價值線提交年度報告10-K 披露EAM管理資產規模下跌20.4%至37.24億美元

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

(Mark One)

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the fiscal year ended April 30, 2026

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from ____________________________________ to ____________________________________

 

Commission file number: 0-11306

VALUE LINE, INC.

(Exact name of registrant as specified in its charter)

 
 
 New York

 
 
 13-3139843

 
 

 
 
 (State or other jurisdiction of incorporation or organization)

 
 
 (I.R.S. Employer Identification No.)

 
 

 
  
  
 

 
 
 551 Fifth Avenue, New York, New York

 
 
 10176-0001

 
 

 
 
 (Address of principal executive offices)

 
 
 (Zip Code)

 
 

                                                        

Registrant's telephone number, including area code (212) 907-1500

 

Securities registered pursuant to Section 12(b) of the Act:

 

 
 
 Title of each class

 
 
 Trading symbol

 
 
 Name of each Exchange on which registered

 
 

 
 
 Common stock, $0.10 par value per share

 
 
 VALU

 
 
 The Nasdaq Capital Market

 
 

 

Securities registered pursuant to Section 12 (g) of the Act: None

 

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. ☐ Yes ☒ No

 

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. ☐ Yes ☒ No

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.                                      ☒ Yes ☐ No

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).           ☒ Yes ☐ No

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

 

Large accelerated filer ☐  Accelerated filer ☐  Non-accelerated filer ☒  Smaller reporting company ☐  Emerging growth company ☐

 

If an emerging growth company, indicate by check mark whether the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.                                         ☐ Yes ☐ No

 

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.                                         ☐ Yes ☒ No

 

 

 

 

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐ Yes ☒ No

 

Indicate by check mark whether any of those error corrections are restatements that required a recover analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).                                         ☐ Yes ☒ No

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No

 

The aggregate market value of the registrant's voting and non-voting common stock held by non-affiliates at October 31, 2025 was $28,286,673.

 

There were 9,383,573 shares of the registrant’s Common Stock outstanding at June 30, 2026.

 

DOCUMENTS INCORPORATED BY REFERENCE

 

Portions of the registrant’s Proxy Statement relating to the registrant’s 2026 Annual Meeting of Shareholders, to be held on October 6, 2026, are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated.

 

 

 

  

 

 

TABLE OF CONTENTS

 

 

 
 
 PART I 

 
 

 
  
 
 Item 1

 
 
 Business

 
 
 6

 
 

 
  
 
 Item 1A

 
 
 Risk Factors

 
 
 16

 
 

 
  
 
 Item 1B

 
 
 Unresolved Staff Comments

 
 
 19

 
 

 
  
 
 Item 1C

 
 
 Cybersecurity

 
 
 19

 
 

 
  
 
 Item 2

 
 
 Properties

 
 
 20

 
 

 
  
 
 Item 3

 
 
 Legal Proceedings

 
 
 20

 
 

 
  
 
 Item 4

 
 
 Mine Safety Disclosures

 
 
 20

 
 

 
  
 

 
 
 PART II 

 
 

 
  
 
 Item 5

 
 
 Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

 
 
 21

 
 

 
  
 
 Item 6

 
 
 [Reserved]

 
  
 

 
  
 
 Item 7

 
 
 Management’s Discussion and Analysis of Financial Condition and Results of Operations

 
 
 23

 
 

 
  
 
 Item 7A

 
 
 Quantitative and Qualitative Disclosures About Market Risk

 
 
 35

 
 

 
  
 
 Item 8

 
 
 Financial Statements and Supplementary Data

 
 
 37

 
 

 
  
 
 Item 9

 
 
 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

 
 
 38

 
 

 
  
 
 Item 9A

 
 
 Controls and Procedures

 
 
 38

 
 

 
  
 
 Item 9B

 
 
 Other Information

 
 
 39

 
 

 
  
 
 Item 9C

 
 
 Disclosure Regarding Foreign Jurisdictions that Prevent Inspection

 
 
 39

 
 

 
  
 

 
 
 PART III 

 
 

 
  
 
 Item 10

 
 
 Directors, Executive Officers, and Corporate Governance

 
 
 40

 
 

 
  
