$100 D-J Ind Grew To

The amount to which a $100 investment (divided equally) in each of the 30 Dow Jones Industrial Stocks would have grown from year end 1960 (or year in which the company began operations).

$100 DJI Grew To (Investment Companies)

The amount to which a $100 investment (divided equally) in each of the 30 Dow Jones Industrial Stocks would have grown from year end 1960 (or year in which the company began operations).

$100 NA Grew To

The amount to which $100 invested in the net assets of a closed-end fund would have grown from year end 1960 (or after the first year of the company's operation), assuming all capital gains distributions had been reinvested in additional shares.

$100 Net Assets Grew To (Investment Companies)

The amount to which $100 invested in the net assets of a closed-end fund would have grown from year-end 1960 (or after the first year of the company’s operation), assuming all capital gains distributions had been reinvested in additional shares.

% Advisory

The percentage of revenues attributable to advisory services for selected diversified financial companies.

% All Divs/Net Income Trailing 12 months

The sum of the last 12-months of common dividends paid divided by the company's net income over the same time frame. This percentage is also known as the payout ratio.

% Average Annual Distribution Yield

The common dividends declared over the course of a specific year (fiscal or calendar), divided by the stock's average annual price.

% Cash & Cash Equivalents

Percent of total fund investments held in cash & cash equivalents.

% Change in Customers

The annual percent change in customers, at year end, for Electric Utilities as stated in the Electric Operating Statistics

% Change Retail Sales

The annual percent change in retail sales per kilowatt hour (KWH) for Electric Utilities as stated in the Electric Operating Statistics

% Commissions

Percentage of total brokerage revenues attributable to commission revenue.

% Common Stocks

Percent of the fund's holdings in common stock.

% Company Investments

Percentage of the company's total investments invested in other companies.

% Current Yield

Estimated dividends per share for the next 12 months divided by the stock's recent price.

% Distributions to Net Profits

Distributions, which include dividends and capital gains, divided by net profit.

% EPS 12-Month Change

The change in earnings per share compared to the quarter 12 months ago.

% EPS Change from Previous Quarter

The change in earnings per share compared to the previous sequential quarter.

% Expense to Premiums Earned

The underwriting expenses of an insurance company as a percentage of premiums earned.

% Expenses to Assets

Operating expenses expressed as a percentage of a closed-end fund's total assets at year end.

% Expenses to Net Asset Value

Operating expenses expressed as a percentage of a closed-end fund's net asset value.

% Expenses to Premiums Written

Underwriting expense (commissions and general and administrative costs) divided by net premiums written, less dividends to policy holders, expressed as a percentage.

% General & Administrative Expenses to Total Income

General & administrative expenses (typically salaries, rents, advertising, etc.) divided by total income, expressed as a percentage.

% Government Treasuries

The percent of company's investments in government treasuries.

% Gross Margin

Gross profit (the income remaining after subtracting the cost of the goods sold) divided by total sales/revenues.

% Gross Portfolio Yield

Gross annual income (before any expenses) divided by total assets, expressed as a percentage.

% Insider Holdings

Percentage of stock owned by company officers and directors

% Institutional Holdings

Percent of company stock held by institutional investors such as pension funds and mutual funds

% Interest Cost to Gross Income

Interest expenses for a year divided by total income for the year, expressed as a percentage

% Interest Income

Percent of revenues attributable to interest income for securities brokerage companies

% Investment Advisory

Percent of revenues attributable to investment advisory fees

% Investment Banking

Percent of revenues attributable to investment banking activities for securities brokerage companies

% Investment Income to Total Investments

Investment income (dividends, interest, and rents received on investments less the expenses of the investment department) divided by total investments, expressed as a percentage

% Investment Revenues

Percent of revenue attributable to investment activities for selected diversified financial companies

% Loans to Total Assets

Total loans for a bank at year end as a percentage of total reported assets

% Long-Term Debt to Total Capital

Long-term Debt (the portion of borrowings that are due outside of the current 12 months) divided by the sum of long-term debt, preferred stock at liquidation or redemption value, and common equity, expressed as a percentage

% Loss to Premiums Earned

Underwriting losses divided by net premiums earned, expressed as a percentage. Also known as the loss ratio.

% Market Share

The percentage of a market controlled by a specific company or product.

% Net Assets

A company's total assets minus total liabilities divided by shares outstanding. This is also known as shareholders' equity or book value per share.

% Net Interest Margin

The difference between interest rates earned (on loans and other earning assets) and interest rates paid (on deposits and other sources of funds) divided by the total value of earning assets.

% Net Profit Margin

Net profits divided by total sales/revenues, expressed as a percentage

% of Shares Traded

The number of shares traded each month as a % of the total outstanding.

% Operating Margin

The ratio of operating income divided by net sales.

% Other Revenue - Security Brokerage

Percentage of "other" revenue to total revenue for securities brokerage companies

% Other Revenues

Percentage of "other" revenue to total revenue for securities brokerage companies

% Principal Transactions

Percentage of revenues attributable to principal transactions for securities brokerage companies

% Retained to Common Equity

Net profits less all common and preferred dividends divided by common equity (including intangible assets), expressed as a percentage. Also known as the plowback ratio.

% Retained to Partners' Capital

Percentage of retained profits to partners capital

% Retained to Trust Equity

Percentage of retained profits to trust equity

% Return on Common Equity

Return on common equity

% Return on Partners' Capital

Return on partners' capital

% Return on Sales

Percent of net profit to sales

% Return on Shareholders' Equity

Return on shareholders' equity

% Return on Total Assets

Percent of net profit to total assets

% Return on Total Capital

Return on total capital

% SG & A to Gross Income

Percent of gross income attributable to selling, general and administrative expenses

% SG & A to Sales

Percent of sales attributable to selling, general and administrative expenses

% Share Price Change

Percent price change from previous day's closing price.

% Shareholders' Equity to Total Assets

Shareholders' Equity divided by total assets, expressed as a percentage.

% Trailing 1 Week Total Return

Percent trailing one week total return

% Trailing 1 Year Total Return

Percent trailing one year total return

% Trailing 10 Year Total Return

Percent trailing 10 year total return

% Trailing 13 Week Total Return

Percent trailing 13 week total return

% Trailing 26 Weeks Total Return

% Trailing 26 Weeks Total Return

% Trailing 3 months Total Return

% Trailing 3 months Total Return

% Trailing 3 Year Total Return

Percent trailing three year total return

% Trailing 4 Weeks Total Return

% Trailing 4 Weeks Total Return

% Trailing 5 Year Total Return

Percent trailing five year total return

% Trailing 6 months Total Return

% Trailing 6 months Total Return

% Underwriting

Percentage of total revenues attributable to underwriting fees

% VL Arithmetic Index Trailing 1 Year Return

Percent trailing one year total return for Value Line Arithmetic Index

% VL Arithmetic Index Trailing 3 Year Return

Percent trailing three year total return for Value Line Arithmetic Index

% VL Arithmetic Index Trailing 5 Year Return

Percent trailing five year total return for Value Line Arithmetic Index

% VL Free Cash Flow to Price

Percent Value Line free cash flow (quarterly) to quarterly average price

"Cash Flow"

The total of net income plus non-cash charges (depreciation, amortization, and depletion) minus preferred dividends (if any).

"Cash Flow" Line

Also known as the "Value Line". We chart cash flow based on historical data, as well as on two years of estimated financials. The resulting cash flow points are connected by a line in the Valuation module as well as the graph section of the pdf report. When creating a cash flow multiple for the "cash flow" line, analysts try to make it consistent with the equity's historical price performance, as well as its three- to five-year target price range.

(Total) Interest Expense

The amount a company spends on servicing debt outside of principle.

(Total) Loans

Total net loans issued by banks

1 Day Money Flow

A measure of the amount of money moving into or out of a stock in the market over the trailing day

1 Month Money Flow

A measure of the amount of money moving into or out of a stock in the market over the trailing 1 month

1 Week Money Flow

A measure of the amount of money moving into or out of a stock in the market over the trailing 5 days

12 Month Moving Average

Line indicating the trailing 12 month average price

3- to 5-Year Projections

Value Line's proprietary estimates for a company three- to five-years in the future.

3-5 Year Projected $100 D-J Ind Grew To

The Value Line projected value to which $100 invested in the Dow Jones Industrial Average will grow from the start date of the fund to which it is being compared.

3-5 Year Projected $100 NA Grew To

The Value Line projected value to which $100 invested in the fund will grow from the start date of the fund.

3-5 Year Projected % Administrative

3-5 Year Projected Percentage of revenues attributable to administrative services for selected diversified financial companies

3-5 Year Projected % Advisory

3-5 Year Projected Percentage of revenues attributable to advisory services for selected diversified financial companies

3-5 Year Projected % Annual Total Return

Value Line's proprietary estimate of the compound yearly return to shareholders that includes both stock price appreciation and dividends paid.

3-5 Year Projected % Average Annual Distribution Yield

Value Line's proprietary estimate of a company's dividend yield (dividends paid divided by stock price) three to five years in the future.

3-5 Year Projected % Cash & Cash Equivalents

3-5 year projected percentage of total fund investments held in cash & cash equivalents

3-5 Year Projected % Commissions

3-5 year projected percentage of total brokerage revenues attributable to commission revenue

3-5 Year Projected % Common Stocks

3-5 year projected percent of the fund's holdings in common stock

3-5 Year Projected % Company Investments

3-5 year projected percentage of the company's total investments invested in other companies

3-5 Year Projected % Distributions to Net Profits

3-5 year projected distributions as a percentage of net profit

3-5 Year Projected % Expenses to Assets

3-5 year projected percent of fund's expenses to assets

3-5 Year Projected % Expenses to Net Asset Value

3-5 year percent of fund's expenses to net asset value

3-5 Year Projected % Expenses to Premiums Written

The underwriting expenses of an insurance company as a percentage of premiums written

3-5 Year Projected % General & Administrative Expenses to Total Income

3-5 year projected percent general & administrative expenses to total income for thrifts

3-5 Year Projected % Government Treasuries

3-5 year projected percent of company's investments in government treasuries

3-5 Year Projected % Gross Margin

3-5 year projected gross margin

3-5 Year Projected % Gross Portfolio Yield

3-5 year projected total income divided by total assets of a fund

3-5 Year Projected % Interest Cost to Gross Income

3-5 year projected Interest expenses for a year divided by total income for the year

3-5 Year Projected % Interest Income

3-5 year projected percent of revenues attributable to interest income for securities brokerage companies

3-5 Year Projected % Investment Advisory

3-5 year projected percent of revenues attributable to investment advisory fees

3-5 Year Projected % Investment Banking

3-5 year projected percent of revenues attributable to investment banking activities for securities brokerage companies

3-5 Year Projected % Investment Income to Total Investments

3-5 Year projected investment income divided by total investments for property & casualty insurance companies

3-5 Year Projected % Investment Revenues

3-5 Year projected percent of revenue attributable to investment activities for selected diversified financial companies

3-5 Year Projected % Loans to Total Assets

3-5 year projected total loans for a bank at year end as a percentage of total reported assets

3-5 Year Projected % Long-Term Debt to Total Capital

3-5 year projected ratio of long-term debt to total capital

3-5 Year Projected % Loss to Premiums Earned

3-5 year projected percentage loss to premiums earned for property & casualty insurance companies

3-5 Year Projected % Market Share

3-5 year projected percentage market share of selected automobile companies.

3-5 Year Projected % Net Interest Margin

3-5 year projected percent net interest margin.

3-5 Year Projected % Net Profit Margin

3-5 year projected net profit margin

3-5 Year Projected % Other Revenues

3-5 year projected percentage of "other" revenue to total revenue for securities brokerage companies

3-5 Year Projected % Price to Book Value

3-5 year projected percentage of the price to book value per common share

3-5 Year Projected % Principal Transactions

3-5 Year projected percentage of revenues attributable to principal transactions for securities brokerage companies

3-5 Year Projected % Retained to Common Equity

3-5 year projected percentage of retained profits to common equity

3-5 Year Projected % Retained to Partners' Capital

3-5 year projected percentage of retained profits to partners capital

3-5 Year Projected % Retained to Trust Equity

3-5 year projected percentage of retained profits to trust equity

3-5 Year Projected % Return on Common Equity

3-5 year projected return on common equity

3-5 Year Projected % Return on Partners' Capital

3-5 year projected return on partners' capital

3-5 Year Projected % Return on Shareholders' Equity

3-5 year projected return on shareholders' equity

3-5 Year Projected % Return on Total Capital

3-5 year projected return on total capital

3-5 Year Projected % Shareholders' Equity to Total Assets

3-5 year projected shareholders' equity to total assets

3-5 Year Projected % Underwriting

3-5 year projected percentage of total revenues attributable to underwriting fees

3-5 Year Projected "Cash Flow" per ADR

Value Line's proprietary cash flow per ADR (net profit plus depreciation and amortization minus preferred dividends, divided by shares outstanding) estimate three- to five-years in the future.

3-5 Year Projected "Cash Flow" per ADS

Value Line's proprietary cash flow per ADS (net profit plus depreciation and amortization minus preferred dividends, divided by shares outstanding) estimate three- to five-years in the future.

3-5 Year Projected "Cash Flow" per share

Value Line's proprietary cash flow per share (net profit plus depreciation and amortization minus preferred dividends, divided by shares outstanding) estimate three- to five-years in the future.

3-5 Year Projected "Cash Flow" per unit

Value Line's proprietary cash flow per unit (net profit plus depreciation and amortization minus preferred dividends, divided by shares outstanding) estimate three- to five-years in the future.

