VALUE LINE INC

Value Line, Inc.

Overview

Value Line, Inc. is a New York corporation formed in 1982 and headquartered in New York City. It operates primarily through Value Line Publishing LLC (VLP) and related entities and holds a substantial financial interest in EULAV Asset Management Trust (EAM) and the Value Line Funds.

Core business

• Produce investment periodicals and underlying research.
• License Value Line copyrights, trademarks, and proprietary Ranking data to third parties under written agreements for use in managed and marketed investment products and other purposes.
• Market under brands including Value Line, The Value Line Investment Survey, Smart Research, Smarter Investing, and The Most Trusted Name in Investment Research.

Ownership and corporate structure

• AB&Co., Inc. (controlling shareholder) owned 91.98% of the outstanding common stock as of April 30, 2026.
• Value Line holds non-voting revenue and non-voting profits interests in EAM, which manages the Value Line Funds.
• The Company has a non-voting revenue interest in EAM that entitles it to a portion of EAM’s non-distribution revenues (ranging from 41% to 55% depending on revenue levels) and a non-voting profits interest representing 50% of residual profits. Voting profits interests of EAM members are entitled to the other 50%.
• EAM’s management is performed by five independent Trustees (plus a Delaware resident Trustee) and officers under the EAM Declaration of Trust. EAM is organized as a Delaware statutory trust and is taxed as a pass-through entity.

Value Line Funds (assets and relationships)

• EAM serves as investment adviser to the Value Line Funds. ES (the Distributor) markets the funds. State Street Bank is custodian; SS&C provides shareholder services.
• As of April 30, 2026:
  • Total assets in the Value Line Funds managed and/or distributed by EAM: approximately $3.72 billion (down from about $4.68 billion on April 30, 2025).
  • Total net assets by fund (amounts shown in thousands):
    • Asset Allocation Fund: $344,776k
    • Capital Appreciation Fund: $506,586k
    • Mid Cap Focused Fund: $1,331,548k
    • Small Cap Opportunities Fund: $822,036k
    • Select Growth Fund: $311,805k
    • Larger Companies Focused Fund: $406,745k
• The Funds’ operations rely on asset-based fees tied to assets under management.

Revenue model and sensitivity

• Investment management fees and 12b-1 distribution fees vary by fund and are generally calculated as percentages of assets under management (AUM).
• A substantial portion of the Company’s cash flow is derived from its non-voting revenues and non-voting profits interests in EAM. EAM’s revenue and AUM are sensitive to market conditions, fund performance, investor flows, redemptions, and competitive or regulatory factors.
• A downturn in securities prices, higher redemptions, or poor relative performance could reduce EAM revenue and the cash flow to the Company.

Primary products and services

A. Investment-Related Periodicals & Publications

• The Value Line Investment Survey (weekly print and online) with components: Summary & Index, Ratings & Reports, and Selection & Opinion.
• The Value Line Investment Survey – Small and Mid-Cap (monthly print; weekly digital access).
• Value Line Fund Advisor Plus: mutual funds data, screening, model portfolios; online access to ~19,000 mutual funds; ~800 leading funds covered; four model portfolios.
• Other offerings: The Value Line 600, Value Line Select, Value Line Select: Dividend Income & Growth, Value Line Select ETFs, The Value Line ETFs Service, The Value Line Daily Options Survey.
• Digital platforms: Value Line Pro, Pro Elite, Pro Equity Research Center, library services, and data/file products such as DataFile. These platforms provide data screening, portfolio modeling, and historical data across thousands of securities.

B. Copyright Programs

• License proprietary Ranking System results and other proprietary information for use in third-party products such as ETFs and unit investment trusts, with fees based on the market value of assets invested in products using Value Line data, typically received quarterly.

C. Investment Management Services

• EAM provides investment management, distribution, and administrative services to the Value Line Funds. Value Line holds non-voting interests and a sliding share (41%–55%) of non-distribution revenues depending on revenue levels.

Wholly-owned operating subsidiaries (as of April 30, 2026)

• Value Line Publishing LLC (VLP) – publishing unit and copyrights.
• Vanderbilt Advertising Agency, Inc. – advertising services.
• Value Line Distribution Center, Inc. (VLDC) – previously distributed print publications through April 30, 2024; distribution is now outsourced (VLDC retains distribution equipment).

Trademarks and branding

• The Company owns and maintains registrations for multiple Value Line trademarks and service marks in the United States and other countries.

Investments (outside EAM)

• As of April 30, 2026, the Company held total investment assets (excluding its interests in EAM) with a fair market value of approximately $62.3 million.
• Holdings include equity securities (e.g., SDY, FVD, NOBL, DVY, PFF), other ETFs and common stock, and fixed-income securities such as U.S. government securities and bank certificates of deposit.

Employees

• 106 employees employed by the Company and its subsidiaries as of April 30, 2026.

Key customer exposure

• A material portion of the Company’s cash flow is derived from the Value Line Funds via EAM.