Value Line
Value Line, Inc. is an American financial publishing and investment research firm founded in 1931 by Arnold Bernhard in response to the 1929 stock market crash and ensuing bear market.[1][2] The company is headquartered in New York City and operates as a publicly traded entity (NYSE: VALU) while maintaining a focus on independent, quantitative stock analysis through its flagship product, The Value Line Investment Survey, which evaluates approximately 1,700 equities across major North American exchanges using proprietary ranking systems for timeliness, safety, and technical performance.[3][4][5] The firm's methodology emphasizes objective, data-driven assessments derived from financial statements and market trends, eschewing subjective narratives in favor of metrics like earnings predictability and price stability to guide long-term investors.[6] The Value Line Investment Survey has established a reputation as a reliable forecaster of stock appreciation and downside protection, with its Timeliness Rank—categorizing stocks from 1 (highest potential) to 5 (lowest)—serving as a core tool for portfolio selection since the 1960s.[7] Complementing its equity research, Value Line publishes the Value Line Composite Index, a geometric equally-weighted benchmark tracking around 1,675 stocks, which provides insights into market breadth superior to capitalization-weighted indices by reflecting median price changes and broad participation rather than dominance by mega-cap firms.[8][9] Value Line's enduring influence stems from Bernhard's pioneering application of systematic valuation techniques, evolving into digital and print services that include specialized reports, mutual fund evaluations, and asset allocation guidance, sustaining its role as one of the oldest independent investment advisories amid a landscape dominated by institutional biases.[10][11] While the company has managed affiliated mutual funds and expanded offerings like Value Line Select for targeted stock picks, it faced internal leadership disputes in the late 2000s culminating in the ouster of a controlling executive, underscoring tensions between family ownership and public shareholder interests.[12][13]Founding and Early History
Establishment and Initial Focus (1931–1940s)
Value Line was established in 1931 by Arnold Bernhard as Arnold Bernhard & Company, amid the economic turmoil following the 1929 stock market crash and the Great Depression, which had eroded personal savings and exposed the pitfalls of speculative investing.[14][2] Bernhard, who had briefly worked as a reporter and playwright before entering finance, began managing portfolios for relatives and former clients who sought reliable guidance after losing faith in market hype.[15] His approach emphasized disciplined, quantitative evaluation over subjective tips, drawing on historical financial data to establish a "standard of normal value" for stocks, thereby addressing the era's demand for unbiased tools accessible to individual investors.[14] In 1935, the firm released its first major publication, Value Line Ratings of Normal Value, a comprehensive book analyzing 120 stocks by integrating price histories, annual earnings, and book values over two decades to pinpoint overvalued or undervalued securities.[14] Priced initially at $200 per copy—later reduced to $55 to broaden reach—this work laid the groundwork for systematic fundamental analysis, avoiding promotional narratives and instead providing raw data projections grounded in verifiable metrics.[14] Bernhard's methodology prioritized causal factors like earnings stability and asset backing, reflecting a commitment to empirical rigor amid widespread market skepticism.[2] Through the 1940s, Value Line maintained its focus on retail-oriented stock evaluations, expanding advisory services while refining early quantitative techniques without venturing into broader market timing or speculative forecasts.[14] This period solidified the firm's reputation for data-driven reports that empowered non-professional investors to assess intrinsic value independently, contrasting with the era's prevalent tip-sheet culture.[14] By hiring analysts like Samuel Eisenstadt in 1946, Bernhard began incorporating statistical enhancements, though full mechanization awaited postwar advancements.[14]Development of Core Research Methods (1950s–1970s)
Following World War II, Value Line enhanced its analytical framework by incorporating statistical techniques, such as multiple regression analysis, introduced by chief statistician Samuel Eisenstadt upon his joining in 1946, to systematically evaluate stocks amid expanding economic activity.[16] In the 1950s, the firm refined its core projection methodology, which relied on historical price and earnings data to forecast future values using conservative earnings multiples applied to book value, emphasizing objective, quantitative assessments over qualitative judgments.[16] This approach allowed for broader industry coverage as post-war industrial growth diversified investment opportunities, though initial focus remained on established sectors like manufacturing and utilities. A pivotal innovation occurred in 1961 with the launch of the Value Line Composite Index, utilizing geometric averaging for an equally weighted benchmark of approximately 1,700 stocks, which mitigated the influence of outlier performances inherent in arithmetic means and provided a more stable measure of market trends.