Investment research and financial publishing firm based in New York City, New York
Value Line, Inc. is a publicly traded investment research and financial publishing firm based in New York City. Founded in 1931 by Arnold Bernhard, Value Line is best known for publishing The Value Line Investment Survey, a stock analysis newsletter that tracks approximately 1,700 publicly traded stocks.3Wikipedia text CC BY-SA 4.0
$43.51up 0.22 (0.51%)Price as of Oct 15, 2026 at 17:33 UTC
Value Line, Inc. is a publicly traded investment research and financial publishing firm based in New York City. Founded in 1931 by Arnold Bernhard, Value Line is best known for publishing The Value Line Investment Survey, a stock analysis newsletter that tracks approximately 1,700 publicly traded stocks.3
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Revenue9101112135$33.4M in 2026−8% since 2019Operating income14101112135$4.0M in 2026−26% since 2019Net income141112135$21.6M in 2026+80% since 2019
Revenue151617$8.1M in Q1 FY2026−6% since Q2 FY2025Operating income151617$1.0M in Q1 FY2026−32% since Q2 FY2025Net income151617$4.7M in Q1 FY2026−18% since Q2 FY2025
Every line of the income statement as filed: the last 3 fiscal years, latest first.5
Period ending
2026-04-30
2025-04-30
2024-04-30
Revenues
$33.4M
$35.1M
$37.5M
Advertising and promotion
$3.7M
$3.8M
$3.0M
Salaries and employee benefits
$14.4M
$14.5M
$14.9M
Production and distribution
$6.0M
$6.0M
$5.5M
Office and administration
$5.3M
$4.9M
$5.1M
Total expenses
$29.4M
$29.1M
$28.3M
Income from operations
$4.0M
$6.0M
$9.1M
Revenues and profits interests in EAM Trust
$16.6M
$16.2M
$11.9M
Profits interest in EAM Trust
$2.3M
$2.1M
$1.4M
Investment gains/(losses)
$6.4M
$3.2M
$2.8M
Income before income taxes
$29.4M
$27.5M
$25.2M
Income tax provision
$7.8M
$6.9M
$6.2M
Net income
$21.6M
$20.7M
$19.0M
Earnings per share, basic & fully diluted (in dollars per share)
$2.30
$2.20
$2.02
Weighted average number of common shares (in shares)
9.4M shares
9.4M shares
9.4M shares
No quarter-by-quarter statement was filed.
Total assets1814101112135$151.9M in 2026+66% since 2019Total liabilities1814101112135$44.0M in 2026−1% since 2019Shareholders’ equity1412135$107.9M in 2026+127% since 2019Cash14101112135$24.2M in 2026+272% since 2019
Total assets151617$152.7M in Q1 FY2026+3% since Q2 FY2025Total liabilities151617$43.5M in Q1 FY2026+2% since Q2 FY2025Shareholders’ equity151617$109.2M in Q1 FY2026+3% since Q2 FY2025Cash151617$16.0M in Q1 FY2026−63% since Q2 FY2025
Every line of the balance sheet as filed: the last 5 fiscal years (annual) or 6 quarters (quarterly), latest first.5
Period ending
2026-04-30
2025-04-30
2024-04-30
2023-04-30
2022-04-30
Cash and cash equivalents (including short term investments of $23,733 and $33,615, respectively)
$24.2M
$34.1M
$4.4M
Equity securities
$25.6M
$20.9M
Available-for-sale Fixed Income securities
$36.7M
$22.4M
Accounts receivable, net of allowance for credit losses of $12 and $16, respectively
$1.0M
$1.3M
Prepaid and refundable income taxes
$437.0K
$42.0K
Prepaid expenses and other current assets
$1.2M
$1.1M
Total current assets
$89.2M
$79.9M
Investment in EAM Trust
$60.2M
$60.8M
Restricted money market investments
$305.0K
$305.0K
Property and equipment, net
$2.2M
$3.5M
Capitalized software and other intangible assets, net
$4.0K
$63.0K
Total long term assets
$62.8M
$64.7M
Total assets
$151.9M
$144.5M
