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, ~~2024~~2025

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

For the transition period from to ____________________________________ 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 if disclosure of delinquent filers pursuant to Item 405 of Regulations S-K (§229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. ☒

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.

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).

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, ~~2023~~2024 was $3237,~~483~~922,~~588~~887.

There were 9,~~418~~409,~~839~~522 shares of the registrant’s Common Stock outstanding at June 30, ~~2024~~2025.

DOCUMENTS INCORPORATED BY REFERENCE

Portions of the registrant’s Proxy Statement relating to the registrant’s ~~2024~~2025 Annual Meeting of Shareholders, to be held on

October 0807, ~~2024~~2025, 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~~Item 1	5Business	5
~~Item 1A~~	~~Risk~~Item ~~Factors~~1A	15Risk Factors	15
~~Item 1B~~	~~Unresolved~~Item ~~Staff Comments~~1B	18Unresolved Staff Comments	18
Item 2	Properties	18
	Item 1C	Cybersecurity	18
Item 3	Legal Proceedings	19
	Item 2	Properties	19
Item 4	Mine Safety Disclosures	19
	Item 3	Legal Proceedings	19
PART II
	Item 4	Mine Safety Disclosures	19
Item 5	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	19
PART II
Item 6	[Reserved]
	Item 5	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	20
Item 7	Management’s Discussion and Analysis of Financial Condition and Results of Operations	21
	Item 6	[Reserved]
Item 7A	Quantitative and Qualitative Disclosures About Market Risk	35
	Item 7	Management’s Discussion and Analysis of Financial Condition and Results of Operations	22
Item 8	Financial Statements and Supplementary Data	37
	Item 7A	Quantitative and Qualitative Disclosures About Market Risk	35
Item 9	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	38
	Item 8	Financial Statements and Supplementary Data	37
Item 9A	Controls and Procedures	38
	Item 9	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	38
Item 9B	Other Information	39
	Item 9A	Controls and Procedures	38
PART III
	Item 9B	Other Information	39
Item 10	Directors, Executive Officers, and Corporate Governance	40
	Item 9C	Disclosure Regarding Foreign Jurisdictions that Prevent Inspection	39
Item 11	Executive Compensation	41
PART III
Item 12	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	42
	Item 10	Directors, Executive Officers, and Corporate Governance	40
Item 13	Certain Relationships and Related Transactions and Director Independence	42
	Item 11	Executive Compensation	42
Item 14	Principal Accounting Fees and Services	43
	Item 12	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	42
PART IV
	Item 13	Certain Relationships and Related Transactions and Director Independence	43
Item 15	Exhibits and Financial Statement Schedules	44
	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, ~~a Delaware statutory trust~~ (“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, ~~sectoral~~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 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;

● continued availability of generally dependable energy supplies, ~~and~~ 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;

● ~~insufficiency~~the need for changes in our business ~~continuity~~ plans orbecause ~~systems in the event~~ of ~~anticipated~~unexpected orevents ~~unpredictable~~that ~~disruption~~occur;

● ~~the~~widespread ~~coronavirus~~illnesses ~~pandemic,~~ which ~~has~~may drastically ~~affected~~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 ~~possible~~inputs ~~epidemics~~and services, such as financial data, freight and postage, required by the Company;

● ~~changes~~risk inof ~~prices~~short-term ~~and~~or ~~availability~~long-term ofcatastrophic ~~materials~~computer ~~and~~problems ~~other~~associated ~~inputs~~with ~~and~~legacy ~~services,~~software ~~such~~systems aswhich ~~freight~~could ~~and~~interrupt ~~postage,~~regular ~~required~~publication ~~by the Company~~schedules;

● ~~other~~risk ~~risks~~of ~~and~~inadequacy ~~uncertainties,~~of ~~including~~our ~~but~~insurance ~~not~~coverage ~~limited~~ to ~~the~~compensate ~~risks described in Part I, Item 1A, herein, “Risk Factors” of this Annual Report on Form 10-K~~ for ~~the~~potential ~~year ended April 30, 2024 and other risks and uncertainties arising from time to time.~~losses;

~~These~~● ~~factors~~potential ~~are~~impact ~~not necessarily all~~ of ~~the~~vendors’ 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 or changes in our plans, strategies, objectives, expectations or intentions, which may happen at any time at our discretion, could also have material adverse effects on 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.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, 2025 and other risks and uncertainties arising from time to time.

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, ~~2024~~2025, 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 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;

“fiscal 2023” are to the twelve month period from May 1, 2022 to April 30, 2023;

“fiscal 2022” are to the twelve month period from May 1, 2021 to April 30, 2022;

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;~~

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 ~~individuals~~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.

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, ~~2024~~2025, owns 91.6374% 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.

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 ~~those of most importance to subscribers and 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~~The Fund Advisor Plus, featuring load, no-load, and low-load open-end mutual funds. Each issue offers strategies for ~~maximizing~~investing ~~total~~in ~~return~~mutual funds, and highlights of specific mutual funds. ~~It also includes information about retirement planning and industry news.~~ 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 20,000 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 20,000 no-load and low-load funds and a digital screener.

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

~~In September 2019, we introduced this service entitled 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~~, a proprietary estimate with the goal of predicting an ETF’s future performance relative to all other ranked ETFs~~. 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.

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 ~~230~~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 on over 9,500 companies that no longer exist in nearly 100 industries via 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.

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 20,000 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 ~~New~~ 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 $34 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.

Value Line Pro Elite digital service includes The Value Line Investment Survey® and The Value Line Investment Survey® — Small & Mid-Cap. Pro Elite service package aimed at professional industry includes digital access to full page reports and Value Line proprietary ranks. In addition, our database of mostly microcap firms adds more than 2,000 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 ~~included in The Value Line Investment Survey~~, drawn from nearly 100 industries. There are over 200 data fields that can be applied to help ~~you~~readers make more informed decisions. ~~Value Line has led its subscribers towards financial success by satisfying the demand for actionable insights and tools to manage equity investments.~~

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 ~~New~~ 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

~~Value~~All ~~Line~~the ~~Quantitative~~digital ~~Strategy~~services ~~Portfolios~~have ~~are~~Charting ~~developed~~features, ~~based~~including onmany ~~our~~options ~~renowned~~to ~~proprietary~~chart ~~Ranking~~against ~~Systems~~popular ~~for~~indexes ~~TimelinessTM,~~with ~~Performance~~the ~~and~~ability ~~SafetyTM,~~to ~~Financial~~save ~~Strength~~settings ~~Ratings,~~ and ~~a comprehensive database of fundamental research and analysis~~print. ~~All~~Products ofoffer ~~these~~an ~~quantitative~~Alerts ~~investment~~Hub ~~products~~which ~~have~~allows athe ~~solid~~user ~~theoretical~~to ~~foundation~~set ~~and~~up ~~have~~alerts ~~demonstrated superior empirical results. These strategies are available~~ for ~~licensing~~multiple bycompanies, ~~Financial~~with ~~Professionals~~delivery ~~such~~via astext ~~RIAs~~or ~~and Portfolio Managers~~email.

~~All~~Value ~~the~~Line ~~digital~~Quantitative ~~services~~Strategy ~~have~~Portfolios ~~Charting~~are ~~features,~~developed ~~including~~based ~~many~~on ~~options~~our torenowned ~~chart~~proprietary ~~against~~Ranking ~~popular~~Systems ~~indexes~~for ~~with~~TimelinessTM, ~~the~~Performance ~~ability~~and toSafetyTM, ~~save~~Financial ~~settings~~Strength Ratings, and ~~print.~~a ~~Products~~comprehensive ~~offer~~database anof ~~Alerts~~fundamental ~~Hub~~research ~~which~~and ~~allows~~analysis. ~~the~~These ~~user~~strategies toare ~~set~~available ~~up alerts~~ for uplicensing toby 25Financial ~~companies,~~Professionals ~~with~~such ~~delivery~~as ~~via~~RIAs ~~text~~and orPortfolio ~~email~~Managers.

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 or expense on as favorable basis as to Value Line’s best institutional customers and (3) agreed to capitalize the business with $7 million of cash and cash equivalents at inception.

EAM is organized as a Delaware statutory trust and has no fixed term. However, in the event that control of the Company’s majority shareholder changes, or in the event that the majority shareholder no longer beneficially owns 5% or more of the voting securities of the Company, then the Company has the right, but not the obligation, to buy the voting profits interests in EAM at a fair market value to be determined by an independent valuation firm in accordance with the terms of the EAM Declaration of Trust.

Value Line also has certain consent rights with respect to extraordinary events involving EAM, such as a proposed sale of all or a significant part of EAM, material acquisitions, entering into businesses other than asset management and fund distribution, paying compensation in excess of the mandated limit of 22.5%-30% of non-distribution fee revenues (depending on the level of such revenues), declaring voluntary bankruptcy, making material changes in tax or accounting policies or making substantial borrowings, and entering into related party transactions. These rights were established to protect Value Line’s non-voting revenues and non-voting profits interests in EAM.

EAM acts as the Adviser to the Value Line Funds. EULAV Securities acts as the Distributor for the Value Line Funds. State Street Bank, an unaffiliated entity, is the custodian of the assets of the Value Line Funds and provides them with fund accounting and administrative services. Shareholder services for the Value Line Funds are provided by SS&C.

The Company maintains a significant interest in the cash flows generated by EAM and will continue to receive ongoing payments in respect of its non-voting revenues and non-voting profits interests, as discussed below. Total assets in the Value Line Funds managed and/or distributed by EAM at April 30, ~~2024~~2025, were $4.1768 billion, which is $10.0851 billion, or 3512.0%, above total assets of $34.0917 billion in the Value Line Funds managed and/or distributed by EAM at April 30, ~~2023~~2024.

Total net assets of the Value Line Funds at April 30, 2024, were:
Total net assets of the Value Line Funds at April 30, 2025, were:
	($ in thousands)
Value Line Asset Allocation Fund	$	~~909~~868,~~517~~505
Value Line Capital Appreciation Fund		~~427~~423,~~755~~959
Value Line Mid Cap Focused Fund		1,~~462~~889,~~284~~673
Value Line Small Cap Opportunities Fund		~~587~~699,~~214~~959
Value Line Select Growth Fund		~~417~~421,~~967~~543
Value Line Larger Companies Focused Fund		~~332~~335,~~473~~972
Value Line Core Bond Fund		3536,~~837~~019
Total EAM managed net assets	$	4,~~173~~675,~~047~~630

Investment management fees and distribution service fees (“12b-1 fees”) vary among the Value Line Funds and may be subject to certain limitations. Certain investment strategies among the equity funds include, but are not limited to, reliance on the Value Line Timeliness ™ Ranking System (the “Ranking System”) and/or the Value Line Performance Ranking System in selecting securities for purchase or sale. Each Ranking System seeks to compare the estimated probable market performance of each stock during the next six to twelve months to that of all stocks under review in each system and ranks stocks on a scale of 1 (highest) to 5 (lowest). All the stocks followed by the Ranking System are listed on U.S. stock exchanges or traded in the U.S. over-the-counter markets. Prospectuses and annual reports for each of the Value Line open end mutual funds are available on the Funds’ website www.vlfunds.com. Each mutual fund may use "Value Line" in its name only to the extent permitted by the terms of the EAM Declaration of Trust.

D. Wholly-Owned Operating Subsidiaries

Wholly-owned operating subsidiaries of the Company as of April 30, ~~2024~~2025 include the following:

Value Line Publishing LLC (“VLP”) is the publishing unit for the investment related periodical publications and copyrights.

Vanderbilt Advertising Agency, Inc. places advertising on behalf of the Company's publications.

3. Value Line Distribution Center, Inc. (“VLDC”) distributed Value Line’s print publications through April 30, 2024. ~~Operations~~Those operations were outsourced to a third ~~party~~parties in the United States ~~effective~~after ~~May~~April 130, 2024. VLDC is the owner and lessor of specialized equipment employed in distribution of the publications.

E. Trademarks

The Company holds trademark and service mark registrations for various names and logos in multiple countries. Value Line believes that these trademarks and service marks provide significant value to the Company and are an important factor in the marketing of its products and services, as well as in the marketing of the Value Line Funds, now managed by EAM. The Company maintains registrations of all active and eligible trademarks.

F. Investments

As of April 30, ~~2024~~2025 and April 30, ~~2023~~2024, the Company held total investment assets (excluding its interests in EAM) with a fair market value of $6343,~~955~~314,000 and $5463,~~474~~955,000, respectively, including equity securities and available-for-sale fixed income securities on the Consolidated Balance Sheets. As of April 30, ~~2024~~2025 and April 30, ~~2023~~2024, the Company held equity securities, which consist of investments in the SPDR Series Trust S&P Dividend ETF (SDY), First Trust Value Line Dividend Index ETF (FVD), ProShares Trust S&P 500 Dividend Aristocrats ETF (NOBL), IShares DJ Select Dividend ETF (DVY) and other Exchange Traded Funds and common stock equity securities. As of April 30, ~~2024~~2025 and April 30, ~~2023~~2024, the Company held fixed income securities classified as available-for-sale, that consist of securities issued by United States federal government and bank certificates of deposit within the United States.

G. Employees

At April 30, ~~2024~~2025, the Company and its subsidiaries employed ~~122~~117 people.

The Company and its affiliates, officers, directors and employees may from time to time own securities which are also held in the portfolios of the Value Line Funds or recommended in the Company's publications. Value Line analysts are not permitted to own securities of the companies they cover. The Company has adopted rules requiring reports of securities transactions by employees for their respective accounts. The Company has also established policies restricting trading in securities whose ranks are about to change in order to avoid possible conflicts of interest.

H. Principal Business Segments

The information with respect to revenues from external customers and profit and loss of the Company's identifiable principal business segments is incorporated herein by reference to Note 18 of the Notes to the Company's Consolidated Financial Statements included in this Form 10-K.

I. Competition

The investment information and publishing business conducted by the Company and the investment management business conducted by EAM are very competitive. There are many competing firms and a wide variety of product offerings. Some of the firms in these industries are substantially larger and have greater financial resources than the Company and EAM. The Internet continues to increase the amount of competition in the form of free and paid online investment research. With regard to the investment management business conducted by EAM, the prevalence of broker supermarkets or platforms permitting easy transfer of assets among mutual funds, mutual fund families, and other investment vehicles tends to increase the speed with which shareholders can leave or enter the Value Line Funds based, among other things, on short-term fluctuations in performance, variations in their ratings by outside agencies, advisers and others.

J. Executive Officers of the Registrant

The following table lists the names, ages (at June 30, ~~2024~~2025), and principal occupations and employment during the past five years of the Company's Executive Officers., ~~All officers~~ who are elected to terms of office for one year. Except as noted, each of the following has held an executive position with the companies indicated for at least five years.

Name	Age	Principal Occupation or Employment
Howard A. Brecher	7071	Chairman and Chief Executive Officer since October 2011; Acting Chairman and Acting Chief Executive Officer from November 2009 to October 2011; Chief Legal Officer; Vice President and Secretary until January 2010; Vice President and Secretary of each of the Value Line Funds from June 2008 to December 2010; Secretary of EAM LLC from February 2009 until December 2010; Director and General Counsel of AB&Co. Mr. Brecher has been an officer of the Company for more than 2025 years.
Stephen R. Anastasio	6566	Vice President since December 2010; Director since February 2010; Treasurer since 2005. Mr. Anastasio has been an officer of the Company for more than 1020 years.

WEBSITE ACCESS TO SEC REPORTS

The Company’s Internet site address is www.valueline.com. The Company’s annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and any amendments to these reports are made available on the “Corporate Filings” page under the “About Value Line” tab on the Company’s website @www.valueline.com/About/corporate_filings.aspx. free of charge as soon as reasonably practicable after the reports are filed electronically with the SEC. All of the Company’s SEC reports are also available on the SEC Internet site, www.sec.gov.

ITEM 1A. RISK FACTORS

In addition to the risks referred to elsewhere in this Form 10-K, the following risks, among others, sometimes may have affected, and in the future could affect, the Company’s ~~businesses~~business operations, financial condition or results of operations and/or the investment management business conducted by EAM and consequently, the amount of ~~revenue~~income we receive from EAM. The risks described below are not the only ones we face. Additional risks not discussed or not presently known to us or that we currently deem insignificant, may also impact our ~~businesses~~business.

The Company and its subsidiaries are dependent on the efforts of its executives and professional staff.

The Company’s future success relies upon its ability to retain and recruit qualified professionals and executives. The Company’s executive officers do not have employment agreements with the Company and the Company does not maintain “key man” insurance policies on any of its executive officers. The loss of the services of key personnel could have an adverse effect on the Company.

A decrease in the revenue generated by EAM’s investment management business could adversely affect the Company’s cash flow and financial condition.

The Company derives a significant portion of its cash flow from its non-voting revenues and non-voting profits interests in EAM. A decrease in the revenue generated by EAM’s investment management business, whether resulting from performance, competitive, regulatory or other reasons, would reduce the amount of cash flow received by the Company from EAM, which reduction 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, ~~and~~ individual fund performance., and the decisions of investors.

Financial market declines and/or adverse changes in interest rates would generally negatively impact the level of EAM’s assets under management and consequently its revenue and net income. Major sources of investment management revenue for EAM (i.e., investment management and service and distribution fees) are calculated as percentages of assets under management. A decline in securities prices or in the sale of investment products or an increase in fund redemptions would reduce fee income. Investors are free to add to or withdraw from their account at any time and tend to make those decisions based on several factors, including ratings by popular services, performance, longevity of individual managers in their roles, trends in investing styles, and others. A prolonged recession or other economic or political events could also adversely impact EAM’s revenue if it led to decreased demand for products, a higher redemption rate, or a decline in securities prices. Good performance of managed assets relative to both competing products and benchmark indices generally assists in both retention and growth of assets, and may result in additional revenues. Conversely, poor performance of managed assets relative to competing products or benchmark indices tends to result in decreased sales and increased redemptions with corresponding decreases in revenues to EAM. Poor performance could ~~therefore~~also result in less favorable ratings from established mutual fund rating services and cause assets to be withdrawn from the Value Line Funds and reduce the amount of cash flow that the Company receives from EAM, which reduction could adversely affect the Company’s financial condition.

EAM derives ~~nearly~~substantially all of its investment management fees from the Value Line Funds.

EAM is dependent upon management contracts and service and distribution contracts with the Value Line Funds under which these fees are paid. As required by the Investment Company Act of 1940 (the “1940 Act”), the Trustees/Directors of the Funds, all of whom are independent of the Company and EAM (except for the CEO of EAM), have the right to terminate such contracts. If any of these contracts are terminated, not renewed, or amended to reduce fees, EAM’s financial results, and consequently, the amount of cash flow received by the Company from EAM, and the Company’s financial condition, may be adversely affected.

A decrease in the revenue generated by a significant customer could adversely affect the Company’s cash flow and financial condition.

The Company derives a significant portion of its cash flow and publishing revenues from a single significant customer.

If the Company does not maintain its subscriber base, its operating results could suffer.

A substantial portion of the Company’s revenue is generated from print and digital subscriptions, which are paid in advance by subscribers. Unearned revenues are accounted for on the Consolidated Balance Sheets of the Company within current and long-term liabilities. The backlog of orders is primarily generated through renewals and new subscription marketing efforts as the Company deems appropriate. Future results will depend on the renewal of existing subscribers and obtaining new subscriptions for the investment periodicals and related publications. The availability of competitive information on the Internet at low or no cost has had and may continue to have a negative impact on the demand for our products.

The Company believes that the negative trend in retail print subscription revenue ~~experienced in recent years~~ is likely to continue.

~~During~~The ~~recent years, the~~ Company has experienced a negative trend in retail print subscription revenue. While circulation of some print publications has increased, others have experienced a decline in circulation or in average yearly price realized. It is expected that print revenues overall will continue to decline long-term, while the Company emphasizes digital offerings. The Company has established the goal of maintaining competitive digital products and marketing them through traditional and digital channels to retail and institutional customers. However, the Company is not able to predict whether revenues from digital retail publications will grow more than print revenues decline.

Loss of copyright clients or decline in their customers, or assets managed by third party sponsors could reduce the Company’s revenues.

Copyright agreements revenues are based on market interest in the respective proprietary information. The Company believes this part of the business is dependent upon the desire of third parties to use the Value Line trademarks and proprietary research for their products, competition and on fluctuations in segments of the equity markets. If the fees from proprietary information decline, the Company’s operating results could suffer.

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’s trademarks are important assets to the Company. Although its trademarks are registered in the United States and in certain foreign countries, the Company may not always be successful in asserting global trademark protection. In the event that other parties infringe on its intellectual property rights and it is not successful in defending its intellectual property rights, the result may be a dilution in the value of the Company’s brands in the marketplace. If the value of the Company’s brands becomes diluted, such developments could adversely affect the value that its customers associate with its brands, and thereby negatively impact its sales. Any infringement of our intellectual property rights would also likely result in a commitment of Company resources to protect these rights through litigation or otherwise. In addition, third parties may assert claims against our intellectual property rights and we may not be able successfully to resolve such claims. The Company is utilizing all of its trademarks and properly maintaining registrations for them.

The Company and EAM face significant competition in their respective businesses.

Both the investment information and publishing business conducted by the Company and the investment management business conducted by EAM are very competitive. There are many competing firms and a wide variety of product offerings. Some of the firms in these industries are substantially larger and have greater financial resources than the Company and EAM. With regard to the investment information and publishing business, barriers to entry have been reduced by the minimal cost structure of the Internet and other technologies. With regard to the investment management business, both the absence of significant barriers to entry by new investment management firms inand a trend of strong growth by the ~~mutual~~largest ~~fund~~industry participants in the funds industry increases competitive pressure. Further, a larger share of new sales is accounted for by exchange traded with EAM’s business competing only in the latter segment. Competition in the investment management business is based on various factors, including business reputation, investment performance, investment management staffs, quality of service, marketing, distribution services offered, the range of products offered and fees charged. Access to mutual fund distribution channels has also become increasingly competitive.

Government regulations, any changes to government regulations, and regulatory proceedings and litigation may adversely impact the business.

Changes in legal, regulatory, accounting, tax and compliance requirements could have an effect on EAM’s operations and results, including but not limited to increased expenses and restraints on marketing certain funds and other investment products. EAM is registered with the SEC under the Investment Advisers Act of 1940 (the “Advisers Act”). The Advisers Act imposes numerous obligations on registered investment advisers, including fiduciary, record keeping, operational and disclosure obligations. ES is registered as a broker-dealer under the Securities Exchange Act of 1934 and is a member of the Financial Industry Regulatory Authority, also known as “FINRA”. Each Value Line Fund is a registered investment company under the 1940 Act. The 1940 Act requires numerous compliance measures, which must be observed, and involves regulation by the SEC. Each fund and its shareholders may face adverse tax consequences if the Value Line Funds are unable to maintain qualification as registered investment companies under the Internal Revenue Code of 1986, as amended. Those laws and regulations generally grant broad administrative powers to regulatory agencies and bodies such as the SEC and FINRA. If these agencies and bodies believe that EAM, ES or the Value Line Funds have failed to comply with their laws and regulations, these agencies and bodies have the power to impose sanctions. EAM, ES and the Value Line Funds, like other companies, can also face lawsuits by private parties. Regulatory proceedings and lawsuits are subject to uncertainties, and the outcomes are difficult to predict. Changes in laws, regulations or governmental policies, and the costs associated with compliance, could adversely affect the business and operations of the EAM, ES and the Value Line Funds. An adverse resolution of any regulatory proceeding or lawsuit against the EAM or ES could result in substantial costs or reputational harm to them or to the Value Line Funds and have an adverse effect on their respective business and operations. An adverse effect on the business and operations of EAM, ES and/or the Value Line Funds could reduce the amount of cash flow that the Company receives in respect of its non-voting revenues and non-voting profits interests in EAM and, consequently, could adversely affect the Company’s cash flows, results of operations and financial condition.

Terrorist attacks could adversely affect the Company and EAM.

A terrorist attack, including biological or chemical weapons attacks, and the response to such terrorist attacks, could have a significant impact on the ~~New~~Company ~~York~~and ~~City~~its ~~area~~personnel, the ~~local economy, the~~ United States economy, the global economy, and U.S. and/or global financial markets, and could also have a material adverse effect on the Company’s business and on the investment management business conducted by EAM.

Future pandemic outbreaks could disrupt the Company’s operations.

A substantial recurrence of infections of the COVID-19 virus or ~~its~~other ~~variants~~new illnesses could disrupt Company printing and distribution operations, or supplies of materials and services needed for the print publishing business. While the Company believes that its office, editorial, and administrative operations, and those of its suppliers of data and other services, are adequately backed-up for fully remote operations if needed, likewise a future pandemic outbreak could interfere with the continuity of printing and distribution operations, as well as endangering personnel of the Company and its supply chain partners.

Our controlling stockholder exercises voting control over the Company and has the ability to elect or remove from office all of our directors.

As of April 30, ~~2024~~2025, AB&Co., Inc. beneficially owned 91.6374% of the outstanding shares of the Company’s voting stock. AB&Co. is therefore able to exercise voting control with respect to all matters requiring stockholder approval, including the election or removal from office of 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.

Our shares of common stock are quoted on the NASDAQ Capital Market (“NASDAQ”). Under the NASDAQ listing standards, we are deemed to be a “controlled company” by virtue of the fact that AB&Co. has voting power with respect to more than 50% of our outstanding shares of voting stock. A controlled company is not required to have a majority of its board of directors comprised of independent directors. Director nominees are not required to be selected or recommended for the board’s selection by a majority of independent directors or a nomination committee comprised solely of independent directors, nor do the NASDAQ listing standards require a controlled company to certify the adoption of a formal written charter or board resolution, as applicable, addressing the nominations process. A controlled company is also exempt from NASDAQ’s requirements regarding the determination of officer compensation by a majority of the independent directors or a compensation committee comprised solely of independent directors. Although we currently comply with certain of the NASDAQ listing standards that do not apply to controlled companies, our compliance is voluntary, and there can be no assurance that we will continue to comply with these standards in the future.

We are subject to cyber risks and may incur costs in connection with our efforts to enhance and ensure security from cyber attacks.

Substantial aspects of our business depend on the continuous and secure operation of our computer systems and e-commerce websites. Security breaches could expose us to a risk of loss or misuse of sensitive information, including our own proprietary information and that of our customers and employees. While we devote substantial resources to maintaining adequate levels of cyber security, our resources and technical sophistication may not be adequate to prevent all of the rapidly evolving types of cyber attacks. Anticipated attacks and risks may cause us to incur increasing costs for technology, personnel, insurance and services to enhance security or to respond to occurrences. We maintain cyber risk insurance, but this insurance may not be sufficient to cover all of our losses from any possible future breaches of our systems. Likewise, serious interruption of any of the Company’s data flows, or processing methods including legacy systems, could interfere with normal continuity of operations.

Changes to existing accounting pronouncements or taxation rules or practices may affect how we conduct our business and affect our reported results of operations.

New accounting pronouncements or tax rules and varying interpretations of accounting pronouncements or taxation practice have occurred and may occur in the future. A change in accounting pronouncements or interpretations or taxation rules or practices can have a significant effect on our reported results and may even affect our reporting of transactions completed before the change is effective. Changes to existing rules and pronouncements, future changes, if any, or the questioning of current practices or interpretations may adversely affect our reported financial results or the way we conduct our business.

Item 1B. UNRESOLVED STAFF COMMENTS.

None.

Item 1C. CYBERSECURITY

We believe that information security is a critical component of our business strategy. Therefore, we maintain and continuously assess and strengthen our cyber security program.

Management is responsible for the day-to-day administration of the Company’s risk exposures and has adopted a risk management framework including identification, analysis and response to risks affecting our business. The Company has established a committee of senior leaders which is chaired by the Company’s Executive Director of Information Technology.

We regularly engage third-party services to conduct evaluations of our security controls, which can include penetration testing, independent audits, or consulting on best practices to address new challenges. These evaluations include testing both the design and effectiveness of security controls.

We rely on third-party service providers for a variety of services to run our information systems. Cybersecurity risks are evaluated when determining the selection and oversight of applicable third-party service providers. A cyber-attack at a third-party service provider could have a significant impact on our business, and we continuously monitor the risks associated with our service providers.

The Audit Committee has responsibility for the oversight of the Company’s risk management program, including technology and cybersecurity risks facing the Company. The audit committee receives briefings from management and the executive director of information technology about cybersecurity risk management and the overall technology and cybersecurity environment.

We believe that currently we have not encountered a cybersecurity event that has had a material impact on our business. See Item 1A. “Risk Factors” for a discussion of our cybersecurity risks.

Item 2. PROPERTIES.

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 ~~were~~have been outsourced to a third ~~party~~parties in the United States ~~prior~~effective to 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.

Base rent under the Lease was $237,218 per annum. The Company has outsourced to a U.S. facility the functions formerly performed at the Warehouse, subsequent to the expiration of the lease on April 30, 2024.

Item 3. LEGAL PROCEEDINGS.

None.

Item 4. MINE SAFETY DISCLOSURES.

Not applicable.

Part II

Item 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES.

The Registrant's Common Stock is traded on NASDAQ under the symbol “VALU”. The approximate number of record holders of the Registrant's Common Stock at April 30, ~~2024~~2025 was 3130. As of April 30, ~~2024~~2025, the closing stock price was $3640.2090.

