# VALUE LINE INC (VALU)

Informational only - not investment advice.

CIK: 0000717720
SIC: 6282 Investment Advice
SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Security And Commodity Brokers, Dealers, Exchanges, And Services](/major-group/62/) > [SIC 6282 Investment Advice](/industry/6282/)
Latest 10-K filed: 2026-07-29
SEC page: https://www.sec.gov/edgar/browse/?CIK=717720
Filing source: https://www.sec.gov/Archives/edgar/data/717720/000143774926024817/valu20260430_10k.htm

## At a glance

FY2025 · period end 2025-04-30 · filed 2025-07-29 · accession 0001437749-25-023754 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000717720.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 35,079,000 USD | 2025 | verified |
| Net income | 20,686,000 USD | 2025 | verified |
| Assets | 144,533,000 USD | 2025 | verified |
| Free cash flow | 20,065,000 USD | 2025 | computed |
| Net margin | 58.97% | 2025 | computed |
| Operating margin | 17.06% | 2025 | computed |
| Revenue YoY | -6.42% | 2025 | computed |
| ROE | 20.75% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | VALU | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 59.0% | 15.3% | 100 | 34 |
| Operating margin | 17.1% | 21.8% | 32 | 20 |
| Revenue growth | -6.4% | 7.6% | 6 | 34 |
| FCF margin | 57.2% | 20.2% | 93 | 29 |
| ROE | 20.8% | 15.5% | 61 | 34 |
| ROA | 14.3% | 4.8% | 85 | 35 |
| Liabilities / equity | 0.45 | 1.57 | 12 | 34 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 6282 Investment Advice, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 35079000 | USD | 2025 | 2025-07-29 |
| Net income | 20686000 | USD | 2025 | 2025-07-29 |
| Assets | 144533000 | USD | 2025 | 2025-07-29 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2025-07-29. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000717720.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | 34,546,000 | 34,574,000 | 35,868,000 | 36,257,000 | 40,299,000 | 40,392,000 | 40,525,000 | 39,695,000 | 37,487,000 | 35,079,000 |
| Net income | 7,291,000 | 10,367,000 | 14,738,000 | 12,009,000 | 14,943,000 | 23,280,000 | 23,822,000 | 18,069,000 | 19,016,000 | 20,686,000 |
| Operating income | 1,880,000 | 7,459,000 | 2,572,000 | 5,413,000 | 9,090,000 | 7,535,000 | 10,800,000 | 11,470,000 | 9,141,000 | 5,985,000 |
| Operating cash flow | 2,004,000 | 4,036,000 | 9,907,000 | 11,494,000 | 13,745,000 | 16,410,000 | 24,646,000 | 18,178,000 | 17,932,000 | 20,243,000 |
| Capital expenditures | 227,000 | 1,276,000 | 408,000 | 11,000 | 2,000 | 33,000 | 11,000 | 30,000 | 15,000 | 178,000 |
| Dividends paid | 6,167,000 | 6,616,000 | 8,929,000 | 7,362,000 | 7,724,000 | 8,068,000 | 8,405,000 | 9,471,000 | 10,561,000 | 11,303,000 |
| Share buybacks | 796,000 | 741,000 | 354,000 | 608,000 | 1,214,000 | 1,526,000 | 2,484,000 | 4,704,000 | 523,000 | 453,000 |
| Assets | 86,507,000 | 86,724,000 | 86,788,000 | 91,788,000 | 109,728,000 | 121,136,000 | 128,743,000 | 131,076,000 | 136,035,000 | 144,533,000 |
| Liabilities | 51,907,000 | 48,870,000 | 43,247,000 | 44,264,000 | 56,189,000 | 54,123,000 | 49,098,000 | 47,403,000 | 45,242,000 | 44,855,000 |
| Stockholders' equity | 34,600,000 | 37,854,000 | 43,541,000 | 47,524,000 | 53,539,000 | 67,013,000 | 79,645,000 | 83,673,000 | 90,793,000 | 99,678,000 |
| Cash and cash equivalents | 13,122,000 | 6,557,000 | 5,941,000 | 6,493,000 | 4,954,000 | 19,171,000 | 29,703,000 | 7,590,000 | 4,390,000 | 34,077,000 |
| Free cash flow | 1,777,000 | 2,760,000 | 9,499,000 | 11,483,000 | 13,743,000 | 16,377,000 | 24,635,000 | 18,148,000 | 17,917,000 | 20,065,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin | 21.11% | 29.98% | 41.09% | 33.12% | 37.08% | 57.64% | 58.78% | 45.52% | 50.73% | 58.97% |
| Operating margin | 5.44% | 21.57% | 7.17% | 14.93% | 22.56% | 18.65% | 26.65% | 28.90% | 24.38% | 17.06% |
| Return on equity | 21.07% | 27.39% | 33.85% | 25.27% | 27.91% | 34.74% | 29.91% | 21.59% | 20.94% | 20.75% |
| Return on assets | 8.43% | 11.95% | 16.98% | 13.08% | 13.62% | 19.22% | 18.50% | 13.79% | 13.98% | 14.31% |
| Liabilities / equity | 1.50 | 1.29 | 0.99 | 0.93 | 1.05 | 0.81 | 0.62 | 0.57 | 0.50 | 0.45 |
| Current ratio | 0.76 | 1.05 | 1.07 | 1.24 | 1.51 | 1.83 | 2.58 | 2.84 | 3.19 | 3.38 |