3-5 Year Projected (Total) Interest Expense

3-5 year projected total interest expense

3-5 Year Projected (Total) Loans

3-5 year projected total net loans issued by banks

3-5 Year Projected All Dividends to Net Profits

3-5 year projected percentage of net profits paid out as dividends, excluding special dividends

3-5 Year Projected Allowance for Funds Used During Construction as % of Net Prof

3-5 year projected allowance for funds used during construction (AFUDC) as a percentage of net profit

3-5 Year Projected Annual Change D-J Ind

3-5 projected annual change (range) for the Dow Jones Industrial Average

3-5 Year Projected Annual Change in NAV

3-5 year projected annual percentage change in a fund's net asset value

3-5 Year Projected Asset Value per Share at Year End for Closed End Fund

3-5 year projected asset value per share for fund

3-5 Year Projected Assets Under Management ($Bil)

3-5 Year Projected Assets Under Management ($Bil)

3-5 Year Projected Assets Under Management ($Mil)

3-5 Year Projected Assets Under Management ($Mil)

3-5 Year Projected Assets Under Management per share

3-5 year projected assets under management per share for selected financial companies

3-5 Year Projected Assets Under Management per unit

3-5 year projected assets under management per unit for selected financial companies

3-5 Year Projected Average Annual Dividend Yield

3-5 Year Projected Common dividends declared (excluding special dividends) as a percentage of annual price

3-5 Year Projected Average Annual P/E Ratio

3-5 Year projected average annual P/E ratio

3-5 Year Projected Average Annual Price/FFO Ratio

3-5 year projected average annual price divided by funds from operations (FFO) for REITs

3-5 Year Projected Average Interest Paid

3-5 year projected average interest paid

3-5 Year Projected Book Value per ADR

3-5 year projected book value per American Depository Receipt (ADR)

3-5 Year Projected Book Value per ADS

3-5 year projected book value per American Depository Share (ADS)

3-5 Year Projected Book Value per share

3-5 year projected book value per common share

3-5 Year Projected Book Value per Unit

3-5 year projected book value per unit

3-5 Year Projected Borrowings

3-5 year projected borrowings for a mortgage REIT

3-5 Year Projected Capital Funds to Total Capital

3-5 year projected capital funds to total capital

3-5 Year Projected Capital Gains

3-5 year projected capital gains for REITS

3-5 Year Projected Capital Gains Declared per share

3-5 year projected capital gains declared per share for closed end funds

3-5 Year Projected Capital Spending per ADR

3-5 year projected expenditures on items such as plant and equipment per American depository receipt (ADR)

3-5 Year Projected Capital Spending per ADS

3-5 year projected expenditures on items such as plant and equipment per American depository shares (ADS)

3-5 Year Projected Capital Spending per share

3-5 year projected expenditures on items such as plant and equipment per share

3-5 Year Projected Capital Spending per unit

3-5 year projected expenditures on items such as plant and equipment per unit

3-5 Year Projected Cash to Net Asset Value

3-5 year projected percent cash to net asset value

3-5 Year Projected Claims Provision

3-5 year projected claims provision for select financial companies

3-5 Year Projected Common Equity

3-5 year projected common equity

3-5 Year Projected Common Equity Ratio

3-5 year percent of common equity to total capital

3-5 Year Projected Common Shares Outstanding

3-5 year projected common shares outstanding

3-5 Year Projected Control Income

3-5 year projection of pretax income for selected financial services companies

3-5 Year Projected Depreciation, Depletion & Amortization

3-5 year projected depreciation, depletion & amortization

3-5 Year Projected Discontinued Operations

3-5 year projected discontinued operations

3-5 Year Projected Distributions (Declared) as % of (Total) Assets

3-5 projected distributions declared as a percent of total assets

3-5 Year Projected Distributions Declared per share

3-5 year projected distributions declared per share

3-5 Year Projected Distributions Declared per unit

3-5 year projected distributions declared per unit

3-5 Year Projected Dividends (Declared) as % of (Total) Distributions (Declared)

3-5 year projected percent dividends declared to total distributions

3-5 Year Projected Dividends (Declared) as % of Earnings

3-5 year projected percent dividends declared to earnings per share

3-5 Year Projected Dividends Declared per ADR

3-5 year projected dividends declared per American Depository Receipt (ADR)

3-5 Year Projected Dividends Declared per ADS

3-5 year projected dividends declared per American Depository Share (ADS)

3-5 Year Projected Dividends Declared per share

3-5 year projected dividends declared per common share

3-5 Year Projected Dividends Declared to Funds From Operations

3-5 year projected percent dividends declared per share to funds from operations per share (FFO/sh) for REITs

3-5 Year Projected Earnings per ADR

3-5 Year Projected Earnings per American Depository Receipt (ADR)

3-5 Year Projected Earnings per ADS

3-5 Year projected earnings per American Depository Share (ADS)

3-5 Year Projected Earnings per share

3-5 year projected earnings per share

3-5 Year Projected Earnings per unit

3-5 year projected earnings per unit

3-5 Year Projected Equivalent ADRs Outstanding

3-5 year projected equivalent American Depository receipts (ADRs) outstanding

3-5 Year Projected Equivalent ADSs Outstanding

3-5 year projected equivalent American Depository Shares (ADSs) outstanding

3-5 Year Projected Fee Revenue per (common) share

3-5 year projected fee revenue per common share

3-5 Year Projected Fee Revenues

3-5 year projected fee revenues

3-5 Year Projected FHLB Advances

3-5 year projected Federal Home Loan Bank advances (for Thrifts)

3-5 Year Projected Funds from Operations per (common) share

3-5 year projected funds from operations per common share (FFO/sh) for REITs

3-5 Year Projected Gross Dividends Declared per ADR

3-5 year projected dividends declared per American Depository Receipt (ADR) before taxes are withheld

3-5 Year Projected Gross Dividends Declared per ADS

3-5 year projected dividends declared per American Depository Share (ADS) before taxes are withheld

3-5 Year Projected Gross Dividends Declared per share

3-5 year projected dividends declared per common share before taxes are withheld

3-5 Year Projected Gross Equipment per share

3-5 year projected total equipment (before depreciation) per common share (for Airlines)

3-5 Year Projected Homes Inventory

3-5 year projected inventory of homes for a home building company

3-5 Year Projected Income Dividends Declared per share

3-5 year projected income dividends declared per common share

3-5 Year Projected Income from Loans

3-5 Year projected interest and related income from loans

3-5 Year Projected Income from Loans per share

3-5 Year projected interest and related income from loans per common share

3-5 Year Projected Income Tax Rate

3-5 year projected income tax rate

3-5 Year Projected Insurance in Force

3-5 year projected total dollar value of insurance in force

3-5 Year Projected Investment Income

3-5 year projected investment income for insurance companies

3-5 Year Projected Investment Income - Berkshire

3-5 year projected investment income for selected financial companies

3-5 Year Projected Investment Income per share

3-5 Year projected investment income per share for insurance companies

3-5 Year Projected Investment Revenues

3-5 year projected revenues attributable to a company's investments

3-5 Year Projected Investments

3-5 year projected investments as held on a balance sheet for selected financial companies

3-5 Year Projected Land Inventory

3-5 year projected land inventory for a home building company

3-5 Year Projected Life Premiums (Earned)

3-5 year projected life premiums earned for an insurance company

3-5 Year Projected Life Premiums (Earned) per share

3-5 year projected life premiums earned per share for an insurance company

3-5 Year Projected Load Factor

3-5 year projected load factor for an airline

3-5 Year Projected Loan Loss Provision

3-5 year projected loan loss provision for banks

3-5 Year Projected Loans & Real Estate

3-5 year projected total loans and real estate held by a real estate investment trust (REIT)

3-5 Year Projected Loans & Real Estate per (common) share

3-5 year projected total loans and real estate per common share for a real estate investment trust (REIT)

3-5 Year Projected Long-Term Debt

3-5 year projected long-term debt

3-5 Year Projected Loss Provision

3-5 year projected loss provision for selected financial companies

3-5 Year Projected Loss Reserves

3-5 year projected loss reserves for selected life insurance companies

3-5 Year Projected Mortgage Loans per share

3-5 year projected mortgage loans per share

3-5 Year Projected NAV per share

3-5 year projected net asset value per share

3-5 Year Projected Net Interest Income

3-5 year projected net interest income for banks

3-5 Year Projected Net Operating Revenues

3-5 year projected net operating revenues for selected financial companies

3-5 Year Projected Net Operating Revenues per share

3-5 year projected net operating revenues per share for selected financial companies

3-5 Year Projected Net Plant ($Bil)

3-5 year projected gross plant less accumulated depreciation

3-5 Year Projected Net Plant ($Mil)

3-5 year projected gross plant less accumulated depreciation

3-5 Year Projected Net Profit ($Bil)

3-5 year projected net profit

3-5 Year Projected Net Profit ($Mil)

3-5 year projected net profit

3-5 Year Projected Non-Controlling Interest

3-5 year projected non-controlling interest in other companies for selected financial companies

3-5 Year Projected Noninterest Expense

3-5 year projected non-interest expense for a bank

3-5 Year Projected Noninterest Income

3-5 year projected non-interest income for a bank

3-5 Year Projected Number of North American Stores

3-5 year projected number of North American stores

3-5 Year Projected Operating Income

3-5 year projected total operating income for selected financial companies

3-5 Year Projected Operating Income per share

3-5 year projected total operating income per share for selected financial companies

3-5 Year Projected Operating Margin

3-5 year projected operating margin

3-5 Year Projected Other Income

3-5 year projected other income plus unusual gains

3-5 Year Projected Other Income per (common) share

3-5 year projected other income per common share

3-5 Year Projected Other Revenues

3-5 year projected other revenues for select financial companies

3-5 Year Projected P/C Premiums Earned

3-5 year projected property & casualty premiums earned

3-5 Year Projected P/C Premiums Earned per share

3-5 year projected property & casualty premiums earned per share

3-5 Year Projected Partners' Capital

3-5 year projected total partners' equity in a limited partnership

3-5 Year Projected Premium / discount to NAV

3-5 year projection of premium or discount of a fund to its net asset value (NAV)

3-5 Year Projected Premium Over Book Value

3-5 year projected premium or discount to book value for select financial companies

3-5 Year Projected Premiums Earned

3-5 year projected premiums earned for selected financial companies

3-5 Year Projected Premiums Earned per share

3-5 year projected premiums earned per share for selected financial companies

3-5 Year Projected Problem Assets to Loans

3-5 year projected percentage of problem assets to loans for selected financial companies

3-5 Year Projected Property/Casualty Underwriting Margin

3-5 year projected property/casualty underwriting margin

3-5 Year Projected Realized Gains (or losses) per (common) share

3-5 year projected realized gains or losses for selected financial companies

3-5 Year Projected Receivables

3-5 year projected loans held for investment for selected financial companies

3-5 Year Projected Receivables to Total Assets

3-5 year projected loans to total assets

3-5 Year Projected Relative P/E Ratio

3-5 year projected relative price to earnings ratio

3-5 Year Projected Rental Income

3-5 year projected rental income for real estate investment trusts (REITs)

3-5 Year Projected Retained to Partners' Capital

3-5 year projected value of net profit less distributions divided by total capital

3-5 Year Projected Return on Total Assets

3-5 year projected percent of net profit to total assets

3-5 Year Projected Return on Trust Equity

3-5 year projected percent net profit to trust equity

3-5 Year Projected Return on Unit Holders' Capital

3-5 year projected percent net profit to unit holders' capital

3-5 Year Projected Savings Deposits per share

3-5 year projected savings deposits per common share

3-5 Year Projected Shareholders' Equity

3-5 year projected shareholders' equity

3-5 Year Projected Short-Term Debt

3-5 year projected short term debt

3-5 Year Projected Total Assets

3-5 year projected total assets

3-5 Year Projected Total Assets per (common) share

3-5 year projected assets per common share

3-5 Year Projected Total Benefits & Reserves

3-5 year projected total benefits and reserves for select insurance companies

3-5 Year Projected Total Capital

3-5 year projected total capital

3-5 Year Projected Total Debt

3-5 year projected total debt

3-5 Year Projected Total Debt to Net Asset Value

3-5 year projected percent total debt to net asset value

3-5 Year Projected Total Fees

3-5 year projected fee revenue for selected financial companies

3-5 Year Projected Total Net Loans

3-5 year projected loans to originate in the designated period

3-5 Year Projected Total Number of Stores

3-5 year projected number of stores

3-5 Year Projected Total Premiums Earned

3-5 year projected premiums earned

3-5 Year Projected Total Return

3-5 year projected annual total return for funds

3-5 Year Projected Total Revenue

3-5 year projected total revenue

3-5 Year Projected Total Revenue for Thrifts

3-5 year projected total revenues for thrifts

3-5 Year Projected Total Revenue per ADR

3-5 year projected total revenues per American depository receipt (ADR)

3-5 Year Projected Total Revenue per ADS

3-5 year projected total revenues per American depository share (ADS)

3-5 Year Projected Total Revenue per Share

3-5 year projected total revenues per share

3-5 Year Projected Total Revenue per unit

3-5 year projected total revenues per unit

3-5 Year Projected Total Sales

3-5 year projected total sales

3-5 Year Projected Total Sales per ADR

3-5 year projected total sales per American depository receipt (ADR)

3-5 Year Projected Total Sales per ADS

3-5 year projected total sales per American depository share (ADS)

3-5 Year Projected Total Sales per share

3-5 year projected total sales per share

3-5 Year Projected Total Sales per unit

3-5 year projected total sales per unit

3-5 Year Projected Total Segment Revenues

3-5 year projected total revenues for selected financial companies

3-5 Year Projected Translation Rate ($/#)

3-5 Year Projected Translation rate of foreign currency as it relates to the US dollar ($/#)

3-5 Year Projected Translation Rate ($/CHF)

3-5 Year Projected Translation rate of foreign currency as it relates to the US dollar ($/CHF)

3-5 Year Projected Translation Rate ($/Euro)

3-5 Year Projected Translation rate of foreign currency as it relates to the US dollar ($/Euro)

3-5 Year Projected Translation Rate ($/Rand)

3-5 Year Projected Translation rate of foreign currency as it relates to the US dollar ($/Rand)

3-5 Year Projected Translation Rate ($/RMB)

3-5 Year Projected Translation rate of foreign currency as it relates to the US dollar ($/RMB)

3-5 Year Projected Translation Rate (A$/US$)

3-5 Year Projected Translation rate of foreign currency as it relates to the US dollar (A$/US$)

3-5 Year Projected Translation Rate (Cdn.$/US$)

3-5 Year Projected Translation rate of foreign currency as it relates to the US dollar (Cdn.$/US$)

3-5 Year Projected Translation Rate (ChP/$)

3-5 Year Projected Translation rate of foreign currency as it relates to the US dollar (ChP/$)

3-5 Year Projected Translation Rate (DKr/$)

3-5 Year Projected Translation rate of foreign currency as it relates to the US dollar (DKr/$)

3-5 Year Projected Translation Rate (Euro/$)

3-5 Year Projected Translation rate of foreign currency as it relates to the US dollar (Euro/$)

3-5 Year Projected Translation Rate (FF/$)

3-5 Year Projected Translation rate of foreign currency as it relates to the US dollar (FF/$)

3-5 Year Projected Translation Rate (Fl/$)

3-5 Year Projected Translation rate of foreign currency as it relates to the US dollar (Fl/$)

3-5 Year Projected Translation Rate (HK$/US$)

3-5 Year Projected Translation rate of foreign currency as it relates to the US dollar (HK$/US$)

3-5 Year Projected Translation Rate (INR/$)

3-5 Year Projected Translation rate of foreign currency as it relates to the US dollar (INR/$)

3-5 Year Projected Translation Rate (MexP/$)

3-5 Year Projected Translation rate of foreign currency as it relates to the US dollar (MexP/$)

3-5 Year Projected Translation Rate (Nkr/$)

3-5 Year Projected Translation rate of foreign currency as it relates to the US dollar (Nkr/$)

3-5 Year Projected Translation Rate (NT$/$)

3-5 Year Projected Translation rate of foreign currency as it relates to the US dollar (NT$/$)

3-5 Year Projected Translation Rate (R$/$)

3-5 Year Projected Translation rate of foreign currency as it relates to the US dollar (R$/$)

3-5 Year Projected Translation Rate (Skr/$)

3-5 Year Projected Translation rate of foreign currency as it relates to the US dollar (Skr/$)

3-5 Year Projected Translation Rate (US$/A$)

3-5 Year Projected Translation rate of foreign currency as it relates to the US dollar (US$/A$)

3-5 Year Projected Translation Rate (US$/C$)

3-5 Year Projected Translation rate of foreign currency as it relates to the US dollar (US$/C$)

3-5 Year Projected Translation Rate (US$/Cdn.$)

3-5 Year Projected Translation rate of foreign currency as it relates to the US dollar (US$/Cdn.$)

3-5 Year Projected Translation Rate (US$/NZ$)

3-5 Year Projected Translation rate of foreign currency as it relates to the US dollar (US$/NZ$)

3-5 Year Projected Translation Rate (W/$)

3-5 Year Projected Translation rate of foreign currency as it relates to the US dollar (W/$)

3-5 Year Projected Translation Rate (W/US$)

3-5 Year Projected Translation rate of foreign currency as it relates to the US dollar (W/US$)

3-5 Year Projected Translation Rate (Yen/$)

3-5 Year Projected Translation rate of foreign currency as it relates to the US dollar (Yen/$)

3-5 Year Projected Trust Equity

3-5 year projected trust holders' equity

3-5 Year Projected Underwriting Income per (common) share

3-5 year projected underwriting income per common share

3-5 Year Projected Underwriting Margin

3-5 year projected underwriting margin

3-5 Year Projected Unitholders' Capital

3-5 year projected unitholders' equity

3-5 Year Projected Units Outstanding

3-5 year projected number of partnership units outstanding

3-5 Year Projected Unrealized Appreciation

3-5 projected unrealized investment portfolio appreciation for select financial companies

3-5 Year Projected Unrealized Appreciation per share

3-5 year projected unrealized investment portfolio appreciation per share for select financial companies

3-5 Year Projected Working Capital

3-5 year projected working capital

52-Week Low/High

The lowest /highest share price in the most recent 52 weeks

Aaa Corporate Bond Rate

The average yield on corporate bonds rated Aaa by Moody's Investors Service. Bonds that are rated Aaa are judged to be of the best quality.