 
 Item 11

 
 
 Executive Compensation

 
 
 42

 
 

 
  
 
 Item 12

 
 
 Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

 
 
 42

 
 

 
  
 
 Item 13

 
 
 Certain Relationships and Related Transactions and Director Independence

 
 
 43

 
 

 
  
 
 Item 14

 
 
 Principal Accounting Fees and Services

 
 
 44

 
 

 
  
 

 
 
 PART IV 

 
 

 
  
 
 Item 15

 
 
 Exhibits and Financial Statement Schedules

 
 
 45

 
 

 

 

Value Line, the Value Line logo, The Most Trusted Name In Investment Research, “Smart research. Smarter investing”, The Value Line Investment Survey, Value Line Select, Timeliness and Safety are trademarks or registered trademarks of Value Line Inc. and/or its affiliates in the United States and other countries. All other trademarks are the property of their respective owners.

 

 

 

 

  

 

Cautionary Statement Regarding Forward-Looking Information

 

In this report, “Value Line,” “we,” “us,” “our” refers to Value Line, Inc. and “the Company” refers to Value Line and its subsidiaries unless the context otherwise requires.

 

This report contains statements that are predictive in nature, depend upon or refer to future events or conditions (including certain projections and business trends) accompanied by such phrases as “believe”, “estimate”, “expect”, “anticipate”, “will”, “intend” and other similar or negative expressions, that are “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995, as amended.  Actual results for Value Line, Inc. (“Value Line” or “the Company”) may differ materially from those projected as a result of certain risks and uncertainties, including but not limited to the following:

 

 
  
 
 ●

 
 
 maintaining revenue from subscriptions for the Company’s digital and print published products;

 
 

 
  
 
 ●

 
 
 changes in investment trends and economic conditions, including global financial issues;

 
 

 
  
 
 ●

 
 
 changes in Federal Reserve policies affecting interest rates and liquidity along with resulting effects on equity markets;

 
 

 
  
 
 ●

 
 
 stability of the banking system, including the success of U.S. government policies and actions in regard to banks with liquidity or capital issues, along with the associated impact on equity markets;

 
 

 
  
 
 ●

 
 
 continuation of orderly markets for equities and corporate and governmental debt securities;

 
 

 
  
 
 ●

 
 
 problems protecting intellectual property rights in Company methods and trademarks;

 
 

 
  
 
 ●

 
 
 problems protecting confidential information including customer confidential or personal information that we may possess;

 
 

 
  
 
 ●

 
 
 dependence on non-voting revenues and non-voting profits interests in EULAV Asset Management (“EAM” or “EAM Trust”), and accordingly on its key management, investment management, and sales personnel. EAM Trust is a Delaware statutory trust, which serves as the investment advisor to the Value Line Funds and engages in related distribution, marketing and administrative services;

 
 

 
  
 
 ●

 
 
 fluctuations in EAM’s and third-party copyright assets under management due to evaluations by outside rating agencies, broadly based changes in the values of equity and debt securities, market sector variations, redemptions by investors and other factors including continuation of employment by key members of its management, investment management, and sales leadership;

 
 

 
  
 
 ●

 
 
 possible changes in the valuation of EAM’s intangible assets from time to time;

 
 

 
  
 
 ●

 
 
 possible changes in future revenues or collection of receivables from significant customers;

 
 

 
  
 
 ●

 
 
 dependence on key executive and specialist personnel of signification supplier and other firms;

 
 

 
  
 
 ●

 
 
 risks associated with the outsourcing of certain functions, technical facilities, and operations, including in some instances outside the U.S.;

 
 

 
  
 
 ●

 
 
 risks of increased tariffs and other restrictions affecting the cost and availability of materials, equipment, and other necessary inputs to the Company’s operations;

 
 

 
  
 
 ●

 
 
 competition in the fields of publishing, copyright and investment management, along with associated effects on the level and structure of prices and fees, and the mix of services delivered;

 
 

 
  
 
 ●

 
 
 the impact of government regulation on the Company’s and EAM’s businesses;

 
 

 
  
 
 ●

 
 
 federal and/or state legislative changes that might affect Value Line’s business;

 
 

 
  