The reported high and low prices and the dividends declared on these shares during the past two fiscal years were as follows:

Quarter Ended	High		Low		Regular Dividend Declared Per Share
April 30, 2025	$	44.17	$	32.94	$	0.325
January 31, 2025	$	57.68	$	38.57	$	0.30
October 31, 2024	$	54.14	$	39.02	$	0.30
July 31, 2024	$	51.00	$	35.31	$	0.30
April 30, 2024	$	49.00	$	36.00	$	0.30
January 31, 2024	$	58.45	$	39.63	$	0.28
October 31, 2023	$	60.27	$	32.07	$	0.28
July 31, 2023	$	62.09	$	43.10	$	0.28
April 30, 2023	$	53.77	$	45.00	$	0.28
January 31, 2023	$	69.85	$	42.02	$	0.25
October 31, 2022	$	118.40	$	42.52	$	0.25
July 31, 2022	$	92.00	$	52.55	$	0.25

On July 1918, ~~2024~~2025, the Board of Directors of Value Line declared a quarterly dividend of $0.30325 per share to shareholders of record as of July 2928, ~~2024~~2025 to be paid on August 1211, ~~2024~~2025.

There are no securities of the Company authorized for issuance under equity compensation plans. The Company did not sell any unregistered shares of common stock during the fiscal year ended April 30, ~~2024~~2025.

19 20

Purchases of Equity Securities by the Company

The following table provides information with respect to all repurchases of common stock made by or on behalf of the Company during the fiscal quarter ended April 30, ~~2024~~2025. All purchases listed below were made in the open market at prevailing market prices.

ISSUER PURCHASES OF EQUITY SECURITIES
Period	(a) Total Number of Shares (or Units) Purchased		(b) Average Price Paid per Share (or Unit)		(c) Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs		(d) Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs (1)
February 1, 2024 through February 29, 2024		2,000	$	43.11		2,000	$	1,310,000
February 1, 2025 through February 28, 2025		2,402	$	35.16		2,402	$	853,000
March 1, 2024 through March 31, 2024		500		40.04		500		1,290,000
March 1, 2025 through March 31, 2025		1,955		37.64		1,955		779,000
April 1, 2024 through April 30, 2024		2,000		39.21		2,000		1,211,000
April 1, 2025 through April 30, 2025		604		37.33		604		758,000
Total		4,~~500~~961	$	4136.0340		4,~~500~~961	$	1758,~~211,~~000

On October 21, 2022, the Company's Board of Directors approved a share repurchase program authorizing the repurchase of shares of the Company’s common stock up to an aggregate purchase price of $3,000,000. The repurchases may be made from time to time on the open market at prevailing market prices, in negotiated transactions off the market, in block purchases or otherwise. The repurchase program may be suspended or discontinued at any time at the Company’s discretion and has no set expiration date.

During fiscal 2025, the Company repurchased an aggregate 11,480 shares of the Company's common stock for $453,000 at an average price of $39.46 per share including a repurchase of an aggregate 47,202 shares of the Company's common stock for $2,243,000 at an average price of $47.52 per share under the repurchase program authorized on October 21, 2022.

During fiscal 2024, the Company repurchased an aggregate 12,057 shares of the Company's common stock for $523,000 at an average price of $43.38 per share including a repurchase of an aggregate 35,722 shares of the Company's common stock for $1,789,000 at an average price of $50.07 per share under the repurchase program authorized on October 21, 2022.

During fiscal 2023, the Company repurchased an aggregate 75,303 shares of the Company's common stock for $4,704,000 at an average price of $62.47 per share including a repurchase of an aggregate 23,665 shares of the Company's common stock for $1,266,000 at an average price of $53.50 per share under the repurchase program authorized on October 21, 2022.

Arnold Bernhard and Co., Inc. may purchase additional shares of common stock of the Company from time to time.

20 21

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:

●

Executive Summary of the Business

●

Results of Operations

●

Liquidity and Capital Resources

●

Recent Accounting Pronouncements

●

Critical Accounting Estimates and Policies

Executive Summary of the Business

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. 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 maintains a significant investment in EAM from which it receives payments in respect of its non-voting revenues and non-voting profits interests.

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 ~~Company~~investment ~~allocates~~periodicals ~~resources~~ and ~~assesses~~related ~~financial~~publications ~~performance~~(retail onand ainstitutional) ~~consolidated~~and ~~basis.~~Value ItLine ~~does~~copyrights soand ~~because~~Value ~~significant~~Line ~~costs~~Proprietary ~~are~~Ranks ~~shared in common by all products,~~ and asother aproprietary ~~result, it does not have discrete financial~~ information ~~available~~consolidate ~~for~~into ~~separate business components to assess performance and make resource allocation decisions for more than~~ one segment. ~~Therefore,~~called ~~the~~Publishing. ~~investment~~The ~~periodicals~~Publishing ~~and~~segment ~~related~~constitutes ~~publications (such as digital equivalents), along with supplying~~ the ~~embedded~~Company’s ~~Proprietary~~only ~~information~~reportable ~~and~~business ~~intellectual property rights, are treated as one~~ segment~~, Publishing~~.

21 22

Asset Management and Mutual Fund Distribution Businesses

Pursuant to the EAM Declaration of Trust, the Company maintains 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 or removal of the trustees of EAM or control of its business.

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’s non-voting revenues and non-voting profits interests in EAM entitle it to receive 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 Voting Profits Interest Holders received 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, ~~has~~after ~~shown~~performing ~~some~~well ~~signs~~in ~~of slowing~~2024, asgot ~~the~~off ~~Federal~~to ~~Reserve~~a ~~likely~~weak ~~nears~~start ~~the end of its most restrictive monetary policy course~~ in ~~four~~calendar ~~decades~~2025. The nation’s gross domestic product (GDP) ~~expanded~~contracted by an estimated 10.35% ~~(annualized)~~during in the first quarter., ~~This~~statistically ~~marked~~attributable ato ~~notable~~businesses ~~slowdown~~and ~~from~~consumers ~~the~~buying ~~respective~~ahead ~~advances~~ of ~~4.9%~~the ~~and~~implementation ~~3.4%~~of ~~recorded during~~ the ~~third~~Trump ~~and~~Administration’s ~~fourth~~wide-ranging ~~quarters~~tariffs ofon ~~calendar~~April ~~2023. Gains in consumer spending~~2, ~~residential~~2025. ~~and~~The ~~nonresidential~~surge ~~investment,~~in ~~and~~imports ~~government~~to ~~spending~~the ~~were~~United ~~partly~~States ~~offset~~detracts byfrom aGDP. ~~decrease~~President inTrump ~~private~~subsequently ~~inventory~~delayed ~~investment~~or ~~and~~modified anmany ~~increase~~of inthe ~~imports~~levies.

AsThe ofweak ~~mid-2024~~economic start to 2025, along with the ~~Federal~~still ~~Reserve~~unsettled ~~was~~global ~~not~~trade ~~yet~~environment ~~ready~~and togeopolitical ~~reverse~~unrest, including the war in Ukraine and the 12 days of aerial attacks between Israel and Iran, did bring a cautious reaction from the Federal Reserve on the monetary policy ~~course~~front. ~~In June~~Indeed, itthe central bank kept the federal funds rate atsteady, ain ~~“sufficiently~~the ~~restrictive”~~range 5of 4.25% to 54.50%, ~~for~~during the ~~seventh-consecutive~~first ~~Federal~~half ~~Open~~of ~~Market~~2025, ~~Committee~~while ~~(FOMC)~~it ~~meeting.~~assessed Atthe ~~that~~impact ~~time,~~of the ~~central~~global ~~bank’s~~developments ~~projection~~on ~~for~~the ~~interest-~~rate ~~cuts~~of ininflation ~~2024~~stateside. ~~was~~There ~~lowered~~still ~~from~~are ~~three~~concerns tothat ~~one.~~the Intariffs ~~addition,~~may ~~four~~lead ~~Federal~~to ~~Reserve~~a ~~voting~~reacceleration ~~members~~in ~~predicted~~the nopace ~~interest-rate~~of ~~cuts~~price ~~this~~growth, ~~year~~which, ~~citing~~along ~~the~~with ~~need~~somewhat a softening labor market, could lead to ~~see~~a ~~more~~period ~~progress~~of onstagflation. ~~the~~Stagflation occurs when there are rising inflation ~~front~~and weakening employment at the same time the economy is slowing.

~~Meantime~~That said, ~~the~~while ~~case~~some ~~for~~of athe “soft” ~~economic~~(sentiment) ~~landing~~data ~~remained~~during ~~in play, as~~ the ~~second~~spring ~~half of calendar 2024 commenced. True~~season, ~~there~~including ~~were~~a ~~pockets~~decline ~~of weakness~~ in ~~the~~consumer ~~economy~~confidence, ~~including~~suggest ~~contracting~~that ~~activity in~~ the ~~manufacturing~~economy ~~sector~~is ~~and~~weakening, the ~~slowing~~hard ~~pace~~data ofdid ~~both~~not ~~residential~~indicate ~~and~~as ~~nonresidential construction~~much. ~~However,~~On the ~~consumer~~positive ~~is still spending~~side, ~~though~~inflation ~~not~~on atboth the ~~rate~~consumer ~~seen~~and ~~coming~~producer ~~out~~(wholesale) oflevels ~~the~~did ~~COVID-19~~ease ~~pandemic,~~some ~~buoyed by a still-resilient labor market. Through the first five months of~~ this ~~year,~~spring; the ~~nation~~job ~~added~~market anproved ~~estimated 1.2 million jobs~~resilient, ~~and~~with the unemployment rate ~~was~~falling atto 4.01% in June, a level ~~suggestive~~indicative of full employment.; ~~This,~~and ~~combined~~manufacturing ~~with~~activity, anthough ~~easing~~still incontracting, ~~the~~did ~~pace~~come ofin ~~consumer~~above ~~and~~forecast ~~producer~~during ~~(wholesale)~~the ~~price~~month ~~growth~~of inJune. ~~May,~~This suggests that the ~~Fed~~economy islikely ~~making~~returned ~~progress~~to ongrowth ~~its~~mode ~~dual~~in ~~mandate~~the tosecond ~~promote~~quarter ~~stable~~and ~~pricing~~the ~~and~~aforementioned ~~maximum~~stagflation ~~employment~~scenario has yet to materialize.

InAmid ~~conclusion~~the global uncertainty, the ~~Federal~~Republican-controlled ~~Reserve’s~~House ~~restrictive~~of ~~monetary~~Representatives ~~policy~~and ~~course~~Senate ~~has~~were ~~made~~able ato ~~notable~~produce ~~dent~~a innew ~~inflation,~~budget ~~which~~deal ~~peaked~~that inPresident ~~June~~Trump ofsigned ~~2022,~~into ~~without~~law ~~disrupting~~on ~~the~~July ~~labor~~4, ~~market~~2025. ~~While~~The ~~some~~President’s ~~more~~comprehensive ~~work~~tax ~~needs~~and topolicy belegislation, ~~done~~which tois ~~bring~~estimated ~~the~~to ~~pace~~add of$3.4 ~~price~~trillion ~~growth closer~~ to the ~~Fed’s~~federal ~~target~~deficit ~~rate~~over ofthe 2%next decade, wealso ~~think~~included alegislation ~~cut~~that toincreases the ~~benchmark~~nation’s ~~short-term~~debt ~~interest~~ceiling ~~rate~~by is$5 ~~quite~~trillion. ~~plausible~~In ifthe ~~inflation~~near-to-intermediate ~~continues~~term, onthe ~~its~~new ~~overall~~budget ~~downward~~deal, ~~trajectory~~along ~~during~~with the ~~second~~possibility ~~half~~that ofthe ~~2024.~~Federal InReserve ~~all,~~may ~~the~~enact ~~current~~one ~~business~~or ~~environment~~two ~~has~~quarter-point ~~held~~cuts upto ~~well,~~the ~~with~~benchmark ~~profit~~short-term ~~growth~~interest ~~expectations~~rate, ~~for~~which ~~S&P~~is ~~500~~widely ~~companies~~considered to be restrictive, in the second half of the year ~~being ratcheted up. For 2024~~, ~~Wall~~may ~~Street~~lift ~~is now predicting low double-digit~~ corporate ~~earnings~~and ~~growth,~~consumer aspending. ~~level~~This ~~that~~ may bewell ~~needed~~spur ~~justify~~GDP growth over the ~~S&P~~final ~~500’s~~six ~~elevated~~months ~~price-to-earnings~~of ~~multiple~~calendar 2025.

22 In all, the business environment has held up well amid the uncertain fiscal and monetary environment, highlighted by double-digit earnings growth for the S&P 500 companies during the first quarter of 2025. This, along with the popularity of artificial intelligence (AI)-related stocks, helped the major averages climb the proverbial “wall of worry,” with the S&P 500 Index and technology-dominated NASDAQ Composite ending the first half of 2025 at record highs. That said, valuations looked quite frothy entering the second half of 2025 and with concerns over import tariffs and inflation still persisting, some share-price volatility can’t be ruled out.

~~Results of Operations for Fiscal Years 2024, 2023 and 2022~~23

Results of Operations for Fiscal Years 2025, 2024 and 2023

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

	Fiscal Years Ended April 30,							Change
($ in thousands, except earnings per share)	~~2024~~2025		~~2023~~2024		~~2022~~2023			'2425 vs. '2324			'2324 vs. '2223
Income from operations	$	95,~~141~~985	$	119,~~470~~141	$	1011,~~800~~470			-2034.35	%		6-20.23	%
Gain on forgiveness of SBA loan		-		-		2,331			n/a			n/a
Non-voting revenues and non-voting profits interests from EAM Trust		18,318		13,282		11,131			37.9	%		19.3	%
Non-voting revenues and non-voting profits interests from EAM Trust		13,282		11,131		18,041			19.3	%		-38.3	%
Income from operations plus non-voting revenues and non-voting profits interests from EAM Trust		24,303		22,423		22,601			8.4	%		-0.8	%
Income from operations plus non-voting revenues and non-voting profits interests from EAM Trust and gain on SBA loan forgiveness		22,423		22,601		31,172			-0.8	%		-27.5	%
Operating expenses		29,094		28,346		28,225			2.6	%		0.4	%
Operating expenses		28,346		28,225		29,725			0.4	%		-5.0	%
Investment gains		3,238		2,764		1,174			17.1	%		135.4	%
Investment gains		2,764		1,174		(534	)		135.4	%		n/a
Income before income taxes	$	27,541	$	25,187	$	23,775			9.3	%		5.9	%
Income before income taxes	$	25,187	$	23,775	$	30,638			5.9	%		-22.4	%
Net income	$	20,686	$	19,016	$	18,069			8.8	%		5.2	%
Net income	$	19,016	$	18,069	$	23,822			5.2	%		-24.1	%
Earnings per share	$	2.20	$	2.02	$	1.91			8.9	%		5.6	%
Earnings per share	$	2.02	$	1.91	$	2.50			5.8	%		-23.6	%

During the ~~three~~twelve months ended April 30, ~~2024~~2025, the Company’s net income of $420,~~784~~686,000, or $02.5120 per share, was 188.68% above net income of $419,~~033~~016,000, or $02.4302 per share, for the ~~three~~twelve months ended April 30, ~~2023~~2024. During the ~~three~~twelve months ended April 30, ~~2024~~2025, the Company’s income from operations was $15,~~488~~985,000 compared to income from operations of $29,~~757~~141,000 during the ~~three~~twelve months ended April 30, ~~2023~~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 twelve months ended April 30, 2024, the Company’s net income of $19,016,000, or $2.02 per share, was 5.2% above net income of $18,069,000, or $1.91 per share, for the twelve months ended April 30, 2023. During the twelve months ended April 30, 2024, the Company’s income from operations was $9,141,000 compared to income from operations of $11,470,000 during the twelve months ended April 30, 2023. For the twelve months ended April 30, 2024, operating expenses increased slightly above those during the twelve months ended April 30, 2023. 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, 2024, there were 9,428,379 average common shares outstanding as compared to 9,458,605 average common shares outstanding during the twelve months ended April 30, 2023.

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 months ended April 30, 2024. During the three months ended April 30, 2025, the Company’s income from operations was $830,000 compared to income from operations of $1,488,000 during the three months ended April 30, 2024.

During the three months ended April 30, 2024, the Company’s net income of $4,784,000, or $0.51 per share, was 18.6% above net income of $4,033,000, or $0.43 per share, for the three months ended April 30, 2023. During the three months ended April 30, 2024, the Company’s income from operations was $1,488,000 compared to income from operations of $2,757,000 during the three months ended April 30, 2023.

During the three months ended April 30, 2023, the Company’s net income of $4,033,000, or $0.43 per share, was 5.9% below net income of $3,807,000, or $0.40 per share, for the three months ended April 30, 2022. During the three months ended April 30, 2023, the Company’s income from operations was $2,757,000 compared to income from operations of $2,923,000 during the three months ended April 30, 2022.

During the twelve months ended April 30, 2023, the Company’s net income of $18,069,000, or $1.91 per share, was 24.1% below net income of $23,822,000, or $2.50 per share, for the twelve months ended April 30, 2022. Fiscal 2022 included a gain of $2,331,000 from the tax-free forgiveness of SBA’s PPP loan to the Company. During the twelve months ended April 30, 2023, the Company’s income from operations was $11,470,000 compared to income from operations of $10,800,000 during the twelve months ended April 30, 2022. For the twelve months ended April 30, 2023, operating expenses decreased 5.0% below those during the twelve months ended April 30, 2022.

During the twelve months ended April 30, 2023, there were 9,458,605 average common shares outstanding as compared to 9,544,421 average common shares outstanding during the twelve months ended April 30, 2022.

During the three months ended April 30, 2022, the Company’s net income of $3,807,000, or $0.40 per share, was 37.1% below net income of $6,051,000, or $0.64 per share, for the three months ended April 30, 2021. During the three months ended April 30, 2022, the Company’s income from operations was $2,923,000 compared to income from operations of $838,000 during the three months ended April 30, 2021 due to an increase in copyright fees and well controlled expenses in the fourth fiscal quarter of 2022.

During the twelve months ended April 30, 2022, the Company’s net income of $23,822,000, or $2.50 per share, was 2.3% above net income of $23,280,000, or $2.43 per share, for the twelve months ended April 30, 2021. During the twelve months ended April 30, 2022, the Company’s income from operations was $10,800,000 compared to income from operations of $7,535,000 during the twelve months ended April 30, 2021. For the twelve months ended April 30, 2022, operating expenses decreased 9.5% below those during the twelve months ended April 30, 2021. The largest factors in the increase in net income during the twelve months ended April 30, 2022, compared to the prior fiscal year, were a gain on forgiveness by the SBA of the Company’s PPP loan, an increase in copyright fees, an increase from revenues and profits interests in EAM Trust and well controlled expenses.

Total operating revenues

	Fiscal Years Ended April 30,						Change
($ in thousands)	~~2024~~2025		~~2023~~2024		~~2022~~2023		'2425 vs. '2324			'2324 vs. '2223
Investment periodicals and related publications:
Print	$	98,~~286~~783	$	9,~~963~~286	$	119,~~253~~963		-65.84	%		-116.58	%
Digital		1615,~~134~~899		16,~~269~~134		1516,~~892~~269		-01.85	%		2-0.48	%
Total investment periodicals and related publications		2524,~~420~~682		2625,~~232~~420		2726,~~145~~232		-32.19	%		-3.41	%
Copyright fees		1210,~~067~~397		1312,~~463~~067		13,~~380~~463		-1013.48	%		0-10.64	%
Total operating revenues	$	3735,~~487~~079	$	3937,~~695~~487	$	4039,~~525~~695		-5.6.4	%		-25.06	%

Within investment periodicals and related publications, subscription sales orders are derived from print and digital products. The following chart illustrates the changes in the sales orders associated with print and digital subscriptions.

Sources of subscription sales

	Fiscal Years Ended April 30,
	2024						2023						2022
	2025						2024						2023
	Print			Digital			Print			Digital			Print			Digital
New Sales		1214.51	%		108.4	%		1012.95	%		1110.04	%		1110.79	%		1311.0	%
Renewal Sales		8785.59	%		8991.6	%		8987.15	%		89.06	%		8889.31	%		8789.0	%
Total Gross Sales		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%

During the twelve months ended April 30, 2025, 2024 & 2023, new sales of print ~~and digital~~ publications increased ~~as a percent of the total gross sales as a result of an increase in new sales orders~~ while conversion and renewal sales orders decreased ~~from the prior fiscal year~~.

	As of April 30,						Change
($ in thousands)	2025		2024		2023		'25 vs. '24			'24 vs. '23
Unearned subscription revenue (current and long-term liabilities)	$	22,290	$	22,281	$	22,973		0.04	%		-3.01	%

During the twelve months ended April 30, 2023, new sales of print and digital publications decreased as a percent of the total gross sales versus the prior fiscal years as a result of weakened sentiment among prospective customers in a period of market volatility. During the twelve months ended April 30, 2023, renewal sales of print and digital publications increased as a percent of the total gross sales versus the prior fiscal years.

	As of April 30,						Change
($ in thousands)	2024		2023		2022		'24 vs. '23			'23 vs. '22
Unearned subscription revenue (current and long-term liabilities)	$	22,281	$	22,973	$	23,773		-3.0	%		-3.4	%

A certain amount of variation is to be expected due to the volume of new orders and timing of long-term renewal contracts, direct mail campaigns and large Institutional Sales orders.

Investment periodicals and related publications revenues

Investment periodicals and related publications revenues of $25,420,000 (excluding copyright fees) during the twelve months ended April 30, 2024 were 3.1% below publishing revenues of $26,232,000 in the prior fiscal year. The Company continued activity to attract new subscribers, primarily digital subscriptions through various marketing channels, primarily direct mail, e-mail, and by the efforts of our sales personnel. As fewer individual investors manage their own portfolios, particularly in volatile markets, total product line circulation at April 30, 2024, was 3.2% below total product line circulation at April 30, 2023. However, Institutional Sales department total sales orders reached a record level last fiscal year ended April 30, 2023 and this higher profit margin distribution to financial advisors and professional investors significantly offsets the long-term trend of declining individual investor circulation.

Circulation also reflected management’s decision to reduce marketing efforts temporarily while the challenging stock market environment persisted. Total print circulation at April 30, 2024 was 4.6% below the total print circulation at April 30, 2023. During the twelve months ended April 30, 2024, print publication revenues of $9,286,000, decreased 6.8%, below print publication revenues of $9,963,000 during April of 2023 because we deferred advertising in light of negative sentiment among prospective individual customers in a challenging market environment. Total digital circulation at April 30, 2024 was 1.4% below total digital circulation at April 30, 2023 with the professional clientele offsetting individual subscribers. During the twelve months ended April 30, 2024, digital revenues of $16,134,000 were slight below prior fiscal year. These figures reflect weak investor sentiment, likely temporary, and the ongoing shift from our print services to digital counterparts. Further, publishing revenue is fairly steady, despite the dip in print circulation. Sales of our higher-price, higher-profit, publications have been stronger than sales of lower price “starter” products.

Investment periodicals and related publications revenues of $26,232,000 (excluding copyright fees) during the twelve months ended April 30, 2023 were 3.4% below publishing revenues of $27,145,000 in the prior fiscal year. The Company continued activity to attract new subscribers, primarily digital subscriptions through various marketing channels, primarily direct mail, e-mail, and by the efforts of our sales personnel. As fewer individual investors manage their own portfolios, total product line circulation at April 30, 2023, was 10.4% below total product line circulation at April 30, 2022. However, during the twelve months ended April 30, 2023, Institutional Sales department total sales orders, representing our growing business with financial advisors and professional investors, reached a record of $15,236,000, 10.0% above the prior fiscal year. The retail telemarketing sales team generated total sales orders of $7,409,000 or 10.6% below the prior fiscal year.

Total print circulation at April 30, 2023 was 16.0% below the total print circulation at April 30, 2022. During the twelve months ended April 30, 2023, print publication revenues of $9,963,000, decreased 11.5%, below print publication revenues of $11,253,000 during April of 2022 because we deferred advertising in light of negative sentiment among prospective individual customers in a challenging market environment. Total digital circulation at April 30, 2023 was 2.7% below total digital circulation at April 30, 2022 with the professional clientele offsetting individual subscribers. During the twelve months ended April 30, 2023, digital revenues of $16,269,000 were up 2.4% as compared to the prior fiscal year. These figures reflect weak investor sentiment, likely temporary, and the ongoing shift from our print services to digital counterparts. Further, publishing revenue is fairly steady, despite the dip in print circulation. Sales of our higher-price, higher-profit, publications have been stronger than sales of lower price “starter” products.

Investment periodicals and related publications revenues of $27,145,000 (excluding copyright fees) during the twelve months ended April 30, 2022 were 1.8% below publishing revenues of $27,629,000, which included an extra week of servings for the weekly print products during the twelve months ended April 30, 2021, (decreased 1.1% excluding the extra week of print products servings), as compared to the prior fiscal year. The Company continued activity to attract new subscribers, primarily digital subscriptions through various marketing channels, primarily direct mail, e-mail, and by the efforts of our sales personnel. Total product line circulation at April 30, 2022, was 4.7% below total product line circulation at April 30, 2021. During the twelve months ended April 30, 2022, Institutional Sales department generated total sales orders of $13,853,000 and the retail telemarketing sales team generated total sales orders of $8,292,000.

~~Total~~Investment ~~print~~periodicals ~~circulation~~and atrelated ~~April~~publications ~~30,~~revenues ~~2022~~of ~~was~~$24,682,000 ~~7.6%~~(excluding ~~below~~copyright ~~the~~fees) ~~total~~during ~~print circulation at April 30, 2021. During~~ the twelve months ended April 30, ~~2022,~~2025 ~~print~~were ~~publication revenues of $11,253,000, decreased 5~~2.79%, below ~~print~~publishing ~~publication~~ revenues of $1125,~~929~~420,000, ~~which~~in ~~included~~ the ~~extra~~prior ~~week~~fiscal ofyear. ~~servings~~The ~~for~~Company ~~the~~continued ~~weekly~~and ~~print~~increased ~~products~~to ~~during~~attract ~~the~~new ~~twelve~~subscribers ~~months~~through ~~ended~~various ~~April~~marketing 30channels, ~~2021~~primarily direct mail, ~~(decreased~~e-mail, ~~4.2%~~and ~~excluding~~by the ~~extra~~efforts ~~week~~ of ~~print~~our ~~products~~sales ~~servings)~~personnel. asAs ~~compared~~fewer toindividual ~~the~~investors ~~prior~~manage ~~fiscal~~their ~~year.~~own ~~Total~~portfolios, ~~digital~~particularly ~~circulation~~in atvolatile ~~April 30~~markets, ~~2022 was comparable to~~ total ~~digital~~product line circulation at April 30, ~~2021. During the twelve months ended April 30~~2025, ~~2022,~~was ~~digital revenues of $15,892,000 were up~~ 1.27% ~~partially~~below ~~offsetting~~total ~~the~~product ~~decrease~~line incirculation ~~revenues~~at ~~from~~April ~~print publications~~30, ~~as compared to the prior fiscal year~~2024.

~~Value~~Total ~~Line~~print ~~serves~~circulation ~~primarily~~at ~~individual~~April ~~and~~30, ~~professional~~2025 ~~investors~~was in1.9% ~~stocks,~~below ~~who~~the ~~pay~~total ~~mostly~~print oncirculation ~~annual~~at ~~subscription~~April ~~plans~~30, ~~for~~2024. ~~basic~~During ~~services~~the ortwelve asmonths ~~much~~ended asApril 30, 2025, print publication revenues of $~~100~~8,783,000, ordecreased ~~more~~5.4%, ~~annually~~below ~~for~~print ~~comprehensive~~publication ~~premium~~revenues ~~quality~~of ~~research~~$9,286,000 ~~not~~during ~~obtainable~~April ~~elsewhere.~~of ~~The~~2024 ~~ongoing~~because ~~goal~~we deferred advertising in light of ~~adding~~negative ~~new~~sentiment ~~subscribers~~among ~~has~~prospective ~~led~~individual uscustomers toin ~~introduce~~a ~~publications~~challenging ~~and~~market ~~packages~~environment. Total digital circulation at aApril ~~range~~30, of2025 ~~price~~was ~~points~~1.5% ~~Further,~~below ~~new~~total ~~services~~digital ~~and~~circulation ~~new~~at ~~features~~April ~~for~~30, ~~existing~~2024 ~~services~~with ~~are~~the ~~regularly~~professional ~~under~~clientele ~~consideration~~offsetting individual subscribers. ~~Prominently~~During ~~introduced~~the intwelve ~~fiscal~~months ~~2020~~ended ~~and~~April ~~2021~~30, 2025, digital revenues of $15,899,000 were ~~new~~down ~~features~~1.5% inas compared to the ~~Value~~prior ~~Line~~fiscal ~~Research~~year. ~~Center~~These figures reflect weak investor sentiment, ~~which~~likely ~~are~~temporary, ~~The~~and ~~New~~the ~~Value~~ongoing ~~Line~~shift ~~ETFs~~from ~~Service,~~our ~~new~~print ~~monthly~~services ~~publication~~to ~~Value~~digital ~~Line~~counterparts. ~~Information~~Further, ~~You~~publishing ~~Should~~revenue ~~Know~~is ~~Wealth~~fairly ~~Newsletter~~steady, ~~The~~despite ~~Value~~the ~~Line~~dip Min &print Acirculation. ~~Service,~~Sales ~~and~~of our ~~Value~~higher-price, ~~Line~~higher-profit, ~~Climate~~publications ~~Change~~have ~~Investing~~been ~~Service~~stronger than sales of lower price “starter” products.