Accounts Payable

Amount owed for goods and services that have been bought, and payment is due within the next 12 months. This item can be found on a company's balance sheet.

Accounts Receivable

Amount to be received for providing goods or services. Payment is due within the next 12 months. This item can be found on a company's balance sheet.

Accrued Expenses

An expense recognized in the books before it is paid for

Accumulated Depreciation

The total amount charged to reflect the aging of property, plant, and equipment owned by a company over the course of multiple accounting periods.

Action Bar

The Action Bar refers to the section of the new Company Profile that includes the Industry Rank, as well as the notifications for Alerts, Watchlists, and Notepad.  The classic Value Line PDF Reports can also be accessed from the Action Bar.

Active or Passive

Active funds are run by a manager and look to outperform. Passive funds track an index and are usually cheaper.

Adjusted Strike Price

When there is a stock split or stock dividend, the exchanges adjust the strike prices to reflect the change. Usually, if the split is 2 for 1, the strike price is cut in half and the number of contracts in the subscribers’ account is doubled with the number of shares per contract remaining at 100. However, for some other splits, the number of shares per contract and the strike price are both changed. For example, when there is a 3-for-2 split, the exchanges can change the strike prices (e.g., from $60 to $40) and the number of shares per contract (from 100 to 150). Sometimes, when there is a spin-off, the option will be exercisable into a composite of more than one stock (and sometimes some cash).  

After-Tax Corporate Profits

See Corporate Profits.

AFUDC

A non-cash credit to income consisting of equity and debt components. This non-cash income results from construction work in progress and is expected to be converted into cash income at a future date.

Agents' Balances & Premiums Receivable

Premium related balances due from policyholders

All Dividends to Net Profits

Percentage of net profits paid out as dividends, excluding special dividends

Allowance for Funds Used During Construction (Electric Utility Industries)

A non cash credit to income consisting of equity and debt components. This non cash income results from construction work in progress and is expected to be converted into cash income at a future date.

Allowance for Funds Used During Construction as % of Net Prof

Allowance for funds used during construction (AFUDC) as a percentage of net profit

Alpha

The excess return above an asset's required rate of return. Also known as the risk-adjusted return.

American Depository Receipts (ADRs)

A negotiable certificate issued by a U.S. bank representing a specified number of shares (or one share) in a foreign stock that is traded on a U.S. exchange.

American Stock Exchange Composite

A market-capitalization weighted index of the prices of the stocks traded on the American Stock Exchange.

American-Style Option

An American-style option is exercisable at any time until expiration. All U.S. exchange traded equity options are American-style.  Options that are exercisable only at expiration are know as European-Style.  Some index options, including the SPX (S&P 500) and the NDX (NASDAQ 100) are European-Style. 

Amortization

An accounting method that reduces the value of an intangible asset on a regular basis over time

Analyst Adjusted Assets Under Management Growth over Trailing 10 Year Period

Analyst Adjusted Assets Under Management Growth over Trailing 10 Year Period

Analyst Adjusted Assets Under Management Growth over Trailing 5 Year Period

Analyst Adjusted Assets Under Management Growth over Trailing 5 Year Period

Analyst Adjusted Book Value Growth over Trailing 10 Year Period

The analyst adjusted rate of book value growth over trailing 10 years as of latest fiscal year

Analyst Adjusted Book Value Growth over Trailing 5 Year Period

The analyst adjusted rate of book value growth over trailing 5 years as of latest fiscal year

Analyst Adjusted Cash Flow Growth over Trailing 10 Year Period

The analyst adjusted rate of cash flow growth over trailing 10 years as of latest fiscal year

Analyst Adjusted Cash Flow Growth over Trailing 5 Year Period

The analyst adjusted rate of cash flow growth over trailing 5 years as of latest fiscal year

Analyst Adjusted Distributions Growth over Trailing 10 Year Period

Analyst Adjusted Distributions Growth over Trailing 10 Year Period

Analyst Adjusted Distributions Growth over Trailing 5 Year Period

Analyst Adjusted Distributions Growth over Trailing 5 Year Period

Analyst Adjusted Dividends Growth over Trailing 10 Year Period

The analyst adjusted rate of dividends growth over trailing 10 years as of latest fiscal year

Analyst Adjusted Dividends Growth over Trailing 5 Year Period

The analyst adjusted rate of dividends growth over trailing 5 years as of latest fiscal year

Analyst Adjusted Earnings Growth over Trailing 10 Year Period

The analyst adjusted rate of earnings growth over trailing 10 years as of latest fiscal year

Analyst Adjusted Earnings Growth over Trailing 5 Year Period

The analyst adjusted rate of earnings growth over trailing 5 years as of latest fiscal year

Analyst Adjusted Investment Revenue Growth over Trailing 10 Year Period

The analyst adjusted rate of investment income growth over trailing 10 years as of latest fiscal year

Analyst Adjusted Investment Revenue Growth over Trailing 5 Year Period

The analyst adjusted rate of investment income growth over trailing 5 years as of latest fiscal year

Analyst Adjusted Loan Income Growth over Trailing 10 Year Period

Analyst Adjusted Loan Income Growth over Trailing 10 Year Period

Analyst Adjusted Loan Income Growth over Trailing 5 Year Period

Analyst Adjusted Loan Income Growth over Trailing 5 Year Period

Analyst Adjusted Loans Growth over Trailing 10 Year Period

The analyst adjusted rate of loans growth over trailing 10 years as of latest fiscal year

Analyst Adjusted Loans Growth over Trailing 5 Year Period

The analyst adjusted rate of loans growth over trailing 5 years as of latest fiscal year

Analyst Adjusted Mortgage Loans Growth over Trailing 10 Year Period

The analyst adjusted rate of mortgage loans growth over trailing 10 years as of latest fiscal year

Analyst Adjusted Mortgage Loans Growth over Trailing 5 Year Period

The analyst adjusted rate of mortgage loans growth over trailing 5 years as of latest fiscal year

Analyst Adjusted Net Operating Revenues Growth over Trailing 10 Year Period

The analyst adjusted rate of net operating revenues growth over trailing 10 years as of latest fiscal year

Analyst Adjusted Net Operating Revenues Growth over Trailing 5 Year Period

The analyst adjusted rate of net operating revenues growth over trailing 5 years as of latest fiscal year

Analyst Adjusted Net Revenue Growth over Trailing 10 Year Period

Analyst Adjusted Net Revenue Growth over Trailing 10 Year Period

Analyst Adjusted Net Revenue Growth over Trailing 5 Year Period

Analyst Adjusted Net Revenue Growth over Trailing 5 Year Period

Analyst Adjusted Premium Income Growth over Trailing 10 Year Period

The analyst adjusted rate of premium income growth over trailing 10 years as of latest fiscal year

Analyst Adjusted Premium Income Growth over Trailing 5 Year Period

The analyst adjusted rate of premium income growth over trailing 5 years as of latest fiscal year

Analyst Adjusted Projected Assets Under Management Growth over 3-5 Year Period

Analyst Adjusted Projected Assets Under Management Growth over 3-5 Year Period

Analyst Adjusted Projected Book Value Growth over 3-5 Year Period

The analyst adjusted projected rate of book value growth over 3-5 years as of latest fiscal year

Analyst Adjusted Projected Cash Flow Growth over 3-5 Year Period

The analyst adjusted projected rate of cash flow growth over 3-5 years as of latest fiscal year

Analyst Adjusted Projected Distributions Growth over 3-5 Year Period

Analyst Adjusted Projected Distributions Growth over 3-5 Year Period

Analyst Adjusted Projected Dividends Growth over 3-5 Year Period

The analyst adjusted projected rate of dividends growth over 3-5 years as of latest fiscal year

Analyst Adjusted Projected Earnings Growth over 3-5 Year Period

The analyst adjusted projected rate of earnings growth over 3-5 years as of latest fiscal year

Analyst Adjusted Projected Investment Revenue Growth over 3-5 Year Period

The analyst adjusted projected rate of investment income growth over 3-5 years as of latest fiscal year

Analyst Adjusted Projected Loan Income Growth over 3-5 Year Period

Analyst Adjusted Projected Loan Income Growth over 3-5 Year Period

Analyst Adjusted Projected Loans Growth over 3-5 Year Period

The analyst adjusted projected rate of loans growth over 3-5 years as of latest fiscal year

Analyst Adjusted Projected Mortgage Loans Growth over 3-5 Year Period

The analyst adjusted projected rate of mortgage loans growth over 3-5 years as of latest fiscal year

Analyst Adjusted Projected Net Operating Revenues Growth over 3-5 Year Period

The analyst adjusted projected rate of net operating revenues growth over 3-5 years as of latest fiscal year

Analyst Adjusted Projected Net Revenue Growth over 3-5 Year Period

Analyst Adjusted Projected Net Revenue Growth over 3-5 Year Period

Analyst Adjusted Projected Premium Income Growth over 3-5 Year Period

The analyst adjusted projected rate of premium income growth over 3-5 years as of latest fiscal year

Analyst Adjusted Projected Revenues Growth over 3-5 Year Period

The analyst adjusted projected rate of revenues growth over 3-5 years as of latest fiscal year

Analyst Adjusted Projected Sales Growth over 3-5 Year Period

Projected rate of sales growth over 3-5 years as of latest fiscal year

Analyst Adjusted Projected Savings Deposits Growth over 3-5 Year Period

The analyst adjusted projected rate of savings deposits growth over 3-5 years as of latest fiscal year

Analyst Adjusted Projected Total Assets Growth over 3-5 Year Period

Projected rate of total assets growth over 3-5 years as of latest fiscal year

Analyst Adjusted Projected Total Revenue Growth over 3-5 Year Period

Analyst Adjusted Projected Total Revenue Growth over 3-5 Year Period

Analyst Adjusted Revenues Growth over Trailing 10 Year Period

The analyst adjusted rate of revenues growth over trailing 10 years as of latest fiscal year

Analyst Adjusted Revenues Growth over Trailing 5 Year Period

The analyst adjusted rate of revenues growth over trailing 5 years as of latest fiscal year

Analyst Adjusted Sales Growth over Trailing 10 Year Period

Rate of sales growth over trailing 10 years as of latest fiscal year

Analyst Adjusted Sales Growth over Trailing 5 Year Period

Rate of sales growth over trailing 5 years as of latest fiscal year

Analyst Adjusted Savings Deposits Growth over Trailing 10 Year Period

The analyst adjusted rate of savings deposits growth over trailing 10 years as of latest fiscal year

Analyst Adjusted Savings Deposits Growth over Trailing 5 Year Period

The analyst adjusted rate of savings deposits growth over trailing 5 years as of latest fiscal year

Analyst Adjusted Total Assets Growth over Trailing 10 Year Period

Rate of total assets growth over trailing 10 years as of latest fiscal year

Analyst Adjusted Total Assets Growth over Trailing 5 Year Period

Rate of total assets growth over trailing 5 years as of latest fiscal year

Analyst Adjusted Total Revenue Growth over Trailing 10 Year Period

Analyst Adjusted Total Revenue Growth over Trailing 10 Year Period

Analyst Adjusted Total Revenue Growth over Trailing 5 Year Period

Analyst Adjusted Total Revenue Growth over Trailing 5 Year Period

Analyst's Commentary

An approximate 350-word report on each company in Ratings & Reports that discusses recent developments, and evaluates a company's prospects and its corresponding stock.

Analyst’s Commentary

An approximate 350-word report on each company page in Ratings & Reports on recent developments and prospects issued every three months on a preset schedule.

Annual Change D-J Ind

Annual change for the Dow Jones Industrial Average for a given year

Annual Change D-J Industrials (Investment Companies)

The annual change from year end to year end in the Dow Jones Industrial Average, expressed as a percentage.

Annual Change in NAV

Annual percentage change in a fund's net asset value for a given year

Annual Change in Net Asset Value (Investment Companies)

The change in percentage terms of the net asset value per share at the end of any given year from what it was at the end of the preceding year, adjusted for any capital gains distributions made during the year.

Annual Rates of Change (Per Share)

Compound yearly rates of change of per-share sales, cash flow, earnings, dividends, and book value, or other industry-specific, per-share figures, over the past 10 years and five years and estimated for the coming three to five years. Historical rates of change are computed from the average figures for a past three-year period to the most recent actual three-year period. Forecasted rates of change are computed from the average figure for the most recent three-year period to an average for a future three-year period. If data for a three-year period are not available, a two- or one-year base may be used.

Annual Total Return

A compound yearly return to shareholders that includes both stock price appreciation and dividend returns.

Annual Total Return Projection

The expected percentage gain (capital appreciation plus dividends) that an investor would achieve per year by purchasing and holding a particular stock.

Annuity

A form of contract sold by life insurance companies that guarantees a fixed or variable payment at some future time.

App

A computer program or piece of software that is designed to fulfill a particular purpose. App is short for Application.


Appreciation Potential

The percentage difference between the recent stock price and the mid point of the 3- 5-year Target Price Range.

Arithmetic Average

Items to be averaged are added and their sum is divided by the number of items. The result is an arithmetic, or simple, average (or mean).

Ask Price

This is the price at which the market is willing to sell the option. The ask price (also known as the “offer” price) is always higher than the bid price, which is the price at which the market maker will buy the option. 

Asset Quality (Bank and Thrift Industries)

An indicator of problem loans and other assets relative to total assets. A bank with good asset quality, for example, has a lower percentage of problem loans than the average bank.

Asset Type

We have all ETFs broken down into one of six asset types; Alternative (multi-asset, specific strategy), Balanced (Target Date, Target Outcome), Commodities (natural resources), currencies (dollar, euro, yen, etc.), Equities (stocks), Fixed Income (bonds), Volatility (products tracking volatility-linked indexes).

Asset Value per share

The total common equity, with securities valued at market, rather than cost, divided by the number of shares outstanding.

Asset Value Per Share Year End (Investment Companies)

The total common equity at year end, with securities valued at market, rather than cost, divided by the number of shares outstanding at year end.

Assets

For a corporation, the total of current assets (normally cash and short-term investments, inventories, and receivables) and long-term assets (normally including property and equipment and good will).

Assets Under Management ($Bil)

The market value of assets that an investment company oversees on behalf of its clients.

Assets Under Management ($Mil)

The market value of assets that an investment company oversees on behalf of its clients.

Assets Under Management per share

The market value of assets that an investment company oversees on behalf of its clients, on a per share basis.

Assets Under Management per unit

The market value of assets that an investment company oversees on behalf of its clients, on a per unit basis.

Assets Year End (Investment Companies)

Total investment company assets at market value, including stocks, bonds, government securities, and cash, at year end.

Assignment

Notice to an option writer that the option has been exercised. See “Automatic Exercise.”

 

At-the-Market

This means at the prevailing bid (if a seller or a writer) or offer (if a buyer) price.  

At-the-Money

The striking price of an option equals the market price of the underlying stock or index price. 

Automatic Exercise

All exchange-traded options held by retail investors are automatically exercised at expiration if they are so much as $0.01 in-the-money.

Available Seat Miles (ASM) (Air Transport Industry)

A measure of the airline seating capacity available for sale. Each ASM is one seat flown one mile.