Accounts payable and accrued liabilities
$1.8M
$1.5M
Accrued salaries
$1.2M
$1.2M
Dividends payable
$3.3M
$3.1M
Accrued taxes on income
$338.0K
$43.0K
Operating lease obligation-short term
$1.4M
$1.3M
Unearned revenue
$14.7M
$16.6M
Total current liabilities
$22.8M
$23.7M
Unearned revenue
$6.3M
$5.7M
Operating lease obligation-long term
$867.0K
$2.3M
Deferred income taxes
$14.1M
$13.2M
Total long term liabilities
$21.3M
$21.2M
Total liabilities
$44.0M
$44.9M
Common stock, $0.10 par value; authorized 30,000,000 shares; issued 10,000,000 shares
$1.0M
$1.0M
Additional paid-in capital
$991.0K
$991.0K
Retained earnings
$122.6M
$113.4M
Treasury stock, at cost (613,807 shares and 588,997 shares, respectively)
-$16.6M
-$15.6M
-$15.2M
-$14.7M
-$10.0M
Accumulated other comprehensive income, net of tax
-$104.0K
-$66.0K
Total shareholders' equity
$107.9M
$99.7M
$90.8M
$83.7M
Total liabilities and shareholders' equity
$151.9M
$144.5M
Short-Term Investments
$23.7M
$33.6M
Accounts Receivable, Allowance for Credit Loss, Current
$12.0K
$16.0K
Common Stock, Par or Stated Value Per Share (in dollars per share)
$0.10
$0.10
Common Stock, Shares Authorized (in shares)
30.0M shares
30.0M shares
Common Stock, Shares, Issued (in shares)
10.0M shares
10.0M shares
Treasury Stock, Common, Shares (in shares)
613.8K shares
589.0K shares
577.5K shares
565.5K shares
490.2K shares
Period ending
2026-04-30
2025-04-30
2024-04-30
2023-04-30
2022-04-30
2021-04-30
Cash and cash equivalents (including short term investments of $23,733 and $33,615, respectively)
$24.2M
$34.1M
$4.4M
Equity securities
$25.6M
$20.9M
Available-for-sale Fixed Income securities
$36.7M
$22.4M
Accounts receivable, net of allowance for credit losses of $12 and $16, respectively
$1.0M
$1.3M
Prepaid and refundable income taxes
$437.0K
$42.0K
Prepaid expenses and other current assets
$1.2M
$1.1M
Total current assets
$89.2M
$79.9M
Investment in EAM Trust
$60.2M
$60.8M
Restricted money market investments
$305.0K
$305.0K
Property and equipment, net
$2.2M
$3.5M
Capitalized software and other intangible assets, net
$4.0K
$63.0K
Total long term assets
$62.8M
$64.7M
Total assets
$151.9M
$144.5M
Accounts payable and accrued liabilities
$1.8M
$1.5M
Accrued salaries
$1.2M
$1.2M
Dividends payable
$3.3M
$3.1M
Accrued taxes on income
$338.0K
$43.0K
Operating lease obligation-short term
$1.4M
$1.3M
Unearned revenue
$14.7M
$16.6M
Total current liabilities
$22.8M
$23.7M
Unearned revenue
$6.3M
$5.7M
Operating lease obligation-long term
$867.0K
$2.3M
Deferred income taxes
$14.1M
$13.2M
Total long term liabilities
$21.3M
$21.2M
Total liabilities
$44.0M
$44.9M
Common stock, $0.10 par value; authorized 30,000,000 shares; issued 10,000,000 shares
$1.0M
$1.0M
Additional paid-in capital
$991.0K
$991.0K
Retained earnings
$122.6M
$113.4M
Treasury stock, at cost (613,807 shares and 588,997 shares, respectively)
-$16.6M
-$15.6M
-$15.2M
-$14.7M
-$10.0M
-$7.5M
Accumulated other comprehensive income, net of tax
-$104.0K
-$66.0K
Total shareholders' equity
$107.9M
$99.7M
$90.8M
$83.7M
Total liabilities and shareholders' equity
$151.9M
$144.5M
Short-Term Investments
$23.7M
$33.6M
Accounts Receivable, Allowance for Credit Loss, Current
$12.0K
$16.0K
Common Stock, Par or Stated Value Per Share (in dollars per share)
$0.10
$0.10
Common Stock, Shares Authorized (in shares)
30.0M shares
30.0M shares
Common Stock, Shares, Issued (in shares)
10.0M shares
10.0M shares