 
 ●

 
 
 the availability of free or low cost investment information through discount brokers or generally over the internet;

 
 

 
  
 
 ●

 
 
 the economic and other impacts of present and future global political and military conflicts, which could affect investor interest in stock market investing or cause assets under management in EAM to fall or to rise, or affect availability and cost of energy, goods, and services required by the Company and its suppliers;

 
 

 
  
 
 ●

 
 
 continued availability of generally dependable energy supplies, transportation facilities, digital data and telephone transmission infrastructure in the geographic areas in which the company and certain suppliers operate;

 
 

 
  
 
 ●

 
 
 terrorist attacks, cyber attacks and natural disasters;

 
 

 
  
 
 ●

 
 
 the need for changes in our business plans because of unexpected events that occur;

 
 

 
  
 
 ●

 
 
 widespread illnesses which may drastically affect markets, employment, and other economic conditions, and may have additional unpredictable impacts on employees, suppliers, customers, and operations;

 
 

 
  
 
 ●

 
 
 changes in prices and availability of materials and other inputs and services, such as financial data, freight and postage, required by the Company;

 
 

 
  
 
 ●

 
 
 risk of short-term or long-term catastrophic computer problems associated with legacy software systems which could interrupt regular publication schedules;

 
 

 
  
 
 ●

 
 
 risk of inadequacy of our insurance coverage to compensate for potential losses;

 
 

 
  
 
 ●

 
 
 potential impact of vendors’ consolidation;

 
 

 
  
 
 ●

 
 
 other risks and uncertainties, including but not limited to the risks described in Part I, Item 1A, “Risk Factors” of the Company’s Annual Report on Form 10-K for the year ended April 30, 2026 and other risks and uncertainties arising from time to time.

 
 

 

4

 

 

These factors are not necessarily all of the important factors that could cause actual results to differ materially from those expressed in any of our forward-looking statements. Other unknown or unpredictable factors which may involve external factors over which we may have no control could also have material adverse effects on future results. Likewise, changes we make in our plans, objectives, strategies, or intentions, which may occur at any time in our discretion, could also have material favorable or adverse effects on our future results. Except as otherwise required to be disclosed in periodic reports required to be filed by public companies with the SEC pursuant to the SEC's rules, we have no duty to update these statements, and we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In light of these risks and uncertainties, current plans, anticipated actions, and future financial conditions and results may differ from those expressed in any forward-looking information contained herein.

 

Explanatory Notes

 

References in this Annual Report on Form 10-K for the fiscal year ending April 30, 2026, to “the Company”, “Value Line”, “we”, “us” and “our” refer to Value Line, Inc. and its consolidated subsidiaries, unless the context otherwise requires. In addition, unless the context otherwise requires, references to:

 

“fiscal 2026” are to the twelve month period from May 1, 2025 to April 30, 2026;

 

“fiscal 2025” are to the twelve month period from May 1, 2024 to April 30, 2025;

 

“fiscal 2024” are to the twelve month period from May 1, 2023 to April 30, 2024;

 

the “Adviser” or “EAM” are to EULAV Asset Management Trust, a Delaware business statutory trust;

 

the “Distributor” or “ES” are to EULAV Securities LLC, a Delaware limited liability company wholly

owned by EAM;

 

the “EAM Declaration of Trust” are to the EAM Declaration of Trust dated December 23, 2010;

 

the capital structure of EAM is established so that the Company owns only non-voting revenue and non-voting profits interests of EAM, and each of five individual Trustees all of whom are independent of the Company and of EAM (except for the CEO of EAM) owns a profits interest with 20% of the voting power; and

 

the “Value Line Funds” or the “Funds” are to the Value Line Mutual Funds registered under the Investment Company Act of 1940 for which EAM serves as investment adviser.

 

5

 

 

 

Part I

Item 1. BUSINESS.