Average Annual Dividend Yield

Dividends declared per share for a year divided by the average annual price of the stock in the same year, expressed as a percentage.

Average Annual P/E Ratio

The average price of the stock for the year divided by earnings per share (excluding nonrecurring items, as determined by Value Line) reported by the company for the year. In the case of fiscal-year companies, all data are for the fiscal year. (See also Price/Earnings ratio.)

Average Annual PE ratio

Is calculated by dividing the average price for a year with the actual reported earnings for that year and is shown in the Statistical Array.

Average Annual Price Earnings (PE) Ratio

The average price of the stock for the year divided by earnings per share (excluding nonrecurring items, as determined by Value Line) reported by the company for the year. In the case of fiscal-year companies, all data are for the fiscal year. (See also Price/Earnings ratio.) 

Average Annual Price/FFO Ratio

Average annual price divided by funds from operations (FFO) for REITs

Average Annual Relative P/E Ratio

Average fiscal P/E of the stock relative to the median P/E of all stocks under Value Line's review

Average Basic Shares

The average of all common shares outstanding.

Average Diluted Shares

The average of all common shares outstanding, including securities that could be converted into common stock.

Average Industrial Revenues per Kilowatt Hour

The average annual industrial revenues per kilowatt hour (KWH) - in cents, includes two decimal places, for Electric Utilities as stated in the Electric Operating Statistics

Average Industrial Use

The average annual industrial use, per megawatt hour (MWH), for Electric Utilities as stated in the Electric Operating Statistics

Average Interest Paid

Average interest paid

Average Interest Rate Paid (Financial Services Industries)

The interest paid during the year divided by the average debt outstanding.

Average Price for the Year

The sum of the 52 Tuesday closing prices for the year divided by 52.

Average Trading Volume Last 2 Weeks

Average trading volume for the last 2 weeks.

Average Trading Volume Last 3 Months

Average trading volume for the last 3 months.

Average Trading Volume Last 6 Months

Average trading volume for the last 6 months.

Average Trading Volume Last Month

Average trading volume for the last 30 days.

Average Trading Volume Last Year

Average trading volume for the last year

Average Yield Next 12 Months of All Dividend Paying Stocks in the 3500 Stock Universe

Average estimated yield for the next 12 months of all dividend paying stocks in the 3500 stock universe

Backlog

Orders for goods and services that have been received, but not yet delivered or rendered.

Backspread

A ratio spread created by buying a greater number of calls (puts) with the higher (lower) strike and selling a lesser number of calls (puts) with a lower (higher) strike. Backspreads often bring in a net credit of premium, and for limited periods, can offer attractive gains with only moderate loss on time premium. See “Option Spreads III – Backspreads.” Ot07827.Pdf in our Reports Archive.  

Balance Sheet

Financial statement that lists the assets, liabilities, and shareholder's equity as of a specific date.

Basic Earnings Per Share

Net income divided by the weighted average number of common shares outstanding during a period. (This calculation is required by the Financial Accounting Standards Board for all years ending after December 15, 1997.)

Basis Point

One basis point equals one-hundredth of one percentage point.

Bear Spread

A basic bear spread is a combination of buying a higher strike put (or call, but not both in the same spread) and writing a lower strike put (or call). See “Option Spreads I – Basic Bull and Bear Spreads,” Ot070823.Pdf.

Beta

A relative measure of the historical sensitivity of the stock's price to overall fluctuations in the New York Stock Exchange Composite Index. A Beta of 1.50 indicates a stock tends to rise (or fall) 50% more than the New York Stock Exchange Composite Index. The ''Beta coefficient'' is derived from a regression analysis of the relationship between weekly percentage changes in the price of a stock and weekly percentage changes in the NYSE Index over a period of five years. In the case of shorter price histories, a smaller time period is used, but two years is the minimum. The Betas are adjusted for their long-term tendency to converge toward 1.00.

Beta 10-Year

Beta 10-Year (for a more thorough definition of this term, see Beta)

Beta 3-Year

Beta 3-Year (for a more thorough definition of this term, see Beta)

Beta 5-Year

Beta 5-Year (for a more thorough definition of this term, see Beta)

Beta(2)

The measure of a security’s so-called “market risk” or the degree to which the stock (portfolio, index) moves with the market. Beta = Covariance (Investment, Market)/Variance (Market). A stock with a Beta of 1.5 tends to rise (fall) 1.5% if the market rises (falls) 1.0%. Conversely, a stock with a Beta of 0.5 is expected to rise or fall only 0.5% if the market moves 1.0%. Beta comes from longer-term regression analysis and is not a reliable short-term predictor of stock price movements.

Bid Price

This is the price at which the market maker would be willing to buy the option. 

Binomial Options Model

Otherwise known as the Cox-Ross-Rubinstein model, the Binomial Model calculates the value of an American-Style option, which can be exercised anytime over the life of the option.

Black Scholes Model

Named for Fischer Black and Myron Scholes, who developed it in 1973. Today, most option models are variations of the Black Scholes model. Note The Black Scholes model assumes that options are ‘European-Style” – i.e., they be only be exercised at expiration.  

Bond

A long-term debt instrument, characterized typically by fixed, semiannual interest payments and a specified maturity date.

Book Value -

Net worth (including intangible assets) less preferred stock at liquidating or redemption value.

Book Value per ADR

Net worth (including intangible assets) less preferred stock at liquidating or redemption value, divided by common units outstanding.

Book Value per ADS

Net worth (including intangible assets) less preferred stock at liquidating or redemption value, divided by common units outstanding.

Book Value Per Share

Net worth (including intangible assets) less preferred stock at liquidating or redemption value, divided by common shares outstanding.

Book Value per Unit

Net worth (including intangible assets) less preferred stock at liquidating or redemption value, divided by common shares outstanding.

Borrowings

Debt obligations.

Box Spread

This is a combination of one synthetic long stock position (long call, short put at same strike and expiration) and one synthetic short stock position (long put, short call at a different strike price but the same expiration). These four-legged positions are profitable when there are differences in the time premiums of calls and puts at the same strike prices. Because of transaction costs, market makers are usually the only ones who can make money from these otherwise riskless arbitrage opportunities.  

Break-even

This is the stock price (or prices in the case of some spreads) at which the option position will neither make nor lose money. For example, the break-even price on a long call is the strike price plus the premium.

Breakeven Time (Payback)

The number of years it takes for the convertible income advantage to recover the premium paid.

Broker

In options, we really talk about two types of broker. One is the securities firm (or person at the securities firm) through which (or whom) investors place their trades and maintain their accounts. The other is the floor broker. This is the person on the Exchange floor who acts to execute customer orders. These days, most customer orders are executed electronically without the aid of floor brokers.

Bull Spread

A basic bull spread is a combination of buying a lower strike call (or put, but not both in the same spread) and writing a higher strike call (or put). See “Option Spreads I – Basic Bull and Bear Spreads,” Ot070823.Pdf in our Reports Archive 

Business Blurb

A data point that describes the company's most important products, lists large shareholders, and includes the company's address, telephone number, and Internet address.

Business Data

A section on a Value Line company report that describes the company’s most important products, lists large shareholders, and includes the company’s address, telephone number, and Internet address.

Busted Convertible

A convertible whose underlying commonstock has fallen below the conversion price creating a huge premium.

Butterfly Spread

A combination of one out-of-the-money call (or put), two at-the-money calls (or puts) and one in-the-money call (or put) or with a combination of calls and puts. A Butterfly spread can earn you time premium with only limited risk. 

Buy Write Indexes

These are informational indexes published by the Chicago Board Options Exchange that track the performance of hypothetical buy-write strategies on some of the major stock indexes. The CBOE S&P 500 Buy Write Index (BXM) tracks the total return of buying the S&P 500 index and writing the near-term slightly out-of-the-money call. The SPX call is held until expiration and cash settled, at which time a new one-month, slightly out-of-the-money call is written. There is also the CBOE S&P 500 2% Out-of-the-Money Index Buy Write Index (BXY), which write calls on the S&P 500 at strikes that are at least 2% out-of-the-money. Other buy write indexes are the CBOE Dow Jones Industrial Buy Write Index (BXD) and the CBOE Russell 2000 Buy Write Index (BXR) and the CBOE NASDAQ 100 Buy Write Index (BXN). In Graph 1 on page 3, we compare the performance of the BXM with that of the dividend adjusted S&P 500 Index. 

Calendar Spread

These are also called “Horizontal Spreads.” A calendar spread consists of buying a longer-term call (put) and selling a shorter-term call (put) with the same strike (usually at-the-money). These spreads tend to make money if the stock stands still, but they can incur losses if the stock moves sharply in either direction. See “Calendar Spreads,” Ot061023.Pdf in our Reports Archive.  

Call

The redemption of a debt by the issuer before maturity. Companies generally call convertibles to force conversion into common shares or to refinance the debt at a lower interest rate.

Call Date

The date on which protection expires or call terms changed.

Call Option

A call option gives you the right but not the obligation to buy the stock at a particular strike price over a specified time period (American-Style) or on a specified date (European-Style).  

Call Protection

A period of time during which the issuing company cannot redeem the debt. Call protection comes in two forms. (1) unconditional call protection whereby the issue cannot be called before the date set at issuance; and (2) conditional call protection where an issue cannot be called before a certain date unless certain conditions have been met.

Capacity at Peak

The capacity at peak, per megawatt, for Electric Utilities as stated in the Electric Operating Statistics

Capacity at Peak (Electric Utility Industry)

A utility’s generating capability plus purchases from other utilities less sales to other utilities. 

Capacity Utilization

The ratio of actual production levels to maximum possible production levels, expressed as a percentage. The Federal Reserve Board publishes capacity utilization figures monthly for both the overall economy and individual industries.

Capital Change

A stock split, stock dividend, merger, or spin off that affects the number, and sometimes, the composition of shares of stock owned by an investor. See “Adjusted Strike Price.”  

Capital Funds (REIT Industry)

Stockholders' equity (net worth) plus subordinated debt.

Capital Funds to Total Capital

Capital funds to total capital

Capital Gains

The increase in value of an asset (e.g. real estate or investment) compared with the purchase price. The gain is not realized until the asset is sold.

Capital Gains Declared per share

The increase in value of an asset (e.g. real estate or investment) compared with the purchase price, as expressed on a per-share basis. The gain is not realized until the asset is sold.

Capital Gains Per Share After Tax (Real Estate Industry)

Profits derived net of income taxes on the sale of property (either land or buildings) during the year, expressed in terms of the number of common shares outstanding at year end.

Capital Spending

The outlays for property, plant, and equipment for the year. Excludes funds spent for acquisitions.

Capital Spending per ADR

The outlays for property, plant, and equipment for the year expressed on a per-unit basis. Excludes funds spent for acquisitions.

Capital Spending per ADS

The outlays for property, plant, and equipment for the year expressed on a per-unit basis. Excludes funds spent for acquisitions.

Capital Spending Per Share

The outlays for property, plant, and equipment for the year expressed on a per-unit basis. Excludes funds spent for acquisitions.

Capital Spending per unit

The outlays for property, plant, and equipment for the year expressed on a per-unit basis. Excludes funds spent for acquisitions.

Capital Structure

The mix of financing sources (debt, equity, etc.) that a company uses to fund its operations. Value Line provides a snapshot of a company's capital structure on its full-page reports.

Capitalization

See Market Capitalization.

Cash

The sum of cash on hand plus short-term securities, such as Treasury bills, that can readily be converted into cash.

Cash & Equivalents to Current Liabilities

Cash ratio, measuring the amount of cash and equivalents in current assets to cover current liabilities

Cash & Marketable Securities

See Cash

Cash Assets

See Cash

Cash Flow

The sum of net income and non-cash charges (depreciation, amortization, and depletion) minus preferred dividends (if any).

Cash Flow Line

Also known as the “Value Line.” See page 17 for more information. 

Cash Flow per ADR

The sum of net income and non-cash charges (depreciation, amortization, and depletion) minus preferred dividends (if any), divided by units outstanding.

Cash Flow per ADS

The sum of net income and non-cash charges (depreciation, amortization, and depletion) minus preferred dividends (if any), divided by units outstanding.

Cash Flow Per Share

Net profit plus non cash charges (depreciation, depletion, and amortization), less preferred dividends (if any), divided by common shares outstanding at year end.

Cash Flow per unit

The sum of net income and non-cash charges (depreciation, amortization, and depletion) minus preferred dividends (if any), divided by units outstanding.

Cash Settlement Options

Options where the ultimate settlement is cash based on the price of an underlying instrument or a basket of underlying instruments. Index options are always cash settlement options.

Cash to Net Asset Value

Percent cash to net asset value

Cash-Covered Put

This a combination of a put write and enough cash to cover the strike price less the premium. A cash covered put is a “synthetic” or “equivalent position” to a covered call at the same strike price. That is both positions require approximately the same amount of capital to establish and offer approximately the same dollar risks and rewards. See “Writing Cash-Covered Puts – Doing the Math,” Ot071217.Pdf in our Reports Archive 

CD

Abbreviation for Certificate of Deposit. See Certificate of Deposit.

Certificate of Deposit

Interest-bearing deposits that a financial institution may require to remain on deposit for a specified period of time. Also called CDs or time deposits.

Class of Options

All listed option contracts on the same type (i.e., calls or puts) on the same underlying security (e.g., all listed IBM call options).

Closed-End Investment Company (or Fund)

A company or fund that has a relatively fixed number of shares (hence the term ''closed-end'') that are bought or sold through broker/dealers on the stock exchange.

Closing Transaction

This is the transaction that offsets your existing long or short option position. Usually, you should specify whether you are entering into an opening or closing transaction.  

Collar

Usually a hedge of an underlying stock position consisting of buying a lower-strike put and selling a higher strike call. Depending on the strike prices, collars entail a debit or a credit of premium. Alternatively, they have no net cost if the call and put premiums are equal. See “Stocks Hedged with Collars,” Ot090709.Pdf in our Reports Archive. 

Combined Ratio (Insurance [Property-Casualty] Industry)

The percentage of losses to premiums earned plus the percentage of expenses to premiums written. The break-even point is 100%; in other words, a combined ratio of less than 100% represents an underwriting profit and a combined ratio of more than 100% represents an underwriting loss. 

Commentary

Analyst review and critique of recent and projected corporate performance, as well as discussion in regard to the investment merits of the corresponding stock.

Common Dividends Paid

Total common dividends, excluding special dividends, paid by a company

Common Equity

See shareholders' equity.

Common Equity Ratio

Shareholder's equity divided by total capital (i.e., long-term debt, preferred equity, and common equity).

Common Shares Outstanding

The number of shares of common stock actually outstanding at the end of a company's accounting period. This total excludes any shares held in the company's treasury. The figures for common shares outstanding in previous years are fully adjusted for all subsequent stock splits and stock dividends.

Common Stock to Surplus (Insurance Industries)

The market value of the common stock held in the insurance company's investment portfolio divided by statutory net worth.

Common Units Outstanding

The number of units actually outstanding at the end of a company's accounting period. This total excludes any units held in the company's treasury. The figures for common units outstanding in previous years are fully adjusted for all subsequent splits and dividends.

Company Profile

The Company Profile or Company View Page is Value Line's new digital layout for each stock that we follow.  The data is organized in more than two dozen modules.  These modules can be removed, resized, and hidden, so the user can create their own customized report.


Company View Page

The Company View Page or Company Profile is Value Line's new digital layout for each stock that we follow.  The data is organized in more than two dozen modules.  These modules can be removed, re-sized and hidden, so the user can create their own customized report.


Compound Growth

The annual rate of growth of an investment when dividends or interest are reinvested.