## As-reported value updates

2 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/VALU/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-03-17. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000717720.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-01-31 | 10,258,000 | 5,614,000 |  | reported discrete quarter |
| 2022-Q4 | 2022-04-30 | 10,128,000 | 3,807,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2023-Q3 | 2022-10-31 |  | 4,330,000 |  | reported discrete quarter |
| 2023-Q3 | 2023-01-31 | 9,967,000 |  |  | reported discrete quarter |
| 2023-Q4 | 2023-04-30 | 9,718,000 | 4,033,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2023-07-31 | 9,743,000 | 4,859,000 |  | reported discrete quarter |
| 2024-Q2 | 2023-07-31 |  | 4,859,000 |  | reported discrete quarter |
| 2024-Q2 | 2023-10-31 | 9,610,000 |  |  | reported discrete quarter |
| 2025-Q1 | 2024-07-31 | 8,884,000 | 5,887,000 |  | reported discrete quarter |
| 2025-Q2 | 2024-07-31 |  | 5,887,000 |  | reported discrete quarter |
| 2024-Q3 | 2024-10-31 |  | 5,685,000 |  | reported discrete quarter |
| 2025-Q2 | 2024-10-31 | 8,841,000 |  |  | reported discrete quarter |
| 2024-Q3 | 2025-01-31 | 8,967,000 |  |  | reported discrete quarter |
| 2026-Q1 | 2025-07-31 | 8,606,000 | 6,460,000 |  | reported discrete quarter |
| 2026-Q2 | 2025-07-31 |  | 6,460,000 |  | reported discrete quarter |
| 2026-Q2 | 2025-10-31 | 8,556,000 |  |  | reported discrete quarter |
| 2026-Q3 | 2025-10-31 |  | 5,682,000 |  | reported discrete quarter |
| 2026-Q3 | 2026-01-31 | 8,276,000 |  |  | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from VALU's latest 10-K: [/company/VALU/business/](/company/VALU/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from VALU's latest 10-K: [/company/VALU/risk-factors/](/company/VALU/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/717720/000143774926008479/valu20260131_10q.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-03-17
Report date: 2026-01-31

Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

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:

