Revenue has trended downward to $8.3M in 2026Q3, while operating margins have significantly deteriorated from a 27.8% peak in 2024Q2 to 12.1% due to a lack of operating leverage.
| Metric | TTM | Apr'25 | Apr'24 | Apr'23 | Apr'22 | Apr'21 | Apr'20 | Apr'19 | Apr'18 | Apr'17 | Apr'16 | Apr'15 | Apr'14 | Apr'13 | Apr'12 | Apr'11 | Apr'10 | Apr'09 | Apr'08 | Apr'07 | Apr'06 | Apr'05 | Apr'04 | Apr'03 | Apr'02 | Apr'01 | Apr'00 | Apr'99 | Apr'98 | Apr'97 | Apr'96 |
|---|
| Net Interest Income | 2.15M | 2.13M | 1.93M | 706K | 18K | 137K | 279K | 201K | 0 | 0 | 0 | 0 | 0 | 0 | 16K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| NII Growth % | 16.37% | 9.93% | 173.94% | 3822.22% | -86.86% | -50.9% | 38.81% | - | - | - | - | - | - | -100% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Interest Margin % | 1.42% | 1.47% | 1.42% | 0.54% | 0.01% | 0.11% | 0.25% | 0.22% | 0% | 0% | 0% | 0% | 0% | 0% | 0.02% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Interest Income | 2.15M | 2.13M | 1.93M | 706K | 18K | 137K | 279K | 201K | 0 | 0 | 0 | 0 | 0 | 0 | 16K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Loan Loss Provision | 15.86M | 14.46M | 14.85M | 15.2M | 17.32M | 18.86M | 18.19M | 17.78M | 18.49M | 17.48M | 15.7M | 15.94M | 16.34M | 15.03M | 4.89M | 17.24M | 5.24M | 5.87M | 6.25M | 6.98M | 7.07M | 8.59M | 9.3M | 9.4M | 8.83M | 8.06M | 4.29M | 5.7M | 6.9M | 7.8M | 8.7M |
| Non-Interest Income | 31.68M | 32.95M | 35.55M | 38.99M | 40.51M | 40.26M | 40.02M | 36.06M | 35.87M | 34.57M | 34.55M | 35.52M | 36.33M | 35.84M | 36.59M | 48.67M | 58.14M | 69.24M | 82.68M | 83.64M | 85.19M | 84.48M | 85.27M | 82.07M | 87.44M | 98.39M | 96.24M | 95.3M | 93.6M | 91.8M | 87.1M |
| Non-Interest Income % | 93.65% | 93.94% | 94.84% | 98.22% | 99.96% | 99.66% | 99.31% | 99.45% | 100% | 100% | 100% | 100% | 100% | 100% | 99.96% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Total Revenue | 33.83M | 35.08M | 37.49M | 39.7M | 40.52M | 40.39M | 40.3M | 36.26M | 35.87M | 34.57M | 34.55M | 35.52M | 36.33M | 35.84M | 36.61M | 48.67M | 58.14M | 69.24M | 82.68M | 83.64M | 85.19M | 84.48M | 85.27M | 82.07M | 87.44M | 98.39M | 96.24M | 95.3M | 93.6M | 91.8M | 87.1M |
| Revenue Growth % | -20.9% | -6.42% | -5.56% | -2.05% | 0.33% | 0.23% | 11.15% | 1.08% | 3.74% | 0.08% | -2.75% | -2.22% | 1.37% | -2.1% | -24.78% | -16.29% | -16.03% | -16.25% | -1.14% | -1.82% | 0.84% | -0.93% | 3.9% | -6.15% | -11.13% | 2.23% | 0.99% | 1.82% | 1.96% | 5.4% | 10.11% |
| Non-Interest Expense | 10.46M | 14.64M | 13.49M | 13.02M | 12.4M | 13.99M | 13.02M | 13.06M | 14.81M | 9.64M | 16.96M | 17.19M | 17.5M | 16.69M | 26.38M | 22.89M | 85.09M | 39.15M | 41.98M | 41.02M | 42.93M | 48.8M | 51.23M | 48.57M | 49.43M | 52.52M | 55.53M | 50.7M | 47.4M | 47.7M | 45.9M |
| Efficiency Ratio | 30.91% | 41.73% | 36% | 32.81% | 30.6% | 34.64% | 32.31% | 36.03% | 41.28% | 27.88% | 49.11% | 48.39% | 48.15% | 46.56% | 72.05% | 47.04% | 146.35% | 56.54% | 50.77% | 49.04% | 50.4% | 57.77% | 60.08% | 59.19% | 56.52% | 53.38% | 57.7% | 53.2% | 50.64% | 51.96% | 52.7% |
| Operating Income | 4.84M | 5.99M | 9.14M | 11.47M | 10.8M | 7.54M | 9.09M | 5.41M | 2.57M | 7.46M | 1.88M | 2.4M | 2.5M | 4.12M | 5.34M | 8.53M | -32.19M | 24.22M | 34.45M | 35.64M | 35.18M | 27.08M | 24.74M | 24.09M | 29.19M | 37.81M | 36.43M | 38.9M | 39.3M | 36.3M | 32.5M |