Treasury Stock, Common, Shares (in shares)
613.8K shares
589.0K shares
577.5K shares
565.5K shares
490.2K shares
436.8K shares
Cash from operations141112135$18.6M in 2026+62% since 2019Capital spending14101112135$0 in 2026Free cash flow141112135$18.6M in 2026+62% since 2019Dividends paid14101112135$12.2M in 2026+66% since 2019Share buybacks14101112135$928.0K in 2026+53% since 2019
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.5
Value Line sits at the top of its group. 4 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.
Value LineNew York City
The Vanderbilt Advertising Agency, Inc. Subsidiary · New York, United States
Value Line Distribution Center, Inc. Subsidiary · New Jersey, United States
Value Line Publishing LLC Subsidiary · Delaware, United States
Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What Value Line reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
The Company leases 24,726 square feet of office space at 551 Fifth Avenue in New York, NY. In addition to the New York office space, the Company leased a warehouse facility with 24,110 square feet in New Jersey until April 30, 2024. Value Line Distribution Center, Inc. (“VLDC”) distributed Value Line’s print publications prior to April 30, 2024. Operations have been outsourced to third parties in the United States effective April 30, 2024.
On November 30, 2016, Value Line, Inc., received consent from the landlord at 551 Fifth Avenue, New York, NY to the terms of a new sublease agreement between Value Line, Inc. and ABM Industries, Incorporated commencing on December 1, 2016. Pursuant to the agreement Value Line leased from ABM 24,726 square feet of office space located on the second and third floors at 551 Fifth Avenue, New York, NY (“Building” or “Premises”) beginning on December 1, 2016 and ending on November 29, 2027. Base rent under the sublease agreement is $1,126,000 per annum during the first year with an annual increase in base rent of 2.25% scheduled for each subsequent year, payable in equal monthly installments on the first day of each month, subject to customary concessions in the Company’s favor and pass-through of certain increases in utility costs and real estate taxes over the base year. The Company provided a security deposit represented by a letter of credit in the amount of $469,000 in October 2016, which was reduced to $305,000 on September 30, 2021 and is to be fully refunded after the sublease ends. This Building became the Company’s new corporate office facility. The Company is required to pay for certain operating expenses associated with the Premises as well as utilities supplied to the Premises. The sublease terms provide for a significant decrease (23% initially) in the Company’s annual rental expenditure taking into account free rent for the first six months of the sublease. Sublandlord provided Value Line a work allowance of $417,000 which accompanied with the six months free rent worth $563,000 was applied against the Company’s obligation to pay rent at our NYC headquarters, delaying the actual rent payments until November 2017.
The "Value Line" was a line representing a multiple of cash flow that Bernhard would visually "fit" or superimpose over a price chart. This was a pioneering attempt to normalize the value of different companies. He soon began publishing his investment survey. Bernhard published The Evaluation of Common Stocks in 1959.