[[GREPCENT_TABLE]]
[["","\u25cf","maintaining revenue from subscriptions for the Company\u2019s digital and print published products;"],["","\u25cf","changes in investment trends and economic conditions, including global financial issues;"],["","\u25cf","changes in Federal Reserve policies affecting interest rates and liquidity along with resulting effects on equity markets;"],["","\u25cf","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;"],["","\u25cf","continuation of orderly markets for equities and corporate and governmental debt securities;"],["","\u25cf","problems protecting intellectual property rights in Company methods and trademarks;"],["","\u25cf","problems protecting confidential information including customer confidential or personal information that we may possess;"],["","\u25cf","dependence on non-voting revenues and non-voting profits interests in EULAV Asset Management (\u201cEAM\u201d or \u201cEAM Trust\u201d), 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;"],["","\u25cf","fluctuations in EAM\u2019s 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;"],["","\u25cf","possible changes in the valuation of EAM\u2019s intangible assets from time to time;"],["","\u25cf","possible changes in future revenues or collection of receivables from significant customers;"],["","\u25cf","dependence on key executive and specialist personnel of signification supplier and other firms;"],["","\u25cf","risks associated with the outsourcing of certain functions, technical facilities, and operations, including in some instances outside the U.S.;"],["","\u25cf","risks of increased tariffs and other restrictions affecting the cost and availability of materials, equipment, and other necessary inputs to the Company\u2019s operations;"],["","\u25cf","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;"],["","\u25cf","the impact of government regulation on the Company\u2019s and EAM\u2019s businesses;"],["","\u25cf","federal and/or state legislative changes that might affect Value Line\u2019s business;"],["","\u25cf","the availability of free or low cost investment information through discount brokers or generally over the internet;"],["","\u25cf","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;"],["","\u25cf","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;"],["","\u25cf","terrorist attacks, cyber attacks and natural disasters;"],["","\u25cf","the need for changes in our business plans because of unexpected events that occur;"],["","\u25cf","widespread illnesses which may drastically affect markets, employment, and other economic conditions, and may have additional unpredictable impacts on employees, suppliers, customers, and operations;"],["","\u25cf","changes in prices and availability of materials and other inputs and services, such as financial data, freight and postage, required by the Company;"],["","\u25cf","risk of short-term or long-term catastrophic computer problems associated with legacy software systems which could interrupt regular publication schedules;"],["","\u25cf","risk of inadequacy of our insurance coverage to compensate for potential losses;"],["","\u25cf","potential impact of vendors\u2019 consolidation;"],["","\u25cf","other risks and uncertainties, including but not limited to the risks described in Part I, Item 1A, \u201cRisk Factors\u201d of the Company\u2019s Annual Report on Form 10-K for the year ended April 30, 2025 and in Part II, Item 1A of this Quarterly Report on Form 10-Q for the period ended January 31, 2026; and other risks and uncertainties arising from time to time."]]
[[/GREPCENT_TABLE]]

23

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.

Executive Summary of the Business

The Company's core business is producing investment publications and their underlying research and making available certain Value Line copyrights, Value Line trademarks and Value Line Proprietary Ranks and other proprietary information, to third parties under written agreements for use in third-party managed and marketed investment products and for other purposes. Value Line markets under well-known brands 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. EULAV Asset Management Trust (“EAM”) was established to provide the investment management services to the Value Line Funds, institutional and individual accounts and provide distribution, marketing, and administrative services to the Value Line® Mutual Funds ("Value Line Funds") and to provide distribution, marketing, and administrative services to the Value Line Funds.

The Company’s target audiences within the investment research field are individual investors, colleges, libraries, and investment management professionals. Individuals come to Value Line for complete research in one package. Institutional licensees consist of corporations, financial professionals, colleges, and municipal libraries. Libraries and universities offer the Company’s detailed research to their patrons and students. Investment management professionals use the research and historical information in their day-to-day businesses. The Company has a dedicated department that solicits institutional subscriptions.

Payments received for new and renewal subscriptions and the value of receivables for amounts billed to retail and institutional customers are recorded as unearned revenue until the order is fulfilled. As the orders are fulfilled, the Company recognizes revenue in equal installments over the life of the particular subscription. Accordingly, the subscription fees to be earned by fulfilling subscriptions after the date of a particular balance sheet are shown on that balance sheet as unearned revenue within current and long-term liabilities.

The investment publications and related publications (retail and institutional) and Value Line copyrights and Value Line Proprietary Ranks and other proprietary information consolidate into one segment called Publishing. The Publishing segment constitutes the Company’s only reportable business segment.

Asset Management and Mutual Fund Distribution Businesses

Pursuant to the EAM Declaration of Trust, the Company maintains an interest in revenues of EAM and a portion of the residual profits of EAM but has no voting authority with respect to the election or removal of the trustees of EAM or control of its business. Although the Company does not have control over the operating and financial policies of EAM, the Company has a contractual right to receive its share of EAM’s revenues and profits

The business of EAM is managed by its five individual trustees each owning 20% of the voting interest in EAM and by its officers subject to the direction of the trustees. The Company is entitled to receive from EAM a range of 41% to 55% of EAM’s revenues (excluding distribution revenues) from EAM’s mutual fund and separate account business and 50% of the residual profits of EAM (subject to temporary increase in certain limited circumstances). The Holders of the remaining profits interests will receive the other 50% of residual profits of EAM. Distribution is not less than 90% of EAM’s profits payable each fiscal quarter under the provisions of the EAM Trust Agreement.