[17] By 1965, Value Line introduced its proprietary Timeliness ranking system, assigning stocks a 1-to-5 score predictive of relative price performance over the next 6 to 12 months, derived from computer-assisted cross-sectional comparisons of factors including recent earnings trends, price momentum, and indicators of financial strength across the covered universe.[16] These ranks leveraged emerging computational capabilities to process vast datasets, enabling superior pattern recognition in stock behavior compared to manual analyses prevalent earlier. In the late 1960s and 1970s, Value Line integrated complementary safety metrics into its framework, formalizing the Safety ranking series shortly after Timeliness to quantify risk through assessments of price volatility and financial stability, such as balance sheet robustness and debt levels.[18] Refinements emphasized causal linkages between earnings acceleration, momentum persistence, and stability, fostering a holistic evaluation resilient to economic cycles, while coverage expanded to encompass emerging sectors driven by technological and consumer advancements.[16] This period solidified Value Line's emphasis on empirically grounded, forward-looking metrics, distinguishing it from contemporaneous qualitative brokerage reports.Products and Services
The Value Line Investment Survey
The Value Line Investment Survey serves as the cornerstone product of Value Line, Inc., offering individual investors comprehensive, one-page analytical reports on approximately 1,700 actively traded stocks across North American exchanges.[4] These reports detail historical financial performance, including balance sheets, income statements, and cash flow data spanning multiple years, alongside three- to five-year projections for earnings, sales, and dividends.[19] Each includes proprietary rankings on a scale of 1 to 5 for Timeliness (projected relative price performance), Safety (risk assessment), and Technical (short-term price momentum), aiding users in identifying stocks expected to outperform the market over intermediate horizons.[20][17] Published weekly since its launch in 1931, the survey rotates coverage to update about 100 to 130 stocks per issue, ensuring the entire universe receives refreshed analysis quarterly while supplementing with interim reports for significant rank changes or events.[21] It spans over 90 industries, capturing roughly 90% of total U.S. daily trading volume and emphasizing mid- to large-cap companies suitable for value-oriented selection.[20][7] The publication comprises three main sections: Ratings & Reports for stock-specific details, Selection & Opinion for weekly market commentary and stock picks, and an expanded universe of summaries for broader screening.[22] Originally distributed as a print subscription, the survey transitioned to include digital access by the early 2000s, with current offerings combining both formats for around $600 annually, enabling online tools like stock screeners and customizable data exports.[20][23] This format positions it as an accessible staple for self-directed investors seeking unbiased, data-driven insights without reliance on brokerage recommendations.[4]Mutual Funds and Related Offerings
Value Line launched its initial mutual fund in 1950, initiating a family of no-load funds designed to leverage the company's stock research for portfolio management.[24] These funds, managed by Value Line Funds, emphasize equity strategies that incorporate the firm's Timeliness rankings to prioritize securities expected to outperform peers over the subsequent 6 to 12 months.[25] For instance, core offerings like the Value Line Fund and Value Line Select Growth Fund allocate heavily toward higher-ranked stocks, with the former established in 1950 and the latter in 1956, maintaining assets under management in the hundreds of millions for individual portfolios.[26] The no-load structure of these funds eliminates front-end sales charges, attracting cost-sensitive investors who prioritize expense ratios typically below industry averages for similar active equity vehicles.[27] Portfolio construction ties directly to Value Line's quantitative models, with managers overweighting securities in top Timeliness categories while maintaining diversification across sectors, as demonstrated in strategies like the Value Line Tactical Sector Rotation approach that adjusts weights based on rank groupings. This research-driven allocation has supported the funds' focus on capital appreciation, with hybrid options like the Value Line Asset Allocation Fund blending equities, bonds, and cash for balanced risk-return profiles since its investor class inception in 1993.[28] Beyond traditional equity mutual funds, Value Line extends its analytical framework to related offerings, including specialized research on options and convertible securities.[29] The Value Line Options Survey and Convertibles Survey provide rankings and recommendations for over 600 convertible issues, applying similar proprietary metrics to evaluate conversion potential, yield, and price performance, thus broadening access to hybrid instruments for investors seeking income with equity upside.[30] These publications, updated periodically, integrate with the mutual fund ecosystem by informing tactical adjustments in convertible-heavy allocations.[27]Additional Publications and Tools