Conservative Stocks

Equities that tend to possess strong financial positions and low Beta coefficients. In addition, these stocks tend to be ranked 1 or 2 for Safety™.

Consumer Price Index

A Labor Department index published monthly designed to reflect changes in the cost of living. Housing; food and beverage; and transportation costs account for about 80% of the value of the index, a measure of inflation at the consumer level.

Contingent Orders

These are orders that specify only doing a particular transaction when the stock price (or some other price) reaches a particular level. 

Control Income

Pretax income for selected financial services companies

Conversion Price

The effective price paid for common stock when the stock is obtained by converting either convertible preferred stock or convertible bonds or debentures. For example, if a $1,000 bond is convertible into 20 shares of stock, the conversion price is $50, that is, $1,000 divided by 20.

Conversion Ratio

The number of shares for which a convertible security can be exchanged, generally set at issuance.

Conversion Value

The value of a convertible security if converted into common shares. That is, the price of a share multiplied by the conversion ratio.

Convertible Debentures

Long-term debt instruments, not secured with collateral, that may be converted into a specified number of shares of common stock.

Convertible Preferred Stock

Preferred stock that may be converted into a specified number of shares of common stock.

Convertible Price

The price at which the convertible security was quoted.

Corporate Profits

The aggregate of all profits for U.S. corporations reported by the Commerce Department as part of the domestic income and product (GDP) accounts. Reported both on a pretax and after-tax basis. They are somewhat different from profits reported to shareholders and profits reported for tax purposes.

Coverage Universe

Refers to the lists of stocks that are included in a user’s subscription. Analyst Covered refers to the roughly 1,700 stocks that are covered in The Value Line Investment Survey. Small & Mid-Cap Featured, as the name suggests, refers to the 1,800 stocks that make up The Value Line Investment Survey – Small & Mid-Cap. Information on all of Value Line’s subscription packages can be accessed from within the Subscribe tab.

Covered Call

This is a combination buying (or owning) the stock and writing a call on this stock.  Covered calls can offer varying degrees of income, protection and profit potential. See our report “Covered Calls - Doing the Math,” Ot071126.Pdf in our Reports Archive. 

Credit Spread

These are bull or bear spreads that give you a net credit of premium.  Bull put spreads and bear call spreads are both credit spreads since the option written has a higher premium than the one purchased. See “Option Spreads I – Basic Bull and Bear Spreads,” Ot070823.Pdf. 

Currency Hedged

Currency hedging helps to minimize the impact of foreign exchange movements on international ETFs' returns.

Current Assets

Assets that may reasonably be expected to be converted into cash, sold, or consumed during the normal operating cycle of a business, usually 12 months or less. Current assets usually include cash, receivables, and inventories.

Current Assets per (common) share

Assets that may reasonably be expected to be converted into cash, sold, or consumed during the normal operating cycle of a business, usually 12 months or less, expressed on a per-share basis. Current assets usually include cash, receivables, and inventories.

Current Assets to Current Liabilities

See current ratio.

Current Liabilities

Financial obligations that will have to be satisfied within the next 12 months. Current liabilities include accounts payable, taxes, wage accruals, and total short-term debt, or Debt Due (the sum of notes payable and the portion of long-term debt maturing in the operating year).

Current Position

The components of a company's working capital are presented in this table in Value Line reports on industrial companies. The difference between current assets and current liabilities is known as Working Capital.

Current Ratio

The sum of current assets divided by the sum of current liabilities.

Current Yield

The annual convertible bond coupon divided by the current price.

Customer Portfolio Margin (CPM)

This is a new margining system developed by the Options Clearing Corporation that uses risk-based calculations to determine margin. In most cases, CPM affords the investor much more efficient use of his or her capital than does the standard “Regulation T” margining system (see “News on the Margin Front,” Ot071105.Pdf). 

Cyclical Stock

Stocks of companies whose earnings tend to fluctuate with the economy (the opposite of a defensive stock).

d

A deficit, or a loss.

Dashboard

The Dashboard is the name for the new homepage of valueline.com.  Entering valueline.com into your browser, or searching on Value Line through a search engine, will deliver you to the Dashboard.  While in a signed in state, access to the Quick Links and Traditional Online modules are available, as are links to the Supplementary Reports, Watchlists and Alerts (subscription required for last three items).  When not logged in, the Dashboard provides insight into Value Line's research, such as our Stock Market Today articles, additional Analyst articles and Market updates.

Day's Change

Percent price change from previous trading day's closing price.

Debenture

A long-term debt instrument that is usually not secured by collateral.

Debt

A company's financial obligations (short and long term, as well as capital leases). This information can be found on the balance sheet.

Debt Due

The sum of bank notes and other notes payable in 12 months (or less) and that portion of long-term debt due within 12 months.

Debt Due in Next 12 Months

Debt obligations that must be paid within the next year or less.

Debt Due within 5 Years

The amount of debt that is due within the next five years

Deferred Policy Acquisition Costs

The practice of deferring the cost of acquiring a new customer over the duration of the insurance contract

Deferred Revenue

Advanced payments or unearned revenue, recorded as a liability

Deferred Taxes

A line item on the balance sheet and occurs when the amount paid for income taxes differs relative to accounting profits. The difference is expected to be recovered or eliminated in the future.

Delayed price/trailing 12 month sales ratio

Last sale price (delayed) to trailing 12 month sales ratio

Delta

Also known as Change-Per-Point. Delta is the expected dollar change in an option price for a given dollar change in the stock price. Delta is largely derived from the probability that the option will end up in-the-money. See “Meet the Greeks,” Ot080728 in our Reports Archive. 

Delta Neutral

A combination of stock and options or just options in which the deltas offset each other. If the investor is long (short) time premium on a daily basis, delta neutral combinations can have positive (negative) Curvature or Gamma with a daily loss (gain) in premium. 

Demand Deposits(Bank Industries)

Deposits that a depositor may withdraw from his/her account at any time.

Depletion

An accounting method that allows companies extracting oil, gas, coal, or other minerals to gradually reduce the value of these natural resources.

Deposits (Bank Industries)

Total savings (time and demand deposits) entrusted to a bank.

Deposits (Thrift Industry)

Funds that have been entrusted to a thrift.

Depreciation

An amount charged against operating profits to reflect the aging of plant and equipment owned by a company.

Depreciation, Depletion & Amortization

An amount charged against operating profits to reflect the aging of plant and equipment, intangible assets, and resources owned by a company.

Derivative

A contract or security the price of which is dependent on some other security or commodity. A listed equity option is one type of derivative. A futures contract is another.

Diagonal Spread

Usually, this is a one-to-one spread with different strike prices and expirations, in which the option purchased expires later than the option sold. A diagonal bull spread consists of being long a longer-term lower-strike call (put) and being short a shorter-term call (put). A diagonal bear spread consists of a long longer-term higher strike call (put) and short a shorter-term lower strike call (put). See “The One-to-One Diagonal Spread,” Ot070820.Pdf in or Reports Archive.

Diluted Earnings Per Share

Net income (with certain possible adjustments) divided by the weighted average number of shares outstanding during a period, assuming any securities or other contracts to issue common stock (including options and warrants) were exercised or converted into common stock. (This calculation is required by the Financial Accounting Standards Board for all years ending after December 15, 1997.)

Dilution

The reduction in earnings associated with the hypothetical conversion of convertible securities into common stock. Also, in the context of a discussion of a merger or acquisition, the reduction in share earnings estimated to occur as a result of the merger or acquisition.

Discontinued Operations

A division of a corporations operations that has been eliminated via sale or closure.

Discount From or Premium Over Net Asset Value (Investment Companies)

The difference between the net asset value and market price, expressed as a percentage of net asset value. If the price exceeds the net asset value, the percentage of the excess or premium is shown with a plus sign.

Disposable Income

A Commerce Department figure published monthly that reflects personal income less income taxes and other taxes. Conceptually, the statistic is designed to reflect funds available for consumers to spend or save.

Distributions (Declared) as % of (Total) Assets

Distributions declared as a percent of total assets

Distributions Declared per share

Distributions Declared per share

Distributions Declared per unit

Distributions declared per unit

Distributions Paid per share

Distributions declared per share

Dividend

A payout to shareholders, usually in the form of cash or stock, determined by a Board of Directors. (See Ex-dividend date.)

Dividend Yield

The year-ahead estimated dividend yield (shown in the top right-hand corner of the Value Line page) is the estimated total of cash dividends to be declared over the next 12 months, divided by the recent price of the stock.

Dividends (Declared) as % of (Total) Distributions (Declared)

Percent dividends declared to total distributions

Dividends (Declared) as % of Earnings

Percent dividends declared to earnings per share

Dividends Declared

Dividends declared for REITs as listed in Funds Flow

Dividends Declared per ADR

Dividends declared per American Depository Receipt (ADR)

Dividends Declared per ADS

Dividends declared per American Depository Share (ADS)

Dividends Declared Per Share

The common dividends per share declared (but not necessarily paid) during the company's operating, fiscal year (displayed within the statistical array of the Value Line page).

Dividends Declared to Funds From Operations

Percent dividends declared per share to funds from operations per share (FFO/sh) for REITs

Dividends Paid Per Share

The common dividends per share paid during the calendar year (indicated in the quarterly dividend box in the bottom left corner of the Value Line page).

Dollar Strike Intervals

Options were once traded with strike price intervals that were no narrower than $2.50. That has changed, however. At present, a large number of ETFs, including the ones on the major stock market indexes (the Dow, the S&P 500 and the NASDAQ 100) trade in $1 strike intervals. There are also a large number of equities that trade in $1 strike intervals. We list these stocks in Figure 1 on page 4. Notice that none of these equities currently has a common price above $50 and that many of them trade at prices way below where they were a year ago. 

Dollar Value of Shares Held

Dollar value of shares held

Domicile Code

Code indicating the company's home country

Dow Jones Industrial Average

A price-weighted average of 30 of the largest U.S. industrial companies, published by Dow Jones & Co.

Dow Jones Transportation Average

A price-weighted average of 20 of the largest U.S. transportation companies, published by Dow Jones & Co.

Dow Jones Utility Average

A price-weighted average of 15 of the largest U.S. utility companies, published by Dow Jones & Co.

Downstream

The refining and marketing operations of an energy company.

Downstream (Petroleum [Integrated] Industry)

The refining and marketing operations of an integrated oil company, as opposed to exploration and production activities (which are referred to as upstream operations).

Durable Goods

Products used by consumers or businesses that are expected to last three or more years. These goods tend to be big-ticket items (for example, automobiles and washing machines). Durable goods sales are generally interest-rate sensitive and correlate with the overall level of economic activity.

Earned Surplus

Net profit for the year, less all common and preferred dividends, when relating to the income account. With respect to the balance sheet or common equity, it is the sum of net profit in all years of the company's existence less all dividends (common and preferred) ever paid. Also known as retained earnings.

Earnings

A company's total profit before nonrecurring gains or losses, but after all other expenses.

Earnings Before Taxes

Pretax income

Earnings per ADR

Earnings per American Depository Receipt (ADR)

Earnings per ADS

Earnings per American Depository Share (ADS)

Earnings Per Share

Net profits attributable to each common share as originally reported by the company, but adjusted for all subsequent stock splits and stock dividends; may be based on weighted average shares outstanding (Basic EPS) or weighted average shares including all shares reserved for conversion of convertible securities (Diluted EPS). Annual and quarterly earnings per share figures on the Value Line page exclude nonrecurring or one-time gains and losses, which are noted in the footnotes.

Earnings Per Share (Bank Industries)

Net profit after taxes, expressed on a per-share basis as reported by the company. Includes investment securities gains and losses after 1982.

Earnings Per Share Sensitivity to Change in Loss Ratio (Insurance [Property/Casualty] Industry)

The degree to which earnings per share will be affected by a one percentage point change in the insurance company's loss ratio.

Earnings Per Share Trailing 12 Months

The sum of the latest four actual quarter-end earnings per share figures

Earnings per unit

Earnings per unit

Earnings Predictability

A measure of the reliability of an earnings forecast. Predictability is based upon the stability of year-to-year comparisons, with recent years being weighted more heavily than earlier ones. The earnings stability is derived from the standard deviation of percentage changes in quarterly earnings over an eight-year period. The most reliable forecasts tend to be those with the highest rating (100); the least reliable, the lowest (5).

Earnings Surprise

Company earnings reports that are significantly better or worse than were forecast.

EBITDA -

Earnings before interest, taxes, depreciation, and amortization. This metric is useful in comparing companies across different industries, as it helps to measure profitability without factoring in accounting and financing decisions.

EPS Continuing Operations (Diluted)

Earnings per diluted share

Equally Weighted Average

A stock price index that gives equal weight to each stock regardless of its price or market capitalization. The Value Line indexes are equally weighted averages.

Equity

Ownership interest held by shareholders in a corporation (essentially the same as stock).

Equity Offering

The selling of stock by a corporation.

Equity Securities

An investment in stock issued by another company

Equivalent ADRs Outstanding

Equivalent American Depository Receipts (ADRs) Outstanding

Equivalent ADSs Outstanding

Equivalent American Depository Shares (ADSs) outstanding

Estimated $100 D-J Ind Grew To

The Value Line estimated value to which $100 invested in the Dow Jones Industrial Average will grow from the start date of the fund to which it is being compared.

Estimated $100 NA Grew To

The Value Line estimated value to which $100 invested in the fund will grow from the start date of the fund.

Estimated % Administrative

Estimated percentage of revenues attributable to administrative services for selected diversified financial companies

Estimated % Advisory

Estimated Percentage of revenues attributable to advisory services for selected diversified financial companies

Estimated % Average Annual Distribution Yield

Estimated distributions as a percentage of price

Estimated % Cash & Cash Equivalents

Estimated percent of total fund investments held in cash & cash equivalents

Estimated % Commissions

Estimated percentage of total brokerage revenues attributable to commission revenue

Estimated % Common Stocks

Estimated percent of the fund's holdings in common stock

Estimated % Company Investments

Estimated percentage of the company's total investments invested in other companies

Estimated % Distributions to Net Profits

Estimated distributions as a percentage of net profit

Estimated % EPS Change

Estimated percent change in earnings per share for the next fiscal year

Estimated % Expenses to Assets

Estimated percent of fund's expenses to assets

Estimated % Expenses to Net Asset Value

Estimated percent of fund's expenses to net asset value

Estimated % Expenses to Premiums Written

The estimated underwriting expenses of an insurance company as a percentage of premiums written

Estimated % General & Administrative Expenses to Total Income

Estimated percent general & administrative expenses to total income for thrifts

Estimated % Government Treasuries

Estimated percent of company's investments in government treasuries

Estimated % Gross Margin

Estimated gross margin

Estimated % Gross Portfolio Yield

Estimated total income divided by total assets of a fund

Estimated % Interest Cost to Gross Income

Estimated interest expenses for a year divided by total income for the year

Estimated % Interest Income

Estimated percent of revenues attributable to interest income for securities brokerage companies

Estimated % Investment Advisory

Estimated percent of revenues attributable to investment advisory fees

Estimated % Investment Banking

Estimated percent of revenues attributable to investment banking activities for securities brokerage companies

Estimated % Investment Income to Total Investments

Estimated investment income divided by total investments for property & casualty insurance companies

Estimated % Investment Revenues

Estimated percent of revenue attributable to investment activities for selected diversified financial companies

Estimated % Loans to Total Assets

Estimated total loans for a bank at year end as a percentage of total reported assets

Estimated % Long-Term Debt to Total Capital

Estimated ratio of long-term debt to total capital

Estimated % Loss to Premiums Earned

Estimated percentage loss to premiums earned for property & casualty insurance companies

Estimated % Market Share

Estimated percentage market share of selected automobile companies.

Estimated % Net Interest Margin

Estimated percent net interest margin.