~~The~~Investment ~~Value~~periodicals ~~Line~~and ~~Proprietary~~related ~~Ranks~~publications ~~(the~~revenues ~~“Ranking~~of ~~System”)~~$25,420,000 a(excluding ~~component~~copyright offees) during the ~~Company’s~~twelve ~~flagship~~months ~~product~~ended April 30, ~~The~~2024 ~~Value~~were ~~Line~~3.1% ~~Investment~~below ~~Survey,~~publishing isrevenues ~~also~~of ~~utilized~~$26,232,000 in the ~~Company’s~~prior ~~copyright~~fiscal ~~business~~year. The ~~Ranking~~Company ~~System~~continued isactions ~~made~~to ~~available~~attract tonew ~~EAM~~subscribers ~~for~~through ~~specific~~various ~~uses~~marketing ~~without~~channels, ~~charge.~~primarily ~~During~~direct mail, e-mail, and by the ~~six~~efforts ~~month~~of ~~period~~our ~~ended~~sales ~~April~~personnel. ~~30,~~As ~~2024~~fewer individual investors manage their own portfolios, ~~the~~particularly ~~combined~~in ~~Ranking~~volatile ~~System~~markets, ~~“Rank~~total 1product &line 2”circulation ~~stocks’~~at ~~increase~~April of30, 202024, was 3.02% ~~compared~~below tototal ~~the~~product ~~Russell~~line ~~2000~~circulation ~~Index’s~~at ~~increase~~April of30, 182023.2% ~~during~~However, ~~the~~Institutional ~~comparable~~Sales ~~period.~~department ~~During~~total ~~the~~sales ~~twelve~~orders ~~month~~reached ~~period~~a record level last fiscal year ended April 30, ~~2024,~~2023 ~~the~~and ~~combined~~this ~~Ranking~~higher ~~System~~profit ~~“Rank~~margin 1distribution &to 2”financial ~~stocks’~~advisors ~~increase~~and ofprofessional ~~16.3%~~investors ~~compared~~significantly ~~favorably~~offsets to the ~~Russell~~long-term ~~2000~~trend ~~Index’s increase~~ of ~~11.6%~~declining ~~during~~individual ~~the~~investor ~~comparable period~~circulation.

Total print circulation at April 30, 2024 was 4.6% below the total print circulation at April 30, 2023. During the twelve months ended April 30, 2024, print publication revenues of $9,286,000, decreased 6.8%, below print publication revenues of $9,963,000 during April of 2023 because we deferred advertising in light of negative sentiment among prospective individual customers in a challenging market environment. Total digital circulation at April 30, 2024 was 1.4% below total digital circulation at April 30, 2023 with the professional clientele offsetting individual subscribers. During the twelve months ended April 30, 2024, digital revenues of $16,134,000 were slightly below compared to the prior fiscal year. These figures reflect weak investor sentiment, likely temporary, and the ongoing shift from our print services to digital counterparts. Further, publishing revenue is fairly steady, despite the dip in print circulation. Sales of our higher-price, higher-profit, publications have been stronger than sales of lower price “starter” products.

Investment periodicals and related publications revenues of $26,232,000 (excluding copyright fees) during the twelve months ended April 30, 2023 were 3.4% below publishing revenues of $27,145,000 in the prior fiscal year. The Company continued actions to attract new subscribers through various marketing channels, primarily direct mail, e-mail, and by the efforts of our sales personnel. As fewer individual investors manage their own portfolios, total product line circulation at April 30, 2023, was 10.4% below total product line circulation at April 30, 2022. However, during the twelve months ended April 30, 2023, Institutional Sales department total sales orders, representing our growing business with financial advisors and professional investors, reached a record of $15,236,000, 10.0% above the prior fiscal year. The retail telemarketing sales team generated total sales orders of $7,409,000 or 10.6% below the prior fiscal year.

Total print circulation at April 30, 2023 was 16.0% below the total print circulation at April 30, 2022. During the twelve months ended April 30, 2023, print publication revenues of $9,963,000, decreased 11.5%, below print publication revenues of $11,253,000 during April of 2022 because we deferred advertising in light of negative sentiment among prospective individual customers in a challenging market environment. Total digital circulation at April 30, 2023 was 2.7% below total digital circulation at April 30, 2022 with the professional clientele offsetting individual subscribers. During the twelve months ended April 30, 2023, digital revenues of $16,269,000 were up 2.4% as compared to the prior fiscal year. These figures reflect the ongoing shift from our print services to digital counterparts. Further, publishing revenue was fairly steady, despite the dip in print circulation. Sales of our higher-price, higher-profit, publications have been stronger than sales of lower price “starter” products.

Value Line serves primarily individual and professional investors in stocks, who pay mostly on annual subscription plans, for basic services or as much as $100,000 or more annually for comprehensive premium quality research, not obtainable elsewhere. The ongoing goal of adding new subscribers has led us to introduce publications and packages at a range of price points. Prominently introduced in fiscal 2020 and 2021 were new features in the Value Line Research Center, which are The Value Line ETFs Service, monthly publication Value Line Information You Should Know Wealth Newsletter, The Value Line M & A Service, and our Value Line Climate Change Investing Service.

The Value Line Proprietary Ranks (the “Ranking System”), a component of the Company’s flagship product, The Value Line Investment Survey, is also utilized in the Company’s copyright business. The Ranking System is made available to EAM for specific uses without charge. During the six month period ended April 30, 2025, the combined Ranking System “Rank 1 & 2” stocks’ decrease of 6.0% compared favorably to the Russell 2000 Index’s decrease of 10.6% during the comparable period. During the twelve month period ended April 30, 2025, the combined Ranking System “Rank 1 & 2” stocks’ increase of 7.4% compared favorably to the Russell 2000 Index’s decrease of 0.5% during the comparable period.

Copyright fees

During the twelve months ended April 30, ~~2024~~2025, copyright fees of $1210,~~067~~397,000 were 1013.48% below those during the corresponding period in the prior fiscal year. During the twelve months ended April 30, ~~2023~~2024, copyright fees of $1312,~~463~~067,000 were 010.64% ~~above~~below those during the corresponding period in the prior fiscal year. During the twelve months ended April 30, ~~2022~~2023, copyright fees of $13,~~380~~463,000 were ~~4.8%~~slightly above those during the corresponding period in the prior fiscal year. These fees depend on the assets under management in financial products with contractual arrangements to use the Ranks and other Value Line proprietary information, which tend to fluctuate based on interest rates and ratings by fund rating agencies, among other factors.

Investment management fees and services – (unconsolidated)

The Company has substantial non-voting revenues and non-voting profits interests in EAM, the investment adviser to the Value Line Mutual Funds. Accordingly, the Company does not report this operation as a separate business segment, although it maintains a significant interest in the cash flows generated by this business and will receive ongoing payments in respect of its non-voting revenues and non-voting profits interests.

Total assets in the Value Line Funds managed and/or distributed by EAM at April 30, 2025, were $4.68 billion, which is $0.51 billion, or 12.0%, above total assets of $4.17 billion in the Value Line Funds managed and/or distributed by EAM at April 30, 2024.

Total assets in the Value Line Funds managed and/or distributed by EAM at April 30, 2024, were $4.17 billion, which is $1.08 billion, or 35.0%, above total assets of $3.09 billion in the Value Line Funds managed and/or distributed by EAM at April 30, 2023.

~~Total assets in the~~ Value Line Equity Funds ~~managed~~experienced ~~and/or~~net ~~distributed~~inflows byand ~~EAM~~the atassociated ~~April~~net ~~30,~~asset ~~2023,~~outflows ~~were~~(redemptions ~~$3.09~~less ~~billion,~~new ~~which~~sales) isin ~~$0.27~~fiscal ~~billion, or 8~~2025.~~0%,~~ ~~below total assets of $3.36 billion in the~~ Value Line ~~Funds~~Fixed ~~managed~~Income ~~and/or~~Funds ~~distributed~~experienced ~~by EAM at April 30, 2022. The decrease in~~ net ~~assets~~outflows ~~was~~during ~~primarily~~fiscal ~~due~~year ~~to fund shareholder redemptions and closing of two variable annuity funds~~2025.

Value Line Equity Funds experienced net inflows and the associated net asset outflows (redemptions less new sales) in fiscal 2024. Value Line Fixed Income Funds experienced net outflows during fiscal year 2024.

The following table shows the change in assets for the past three fiscal years including sales (inflows), redemptions (outflows), dividends and capital gain distributions, and market value changes. Inflows for sales, and outflows for redemptions reflect decisions of individual investors and/or their investment advisors. The table also illustrates the assets within the Value Line Funds broken down into equity funds, variable annuity funds (prior to fiscal 2024) and fixed income funds as of April 30, 2024, 2023 and 2022.

Asset Flows

For the Years Ended April 30,	2024			2023			2022			2024			2023
										vs.			vs.
										2023			2022
Value Line equity fund assets (excludes variable annuity)— beginning	$	3,051,550,040		$	3,312,889,678		$	4,432,630,658			-7.9	%		-25.3	%
Sales/inflows		1,265,003,253			514,725,223			489,135,580			145.8	%		5.2	%
Dividends/Capital Gains Reinvested		133,650,073			194,068,940			350,143,149			-31.1	%		-44.6	%
Redemptions/outflows		(786,671,032	)		(858,248,017	)		(1,228,854,315	)		-8.3	%		-30.2	%
Dividend and Capital Gain Distributions		(134,961,191	)		(202,981,966	)		(365,486,450	)		-33.5	%		-44.5	%
Market value change		608,638,863			91,096,182			(364,678,944	)		568.1	%		-125.0	%
Value Line equity fund assets (non-variable annuity)— ending		4,137,210,006			3,051,550,040			3,312,889,678			35.6	%		-7.9	%
Variable annuity fund assets — beginning	$	0		$	0		$	431,605,833			N/A			N/A
Sales/inflows		0			0			4,277,236			N/A			N/A
Dividends/Capital Gains Reinvested		0			0			329,335,773			N/A			N/A
Redemptions/outflows (1)		0			0			(444,323,548	)		N/A			N/A
Dividend and Capital Gain Distributions		0			0			(329,335,773	)		N/A			N/A
Market value change		0			0			8,440,479			N/A			N/A
Variable annuity fund assets — ending		0			0			0			N/A			N/A
Fixed income fund assets — beginning	$	41,104,251		$	44,736,495		$	100,536,371			-8.1	%		-55.5	%
Sales/inflows		149,059			196,436			2,519,668			-24.1	%		-92.2	%
Dividends/Capital Gains Reinvested		1,168,217			808,077			1,140,663			44.6	%		-29.2	%
Redemptions/outflows		(4,157,474	)		(3,240,355	)		(52,180,984	)		28.3	%		-93.8	%
Dividend and Capital Gain Distributions		(1,279,170	)		(877,002	)		(1,219,715	)		45.9	%		-28.1	%
Market value change		(1,147,835	)		(519,400	)		(6,059,508	)		121.0	%		-91.4	%
Fixed income fund assets — ending		35,837,048			41,104,251			44,736,495			-12.8	%		-8.1	%
Assets under management — ending	$	4,173,047,054		$	3,092,654,291		$	3,357,626,173			34.9	%		-7.9	%

(1) Guardian Insurance redeemed from Value Line Centurion and Value Line Strategic Asset Management on April 29, 2022 and the two funds were closed and subsequently liquidated.

AsThe offollowing ~~April~~table 30shows the change in assets for the past three fiscal years including sales (inflows), ~~2024~~redemptions (outflows), ~~four~~dividends and capital gain distributions, and market value changes. Inflows for sales, and outflows for redemptions reflect decisions of ~~six~~individual investors and/or their investment advisors. The table also illustrates the assets within the Value Line ~~equity~~Funds ~~and~~broken ~~hybrid~~down ~~mutual~~into equity funds ~~held~~and anfixed ~~overall~~income ~~four~~funds oras ~~five~~of ~~star~~April ~~rating~~30, ~~by Morningstar~~2025, ~~Inc~~2024 and 2023.

Asset Flows

For the Years Ended April 30,	2025			2024			2023			2025			2024
										vs.			vs.
										2024			2023
Value Line equity fund assets — beginning	$	4,137,210,006		$	3,051,550,040		$	3,312,889,678			35.6	%		-7.9	%
Sales/inflows	$	1,185,922,660		$	1,265,003,253		$	514,725,223			-6.3	%		145.8	%
Dividend and Capital Gain Reinvested	$	158,326,887		$	133,650,073		$	194,068,940			18.5	%		-31.1	%
Redemptions/outflows	$	(1,022,623,669	)	$	(786,671,032	)	$	(858,248,017	)		30.0	%		-8.3	%
Dividend and Capital Gain Distribution	$	(164,401,247	)	$	(134,961,191	)	$	(202,981,966	)		21.8	%		-33.5	%
Market value change	$	345,176,192		$	608,638,863		$	91,096,182			-43.3	%		568.1	%
Value Line equity fund assets — ending	$	4,639,610,829		$	4,137,210,006		$	3,051,550,040			12.1	%		35.6	%
Value Line fixed income fund assets — beginning	$	35,837,048		$	41,104,251		$	44,736,495			-12.8	%		-8.1	%
Sales/inflows	$	948,097		$	149,059		$	196,436			536.1	%		-24.1	%
Dividend and Capital Gain Reinvested	$	1,273,341		$	1,168,217		$	808,077			9.0	%		44.6	%
Redemptions/outflows	$	(4,238,720	)	$	(4,157,474	)	$	(3,240,355	)		2.0	%		28.3	%
Dividend and Capital Gain Distribution	$	(1,360,814	)	$	(1,279,170	)	$	(877,002	)		6.4	%		45.9	%
Market value change	$	3,559,806		$	(1,147,835	)	$	(519,400	)		-410.1	%		121.0	%
Value Line fixed income fund assets — ending	$	36,018,758		$	35,837,048		$	41,104,251			0.5	%		-12.8	%
Assets under management — ending	$	4,675,629,587		$	4,173,047,054		$	3,092,654,291			12.0	%		34.9	%

EAM Trust - Results of operations before distribution to interest holders

The gross fees and net income of EAM’s investment management operations during the twelve months ended April 30, 2025, before interest holder distributions, included total investment management fees earned from the Value Line Funds of $31,387,000, 12b-1 fees and other fees of $7,788,000 and other net gains of $476,000. For the same period, total investment management fee waivers were a nominal $180,000 and 12b-1 fee waivers were $90,000. During the twelve months ended April 30, 2025, EAM's net income was $4,270,000 after giving effect to Value Line’s non-voting revenues interest of $16,183,000, but before distributions to voting profits interest holders and to the Company in respect of its 50% non-voting profits interest.

The gross fees and net income of EAM’s investment management operations during the twelve months ended April 30, 2024, before interest holder distributions, included total investment management fees earned from the Value Line Funds of $24,383,000, 12b-1 fees and other fees of $6,584,000 and other net gains of $433,000. For the same period, total investment management fee waivers were $288,000 and 12b-1 fee waivers were $94,000. During the twelve months ended April 30, 2024, EAM's net income was $2,764,000 after giving effect to Value Line’s non-voting revenues interest of $11,900,000, but before distributions to voting profits interest holders and to the Company in respect of its 50% non-voting profits interest.

The gross fees and net income of EAM’s investment management operations during the twelve months ended April 30, 2023, before interest holder distributions, included total investment management fees earned from the Value Line Funds of $19,824,000, 12b-1 fees and other fees of $5,964,000 and other net gains of $142,000. For the same period, total investment management fee waivers were $164,000 and 12b-1 fee waivers were $105,000. During the twelve months ended April 30, 2023, EAM's net income was $1,468,000 after giving effect to Value Line’s non-voting revenues interest of $10,397,000, but before distributions to voting profits interest holders and to the Company in respect of its 50% non-voting profits interest.

The gross fees and net income of EAM’s investment management operations during the twelve months ended April 30, 2022, before interest holder distributions, included total investment management fees earned from the Value Line Funds of $29,598,000, 12b-1 fees and other fees of $9,310,000 and other net losses of $20,000. For the same period, total investment management fee waivers were $547,000 and 12b-1 fee waivers were $644,000. During the twelve months ended April 30, 2022, EAM's net income was $4,284,000 after giving effect to Value Line’s non-voting revenues interest of $15,899,000, but before distributions to voting profits interest holders and to the Company in respect of its 50% non-voting profits interest.

As of April 30, 2024, one of the Value Line Funds has 12b-1 fees waivers in place, and five funds have partial investment management fee waivers in place. Although, under the terms of the EAM Declaration of Trust, the Company does not receive or share in the revenues from 12b-1 distribution fees, the Company could benefit from the fee waivers to the extent that the resulting reduction of expense ratios and enhancement of the performance of the Value Line Funds attracts new assets.

The Value Line equity and hybrid funds’ assets represent 99.1% and fixed income fund assets represent 0.9%, respectively, of total fund assets under management (“AUM”) as of April 30, 2024. At April 30, 2024, equity and hybrid AUM increased by 35.6% and fixed income AUM decreased by 12.8% as compared to last year at April 30, 2023.

The Value Line equity and hybrid funds’ assets represent 98.7% and fixed income fund assets represent 1.3%, respectively, of total fund assets under management (“AUM”) as of April 30, 2023. At April 30, 2023, equity and hybrid AUM decreased by 7.9% and fixed income AUM decreased by 8.1% as compared to last year at April 30, 2022.

As of April 30, 2025, one of the Value Line Funds has 12b-1 fees waivers in place, and four funds have investment management fee waivers in place amounting in aggregate to less than 1% of all EAM management fee revenues.

The Value Line equity and hybrid funds’ assets represent 99.2% and fixed income fund assets represent 0.8%, respectively, of total fund assets under management (“AUM”) as of April 30, 2025. At April 30, 2025, equity and hybrid AUM increased by 12.0% and fixed income AUM was similar when compared to last year at April 30, 2024.

EAM - The Company’s non-voting revenues and non-voting profits interests

The Company holds non-voting revenues and non-voting profits interests in EAM which entitle the Company to receive from EAM an amount ranging from 41% to 55% of EAM's investment management fee revenues from its mutual fund and separate accounts business, and 50% of EAM’s net profits, not less than 90% of which is distributed in cash every fiscal quarter.

The Company recorded income from its non-voting revenues interest and its non-voting profits interest in EAM as follows:

	Fiscal Years Ended April 30,						Change
($ in thousands)	~~2024~~2025		~~2023~~2024		~~2022~~2023		'2425 vs. '2324			'2324 vs. '2223
Non-voting revenues interest	$	1116,~~900~~183	$	1011,~~397~~900	$	1510,~~899~~397		1436.50	%		~~-34~~14.65	%
Non-voting profits interest		12,~~382~~135		~~734~~1,382		~~2,142~~734		8854.35	%		~~-65~~88.73	%
	$	1318,~~282~~318	$	1113,~~131~~282	$	1811,~~041~~131		1937.39	%		~~-38~~19.3	%

Operating expenses

	Fiscal Years Ended April 30,						Change
($ in thousands)	~~2024~~2025		~~2023~~2024		~~2022~~2023		'2425 vs. '2324			'2324 vs. '2223
Advertising and promotion	$	23,~~955~~797	$	32,~~049~~955	$	3,~~223~~049		-328.15	%		-53.41	%
Salaries and employee benefits		14,~~851~~455		1514,~~203~~851		1715,~~323~~203		-2.37	%		-~~12.~~2.3	%
Production and distribution		5,~~455~~987		5,~~210~~455		5,~~003~~210		49.78	%		4.17	%
Office and administration		54,~~085~~855		45,~~763~~085		4,~~176~~763		6-4.85	%		146.18	%
Total expenses	$	2829,~~346~~094	$	28,~~225~~346	$	2928,~~725~~225		02.46	%		~~-5.~~0.4	%

Expenses within the Company are categorized into advertising and promotion, salaries and employee benefits, production and distribution, office and administration.

Operating expenses of $2829,~~346~~094,000 during the twelve months ended April 30, ~~2024~~2025, were 02.46% above those during the twelve months ended April 30, ~~2023~~2024. Operating expenses of $7,~~515~~557,000 during the three months ended April 30, ~~2024~~2025, were ~~8.0%~~slightly above those during the three months ended April 30, ~~2023~~2024.

Operating expenses of $28,~~225~~346,000 during the twelve months ended April 30, ~~2023~~2024, were 5.0.4% ~~below~~above those during the twelve months ended April 30, ~~2022 as a result of cost controls in fiscal year~~ 2023. Operating expenses of $67,~~961~~515,000 during the three months ended April 30, ~~2023~~2024, were 38.40% ~~below~~above those during the three months ended April 30, ~~2022~~2023, reflecting expenses connected with discontinuing in-house warehousing and distribution functions.

Operating expenses of $29,725,000 during the twelve months ended April 30, 2022, were 9.5% below those during the twelve months ended April 30, 2021 as a result of cost controls in fiscal year 2022. Operating expenses of $7,205,000 during the three months ended April 30, 2022, were 18.9% below those during the three months ended April 30, 2021.

Operating expenses of $28,225,000 during the twelve months ended April 30, 2023, were 5.0% below those during the twelve months ended April 30, 2022 as a result of cost controls in fiscal year 2023. Operating expenses of $6,961,000 during the three months ended April 30, 2023, were 3.4% below those during the three months ended April 30, 2022.

Advertising and promotion

During twelve months ended April 30, 2025, advertising and promotion expenses of $3,797,000 increased 28.5% as compared to the prior fiscal year. During the twelve months ended April 30, 2025, increases were primarily due to increases in direct mail and other promotion costs.

During twelve months ended April 30, 2024, advertising and promotion expenses of $2,955,000 decreased 3.1% as compared to the prior fiscal year. During the twelve months ended April 30, 2024, decreases were primarily due to decreases in total sales commissions.

During twelve months ended April 30, 2023, advertising and promotion expenses of $3,049,000 decreased 5.4% as compared to the prior fiscal year. During the twelve months ended April 30, 2023, decreases were primarily due to decreases in media advertising expenses and direct mail campaigns, partially offset by ~~the~~ increases in renewal solicitation costs and institutional sales commissions.

During the twelve months ended April 30, 2022, advertising and promotion expenses of $3,223,000 decreased 13.9% as compared to the prior fiscal year. During the twelve months ended April 30, 2022, decreases were primarily due to a decline in direct mail campaigns and lower media marketing and lower institutional sales commissions. Total sales commissions decreased 8% during the twelve months ended April 30, 2022.

Salaries and employee benefits

During the twelve months ended April 30, 2025, salaries and employee benefits of $14,455,000 decreased 2.7% below the prior fiscal year, primarily due to decreases in salaries and employee benefits resulting from reduced employee headcount and the outsourcing of the Company’s distribution operation to domestic contractors since the latter part of fiscal 2024.

During the twelve months ended April 30, 2024, salaries and employee benefits of $14,851,000 decreased 2.3% below the prior fiscal year, primarily due to decreases in salaries and employee benefits resulting from a reduced employee headcount in fiscal year 2024.

During the twelve months ended April 30, 2023, salaries and employee benefits of $15,203,000 decreased 12.2% below the prior fiscal year, primarily due to decreases in salaries and employee benefits resulting from a reduced employee headcount in fiscal year 2023, as well as reductions in payment for a profit sharing contribution and the company’s share of medical benefits.

During the twelve months ended April 30, ~~2022~~2025, ~~salaries~~2024 and ~~employee benefits of $17~~2023,~~323,000~~ ~~decreased 8.2% below~~ the ~~prior~~Company ~~fiscal~~recorded ~~year,~~profit ~~primarily~~sharing ~~due~~expenses toof ~~decreases~~$422,000, in$410,000 ~~salaries~~ and ~~employee~~$557,000, ~~benefits resulting from a reduced employee headcount in fiscal year 2022 along with a decrease in Profit Sharing employee benefits expense~~respectively.

During the twelve months ended April 30, 2024, 2023 and 2022, the Company recorded profit sharing expenses of $411,000, $410,000 and $557,000, respectively.

Production and distribution

During the twelve months ended April 30, ~~2024~~2025, production and distribution expenses of $5,~~455~~987,000 increased 49.78% above the prior fiscal year primarily due to increases in third -party ~~software~~distribution ~~expenses associated with Advantage~~ and anmailing ~~increase~~expenses inthat ~~paper~~resulted ~~costs.~~from ~~This~~outsourcing ~~increase~~our ~~was~~internal ~~partially~~distribution ~~offset~~operations byafter ~~decreases~~April in2024, ~~production~~while ~~expenses~~ending toour ~~support~~internal ~~the~~VLDC ~~Company’s~~operation ~~website~~at ~~and~~April ~~maintenance~~30, ~~of the Company’s publishing application software and operating systems~~2024.

During the twelve months ended April 30, ~~2023~~2024, production and distribution expenses of $5,~~210~~455,000 increased 4.17% above the prior fiscal year. ~~Increases~~primarily due to increases in fulfillment restructuring costs and an increase in paper costs, offset by decreases in production ~~support~~expenses ofto support the Company’s website and maintenance of the Company’s publishing and application software and operating systems ~~were partially offset by lower paper and printing costs resulting from decreases in print circulation~~.

During the twelve months ended April 30, 2022, production and distribution expenses of $5,003,000 decreased 8.0% below the prior fiscal year, primarily due to decreases in service mailers and distribution expenses and a decrease in production support of the Company’s website, maintenance of the Company’s publishing and application software and operating systems.

During the twelve months ended April 30, 2023, production and distribution expenses of $5,211,000 increased 4.1% above the prior fiscal year. Increases in production support of the Company’s website and maintenance of the Company’s publishing and application software and operating systems were partially offset by lower paper and printing costs resulting from decreases in print circulation.

Office and administration

During the twelve months ended April 30, ~~2024~~2025, office and administrative expenses of $54,~~085~~855,000 ~~increased~~decreased 64.85% ~~above~~below the prior fiscal year, primarily ~~due~~because tothe anCompany ~~increases~~did innot ~~restructuring~~have ~~costs related~~ to ~~outsourcing~~incur ~~the~~restructuring ~~mailing~~costs &for ~~distribution~~outsourcing ~~operations at~~ VLDC's ~~and~~operations ~~professional~~as ~~fees~~ in ~~connection~~the ~~with~~previous ~~intellectual~~fiscal ~~property, contractual, and other matters~~year.

During the twelve months ended April 30, ~~2023~~2024, office and administrative expenses of $45,~~763~~085,000 increased 146.18% above the prior fiscal year, primarily due to an ~~increases~~increase in ~~settlement~~restructuring costs ~~and~~for ~~professional~~outsourcing ~~fees~~VLDC’s ~~in connection with intellectual property, contractual, and other matters~~operations.

During the twelve months ended April 30, ~~2022~~2023, office and administrative expenses of $4,~~176~~763,000 ~~decreased~~increased 1314.1% ~~below~~above the prior fiscal year, primarily due to aan ~~reversal~~increase ofin ~~selected~~ settlement ~~reserves~~costs and ~~favorable~~professional ~~settlement of a disputed fee with a contractor and decreases in outside data processing (communication, server hosting backup, antivirus software)~~fees.

Concentration

During the twelve months ended April 30, ~~2024~~2025, 3229.26% of total publishing revenues of $3735,~~487~~079,000 were derived from a single customer. During the twelve months ended April 30, ~~2023~~2024, 3332.92% of total publishing revenues of $3937,~~695~~487,000 were derived from a single customer. During the twelve months ended April 30, ~~2022~~2023, 33.09% of total publishing revenues of $4039,~~525~~695,000 were derived from a single customer.

Lease Commitments

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 (“ABM” or the “Sublandlord”) 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 October 3, 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~~.

OnFrom ~~February~~2016 ~~29,~~to ~~2016~~2024, the Company’s subsidiary VLDC and Seagis Property Group LP (the “Landlord”) entered into a lease agreement, pursuant to which VLDC leased 24,110 square feet of warehouse and appurtenant office space located at ~~205 Chubb Ave.,~~ Lyndhurst, NJ (“Warehouse”) ~~beginning on May 1, 2016 and ending on April 30, 2024 (“Lease”)~~. Base rent under the Lease was $237,218 per annum. The Company provided a security deposit in cash in the amount of $32,146, which has been fully refunded after the Company vacated the premises. VLDC distributed Value Line’s print publications from the Warehouse. The Company has outsourced to a U.S. ~~facility~~contractors the functions formerly performed at the Warehouse.

Investment gains / (losses)

	Fiscal Years Ended April 30,									Change
($ in thousands)	~~2024~~2025			~~2023~~2024			~~2022~~2023			'2425 vs. '2324			'2324 vs. '2223
Dividend income	$	~~551~~553		$	~~595~~551		$	~~851~~595			-70.4	%		-307.14	%
Interest income		12,~~934~~126			~~706~~1,934			18706			~~173~~9.9	%		~~3822~~173.29	%
Investment (losses) recognized on sale of equity securities during the period		(1	)		(81	)		(1,568	)		-98.8	%		94.8	%
Investment gains/(losses) recognized on sale of equity securities during the period		(123	)		(1	)		(81	)		-12200.0	%		98.8	%
Unrealized gains/(losses) recognized on equity securities held at the end of the period		~~288~~682			~~(45~~288	)		~~167~~(45	)		~~-740~~136.08	%		~~-126~~740.90	%
Other		(8-	)		(18	)		(21	)		~~-700~~100.0	%		-50700.0	%
Total investment gains/(losses)	$	23,~~764~~238		$	12,~~174~~764		$	~~(534~~1,174	)		~~135~~17.41	%		~~319~~135.94	%

During the twelve months ended April 30, ~~2024~~2025, the Company’s total investment gains, ~~primarily~~of ~~derived from dividend and interest income~~$3,238,000 ~~investment~~increased ~~gains~~17.1% ~~recognized~~above onprior ~~sales~~fiscal ofyear, ~~equity~~primarily ~~securities~~derived ~~during~~from ~~the period and~~ unrealized gains ~~recognized~~ on equity securities ~~held~~and atincreases ~~the end of the period~~ in ~~fiscal 2024, resulted in investment gains of $2,764,000. Proceeds from maturities and sales of government debt securities classified as available-for-sale during~~ the ~~twelve~~interest ~~months ended April 30, 2024 and April 30, 2023, were $37,114,000 and $9,907,000, respectively~~income. Proceeds from the sales of equity securities during the twelve months ended April 30, ~~2024~~2025 and April 30, ~~2023~~2024 were $13,~~129~~243,000 and $41,~~706~~129,000, respectively. There were no capital gain distributions from ETFs in fiscal ~~2024~~2025 or fiscal ~~2023~~2024.