 

Value Line, Inc. is a New York corporation headquartered in New York City and formed in 1982. The Company's core business is producing investment periodicals and their underlying research and making available certain Value Line copyrights, Value Line trademarks and Value Line Proprietary Ranks and other proprietary information, to third parties under written agreements for use in third-party managed and marketed investment products and for other purposes. Value Line markets under well-known brands including Value Line®, the Value Line logo®, The Value Line Investment Survey®, Smart Research, Smarter Investing™ and The Most Trusted Name in Investment Research®. The name "Value Line" as used to describe the Company, its products, and its subsidiaries, is a registered trademark of the Company. Effective December 23, 2010, EULAV Asset Management Trust (“EAM”) was established to provide investment management services to the Value Line Funds accounts and provides distribution, marketing, and administrative services to the Value Line Funds. Value Line holds substantial non-voting revenues and non-voting profits interests in EAM.

 

The Company is the successor to substantially all of the operations of Arnold Bernhard & Co, Inc. ("AB&Co."). AB&Co. is the controlling shareholder of the Company and, as of April 30, 2026, owns 91.98% of the outstanding shares of the common stock of the Company.

 

A. Investment Related Periodicals & Publications

 

The investment periodicals and related publications offered by Value Line Publishing LLC (“VLP”), a wholly-owned entity of the Company, cover a broad spectrum of investments including stocks, mutual funds, ETFs and options. The Company’s periodicals and related publications and services are marketed to individual and professional investors, as well as to institutions including municipal and university libraries and investment firms.

 

The services generally fall into four categories:

 

 
  
 
 ●

 
 
 Comprehensive reference periodical publications

 
 

 
  
 
 ●

 
 
 Targeted, niche periodical newsletters

 
 

 
  
 
 ●

 
 
 Investment analysis software

 
 

 
  
 
 ●

 
 
 Current and historical financial databases

 
 

 

The comprehensive research services (The Value Line Investment Survey, The Value Line Investment Survey - Small and Mid-Cap, The Value Line 600, and The Value Line Fund Advisor Plus) provide both statistical and text coverage of a large number of investment securities, with an emphasis placed on Value Line’s proprietary research, analysis and statistical ranks. The Value Line Investment Survey is the Company’s flagship service, published each week in print and daily on the web.

 

The niche newsletters (Value Line Select®, Value Line Select: Dividend Income & Growth, Value Line Select ETFs, The Value Line Special Situations Service®, The Value Line M&A Service, The Value Line Climate Change Investing Service, and The Value Line Information You Should Know Wealth Newsletter) provide information on a less comprehensive basis for securities that the Company believes will be of particular interest to subscribers and may include topics of interest on markets and the business environment. Value Line Select® is a targeted service with an emphasis on Value Line’s proprietary in-depth research analysis and statistical selections, highlighting monthly a stock with strong return potential and reasonable risk.  Value Line Select: Dividend Income & Growth represents Value Line's targeted coverage of dividend paying stocks with good growth potential. Value Line Select ETFs recommends a new ETF for purchase each month. The Value Line Special Situations Service provides in-depth research analysis on selected small and mid-cap stocks. The Value Line M&A Service recommends stocks of companies that Value Line thinks may be acquired by other corporations or private equity firms. The Value Line Climate Change Investing Service recommends stocks that should benefit from addressing the challenge of climate change. The Value Line Information You Should Know Wealth Newsletter provides insightful information on various personal finance topics.

 

6

 

 

Value Line offers digital versions of most of its products through the Company’s website, www.valueline.com. Subscribers to the print versions have, in some cases, received free access to the corresponding digital versions, although digital subscribers do not receive a free print edition. The most comprehensive of the Company’s online platforms is The Value Line Research Center, which allows subscribers to access most of the Company’s research and publications at a packaged price via the Internet.

 

Investment analysis software (The Value Line Investment Analyzer and The Value Line ETFs Service) includes data sorting and filtering tools. In addition, for institutional and professional subscribers, VLP offers current and historical financial databases (DataFile, Estimates & Projections, and Mutual Funds) via the Internet.