Value Line offers the Special Situations Service, a publication focused on identifying undervalued small- and mid-cap stocks with significant upside potential, providing monthly recommendations to support diversified portfolios oriented toward capital appreciation.[31] This service delivers two picks per issue—one aggressive and one conservative—each with in-depth analysis of business prospects, financials, and risks, targeting under-the-radar opportunities overlooked by broader market coverage.[32] Complementing stock-focused resources, Value Line maintains tools for mutual fund assessment within its Research Center, including performance rankings, expense ratios, and portfolio holdings data to facilitate comparisons across funds.[33] Economic overviews are available via the Markets section, featuring daily analyst commentaries on macroeconomic trends and an economic calendar detailing events such as Federal Reserve announcements and GDP releases.[34] Historical archives grant access to digitized publications dating from January 1997 onward, encompassing past stock ratings, industry surveys, and market summaries for approximately 1,700 large-cap equities.[35] Digital platforms, including Value Line Pro and the Investment Analyzer, enable real-time data feeds, custom stock screening by metrics like market capitalization, earnings growth, and proprietary Timeliness ranks, alongside graphing and reporting functionalities.[36][37] These tools integrate Value Line's analytical framework for user-defined queries without reliance on the core weekly survey format.[38]Research Methodology
Stock Ranking System
Value Line's stock ranking system utilizes a proprietary quantitative model to evaluate approximately 1,700 stocks, assigning ranks from 1 (highest) to 5 (lowest) across three categories: Timeliness, Safety, and Technical.[39] This model integrates historical financial data, price trends, and balance sheet metrics to project relative performance and risk without incorporating broader market forecasts.[40] Ranks are recalculated periodically using computer algorithms that require at least two years of income statement and price history for eligibility.[7] The Timeliness Rank forecasts a stock's relative price performance over the next 6 to 12 months compared to the universe of covered stocks, with the top 100 receiving a rank of 1, the next 300 a rank of 2, about 900 a rank of 3, and the bottom ranks accordingly.[40] It derives from an analysis of long-term trends in relative earnings and prices over 10 years, recent changes in earnings and prices, and surprises in earnings results, enabling projections of price appreciation grounded in fundamental valuation metrics such as earnings estimates and implicit price-to-earnings dynamics.[40] Introduced in 1965, this rank emphasizes quantifiable projections over qualitative judgments.[39] The Safety Rank quantifies a stock's total risk by combining its Price Stability index, calculated as the standard deviation of weekly percentage price changes over the prior five years, with a Financial Strength rating that examines balance sheet quality, including debt levels, liquidity, and key financial ratios.[22] [7] This approach prioritizes long-term stability and solvency, ranking stocks relative to peers to highlight those with lower volatility and stronger financial positions.[39] The Technical Rank targets short-term relative price changes over 3 to 6 months, drawing on momentum indicators derived from price performance patterns over the past year.[41] It supplements the Timeliness Rank by capturing near-term trends through a proprietary formula focused on recent price movements, with updates reflecting evolving data to maintain responsiveness to fundamentals.[39]Value Line Geometric Index
The Value Line Geometric Index, originally released on June 30, 1961, as the Value Line Geometric Composite Index, calculates the geometric mean of daily price changes for approximately 1,700 equally weighted stocks selected from Value Line's coverage universe, which includes companies listed on the NYSE, Nasdaq, American Stock Exchange, and over-the-counter markets.[20][8] This approach derives the index value as the nth root of the product of individual stock price relatives (typically weekly closing prices adjusted for dividends and splits), emphasizing compounded returns and median-like performance across the portfolio rather than arithmetic summation.[8] By design, the geometric averaging methodology mitigates the distorting effects of outlier performances—such as extreme gains or losses in individual stocks—yielding a daily change that approximates the median stock movement within the index, which provides a more stable benchmark for evaluating relative stock performance free from the leverage of volatility extremes.