During the twelve months ended April 30, ~~2023~~2024, the Company’s total investment gains, ~~primarily~~of ~~derived from dividend and interest income~~$2,764,000 ~~investment~~increased ~~gains~~135.4% ~~recognized~~above onprior ~~sales~~fiscal ofyear, ~~equity~~primarily ~~securities~~derived ~~during~~from ~~the period and~~ unrealized gains ~~recognized~~ on equity securities ~~held~~and atincreases ~~the end of the period~~ in ~~fiscal 2023, resulted in investment gains of $1,174,000. Proceeds from maturities and sales of government debt securities classified as available-for-sale during~~ the ~~twelve~~interest ~~months ended April 30, 2023 and April 30, 2022, were $9,907,000 and $2,496,000, respectively~~income. Proceeds from the sales of equity securities during the twelve months ended April 30, ~~2023~~2024 and April 30, ~~2022~~2023 were $41,~~706~~129,000 and $124,~~039~~706,000, respectively. There were no capital gain distributions from ETFs in ~~Fiscal~~fiscal ~~2023~~2024 or ~~2022~~fiscal 2023.

Effective income tax rate

The overall effective income tax rates, as a percentage of pre-tax ordinary income for the twelve months ended April 30, ~~2024~~2025, April 30, ~~2023~~2024 and April 30, ~~2022~~2023 were 24.5089%, 24.0050% and 2224.2500%, respectively. The increase in the effective tax rate during for the twelve months ended April 30, ~~2024~~2025 as compared to April 30, ~~2023~~2024, is primarily a result of an increase in the state and local tax rate from 3.~~25% to 3.~~72%~~.The~~ ~~increase in the effective tax rate during for the twelve months ended April 30, 2023 as compared~~ to April 30, 2022, is primarily a result of the non-taxable revenue derived from forgiveness of the PPP loan by the SBA (see note 19) in fiscal 2022 partially offset by an increase in the state and local income taxes from 34.1209% ~~to 3~~.~~25%~~ ~~as a result of changes in state and local income tax allocation factors.~~ The Company's annualized overall effective tax rate fluctuates due to a number of factors, in addition to changes in tax law, including but not limited to an increase or decrease in the ratio of items that do not have tax consequences to pre-income tax, the Company's geographic profit mix between tax jurisdictions, taxation method adopted by each locality, changes in tax rates, new interpretations of existing tax laws and rulings and settlements with tax authorities.

Liquidity and Capital Resources

The Company had working capital, defined as current assets less current liabilities, of $4856,~~770~~230,000 as of April 30, ~~2024~~2025 and $4248,~~788~~770,000 as of April 30, ~~2023~~2024. These amounts include short-term unearned revenue of $1516,~~764~~558,000 and $1615,~~771~~764,000 reflected in total current liabilities at April 30, ~~2024~~2025 and April 30, ~~2023~~2024, respectively. Cash and short-term securities were $6877,~~345~~391,000 and $6268,~~064~~345,000 as of April 30, ~~2024~~2025 and April 30, ~~2023~~2024, respectively.

32 The Company’s cash and cash equivalents include $33,615,000 and $4,136,000 at April 30, 2025 and April 30, 2024, respectively, invested primarily in commercial banks and in Money Market Funds at brokers, which operate under Rule 2a-7 of the 1940 Act and invest primarily in short-term U.S. government securities.

The Company’s cash and cash equivalents include $4,136,000 and $7,240,000 at April 30, 2024 and April 30, 2023, respectively, invested primarily in commercial banks and in Money Market Funds at brokers, which operate under Rule 2a-7 of the 1940 Act and invest primarily in short-term U.S. government securities.

Cash from operating activities

The Company had cash inflows from operating activities of $1720,~~932~~243,000 during the twelve months ended April 30, ~~2024~~2025, compared to cash inflows from operations of $1817,~~178~~932,000 and $2418,~~646~~178,000 during the twelve months ended April 30, ~~2023~~2024 and ~~2022~~2023, respectively. The ~~decrease~~change in cash ~~flows~~inflows ~~from fiscal 2023 to fiscal 2024~~ was a result of ~~decreased~~an ~~interest~~increase ~~income,~~in ~~the~~cash ~~timing of~~ receipts, ~~from~~EAM, ~~accounts~~publication ~~receivable~~subscription sales and ~~slowdown~~a ~~in the decline of unearned revenue. The~~ decrease in ~~cash~~income ~~flows from fiscal 2022 to fiscal 2023 is primarily attributable to lower pre-~~tax ~~income~~payments ~~and~~offset by a decrease in cash receipts from ~~EAM~~customer ~~and~~accounts ~~the~~receivable ~~timing~~from ofthe ~~receipts~~same ~~from~~period ~~copyright~~last ~~programs~~year.

Cash from investing activities

The Company’s cash ~~outflows~~inflows from investing activities of $1021,~~048~~200,000 during the twelve months ended April 30, ~~2024~~2025, compared to cash outflows from investing activities of $2610,~~116~~048,000 and cash outflows of $326,~~389~~116,000 for the twelve months ended April 30, ~~2023~~2024 and April 30, ~~2022~~2023, respectively. ~~Cash~~The ~~outflows~~significant cash inflows in investing activities for the twelve months ended April 30, ~~2024~~2025 ~~and~~was ~~April~~a ~~30,~~result ~~2023,~~of ~~were~~management’s ~~primarily~~conscious ~~due~~decisions to invest the ~~Company’s~~proceeds ~~decision~~from tomaturities ~~invest~~of ~~in additional~~ fixed income short-term securities, ~~primarily~~in ~~United~~the ~~States~~Company’s ~~government~~short-term ~~obligations,~~U.S. inGovernment ~~fiscal~~money ~~2024~~market ~~and~~fund ~~2023~~accounts at sometimes higher yields than U.S Treasury Bills.

Cash from financing activities

During the twelve months ended April 30, ~~2024~~2025, the Company’s cash outflows from financing activities were $11,~~084~~756,000 and compared to cash outflows from financing activities of $1411,~~175~~084,000 and $1014,~~889~~175,000 for the twelve months ended April 30, ~~2023~~2024 and ~~2022~~2023, respectively. Cash outflows for financing activities included $~~523~~453,000, $4523,~~704,~~000 and $24,~~484~~704,000 for the repurchase of 1211,~~057~~480 shares, 7512,~~303~~057 shares and 5375,~~327~~303 shares of the Company’s common stock under the ~~July 2021, March 2022,~~ May 2022 & October 2022 board approved common stock repurchase programs, during fiscal years ~~2024~~2025, ~~2023~~2024 and ~~2022~~2023, respectively. During fiscal 2020, the Company applied for and received an SBA loan under the Paycheck Protection Program in the amount of $2,331,000. The obligation to repay the SBA loan under the Paycheck Protection Program was forgiven during fiscal 2022. Quarterly regular dividend payments of $0.2830 per share during fiscal ~~2024~~2025 aggregated $1011,~~561~~303,000. Quarterly regular dividend payments of $0.2528 per share during fiscal ~~2023~~2024 aggregated $910,~~471~~561,000. Quarterly regular dividend payments of $0.2225 per share during fiscal ~~2022~~2023 aggregated $89,~~405~~471,000.

At April 30, ~~2024~~2025 there were 9,~~428~~417,~~379~~097 common shares outstanding as compared to 9,~~458~~428,~~605~~379 common shares outstanding at April 30, ~~2023~~2024. The Company expects financing activities to continue to include use of cash for dividend payments for the foreseeable future.

~~Management~~Debt ~~believes that the Company’s cash~~ and ~~other~~Liquid liquid asset resources used in its business together with the proceeds from the SBA loan and the future cash flows from operations and from the Company’s non-voting revenues and non-voting profits interests in EAM will be sufficient to finance current and forecasted liquidity needs for the next twelve months and beyond next year. Management does not anticipate making any additional borrowings during the next twelve months. As of April 30, 2024, retained earnings and liquid assets were $104,249,000 and $68,345,000, respectively. As of April 30, 2023, retained earnings and liquid assets were $95,979,000 and $62,064,000, respectively.Assets

Management believes that the Company’s cash and other liquid asset resources used in its business together with future cash flows from operations and from the Company’s non-voting revenues and non-voting profits interests in EAM will be sufficient to finance current and forecasted liquidity needs for the next twelve months and beyond next year. Management does not anticipate making any borrowings during the next twelve months. As of April 30, 2025, retained earnings and liquid assets were $113,400,000 and $77,391,000, respectively. As of April 30, 2024, retained earnings and liquid assets were $104,249,000 and $68,345,000, respectively.

Seasonality

Our publishing revenues are comprised of subscriptions which are generally annual subscriptions. Our cash flows from operating activities are minimally seasonal in nature, primarily due to the timing of customer payments made for orders and subscription renewals.

Recent Accounting Pronouncements

In ~~2019~~November 2023, the ~~Financial~~FASB issued Accounting Standards ~~Board~~Update ~~(“FASB”) issued ASU 2019~~2023-1207, “~~Income~~Improvements ~~Taxes~~to ~~(Topic740):~~Reportable ~~Simplifying~~Segment ~~the~~Disclosures” ~~Accounting~~(“ASU ~~for Income Taxes~~2023-07”), aswhich ~~part~~requires disclosures of ~~its~~significant ~~initiative~~expenses toby ~~reduce~~segment ~~complexity~~and ininterim ~~the~~disclosure ~~accounting~~of ~~standards. The~~items ~~standard~~that ~~eliminates~~were ~~certain~~previously ~~exceptions~~required ~~related~~on toan ~~the~~annual ~~approach~~basis. ~~for~~ASU ~~intraperiod~~2023-07 ~~tax~~is ~~allocation,~~to ~~the~~be ~~methodology~~applied ~~for~~on ~~calculating~~a ~~income~~retrospective ~~taxes~~basis ~~in an interim period~~ and ~~the~~is ~~recognition~~effective ~~of deferred tax liabilities~~ for ~~outside~~fiscal ~~basis~~years ~~differences.~~beginning ~~The~~after ~~standard~~December ~~also~~15, ~~clarifies~~2023 and ~~simplifies other aspects of the accounting for income taxes including~~ interim~~-period~~ ~~accounting~~periods ~~for~~within ~~enacted~~fiscal ~~changes~~years inbeginning ~~tax~~after ~~laws.~~December ~~The Company adopted this guidance effective May 1~~15, ~~2021~~2024. ~~The~~ ~~adoption~~We ofadopted ~~this~~ASU ~~standard~~2023-07 ~~did~~with ~~not~~such ~~have~~disclosures aincluded ~~material~~in ~~impact~~Note on18 ~~the~~to ~~Company’s~~our ~~financial~~Consolidated ~~statements~~Financial Statements.

In November 2023, the FASB issued Accounting Standards Update 2023-07, “Improvements to Reportable Segment Disclosures” (“ASU 2023-07”), which requires disclosures of significant expenses by segment and interim disclosure of items that were previously required on an annual basis. ASU 2023-07 is to be applied on a retrospective basis and is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. We are evaluating the impact of ASU 2023-07 on disclosures in our Consolidated Financial Statements.33

In December 2023, the FASB issued Accounting Standards Update 2023-09, “Improvements to Income Tax Disclosures” (“ASU 2023-09”), which provides for additional disclosures primarily related to the income tax rate reconciliations and income taxes paid. ASU 2023-09 requires entities to annually disclose the income tax rate reconciliation using both amounts and percentages, considering several categories of reconciling items, including state and local income taxes, foreign tax effects, tax credits and nontaxable or nondeductible items, among others. Disclosure of the reconciling items is subject to a quantitative threshold and disaggregation by nature and jurisdiction. ASU 2023-09 also requires entities to disclose net income taxes paid or received to federal, state and foreign jurisdictions, as well as by individual jurisdiction, subject to a five percent quantitative threshold. ASU 2023-09 may be adopted on a prospective or retrospective basis and is effective for fiscal years beginning after December 15, 2024 with early adoption permitted. We are evaluating the impact of ASU 2023-09 on disclosures in our Consolidated Financial Statements.

In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03, Income Statement-Reporting Comprehensive Income- Expense Disaggregation Disclosures, requiring all public business entities to provide additional disclosure of the nature of expenses include in the income statement. This ASU is effective for fiscal years beginning after December 15, 2026, and for interim reporting periods beginning after December 15, 2027, on a prospective basis, with early adoption permitted. We are currently evaluating the impact on our financial statement disclosures.

Critical Accounting Estimates and Policies

The Company prepares its consolidated financial statements in accordance with Generally Accepted Accounting Principles as in effect in the United States (U.S. “GAAP”). The preparation of these financial statements requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses. The Company bases its estimates on historical experience and on various other assumptions that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent, and the Company evaluates its estimates on an ongoing basis. Actual results may differ from these estimates under different assumptions or conditions. The Company believes the following critical accounting policies reflect the significant judgments and estimates used in the preparation of its Consolidated Financial Statements:

●

Valuation of EAM

Investment in EAM Trust

The Company accounts for its investment in EAM using the equity method of accounting. A ~~The~~specialized ~~value~~valuation offirm ~~its~~annually ~~investment~~prepares inan ~~EAM~~evaluation ~~is the fair value~~ of the ~~contributed~~EAM ~~capital at inception~~business, ~~plus~~permitting the Company’s ~~share~~to ofdetermine ~~non-voting~~that ~~revenues~~the ~~and~~valuation ~~non-voting~~of ~~profits~~our ~~from~~investment ~~EAM,~~is ~~less~~not ~~distributions~~impaired. ~~received~~Based ~~from~~on ~~EAM.~~this ~~The~~evaluation ~~Company~~by ~~evaluates~~the ~~its~~firm ~~investment~~engaged inby EAM, onEAM adetermines ~~regular~~if ~~basis~~there ~~for~~is other-than-temporary impairment, ~~which~~in ~~requires~~its ~~significant~~investment. ~~judgment~~The ~~and~~Company ~~includes~~uses ~~quantitative and qualitative analysis of identified events or circumstances that impact~~ the ~~fair~~report ~~value~~information offor ~~the~~a similar ~~investment~~purpose.

Should the fair value of the investment fall below its carrying value, the Company will determine whether the investment is other-than-temporarily impaired, which includes assessing the severity and duration of the impairment and the likelihood of recovery. If the investment is considered to be other-than-temporarily impaired, the Company will write down the investment to its fair value. Since the inception of EAM, the Company has not recognized any other-than-temporary impairment in the investment.

Contractual Obligations

We are a party to lease contracts which will result in cash payments to lessors in future periods. Operating lease liabilities are included in our Consolidated Balance Sheets. Estimated payments of these liabilities in each of the next four fiscal years (in thousands): $1,~~429 in 2025; $1,~~461 in 2026; $1,493 in 2027 and $882 in 2028 totaling $53,~~265~~836.

Item 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

Market Risk Disclosures

The Company’s Consolidated Balance Sheet includes a substantial amount of assets whose fair values are subject to market risks. The Company’s market risks are primarily associated with interest rates and equity price risk. The following sections address the significant market risks associated with the Company’s investment activities.

Interest Rate Risk

The Company’s strategy has been to acquire debt securities with low credit risk. Despite this strategy management recognizes and accepts the possibility that losses may occur. To limit the price fluctuation in these securities from interest rate changes, the Company’s management invests primarily in short-term obligations maturing within one year.

The fair values of the Company’s fixed maturity investments will fluctuate in response to changes in market interest rates. Increases and decreases in prevailing interest rates generally translate into decreases and increases in fair values of those instruments. Additionally, fair values of interest rate sensitive instruments may be affected by prepayment options, relative values of alternative investments, and other general market conditions.

Fixed income securities consist of certificates of deposits and securities issued by federal, state and local governments within the United States. As of April 30, ~~2024~~2025 the aggregate cost and fair value of fixed income securities classified as available-for-sale were $4722,~~931~~518,000 and $4722,~~611~~435,000, respectively. As of April 30, ~~2023~~2024 the aggregate cost and fair value of fixed income securities classified as available-for-sale were $3947,~~455~~931,000 and $3947,~~928~~611,000, respectively.

The following table summarizes the estimated effects of hypothetical increases and decreases in interest rates on assets that are subject to interest rate risk. It is assumed that the changes occur immediately and uniformly to each category of instrument containing interest rate risks. The hypothetical changes in market interest rates do not reflect what could be deemed best or worst case scenarios. Variations in market interest rates could produce significant changes in the timing of repayments due to prepayment options available. For these reasons, actual results might differ from those reflected in the table.

Fixed Income Securities	~~Estimated Fair Value after~~
	Hypothetical Change in Interest Rates
			Estimated Fair Value after
	(in thousands)
			Hypothetical Change in Interest Rate
	(bp = basis points)
			(in thousands)
			(bp = basis points)
			1 year		1 year		1 year		1 year
	Fair		50 bp		50 bp		100 bp		100 bp
	Value		increase		decrease		increase		decrease
As of April 30, 2025
Investments in securities with fixed maturities	$	22,435	$	22,043	$	22,480	$	21,830	$	22,702
As of April 30, 2024
Investments in securities with fixed maturities	$	47,611	$	46,554	$	46,935	$	46,363	$	47,126
As of April 30, 2023
Investments in securities with fixed maturities	$	39,928	$	39,202	$	39,512	$	39,048	$	39,667

Management regularly monitors the maturity structure of the Company’s investments in debt securities in order to maintain an acceptable price risk associated with changes in interest rates.

Equity Price Risk

The carrying values of investments subject to equity price risks are based on quoted market prices as of the balance sheet dates. Market prices are subject to fluctuation and, consequently, the amount realized in the subsequent sale of an investment may significantly differ from the reported market value. Fluctuation in the market price of a security may result from perceived changes in the underlying economic characteristics of the issuer, the relative price of alternative investments and general market conditions. Furthermore, amounts realized in the sale of a particular security may be affected by the relative quantity of the security being sold.

The Company’s equity investment strategy has been to acquire equity securities across a diversity of industry groups. The portfolio consists of ETFs held for dividend yield that attempt to replicate the performance of certain equity indexes and ETFs that hold preferred shares primarily of financial institutions. In order to maintain liquidity in these securities, the Company’s policy has been to invest in and hold in its portfolio, no more than 5% of the approximate average daily trading volume in any one issue.

As of April 30, ~~2024~~2025 and April 30, ~~2023~~2024, the aggregate cost of the equity securities, which consist of investments in the SPDR Series Trust S&P Dividend ETF (SDY), First Trust Value Line Dividend Index ETF (FVD), ProShares Trust S&P 500 Dividend Aristocrats ETF (NOBL), IShares DJ Select Dividend ETF (DVY), ~~and~~ other Exchange Traded Funds and common stock equity securities was a combined total $1115,~~663~~513,000 and $1011,~~169~~663,000, respectively, and the fair value was $1620,~~344~~879,000 and $1416,~~546~~344,000, respectively.

Equity Securities					Estimated Fair Value after		Hypothetical Percentage ~~Increase~~
				Hypothetical	Hypothetical		Increase (Decrease) in
($ in thousands)		Fair Value		Price Change	Change in Prices		Shareholders’ Equity
As of April 30, 2024	Equity Securities and ETFs held for dividend yield	$	16,344	30% increase	$	21,247		4.27	%
As of April 30, 2025	Equity Securities and ETFs held for dividend yield	$	20,879	30% increase	$	27,143		4.96	%
				30% decrease	$	1114,~~441~~615		-4.2796	%

Equity Securities					Estimated Fair Value after		Hypothetical Percentage ~~Increase~~
				Hypothetical	Hypothetical		Increase (Decrease) in
($ in thousands)		Fair Value		Price Change	Change in Prices		Shareholders’ Equity
As of April 30, 2023	Equity Securities and ETFs held for dividend yield	$	14,546	30% increase	$	18,910		4.12	%
As of April 30, 2024	Equity Securities and ETFs held for dividend yield	$	16,344	30% increase	$	21,247		4.27	%
				30% decrease	$	1011,~~182~~441		-4.1227	%

Item 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.

The following consolidated financial statements of the registrant and its subsidiaries are included as a part of this Form 10-K:

	Page Number
Report of independent auditors (PCAOB ID No. 921)	4849
Consolidated balance sheets at April 30, 2024 and 2023	50
Consolidated balance sheets at April 30, 2025 and 2024	51
Consolidated statements of income for the fiscal years ended April 30, 2024, 2023 and 2022	51
Consolidated statements of income for the fiscal years ended April 30, 2025, 2024 and 2023	52
Consolidated statements of comprehensive income for the fiscal years ended April 30, 2024, 2023 and 2022	52
Consolidated statements of comprehensive income for the fiscal years ended April 30, 2025, 2024 and 2023	53
Consolidated statements of cash flows for the fiscal years ended April 30, 2024, 2023 and 2022	53
Consolidated statements of cash flows for the fiscal years ended April 30, 2025, 2024 and 2023	54
Consolidated statement of changes in shareholders’ equity for the fiscal years ended April 30, 2024, 2023 and 2022	54
Consolidated statement of changes in shareholders’ equity for the fiscal years ended April 30, 2025, 2024 and 2023	55
Notes to the consolidated financial statements	5556

Item 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE.

None.

Item 9A. CONTROLS AND PROCEDURES.

(a)

Evaluation of Disclosure Controls and Procedures.

The Company's Chief Executive Officer and Vice President & Treasurer carried out an evaluation of the effectiveness of the Company's "disclosure controls and procedures" (as defined in the Securities Exchange Act of 1934 (the “Exchange Act”) Rules 13a-15(e) or 15d-15(e)) as of April 30, ~~2024~~2025, as required by paragraph (b) of Exchange Act Rules 13a-15 or 15d-15. The Company’s Chief Executive Officer and Vice President & Treasurer are engaged in a comprehensive effort to review, evaluate and improve the Company's controls; however, management does not expect that the Company's disclosure controls or its internal controls over financial reporting can prevent all possible errors and fraud.

The Company maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in the Company’s reports filed with the SEC is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to the Company’s management, including its Chief Executive Officer and Vice President & Treasurer, as appropriate, to allow timely decisions regarding required disclosure.

The Company’s management has evaluated, with the participation of the Company’s Chief Executive Officer and, the effectiveness of the Company’s disclosure controls and procedures as of the end of the period covered by this report. Based on that evaluation, the Chief Executive Officer and Vice President & Treasurer have concluded that the Company’s disclosure controls and procedures were effective as of the end of the period covered by this report.

This Form 10-K does not include an attestation report of the Company's registered public accounting firm regarding the Company’s internal control over financial reporting. Under applicable SEC rules, no such attestation report by the Company's registered public accounting firm is required.

Changes in Internal Controls

In the course of the evaluation of disclosure controls and procedures, the Chief Executive Officer and Vice President & Treasurer considered certain internal control areas in which the Company has made and is continuing to make changes to improve and enhance controls. Based upon that evaluation, the Chief Executive Officer and Vice President & Treasurer of the Company concluded that there were no changes in the Company's internal control over financial reporting identified in connection with the evaluation required by paragraph (d) of Exchange Act Rules 13a-15 or 15d-15 that occurred during the fourth quarter of fiscal ~~2024~~2025 that have materially affected, or are reasonably likely to materially affect, the Company's internal controls over financial reporting.

(b)

Management’s Annual Report on Internal Control over Financial Reporting.

The Company’s management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rule 13a-15(f) under the Exchange Act. Internal control over financial reporting is a process designed by, or under the supervision of, the Company’s principal executive and principal financial officers, and effected by the board of directors, management, and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. GAAP including those policies and procedures that: (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company, (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with U.S. GAAP and that receipts and expenditures are being made only in accordance with authorizations of management and directors of the Company, and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with policies and procedures may deteriorate.

Under the supervision and with the participation of management, including the Chief Executive Officer and the Vice President & Treasurer, acting as Principal Financial Officer, the Company has assessed the effectiveness of its internal control over financial reporting as of April 30, ~~2024~~2025. In making this assessment, management used the criteria described in Internal Control - Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Based on this assessment and those criteria, management concluded that the Company did maintain effective internal control over financial reporting as of April 30, ~~2024~~2025.

Changes in Internal Control over Financial Reporting

There have been no changes in the Company’s internal control systems over financial reporting during the fourth quarter of fiscal ~~2024~~2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. The Company administrative and finance personnel have been operating on a near-fully remote basis during the entirety of the fiscal year ended April 30, 2024 as a result of pandemic restrictions and precautions. The internal control systems have remained intact.

Item 9B. OTHER INFORMATION.

Value Line has never adopted a Rule 10b5-1 trading arrangement (as that term is defined in Item 408(a)(1)(i) of Regulation S-K). None of our directors or executive officers adopted or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement (as defined in Item 408(c) of Regulation S-K) during fiscal year ended April 30, 2025.

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspection

Not applicable.

Part III

Item 10. DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE.

	Director	~~Director~~
	(a) Names of Directors, Age as of June 30, 2024 and Principal Occupation	Since
(a) Names of Directors, Age as of June 30, 2025 and Principal Occupation	Since
	Stephen R. Anastasio* (65). Vice President of the Company since December 2010; Treasurer since September 2005 and Director since February 2010. Mr. Anastasio has been employed by Value Line, Inc. for more than 30 years. In addition to his current roles with the Company, he has served as Chief Financial Officer, Treasurer, Chief Accounting Officer and Corporate Controller of the Company. Mr. Anastasio is a graduate of Fairleigh Dickinson University and is a Certified Public Accountant.	2010
Stephen R. Anastasio* (66). Vice President of the Company since December 2010; Treasurer since September 2005 and Director since February 2010. Mr. Anastasio has been employed by Value Line, Inc. for more than 30 years. In addition to his current roles with the Company, he has served as Chief Financial Officer, Treasurer, Chief Accounting Officer and Corporate Controller of the Company. Mr. Anastasio is a graduate of Fairleigh Dickinson University and is a Certified Public Accountant.	2010
	Mary Bernstein* (74). Retired. Director of Accounting of the Company since 2010; Accounting Manager of the Company from 2000 to 2010. Mrs. Bernstein holds an MBA Degree in accounting from Baruch College of CUNY and is a Certified Public Accountant. Mrs. Bernstein had been employed by Value Line, Inc. for more than 25 years. She retired as an employee on July 31, 2022.	2010
Mary Bernstein* (75). Retired. Director of Accounting of the Company since 2010; Accounting Manager of the Company from 2000 to 2010. Mrs. Bernstein holds an MBA Degree in accounting from Baruch College of CUNY and is a Certified Public Accountant. Mrs. Bernstein had been employed by Value Line, Inc. for more than 25 years. She retired as an employee on July 31, 2022.	2010
	Howard A. Brecher* (70). Chairman and Chief Executive Officer of the Company since October 2011; Acting Chairman and Acting Chief Executive Officer of the Company from November 2009 until October 2011; Chief Legal Officer of the Company from prior to 2005 to the present; Vice President and Secretary of the Value Line Funds from June 2008 until December 2010; Secretary of EAM LLC from February 2009 until December 2010; Director and General Counsel of AB&Co., Inc. from prior to 2005 to the present.	1992
Howard A. Brecher* (71). Chairman and Chief Executive Officer of the Company since October 2011; Acting Chairman and Acting Chief Executive Officer of the Company from November 2009 until October 2011; Chief Legal Officer of the Company from prior to 2005 to the present; Vice President and Secretary of the Value Line Funds from June 2008 until December 2010; Secretary of EAM LLC from February 2009 until December 2010; Director and General Counsel of AB&Co., Inc. from prior to 2005 to the present.	1992
Mr. Brecher has been an officer of the Company for more than 25 years. In addition to his current roles with the Company, he has also served as Secretary of the Company and as a senior officer of significant affiliates of the Company. Mr. Brecher is a graduate of Harvard College, Harvard Business School and Harvard Law School. He also holds a Master’s Degree in tax law from New York University.	Mr. Brecher has been an officer of the Company for more than 25 years. In addition to his current roles with the Company, he has also served as Secretary of the Company and as a senior officer of significant affiliates of the Company. Mr. Brecher is a graduate of Harvard College, Harvard Business School and Harvard Law School. He also holds a Master’s Degree in tax law from New York University.
	Stephen P. Davis (72). Retired Deputy Commissioner, New York City Police Department (“NYPD”), from 2014 to 2018. Managing Member, Davis Investigative Group, LLC from 2001 to 2013, and since April, 2018. Mr. Davis served as a senior appointed official in the NYPD from which he retired in 1992 as a uniformed senior officer. He has successfully managed his own business serving the financial services industry and other clients for more than 15 years.	2010
Stephen P. Davis (73). Retired Deputy Commissioner, New York City Police Department (“NYPD”), from 2014 to 2018. Managing Member, Davis Investigative Group, LLC from 2001 to 2013, and since April, 2018. Mr. Davis served as a senior appointed official in the NYPD from which he retired in 1992 as a uniformed senior officer. He has successfully managed his own business serving the financial services industry and other clients for more than 15 years.	2010
	Alfred R. Fiore (68). Retired Chief of Police, Westport, CT from 2004 to 2011. Mr. Fiore served as the senior official of a municipal department with both executive and budget responsibilities. He was Chief of Police, Westport, CT for seven years and was a member of that Police Department for more than 33 years.	2010
Alfred R. Fiore (69). Retired Chief of Police, Westport, CT from 2004 to 2011. Mr. Fiore served as the senior official of a municipal department with both executive and budget responsibilities. He was Chief of Police, Westport, CT for seven years and was a member of that Police Department for more than 33 years.	2010
	Glenn J. Muenzer (66). Special Agent (Retired), Federal Bureau of Investigation (the “FBI”) from 1991 to 2012. Mr. Muenzer is an accomplished law enforcement professional with extensive law enforcement and financial investigative experience. Prior to joining the FBI, Mr. Muenzer was Vice President and Manager of Internal Audit at Thomson McKinnon Securities, Inc.; Assistant Vice President of Internal Audit at EF Hutton; Senior Auditor with Deloitte. Mr. Muenzer is a Certified Public Accountant and Certified in Financial Forensics.	2012
Glenn J. Muenzer (67). Special Agent (Retired), Federal Bureau of Investigation (the “FBI”) from 1991 to 2012. Mr. Muenzer is an accomplished law enforcement professional with extensive law enforcement and financial investigative experience. Prior to joining the FBI, Mr. Muenzer was Vice President and Manager of Internal Audit at Thomson McKinnon Securities, Inc.; Assistant Vice President of Internal Audit at EF Hutton; Senior Auditor with Deloitte. Mr. Muenzer is a Certified Public Accountant and Certified in Financial Forensics.	2012

* Member of the Executive Committee of the Board of Directors.