 

The print and digital services include, but are not limited to the following:

 

The Value Line Investment Survey 

 

The Value Line Investment Survey is an investment periodical research service providing both timely articles on economic, financial and investment matters and analysis and ranks for equity securities. Two of the evaluations for covered equity securities are "Timeliness™" and "Safety™”. “Timeliness” Ranks relate to the probable relative price performance of one stock over the next six to twelve months, as compared to the rest of the stock coverage universe. Ranks are updated each week and range from Rank 1 for the expected best performing stocks to Rank 5 for the expected poorest performers. "Safety" Ranks are a measure of risk and are based on the issuer's relative Financial Strength and its stock's Price Stability. "Safety" ranges from Rank 1 for the least risky stocks to Rank 5 for the riskiest. VLP employs analysts and statisticians who prepare articles of interest for each periodical and who evaluate stock performance and provide future earnings estimates and quarterly written evaluations with more frequent updates when relevant. The Value Line Investment Survey is comprised of three parts: The "Summary & Index" provides updated Timeliness and Safety Ranks, selected financial data, and "screens" of key financial measures; the "Ratings & Reports" section contains the updated reports on stocks each week; and the “Selection & Opinion” section provides economic commentary and data, articles, and model portfolios managed by analysts covering a range of investment approaches.

 

The Value Line Investment Survey - Small and Mid-Cap 

 

The Value Line Investment Survey - Small and Mid-Cap is an investment research tool introduced in 1995 that provides short descriptions of and extensive data for small and medium-capitalization stocks, many listed on The NASDAQ Exchange, beyond the equity securities of generally larger-capitalization companies covered in The Value Line Investment Survey. Like The Value Line Investment Survey, the Small and Mid-Cap has its own "Summary & Index" providing updated performance ranks and other data, as well as "screens" of key financial measures and two model portfolios. The print portion of the service is issued monthly. The 400 stocks of the Small & Mid-Cap universe selected for inclusion in the print component of the service are mailed to subscribers in updated monthly groups. Each stock is covered 4 times per year – once per quarterly cycle. The Digital component of the service remains unchanged – it is updated weekly with the complete stock coverage universe available for review. The Performance Rank is designed to predict relative price performance over the next six to twelve months.

 

The Value Line Fund Advisor Plus

 

The Value Line Mutual Fund Ranking System was introduced in 1993. It is the system utilized in The Fund Advisor Plus, featuring load, no-load, and low-load open-end mutual funds. Each issue offers strategies for investing in mutual funds, and highlights of specific mutual funds. A full statistical review, including latest performance, ranks, and sector weightings, is updated each month on approximately 800 leading load, no-load and low-load funds. Included with this product is online access to Value Line’s database of approximately 19,000 mutual funds, including screening tools and full-page printable reports on each fund. Four model portfolios are also part of the service. One recommends specific U.S. mutual funds from different objective groups, while the other highlights similar exchange traded funds (ETFs). The remaining two highlight mutual funds and ETFs globally. The Value Line Fund Advisor Plus contains data on approximately 19,000 no-load and low-load funds and a digital screener.

 

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The Value Line Special Situations Service 

 

The Value Line Special Situations Service’s core focus is on smaller companies whose equity securities are perceived by Value Line’s analysts as having exceptional appreciation potential. This publication was introduced in 1951.

 

The Value Line Daily Options Survey 

 

The Value Line Daily Options Survey is a daily digital service that evaluates and ranks approximately 600,000 U.S. equity and equity index options. Features include an interactive database, spreadsheet tools, and a weekly email newsletter. This product is only offered as an online subscription.

 

Value Line Select 

 

Value Line Select is a monthly stock selection service and was first published in 1998. It focuses each month on a single company that the Value Line Research Department has selected from a group of high-quality companies whose stocks are viewed as having a superior risk/reward ratio. Recommendations are backed by in-depth research and are subject to ongoing monitoring by research personnel.

 

Value Line Select: Dividend Income & Growth

 

Value Line Select: Dividend Income & Growth (formerly Value Line Dividend Select), a monthly stock selection service, was introduced in June 2011. This product focuses on companies with dividend yields greater than the average of all stocks covered by Value Line, with a preference for companies that have consistently increased their dividends above the rate of inflation over the longer term and, based on Value Line analysis, have the financial strength both to support and increase dividend payments in the future.

 

Value Line Select ETFs

 

In May 2017, we launched Value Line Select ETFs, a monthly ETF selection service. This product focuses on ETFs that appear poised to outperform the broader market. The selection process utilizes an industry approach, with the same data-focused analysis that is the hallmark of Value Line.