Estimated % Net Profit Margin

Estimated net profit margin for the next fiscal year

Estimated % Other Revenues

Estimated percentage of "other" revenue to total revenue for securities brokerage companies

Estimated % Price to Book Value

Estimated percentage of the price to book value per common share

Estimated % Principal Transactions

Estimated percentage of revenues attributable to principal transactions for securities brokerage companies

Estimated % Retained to Common Equity

Estimated percentage of retained profits to common equity

Estimated % Retained to Partners' Capital

Estimated percentage of retained profits to partners capital

Estimated % Retained to Trust Equity

Estimates percentage of retained profits to trust equity

Estimated % Return on Common Equity

Estimated return on common equity

Estimated % Return on Partners' Capital

Estimated return on partners' capital

Estimated % Return on Shareholders' Equity

Estimated return on shareholders' equity

Estimated % Return on Total Capital

Estimated return on total capital

Estimated % Shareholders' Equity to Total Assets

Estimated shareholders' equity to total assets

Estimated % Underwriting

Estimated percentage of total revenues attributable to underwriting fees

Estimated "Cash Flow" per ADR

Estimated Value line calculated cash flow per American depository receipt (ADR)

Estimated "Cash Flow" per ADS

Estimated Value line calculated cash flow per American depository share (ADS)

Estimated "Cash Flow" per share

Estimated cash flow per share for the next fiscal year

Estimated "Cash Flow" per unit

Estimated Value line calculated cash flow per unit

Estimated (Total) Interest Expense

Estimated total interest expense

Estimated (Total) Loans

Estimated total net loans issued by banks

Estimated All Dividends to Net Profits

Estimated percentage of net profits paid out as dividends, excluding special dividends

Estimated Allowance for Funds Used During Construction as % of Net Prof

Estimated allowance for funds used during construction (AFUDC) as a percentage of net profit

Estimated Annual Change D-J Ind

Estimated annual change (range) for the Dow Jones Industrial Average for a given year

Estimated Annual Change in NAV

Estimated annual percentage change in a fund's net asset value for a given year

Estimated Asset Value per Share at Year End for Closed End Fund

Estimated asset value per share for fund at year end

Estimated Average Annual Dividend Yield

Estimated Common dividends declared (excluding special dividends) as a percentage of annual price

Estimated Average Annual P/E Ratio

Estimated average annual P/E ratio

Estimated Average Annual Price/FFO Ratio

Estimated average annual price divided by funds from operations (FFO) for REITs

Estimated Average Interest Paid

Estimated average interest paid

Estimated Book Value per ADR

Estimated book value per American Depository Receipt (ADR)

Estimated Book Value per ADS

Estimated book value per American Depository Share (ADS)

Estimated Book Value per share

Estimate book value per common share

Estimated Book Value per Unit

Estimated book value per unit

Estimated Borrowings

Estimated borrowings for a mortgage REIT

Estimated Capital Funds to Total Capital

Estimated capital funds to total capital

Estimated Capital Gains

Estimated capital gains for REITS

Estimated Capital Gains Declared per share

Estimated capital gains declared per share for closed end funds

Estimated Capital Spending per ADR

Estimated expenditures on items such as plant and equipment per American depository receipt (ADR)

Estimated Capital Spending per ADS

Estimated expenditures on items such as plant and equipment per American depository shares (ADS)

Estimated Capital Spending per share

Estimated expenditures on items such as plant and equipment per share

Estimated Capital Spending per unit

Estimated expenditures on items such as plant and equipment per unit

Estimated Cash to Net Asset Value

Estimated percent cash to net asset value

Estimated Claims Provision

Estimated claims provision for select financial companies

Estimated Common Equity

Estimated common equity

Estimated Common Equity Ratio

Estimated percent of common equity to total capital

Estimated Common Shares Outstanding

Estimated common shares outstanding

Estimated Control Income

Estimated pretax income for selected financial services companies

Estimated Depreciation, Depletion & Amortization

Estimated depreciation, depletion & amortization for the next fiscal year

Estimated Discontinued Operations

Estimated discontinued operations

Estimated Distributions (Declared) as % of (Total) Assets

Estimated distributions declared as a percent of total assets

Estimated Distributions Declared per share

Estimated distributions declared per share

Estimated Distributions Declared per unit

Estimated distributions declared per unit

Estimated Dividend Yield

Estimated dividend yield for the next 12 months

Estimated Dividends (Declared) as % of (Total) Distributions (Declared)

Estimated percent dividends declared to total distributions

Estimated Dividends (Declared) as % of Earnings

Estimated percent dividends declared to earnings per share

Estimated Dividends Declared per ADR

Estimated dividends declared per American Depository Receipt (ADR)

Estimated Dividends Declared per ADS

Estimated dividends declared per American Depository Share (ADS)

Estimated Dividends Declared per share

Estimated dividends declared per common share

Estimated Dividends Declared to Funds From Operations

Estimated percent dividends declared per share to funds from operations per share (FFO/sh) for REITs

Estimated Earnings per ADR

Estimated earnings per American Depository Receipt (ADR)

Estimated Earnings per ADS

Estimated earnings per American Depository Share (ADS)

Estimated Earnings per share

Estimated earnings per share

Estimated Earnings per unit

Estimated earnings per unit

Estimated EPS Continuing Operations (Diluted)

Estimated earnings per share from continuing operations

Estimated Equivalent ADRs Outstanding

Estimated equivalent American Depository Receipts (ADRs) outstanding

Estimated Equivalent ADSs Outstanding

Estimated equivalent American Depository Shares (ADSs) outstanding

Estimated Fee Revenue per (common) share

Estimated fee revenue per common share

Estimated Fee Revenues

Estimated fee revenues

Estimated FHLB Advances

Estimated Federal Home Loan Bank advances (for Thrifts)

Estimated Funds from Operations (FFO)

For REITS, estimated Funds from Operations

Estimated Funds from Operations per (common) share

Estimated Funds from operations per common share (FFO/sh) for REITs

Estimated Gross Dividends Declared per ADR

Estimated dividends declared per American Depository Receipt (ADR) before taxes are withheld

Estimated Gross Dividends Declared per ADS

Estimated dividends declared per American Depository Share (ADS) before taxes are withheld

Estimated Gross Dividends Declared per share

Estimated dividends declared per common share before taxes are withheld

Estimated Gross Equipment per share

Estimated total equipment (before depreciation) per common share (for Airlines)

Estimated Homes Inventory

Estimated inventory of homes for a home building company

Estimated Income Dividends Declared per share

Estimated income dividends declared per common share

Estimated Income from Loans

Estimated interest and related income from loans

Estimated Income from Loans per share

Estimated interest and related income from loans per common share

Estimated Income Tax Rate

Estimated income tax rate

Estimated Insurance in Force

Estimated total dollar value of insurance in force

Estimated Investment Income

Estimated investment income for insurance companies

Estimated Investment Income - Berkshire

Estimated investment income for selected financial companies

Estimated Investment Income per share

Estimated investment income per share for insurance companies

Estimated Investment Revenues

Estimated revenues attributable to a company's investments

Estimated Investments

Estimated investments as held on a balance sheet for selected financial companies

Estimated Land Inventory

Estimated land inventory for a home building company

Estimated Life Premiums (Earned)

Estimated life premiums earned for an insurance company

Estimated Life Premiums (Earned) per share

Estimated life premiums earned per share for an insurance company

Estimated Load Factor

Estimated load factor for an airline

Estimated Loan Loss Provision

Estimated loan loss provision for banks

Estimated Loans & Real Estate

Estimated total loans and real estate held by a real estate investment trust (REIT)

Estimated Loans & Real Estate per (common) share

Estimated total loans and real estate per common share for a real estate investment trust (REIT)

Estimated Long-Term Debt

Estimated long-term debt for the next fiscal year

Estimated Loss Provision

Estimated loss provision for selected financial companies

Estimated Loss Reserves

Estimated loss reserves for selected life insurance companies

Estimated Mortgage Loans per share

Estimated mortgage loans per share

Estimated NAV per share

Estimated net asset value per share

Estimated Net Before Taxes

Estimated pretax income for the next fiscal year

Estimated Net Interest Income

Estimated net interest income for banks

Estimated Net Operating Revenues

Estimated net operating revenues for selected financial companies

Estimated Net Operating Revenues per share

Estimated net operating revenues per share for selected financial companies

Estimated Net Plant ($Bil)

Estimated gross plant less accumulated depreciation

Estimated Net Plant ($Mil)

Estimated gross plant less accumulated depreciation

Estimated Net Premiums Earned

Estimated net premiums earned

Estimated Net Profit ($Bil)

Estimated net profit

Estimated Net Profit ($Mil)

Estimated net profit

Estimated Non-Controlling Interest

Estimated non-controlling interest in other companies for selected financial companies

Estimated Noninterest Expense

Estimated noninterest expense for a bank

Estimated Noninterest Income

Estimated non-interest income for a bank

Estimated Normal Price

In Value Line Options, it is the price of the option based on our Adjusted Volatility Forecast. (See “Understanding Our Volatility Forecasts,” Ot080211.Pdf.)

Estimated Number of North American Stores

Estimated number of North American stores

Estimated Operating Income

Estimated total operating income for selected financial companies

Estimated Operating Income per share

Estimated total operating income per share for selected financial companies

Estimated Operating Margin

Estimated operating margin for the next fiscal year

Estimated Other Income

Estimated other income plus unusual gains

Estimated Other Income per (common) share

Estimated other income per common share

Estimated Other Revenues

Estimated other revenues for select financial companies

Estimated P/C Premiums Earned

Estimated property & casualty premiums earned

Estimated P/C Premiums Earned per share

Estimated property & casualty premiums earned per share

Estimated Partners' Capital

Estimated total partners' equity in a limited partnership

Estimated Premium / discount to NAV

Estimate premium or discount of a fund to its net asset value (NAV)

Estimated Premium Over Book Value

Estimated premium or discount to book value for select financial companies

Estimated Premiums Earned

Estimated premiums earned for selected financial companies

Estimated Premiums Earned per share

Estimated premiums earned per share for selected financial companies

Estimated Problem Assets to Loans

Estimated percentage of problem assets to loans for selected financial companies

Estimated Property/Casualty Underwriting Margin

Estimated property/casualty underwriting margin

Estimated Realized Gains (or losses) per (common) share

Projected realized gains or losses for selected financial companies

Estimated Receivables

Estimated loans held for investment for selected financial companies

Estimated Receivables to Total Assets

Estimated loans to total assets

Estimated Relative PE Ratio

For each of the 1,700 stocks tracked in The Value Line Investment Survey, the analysts create three- to five-year financial and stock projections.  One of these line items is the Estimated Relative P/E Ratio.  The Relative P/E ratio compares the P/E of one stock with the median of estimated P/E ratios of all stocks under Value Line review.  A relative P/E of more than 1 indicates that the analyst thinks that the stock will trade at a premium to the Value Line universe over the three- to five-year term.  A Relative P/E of less than 1 indicates that this stock's estimated P/E is less than the Value Line universe.

Estimated Rental Income

Estimated rental income for real estate investment trusts (REITs)

Estimated Retained to Partners' Capital

Estimated value of net profit less distributions divided by total capital

Estimated Return on Total Assets

Estimated percent of net profit to total assets

Estimated Return on Trust Equity

Estimated percent net profit to trust equity

Estimated Return on Unit Holders' Capital

Estimated percent net profit to unit holders' capital

Estimated Sales/Revenues

Estimated net sales/revenues for the period

Estimated Savings Deposits

Estimated savings deposits

Estimated Savings Deposits per share

Estimated savings deposits per common share

Estimated Shareholders' Equity

Estimated shareholders' equity

Estimated Short-Term Debt

Estimated debt due within the 12 months after the specified year

Estimated Total Assets

Estimated total assets

Estimated Total Assets per (common) share

Estimated total assets per common share

Estimated Total Benefits & Reserves

Estimated total benefits and reserves for select insurance companies

Estimated Total Capital

Estimated total capital

Estimated Total Debt

Estimated total debt

Estimated Total Debt to Net Asset Value

Estimated percent total debt to net asset value

Estimated Total Fees

Estimated fee revenue for selected financial companies

Estimated Total Net Loans

Estimated loans to originate in the designated year

Estimated Total Number of Stores

Estimated number of stores

Estimated Total Premiums Earned

Estimated premiums earned

Estimated Total Return

Estimated annual total return for funds

Estimated Total Revenue

Estimated total revenue

Estimated Total Revenue for Thrifts

Estimated total revenues for thrifts

Estimated Total Revenue per ADR

Estimated total revenues per American depository receipt (ADR)

Estimated Total Revenue per ADS

Estimated total revenues per American depository share (ADS)

Estimated Total Revenue per Share

Estimated total revenues per share

Estimated Total Revenue per unit

Estimated total revenues per unit

Estimated Total Sales

Estimated total sales

Estimated Total Sales per ADR

This definition was taken from the weekly "Highest Growth Stock" screen in the Index.

Estimated Total Sales per ADS

Estimated total sales per American depository share (ADS)

Estimated Total Sales per share

Estimated total sales per share

Estimated Total Sales per unit

Estimated total sales per unit

Estimated Total Segment Revenues

Estimated total revenues for selected financial companies

Estimated Translation Rate ($/#)

Estimated Translation rate of foreign currency as it relates to the US dollar ($/#)

Estimated Translation Rate ($/CHF)

Estimated Translation rate of foreign currency as it relates to the US dollar ($/CHF)

Estimated Translation Rate ($/Euro)

Estimated Translation rate of foreign currency as it relates to the US dollar ($/Euro)

Estimated Translation Rate ($/Rand)

Estimated Translation rate of foreign currency as it relates to the US dollar ($/Rand)

Estimated Translation Rate ($/RMB)

Estimated Translation rate of foreign currency as it relates to the US dollar ($/RMB)

Estimated Translation Rate (A$/US$)

Estimated Translation rate of foreign currency as it relates to the US dollar (A$/US$)

Estimated Translation Rate (Cdn.$/US$)

Estimated Translation rate of foreign currency as it relates to the US dollar (Cdn.$/US$)

Estimated Translation Rate (ChP/$)

Estimated Translation rate of foreign currency as it relates to the US dollar (ChP/$)

Estimated Translation Rate (DKr/$)

Estimated Translation rate of foreign currency as it relates to the US dollar (DKr/$)

Estimated Translation Rate (Euro/$)

Estimated Translation rate of foreign currency as it relates to the US dollar (Euro/$)

Estimated Translation Rate (FF/$)

Estimated Translation rate of foreign currency as it relates to the US dollar (FF/$)

Estimated Translation Rate (Fl/$)

Estimated Translation rate of foreign currency as it relates to the US dollar (Fl/$)

Estimated Translation Rate (HK$/US$)

Estimated Translation rate of foreign currency as it relates to the US dollar (HK$/US$)

Estimated Translation Rate (INR/$)

Estimated Translation rate of foreign currency as it relates to the US dollar (INR/$)

Estimated Translation Rate (MexP/$)

Estimated Translation rate of foreign currency as it relates to the US dollar (MexP/$)

Estimated Translation Rate (Nkr/$)

Estimated Translation rate of foreign currency as it relates to the US dollar (Nkr/$)

Estimated Translation Rate (NT$/$)

Estimated Translation rate of foreign currency as it relates to the US dollar (NT$/$)

Estimated Translation Rate (R$/$)

Estimated Translation rate of foreign currency as it relates to the US dollar (R$/$)

Estimated Translation Rate (Skr/$)

Estimated Translation rate of foreign currency as it relates to the US dollar (Skr/$)

Estimated Translation Rate (US$/A$)

Estimated Translation rate of foreign currency as it relates to the US dollar (US$/A$)

Estimated Translation Rate (US$/C$)

Estimated Translation rate of foreign currency as it relates to the US dollar (US$/C$)

Estimated Translation Rate (US$/Cdn.$)

Estimated Translation rate of foreign currency as it relates to the US dollar (US$/Cdn.$)

Estimated Translation Rate (US$/NZ$)

Estimated Translation rate of foreign currency as it relates to the US dollar (US$/NZ$)

Estimated Translation Rate (W/$)

Estimated Translation rate of foreign currency as it relates to the US dollar (W/$)

Estimated Translation Rate (W/US$)

Estimated Translation rate of foreign currency as it relates to the US dollar (W/US$)

Estimated Translation Rate (Yen/$)

Estimated Translation rate of foreign currency as it relates to the US dollar (Yen/$)

Estimated Trust Equity

Estimated trust holders' equity

Estimated Underwriting Income per (common) share

Estimated underwriting income per common share

Estimated Underwriting Margin

Estimated underwriting margin

Estimated Unitholders' Capital

Estimated unitholders' equity

Estimated Units Outstanding

Estimated number of partnership units outstanding

Estimated Unrealized Appreciation

Estimated unrealized investment portfolio appreciation for select financial companies

Estimated Unrealized Appreciation per share

Estimated unrealized investment portfolio appreciation per share for select financial companies

Estimated Working Capital

Estimated working capital

ETF Rank

The Value Line Ranking System for ETFs is a unique, proprietary estimate delivered by Value Line. Its goal is to predict an ETF's future performance relative to all other Value Line ranked ETFs. The quantitative formula behind the ETF Ranks includes several variables, including historical price action, leverage, volatility, and market capitalization. The ranks range from 1 (Highest) to 5 (Lowest). At any one time,

 - 10% of the ranked ETFs will be ranked 1 (Highest)

 - 30% will be ranked 2 (Above Average)

 - 20% will be ranked 3 (Average)

 - 30% will be ranked 4 (Below Average)

 - 10% will be ranked 5 (Lowest)

European Style Option

A European style option is exercisable only at expiration. Most index options, with the exception of the S&P 100 (OEX), are European-style. 