Except as noted, the directors have held their respective positions for at least five years. Information about the experience, qualifications, attributes and skills of the directors is incorporated by reference from the section entitled "Director Qualifications" in the Company's Proxy Statement for the ~~2024~~2025 Annual Meeting of Shareholders.

(b)

The information pertaining to executive officers of the Company is set forth in Part I, Item I, subsection J under the caption "Executive Officers of the Registrant" of this Form 10-K.

Audit Committee

The Company has a standing Audit Committee performing the functions described in Section 3(a) (58) (A) of the Securities Exchange Act of 1934, the members of which are: Mr. Glenn Muenzer, Mr. Stephen Davis, and Mr. Alfred Fiore. Mr. Muenzer, a qualified financial expert, was elected Chairman of the Audit Committee in 2012. The Board of Directors have determined that Mr. Muenzer is an “audit committee financial expert” (as defined in the rules and regulations of the SEC). The Board of Directors believes that the experience and financial sophistication of the members of the Audit Committee are sufficient to permit the members of the Audit Committee to fulfill the duties and responsibilities of the Audit Committee. All members of the Audit Committee meet the NASDAQ’s financial sophistication requirements for audit committee members.

Code of Ethics

The Company’s Code of Business Conduct and Ethics that applies to its principal executive officer, principal financial officer, all other officers, and all other employees is available on the Company’s website at www.valueline.com/About/Code of Ethics.aspx.

Procedures for Shareholders to Nominate Directors

There have been no material changes to the procedures by which shareholders of the Company may recommend nominees to the Company's Board of Directors.

Section 16(a) Beneficial Ownership Reporting Compliance

Section 16(a) of the Securities Exchange Act of 1934 requires the Company's executive officers and directors, and persons who own more than ten percent of a registered class of the Company’s equity securities, to file reports of ownership and changes in ownership with the SEC on Forms 3, 4 and 5. Executive officers, directors and greater than ten percent shareholders are required by SEC regulations to furnish the Company with copies of all Forms 3, 4 and 5 they file.

Based on the Company's review of the copies of such forms that it has received and written representations from certain reporting persons confirming that they were not required to file Forms 5 for the fiscal year ended April 30, ~~2024~~2025, the Company believes that all its executive officers, directors and greater than ten percent shareholders complied with applicable SEC filing requirements during fiscal ~~2024~~2025.

Item 11. EXECUTIVE COMPENSATION.

The information required in response to this Item 11, Executive Compensation, is incorporated by reference from the section entitled “Compensation of Directors and Executive Officers” in the Company’s Proxy Statement for the 2024 Annual Meeting of Shareholders.

Item 11. EXECUTIVE COMPENSATION.

Item 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS.

The following table sets forth information as of April 30, ~~2024~~2025 as to shares of the Company's Common Stock held by persons known to the Company to be the beneficial owners of more than 5% of the Company's Common Stock.

Name and Address of Beneficial Owner	Number of Shares Beneficially Owned		Percentage of Shares Beneficially Owned
Arnold Bernhard & Co., Inc.*		8,633,733		91.~~63%~~74	%
551 Fifth Avenue
New York, NY 10176

*All of the outstanding voting stock of Arnold Bernhard & Co., Inc. is owned by Jean B. Buttner.

The following table sets forth information as of June 30, ~~2024~~2025, with respect to shares of the Company's Common Stock owned by each director of the Company, by each executive officer listed in the Summary Compensation Table and by all executive officers and directors as a group.

Name and Address of Beneficial Owner	Number of Shares Beneficially Owned		Percentage of Shares Beneficially Owned
	Number of Shares Beneficially Owned		Percentage of Shares Beneficially Owned
Name and Address of Beneficial Owner
Stephen R. Anastasio		600		*
Mary Bernstein		200		*
Howard A. Brecher		1,600		*
Stephen P. Davis		200		*
Alfred R. Fiore		400		*
Glenn J. Muenzer		200		*
All directors and executive officers as a group (6 persons)		3,200		*

* Less than one percent

Securities Authorized for Issuance under Equity Compensation Plans

There are no securities of the Company authorized for issuance under equity compensation plans.

Item 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE.

AB&Co., which owns 91.6374% of the outstanding shares of the Company’s common stock as of April 30, ~~2024~~2025, utilizes the services of officers and employees of the Company to the extent necessary to conduct its business. The Company and AB&Co. allocate costs for office space, equipment and supplies and shared staff pursuant to a servicing and reimbursement agreement. During the fiscal years ended April 30, ~~2024~~2025 and April 30, ~~2023~~2024, the Company was reimbursed $~~364~~356,000 and $~~369~~364,000, respectively for payments it made on behalf of and services it provided to AB&Co. There were no receivables due from the Parent at April 30, ~~2024~~2025 or April 30, ~~2023~~2024. In addition, a tax-sharing arrangement allocates the tax liabilities of the two companies between them. The Company is included in the consolidated federal income tax return filed by AB&Co. The Company pays to AB&Co. an amount equal to the Company's liability as if it filed a separate federal income tax return. For the years ended April 30, ~~2024~~2025 and ~~2023~~2024, the Company made payments to AB&Co. for federal income taxes amounting to $5,~~448~~058,000 and $45,~~425~~448,000, respectively.

The Company holds non-voting revenues and non-voting profits interests in EAM which entitle the Company to receive from EAM an amount ranging from 41% to 55% of EAM's investment management fee revenues from the Value Line Mutual Funds and separate accounts business, and 50% of EAM’s net profits.

During the twelve months ended April 30, ~~2024~~2025 and April 30, ~~2023~~2024, the Company recorded income of $1318,~~282~~318,000 and $1113,~~131~~282,000, respectively, consisting of $1116,~~900~~183,000 and $1011,~~397~~900,000, from its non-voting revenues interest in EAM and $12,~~382~~135,000 and $~~734~~1,382,000, from its non-voting profits interest in EAM without incurring any directly related expenses.

42 During the twelve months ended April 30, 2023, the Company recorded income of $11,131,000, consisting of $10,397,000, from its non-voting revenues interest in EAM and $734,000, from its non-voting profits interest in EAM without incurring any directly related expenses.

~~During~~Included in the ~~twelve~~Company’s ~~months~~Investment ~~ended~~in ~~April~~EAM ~~30,~~Trust ~~2022,~~are ~~the~~receivables ~~Company~~due ~~recorded~~from ~~income~~EAM of $184,~~041~~493,000, ~~consisting~~and of $153,~~899~~865,000 at April 30, ~~from~~2025 ~~its~~and April 30, 2024, respectively, for the unpaid portion of Value Line’s non-voting revenues ~~interest~~and innon-voting ~~EAM~~profits ~~and~~interests. ~~$2,142,000,~~The ~~from~~non-voting ~~its~~revenues and non-voting profits ~~interest~~interests indue from EAM ~~without~~are ~~incurring~~payable ~~any~~to ~~directly~~Value ~~related~~Line ~~expenses~~quarterly under the provisions of the EAM Declaration of Trust.

~~Included~~The inCompany ~~the~~has ~~Company’s~~adopted ~~Investment~~a inwritten ~~EAM~~Related ~~Trust~~Party ~~are~~Transactions ~~receivables~~Policy ~~due~~as ~~from~~part ~~EAM~~of its Code of ~~$3,865,000~~Business Conduct and ~~$2,601,000~~Ethics. This atpolicy ~~April~~requires ~~30,~~that ~~2024~~any ~~and~~related ~~April~~party ~~30,~~transaction ~~2023,~~which ~~respectively,~~would ~~for~~be ~~the~~required ~~unpaid~~to ~~portion~~be ofdisclosed ~~Value~~under ~~Line’s~~Item ~~non-voting~~404(a) ~~revenues~~of ~~and~~Regulation ~~non~~S-~~voting~~K ~~profits~~must ~~interests.~~be ~~The~~approved ~~non-voting~~or ~~revenues~~ratified ~~and~~by ~~non-voting~~the ~~profits~~Audit ~~interests~~Committee ~~due~~of ~~from~~the ~~EAM~~Board ~~are~~of ~~payable~~Directors. toTransactions ~~Value~~covered ~~Line~~for ~~quarterly~~the ~~under~~fiscal year ended April 30, 2025 include the ~~provisions~~matters ofdescribed in the ~~EAM~~preceding ~~Declaration~~paragraphs of ~~Trust~~this Item 13.

The Company has adopted a written Related Party Transactions Policy as part of its Code of Business Conduct and Ethics. This policy requires that any related party transaction which would be required to be disclosed under Item 404(a) of Regulation S-K must be approved or ratified by the Audit Committee of the Board of Directors. Transactions covered for the fiscal year ended April 30, 2024 include the matters described in the preceding paragraphs of this Item 13.

Director Independence

The information required with respect to director independence and related matters are incorporated by reference from the section entitled “Compensation of Directors and Executive Officers” in the Company’s Proxy Statement for the ~~2024~~2025 Annual Meeting of Shareholders.

Item 14. PRINCIPAL ACCOUNTING FEES AND SERVICES.

Audit and Non-Audit Fees

The following table illustrates the fees billed by the Company’s independent auditor, Horowitz & Ullmann P.C., for services provided:

	Fiscal Years Ended April 30,
	2024		2023		2022
	2025		2024		2023
Audit fees	$	166,000	$	166,000	$	~~158~~166,~~100~~000
Audit-related fees		4856,~~415~~875		948,~~365~~415		119,~~310~~365
Tax related fees		~~133~~117,~~225~~580		~~141~~133,~~885~~225		~~178~~141,~~685~~885
Total	$	~~347~~340,~~640~~555	$	~~317~~347,~~250~~640	$	~~348~~317,~~095~~250

In the above table, in accordance with the SEC's definitions and rules, “audit fees” are fees billed by Horowitz & Ullmann, P.C. for professional services for the audit of the Company's consolidated financial statements for the fiscal years ended April 30, ~~2024~~2025, ~~2023~~2024 and ~~2022~~2023 included in Form 10-K and the review of consolidated condensed financial statements and included in Form 10-Qs and for services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements; “audit-related fees” are fees for assurance and related services that are reasonably related to the performance of the audit or review of the Company's consolidated financial statements; and “tax fees” are fees for tax compliance, tax advice and tax planning.

Audit Committee Pre-Approval Policies and Procedures.

The Audit Committee of the Company's Board of Directors approves all services provided by Horowitz & Ullmann, P.C., prior to the provision of those services. The Audit Committee has not adopted any specific pre-approval policies and procedures.

43 44

Part IV

Item 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES.\

(a) (1) Financial Statements - See Part II Item 8.

(a)	(1)	Financial Statements - See Part II Item 8.

		All other Schedules are omitted because they are not applicable or the required information is shown in the financial statements or notes thereto.

All other Schedules are omitted because they are not applicable or the required information is shown in the financial statements or notes thereto.

(b)

Exhibits

3.1

Certificate of Incorporation of the Company, as amended through April 7, 1983, is incorporated by reference to Exhibit 3.1 to the Registration Statement on Form S-1 of Value Line, Inc. filed with the SEC on April 7, 1983.

3.2

Certificate of Amendment of Certificate of Incorporation dated October 24, 1989 is incorporated by reference to Exhibit 3.2 to the Amended Annual Report on Form 10-K/A for the year ended April 30, 2008 filed with the SEC on June 8, 2009.

3.3

By-laws of the Company, as amended through January 18, 1996, are incorporated by reference to Exhibit 99. (A) 3 to the Amended Quarterly Report on Form 10-Q/A for the quarter ended January 31, 1996 filed with the SEC on March 19, 1996.

10.1

Form of tax allocation arrangement between the Company and AB&Co., Inc. is incorporated by reference to Exhibit 10.8 to the Registration Statement on Form S-1 of Value Line, Inc. filed with the SEC on April 7, 1983.

10.1.2 Clawback Policy*

	10.1.2	Clawback Policy*

	10.2	Form of Servicing and Reimbursement Agreement between the Company and AB&Co., dated as of November 1, 1982, is incorporated by reference to Exhibit 10.9 to the Registration Statement on Form S-1 of Value Line, Inc. filed with the SEC on April 7, 1983.

10.2 Form of Servicing and Reimbursement Agreement between the Company and AB&Co., dated as of November 1, 1982, is incorporated by reference to Exhibit 10.9 to the Registration Statement on Form S-1 of Value Line, Inc. filed with the SEC on April 7, 1983.

10.4

Form of indemnification agreement, dated July 13, 2010, by and between the Company and each of Howard A. Brecher, Stephen Davis, Alfred Fiore, William E. Reed, Mitchell E. Appel, Stephen R. Anastasio and Thomas T. Sarkany is incorporated by reference to Exhibit 10.15 to the Annual Report on Form 10-K for the year ended April 30, 2010 filed with the SEC on July 16, 2010.

10.5

EULAV Asset Management Declaration of Trust dated as of December 23, 2010 is incorporated by reference to Exhibit 10 to the Quarterly Report on Form 10-Q for the quarter ended January 31, 2011 filed with the SEC on March 24, 2011.

10.6(a)

Agreement of Sublease, dated as of February 7, 2013, for the Company’s premises at 485 Lexington Ave., New York, NY, is incorporated by reference to Exhibit 10.1 to the Quarterly Report on Form 10-Q for the quarter ended January 31, 2013 filed with the SEC on March 13, 2013.

10.6(b)

Lease Modification, dated as of February 7, 2013, is incorporated by reference to Exhibit 10.2 to the Quarterly Report on Form 10-Q for the quarter ended January 31, 2013 filed with the SEC on March 13, 2013.

10.7

Agreement of Lease, dated as of February 29, 2016, between the Company’s subsidiary, VLDC and SPG 205 Chubb Ave., Lyndhurst, NJ, is incorporated by reference to Exhibit 10.1 to the Quarterly Report on Form 10-Q for the quarter ended January 31, 2016 filed with the SEC on March 11, 2016.

10.8 Agreement of Sublease, dated as of October 3, 2016, possession commencing December 1, 2016 for The Company’s premises at 551 Fifth Ave., New York, NY and Consent of Landlord dated November 30, 2016, is incorporated by reference to Exhibit 10.1 to the Quarterly Report on Form 10-Q for the quarter ended October 31, 2016 filed with the SEC on December 13, 2016.

14.1 Code of Business Conduct and Ethics is incorporated by reference to Exhibit 14.1 to the Annual Report on Form 10-K for the fiscal year ended April 30, 2021 filed with the SEC on July 29, 2021.

21.1 List of subsidiaries of Value Line, Inc.*

31.1 Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*

31.2 Certification of Principal Financial Officer and Principal Accounting Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*

32.1 Certification of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. This exhibit shall not be deemed “filed” as a part of this Annual Report on Form 10-K.*

32.2 Certification of the Principal Financial Officer and Principal Accounting Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. This exhibit shall not be deemed “filed” as a part of this Annual Report on Form 10-K.*

99.1 EULAV Asset Management Audited Comparative Consolidated Financial Statements as of April 30, 2024 & April 30, 2023. Separate financial statements of subsidiaries not consolidated and fifty percent or less owned persons.*

99.2 EULAV Asset Management Audited Consolidated Financial Statements as of April 30, 2022. Separate financial statements of subsidiaries not consolidated and fifty percent or less owned persons (Contained within Exhibit 99.1).*

* Filed herewith.

	101.INS	Inline XBRL Instance Document
	101.SCH	Inline XBRL Taxonomy Extension Schema Document
	101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document
	101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document
	101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document
	101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document
	104	Cover Page Interactive Data File (embedded within the Inline XBRL and contained in Exhibit 101)

10.8

Agreement of Sublease, dated as of October 3, 2016, possession commencing December 1, 2016 for The Company’s premises at 551 Fifth Ave., New York, NY and Consent of Landlord dated November 30, 2016, is incorporated by reference to Exhibit 10.1 to the Quarterly Report on Form 10-Q for the quarter ended October 31, 2016 filed with the SEC on December 13, 2016.

	14.1	Code of Business Conduct and Ethics is incorporated by reference to Exhibit 14.1 to the Annual Report on Form 10-K for the fiscal year ended April 30, 2021 filed with the SEC on July 29, 2021.

	21.1	List of subsidiaries of Value Line, Inc.*

	31.1	Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*

	31.2	Certification of Principal Financial Officer and Principal Accounting Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*

	32.1	Certification of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. This exhibit shall not be deemed “filed” as a part of this Annual Report on Form 10-K.*

	32.2	Certification of the Principal Financial Officer and Principal Accounting Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. This exhibit shall not be deemed “filed” as a part of this Annual Report on Form 10-K.*

	99.1	EULAV Asset Management Audited Comparative Consolidated Financial Statements as of April 30, 2025, April 30, 2024 & April 30, 2023. Separate financial statements of subsidiaries not consolidated and fifty percent or less owned persons.*

* Filed herewith.

101.INS

101.SCH

101.CAL

101.DEF

101.LAB

101.PRE

104

Inline XBRL Instance Document

Inline XBRL Taxonomy Extension Schema Document

Inline XBRL Taxonomy Extension Calculation Linkbase Document

Inline XBRL Taxonomy Extension Definition Linkbase Document

Inline XBRL Taxonomy Extension Label Linkbase Document

Inline XBRL Taxonomy Extension Presentation Linkbase Document

Cover Page Interactive Data File (embedded within the Inline XBRL and contained in Exhibit 101)

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

VALUE LINE, INC.

(Registrant)


	By:	/s/ Howard A. Brecher
		Howard A. Brecher
		Chairman & Chief Executive Officer (Principal Executive Officer)

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By: /s/ Howard A. Brecher Howard A. Brecher Chairman & Chief Executive Officer and Director (Principal Executive Officer) ~~By: /s/ Stephen R. Anastasio Stephen R. Anastasio Vice President & Treasurer and Director (Principal Financial Officer and Principal Accounting Officer)~~

~~Dated~~By: ~~July~~/s/ ~~26,~~Stephen ~~2024~~R. Anastasio Stephen R. Anastasio Vice President & Treasurer and Director (Principal Financial Officer and Principal Accounting Officer)

46 Dated: July 29, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed by the undersigned on behalf of the Registrant as Directors of the Registrant.

/s/ Glenn J. Muenzer Glenn Muenzer Director /s/ Stephen P. Davis Stephen Davis Director /s/ Alfred R. Fiore Alfred Fiore Director /s/ Mary Bernstein Mary Bernstein Director

Dated: July 26, 2024

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed by the undersigned on behalf of the Registrant as Directors of the Registrant.

/s/ Glenn J. Muenzer

Glenn Muenzer

Director

/s/ Stephen P. Davis

Stephen Davis

Director

/s/ Alfred R. Fiore

Alfred Fiore

Director

/s/ Mary Bernstein

Mary Bernstein

Director

Dated: July 29, 2025

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and
Board of Directors of Value Line, Inc.

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of Value Line, Inc. and Subsidiaries (the “Company”) as of April 30, ~~2024~~2025 and ~~2023~~2024, and the related consolidated statements of income, comprehensive income, changes in shareholders’ equity, and cash flows for each of the years in the three-year period ended April 30, ~~2024~~2025, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of April 30, ~~2024~~2025 and ~~2023~~2024, and the results of its operations and its cash flows for each of the years in the three-year period ended April 30, ~~2024~~2025, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

48 49

Critical Audit Matters

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that (i) relates to the accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgements. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which they relate.

Investment in Unconsolidated Entity

As described in note 4 to the consolidated financial statements, the Company uses the equity method of accounting to report its investment in its unconsolidated entity. As of April 30, ~~2024~~2025, the carrying value of the investment was $60,~~134~~807,000. On an annual basis, management performs an impairment assessment to ensure that the carrying value of the investment in its unconsolidated entity is properly reflected.

The principal considerations for our determination that performing procedures relating to such assessment is a critical audit matter are that there were significant judgements made by management in estimating the fair value of the investment and the fact that management utilized a specialist to assist in its determination of fair value. This in turn led to a high degree of auditor judgement, subjectivity, and audit effort in evaluating management’s estimation of the fair value of the investment in its unconsolidated entity, including management’s assessment of the unconsolidated entity’s financial condition and results of operations.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included, among others, reviewing management’s process for estimating the fair value of the investment in its unconsolidated entity, evaluating the appropriateness of the valuation model, testing the completeness and accuracy of data used in the model, and evaluating the significant assumptions used by management.

/s/ Horowitz & Ullmann, P.C.

We have served as the Company’s auditor since 1996.

New York, NY

July 2529, ~~2024~~2025

Part II Item 8.

Value Line, Inc. Consolidated Balance Sheets (in thousands, except share amounts)

	April 30,			April 30,
	2024			2023
Assets
Current Assets:
Cash and cash equivalents (including short term investments of $4,136 and $7,240, respectively)	$	4,390		$	7,590
Equity securities		16,344			14,546
Available-for-sale Fixed Income securities		47,611			39,928
Accounts receivable, net of allowance for doubtful accounts of $31 and $36, respectively		1,310			2,124
Prepaid and refundable income taxes		209			425
Prepaid expenses and other current assets		1,160			1,463
Total current assets		71,024			66,076
Long term assets:
Investment in EAM Trust		60,134			58,775
Restricted money market investments		305			305
Property and equipment, net		4,440			5,788
Capitalized software and other intangible assets, net		132			132
Total long term assets		65,011			65,000
Total assets	$	136,035		$	131,076
Liabilities and Shareholders' Equity
Current Liabilities:
Accounts payable and accrued liabilities	$	1,430		$	1,263
Accrued salaries		1,020			961
Dividends payable		2,827			2,642
Accrued taxes on income		7			307
Operating lease obligation-short term		1,206			1,344
Unearned revenue		15,764			16,771
Total current liabilities		22,254			23,288
Long term liabilities:
Unearned revenue		6,517			6,202
Operating lease obligation-long term		3,578			4,784
Deferred income taxes		12,893			13,129
Total long term liabilities		22,988			24,115
Total liabilities		45,242			47,403
Shareholders' Equity:
Common stock, $0.10 par value; authorized 30,000,000 shares; issued 10,000,000 shares		1,000			1,000
Additional paid-in capital		991			991
Retained earnings		104,249			95,979
Treasury stock, at cost (577,517 shares and 565,460 shares, respectively)		(15,194	)		(14,671	)
Accumulated other comprehensive income, net of tax		(253	)		374
Total shareholders' equity		90,793			83,673
Total liabilities and shareholders' equity	$	136,035		$	131,076

See independent auditor's report and accompanying notes to the consolidated financial statements.

Part II ~~Item 8.~~

~~Value~~Item ~~Line, Inc~~8. ~~Consolidated Statements of Income (in thousands, except share & per share amounts)~~

	For the Fiscal Years Ended
	April 30,
	2024		2023		2022
Revenues:
Investment periodicals and related publications	$	25,420	$	26,232	$	27,145
Copyright fees		12,067		13,463		13,380
Total publishing revenues		37,487		39,695		40,525
Expenses:
Advertising and promotion		2,955		3,049		3,223
Salaries and employee benefits		14,851		15,203		17,323
Production and distribution		5,455		5,210		5,003
Office and administration		5,085		4,763		4,176
Total expenses		28,346		28,225		29,725
Income from operations		9,141		11,470		10,800
Gain on forgiveness of SBA loan		-		-		2,331
Revenues interest in EAM Trust		11,900		10,397		15,899
Profits interest in EAM Trust		1,382		734		2,142
Investment gains/(losses)		2,764		1,174		(534	)
Income before income taxes		25,187		23,775		30,638
Income tax provision		6,171		5,706		6,816
Net income	$	19,016	$	18,069	$	23,822
Earnings per share, basic & fully diluted	$	2.02	$	1.91	$	2.50
Weighted average number of common shares		9,428,379		9,458,605		9,544,421

Value Line, Inc.

~~See~~Consolidated ~~independent~~Balance ~~auditor's report and accompanying notes to the consolidated financial statements.~~Sheets

51 (in thousands, except share amounts)

Part II Item 8.

	April 30,			April 30,
	2025			2024

Assets
Current Assets:
Cash and cash equivalents (including short term investments of $33,615 and $4,136, respectively)	$	34,077		$	4,390
Equity securities		20,879			16,344
Available-for-sale Fixed Income securities		22,435			47,611
Accounts receivable, net of allowance for credit losses of $16 and $31, respectively		1,327			1,310
Prepaid and refundable income taxes		42			209
Prepaid expenses and other current assets		1,123			1,160
Total current assets		79,883			71,024

Long term assets:
Investment in EAM Trust		60,807			60,134
Restricted money market investments		305			305
Property and equipment, net		3,475			4,440
Capitalized software and other intangible assets, net		63			132
Total long term assets		64,650			65,011

Total assets	$	144,533		$	136,035

Liabilities and Shareholders' Equity Current Liabilities:
Accounts payable and accrued liabilities	$	1,528		$	1,430
Accrued salaries		1,161			1,020
Dividends payable		3,059			2,827
Accrued taxes on income		43			7
Operating lease obligation-short term		1,304			1,206
Unearned revenue		16,558			15,764
Total current liabilities		23,653			22,254

Long term liabilities:
Unearned revenue		5,732			6,517
Operating lease obligation-long term		2,275			3,578
Deferred income taxes		13,195			12,893
Total long term liabilities		21,202			22,988
Total liabilities		44,855			45,242

Shareholders' Equity:
Common stock, $0.10 par value; authorized 30,000,000 shares; issued 10,000,000 shares		1,000			1,000
Additional paid-in capital		991			991
Retained earnings		113,400			104,249
Treasury stock, at cost (588,997 shares and 577,517 shares, respectively)		(15,647	)		(15,194	)
Accumulated other comprehensive income, net of tax		(66	)		(253	)
Total shareholders' equity		99,678			90,793

Total liabilities and shareholders' equity	$	144,533		$	136,035

~~Value~~See ~~Line,~~independent ~~Inc.~~auditor's ~~Consolidated~~report ~~Statements~~and ofaccompanying ~~Comprehensive~~notes ~~Income~~to ~~(in~~the ~~thousands)~~consolidated financial statements.

	For the Fiscal Years Ended
	April 30,
	2024			2023		2022
Net income	$	19,016		$	18,069	$	23,822
Other comprehensive income/(loss), net of tax:
Change in unrealized gains on Fixed Income securities, net of taxes		(627	)		398		(27	)
Other comprehensive income/(loss)		(627	)		398		(27	)
Comprehensive income	$	18,389		$	18,467	$	23,795

~~See~~Part ~~independent auditor's report and accompanying notes to the consolidated financial statements.~~II

52 Item 8.

~~Part~~Value IILine, ~~Item 8~~Inc.

~~Value Line, Inc.~~ Consolidated Statements of ~~Cash Flows (in thousands)~~Income

	For the Fiscal Years Ended
	April 30,
	2024			2023			2022
Cash flows from operating activities:
Net income	$	19,016		$	18,069		$	23,822
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		1,409			1,349			1,336
Investment (gains)/losses		(287	)		125			1,402
Non-voting profits interest in EAM Trust		(1,382	)		(734	)		(2,142	)
Non-voting revenues interest in EAM Trust		(11,900	)		(10,397	)		(15,899	)
Revenues distribution received from EAM Trust		10,900			11,284			16,608
Profits distributions received from EAM Trust		1,023			1,043			2,439
Full forgiveness of SBA, PPP loan		-			-			(2,331	)
Deferred rent		(1,344	)		(1,240	)		(1,087	)
Deferred income taxes		92			20			(89	)
Changes in operating assets and liabilities:
Unearned revenue		(692	)		(800	)		(1,315	)
Accounts payable & accrued expenses		167			(51	)		(763	)
Accrued salaries		59			(176	)		(26	)
Accrued taxes on income		(462	)		185			321
Prepaid and refundable income taxes		216			163			28
Prepaid expenses and other current assets		303			(215	)		34
Accounts receivable		814			(447	)		2,308
Total adjustments		(1,084	)		109			824
Net cash provided by operating activities		17,932			18,178			24,646
Cash flows from investing activities:
Purchases/sales of securities classified as available-for-sale:
Proceeds from sales of equity securities		1,129			4,706			12,039
Purchases of equity securities		(2,639	)		(1,732	)		(7,508	)
Proceeds from sales of Fixed Income securities		37,114			9,907			2,496
Purchases of Fixed Income securities		(45,575	)		(38,857	)		(10,405	)
Acquisition of property and equipment		(15	)		(30	)		(11	)
Expenditures for capitalized software		(62	)		(110	)		-
Net cash used in investing activities		(10,048	)		(26,116	)		(3,389	)
Cash flows from financing activities:
Purchase of treasury stock at cost		(523	)		(4,704	)		(2,484	)
Dividends paid		(10,561	)		(9,471	)		(8,405	)
Net cash used in financing activities		(11,084	)		(14,175	)		(10,889	)
Net change in cash and cash equivalents		(3,200	)		(22,113	)		10,368
Cash, cash equivalents and restricted cash at beginning of year		7,895			30,008			19,640
Cash, cash equivalents and restricted cash at end of year	$	4,695		$	7,895		$	30,008

(in thousands, except share & per share amounts)

See independent auditor's report and accompanying notes to the consolidated financial statements.