[8][42] In contrast to capitalization-weighted indices like the S&P 500, where mega-cap stocks dominate returns, the Geometric Index assigns uniform weight to each constituent, preventing over-reliance on a few large entities and better reflecting the average investor's exposure to a diversified set of mid- and smaller-cap names.[42][43] Within Value Line's analytical framework, the index functions as the core market baseline for the Timeliness Ranking System, introduced in 1965, against which individual stock projections are calibrated using geometric scoring to forecast 6- to 12-month relative price performance.[17] This equal-weighted, geometric structure has demonstrated particular utility in volatile or declining markets, as it avoids amplification from concentrated large-cap drawdowns, offering a realistic gauge of underlying market breadth without the upward bias introduced by top-heavy weighting schemes.[44]Data Sources and Analytical Approach
Value Line's analytical approach prioritizes empirical data derived from primary sources, including audited financial statements filed with the U.S. Securities and Exchange Commission (SEC) via Forms 10-K and 10-Q, which provide verified balance sheets, income statements, and cash flow details for covered companies.[20] Historical stock price and volume data, sourced from major exchanges and aggregated through platforms like FactSet and Bloomberg, form the backbone for trend analysis and projection models.[25] This reliance on quantifiable, reproducible inputs contrasts with approaches dependent on aggregated analyst consensus forecasts, which Value Line eschews in favor of proprietary evaluations to minimize external biases and ensure independence.[45] A team of experienced analysts applies structured judgment to qualitative and quantitative factors, assessing causal drivers such as management effectiveness—evaluated through track records in capital allocation and operational execution—and industry cycle positioning, including supply-demand dynamics and competitive moats.[25] Projections incorporate multi-year earnings trends, recent surprises relative to expectations, and relative price performance over extended periods (e.g., 10 years), updated quarterly without deference to prevailing macroeconomic narratives or political influences that could distort causal inference.[25] This method emphasizes intrinsic value determinants over speculative short-term catalysts, aligning with principles that favor durable, evidence-based metrics for long-term outperformance potential.[20] The process integrates algorithmic components with human oversight to generate forward estimates, ensuring transparency in data lineage while avoiding over-reliance on unverified third-party inputs; for instance, financial strength assessments draw directly from audited metrics like debt levels and liquidity ratios.[25] By grounding analysis in historical empirics and causal linkages—such as how industry tailwinds amplify or erode company-specific efficiencies—Value Line maintains a focus on reproducible outcomes, periodically recalibrating models against actual performance data to refine predictive accuracy.[25]Performance, Impact, and Reception
Empirical Performance Studies
Empirical analyses of Value Line's Timeliness rankings have identified the "Value Line Effect," characterized by superior risk-adjusted returns for stocks assigned Rank 1 compared to lower-ranked or market benchmarks. Studies spanning the 1970s to 1990s, including backtests of rank changes, reported that Rank 1 stocks generated annual outperformance of approximately 2-3 percentage points relative to the market, with monotonic declines in returns across ranks from 1 to 5.[46][47] This pattern persisted after adjustments for factors such as firm size and beta, supporting the rankings' short-term predictive power over 6-12 months.[48] Research examining rank upgrades specifically found abnormal returns concentrated in the periods following publication, with U.S.-listed stocks exhibiting significantly stronger responses than foreign stocks.[49] For instance, U.S. stocks upgraded to Rank 1 outperformed benchmarks by measurable margins persisting beyond initial announcement effects, while non-U.S. stocks showed negligible or absent excess returns, attributing the disparity to differences in market efficiency and investor familiarity.[49] Longer-horizon backtests, incorporating data through the early 2000s, affirmed the rankings' reliability for generating relative outperformance when applied systematically by investors maintaining diversified portfolios of top-ranked stocks.[50] However, these studies emphasized that realized alpha diminishes with transaction costs, taxes, and delays in rank implementation, rendering the effect more suited to disciplined, low-turnover strategies rather than assured excess returns in efficient markets.[51][52]Achievements and Strengths