 

The Value Line ETFs Service

 

This online-only, web based analysis software provides data, analysis, and screening capabilities on more than 2,700 publicly traded ETFs. Almost all of the ETFs tracked in the product are ranked by The Value Line ETF Ranking System. The screener includes more than 30 fields, and each ETF has its own full PDF report. All data and information can be downloaded, exported, and printed.

 

The Value Line 600

 

The Value Line 600 is a monthly publication, which contains full-page research reports on approximately 600 equity securities. Its reports provide information on many actively traded, larger capitalization issues as well as some smaller growth stocks. It offers investors who want the same type of analysis provided in The Value Line Investment Survey, but who do not want or need coverage of all the companies covered by that product, a suitable alternative. Readers also receive supplemental reports as well as a monthly Index, which includes updated statistics, including proprietary ranks and ratings.

 

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Value Line Information You Should Know Wealth Newsletter

 

This is a monthly service that started in January 2020. It is a general interest publication focusing on useful and actionable investing and financial information. It is a succinct 4 page newsletter covering topics such as. “How Can I Avoid Probate? And Should I?”, “How to Handle Your Investments in a Bear Market”. It is available as a print product or as a PDF delivered via email. The newsletter is marketed via a variety of channels including as an add-on in select direct mail campaigns and email.

 

The Value Line M&A Service

 

This is a monthly service that was launched in September 2020. The objective of the service is to identify companies that possess characteristics, such as a successful product lineup, market position or important technology that would interest larger corporations or private equity firms. The main feature of the M&A Service consists of a detailed, multipage highlight on a stock that Value Line thinks is a good acquisition candidate. New recommendations are then added to the M&A Model Portfolio.

 

The Value Line Climate Change Investing Service

 

This monthly service was introduced in April 2021. This publication, designed for the climate-conscious, profit-oriented investor, seeks to provide key climate news alongside a managed portfolio of twenty stocks, chosen by our analysts, which stand to benefit from responses to climate change. Selections are vetted based not only on time-tested financial measures, but also the potential impact of climate change and measures taken to combat it on their business. Our selections fall into two main groups: businesses that are focused on providing environmental solutions, and those that are likely to thrive in a changing climate. Every issue features new updates to our portfolio.

 

Value Line Investment Analyzer

 

Value Line Investment Analyzer is a powerful menu-driven software program with fast filtering, ranking, reporting and graphing capabilities utilizing more than 200 data fields for various industries and indices and for the stocks covered in VLP’s flagship publication, The Value Line Investment Survey. Value Line Investment Analyzer allows subscribers to apply numerous charting and graphing variables for comparative research, and is integrated with the Value Line databases via the Internet.  Value Line Investment Analyzer Professional is a more comprehensive product which covers nearly 5,500 stocks and allows subscribers to create customized screens.

 

Value Line DataFile Products

 

For our institutional customers, Value Line offers both current and historical data for equities, mutual funds and exchange traded funds (“ETFs”). Value Line DataFile products are offered via an FTP site. Below is a listing of the DataFile products:

 

Fundamental DataFile I and II

 

The Value Line Fundamental DataFile I contains fundamental data (both current and historical) on nearly 5,500 publicly traded companies that follow U.S. generally accepted accounting principles (“GAAP”). This data product provides annual data from 1955, quarterly data from 1963, and full quarterly data as reported to the SEC from 1985. Value Line also offers historical data in customized grouping such as our “Dead Company” File. The Fundamental DataFile has over 400 annual and over 80 quarterly fields for each of the companies included in the database. DataFile is sold primarily to the institutional and academic markets. Value Line also offers a scaled down DataFile product, Fundamental DataFile II, which includes a limited set of historical fundamental data.

 

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Estimates and Projections DataFile

 

This DataFile offering contains the proprietary estimates and projections from Value Line analysts on a wide range of the stocks traded on U.S. exchanges. Data includes earnings, sales, cash flow, book value, margin, and other popular fields. Estimates are for the current year and next year, while projections encompass the three to five year period.

 

Mutual Fund DataFile

 

The Value Line Mutual Fund DataFile covers approximately 19,000 mutual funds with up to 20 years of historical data with more than 200 data fields. The Mutual Fund DataFile provides monthly pricing, basic fund information, weekly performance data, sector weights, and many other important mutual fund data fields. This file is updated monthly and delivered via FTP.