| Operating Margin % | 14.31% | 17.06% | 24.38% | 28.9% | 26.65% | 18.65% | 22.56% | 14.93% | 7.17% | 21.57% | 5.44% | 6.75% | 6.88% | 11.5% | 14.58% | 17.53% | -55.37% | 34.98% | 41.67% | 42.61% | 41.3% | 32.06% | 29.01% | 29.36% | 33.38% | 38.43% | 37.85% | 40.82% | 41.99% | 39.54% | 37.31% |
| Operating Income Growth % | - | -34.53% | -20.31% | 6.2% | 43.33% | -17.11% | 67.93% | 110.46% | -65.52% | 296.76% | -21.63% | -4.08% | -39.3% | -22.82% | -37.44% | 126.51% | -232.89% | -29.69% | -3.33% | 1.3% | 29.89% | 9.48% | 2.67% | -17.44% | -22.81% | 3.8% | -6.35% | -1.02% | 8.26% | 11.69% | 9.8% |
| Pretax Income | 29.48M | 27.54M | 25.19M | 23.77M | 30.64M | 30.28M | 20.65M | 16.31M | 11.9M | 15.48M | 10.01M | 10.49M | 10.18M | 10.51M | 11.3M | 61.46M | -31.35M | 35.85M | 40.74M | 40.5M | 39.05M | 35.36M | 33.01M | 30.72M | 35.01M | 40.93M | 54.93M | 44.7M | 57.7M | 73.2M | 68.4M |
| Pretax Margin % | 87.14% | 78.51% | 67.19% | 59.89% | 75.6% | 74.96% | 51.24% | 44.99% | 33.17% | 44.79% | 28.97% | 29.54% | 28.01% | 29.31% | 30.86% | 126.29% | -53.93% | 51.77% | 49.28% | 48.43% | 45.84% | 41.86% | 38.71% | 37.43% | 40.04% | 41.6% | 57.08% | 46.9% | 61.65% | 79.74% | 78.53% |
| Income Tax | 7.47M | 6.86M | 6.17M | 5.71M | 6.82M | 7M | 5.71M | 4.3M | -2.84M | 5.12M | 2.72M | 3.2M | 3.41M | 3.89M | 4.37M | 23.68M | -8.16M | 12.89M | 15.19M | 15.9M | 15.61M | 14.04M | 12.65M | 10.73M | 14.69M | 16.84M | 21.23M | 17.5M | 22.5M | 27.7M | 26.7M |
| Effective Tax Rate % | 25.35% | 24.89% | 24.5% | 24% | 22.25% | 23.11% | 27.64% | 26.38% | -23.87% | 33.05% | 27.15% | 30.52% | 33.5% | 37% | 38.71% | 38.53% | 26.04% | 35.97% | 37.29% | 39.25% | 39.98% | 39.71% | 38.34% | 34.94% | 41.96% | 41.14% | 38.66% | 39.15% | 38.99% | 37.84% | 39.04% |
| Net Income | 22M | 20.69M | 19.02M | 18.07M | 23.82M | 23.28M | 14.94M | 12.01M | 14.74M | 10.37M | 7.29M | 7.29M | 6.77M | 6.62M | 6.92M | 37.78M | -23.19M | 22.95M | 25.55M | 24.61M | 23.44M | 21.32M | 20.35M | 19.99M | 20.32M | 24.09M | 33.7M | 27.2M | 35.2M | 45.5M | 41.7M |
| Net Margin % | 65.05% | 58.97% | 50.73% | 45.52% | 58.78% | 57.64% | 37.08% | 33.12% | 41.09% | 29.98% | 21.11% | 20.53% | 18.63% | 18.47% | 18.92% | 77.63% | -39.88% | 33.15% | 30.9% | 29.42% | 27.52% | 25.23% | 23.87% | 24.35% | 23.24% | 24.48% | 35.01% | 28.54% | 37.61% | 49.56% | 47.88% |
| Net Income Growth % | 2.25% | 8.78% | 5.24% | -24.15% | 2.33% | 55.79% | 24.43% | -18.52% | 42.16% | 42.19% | -0.01% | 7.74% | 2.25% | -4.42% | -81.67% | 262.94% | -201.02% | -10.16% | 3.83% | 4.98% | 9.95% | 4.76% | 1.82% | -1.65% | -15.64% | -28.51% | 23.89% | -22.73% | -22.64% | 9.11% | 79.74% |
| Net Income (Continuing) | 22M | 20.69M | 19.02M | 18.07M | 23.82M | 23.28M | 14.94M | 12.01M | 14.74M | 10.37M | 7.29M | 7.29M | 6.77M | 6.62M | 6.92M | 37.78M | -23.19M | 22.95M | 25.55M | 24.61M | 23.44M | 21.32M | 20.35M | 19.99M | 20.32M | 24.09M | 33.7M | 27.2M | 35.2M | 45.5M | 41.7M |
| EPS (Diluted) | 2.34 | 2.20 | 2.02 | 1.91 | 2.50 | 2.43 | 1.55 | 1.15 | 1.52 | 1.07 | 0.75 | 0.74 | 0.69 | 0.67 | 0.70 | 3.79 | -2.32 | 2.30 | 2.56 | 2.47 | 2.35 | 2.14 | 2.04 | 2.00 | 2.04 | 2.41 | 3.38 | 2.72 | 3.53 | 4.56 | 4.18 |
| EPS Growth % | 2.18% | 8.91% | 5.76% | -23.6% | 2.88% | 56.77% | 34.78% | -24.34% | 42.06% | 42.67% | 1.35% | 7.25% | 2.99% | -4.29% | -81.53% | 263.36% | -200.87% | -10.16% | 3.64% | 5.11% | 9.81% | 4.9% | 2% | -1.96% | -15.35% | -28.7% | 24.26% | -22.95% | -22.59% | 9.09% | 80.17% |