Value Line has maintained uninterrupted publication of investment research since its founding in 1931 by Arnold Bernhard, spanning over 90 years and establishing a record of reliability in providing objective stock analysis to individual investors.[53] This endurance has positioned the firm as a foundational resource for self-directed investors seeking data-driven insights amid market fluctuations, including tools that facilitate identification of undervalued opportunities and risk mitigation strategies independent of institutional biases.[22] The company's proprietary ranking system, including Timeliness and Safety metrics, has garnered recognition as a benchmark for unbiased, quantitative research, influencing value-oriented investment traditions by prioritizing empirical projections over promotional narratives.[46] Studies have affirmed its historical utility in generating actionable intelligence for retail portfolios, with ranks demonstrating predictive value in stock selection that counters passive indexing dominance by enabling active, fundamentals-based decision-making.[49] Value Line, Inc. exhibits financial resilience through sustained dividend growth, with consecutive annual increases over 11 years and a compound annual growth rate of about 7% since the mid-2010s, underscoring prudent capital allocation.[54] In fiscal year 2025, ending April 30, the company achieved earnings per share of $2.20, surpassing prior-year results despite a 6.4% revenue decline to $35.1 million, highlighting efficient operations and adaptability in a shifting advisory landscape.[55]Criticisms and Limitations
Empirical analyses of Value Line's Timeliness rankings have revealed inconsistent outperformance relative to passive benchmarks over multi-year periods, with top-ranked stocks showing disappointing results in single-sort portfolios due to underperformance in specific market regimes.[52] For instance, securities receiving the highest Timeliness rank tend to excel in bull markets but exhibit relative underperformance during bear markets compared to broader indices.[56] User-conducted backtests and independent reviews, including those on platforms like Seeking Alpha, have highlighted failures to consistently surpass low-cost index funds over 5- to 10-year horizons, attributing this to transaction costs and timing challenges in implementing the rankings.[57] The service's forecasting approach has drawn criticism for inaccuracies and biases inherent in its analyst-driven projections. Value Line's earnings forecasts demonstrate lower accuracy and serve as poorer proxies for market expectations than aggregated analyst consensus from sources like I/B/E/S.[58] Long-term projections for stock returns and earnings exhibit significant positive bias, overestimating outcomes and leading to potential mispricing in investment decisions.[59] Quarterly EPS forecasts, in particular, display bias and inefficiency, raising questions about the reliability of judgment-based estimates in dynamic economic environments.[60] This reliance on subjective analyst input renders the system vulnerable to errors during periods of market volatility, where rapid changes amplify projection discrepancies. Value Line has struggled with adaptation to the digital era, evidenced by persistent declines in print subscriptions and core publishing revenues amid a broader shift toward online investment tools.[57] For the fiscal year ended April 30, 2025, operational income from core activities fell sharply, driven by reduced print-related income, even as ancillary asset management segments provided some offset.[61] These trends underscore challenges in monetizing traditional research formats against competition from free or lower-cost digital alternatives.Controversies and Legal Issues
SEC Fraud Investigation and Settlement (1986–2009)
From 1986 to November 2004, Value Line, Inc. (VLI), its broker-dealer subsidiary Value Line Securities, Inc. (VLS), CEO Jean Buttner, and officer David Henigson orchestrated a scheme misappropriating over $24 million from VLI's mutual funds through fictitious brokerage commissions.[62][63] Under a "commission recapture" program, fund trades were executed by third-party rebate brokers charging the funds inflated rates of approximately $0.0488 per share, far exceeding actual execution costs of $0.01 to $0.02 per share.[63] The rebate brokers then returned the markup difference—ranging from $0.0288 to $0.0388 per share—to VLS, which provided no brokerage services in exchange, effectively transferring fund assets to benefit VLI and its affiliates without disclosure to fund shareholders or independent trustees.[62][63] Buttner, who served as VLI's chairman and CEO from 1988 onward, authorized the program, negotiated rebate terms with brokers, and directed operations to conceal its self-dealing nature, including misleading independent directors about VLS's purported services.[63] Henigson, joining VLI in 1988 as a trader and later supervising compliance, reported to Buttner, oversaw trade routing to rebate brokers, and participated in nondisclosures to regulators and shareholders that omitted the funds' overcharges.[63] The SEC's investigation revealed these actions violated antifraud provisions under the Investment Advisers Act of 1940 and Investment Company Act of 1940, prioritizing entity profits over fiduciary duties in VLI's closely held structure.[62] On November 4, 2009, the SEC instituted settled administrative proceedings against VLI, VLS, Buttner, and Henigson, who neither admitted nor denied the findings but consented to cease-and-desist orders and censures.[62][63] VLI and VLS agreed to disgorge $24,168,979 plus $9,536,786 in prejudgment interest for restitution to affected funds, alongside a $10 million civil penalty, totaling roughly $43.7 million from the entities.[62] Buttner paid a $1 million penalty and resigned as CEO, while Henigson paid $250,000; both received permanent bars from associating with investment advisers, broker-dealers, or mutual funds, and from serving as officers or directors of public companies.[62][63] A Fair Fund was established for distribution to harmed investors, highlighting oversight failures despite the lack of scienter-based admissions.[63]Corporate Evolution and Financial Performance
