unrealized gains on available-for-sale fixed income securities | $237 | $(50) | $187 |\ | Fiscal Year Ended April 30, 2024 | Amount Before Tax (in thousands) | Tax (Expense) / Benefit (in thousands) | Amount Net of Tax (in thousands) | | :------------------------------- | :------------------------------- | :------------------------------------- | :------------------------------- | | Change in unrealized losses on available-for-sale fixed income securities | $(793) | $166 | $(627) |\ | Fiscal Year Ended April 30, 2023 | Amount Before Tax (in thousands) | Tax (Expense) / Benefit (in thousands) | Amount Net of Tax (in thousands) | | :------------------------------- | :------------------------------- | :------------------------------------- | :------------------------------- | | Change in unrealized gains on available-for-sale fixed income securities | $503 | $(105) | $398 | [Note 12 - Accounting for the Costs of Computer Software Developed for Internal Use](index=79&type=section&id=No

Company Overview - Value Line, Inc. is a leading provider of investment research, known for its widely used Value Line Investment Survey, which offers independent equity research [2][3] - The company publishes proprietary investment research in both print and digital formats, catering to individual and institutional investors [2][11] Recent Financial Announcement - On July 18, 2025, Value Line's Board of Directors declared a quarterly cash dividend of $0.325 per common share, payable on August 11, 2025, to stockholders of record on July 28, 2025 [1] Investment Research Services - Value Line offers a variety of specialized investment research services, including: - Value Line Select, which recommends one exceptional stock each month with superior profit potential [2] - The Value Line Special Situations Service, focusing on small and mid-cap stocks with high return potential [3] - Value Line Select ETFs, identifying one ETF each month expected to outperform the market [3] - Value Line Select: Dividend Income & Growth, recommending two stocks expected to provide above-average current income and long-term dividend growth [4] - The Value Line M&A Service, highlighting one company each month that may be acquired at a premium [5] - The Value Line Climate Change Investing Service, targeting investments related to climate change [6] Comprehensive Research Tools - Value Line provides extensive research tools, including: - The Value Line Research Center, an online system for structuring diversified portfolios [10] - The Value Line Investment Analyzer, covering approximately 6,000 equities [10] - Various digital services that provide in-depth analysis on large, mid, and small-cap stocks, covering about 90% of the U.S. stock market [9][10]

Core Viewpoint - Value Line, Inc. has announced an 8.3% increase in its quarterly dividend, marking the 11th consecutive yearly increase, with the new dividend set at $0.325 per common share, payable on May 12, 2025 [1] Company Overview - Value Line is a prominent provider of investment research, with its Investment Survey being one of the most widely utilized sources of independent equity research [2] - The company publishes proprietary investment research in both print and digital formats [2] Specialized Services - Value Line Select: Monthly recommendations of one exceptional stock with superior profit potential and a favorable risk/reward ratio [3] - Value Line Special Situations Service: Monthly recommendations of small and mid-cap stocks expected to deliver returns above the market average [3] - Value Line Select ETFs: Monthly identification of one ETF positioned to outperform the market [3] - Value Line Select: Dividend Income & Growth: Monthly recommendations of two stocks expected to provide above-average current income and long-term dividend growth [4] - New Value Line ETFs Service: Analysis on over 2,800 ETFs to assist subscribers in portfolio selection [4] - Value Line M&A Service: Monthly highlight of one company as a potential acquisition target at a material premium [5] - Value Line Information You Should Know: Focuses on financial planning and investment issues relevant to today's investors [5] - Value Line Climate Change Investing Service: Targets climate change as a critical issue expected to transform the global economy [6] Research Products - Value Line Investment Survey: Provides financial information and quantitative analysis on approximately 1,800 small and mid-cap companies [8] - Value Line 600: In-depth research on 600 large and prominent companies [8] - Value Line Investment Survey–Selection & Opinion: Weekly economic and stock market commentary with actively managed model portfolios [8] - Value Line Investment Analyzer: Covers large, mid, and small-cap stocks, comprising about 90% of the U.S. stock market [10]

Group 1: Bank of America Corporation (BAC) - Bank of America shares have gained +2.5% over the past year, underperforming the Zacks Financial - Investment Bank industry's gain of +20.4% [3] - Non-interest income is projected to rise only 3.4% in 2025, while total non-interest expenses are expected to increase by 3% [4] - Net interest income (NII) is anticipated to grow at a CAGR of 5.3% over the next three years, with total revenues projected to increase by 4.8% in 2025 [5] Group 2: Chevron Corporation (CVX) - Chevron shares have declined -6.2% over the past six months, compared to the Zacks Oil and Gas - Integrated - International industry's decline of -11.9% [6] - The planned acquisition of Hess Corporation is expected to enhance Chevron's presence in oil-rich Guyana, although the company faces challenges from oil price fluctuations and high valuation [7] Group 3: Stryker Corporation (SYK) - Stryker shares have gained +4.3% over the past year, slightly underperforming the Zacks Medical - Products industry's gain of +5.5% [8] - Growth drivers include rising demand for robotic-assisted procedures, hospital capital expenditures, and international expansion, supported by the Mako SmartRobotics platform [9] - However, foreign exchange volatility and supply chain disruptions may impact earnings, alongside increasing competition in the MedTech sector [10] Group 4: Value Line, Inc. (VALU) - Value Line shares have outperformed the Zacks Financial - Investment Management industry over the past year, with a gain of +10% compared to +6.4% [11] - The company has robust cash generation, with cash balances increasing to $27.1 million from $6.1 million year-over-year, supporting dividends and growth investments [11] - However, core publishing revenue declined to $26.7 million, and customer concentration poses a risk [13] Group 5: Sypris Solutions, Inc. (SYPR) - Sypris Solutions shares have gained +3.6% over the past year, underperforming the Zacks Electronics - Miscellaneous Services industry's gain of +36.3% [14] - The company benefits from a long-term supply agreement with a global OEM, providing stable revenues as a sole-source supplier [14] - However, liquidity challenges and rising costs may constrain financial flexibility, while competitive pressures in aerospace heighten vulnerability [16]