24

Business Environment

The U.S. economy entered calendar 2026 at a slowly growing pace. After a slow start in 2025, with a tariff-driven spike in imports resulting in a 0.6% annualized contraction in the first quarter, the gross domestic product (GDP) expanded 3.8%, 4.4%, and 0.7%, respectively, over the final three quarters of the year. It also should be noted that the federal government shutdown, the longest in the nation’s history, reduced the estimated final-quarter GDP tally by at least a full percentage point. The advances over the final nine months of last year were driven by a resilient consumer sector, as well massive spending on artificial intelligence and the related infrastructure build out. Looking forward, further GDP gains are expected over the next 12 months, with lower interest rates, the result of three quarter-point cuts to the Fed interest rate last year, tax cuts, and regulation rollback providing support for the economy. Additional Fed interest rate reductions may occur as well.

Meanwhile, there are concerns that a reacceleration in inflation is possible this year. Attacks by Iran on multiple states in the Middle East followed the launch by the United States and Israel of a substantial assault on Iran that killed that nation’s Supreme Leader Ayatollah Ali Khamenei as well as

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/717720/000143774926024817/valu20260430_10k.htm
Complete FY 2026 MD&A: /company/VALU/mda/fy2026/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-07-29
Report date: 2026-04-30

Item 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

The following Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) is intended to help a reader understand Value Line, its operations and business factors. The MD&A should be read in conjunction with Item 1, “Business”, and Item 1A, “Risk Factors” of Form 10-K, and in conjunction with the consolidated financial statements and the accompanying notes contained in Item 8 of this report.

The MD&A includes the following subsections:

[[GREPCENT_TABLE]]
[["","\u25cf","Executive Summary of the Business"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","Results of Operations"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","Liquidity and Capital Resources"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","Recent Accounting Pronouncements"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","Critical Accounting Estimates and Policies"]]
[[/GREPCENT_TABLE]]

Executive Summary of the Business

The Company's core business is producing investment publications and their underlying research and making available certain Value Line copyrights, Value Line trademarks and Value Line Proprietary Ranks and other proprietary information, to third parties under written agreements for use in third-party managed and marketed investment products and for other purposes. Value Line markets under well-known brands 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. EULAV Asset Management Trust (“EAM”) was established to provide the investment management services to the Value Line Funds, institutional and individual accounts and provide distribution, marketing, and administrative services to the Value Line® Mutual Funds ("Value Line Funds").

The Company’s target audiences within the investment research field are individual investors, colleges, libraries, and investment management professionals. Individuals come to Value Line for complete research in one package. Institutional licensees consist of corporations, financial professionals, colleges, and municipal libraries. Libraries and universities offer the Company’s detailed research to their patrons and students. Investment management professionals use the research and historical information in their day-to-day businesses. The Company has a dedicated department that solicits institutional subscriptions.

Payments received for new and renewal subscriptions and the value of receivables for amounts billed to retail and institutional customers are recorded as unearned revenue until the order is fulfilled. As the orders are fulfilled, the Company recognizes revenue in equal installments over the life of the particular subscription. Accordingly, the subscription fees to be earned by fulfilling subscriptions after the date of a particular balance sheet are shown on that balance sheet as unearned revenue within current and long-term liabilities.

The investment publications and related publications (retail and institutional) and Value Line copyrights and Value Line Proprietary Ranks and other proprietary information consolidate into one segment called Publishing. The Publishing segment constitutes the Company’s only reportable business segment.

23

Asset Management and Mutual Fund Distribution Businesses

Pursuant to the EAM Declaration of Trust, the Company maintains an interest in revenues of EAM and a portion of the residual profits of EAM but has no voting authority with respect to the election or removal of the trustees of EAM or control of its business. Although the Company does not have control over the operating and financial policies of EAM, the Company has a contractual right to receive its share of EAM’s revenues and profits.