	For the Fiscal Years Ended
	April 30,
	2025		2024		2023

Revenues:
Investment periodicals and related publications	$	24,682	$	25,420	$	26,232
Copyright fees		10,397		12,067		13,463
Total publishing revenues		35,079		37,487		39,695

Expenses:
Advertising and promotion		3,797		2,955		3,049
Salaries and employee benefits		14,455		14,851		15,203
Production and distribution		5,987		5,455		5,210
Office and administration		4,855		5,085		4,763
Total expenses		29,094		28,346		28,225
Income from operations		5,985		9,141		11,470

Revenues interest in EAM Trust		16,183		11,900		10,397
Profits interest in EAM Trust		2,135		1,382		734
Investment gains		3,238		2,764		1,174
Income before income taxes		27,541		25,187		23,775
Income tax provision		6,855		6,171		5,706
Net income	$	20,686	$	19,016	$	18,069

Earnings per share, basic & fully diluted	$	2.20	$	2.02	$	1.91


Weighted average number of common shares		9,417,097		9,428,379		9,458,605

53 See independent auditor's report and accompanying notes to the consolidated financial statements.

~~Part II Item 8.~~52

~~Value~~Part ~~Line, Inc. Consolidated Statements of Changes in Shareholders' Equity For the Fiscal Years Ended April 30, 2024, 2023 and 2022 (in thousands, except share amounts)~~II

	Common stock				Additional paid-in		Treasury Stock						Retained			Accumulated Other Comprehensive
	Shares		Amount		capital		Shares			Amount			earnings			income			Total
Balance as of April 30, 2021		10,000,000	$	1,000	$	991		(436,830	)	$	(7,483	)	$	72,502		$	3		$	67,013
Net income														23,822						23,822
Change in unrealized gains on Fixed Income securities, net of taxes																	(27	)		(27	)
Purchase of treasury stock								(53,327	)		(2,484	)								(2,484	)
Dividends declared														(8,679	)					(8,679	)
Balance as of April 30, 2022		10,000,000	$	1,000	$	991		(490,157	)	$	(9,967	)	$	87,645		$	(24	)	$	79,645

Item 8.

~~Dividends~~Value ~~declared~~Line, ~~per share were $0~~Inc.22 ~~for~~Consolidated ~~each~~Statements of ~~the~~Comprehensive ~~three~~Income ~~months~~(in ~~ended July 31, 2021, October 31, 2021 and January 31, 2022 and $0.25 for the three months ended April 30, 2022.~~thousands)

	Common stock					Additional paid-in		Treasury Stock						Retained			Accumulated Other Comprehensive
	For the Fiscal Years Ended
	Shares		Amount			capital		Shares			Amount			earnings			income			Total
	April 30,
Balance as of April 30, 2022		10,000,000	$	1,000		$	991		(490,157	)	$	(9,967	)	$	87,645		$	(24	)	$	79,645
	2025		2024			2023
Net income	$	20,686	$	19,016		$	18,069								~~18,069~~						~~18,069~~
Change in unrealized gains on Fixed Income securities, net of taxes																		398			398
Other comprehensive income/(loss), net of tax:
Purchase of treasury stock									(75,303	)		(4,704	)								(4,704	)
Change in unrealized gains/(losses) on Fixed Income securities, net of taxes		187		(627	)		398
Dividends declared															(9,735	)					(9,735	)
Other comprehensive income/(loss)		187		(627	)		398
Balance as of April 30, 2023		10,000,000	$	1,000		$	991		(565,460	)	$	(14,671	)	$	95,979		$	374		$	83,673
Comprehensive income	$	20,873	$	18,389		$	18,467

~~Dividends~~See ~~declared~~independent ~~per~~auditor's ~~share~~report ~~were $0.25 for each of the three months ended July 31, 2022, October 31, 2022~~ and ~~January~~accompanying ~~31,~~notes ~~2023~~to ~~and $0.28 for~~ the ~~three~~consolidated ~~months~~financial ~~ended April 30, 2023~~statements.

	Common stock				Additional paid-in		Treasury Stock						Retained			Accumulated Other Comprehensive
	Shares		Amount		capital		Shares			Amount			earnings			income			Total
Balance as of April 30, 2023		10,000,000	$	1,000	$	991		(565,460	)	$	(14,671	)	$	95,979		$	374		$	83,673
Net income														19,016						19,016
Change in unrealized gains on Fixed Income securities, net of taxes																	(627	)		(627	)
Purchase of treasury stock								(12,057	)		(523	)								(523	)
Dividends declared														(10,746	)					(10,746	)
Balance as of April 30, 2024		10,000,000	$	1,000	$	991		(577,517	)	$	(15,194	)	$	104,249		$	(253	)	$	90,793

~~Dividends~~Part ~~declared per share were $0.28 for each of the three months ended July 31, 2023, October 31, 2023 and January 31, 2024 and $0.30 for the three months ended April 30, 2024.~~II

~~See~~Item ~~independent auditor's report and accompanying notes to the consolidated financial statements~~8.

54 Value Line, Inc. Consolidated Statements of Cash Flows (in thousands)

Value Line, Inc. Notes to Consolidated Financial Statements

	For the Fiscal Years Ended
	April 30,
	2025			2024			2023
Cash flows from operating activities:
Net income	$	20,686		$	19,016		$	18,069
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		1,271			1,409			1,349
Investment (gains)/losses		(559	)		(287	)		125
Non-voting profits interest in EAM Trust		(2,135	)		(1,382	)		(734	)
Non-voting revenues interest in EAM Trust		(16,183	)		(11,900	)		(10,397	)
Revenues distribution received from EAM Trust		15,570			10,900			11,284
Profits distributions received from EAM Trust		2,075			1,023			1,043
Deferred rent		(1,205	)		(1,344	)		(1,240	)
Deferred income taxes		283			92			20
Changes in operating assets and liabilities:
Unearned revenue		9			(692	)		(800	)
Accounts payable & accrued expenses		98			167			(51	)
Accrued salaries		141			59			(176	)
Accrued taxes on income		5			(462	)		185
Prepaid and refundable income taxes		167			216			163
Prepaid expenses and other current assets		35			303			(215	)
Accounts receivable		(15	)		814			(447	)
Total adjustments		(443	)		(1,084	)		109
Net cash provided by operating activities		20,243			17,932			18,178

Cash flows from investing activities:
Purchases/sales of securities classified as available-for-sale:
Proceeds from sales of equity securities		3,243			1,129			4,706
Purchases of equity securities		(7,218	)		(2,639	)		(1,732	)
Proceeds from sales of Fixed Income securities		43,477			37,114			9,907
Purchases of Fixed Income securities		(18,065	)		(45,575	)		(38,857	)
Acquisition of property and equipment		(178	)		(15	)		(30	)
Expenditures for capitalized software		(59	)		(62	)		(110	)
Net cash provided by/(used in) investing activities		21,200			(10,048	)		(26,116	)

Cash flows from financing activities:
Purchase of treasury stock at cost		(453	)		(523	)		(4,704	)
Dividends paid		(11,303	)		(10,561	)		(9,471	)
Net cash used in financing activities		(11,756	)		(11,084	)		(14,175	)
Net change in cash and cash equivalents		29,687			(3,200	)		(22,113	)
Cash, cash equivalents and restricted cash at beginning of year		4,695			7,895			30,008
Cash, cash equivalents and restricted cash at end of year	$	34,382		$	4,695		$	7,895

~~Note~~See ~~1-Organization~~independent auditor's report and ~~Summary~~accompanying ofnotes ~~Significant~~to ~~Accounting~~the ~~Policies:~~consolidated financial statements.

Value Line, Inc. ("Value Line" or "VLI", and collectively with its subsidiaries, the “Company”) is incorporated in the State of New York. The name "Value Line" as used to describe the Company, its products, and its subsidiaries, is a registered trademark of the Company. 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. The Company maintains a significant investment in Eulav Asset Management LLC ("EAM") from which it receives a non-voting revenues interest and a non-voting profits interest. Pursuant to the EAM Declaration of Trust dated as of December 23, 2010 (the "EAM Trust Agreement"), VLI granted EAM the right to use the Value Line name for all existing Value Line Funds and agreed to supply, without charge or expense, the Value Line Proprietary Ranking System information to EAM for use in managing the Value Line Funds. EAM was established to provide investment management services to the Value Line Mutual Funds ("Value Line Funds" or the "Funds"). 54

~~Use~~Part ~~of Estimates:~~ II

~~The~~Item ~~preparation of financial statements in conformity with U~~8.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results may differ from those estimates.

~~Principles~~Value Line, Inc. Consolidated Statements of ~~Consolidation:~~ Changes in Shareholders' Equity For the Fiscal Years Ended April 30, 2025, 2024 and 2023 (in thousands, except share amounts)

The Company follows the guidance in the Financial Accounting Standards Board's ("FASB") Topic 810 “Consolidation” to determine if it should consolidate its investment in a variable interest entity ("VIE"). A VIE is a legal entity in which either (i) equity investors do not have sufficient equity investment at risk to enable the entity to finance its activities independently or (ii) the equity holders at risk lack the obligation to absorb losses, the right to receive residual returns or the right to make decisions about the entity’s activities that most significantly affect the entity's economic performance. A holder of a variable interest in a VIE is required to consolidate the entity if it is determined that it has a controlling financial interest in the VIE and is therefore the primary beneficiary. The determination of a controlling financial interest in a VIE is based on a qualitative assessment to identify the variable interest holder, if any, that has (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance, and (ii) either the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. The accounting guidance requires the Company to perform an ongoing assessment of whether the Company is the primary beneficiary of a VIE and the Company has determined it is not the primary beneficiary of a VIE (see Note 5).

	Common stock				Additional paid-in		Treasury Stock						Retained			Accumulated Other Comprehensive
	Shares		Amount		capital		Shares			Amount			earnings			income			Total
Balance as of April 30, 2022		10,000,000	$	1,000	$	991		(490,157	)	$	(9,967	)	$	87,645		$	(24	)	$	79,645

Net income														18,069						18,069
Change in unrealized gains on
Fixed Income securities, net of taxes																	398			398
Purchase of treasury stock								(75,303	)		(4,704	)								(4,704	)
Dividends declared														(9,735	)					(9,735	)
Balance as of April 30, 2023		10,000,000	$	1,000	$	991		(565,460	)	$	(14,671	)	$	95,979		$	374		$	83,673

InDividends ~~accordance~~declared ~~with~~per ~~FASB's~~share ~~Topic~~were ~~810,~~$0.25 ~~the~~for ~~assets,~~each ~~liabilities, and results~~ of ~~operations of subsidiaries in which~~ the ~~Company~~three ~~has~~months aended ~~controlling~~July ~~interest~~31, ~~have~~2022, ~~been~~October ~~consolidated. All~~31, ~~significant~~2022 ~~intercompany accounts~~ and ~~transactions~~January ~~have~~31, ~~been~~2023 ~~eliminated in consolidation. The Company holds a significant non-voting revenues interest (excluding distribution revenues)~~ and ~~a significant non-voting profits interest in EULAV Asset Management, a Delaware statutory trust (“EAM” or “EAM Trust”)~~$0.28 ~~The Company relied on the guidance in FASB's ASC Topics 323 and 810 in its determination not to consolidate its investment in EAM and to account~~ for ~~such investment under~~ the ~~equity~~three ~~method~~months ofended ~~accounting.~~April ~~The~~30, ~~Company reports the amount it earns for its non-voting revenues and non-voting profits interests as a separate line item below operating income in the Consolidated Statements of Income~~2023.

Revenue Recognition:

	Common stock				Additional paid-in		Treasury Stock						Retained			Accumulated Other Comprehensive
	Shares		Amount		capital		Shares			Amount			earnings			income			Total
Balance as of April 30, 2023		10,000,000	$	1,000	$	991		(565,460	)	$	(14,671	)	$	95,979		$	374		$	83,673

Net income														19,016						19,016
Change in unrealized gains on
Fixed Income securities, net of taxes																	(627	)		(627	)
Purchase of treasury stock								(12,057	)		(523	)								(523	)
Dividends declared														(10,746	)					(10,746	)
Balance as of April 30, 2024		10,000,000	$	1,000	$	991		(577,517	)	$	(15,194	)	$	104,249		$	(253	)	$	90,793

~~Depending~~Dividends ~~upon~~declared ~~the~~per ~~product,~~share ~~subscription~~were ~~fulfillment~~$0.28 for ~~Value~~each ~~Line~~of ~~periodicals~~the ~~and~~three ~~related~~months ~~publications~~ended isJuly ~~available~~31, in2023, ~~print~~October ~~or digitally~~31, ~~via~~2023 ~~internet access. The length of a subscription varies by product~~ and ~~offer~~January ~~received by the subscriber. Generally~~31, ~~subscriptions~~2024 ~~are~~and ~~offered as annual subscriptions with the majority of subscriptions paid in advance~~$0.30 ~~Subscription~~for ~~revenues, net of discounts, are recognized ratably on a straight line basis when~~ the ~~product~~three ismonths ~~served~~ended toApril ~~the client over the life of the subscription. Accordingly~~30, ~~the amount of subscription fees to be earned by fulfilling subscriptions after the date of the balance sheets are shown as unearned revenue within current and long-term liabilities~~2024.

Copyright fees are derived from providing certain Value Line trademarks and the Value Line Proprietary Ranks to third parties under written agreements for use in selecting securities for third party marketed products, including unit investment trusts, annuities and exchange traded funds ("ETFs"). The Company earns asset-based copyright fees upon delivery to the customer as specified in the individual agreements. Revenue is recognized monthly and received either quarterly or in advance over the term of the agreement and, because it is asset-based, will fluctuate as the market value of the underlying portfolio increases or decreases in value.

	Common stock				Additional paid-in		Treasury Stock						Retained			Accumulated Other Comprehensive
	Shares		Amount		capital		Shares			Amount			earnings			income			Total
Balance as of April 30, 2024		10,000,000	$	1,000	$	991		(577,517	)	$	(15,194	)	$	104,249		$	(253	)	$	90,793

Net income														20,686						20,686
Change in unrealized gains on
Fixed Income securities, net of taxes																	187			187
Purchase of treasury stock								(11,480	)		(453	)								(453	)
Dividends declared														(11,535	)					(11,535	)
Balance as of April 30, 2025		10,000,000	$	1,000	$	991		(588,997	)	$	(15,647	)	$	113,400		$	(66	)	$	99,678

~~EAM~~Dividends ~~earns~~declared ~~investment~~per ~~management~~share ~~fees~~were ~~from the Value Line Funds~~$0.30 ~~The~~for ~~management~~each ~~fees~~of ~~and average daily net assets for~~ the ~~Value~~three ~~Line~~months ~~Funds~~ended ~~are~~July ~~calculated~~31, by2024, ~~State~~October ~~Street Bank~~31, ~~which~~2024 ~~serves~~and asJanuary ~~the fund accountant~~31, ~~fund~~2025 ~~administrator,~~ and ~~custodian~~$0.325 offor the ~~Value~~three ~~Line~~months ~~Funds~~ended April 30, 2025.

~~The~~See ~~Value~~independent ~~Line~~auditor's ~~Funds~~report ~~are~~and ~~open-end~~accompanying ~~management~~notes ~~companies~~to ~~registered under~~ the ~~Investment~~consolidated ~~Company~~financial ~~Act of 1940 (the "1940 Act")~~statements. Shareholder transactions for the Value Line Funds are processed each business day by the third party transfer agent of the Funds. Shares can be redeemed without advance notice upon request of the shareowners each day that the New York Stock Exchange is open.

~~Investment~~Value inLine, ~~Unconsolidated~~Inc. ~~Entities:~~Notes to Consolidated Financial Statements

~~The~~Note ~~Company~~1-Organization ~~accounts~~and ~~for~~Summary ~~its investment in its unconsolidated entity, EAM, using the equity method~~ of ~~accounting~~Significant inAccounting accordance with FASB’s ASC 323. The equity method is an appropriate means of recognizing increases or decreases measured by GAAP in the economic resources underlying the investments. Under the equity method, an investor recognizes its share of the earnings or losses of an investee in the periods for which they are reported by the investee in its financial statements rather than in the period in which an investee declares a dividend or distribution. An investor adjusts the carrying amount of an investment for its share of the earnings or losses recognized by the investee.Policies:

~~The~~Value ~~Company’s “interests” in EAM~~Line, ~~the~~Inc. ~~investment~~("Value ~~adviser~~Line" toor "VLI", and ~~the~~collectively ~~sole~~with ~~member~~its ofsubsidiaries, the ~~distributor~~“Company”) ofis ~~the~~incorporated ~~Value~~in ~~Line~~the ~~Funds,~~State ~~consist~~ of aNew ~~"non-voting~~York. The ~~revenues~~name ~~interest~~"Value ~~and a~~ Line"~~non-voting~~ ~~profits~~as ~~interest"~~used into ~~EAM~~describe asthe ~~defined~~Company, inits ~~the~~products, ~~EAM~~and ~~Trust~~its ~~Agreement. The~~subsidiaries, ~~non-voting~~is ~~revenues~~a ~~interest~~registered ~~entitles~~trademark of the Company. toThe ~~receive~~Company's acore ~~range~~business ofis ~~41%~~producing toinvestment ~~55%,~~periodicals ~~based~~and ontheir ~~the~~underlying ~~amount~~research ofand ~~EAM’s~~making ~~adjusted~~available ~~gross~~certain ~~revenues,~~Value ~~excluding~~Line ~~EULAV~~copyrights, ~~Securities'~~Value ~~distribution~~Line ~~revenues~~trademarks ~~(“Revenues~~and ~~Interest”). The~~Value ~~non-voting~~Line ~~profits~~Proprietary ~~interest~~Ranks ~~entitles~~and ~~the~~other ~~Company~~proprietary information, to ~~receive~~third ~~50%~~parties ofunder ~~EAM's~~written ~~profits,~~agreements ~~subject~~for touse ~~certain~~in ~~limited~~third-party ~~adjustments~~managed asand ~~defined~~marketed ininvestment ~~the~~products ~~EAM~~and ~~Trust~~for ~~Agreement~~other ~~(“Profits Interest”)~~purposes. The ~~Revenues~~Company ~~Interest~~maintains ~~and~~a atsignificant ~~least~~investment ~~90%~~in ofEulav ~~the~~Asset ~~Profits~~Management ~~Interest~~LLC ~~are~~("EAM") from towhich beit ~~distributed~~receives ~~each~~a ~~quarter~~non-voting torevenues ~~all~~ interest and ~~holders~~a ofnon-voting ~~EAM,~~profits ~~including~~interest. Pursuant ~~Value~~to ~~Line.~~the ~~The~~EAM ~~Company's~~Declaration ~~Revenues~~of ~~Interest~~Trust indated ~~EAM~~as ~~excludes~~of ~~participation~~December in23, 2010 (the ~~service~~"EAM ~~and~~Trust ~~distribution~~Agreement"), ~~fees~~VLI ofgranted EAM's ~~subsidiary~~the ~~EULAV~~right ~~Securities.~~to ~~The~~use ~~Company~~the ~~reflects~~Value ~~its~~Line ~~non-voting~~name ~~revenues~~for ~~and~~all ~~non-voting~~existing ~~profits~~Value ~~interests~~Line inFunds ~~EAM~~and asagreed ~~non-operating~~to ~~income~~supply, ~~under~~without ~~the~~charge ~~equity~~or ~~method~~expense, ~~of accounting. Although~~ the ~~Company~~Value ~~does~~Line ~~not~~Proprietary ~~have~~Ranking ~~control~~System ~~over~~information ~~the~~to ~~operating~~EAM ~~and~~for ~~financial~~use ~~policies~~in ofmanaging ~~EAM,~~the ~~pursuant~~Value toLine ~~the~~Funds. EAM ~~Trust~~was ~~Agreement,~~established ~~the~~to ~~Company~~provide ~~has~~investment amanagement ~~contractual~~services ~~right~~ to ~~receive~~the ~~its~~Value ~~share~~Line ofMutual ~~EAM's~~Funds ~~revenues~~("Value ~~and~~Line ~~profits~~Funds" or the "Funds").

~~Recent~~Use ~~Accounting~~of ~~Pronouncements~~Estimates:

InThe ~~2019,~~preparation ~~the~~of ~~Financial~~financial ~~Accounting~~statements ~~Standards~~in ~~Board~~conformity ~~(“FASB”)~~with ~~issued~~U.S. ~~ASU~~generally ~~2019-12,~~accepted ~~“Income~~accounting ~~Taxes~~principles (~~Topic740~~"GAAP"): ~~Simplifying~~requires ~~the~~management ~~Accounting for Income Taxes” as part of its initiative~~ to ~~reduce~~make ~~complexity~~estimates inand ~~the~~assumptions ~~accounting~~that ~~standards. The~~affect ~~standard eliminates~~ certain ~~exceptions~~reported ~~related~~amounts ~~to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period~~ and ~~the recognition of deferred tax liabilities for outside basis differences~~disclosures. The standard also clarifies and simplifies other aspects of the accounting for income taxes including interim-period accounting for enacted changes in tax laws. The Company adopted this guidance effective May 1Accordingly, ~~2021. The~~actual ~~adoption~~results ofmay ~~this~~differ ~~standard~~from ~~did~~those ~~not have a material impact on the Company’s financial statements~~estimates.

~~In November~~Principles ~~2023, the FASB issued Accounting Standards Update 2023-07, “Improvements to Reportable Segment Disclosures” (“ASU 2023-07”), which requires disclosures~~ of significant expenses by segment and interim disclosure of items that were previously required on an annual basis. ASU 2023-07 is to be applied on a retrospective basis and is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. We are evaluating the impact of ASU 2023-07 on disclosures in our Consolidated Financial Statements.Consolidation:

~~In December~~The ~~2023,~~Company follows the ~~FASB~~guidance ~~issued~~in the Financial Accounting Standards ~~Update~~Board's ~~2023-09,~~("FASB") ~~“Improvements~~Topic 810 “Consolidation” to ~~Income~~determine ~~Tax~~if ~~Disclosures”~~it ~~(“ASU~~should ~~2023-09”~~consolidate its investment in a variable interest entity ("VIE"),. ~~which~~A ~~provides~~VIE ~~for~~is ~~additional~~a ~~disclosures~~legal ~~primarily~~entity ~~related~~in towhich ~~the~~either ~~income~~(i) ~~tax~~equity ~~rate~~investors ~~reconciliations~~do ~~and~~not ~~income~~have ~~taxes~~sufficient ~~paid.~~equity ~~ASU~~investment ~~2023-09~~at ~~requires~~risk ~~entities~~to enable the entity to ~~annually~~finance ~~disclose~~its activities independently or (ii) the ~~income~~equity ~~tax~~holders ~~rate~~at ~~reconciliation~~risk ~~using~~lack ~~both~~the ~~amounts~~obligation ~~and~~to ~~percentages~~absorb losses, ~~considering~~the ~~several~~right ~~categories~~to ofreceive ~~reconciling~~residual ~~items,~~returns ~~including~~or ~~state~~the ~~and~~right ~~local~~to ~~income~~make ~~taxes,~~decisions ~~foreign~~about ~~tax~~the ~~effects,~~entity’s ~~tax~~activities ~~credits~~that ~~and~~most ~~nontaxable~~significantly oraffect ~~nondeductible~~the ~~items,~~entity's ~~among~~economic ~~others~~performance. A ~~Disclosure~~holder of ~~the~~a ~~reconciling~~variable ~~items~~interest in a VIE is ~~subject~~required to consolidate the entity if it is determined that it has a ~~quantitative~~controlling ~~threshold~~financial ~~and~~interest ~~disaggregation~~in bythe ~~nature~~VIE and ~~jurisdiction~~is therefore the primary beneficiary. ~~ASU~~The ~~2023-09~~determination ~~also~~of ~~requires~~a ~~entities~~controlling tofinancial ~~disclose~~interest ~~net~~in ~~income~~a ~~taxes~~VIE ~~paid~~is orbased ~~received~~on a qualitative assessment to ~~federal,~~identify ~~state~~the ~~and~~variable ~~foreign~~interest ~~jurisdictions~~holder, asif ~~well~~any, asthat byhas ~~individual~~(i) ~~jurisdiction,~~the ~~subject~~power to adirect ~~five~~the ~~percent~~activities ~~quantitative~~of ~~threshold.~~the ~~ASU~~VIE ~~2023-09 may~~that bemost ~~adopted~~significantly onimpact athe ~~prospective~~VIE’s economic performance, and (ii) either the obligation to absorb losses of the entity or ~~retrospective~~the ~~basis~~right ~~and~~to isreceive ~~effective~~benefits ~~for~~from ~~fiscal~~the ~~years~~entity ~~beginning~~that ~~after December~~could ~~15,~~potentially ~~2024~~be ~~with~~significant ~~early~~to ~~adoption~~the ~~permitted~~VIE. The Weaccounting ~~are~~guidance ~~evaluating~~requires the ~~impact~~Company to perform an ongoing assessment of ~~ASU~~whether ~~2023-09~~the onCompany ~~disclosures~~is inthe ~~our~~primary ~~Consolidated~~beneficiary ~~Financial~~of ~~Statements~~a VIE and the Company has determined it is not the primary beneficiary of a VIE (see Note 5).

~~Valuation~~In accordance with FASB's Topic 810, the assets, liabilities, and results of ~~Securities:~~operations of subsidiaries in which the Company has a controlling interest have been consolidated. All significant intercompany accounts and transactions have been eliminated in consolidation. The Company holds a significant non-voting revenues interest (excluding distribution revenues) and a significant non-voting profits interest in EULAV Asset Management, a Delaware statutory trust (“EAM” or “EAM Trust”). The Company relied on the guidance in FASB's ASC Topics 323 and 810 in its determination not to consolidate its investment in EAM and to account for such investment under the equity method of accounting. The Company reports the amount it earns for its non-voting revenues and non-voting profits interests as a separate line item below operating income in the Consolidated Statements of Income.

~~The~~Revenue Company's securities classified as cash equivalents, equity securities and available-for-sale fixed income securities consist of shares of money market funds that invest primarily in short-term U.S. Government securities, investments in equities including ETFs and fixed income securities invested primarily in short-term U.S. Treasury bills, and to a smaller extent bank certificates of deposit that are valued in accordance with the requirements of the Fair Value Measurements Topic of the FASB's ASC 820. The securities classified as equity securities reflected in the Consolidated Condensed Balance Sheets are valued at market and unrealized gains and losses are recorded in the Consolidated Condensed Statements of Income per FASB Accounting Standards Update No. 2016-01 ("ASU 2016-01"). The securities classified as available-for-sale fixed income securities reflected in the Consolidated Condensed Balance Sheets are valued at market and unrealized gains and losses, net of applicable taxes, are reported as a separate component of shareholders' equity. Investment gains and losses on sales of the equity securities are the difference between proceeds from sales and the fair value of the equity securities at the beginning of the period or the purchase date, if later. Investment gains and losses on sales of the available-for-sale fixed income securities are the difference between proceeds from sales and the cost of the securities. Investment gains and losses on sales of all securities are recorded in earnings as of the trade date and are determined on the identified cost method. Recognition:

~~The~~Depending ~~Company~~upon ~~classifies~~the ~~its~~product, ~~equity~~subscription ~~securities~~fulfillment for Value Line periodicals and related publications is available~~-for-sale~~ ~~fixed~~in ~~income~~print ~~securities~~or asdigitally, ~~current~~via ~~assets~~internet toaccess. ~~properly~~The ~~reflect~~length ~~its~~of ~~liquidity~~a subscription varies by product and offer received by the subscriber. Generally, subscriptions are offered as annual subscriptions with the majority of subscriptions paid in advance. Subscription revenues, net of discounts, are recognized ratably on a straight line basis when the product is served to ~~recognize~~the client over the ~~fact~~life ~~that~~of itthe ~~has~~subscription. ~~liquid~~Accordingly, ~~assets~~the ~~available-for-sale~~amount ~~should~~of subscription fees to be earned by fulfilling subscriptions after the ~~need~~date ~~arise~~of the balance sheets are shown as unearned revenue within current and long-term liabilities.

~~Market~~Copyright ~~valuations~~fees ofare ~~securities~~derived ~~listed~~from onproviding acertain ~~securities~~Value ~~exchange~~Line trademarks and ~~ETF~~the ~~shares~~Value ~~are~~Line ~~based~~Proprietary onRanks ~~the~~to ~~closing~~third ~~sales~~parties ~~prices~~under onwritten ~~the~~agreements ~~last~~for ~~business~~use ~~day~~in ofselecting ~~each~~securities ~~month~~for third party marketed products, including unit investment trusts, annuities and exchange traded funds ("ETFs"). The ~~market~~Company ~~value~~earns ofasset-based copyright fees upon delivery to the ~~Company's~~customer ~~fixed~~as ~~maturity~~specified ~~U.S.~~in ~~Government~~the ~~debt~~individual ~~securities~~agreements. Revenue is ~~determined~~recognized ~~utilizing~~monthly ~~publicly~~and ~~quoted~~received ~~market~~either ~~prices.~~quarterly ~~Cash~~or ~~equivalents~~in ~~consist~~advance over the term of ~~investments~~the inagreement ~~money~~and, ~~market~~because ~~funds~~it ~~that~~is ~~invest~~asset-based, ~~primarily~~will influctuate ~~U.S.~~as ~~Government~~the ~~securities~~market ~~valued~~value inof ~~accordance~~the ~~with~~underlying ~~rule~~portfolio ~~2a-7~~increases ~~under~~or ~~the~~decreases ~~1940~~in ~~Act~~value.