Exchange Code

Code indicating the exchange on which a company's stock issue is listed

Exchange Traded Fund (ETF)

These are basically stocks, which are based on specific and known weighting of regular corporate equities. Like regular stocks, their prices are updated during normal trading hours. Options trade on more than 40 ETFs, and we rank these options in the Value Line Daily Options Survey.  

Ex-Dividend Date

The date by which an investor must have purchased a stock in order to receive announced dividends or stock distributions.

Ex-Dividend Date(2)

The cut-off date on which a stockholder will be entitled to a particular dividend. Usually the stock price will drop by the amount of the dividend right after the ex-dividend date.  

Exercise of an Option

Purchase or sale of the underlying stock at the strike price by the holder of a put or call.

Exercise Price

See Strike Price.

Exotic Options

Options with payoffs that are different from conventional calls and puts, requiring different modeling. “Lookback” options allow the investor to lock in the best price seen over a particular period. “Compound” options give the holder the right to buy the option. “Down and Out” calls cease to exist if the stock goes below a certain price. “Up-and-Away” puts cease to exist if the stock goes above a certain price.  

Expand

When you  use the two-headed arrow in the upper-right area of the box, the box (or module) gets physically bigger.  You will also notice that in many cases, additional information is provided when you "Expand".


Expected Quarterly Reporting Date

Estimated time of the next quarterly earnings report

Expense Ratio

The yearly cost (as a percentage) for running and managing an ETF.

Expense Ratio (Insurance (Property Casualty) Industry)

Underwriting expenses (including commissions and general/admin. Costs) divided by net premiums earned. See Percent Expense to Premiums Written.

Expense Ratio (REIT Industry)

Expenses other than interest, expressed as a percentage of the average assets.

Expenses/Assets (Investment Companies)

Operating expenses expressed as a percentage of the investment company's total assets at year end.

Expenses_Assets (Investment Companies)

Operating expenses expressed as a percentage of the investment company’s total assets at yearend.

Expiration Date

The date after the options last trading day. In the case of listed stock options, this is the third Saturday of the month. The option buyer should check carefully the time of day by which he must notify his broker to exercise or sell an option. Note if an option closes even slightly in-the-money at expiration, it will be automatically exercised. 

Exports

The sale of goods and services from one country to another. U.S. exports of goods and services are reported by the Commerce Department in its Gross Domestic Product (GDP) reports.

Fair Value of an Option

The option value derived from a forecast of future volatility. Our estimated premiums are fair value because we base them on our adjusted forecast of future volatility.

Federal Funds

A market among commercial banks in which banks that need a short-term loan in order to meet regulatory reserve requirements are able to borrow from banks with excess funds. The Federal Funds rate is the interest rate charged on such loans.

Federal Reserve Board

The governing body of the Federal Reserve System, which regulates certain banks and is charged with setting national monetary policy.

Fee Revenue per (common) share

Fee revenue per common share

Fee Revenues

Fee revenues

FHLB Advances

Federal Home Loan Bank advances (for Thrifts)

FHLB Advances (Thrift Industry)

Funds borrowed from the regional Federal Home Loan Bank.

Financial Strength Rating

Financial Strength Rating: Value Line classifies 1,700 companies’ Financial Strength ratings from A++ to C, in nine steps. The lowest grade is reserved for companies experiencing serious financial difficulty. Balance sheet leverage, business risk, the level and direction of profits, cash flow, earned returns, cash, corporate size, and stock price, all contribute to a company’s relative position on the scale. The amount of cash on hand, net of debt, is also an important consideration.

Financial Times-Stock Exchange 100 (FT-SE 100)

A stock price index made up of 100 of the largest stocks traded on the London Stock Exchange. The index is published by The Financial Times, a London-based financial newspaper.

Finding Cost (Natural Gas [Diversified] and Petroleum Industries)

The amount of money spent per barrel to increase proved reserves through acquisitions, discovery, or enhanced recovery.

Fiscal Year End Date

Fiscal year end date

Fixed Charge Coverage

A measure of a company's ability to pay its fixed expenses on debt without resorting to more debt

Fixed Charge Coverage (Electric Utility Industries)

Pretax operating income after depreciation but before other income, interest charges, and Allowance for Funds Used During Construction (AFUDC), divided by long-term plus short-term interest plus twice the preferred dividend. Used as a measure of financial strength for an electric utility. A fixed charge coverage of 100 means that the operating income equals fixed expenses. A figure above 100 means that operating income exceeds fixed expenses, and vice versa.

Fixed Income Securities

An investment that provides a return in the form of fixed periodic payments and the eventual return of principal at maturity

Footnotes

Notes related to Value Line-presented company information

Forward Yield

This represents, in a percentage, the expected dividend payment or bond payment from a given exchange traded product for the coming 12 month period.

Free Cash Flow

Net income plus depreciation minus the total of dividends, capital expenditures, required debt repayments, and any other scheduled cash outlays.

Full Cost Accounting (Canadian Energy, Natural Gas Diversified, and Petroleum Industries)

A method of accounting under which all costs related to the exploration and development of oil and gas reserves are immediately expensed (a less conservative method than Successful Efforts Accounting).

Fully Diluted Earnings Per Share

Earnings per share assuming conversion of all convertible securities plus the exercise of all warrants and options. Similar to Diluted Earnings, which replaced Fully Diluted EPS for all years after December 15, 1997.

Funds Borrowed

The amount of a REITs own funds used to fund mortgages

Funds Borrowed (Bank Industries)

Federal Funds (free reserves borrowed from other banks), securities sold under Repurchase Agreements ("repos"), commercial paper sold by bank holding companies and non bank subsidiaries, and any other non deposit sources of short-term funds.

Funds from Operations (FFO)

This measure is a REIT's net income, excluding gains or less from asset sales, plus depreciation and amortization.

Funds from Operations per (common) share

This measure is a REIT's net income, excluding gains or less from asset sales, plus depreciation and amortization, expressed on a per-share basis.

GAAP

Abbreviation for the Generally Accepted Accounting Principles used by U.S. companies and determined by the Financial Accounting Standards Board (FASB), a private, industry-sponsored organization.

General and Administrative Expenses

Expenses such as salaries, rents, advertising, and public relations.

Geometric Average

A geometric average is the nth root of the product of n terms. If n = 3, the geometric average of the three numbers would be the cube (or third) root of the product of the three numbers.

Goodwill

An intangible asset that arises as a result of the acquisition of one company by another for a premium value. 

Government Securities (Bank Industries)

Fixed-income debt obligations of the U.S. Government and federal agencies.

Graph Multiple

Numerical value used to create the "value line", a measure that indicates the value of a stock

Gross Billings (Advertising Industry)

The aggregate outlays for advertising paid by clients to the media. Billings generally serve as a basis for agency commissions.

Gross Dividend Declared Per ADR (American Depositary Receipts)

Dividends per ADR declared (but not necessarily paid) during the company's fiscal year before any withholding taxes. For companies based in the United Kingdom, dividends declared are net of the Advance Corporation Tax.

Gross Dividends Declared per ADR

Dividends declared per American Depository Receipt (ADR) before taxes are withheld

Gross Dividends Declared per ADS

Dividends declared per American Depository Share (ADS) before taxes are withheld

Gross Dividends Declared per share

Dividends declared per common share before taxes are withheld

Gross Equipment (Air Transport Industry)

The total of all flight equipment, ground stations, and other property, and all equipment (including property under capital lease) at original cost as reported by the airline company. Does not include advance payments for new equipment.

Gross Equipment per share

Total equipment (before depreciation) per common share (for Airlines)

Gross Income

Total revenues minus costs of goods sold (excluding depreciation and amortization)

Gross Income (Financial Services Industry)

The total of interest on receivables, discounts, commissions, service charges, and other revenues.

Gross Income (REIT and Thrift Industries)

All income earned in normal operations excluding nonrecurring items such as gains from property sales.

Gross Income to Interest Ratio (Financial Services Industry)

Gross income divided by total interest paid.

Gross Loans (Bank Industries)

Total loans outstanding before deductions for loan-loss reserves and unearned income.

Gross Margin

Gross Profit (total revenues minus the cost of goods sold, excluding depreciation and amortization) expressed as a percent of sales.

Gross Portfolio Yield (Investment Companies)

Gross annual income (before any expenses) divided by total assets at year end, expressed as a percentage.

Gross Profit (Industrial and Retail Industries)

The income remaining after subtracting the cost of the goods sold. Gross Profit is income before other expenses such as general, selling, and administrative costs, interest, depreciation, and taxes.

Gross Property, Plant & Equipment

The total amount of long-term assets crucial to running business operations, before depreciation.

Growth Stock

Stocks of companies whose earnings are expected to grow at an above-average rate relative to the broader market.

Hide

The data within Value Line's new Company Profile are divided among more than two dozen modules.  These modules can be moved and re-sized, so you can create your own customized report.  Modules that you are not interested in can be hidden.  Hidden modules can be viewed by activating the sliding, horizontal tab on the right of the Company Profile page.


Highest Growth Stocks

A company with annual growth of sales, cash flow, earnings, dividends, and book value that together have averaged 10% or more over the past ten years and are expected to average at least 10% in the coming 3-5 years.

Holding Company

A business that confines its activities to owning stock in and supervising the management of other companies.

Homes Inventory

Inventory of homes for a home building company

Housing Starts

The number of single- and multi-family units for which construction has begun. Published by the Commerce Department.

Imports

A country's purchases of goods or services from other countries. U.S. imports of goods and services are reported by the Commerce Department when it releases the Gross Domestic Product (GDP) report.

Income Before Taxes

Profits before federal, state, and foreign income taxes.

Income Dividends Declared per share

Income dividends declared per common share

Income Dividends Per Share (Investment Companies)

Dividends declared from net investment income on a per-share basis.

Income from Loans

Interest and related income from loans

Income from Loans per share

Interest and related income from loans per common share

Income Statement

A financial report that lists revenues, expenses, and net income throughout a given period.

Income Stocks

Stocks with higher-than-average dividend yields. (Often, but not always, stocks with dividends that are considered likely to be maintained or raised.)

Income Tax Rate

Total income taxes as a % of pretax income.

Income Taxes

The total of all foreign and domestic (federal, state and city) taxes charged against income.

Index Methodology

For index-based products, use this section to narrow the type of strategy that the exchange traded fund will use to weight component securities in the basket.

Indicated Annual Dividend

Annualized dividend based on most recent dividend payment

Industrial Production

A Federal Reserve index, published monthly, of the output of the nation's factories, mines, and utilities.

Industry Code

Value Line determined code used to identify the industry in which a company operates

Industry Name

Name of the industry into which a company is classified by Value Line

Industry Rank

Value Line proprietary Industry Rank for a given industry (1 to 98)

Industry Supplementary Report

Industry Supplementary Report

Industry Timeliness Rank

The relative Timeliness rank of an industry, updated weekly in the Summary & Index and calculated by averaging the Timeliness ranks of each of the stocks assigned a Timeliness rank in the industry. Industries with high Timeliness ranks are those with large percentages of stocks that also have high Timeliness ranks. The rank of each industry is listed on the front cover of Summary & Index, next to the name of the industry.

Initial Public Offering

A corporation's first equity offering to the public, at which point the stock commences trading on a particular exchange.

Initial Unemployment Insurance Claims

A weekly Labor Department compilation of new unemployment claims based on data from each of the states in the Union and Washington, D.C.

Insider Decisions

The number of decisions to buy or sell a company's shares made by officers and directors and shown by month for a nine-month period. This table is shown on the left side of the price chart on the Ratings & Reports page.

Insider Decisions - Options

Number of options-based transactions by insiders

Insider Decisions - To Buy

Number of open market purchases by insiders

Insider Decisions - To Sell

Number of open market sales by insiders, including options based sales

Institutional Decisions

The number of decisions reported by investment managers having equity assets under management of $100 million or more to buy or sell a company's shares. This table appears on the left side of the price chart on the Value Line page.

Institutional Decisions - Number of Holders

Number of institutional investors that own shares in the company in a particular quarter

Institutional Decisions - To Buy

Number of institutional investors that have purchased shares in the company in a particular quarter

Institutional Decisions - To Sell

Number of institutional investors that have sold shares in a company in a particular quarter

Insurance in Force

The aggregate face amount of all insurance policies outstanding.

Insurance in Force (Insurance Industries)

The aggregate face amount of all life insurance policies outstanding.

 

Insurance Premiums

Insurance premiums latest quarter

Intangibles

Assets such as goodwill (the excess of cost over net assets of companies acquired by purchase), patents, trademarks, unamortized debt discounts, and deferred charges.

Intangibles Per Share

Assets such as goodwill (the excess of cost over net assets of companies acquired by purchase), patents, trademarks, unamortized debt discounts, and deferred charges divided by the number of common shares at year end.

Interest

Payment for the use of borrowed money. Many companies have both interest charges (for long- and short-term funds they have borrowed) and interest income (for money they have invested, usually in short-term, interest-bearing investments).

Interest Cost to Gross Income (Thrift Industry)

Interest expenses for the year, expressed as a percentage of gross income.

Interest Rate

The coupon size as determined at issuance.

Inventories

Raw materials, work in progress, and finished products. LIFO (last-in, first-out) accounting minimizes illusory, but taxable, inventory profits in periods of rising prices because high-cost materials are expensed against income first. Under FIFO (first-in, first-out) accounting, the reverse is true. Average cost (middle-in, middle-out) is a compromise between LIFO and FIFO.

Inventory Investment

The change in inventories valued at average prices for the period, as published by the Commerce Department in its periodic Gross Domestic Product reports.