The business of EAM is managed by its five individual trustees each owning 20% of the voting interest in EAM and by its officers subject to the direction of the trustees. The Company is entitled to receive from EAM a range of 41% to 55% of EAM’s revenues (excluding distribution revenues) from EAM’s mutual fund and separate account business and 50% of the residual profits of EAM (subject to temporary increase in certain limited circumstances). The Holders of the remaining profits interests will receive the other 50% of residual profits of EAM. Distribution is not less than 90% of EAM’s profits payable each fiscal quarter under the provisions of the EAM Trust Agreement.

Business Environment

The U.S. economy got off to a decent start in calendar 2026. This followed a mediocre conclusion to 2025, when the gross domestic product (GDP) advance of just 0.5% was hurt by the longest federal government shutdown in the nation’s 250-year history. In the March quarter, GDP expanded at an estimated annualized rate of 2.1%, primarily fueled by massive spending on artificial intelligence (AI). The ongoing AI infrastructure buildout helped offset a sharp decrease in the rate of personal consumption and a notable decline in residential construction, both of which were hurt by inflation and higher borrowing rates. Notwithstanding some pockets of weakness, the consensus forecast at the midpoint of 2026 was that real GDP growth, powered by the AI revolution, will advance 2.5%-3.1% this year.

The inflation situation remains a concern for the Federal Reserve. The reacceleration in the pace of price growth was evident in the May inflation data, with the Consumer and Producer Price Indexes (on a 12-month basis) jumping 4.2% and 6.5%, respectively. The latter increase was the highest rate since November 2022. Likewise, the Personal Consumption Expenditures (PCE) Price Index, the assessment of inflation most closely watched by the Fed, climbed 4.1% over the 12-month period ended May 31st. These figures remain well above the central bank’s target growth rate of 2.0%. At the June Federal Open Market Committee (FOMC) meeting, half of the voting members were expecting at least one hike to the benchmark overnight interest rate before the conclusion of 2026.

The labor market appears to be less of a worry for the Federal Reserve right now. True, the June job creation figure came in below forecast, at 57,000, and the May estimate was revised notably lower, from 172,000 to 129,000. However, weekly unemployment claims still remain low and the number of job openings totaled 7.3 million in June. Both metrics indicate that the labor market is holding up well, despite some notable recent layoffs in the information technology (IT) services sector. The unemployment rate also ticked lower, to 4.2%, in June, but that was likely the result of more individuals exiting the labor force, primarily the product of an aging U.S. population and the rapid reduction in immigration under the Trump Administration.

Meanwhile, Corporate America continues to flourish. Profit growth for the S&P 500 companies averaged approximately 28% in the first quarter, and indications are that the growth rate remained above 20% in the second period, again powered by strong profit gains for the technology companies. The astronomical spending on AI infrastructure (i.e., data center construction and storage/processing chips) is the main catalyst behind the profit gains. Looking forward, the sharp drop in oil prices since early June, on the hopes of an eventual deal being signed to end the war in Iran, might provide another boost for corporate earnings in the second half of the year. That said, the negotiations between the United States and Iran remain very fluid and can change in a moment’s notice, so some volatility in the energy markets also can’t be ruled out in the months ahead.

In conclusion: The business environment is in good shape at the start of the second half of calendar 2026. Spending on AI is providing a major catalyst and should power earnings growth through the end of this year. The strong profit gains are supporting equity valuations, despite the recent sentiment that the Federal Reserve is now more likely to raise the benchmark short-term interest rate before the end of calendar 2026.

24

Results of Operations for Fiscal Years 2026, 2025 and 2024

The following table illustrates the Company’s key components of revenues and expenses.