56 EAM earns investment management fees from the Value Line Funds. The management fees and average daily net assets for the Value Line Funds are calculated by State Street Bank, which serves as the fund accountant, fund administrator, and custodian of the Value Line Funds.

The ~~Fair~~ Value ~~Measurements~~Line ~~Topic~~Funds ofare ~~FASB's~~open-end ~~ASC~~management ~~defines~~companies ~~fair~~registered ~~value~~under as the ~~price~~Investment ~~that the~~ Company ~~would~~Act ~~receive~~of ~~upon~~1940 ~~selling an investment in a timely transaction to an independent buyer in~~ (the ~~principal~~"1940 orAct"). ~~most~~Shareholder ~~advantageous~~transactions ~~market~~ for the ~~investment. The Fair~~ Value ~~Measurements~~Line ~~Topic~~Funds ~~established~~are aprocessed ~~three-tier~~each ~~hierarchy~~business today ~~maximize~~by the ~~use~~third ofparty ~~observable~~transfer ~~market~~agent ~~data and minimize the use~~ of ~~unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to~~ the ~~information that market participants would use in pricing the asset or liability, including assumptions about risk~~Funds. ~~Examples~~Shares ofcan ~~risks~~be ~~include~~redeemed ~~those~~without ~~inherent~~advance innotice aupon ~~particular~~request valuation technique used to measure fair value such as the risk inherent in the inputs to the valuation technique. Inputs are classified as observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the ~~reporting~~shareowners ~~entity.~~each ~~Unobservable~~day ~~inputs are inputs~~ that ~~reflect~~ the ~~reporting~~New ~~entity’s~~York ~~own~~Stock ~~assumptions~~Exchange ~~about~~is ~~the factors market participants would use in pricing the asset or liability developed based on the best information available in the circumstances~~open.

~~The three-tier hierarchy of inputs is summarized in the three broad levels listed below.~~56

~~Level~~Investment ~~1 – quoted prices~~ in ~~active~~Unconsolidated ~~markets for identical investments~~Entities:

~~Level~~The 2Company ~~– other~~accounts ~~significant~~for ~~observable~~its ~~inputs~~investment ~~(including~~in ~~quoted~~its ~~prices~~unconsolidated ~~for~~entity, ~~similar~~EAM, using the equity method of accounting in accordance with FASB’s ASC 323. The equity method is an appropriate means of recognizing increases or decreases measured by GAAP in the economic resources underlying the investments,. ~~interest~~Under ~~rates,~~the ~~prepayment~~equity ~~speeds~~method, ~~credit~~an ~~risk,~~investor ~~etc~~recognizes its share of the earnings or losses of an investee in the periods for which they are reported by the investee in its financial statements rather than in the period in which an investee declares a dividend or distribution.) An investor adjusts the carrying amount of an investment for its share of the earnings or losses recognized by the investee.

~~Level~~The 3Company’s –“interests” ~~significant~~in ~~unobservable~~EAM, ~~inputs~~the ~~(including~~investment adviser to and the sole member of the distributor of the Value Line Funds, consist of a "non-voting revenues interest" and a "non-voting profits interest" in EAM as defined in the EAM Trust Agreement. The non-voting revenues interest entitles the Company to receive a range of 41% to 55%, based on the amount of EAM’s ~~own~~adjusted ~~assumptions~~gross inrevenues, ~~determining~~excluding EULAV Securities' distribution revenues (“Revenues Interest”). The non-voting profits interest entitles the ~~fair~~Company ~~value~~to receive 50% of ~~investments~~EAM's profits, subject to certain limited adjustments as defined in the EAM Trust Agreement (“Profits Interest”). The Revenues Interest and at least 90% of the Profits Interest are to be distributed each quarter to all interest holders of EAM, including Value Line. The Company's Revenues Interest in EAM excludes participation in the service and distribution fees of EAM's subsidiary EULAV Securities. The Company reflects its non-voting revenues and non-voting profits interests in EAM as non-operating income under the equity method of accounting. Although the Company does not have control over the operating and financial policies of EAM, pursuant to the EAM Trust Agreement, the Company has a contractual right to receive its share of EAM's revenues and profits.

~~The~~Recent ~~following~~Accounting ~~summarizes the levels of fair value measurements of the Company’s investments~~Pronouncements:

	As of April 30, 2024
($ in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents	$	4,136	$	-	$	-	$	4,136
Equity securities		16,344		-		-		16,344
Available-for-sale fixed income securities		47,361		250		-		47,611
	$	67,841	$	250	$	-	$	68,091

In November 2023, the FASB issued Accounting Standards Update 2023-07, “Improvements to Reportable Segment Disclosures” (“ASU 2023-07”), which requires disclosures of significant expenses by segment and interim disclosure of items that were previously required on an annual basis. ASU 2023-07 is to be applied on a retrospective basis and is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. We adopted ASU 2023-07 with such disclosures included in Note 18 to our Consolidated Financial Statements.

	As of April 30, 2023
($ in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents	$	7,240	$	-	$	-	$	7,240
Equity securities		14,546		-		-		14,546
Available-for-sale fixed income securities		39,178		750		-		39,928
	$	60,964	$	750	$	-	$	61,714

~~The~~In ~~Company~~November ~~had~~2024, nothe ~~other~~Financial ~~financial~~Accounting ~~instruments~~Standards ~~such~~Board as(“FASB”) ~~futures~~issued Accounting Standards Update (“ASU”) 2024-03, ~~forwards~~Income ~~and~~Statement-Reporting ~~swap~~Comprehensive ~~contracts.~~Income- ~~For~~Expense Disaggregation Disclosures, requiring all public business entities to provide additional disclosure of the ~~periods~~nature ~~ended April~~of 30expenses include in the income statement. This ASU is effective for fiscal years beginning after December 15, ~~2024~~2026, and ~~April~~ 30for interim reporting periods beginning after December 15, ~~2023~~2027, ~~there~~on ~~were~~a noprospective ~~Level~~basis, 3with ~~investments.~~early ~~The~~adoption ~~Company~~permitted. ~~does~~We ~~not~~are ~~have~~currently ~~any~~evaluating ~~liabilities~~the ~~subject~~impact toon ~~fair~~our ~~value~~financial ~~measurement~~statement disclosures.

~~Advertising~~Valuation ~~expenses~~of Securities:

The Company's ~~expenses~~securities ~~advertising~~classified ~~costs~~as cash equivalents, equity securities and available-for-sale fixed income securities consist of shares of money market funds that invest primarily in short-term U.S. Government securities, investments in equities including ETFs and fixed income securities invested primarily in short-term U.S. Treasury bills, and to a smaller extent bank certificates of deposit that are valued in accordance with the requirements of the Fair Value Measurements Topic of the FASB's ASC 820. The securities classified as ~~incurred~~equity securities reflected in the Consolidated Condensed Balance Sheets are valued at market and unrealized gains and losses are recorded in the Consolidated Condensed Statements of Income per FASB Accounting Standards Update No. 2016-01 ("ASU 2016-01"). The securities classified as available-for-sale fixed income securities reflected in the Consolidated Condensed Balance Sheets are valued at market and unrealized gains and losses, net of applicable taxes, are reported as a separate component of shareholders' equity. Investment gains and losses on sales of the equity securities are the difference between proceeds from sales and the fair value of the equity securities at the beginning of the period or the purchase date, if later. Investment gains and losses on sales of the available-for-sale fixed income securities are the difference between proceeds from sales and the cost of the securities. Investment gains and losses on sales of all securities are recorded in earnings as of the trade date and are determined on the identified cost method.

~~Income~~The ~~Taxes:~~Company classifies its equity securities and available-for-sale fixed income securities as current assets to properly reflect its liquidity and to recognize the fact that it has liquid assets available-for-sale should the need arise.

~~The~~Market ~~Company~~valuations ~~computes~~of ~~its~~securities ~~income~~listed ~~tax~~on ~~provision~~a insecurities ~~accordance~~exchange ~~with~~and ~~the~~ETF ~~Income~~shares ~~Tax~~are ~~Topic~~based ofon the ~~FASB's~~closing ~~ASC. Deferred~~sales ~~tax~~prices ~~liabilities~~on ~~and assets are recognized for~~ the ~~expected~~last ~~future~~business ~~tax~~day ~~consequences~~ of ~~events~~each ~~that~~month. ~~have~~The ~~been~~market ~~reflected~~value inof the ~~Consolidated Financial~~Company's ~~Statements.~~fixed ~~Deferred~~maturity ~~tax~~U.S. ~~liabilities~~Government ~~and~~debt ~~assets~~securities ~~are~~is determined ~~based~~utilizing onpublicly ~~the~~quoted ~~differences~~market ~~between~~prices. ~~the~~Cash ~~book~~equivalents ~~values~~consist ~~and the tax bases~~ of ~~particular~~investments ~~assets~~in ~~and~~money ~~liabilities,~~market ~~using~~funds ~~tax~~that ~~rates~~invest ~~currently~~primarily in ~~effect~~U.S. ~~for~~Government ~~the~~securities ~~years~~valued in ~~which~~accordance ~~the~~with ~~differences~~rule ~~are expected to reverse. The Company adopted the provisions of ASU 2015~~2a-~~17,~~7 ~~Income~~under ~~taxes (Topic 740) and classifies all deferred taxes as long-term liabilities on~~ the ~~Consolidated~~1940 ~~Balance Sheets~~Act.

The Income Tax Topic of the FASB's ASC establishes for all entities, a minimum threshold for financial statement recognition of the benefit of positions taken in filing tax returns (including whether an entity is taxable in a particular jurisdiction), and requires certain expanded tax disclosures. As of April 30, 2024, management has reviewed the tax positions for the years still subject to tax audit under the statute of limitations, evaluated the implications, and determined that there is no material impact to the Company's financial statements.57

~~Earnings~~The ~~per~~Fair ~~share:~~ Value Measurements Topic of FASB's ASC defines fair value as the price that the Company would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market for the investment. The Fair Value Measurements Topic established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the information that market participants would use in pricing the asset or liability, including assumptions about risk. Examples of risks include those inherent in a particular valuation technique used to measure fair value such as the risk inherent in the inputs to the valuation technique. Inputs are classified as observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the factors market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

~~Earnings~~The ~~per~~three-tier ~~share~~hierarchy ~~are based on the weighted average number~~ of ~~shares~~inputs ofis ~~common~~summarized ~~stock~~in ~~and common stock equivalents outstanding during each period. Any shares that are reacquired during~~ the ~~period~~three ~~are~~broad ~~weighted~~levels ~~for~~listed ~~the portion of the period that they are outstanding~~below. ~~The Company does not have any potentially dilutive common shares from outstanding stock options, warrants, restricted stock, or restricted stock units.~~

57 Level 1 – quoted prices in active markets for identical investments

~~Cash~~Level ~~and~~2 ~~Cash~~– other ~~Equivalents:~~ significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

~~For~~Level ~~purposes~~3 of– significant ~~the~~unobservable ~~Consolidated~~inputs ~~Statements~~(including ~~of Cash Flows,~~ the Company’s ~~considers~~own ~~all~~assumptions ~~cash~~in ~~held~~determining atthe ~~banks~~fair ~~and~~value ~~short-term liquid investments with an original maturity~~ of less than three months to be cash and cash equivalents. As of April 30, 2024 and April 30, 2023, cash equivalents included $4,136,000 and $7,240,000, respectively, for amounts invested in money market mutual funds that invest in short-term U.S. government securities.investments)

~~Note~~The 2following -summarizes ~~Supplementary~~the ~~Cash~~levels ~~Flow~~of ~~Information~~fair value measurements of the Company’s investments:

Reconciliation of Cash, Cash Equivalents, and Restricted Cash:

		As of April 30, 2025
($ in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents	$	33,615	$	-	$	-	$	33,615
Equity securities		20,879		-		-		20,879
Available-for-sale fixed income securities		22,435		-		-		22,435
	$	76,929	$	-	$	-	$	76,929

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Consolidated Statement of Cash Flows that sum to the total of the same such amounts shown in the Consolidated Statement of Cash Flows.

		As of April 30, 2024
($ in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents	$	4,136	$	-	$	-	$	4,136
Equity securities		16,344		-		-		16,344
Available-for-sale fixed income securities		47,361		250		-		47,611
	$	67,841	$	250	$	-	$	68,091

	Fiscal Years Ended April 30,
($ in thousands)	2024		2023		2022
Cash and cash equivalents	$	4,390	$	7,590	$	29,703
Restricted cash		305		305		305
Total cash, cash equivalents, and restricted cash shown in the Consolidated Statement of Cash Flows	$	4,695	$	7,895	$	30,008

The Company had no other financial instruments such as futures, forwards and swap contracts. For the periods ended April 30, 2025 and April 30, 2024, there were no Level 3 investments. The Company does not have any liabilities subject to fair value measurement.

~~Income~~Advertising ~~Tax Payments~~expenses:

The Company ~~made~~expenses ~~income~~advertising ~~tax~~costs ~~payments~~ as ~~follows:~~incurred.

	Fiscal Years Ended April 30,
($ in thousands)	2024		2023		2022
State and local income tax payments	$	1,090	$	923	$	894
Federal income tax payments	$	5,448	$	4,425	$	5,400

Income Taxes:

~~See~~The ~~Note~~Company 3computes -its ~~Related~~income ~~Party~~tax ~~Transactions~~provision in accordance with the Income Tax Topic of the FASB's ASC. Deferred tax liabilities and assets are recognized for the expected future tax ~~amounts~~consequences ~~associated~~of ~~with~~events ~~Arnold~~that ~~Bernhard~~have ~~and~~been Coreflected in the Consolidated Financial Statements. Deferred tax liabilities and assets are determined based on the differences between the book values and the tax bases of particular assets and liabilities, ~~Inc.~~using ~~(“AB&Co~~tax rates currently in effect for the years in which the differences are expected to reverse.~~” or~~ The Company adopted the ~~"Parent"~~provisions of ASU 2015-17, Income taxes (Topic 740) and classifies all deferred taxes as long-term liabilities on the Consolidated Balance Sheets.

~~Note~~The 3Income -Tax ~~Related~~Topic ~~Party~~of ~~Transactions:~~the FASB's ASC establishes for all entities, a minimum threshold for financial statement recognition of the benefit of positions taken in filing tax returns (including whether an entity is taxable in a particular jurisdiction), and requires certain expanded tax disclosures. As of April 30, 2025, management has reviewed the tax positions for the years still subject to tax audit under the statute of limitations, evaluated the implications, and determined that there is no material impact to the Company's financial statements.

~~Investment~~Earnings ~~Management~~per ~~(overview)~~share:

~~The~~Earnings ~~Company~~per ~~has~~share ~~substantial~~are ~~non-voting~~based ~~revenues~~on ~~and~~the ~~non-voting~~weighted ~~profits~~average ~~interests~~number inof ~~EAM,~~shares ~~the~~of ~~asset~~common ~~manager~~stock toand ~~the~~common ~~Value~~stock ~~Line~~equivalents ~~Mutual~~outstanding ~~Funds~~during each period. ~~Accordingly,~~Any ~~the~~shares ~~Company~~that ~~does~~are ~~not~~reacquired ~~report~~during ~~this~~the ~~operation~~period asare aweighted ~~separate~~for ~~business~~the ~~segment,~~portion ~~although~~of itthe ~~maintains~~period athat ~~significant~~they ~~interest~~are inoutstanding. ~~the~~The ~~cash~~Company ~~flows~~does ~~generated~~not byhave ~~this~~any ~~business~~potentially ~~and~~dilutive ~~receives~~common ~~non-voting~~shares ~~revenues~~from ~~and~~outstanding ~~non-voting~~stock ~~profits~~options, ~~interests~~warrants, asrestricted ~~discussed~~stock, ~~below~~or restricted stock units.

~~The~~Cash ~~Company’s non-voting revenues~~ and ~~non-voting~~Cash profits interests in EAM entitle it to receive quarterly distributions in 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 Voting Profits Interest Holders 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. Value Line’s percent share of EAM’s revenues is calculated each fiscal quarter. Equivalents:

~~The~~For ~~non-voting~~purposes ~~revenues and 90%~~ of the ~~Company's~~Consolidated ~~non-voting~~Statements ~~profits~~of ~~interests~~Cash ~~due~~Flows, ~~from EAM to~~ the Company ~~are~~considers ~~payable~~all ~~each~~cash ~~fiscal~~held ~~quarter~~at ~~under~~banks ~~the~~and ~~provisions~~short-term ofliquid ~~the~~investments ~~EAM~~with ~~Trust~~an ~~Agreement.~~original ~~The~~maturity ~~distributable~~of ~~amounts~~less ~~earned~~than ~~through~~three ~~the~~months ~~balance~~to ~~sheet~~be ~~date,~~cash ~~which~~and iscash ~~included~~equivalents. inAs ~~the~~of ~~Investment~~April in30, ~~EAM~~2025 ~~Trust~~and onApril ~~the~~30, ~~Consolidated Balance Sheets~~2024, ~~and~~cash ~~not~~equivalents ~~yet~~included ~~paid, were~~ $333,~~865~~615,000 and $24,~~601~~136,000, ~~at April 30~~respectively, ~~2024~~for ~~and April~~amounts ~~30,~~invested ~~2023,~~in money ~~respectively~~market mutual funds that invest in short-term U. S. government securities.

~~EAM~~Note ~~Trust~~2 - ~~VLI's~~Supplementary ~~non-voting~~Cash ~~revenues~~Flow ~~and non-voting profits interests~~Information:

~~The~~Reconciliation ~~Company holds non-voting revenues and non-voting profits interests in EAM which entitle the Company to receive from EAM an amount ranging from 41% to 55%~~ of ~~EAM's~~Cash, ~~investment~~Cash ~~management~~Equivalents, ~~fee revenues from its mutual fund~~ and ~~separate~~Restricted ~~accounts business. EAM currently has no separately managed account clients. The Company recorded income from its non-voting revenues interest and its non-voting profits interests in EAM as follows~~Cash:

	Fiscal Years Ended April 30,
($ in thousands)	2024		2023		2022
Non-voting revenues interest in EAM	$	11,900	$	10,397	$	15,899
Non-voting profits interest in EAM		1,382		734		2,142
	$	13,282	$	11,131	$	18,041

	Fiscal Years Ended April 30,
($ in thousands)	2025		2024		2023
Cash and cash equivalents	$	34,077	$	4,390	$	7,590
Restricted cash		305		305		305
Total cash, cash equivalents, and restricted cash shown in the Consolidated Statement of Cash Flows	$	34,382	$	4,695	$	7,895

~~Transactions~~Income ~~with~~Tax ~~Parent~~Payments:

~~During~~The ~~the fiscal years ended April 30, 2024 and April 30, 2023, the~~ Company ~~was~~made ~~reimbursed~~income ~~$364,000~~tax ~~and $369,000, respectively for~~ payments itas ~~made on behalf of and for services it provided to AB&Co. There were no receivables due from the Parent at April 30, 2024 or April 30, 2023.~~ follows:

The Company is a party to a tax-sharing arrangement with the Parent which allocates the tax liabilities of the two Companies between them. For the years ended April 30, 2024, 2023, and 2022, the Company made payments to the Parent for federal income tax amounting to $5,448,000, $4,425,000, and $5,400,000, respectively.

		Fiscal Years Ended April 30,
($ in thousands)	2025		2024		2023
State and local income tax payments	$	1,179	$	1,090	$	923
Federal income tax payments	$	5,058	$	5,448	$	4,425

~~From~~See ~~time~~Note to3 ~~time,~~- ~~the~~Related ~~Parent~~Party ~~has~~Transactions ~~purchased~~for ~~additional~~tax ~~shares~~amounts ofassociated ~~common~~with ~~stock~~Arnold ofBernhard ~~the Company in the market when~~ and asCo., ~~the Parent has determined it to be appropriate~~Inc. ~~The Parent may make additional purchases of common stock of the Company from time to time in the future~~(“AB&Co.” Asor ~~of April 30, 2024,~~ the "Parent ~~owned 91~~").~~63% of the outstanding shares of common stock of the Company.~~

Note 43 - ~~Investments~~Related Party Transactions:

~~Investments~~Investment ~~held~~Management by the Company and its subsidiaries are classified as equity securities and available-for-sale fixed income securities in accordance with FASB's ASC 321, Investments - Equity Securities and with FASB's ASC 320, Investments - Debt Securities. All of the Company's securities were readily marketable or had a maturity of twelve months or less and are classified as current assets on the Consolidated Balance Sheets.(overview):

~~Equity~~The ~~Securities:~~Company has substantial non-voting revenues and non-voting profits interests in EAM, the asset manager to the Value Line Mutual Funds. Accordingly, the Company does not report this operation as a separate business segment, although it maintains a significant interest in the cash flows generated by this business and receives non-voting revenues and non-voting profits interests, as discussed below.

~~Equity~~Total ~~securities~~assets onin the ~~Consolidated~~Value ~~Balance~~Line ~~Sheets~~Funds managed and/or distributed by EAM at April 30, ~~consist~~2025, ofwere ~~ETFs~~$4.68 ~~held~~billion, ~~for~~which ~~dividend~~is ~~yield~~$0.51 ~~that~~billion, ~~attempt~~or to12.0%, ~~replicate~~above ~~the~~total ~~performance~~assets of ~~certain~~$4.17 ~~equity~~billion ~~indexes~~in ~~and~~the ~~ETFs~~Value ~~that~~Line ~~hold~~Funds ~~preferred~~managed ~~shares~~and/or ~~primarily~~distributed ofby ~~financial~~EAM ~~institutions~~at April 30, 2024.

AsThe ~~of April~~Company’s ~~30,~~non-voting ~~2024~~revenues and ~~April~~ ~~30,~~non-voting ~~2023,~~profits ~~the~~interests ~~aggregate~~in ~~cost~~EAM ofentitle ~~the~~it ~~equity~~to ~~securities,~~receive ~~which~~quarterly ~~consist~~distributions ofin ~~investments~~a inrange ~~the~~of ~~SPDR~~41% ~~Series~~to ~~Trust~~55% ~~S&P~~of ~~Dividend~~EAM’s ~~ETF~~revenues (~~SDY~~excluding distribution revenues), ~~First~~from ~~Trust~~EAM’s ~~Value~~mutual ~~Line~~fund ~~Dividend~~and ~~Index~~separate ~~ETF~~account ~~(FVD),~~business ~~ProShares~~and ~~Trust~~50% ~~S&P~~of ~~500~~the ~~Dividend~~residual ~~Aristocrats~~profits ~~ETF~~of EAM (~~NOBL),~~subject ~~IShares~~to DJtemporary ~~Select~~increase ~~Dividend~~in ~~ETF~~certain ~~(DVY~~limited circumstances). ~~and~~The Voting Profits Interest Holders will receive the other ~~Exchange~~50% ~~Traded~~of ~~Funds~~residual ~~and~~profits ~~common~~of ~~stock~~EAM. ~~equity~~Distribution ~~securities~~is ~~was~~not aless ~~combined~~than ~~total~~90% ~~$11,663,000~~of ~~and~~EAM’s ~~$10,169,000,~~profits ~~respectively,~~payable ~~and~~each fiscal quarter under the ~~fair~~provisions ~~value~~of ~~was~~the ~~$16,344,000~~EAM ~~and~~Trust ~~$14,546,000,~~Agreement. ~~respectively~~Value Line’s percent share of EAM’s revenues is calculated each fiscal quarter.

The ~~carrying~~non-voting ~~value~~revenues and ~~fair~~90% ~~value~~of the Company's non-voting profits interests due from EAM to the Company are payable each fiscal quarter under the provisions of ~~equity~~the ~~securities~~EAM Trust Agreement. The distributable amounts earned through the balance sheet date, which is included in the Investment in EAM Trust on the Consolidated Balance Sheets, and not yet paid, were $4,493,000 and $3,865,000 at April 30, ~~2024~~2025 ~~were~~and asApril ~~follows:~~30, 2024, respectively.

($ in thousands)		Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value
ETFs - equities		$	11,663			$	4,685			$	(4	)		$	16,344

EAM Trust - VLI's non-voting revenues and non-voting profits interests:

The ~~carrying~~Company ~~value~~holds non-voting revenues and ~~fair~~non-voting ~~value~~profits interests in EAM which entitle the Company to receive from EAM an amount ranging from 41% to 55% of ~~equity~~EAM's ~~securities~~investment ~~at April~~management ~~30,~~fee ~~2023 were~~revenues from its mutual fund and separate accounts business. EAM currently has no separately managed account clients. The Company recorded income from its non-voting revenues interest and its non-voting profits interests in EAM as follows:

($ in thousands)	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
		Fiscal Years Ended April 30,
ETFs - equities	$	10,169	$	4,392	$	(15	)	$	14,546
($ in thousands)	2025		2024		2023
Non-voting revenues interest in EAM	$	16,183	$	11,900	$	10,397
Non-voting profits interest in EAM		2,135		1,382		734
	$	18,318	$	13,282	$	11,131

~~Government Debt Securities (Fixed Income Securities):~~59

~~Fixed~~Transactions ~~income~~with ~~securities consist of certificates of deposits and securities issued by federal, state and local governments within the United States.~~ Parent:

~~Proceeds~~During ~~from maturities and sales of government debt securities classified as available-for-sale during~~ the ~~twelve~~fiscal ~~months~~years ended April 30, ~~2024~~2025 and April 30, ~~2023~~2024, ~~were~~the Company was reimbursed $37356,~~114,~~000 and $9364,~~907,~~000, respectively. Asfor ~~of April~~payments ~~30,~~it ~~2024,~~made ~~Accumulated~~on ~~Other~~behalf ~~Comprehensive Income included unrealized losses~~ of ~~$320,000,~~and ~~net~~for ofservices ~~deferred~~it ~~tax~~provided ~~benefits~~to ~~of $67,000~~AB&Co. AsThere ~~of April~~were ~~30,~~no ~~2023,~~receivables ~~Accumulated~~due ~~Other~~from ~~Comprehensive~~the ~~Income~~Parent ~~included~~at ~~unrealized~~April ~~gains of $473~~30,~~000,~~ ~~net~~2025 ofor ~~deferred~~April ~~taxes of $99~~30,~~000~~ 2024.

The ~~aggregate~~Company ~~cost~~is ~~and~~a ~~fair~~party ~~value~~to at a tax-sharing arrangement with the Parent which allocates the tax liabilities of the two Companies between them. For the years ended April 30, 2025, 2024, ofand ~~fixed~~2023, ~~income~~the ~~securities~~Company ~~classified~~made payments asto ~~available-~~the Parent for~~-sale~~ ~~were~~federal asincome ~~follows:~~tax amounting to $5,058,000, $5,448,000, and $4,425,000, respectively.

	Amortized		Gross Unrealized		Gross Unrealized
($ in thousands)	Historical Cost		Holding Gains		Holding Losses			Fair Value
Maturity
Due within 1 year	$	42,843	$	4	$	(61	)	$	42,786
Due within 1 year through 5 years		5,088		-		(263	)		4,825
Total investment in government debt securities	$	47,931	$	4	$	(324	)	$	47,611

From time to time, the Parent has purchased additional shares of common stock of the Company in the market when and as the Parent has determined it to be appropriate. The Parent may make additional purchases of common stock of the Company from time to time in the future. As of April 30, 2025, the Parent owned 91.74% of the outstanding shares of common stock of the Company.

~~The~~Note ~~increase~~4 ~~in gross unrealized losses of $793,000 on fixed income securities classified as available~~-~~for-sale~~ ~~net of deferred income tax benefit of $166,000, was included in Accumulated Other Comprehensive Income on the Consolidated Balance Sheet as of April 30, 2024.~~ Investments:

59 Investments held by the Company and its subsidiaries are classified as equity securities and available-for-sale fixed income securities in accordance with FASB's ASC 321, Investments - Equity Securities and with FASB's ASC 320, Investments - Debt Securities. All of the Company's securities were readily marketable or had a maturity of twelve months or less and are classified as current assets on the Consolidated Balance Sheets.

~~The~~Equity ~~aggregate cost and fair value at April 30, 2023 of fixed income securities classified as available-for-sale were as follows~~Securities:

	Amortized		Gross Unrealized		Gross Unrealized
($ in thousands)	Historical Cost		Holding Gains		Holding Losses			Fair Value
Maturity
Due within 1 year	$	34,384	$	486	$	(5	)	$	34,865
Due within 1 year through 5 years		5,071		-		(8	)		5,063
Total investment in government debt securities	$	39,455	$	486	$	(13	)	$	39,928

Equity securities on the Consolidated Balance Sheets, consist of ETFs held for dividend yield that attempt to replicate the performance of certain equity indexes and ETFs that hold preferred shares primarily of financial institutions.

~~The~~As ~~increase~~of inApril ~~gross~~30, ~~unrealized~~2025 ~~gains~~and ofApril ~~$503~~30,~~000~~ on2024, ~~fixed~~the ~~income~~aggregate ~~securities~~cost ~~classified~~of asthe ~~available-for-sale~~equity ~~net~~securities, which consist of ~~deferred~~investments ~~income~~in ~~tax~~the ~~liability~~SPDR ofSeries ~~$105~~Trust S&P Dividend ETF (SDY),~~000~~ First Trust Value Line Dividend Index ETF (FVD), ProShares Trust S&P 500 Dividend Aristocrats ETF (NOBL), IShares DJ Select Dividend ETF (DVY) and other Exchange Traded Funds and common stock equity securities was ~~included~~a incombined ~~Accumulated~~total ~~Other~~$15,513,000 ~~Comprehensive~~and ~~Income~~$11,663,000, onrespectively, and the ~~Consolidated~~fair ~~Balance~~value ~~Sheet~~was as$20,879,000 ~~of April~~and 30$16,344,000, ~~2023~~respectively.