Ownership and Structure
Value Line, Inc. is a publicly traded company on the Nasdaq stock exchange under the ticker symbol VALU, with its shares having been offered to the public while maintaining significant insider control. The company traces its origins to operations previously conducted under Arnold Bernhard & Co., Inc. (AB&Co.), a private entity controlled by the Bernhard family, which established the foundational investment research activities.[64][10] A majority stake in Value Line is held by Arnold Bernhard & Co., Inc., which owns approximately 91.77% of the company's shares, representing controlling interest by the Bernhard family and its estate entities.[65][66] This structure allows the family to retain dominant influence over corporate decisions despite the public listing, with AB&Co. functioning as the primary holding vehicle. Value Line operates from its headquarters in New York City, employing around 138 full-time staff as of April 2023, focused on publishing investment periodicals, providing analytical services, and managing a suite of mutual funds.[67] The business model centers on subscription-based revenue from individual and institutional clients accessing its proprietary stock rankings and reports, supplemented by asset management fees.[3] Following regulatory settlements in 2009 related to prior compliance lapses, Value Line's board of directors has prioritized governance enhancements, including an independent audit committee composed of non-executive members to oversee financial reporting and internal controls.[68] The current board, chaired by Howard A. Brecher as CEO, includes directors with expertise in finance and compliance, reflecting a structure designed to mitigate risks in research dissemination and fund operations while upholding fiduciary standards.[69] This post-2009 framework emphasizes ethical oversight amid the company's dual role as a publisher and investment adviser.[70]Recent Financial Results (2010s–2025)
Following the resolution of the SEC fraud investigation in 2009, Value Line, Inc. pursued revenue stabilization through a shift toward digital subscription services and expansion of asset management operations via its interest in Eulav Asset Management, which provided non-voting revenue and profit shares.[71] This pivot helped offset declines in traditional print publishing, with total revenue holding relatively steady in the early 2010s before a gradual erosion from subscriber shifts away from physical reports.[72] By fiscal year 2015 (ended April 30), revenue stood at approximately $42.5 million, supported by cost controls and investment income, though core publishing revenues began showing consistent year-over-year declines averaging 2-4% annually through the decade.[73] Into the 2020s, revenue continued to contract amid broader industry trends favoring free online data alternatives, dropping to $40.5 million in FY2022, $39.7 million in FY2023, and $37.5 million in FY2024.[72] For FY2025 (ended April 30, 2025), revenue fell 6.4% year-over-year to $35.1 million, reflecting persistent print subscriber losses not fully compensated by digital growth or asset management fees.[71] [74] Despite the revenue dip, net income rose 8.8% to $20.7 million, yielding diluted earnings per share of $2.20, bolstered by operating efficiencies, lower expenses, and a 59% profit margin.[71] Retained earnings increased 8.8% to $113.4 million, underscoring financial resilience from high margins and conservative balance sheet management.[71] In the first quarter of FY2026 (three months ended July 31, 2025), net income climbed 9.7% year-over-year to $6.5 million, driven primarily by a 20.7% increase in receipts from Eulav Asset Management to $5.1 million, alongside investment gains that offset softer publishing revenues down about 9%.[75] The company maintained its pattern of dividend increases, declaring a quarterly payout reflecting sustained cash flow generation from operations and investments.[76] However, Value Line's stock (VALU) has underperformed the S&P 500 over the period, with total returns lagging broader market gains due to revenue pressures and limited growth catalysts in core research services.[57] Analysts have noted that while asset management provides a buffer, digital initiatives have proven insufficient to reverse the structural decline in print-based operations, raising questions about long-term viability absent further diversification.[57]| Fiscal Year Ended April 30 | Revenue ($M) | YoY Change | Net Income ($M) | EPS (Diluted) |
|---|---|---|---|---|
| 2022 | 40.5 | - | - | - |
| 2023 | 39.7 | -2.1% | - | - |
| 2024 | 37.5 | -5.5% | 19.0 | 2.02 |
| 2025 | 35.1 | -6.4% | 20.7 | 2.20 |