In 1946 Bernhard hired Samuel Eisenstadt as a proofreader, a graduate of Baruch College who majored in statistics. In 1965 Eisenstadt convinced Bernhard to use a statistical method called ordinary least squares (OLS) regression analysis to replace Bernhard's visual method of fitting cash flow to a price chart. Using scores of Monroe mechanical calculators and a handful of data operators, Bernhard and Eisenstadt produced a stock picking system that caught the attention of academic Fischer Black of the University of Chicago. Black published an article in the Financial Analysts Journal, "Yes, Virginia, There Is Hope: Tests of the Value Line Ranking System" in 1973. The system came to be known as the "Value Line Ranking System for Timeliness". With Eisenstadt on board, Bernhard continued to expand the business, adding the other publications and mutual funds along the way. In May 1983, Value Line sold stock to the public for the first time (Nasdaq: VALU), though the Bernhard family retained 80% control.
Bernhard died in December 1987, but until his death, Bernhard continued his literary interests by combining with W. H. Auden, Jacques Barzun and Lionel Trilling in founding the Mid-Century Book Society.
Shortly after his death, his daughter, Jean Buttner, was named CEO of Value Line.
The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.
Controversies and legal
Fraud case
Fraud was uncovered by the Securities and Exchange Commission (SEC) in November 2009. The fraud, which spanned nearly 20 years and involved over $24 million, was committed by Value Line against its mutual fund shareholders. The fraud was first reported to the SEC in 2004 by the then Value Line Fund (Nasdaq: VLIFX) portfolio manager and Chief Quantitative Strategist, John (Jack) Dempsey of Easton, Connecticut, who was required to sign a Code of Business Ethics as required by the Sarbanes-Oxley Act. Restitution totaling $34 million was placed in a fair fund and returned to the affected Value Line mutual fund investors. The Commission ordered Value Line to pay a total of $43,705,765 in disgorgement, prejudgment interest and civil penalty, and ordered CEO Jean Buttner and COO David Henigson to pay civil penalties of $1,000,000 and $250,000, respectively. The Commission further imposed officer and director bars and broker–dealer, investment adviser, and investment company associational bars (“Associational Bars”) against Buttner and Henigson. No criminal charges were filed.
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 53. Change is in shares since the quarter before.
From the cover page of the 10-K filed Jul 29, 2026 (Section 12(b) of the Exchange Act).19
Risk factors and legal proceedings
The risks Value Line names in Item 1A of its 10-K filed Jul 29, 2026: 17 risks under these headings, as written.19
The Company and its subsidiaries are dependent on the efforts of its executives and professional staff.
A decrease in the revenue generated by EAM’s investment management business could adversely affect the Company’s cash flow and financial condition.
EAM’s assets under management, which impact EAM’s revenue, and consequently the amount of the cash flow that the Company receives from EAM, are subject to fluctuations based on market conditions, individual fund performance, and the decisions of investors.
EAM derives substantially all of its investment management fees from the Value Line Funds.
A decrease in the revenue generated by a significant customer could adversely affect the Company’s cash flow and financial condition.
If the Company does not maintain its subscriber base, its operating results could suffer.
The Company believes that the negative trend in retail print subscription revenue is likely to continue.
Loss of copyright clients or decline in their customers, or assets managed by third party sponsors could reduce the Company’s revenues.
Failure to protect its intellectual property rights and proprietary information could harm the Company’s ability to compete effectively and could negatively affect operating results.
The Company and EAM face significant competition in their respective businesses.
Government regulations, any changes to government regulations, and regulatory proceedings and litigation may adversely impact the business.
Terrorist attacks could adversely affect the Company and EAM.
The other 5 risks
Future pandemic outbreaks could disrupt the Company’s operations.
Our controlling stockholder exercises voting control over the Company and has the ability to elect or remove from office all of our directors.
We are not subject to most of the listing standards that normally apply to companies whose shares are quoted on NASDAQ.
We are subject to cyber risks and may incur costs in connection with our efforts to enhance and ensure security from cyber attacks.
Changes to existing accounting pronouncements or taxation rules or practices may affect how we conduct our business and affect our reported results of operations.