The ~~average~~carrying ~~yield~~value onand ~~the~~fair ~~Government~~value ~~debt~~of equity securities ~~classified as available-for-sale~~ at ~~April~~ ~~30, 2024 and~~ April 30, ~~2023~~2025 ~~was~~were ~~4.40%~~as ~~and 2.55%, respectively.~~follows:

Investment Gains/(Losses):

($ in thousands)		Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value
ETFs - equities		$	15,513			$	5,450			$	(84	)		$	20,879

~~Investment~~The ~~gains/(losses)~~carrying ~~were~~value ~~comprised~~and fair value of ~~the~~equity ~~following~~securities at April 30, 2024 were as follows:

	Fiscal Years Ended April 30,
($ in thousands)	Cost			Gross Unrealized Gains			Gross Unrealized Losses			Fair Value
($ in thousands)	2024			2023			2022
ETFs - equities	$	11,663		$	4,685		$	(4	)	$	16,344
Dividend income	$	551		$	595		$	851
Interest income		1,934			706			18
Investment gains/(losses) recognized on sales of equity securities during the period		(1	)		(81	)		(1,568	)
Unrealized gains/(losses) recognized on equity securities held at the end of the period		288			(45	)		167
Other		(8	)		(1	)		(2	)
Total investment gains/(losses)	$	2,764		$	1,174		$	(534	)

~~Proceeds~~Government ~~from~~Debt ~~sales~~Securities ~~of equity securities during the twelve months ended April 30, 2024 and April 30, 2023 were $1,129,000 and $4,706,000, respectively. Taxable realized gains/~~(~~losses)~~Fixed onIncome equity securities sold during fiscal years 2024 and 2023, which are generally the difference between the proceeds from sales and our original cost, were losses of $16,000 in fiscal 2024 and losses of $174,000 in fiscal 2023.Securities):

~~Investment~~Fixed inincome ~~Unconsolidated~~securities ~~Entities:~~consist of certificates of deposits and securities issued by federal, state and local governments within the United States.

~~Equity~~Proceeds ~~Method~~from ~~Investment:~~maturities and sales of government debt securities classified as available-for-sale during the twelve months ended April 30, 2025 and April 30, 2024, were $43,477,000 and $37,114,000, respectively. As of April 30, 2025, Accumulated Other Comprehensive Income included unrealized losses of $83,000, net of deferred tax benefits of $17,000. As of April 30, 2024, Accumulated Other Comprehensive Income included unrealized losses of $320,000, net of deferred tax benefits of $67,000.

AsThe ~~of April~~aggregate ~~30,~~cost ~~2024~~ and ~~April~~ ~~30,~~fair ~~2023,~~value ~~the~~at ~~Company's~~April ~~investment in EAM Trust~~30, on2025 ~~the~~of ~~Consolidated~~fixed ~~Balance~~income ~~Sheets~~securities ~~was~~classified ~~$60,134,000~~as ~~and~~available-for-sale ~~$58,775,000,~~were ~~respectively.~~as follows:

The value of VLI’s investment in EAM at April 30, 2024 and April 30, 2023 reflects the fair value of contributed capital of $55,805,000 at inception, which included $5,820,000 of cash and liquid securities in excess of working capital requirements contributed to EAM’s capital account by VLI, plus VLI's share of non-voting revenues and non-voting profits from EAM less distributions, made quarterly to VLI by EAM, during the period subsequent to its initial investment through the dates of the Consolidated Balance Sheets.

	Amortized		Gross Unrealized		Gross Unrealized
($ in thousands)	Historical Cost		Holding Gains		Holding Losses			Fair Value
Maturity
Due within 1 year	$	15,407	$	10	$	(1	)	$	15,416
Due within 1 year through 5 years		7,111		-		(92	)		7,019
Total investment in government debt securities	$	22,518	$	10	$	(93	)	$	22,435

ItThe isdecrease ~~anticipated~~in ~~that~~gross ~~EAM~~unrealized ~~will~~losses ~~have~~of ~~sufficient~~$237,000 ~~liquidity~~on ~~and~~fixed ~~earn~~income ~~enough~~securities ~~profit~~classified toas ~~conduct~~available-for-sale ~~its~~net ~~current~~of ~~and~~deferred ~~future~~income ~~operations~~tax soliability of $50,000, was included in Accumulated Other Comprehensive Income on the ~~management~~Consolidated ofBalance ~~EAM~~Sheet ~~will~~as ~~not~~of ~~need~~April ~~additional~~30, ~~funding~~2025.

The Company monitors its Investment in EAM Trust for impairment to determine whether an event or change in circumstances has occurred that may have a significant adverse effect on the fair value of the investment. Impairment indicators include, but are not limited to the following: (a) a significant deterioration in the earnings performance, asset quality, or business prospects of the investee, (b) a significant adverse change in the regulatory, economic, or technological environment of the investee, (c) a significant adverse change in the general market condition of the industry in which the investee operates, or (d) factors that raise significant concerns about the investee’s ability to continue as a going concern such as negative cash flows, working capital deficiencies, or noncompliance with statutory capital and regulatory requirements. EAM did not record any impairment losses for its assets during the fiscal years 2024 or 2023.60

60 The aggregate cost and fair value at April 30, 2024 of fixed income securities classified as available-for-sale were as follows:

The components of EAM’s investment management operations, provided to the Company by EAM, were as follows:

	Amortized		Gross Unrealized		Gross Unrealized
($ in thousands)	Historical Cost		Holding Gains		Holding Losses			Fair Value
Maturity
Due within 1 year	$	42,843	$	4	$	(61	)	$	42,786
Due within 1 year through 5 years		5,088		-		(263	)		4,825
Total investment in government debt securities	$	47,931	$	4	$	(324	)	$	47,611

	Fiscal Years Ended April 30,
($ in thousands)	2024		2023		2022
Investment management fees earned from the Value Line Funds, net of waivers shown below	$	24,383	$	19,824	$	29,598
12b-1 fees and other fees, net of waivers shown below	$	6,584	$	5,964	$	9,310
Other income/(losses)	$	433	$	142	$	(20	)
Investment management fee waivers and reimbursements	$	288	$	164	$	547
12b-1 fee waivers	$	94	$	105	$	644
Value Line’s non-voting revenues interest	$	11,900	$	10,397	$	15,899
EAM's net income (1)	$	2,764	$	1,468	$	4,284

The increase in gross unrealized losses of $793,000 on fixed income securities classified as available-for-sale net of deferred income tax benefit of $166,000, was included in Accumulated Other Comprehensive Income on the Consolidated Balance Sheet as of April 30, 2024.

~~(1)~~The ~~Represents~~average ~~EAM's~~yield ~~net~~on ~~income,~~the ~~after~~Government ~~giving~~debt ~~effect~~securities toclassified ~~Value~~as ~~Line’s non~~available-~~voting~~for-sale ~~revenues~~at ~~interest~~April 30, ~~but~~2025 ~~before~~and ~~distributions~~April to30, ~~voting~~2024 ~~profits~~was ~~interest~~5.99% ~~holders~~ and ~~to the Company in respect of its 50~~4.40%, ~~non-voting profits interest~~respectively.

	Fiscal Years Ended April 30,
($ in thousands)	2024			2023
EAM's total assets	$	63,076		$	61,389
EAM's total liabilities (1)		(5,881	)		(4,357	)
EAM's total equity	$	57,195		$	57,032

Investment Gains/(Losses):

Investment gains/(1losses) ~~At April~~were ~~30,~~comprised ~~2024 and 2023, EAM's total liabilities included a payable to VLI for its accrued non-voting revenues and non-voting profits interests~~ of ~~$3,865,000~~the ~~and $2,601,000, respectively.~~following:

Note 5 - Variable Interest Entity:

	Fiscal Years Ended April 30,
($ in thousands)	2025			2024			2023
Dividend income	$	553		$	551		$	595
Interest income		2,126			1,934			706
Investment gains/(losses) recognized on sales of equity securities during the period		(123	)		(1	)		(81	)
Unrealized gains/(losses) recognized on equity securities held at the end of the period		682			288			(45	)
Other		-			(8	)		(1	)
Total investment gains/(losses)	$	3,238		$	2,764		$	1,174

~~The~~Proceeds ~~Company~~from ~~holds~~sales ~~a non-voting~~of ~~revenues~~equity ~~interest~~securities ~~and~~during athe ~~50%~~twelve ~~non-voting~~months ~~profits~~ended ~~interest~~April ~~in EAM~~30, ~~the~~2025 ~~adviser~~and toApril ~~the~~30, ~~Value~~2024 ~~Line~~were ~~asset~~$3,243,000 ~~management~~ and ~~mutual~~$1,129,000, ~~fund distribution businesses~~respectively. ~~EAM~~ isTaxable ~~considered~~realized togains/(losses) beon aequity ~~VIE~~securities insold ~~relation~~during tofiscal ~~the~~years ~~Company.~~2025 ~~The~~and ~~Company~~2024, ~~makes~~which ~~its~~are ~~determination~~generally ~~for~~the ~~consolidation~~difference ofbetween ~~EAM~~the asproceeds afrom ~~VIE~~sales ~~based on a qualitative assessment of the purpose~~ and ~~design~~our oforiginal ~~EAM~~cost, ~~the~~were ~~terms~~losses ~~and characteristics~~ of ~~the~~$126,000 ~~variable interests~~ in ~~EAM,~~fiscal ~~and~~2025 ~~the risks EAM is designed to originate~~ and ~~pass~~losses ~~through to holders~~ of ~~variable interests. Other than EAM~~$16,000 ~~the Company does not have an interest~~ in ~~any~~fiscal ~~other VIEs~~2024.

~~The~~Investment ~~Company has determined that it does not have a controlling financial interest~~ in ~~EAM~~Unconsolidated because it does not have the power to direct the activities of EAM that most significantly impact its economic performance. Value Line does not hold any voting stock of EAM and it does not have any involvement in the day-to-day activities or operations of EAM. Although the EAM Trust Agreement provides Value Line with certain consent rights and contains certain restrictive covenants related to the activities of EAM, these are considered to be protective rights and therefore Value Line does not maintain control over EAM.Entities:

InEquity ~~addition,~~Method although EAM is expected to be profitable, there is a risk that it could operate at a loss. While all of the profit interest shareholders in EAM are subject to variability based on EAM’s operations risk, Value Line’s non-voting revenues interest in EAM is a preferred interest in the revenues of EAM, rather than a profits interest in EAM, and Value Line accordingly believes it is subject to proportionately less risk than other holders of the profits interests.Investment:

~~The~~As ~~Company~~of ~~has~~April ~~not~~30, ~~provided~~2025 ~~any~~and ~~explicit~~April ~~or implicit financial or other support to EAM other than what was contractually agreed to in the EAM Trust Agreement. Value Line has no obligation to fund EAM in the future and~~30, ~~as a result~~2024, ~~has~~the noCompany's ~~exposure to loss beyond its initial~~ investment ~~and any undistributed revenues and profits interests retained~~ in EAM. ~~The following table presents the total assets of EAM~~Trust, ~~the~~on ~~maximum exposure to loss due to involvement with EAM, as well as~~ the ~~value of the assets and liabilities the Company has recorded on its~~ Consolidated Balance Sheets ~~for~~was ~~its~~$60,807,000 ~~interest~~and in$60,134,000, ~~EAM~~respectively.

			Value Line
($ in thousands)	VIE Assets		Investment in EAM Trust (1)		Liabilities		Maximum Exposure to Loss
As of April 30, 2024	$	63,076	$	60,134	$	-	$	60,134
As of April 30, 2023	$	61,389	$	58,775	$	-	$	58,775

The value of VLI’s investment in EAM at April 30, 2025 and April 30, 2024 reflects the fair value of contributed capital of $55,805,000 at inception, which included $5,820,000 of cash and liquid securities in excess of working capital requirements contributed to EAM’s capital account by VLI, plus VLI's share of non-voting revenues and non-voting profits from EAM less distributions, made quarterly to VLI by EAM, during the period subsequent to its initial investment through the dates of the Consolidated Balance Sheets.

~~(1) Reported~~It ~~within~~is ~~Long-Term~~anticipated ~~Assets~~that onEAM ~~Consolidated~~will ~~Balance~~have ~~Sheets~~sufficient liquidity and earn enough profit to conduct its current and future operations so the management of EAM will not need additional funding.

61 The Company monitors its Investment in EAM Trust for impairment to determine whether an event or change in circumstances has occurred that may have a significant adverse effect on the fair value of the investment. Impairment indicators include, but are not limited to the following: (a) a significant deterioration in the earnings performance, asset quality, or business prospects of the investee, (b) a significant adverse change in the regulatory, economic, or technological environment of the investee, (c) a significant adverse change in the general market condition of the industry in which the investee operates, or (d) factors that raise significant concerns about the investee’s ability to continue as a going concern such as negative cash flows, working capital deficiencies, or noncompliance with statutory capital and regulatory requirements. EAM did not record any impairment losses for its assets during the fiscal years 2025 or 2024.

~~Note 6 - Property and Equipment:~~61

~~Property~~The ~~and~~components ~~equipment are carried at cost. Depreciation and amortization are provided using the straight-line method over the estimated useful lives~~ of ~~the~~EAM’s ~~assets,~~investment ormanagement ~~in the case of leasehold improvements~~operations, ~~over~~provided ~~the~~to ~~remaining terms of~~ the ~~leases. For~~Company ~~income~~by ~~tax purposes~~EAM, ~~depreciation~~were ofas furniture and equipment is computed using accelerated methods and buildings and leasehold improvements are depreciated over prescribed extended tax lives. Property and equipment, net, on the Consolidated Balance Sheets was comprised of the followingfollows:

	As of April 30,
	Fiscal Years Ended April 30,
($ in thousands)	~~2024~~2025			~~2023~~2024			2023
Building and leasehold improvements	$	652		$	1,013
Investment management fees earned from the Value Line Funds, net of waivers shown below	$	31,387		$	24,383		$	19,824
Operating lease - right-of-use asset		4,090			5,300
12b-1 fees and other fees, net of waivers shown below	$	7,788		$	6,584		$	5,964
Furniture and equipment		2,274			4,079
Other income/(losses)	$	476		$	433		$	142
		7,016			10,392
Investment management fee waivers and reimbursements	$	180		$	288		$	164
Accumulated depreciation and amortization		(2,576	)		(4,604	)
12b-1 fee waivers	$	90		$	94		$	105
Total property and equipment, net	$	4,440		$	5,788
Value Line’s non-voting revenues interest	$	16,183		$	11,900		$	10,397
EAM's net income (1)	$	4,270		$	2,764		$	1,468

~~Note~~(1) 7Represents EAM's net income, after giving effect to Value Line’s non-voting ~~Federal~~revenues interest, ~~State~~but before distributions to voting profits interest holders and ~~Local~~to ~~Income~~the ~~Taxes:~~Company in respect of its 50% non-voting profits interest.

In accordance with the requirements of the Income Tax Topic of the FASB's ASC, the Company's provision for income taxes includes the following:

	Fiscal Years Ended April 30,
($ in thousands)	2025			2024
EAM's total assets	$	63,699		$	63,076
EAM's total liabilities (1)		(6,373	)		(5,881	)
EAM's total equity	$	57,326		$	57,195

	Fiscal Years Ended April 30,
($ in thousands)	2024		2023			2022
Current tax expense:
Federal	$	4,847	$	4,702		$	5,625
State and local		1,232		984			1,280
Current tax expense		6,079		5,686			6,905
Deferred tax expense (benefit):
Federal		86		23			239
State and local		6		(3	)		(328	)
Deferred tax expense (benefit):		92		20			(89	)
Income tax provision	$	6,171	$	5,706		$	6,816

(1) At April 30, 2025 and 2024, EAM's total liabilities included a payable to VLI for its accrued non-voting revenues and non-voting profits interests of $4,493,000 and $3,865,000, respectively.

~~On December~~Note 5 ~~22,~~- ~~2017~~Variable ~~H.R.~~Interest 1, originally known as the Tax Cuts and Jobs Act (the "Tax Act"), was enacted. The Tax Act lowered the U.S. federal income tax rate ("Federal Tax Rate") from 35% to 21% effective January 1, 2018. Accordingly, the Company computes Federal income tax expense using the Federal Tax Rate of 21% in fiscal year 2019 and each year thereafter. Entity:

The ~~overall~~Company ~~effective~~holds ~~income tax rates, as~~ a ~~percentage of pre~~ non-~~tax~~voting ~~ordinary~~revenues ~~income~~interest ~~for the twelve months ended April 30, 2024, April 30, 2023~~ and ~~April~~ ~~30,~~a ~~2022 were 24.~~50%, ~~24.00%~~non-voting ~~and~~profits ~~22.25%,~~interest ~~respectively. The increase~~ in EAM, the ~~effective~~adviser ~~tax~~to ~~rate during for~~ the ~~twelve~~Value ~~months~~Line ~~ended April~~asset ~~30,~~management ~~2024~~and asmutual ~~compared~~fund ~~to April~~distribution ~~30,~~businesses. ~~2023,~~EAM is ~~primarily~~considered ato ~~result~~be ofa anVIE ~~increase~~ in ~~the~~relation ~~state~~to ~~and~~the ~~local tax rate from 3~~Company.~~25%~~ ~~to 3.72%.~~The ~~increase~~Company inmakes ~~the~~its ~~effective~~determination ~~tax rate during~~ for ~~the~~consolidation ~~twelve~~of ~~months~~EAM ~~ended April 30, 2023~~ as ~~compared~~a ~~to April~~VIE ~~30,~~based ~~2022,~~on ~~is primarily~~ a ~~result~~qualitative assessment of the ~~non-taxable~~purpose ~~revenue~~and ~~derived~~design ~~from forgiveness~~ of ~~the~~EAM, ~~PPP loan by~~ the ~~SBA~~terms ~~(see~~and ~~note~~characteristics ~~19)~~of inthe ~~fiscal~~variable ~~2022~~interests ~~partially offset by an increase~~ in ~~the~~EAM, ~~state~~ and ~~local~~the ~~income~~risks ~~taxes~~EAM ~~from~~is ~~3.12%~~designed to ~~3.25%~~originate ~~as a result of changes in state~~ and ~~local~~pass ~~income~~through ~~tax allocation factors. The Company's annualized overall effective tax rate fluctuates due~~ to aholders ~~number~~ of ~~factors,~~variable ininterests. ~~addition~~Other tothan ~~changes in tax law~~EAM, ~~including but not limited to an increase or decrease in~~ the ~~ratio~~Company ofdoes ~~items that do~~ not have ~~tax~~an ~~consequences~~interest toin ~~pre-income~~any ~~tax,~~other ~~the Company's geographic profit mix between tax jurisdictions, taxation method adopted by each locality, new interpretations of existing tax laws and rulings and settlements with tax authorities~~VIEs.

62 The Company has determined that it does not have a controlling financial interest in EAM because it does not have the power to direct the activities of EAM that most significantly impact its economic performance. Value Line does not hold any voting stock of EAM and it does not have any involvement in the day-to-day activities or operations of EAM. Although the EAM Trust Agreement provides Value Line with certain consent rights and contains certain restrictive covenants related to the activities of EAM, these are considered to be protective rights and therefore Value Line does not maintain control over EAM.

~~Deferred~~In ~~income~~addition, ~~taxes~~although EAM is expected to be profitable, there is a ~~liability,~~risk ~~are~~that ~~provided~~it ~~for~~could ~~temporary~~operate ~~differences~~at ~~between~~a loss. While all of the ~~financial~~profit ~~reporting~~interest ~~basis~~shareholders ~~and~~in ~~the~~EAM ~~tax~~are ~~basis~~subject ofto ~~the~~variability ~~Company'~~based on EAM’s ~~assets~~operations ~~and~~risk, ~~liabilities.~~Value ~~The~~Line’s ~~tax~~non-voting ~~effect~~revenues interest in EAM is a preferred interest in the revenues of ~~temporary~~EAM, ~~differences~~rather ~~giving~~than ~~rise~~a profits interest in EAM, and Value Line accordingly believes it is subject to ~~the~~proportionately ~~Company's~~less ~~long-term~~risk ~~deferred~~than ~~tax~~other ~~liability~~holders ~~are~~of asthe ~~follows:~~profits interests.

	Fiscal Years Ended April 30,
($ in thousands)	2024			2023
Federal tax liability (benefit):
Deferred gain on deconsolidation of EAM	$	10,669		$	10,669
Deferred non-cash post-employment compensation		(372	)		(372	)
Depreciation and amortization		73			59
Unrealized gain on securities held for sale		916			919
Right of Use Asset		(128	)		(174	)
Deferred charges		(138	)		(136	)
Other		(424	)		(333	)
Total federal tax liability		10,596			10,632
State and local tax liabilities (benefits):
Deferred gain on deconsolidation of EAM		2,073			2,062
Deferred non-cash post-employment compensation		(72	)		(72	)
Depreciation and amortization		13			125
Unrealized gain on securities held for sale		178			178
Other		105			204
Total state and local tax liabilities		2,297			2,497
Deferred tax liability, long-term	$	12,893		$	13,129

The Company has not provided any explicit or implicit financial or other support to EAM other than what was contractually agreed to in the EAM Trust Agreement. Value Line has no obligation to fund EAM in the future and, as a result, has no exposure to loss beyond its initial investment and any undistributed revenues and profits interests retained in EAM. The following table presents the total assets of EAM, the maximum exposure to loss due to involvement with EAM, as well as the value of the assets and liabilities the Company has recorded on its Consolidated Balance Sheets for its interest in EAM.

The tax effect of temporary differences giving rise to the Company's long-term deferred tax liability is primarily a result of the federal, state and local taxes related to the $50,805,000 gain from deconsolidation of the Company's asset management and mutual fund distribution subsidiaries, partially offset by the long-term tax benefit related to the non-cash post-employment compensation of $1,770,000 granted to VLI's former employee.

			Value Line
($ in thousands)	VIE Assets		Investment in EAM Trust (1)		Liabilities		Maximum Exposure to Loss
As of April 30, 2025	$	63,699	$	60,807	$	-	$	60,807
As of April 30, 2024	$	63,076	$	60,134	$	-	$	60,134

~~The~~(1) ~~Company~~Reported ~~uses~~within ~~the~~Long-Term ~~effective~~Assets ~~income tax rate determined to provide for income taxes~~ on aConsolidated ~~year-to-date~~Balance ~~basis and reflects the tax effect of any tax law changes and certain other discrete events in the period in which they occur~~Sheets.

~~The provision for income taxes differs from the amount of income tax determined by applying the applicable U.S. statutory income tax rate to pre-tax income as a result of the following:~~62

	Fiscal Years Ended April 30,
	2024			2023			2022
U.S. statutory federal tax rate		21.00	%		21.00	%		21.00	%
Increase (decrease) in tax rate from:
State and local income taxes, net of federal income tax benefit		3.72	%		3.25	%		3.12	%
Nontaxable SBA loan forgiveness		-			-			(1.60	%)
Effect of dividends received deductions		(0.23	%)		(0.26	%)		(0.29	%)
Other, net		0.01	%		0.01	%		0.02	%
Effective income tax rate		24.50	%		24.00	%		22.25	%

Note 6 - Property and Equipment:

~~The~~Property ~~Company~~and ~~believes~~equipment ~~that,~~are ascarried at cost. Depreciation and amortization are provided using the straight-line method over the estimated useful lives of ~~April~~ 30the assets, ~~2024~~or in the case of leasehold improvements, ~~there~~over ~~were~~the noremaining ~~material~~terms ~~uncertain~~of the leases. For income tax ~~positions~~purposes, ~~that~~depreciation ~~would~~of ~~require~~furniture ~~disclosure~~and ~~under~~equipment ~~GAAP~~is computed using accelerated methods and buildings and leasehold improvements are depreciated over prescribed extended tax lives. Property and equipment, net, on the Consolidated Balance Sheets was comprised of the following:

The Company is included in the consolidated federal income tax return of the Parent. The Company has a tax sharing agreement which requires it to make tax payments to the Parent equal to the Company's liability/(benefit) as if it filed a separate return. Beginning with the fiscal year ended April 30, 2017, the Company files combined income tax returns with the Parent on a unitary basis in certain states as a result of changes in state tax regulations.

	As of April 30,
($ in thousands)	2025			2024

Building and leasehold improvements	$	652		$	652
Operating lease - right-of-use asset		3,037			4,090
Furniture and equipment		2,430			2,274
		6,119			7,016
Accumulated depreciation and amortization		(2,644	)		(2,576	)
Total property and equipment, net	$	3,475		$	4,440

~~The~~Note ~~Company’s~~7 ~~federal~~- ~~income~~Federal, ~~tax~~State ~~returns (included in the Parent’s consolidated returns)~~ and ~~state~~Local ~~and~~Income ~~city tax returns for fiscal years ended 2020 through 2022, are subject to examination by the tax authorities, generally for three years after they are filed with the tax authorities.~~ Taxes:

~~Note~~In 8accordance -with ~~Employees~~the requirements of the Income Tax Topic of the FASB's ~~Profit~~ASC, ~~Sharing~~the ~~and~~Company's ~~Savings~~provision ~~Plan~~for income taxes includes the following:

Substantially all employees of the Company and its subsidiaries are members of the Value Line, Inc. Profit Sharing and Savings Plan (the "Plan"). In general, this is a qualified, contributory plan which provides for a discretionary annual Company contribution which is determined by a formula based on the salaries of eligible employees and the amount of consolidated net operating income as defined in the Plan. For the fiscal years ended April 30, 2024, 2023 and 2022, the estimated profit sharing plan contribution, which is included as an expense in salaries and employee benefits in the Consolidated Statements of Income, was $411,000, $410,000 and $557,000, respectively.

	Fiscal Years Ended April 30,
($ in thousands)	2025		2024		2023
Current tax expense:
Federal	$	5,225	$	4,847	$	4,702
State and local		1,347		1,232		984
Current tax expense		6,572		6,079		5,686
Deferred tax expense (benefit):
Federal		274		86		23
State and local		9		6		(3	)
Deferred tax expense:		283		92		20
Income tax provision	$	6,855	$	6,171	$	5,706

63 On December 22, 2017 H.R. 1, originally known as the Tax Cuts and Jobs Act (the "Tax Act"), was enacted. The Tax Act lowered the U.S. federal income tax rate ("Federal Tax Rate") from 35% to 21% effective January 1, 2018. Accordingly, the Company computes Federal income tax expense using the Federal Tax Rate of 21% in fiscal year 2019 and each year thereafter.

~~Note~~The 9overall effective income tax rates, as a percentage of pre-tax ~~Lease~~ordinary ~~Commitments:~~income for the twelve months ended April 30, 2025, April 30, 2024 and April 30, 2023 were 24.89%, 24.50% and 24.00%, respectively. The increase in the effective tax rate during for the twelve months ended April 30, 2025 as compared to April 30, 2024, is primarily a result of an increase in the state and local tax rate from 3.72% to 4.09%. The increase in the effective tax rate during for the twelve months ended April 30, 2024 as compared to April 30, 2023, is primarily a result of an increase in the state and local tax rate from 3.25% to 3.72%. The Company's annualized overall effective tax rate fluctuates due to a number of factors, in addition to changes in tax law, including but not limited to an increase or decrease in the ratio of items that do not have tax consequences to pre-income tax, the Company's geographic profit mix between tax jurisdictions, taxation method adopted by each locality, changes in tax rates, new interpretations of existing tax laws and rulings and settlements with tax authorities.

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 (“ABM” or the “Sublandlord”) 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 October 3, 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 2017.63

~~On February~~Deferred ~~29,~~income ~~2016~~taxes, ~~the Company’s subsidiary VLDC and Seagis Property Group LP (the “Landlord”) entered into~~ a ~~lease agreement~~liability, ~~pursuant~~are toprovided ~~which~~for ~~VLDC~~temporary ~~leased~~differences ~~24,110~~between ~~square~~the ~~feet~~financial ofreporting ~~warehouse~~basis and ~~appurtenant~~the ~~office~~tax ~~space~~basis ~~located~~of atthe ~~205~~Company's ~~Chubb~~assets ~~Ave., Lyndhurst, NJ (“Warehouse”) beginning on May 1, 2016~~ and ~~ending on April 30, 2024 (“Lease”)~~liabilities. ~~Base~~ ~~rent under the Lease was $237,218 per annum.~~ The ~~Company~~tax ~~provided~~effect aof ~~security~~temporary ~~deposit~~differences ingiving ~~cash~~rise into the ~~amount of $32,146, which has been fully refunded. VLDC distributed Value Line’~~Company's ~~print~~long-term ~~publications.~~deferred ~~The~~tax ~~Company~~liability ~~has~~are ~~outsourced~~as ~~to a U.S. facility the functions formerly performed at the Warehouse.~~follows:

In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)”. This ASU requires that, for leases longer than one year, a lessee recognizes in the statements of financial position a right-of-use asset, representing the right to use the underlying asset for the lease term, and a lease liability, representing the liability to make lease payments. It also requires that for finance leases, a lessee recognizes interest expense on the lease liability, separately from the amortization of the right-of-use asset in the statements of earnings, while for operating leases, such amounts should be recognized as a combined expense. The firm adopted this ASU in May 2019 under a modified retrospective approach.

	Fiscal Years Ended April 30,
($ in thousands)	2025			2024
Federal tax liability (benefit):
Deferred gain on deconsolidation of EAM	$	10,669		$	10,669
Deferred non-cash post-employment compensation		(372	)		(372	)
Depreciation and amortization		78			73
Unrealized gain on securities held for sale		1,127			916
Right of Use Asset		(114	)		(128	)
Deferred charges		(129	)		(138	)
Other		(487	)		(424	)
Total federal tax liability		10,772			10,596

State and local tax liabilities (benefits):

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