 

Value Line Research Center

 

The Value Line Research Center provides on-line access to select Company investment research services covering stocks, mutual funds, options, ETFs, and special situations stocks. This service includes full digital subscriptions to The Value Line Investment Survey, The Value Line Fund Advisor Plus, The Value Line Daily Options Survey, The Value Line Investment Survey - Small and Mid-Cap, The Value Line ETFs Service and The Value Line Special Situations Service. For our library subscribers, the Research Center also includes the Value Line Climate Change Investing Service. Users can screen more than 250 data fields, create graphs using multiple different variables, and access technical history.

 

Digital Services

 

The Value Line Investment Survey - Smart Investor offers digital access to full page reports, analyst commentary and Value Line proprietary ranks with coverage on stocks that comprise over 90% of the value of all stocks that trade on U.S. exchanges. Online tools include a screener, alerts, watch-lists and charting. Print capabilities are included.

 

The Value Line Investment Survey - Savvy Investor offers digital access to full page reports and Value Line proprietary ranks on the stocks of both The Investment Survey (Smart Investor) and The Small Cap Investor. Online tools include a screener, alerts, watch-lists and charting. Print capabilities are included.

 

The Value Line Investment Survey - Small Cap Investor offers digital access to full page reports and Value Line proprietary ranks and short descriptions of and extensive data for small and medium-capitalization stocks generally with market capitalizations under $10 billion. One year of history is included. Online tools include a screener, alerts, watch-lists and charting. Print capabilities are included.

 

The Value Line Investment Survey - Investor 600, equivalent to The Value Line 600 print, offers digital access to full page reports, analyst commentary and Value Line proprietary ranks on approximately 600 selected stocks covering the same variety of industries as The Value Line Investment Survey. Online tools include a screener, alerts, watch-lists and charting. Print capabilities are included.

 

Value Line Pro Premium digital service includes The Value Line Investment Survey® and The Value Line Investment Survey® — Small & Mid-Cap. This equity package monitors more than 3,300 companies with market values ranging from less than $1 billion to nearly $4 trillion across 100 industries. There are over 250 data fields that can be screened to help make informed decisions. Features of the service include three years of historical reports and data, customizable modules, alerts and screening.

 

Value Line Pro Basic digital service covers the stocks included in The Value Line Investment Survey®, drawn from nearly 100 industries, and representing 90% of total U.S. daily trading volume on stocks drawn from 100 industries. There are over 200 data fields that can be screened to help make informed decisions. Features of the service include three years of historical reports and data, customizable modules, alerts and screening.

 

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Value Line Pro Elite digital service includes The Value Line Investment Survey® and The Value Line Investment Survey® — Small & Mid-Cap. Our Pro Elite service package aimed at professional users includes digital access to full page reports and Value Line proprietary ranks. In addition, our database of mostly microcap firms adds more than 1,500 additional names. Five years’ history is included. Online tools include a screener, alerts, watch-lists and charting. Downloading and print capabilities are included.

 

The Value Line Investment Survey – Library Basic has coverage on stocks that comprise over 90% of the value of all stocks that trade on U.S. exchanges, drawn from nearly 100 industries. There are over 200 data fields that can be applied to help readers make more informed decisions.

 

The Value Line Investment Survey – Library Elite offers libraries digital access to full reports, analyst commentary and Value Line proprietary ranks. This equity package monitors more than 3,300 companies. Online tools include a screener, and charting. Print capabilities are included.

 

The Value Line Pro Equity Research Center is an equities-only package that includes access to exclusive premium services and provides online access to all of Value Line’s equity products. This service offered both to financial advisers and high-net-worth individuals, includes full online subscriptions to The Value Line Investment Survey, The Value Line Investment Survey – Small & Mid-Cap, Value Line Select, Value Line Select: Dividend Income and Growth, The Value Line Special Situations Service, The Value Line M&A Service, and The Value Line Pro ETF Package. Users can screen more than 250 data fields, create graphs using multiple different variables, and access technical history. The Value Line Pro Equity Research Center has the ability to track model portfolios (large, small and mid-cap) as well as providing ranks and investment news.