[[GREPCENT_TABLE]]
[["","","Fiscal Years Ended April 30,","","","Change"],["($ in thousands, except earnings per share)","","2026","","","2025","","","2024","","","'26 vs. '25","","","'25 vs. '24"],["Income from operations","","$","4,031","","","$","5,985","","","$","9,141","","","","-32.6","%","","","-34.5","%"],["Non-voting revenues and non-voting profits interests from EAM Trust","","","18,970","","","","18,318","","","","13,282","","","","3.6","%","","","37.9","%"],["Income from operations plus non-voting revenues and non-voting profits interests from EAM Trust","","","23,001","","","","24,303","","","","22,423","","","","-5.4","%","","","8.4","%"],["Operating expenses","","","29,416","","","","29,094","","","","28,346","","","","1.1","%","","","2.6","%"],["Investment gains","","","6,428","","","","3,238","","","","2,764","","","","98.5","%","","","17.1","%"],["Income before income taxes","","$","29,429","","","$","27,541","","","$","25,187","","","","6.9","%","","","9.3","%"],["Net income","","$","21,630","","","$","20,686","","","$","19,016","","","","4.6","%","","","8.8","%"],["Earnings per share","","$","2.30","","","$","2.20","","","$","2.02","","","","4.8","%","","","8.9","%"]]
[[/GREPCENT_TABLE]]

During the twelve months ended April 30, 2026, the Company’s net income of $21,630,000, or $2.30 per share, was 4.6% above net income of $20,686,000, or $2.20 per share, for the twelve months ended April 30, 2025. During the twelve months ended April 30, 2026, the Company’s income from operations was $4,031,000 compared to income from operations of $5,985,000 during the twelve months ended April 30, 2025. For the twelve months ended April 30, 2026, operating expenses increased 1.1% above those during the twelve months ended April 30, 2025.

During the twelve months ended April 30, 2026, there were 9,399,062 average common shares outstanding as compared to 9,417,097 average common shares outstanding during the twelve months ended April 30, 2025.

During the twelve months ended April 30, 2025, the Company’s net income of $20,686,000, or $2.20 per share, was 8.8% above net income of $19,016,000, or $2.02 per share, for the twelve months ended April 30, 2024. During the twelve months ended April 30, 2025, the Company’s income from operations was $5,985,000 compared to income from operations of $9,141,000 during the twelve months ended April 30, 2024. For the twelve months ended April 30, 2025, operating expenses increased 2.6% above those during the twelve months ended April 30, 2024. Due to stock market trends, copyright revenue, an element of operating income, declined this year while at the same time, revenues and profits income from EAM were up significantly.

During the twelve months ended April 30, 2025, there were 9,417,097 average common shares outstanding as compared to 9,428,379 average common shares outstanding during the twelve months ended April 30, 2024.

During the three months ended April 30, 2026, the Company’s net income of $3,578,000, or $0.38 per share, was 9.4% below net income of $3,951,000, or $0.42 per share, for the three months ended April 30, 2025. During the three months ended April 30, 2026, the Company’s income from operations was $19,000 compared to income from operations of $830,000 during the three months ended April 30, 2025.

During the three months ended April 30, 2025, the Company’s net income of $3,951,000, or $0.42 per share, was 17.4% below net income of $4,784,000, or $0.51 per share, for the three mon

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2026 MD&A: /company/VALU/mda/fy2026/
All MD&A years: /company/VALU/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2025 MD&A](/company/VALU/mda/fy2025/): filed 2025-07-29; accession 0001437749-25-023754 (https://www.sec.gov/Archives/edgar/data/717720/000143774925023754/valu20250430_10k.htm)
- [FY 2024 MD&A](/company/VALU/mda/fy2024/): filed 2024-07-26; accession 0001437749-24-023534 (https://www.sec.gov/Archives/edgar/data/717720/000143774924023534/valu20240430_10k.htm)
- [FY 2023 MD&A](/company/VALU/mda/fy2023/): filed 2023-07-28; accession 0001437749-23-020982 (https://www.sec.gov/Archives/edgar/data/717720/000143774923020982/valu20230430_10k.htm)
- [FY 2022 MD&A](/company/VALU/mda/fy2022/): filed 2022-07-26; accession 0001437749-22-017778 (https://www.sec.gov/Archives/edgar/data/717720/000143774922017778/valu20220430_10k.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 6282 Investment Advice) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [DGS2](/indicator/DGS2/): Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [T10Y2Y](/indicator/T10Y2Y/): 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity
- [M2SL](/indicator/M2SL/): M2

Macro-to-micro threads including this sector: [Interest rates & the Fed](/thread/interest-rates-fed/), [Money & trade](/thread/money-trade/), [Consumer & credit](/thread/consumer-credit/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/VALU.md · JSON record: /company/VALU.json · verified financials: /company/VALU/financials.json / /company/VALU/financials.csv · machine TOC for the whole site: /llms.txt