| EPS (Basic) | - | 2.20 | 2.02 | 1.91 | 2.50 | 2.43 | 1.55 | 1.15 | 1.52 | 1.07 | 0.75 | 0.74 | 0.69 | 0.67 | 0.70 | 3.79 | -2.32 | 2.30 | 2.56 | 2.47 | 2.35 | 2.14 | 2.04 | 2.00 | 2.04 | 2.41 | 3.38 | 2.72 | 3.53 | 4.56 | 4.18 |
| Diluted Shares Outstanding | 9.39M | 9.42M | 9.43M | 9.46M | 9.54M | 9.6M | 9.65M | 9.68M | 9.7M | 9.72M | 9.78M | 9.81M | 9.84M | 9.89M | 9.92M | 9.98M | 9.98M | 9.98M | 9.98M | 9.98M | 9.98M | 9.98M | 9.98M | 9.99M | 9.96M | 10M | 10M | 10M | 9.97M | 9.98M | 10M |
Secular revenue base erosion
As evidenced by the quarterly data, Value Line's top-line performance has trended downward, with revenue slipping from $9.6M in 2024Q2 to $8.3M by 2026Q3, suggesting that the firm's core subscription model is struggling to maintain its historical scale against shifting market preferences for financial data.
The consistent decline in quarterly revenue indicates that the company's legacy publishing business is facing significant headwinds in subscriber retention. Investors should monitor whether the firm can successfully pivot its digital offerings to offset the churn within its traditional print-reliant customer base.
Based on the provided financial statements, the company's net margin of 71.4% in 2026Q3 significantly outpaces its operating margin of 12.1%, highlighting a heavy reliance on non-operating items, specifically equity in earnings from affiliates, rather than core operational execution to drive bottom-line results.
This substantial discrepancy suggests that the reported net income is not a reliable proxy for the underlying health of the publishing and licensing business. Analysts must strip out these non-operating contributions to accurately assess the true profitability of the firm's primary investment research operations.
According to the income statement history, operating margins have fluctuated significantly, dropping from a peak of 27.8% in 2024Q2 to 12.1% in 2026Q3, which indicates that the company is failing to achieve meaningful operating leverage as its revenue base continues to shrink over time.
The inability to scale operating income alongside gross profit suggests that fixed costs remain a persistent burden on the bottom line. This lack of efficiency may indicate that the current cost structure is misaligned with the company's declining revenue trajectory, warranting further investigation into expense management.
While the firm maintains a strong cash position, the 2026Q2 gross margin compression to 42.6% serves as a warning, as reported in the quarterly data, that the company's core business model may be more vulnerable to cost volatility than its historical averages would otherwise suggest.
Short-sellers would likely focus on the volatility of these margins as evidence that the company lacks the pricing power necessary to defend its profitability in a competitive landscape. The reliance on legacy distribution channels appears to create a structural vulnerability that could lead to further margin erosion.
Quick answers to the most common questions about buying VALU stock.
Value Line, Inc. (VALU) is profitable, generating $20.7M in net income for the fiscal year ending 2025 with a net profit margin of 59.0%.
Value Line, Inc. (VALU) reported an operating income of $6.0M, resulting in an operating profit margin of 17.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Value Line, Inc. (VALU) generated $20.6M in gross profit for the year, representing a gross profit margin of 58.8%. This demonstrates the company's core pricing power and production efficiency.