 

Value Line Library Research Center 

 

The Value Line Library Research Center provides on-line access to select Company investment research services covering stocks, mutual funds, options, special situations stocks, and climate change investing. This service includes full digital subscriptions to The Value Line Investment Survey, The Value Line Fund Advisor Plus, The Value Line Daily Options Survey, The Value Line Investment Survey - Small and Mid-Cap, The Value Line ETFs Service, The Value Line Special Situations Service, and The Value Line Climate Change Investing Service. Users can screen more than 250 data fields, create graphs using multiple different variables, and access technical history. Value Line Library Research Center has the ability to track model portfolios (large, small and mid-cap) as well as providing ranks and investment news.

 

Quantitative Strategies 

 

All the digital services have Charting features, including many options to chart against popular indexes with the ability to save settings and print. Products offer an Alerts Hub which allows the user to set up alerts for multiple companies, with delivery via text or email.

 

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B. Copyright Programs

 

The Company’s available copyright services, which include certain proprietary Ranking System results and other proprietary information are made available for use in third party products, such as unit investment trusts, variable annuities, managed accounts and exchange traded funds. The sponsors of these products act as wholesalers and distribute the products generally by syndicating them through an extensive network of national and regional brokerage firms. The sponsors of these products will typically receive Proprietary Ranking System results, which may include Value Line Timeliness, Safety, Technical and Performance ranks, as screens for their portfolios. The sponsors are also given permission to associate Value Line’s trademarks with the products. Value Line collects a copyright fee from each of the product sponsors/managers primarily based upon the market value of assets invested in each product’s portfolio utilizing the Value Line proprietary data. Since these fees are based on the market value of the respective portfolios using the Value Line proprietary data, the payments to Value Line, which are typically received on a quarterly basis, will fluctuate.

 

Value Line’s primary copyright products are structured as ETFs and Unit Investment Trusts, all of which have in common some degree of reliance on the Value Line Ranking System for their portfolio creation. These products are offered and distributed by independent sponsors.

 

C. Investment Management Services 

 

Pursuant to the EAM Declaration of Trust, the Company receives an interest in certain revenues of EAM and a portion of the residual profits of EAM but has no voting authority with respect to the election, removal or replacement of the trustees of EAM. The business of EAM is managed by five individual trustees and a Delaware resident trustee (collectively, the “Trustees”) and by its officers subject to the direction of the Trustees.

 

Collectively, the holders of the voting profits interests in EAM are entitled to receive 50% of the residual profits of the business, subject to temporary adjustments in certain circumstances. Value Line holds a non-voting profits interest representing 50% of residual profits, subject to temporary adjustments in certain circumstances, and has no power to vote for the election, removal or replacement of the trustees of EAM. Value Line also has a non-voting revenues interest in EAM pursuant to which it is entitled to receive a portion of the non-distribution revenues of the business ranging from 41% at non-distribution fee revenue levels of $9 million or less to 55% at such revenue levels of $35 million or more. In the event the business is sold or liquidated, the first $56.1 million of net proceeds plus any additional capital contributions (Value Line or any holder of a voting profits interest, at its discretion, may make future contributions to its capital account in EAM), which contributions would increase its capital account but not its percentage interest in operating profits, will be distributed in accordance with capital accounts; 20% of the next $56.1 million will be distributed to the holders of the voting profits interests and 80% to the holder of the non-voting profits interests (currently, Value Line); and the excess will be distributed 45% to the holders of the voting profits interests and 55% to the holder of the non-voting profits interest (Value Line). EAM has elected to be taxed as a pass-through entity similar to a partnership.

 

Also, pursuant to the EAM Declaration of Trust, Value Line (1) granted each Fund use of the name “Value Line” so long as EAM remains the Fund’s adviser and on the condition that the Fund does not alter its investment objectives or fundamental policies from those in effect on the date of the investment advisory agreement with EAM, provided also that the Funds do not use leverage for investment purposes or engage in short selling or other complex or unusual investment strategies that create a risk profile similar to that of so-called hedge funds, (2) agreed to provide EAM its proprietary Ranking System information without charge