Inventory Turnover

Cost of goods sold divided by the average inventory of the year

Inventory-to-Sales-Ratio

A ratio of inventories to sales, expressed as a percentage. An excessively high ratio may indicate that businesses have too much inventory on hand and are about to cut back production in order to reduce inventories.

Investment Category

This is our broad classification system which groups exchange traded products into major families for easy comparison. For a more granular system, please see the investment strategy section instead.

Investment Company (or Fund)

A company or fund that invests in other companies (usually through the purchase of equity or debt securities) or invests in commodities or real property, etc., or any combination of the above.

Investment Grade (Ratings)

Indicates the creditworthiness of a debt issue assigned by one of the major ratings services.

Investment Income

Investment income for insurance companies

Investment Income per share

Dividends, interest, and rents received on investments less the expenses of the investment department, divided by the number of common shares outstanding at year end.

Investment Revenues

Revenues attributable to a company's investments

Investment Strategy

This is the subsector and more granular category for all funds. This attempts to get ultra-specific to help investors pinpoint which funds are right for their particular situation.

Investment Value

The value of a convertible security without the conversion feature. In other words, the value of the instrument were it not convertible, but have similar terms as the convertible.

Investments

Assets so classified on a balance sheet for selected financial companies.

Investments for Account of Policyholders

Investments for the accounts of policyholders

Investments Funded

Investments Funded for REITS as presented in Funds Flow

Investments Repaid

Investments Repaid for REITS as presented in Funds Flow

IS Page Number

The page on which a company's stock is reviewed in Value Line printed products

Issue

Convertible bonds are shown by the name of the issuer, the coupon and the year of maturity. E.g., Ford Motor Company 4.25s2036.

Land Inventory

Land inventory for a home building company

Large Cap

A market capitalization (stock price times shares outstanding) of $5 billion or more.

Last Price

Stock price minimum 15 minute delayed

Leading Economic Indicators

A monthly Commerce Department index designed to gauge future economic activity.

Leases

Contractual rentals of plant and equipment. Must be ``capitalized'' when most of the benefits and obligations of ownership are transferred to the lessee. Capitalizing leases increases long-term debt and gross plant, and depreciation and interest are charged to profits. Uncapitalized-lease accounting enhances the balance sheet, since the financial obligation is not shown.

Leases and Uncapitalized Annual Rentals

Leases and uncapitalized annual rentals as reported in the Capital Structure

Legends Box

The box at the top of the Price Chart in each full-page report in The Value Line Investment Survey. This box is labeled LEGENDS and includes the specific “Cash Flow” per share multiple that will be plotted on the Price Chart and lists stock splits. It also identifies the “Cash Flow” and Relative Price Strength lines that are plotted on the Price Chart

Leveraged Buyout

A corporate takeover, often led by members of management, in which funds are borrowed against company assets in order to pay off existing shareholders. As a result, a publicly held company becomes a highly leveraged, privately held company.

Life Premium Income (Insurance Industries)

Funds received from policyholders in exchange for promises to make future payments upon (1) death or at a specific date or dates under various forms of life insurance and annuity contracts and/or (2) disability under accident and health contracts.

Life Premiums (Earned)

Life premiums earned for an insurance company

Life Premiums (Earned) per share

Life premiums earned per share for an insurance company

Liquidity

The amount of security available for sale at any time.

List Universe

The List Universe can be accessed from the Browse Research tab on valueline.com, and is the landing page where subscribers can access Value Line's analysis and data on the stocks that are included in their subscriptions.


Load Factor

Load factor for an airline

Load Factor (Air Transport Industry)

The percentage of total airline seating capacity that is actually sold and utilized. It is computed by dividing revenue passenger miles flown by available seat miles flown in scheduled service.

Load Factor (Electric Utility Industries)

The ratio of the average load in kilowatts supplied during a designated period to the maximum load occurring in that period.

Loan Loss Experience (Bank and Thrift Industries)

Net loan charge-offs divided by average loans outstanding in a given period.

Loan Loss Provision

Funds set aside each quarter in order to cover future possible losses on loans that are not repaid. This figure appears on the bank's income statement.

Loan Loss Provision (Bank and Thrift Industries)

Funds set aside each quarter in order to cover future possible losses on loans that are not repaid. This figure appears on the bank’s income statement.

Loan Loss Reserve (Bank Industries)

Reserves set aside at a point in time in order to cover future possible loan losses. This figure appears on the bank's balance sheet.

Loans & Real Estate

Total loans and real estate held by a real estate investment trust (REIT)

Loans & Real Estate per (common) share

Total loans and real estate per common share for a real estate investment trust (REIT)

Long Short

This is how much leverage an ETF has. L2X= leveraged two times long, while S3X would be leveraged short three times.

Long-Term Debt

The portion of borrowings (including bank notes, debentures, and capitalized leases) that will be due not in the current 12 months, but in future operating years.

Long-Term Interest

Long-term interest, as reported in the Capital Structure

Long-Term Interest Earned

Pretax income plus long-term interest expense (including capitalized interest) divided by long-term interest.

Loss Provision

Loss provision for selected financial companies

Loss Reserves

Loss reserves for selected life insurance companies

Market Cap

The market value of all common shares outstanding for a company, calculated by multiplying the recent price of a stock by the number of common shares outstanding. Large Cap stocks have market values of more than $5 billion. Mid Cap stocks have market values of from $1 billion to $5 billion. Small Cap stocks have market values of less than $1 billion. (When there are multiple classes of common stock, which often sell at different prices, the number of shares of each class is multiplied by the applicable price.)

Market Value

How much a given exchange traded product has for assets under management.

Market-Capitalization Weighted Average

A stock price index weighted by the value of all shares outstanding for each stock. In such an index, large stocks get proportionately more weight than small stocks.

Maturity Date

The preset date on which the debt is paid back.

MBS & Other Securities

The amount of mortgage backed and other security types

Median

The middle value in an ordered series of numbers. As an example, if you ranked a number of stocks in order based on stock price from high to low, the stock price in the middle would be the median.

Median Appreciation Potential 26 Weeks Ago for VLIS Stocks

Median appreciation potential for all stocks covered in The Value Line Investment Survey as of 26 weeks ago

Median Appreciation Potential 3-5 Years for VLIS Stocks

3-5 year projected median appreciation potential for all stocks covered in The Value Line Investment Survey

Median Appreciation Potential at Market High for VLIS Stocks

Median appreciation potential at the market high for stocks covered in The Value Line Investment Survey

Median Appreciation Potential at Market Low for VLIS Stocks

Median appreciation potential at the market low for stocks covered in The Value Line Investment Survey

Median Estimated P/E of VLIS Stocks with earnings

Median estimated P/E of stocks with earnings in The Value Line Investment Survey

Median Estimated P/E of VLIS Stocks with earnings 26 Weeks Ago

Median estimated P/E of stocks with earnings in The Value Line Investment Survey as of 26 weeks ago

Median Estimated P/E of VLIS Stocks with earnings at Market High

Median estimated P/E at the market high of stocks with earnings in The Value Line Investment Survey

Median Estimated P/E of VLIS Stocks with earnings at Market Low

Median estimated P/E at the market low of stocks with earnings in The Value Line Investment Survey

Median of Estimated Dividend Yields for Next 12 Months for All Dividend Paying VLIS Stocks

Median of estimated dividend yields for dividend paying stocks in The Value Line Investment Survey for Next 12 Months

Median of Estimated Dividend Yields of All Dividend Paying VLIS Stocks 26 Weeks Ago

Median of estimated dividend yields for dividend paying stocks in The Value Line Investment Survey as of 26 weeks ago

Median of Estimated Dividend Yields of All Dividend Paying VLIS Stocks at Market High

Median of estimated dividend yields at the market high for dividend paying stocks in The Value Line Investment Survey

Median of Estimated Dividend Yields of All Dividend Paying VLIS Stocks at Market Low

Median of estimated dividend yields at the market low for dividend paying stocks in The Value Line Investment Survey

Median P/E Trailing 10 Years

Median price to earnings ratio over the trailing 10 years

Median Price-Earnings (P/E) Ratio

The average annual P/E ratio of a stock over the past 10 years, with certain statistical adjustments made for unusually low or high ratios.

Median Trailing P/E of all stocks with earnings in the 3500 stock universe

Median trailing P/E of stocks with earnings included in The Value Line Investment Survey and The Value Line Investment Survey - Small & Midcap Edition

Median Yield Next 12 Months of All Dividend Paying Stocks in the 3500 Stock Universe

Median of estimated yields of all dividend paying stocks included in The Value Line Investment Survey and The Value Line Investment Survey - Small & Midcap Edition

Merchandise Trade Balance

The difference between U.S. Exports of goods and U.S. Imports of goods. Published monthly by the Commerce Department.

Mid Cap

A market capitalization (stock price times shares outstanding) from $1 billion to $5 billion.

Modern Portfolio Theory

A financial theory regarding portfolio construction that seeks to maximize return for a given level of risk.

Money Supply

Federal Reserve measures of money outstanding. The Federal Reserve is able to influence increases or decreases in the size of the money supply. If money supply grows significantly faster than overall economic growth for an extended period of time, higher rates of inflation often follow. If money supply grows too slowly, economic growth is inhibited.

Mortgage Loans

Loans secured by real property through the use of a mortgage note

Mutual Fund

An investment fund operated by an investment company that continually offers new shares and stands ready to redeem existing shares from the owners. Also called an open-end investment company.

NA

Not available; information that was not available when the report went to press.

NASDAQ Composite

A market-capitalization weighted average of approximately 5,000 stocks traded electronically in the NASDAQ market.

NAV per share

Net asset value per share

Net Asset Value (Investment Companies)

The market value of a company's assets less any liabilities divided by the number of shares outstanding.

Net Income

Net profit latest quarter

Net Interest Income

The dollar amount of interest received on loans and other investments, less the dollar amount of interest paid on deposits and other borrowings.

Net Interest Income (Bank and Thrift Industries)

The dollar amount of interest received on loans and other investments, less the dollar amount of interest paid on deposits and other borrowings.

Net Interest Margin (Bank Industries)

The difference between interest rates earned (on loans and other earning assets) and interest rates paid (on deposits and other sources of funds) divided by total value of earning assets.

Net Loan Losses (Bank Industries)

Loans written off during a period net of recoveries on loans previously written off. Also referred to as net loan charge-offs and net loan write-offs.

Net New Debt

Net new debt for REITs as listed in Funds Flow

Net Operating Revenues

Net operating revenues for selected financial companies

Net Operating Revenues per share

Net operating revenues per share for selected financial companies

Net Plant

Gross plant less accumulated depreciation

Net Premiums Earned

For Insurance Industry - net premiums earned (both quarterly and annual)

Net Profit (or Income)

A company’s total  profit before nonrecurring gains or losses, but after all other expenses.

Net Profit Margin

Net income before nonrecurring gains and losses as a percentage of sales or revenues.

Net Profit Margin Trailing 12 Months

Net profit margin over the trailing 12 months for selected industrial companies

Net Profit Plus Noncash Charges

Net profit plus noncash charges for REITs as presented in Funds Flow

Net Profit Trailing 12 Months

Net profit over the trailing 12 months

Net Profit(or Income)

A company's total profit before nonrecurring gains or losses, but after all other expenses.

Net Revenues (Advertising Industry)

Total commissions and fees received by the agency.

Net Sales

Gross volume less returns, discounts, and allowances.

Net Working Capital

Working capital less long-term debt, preferred stock at liquidating value, deferred taxes, minority interests, other long-term liabilities, and intangible assets. Occasionally the phrase is used in a less strict sense to mean working capital less long-term debt. See Working Capital.

Net Worth

All the assets shown on the balance sheet, including any intangible assets (i.e., goodwill, debt discount, deferred charges) less current liabilities, long-term debt, and all other noncurrent liabilities. In other words, the sum of common plus preferred stockholders' equity. Generally referred to as shareholders' equity.

New Equity

The amount of new capital a company has obtained

New Loan Volume (Thrift Industry)

Total of loans originated plus loans purchased in a given period by a thrift.

New York Stock Exchange Composite

A market-capitalization weighted average of all the common stocks traded on the New York Stock Exchange.

Nikkei Stock Average

An index of 225 Japanese stocks. A barometer of the Japanese stock market.

NMF

Not meaningful. Used when a number or ratio is so large or small that it is not meaningful. For example, a price/earnings ratio of 100 would probably not be meaningful because earnings in a particular period were unusually depressed.

Non-Controlling Interest

Non-controlling interest in other companies for selected financial companies

Non-Financial Domestic Debt

The sum of U.S. consumer, business, and government borrowings outstanding.

Noninterest Expense

Expenses other than interest and loan loss provisions, such as wages and overhead.

Non-interest Expense (Bank Industries)

Expenses other than interest and loan loss provisions, such as wages and overhead.

 

Non-interest Income

Income other than interest income, such as trust fees, other fee income, and gains on securities transactions.

Non-interest Income (Bank Industries)

Income other than interest income, such as trust fees, other fee income, and gains on securities transactions.

 

Non-performing Assets (Bank and Thrift Industries)

Generally includes loans that are not providing, or are not expected to provide, interest income at the contractual rate. Also includes foreclosed properties.

Nonrecurring Items

Various unusual gains or losses excluded from reported earnings by Value Line analysts in order to reflect income from ongoing operations. Nonrecurring items are footnoted by year on the Value Line page.

Number of North American Stores

Number of North American stores

Number of Shares Held

Number of shares held

Objective Group

This is a term that is commonly associated with mutual funds. Mutual funds that invest in similar assets (e.g. precious metals) and/or have similar investment goals (e.g. large cap growth), are typically gathered together to form Objective Groups.

Obligations

Obligations payable, as stated in the Capital Structure

Operating Earnings

Earnings (profits) left after subtracting the cost of goods sold and marketing, general, and administrative costs from sales. Sometimes referred to as EBITDA (earnings before interest, taxes, depreciation, and amortization).

Operating Income

Total operating income for selected financial companies

Operating Income per share

Total operating income per share for selected financial companies

Operating Margin

Operating earnings as a percentage of sales.

Operating Profit

See Operating Earnings.

 

Option

A contract that gives a buyer the right to buy or sell 100 shares of stock within a certain period of time and at a pre-established price. A call option gives an investor the right to buy 100 shares of stock at a specified price, while a put option allows him to sell 100 shares.

Output Per Hour (Nonfarm)

A Labor Department index of what U.S. non-agricultural workers produce, on average, in an hour. An increase in this index over time is an indicator of productivity gains.

P/C Premiums Earned

Property & casualty premiums earned

P/C Premiums Earned per share

Property & casualty premiums earned per share

P/E Ratio

The price of a stock divided by share earnings for a 12-month period.

Par Value

The nominal or face value of a stock or bond.

Parity

Also known as Conversion Value. It is the product of conversion ratio and current stock price.

Partners' Capital

Total partners' equity in a limited partnership

Passenger Yield (Air Transport Industry)

The average revenue per mile paid by each passenger, computed by dividing passenger revenues by revenue passenger miles.

Payout Ratio

The sum of all cash dividends (common and preferred) declared, but not necessarily paid for a company's operating or fiscal year, divided by net profit for that year, expressed as a percentage. Also known as all dividends to net profit.

PE (36 Months)

This compares the price of the exchange traded fund to the earnings of the underlying holdings in the product.

Peak Load Season

The peak load in megawatts (MW) for Electric Utilities as stated in the Electric Operating Statistics

Pension Assets

Retirement Fund Assets as presented in Capital Structure.

Pension Liability

The total of all unfunded, vested pension benefits that have been accrued.

Per Share Basis

Total Sales, "Cash Flow," Earnings, or Dividends, and other data divided by the number of shares outstanding. Earnings and dividends are almost always described on a per share basis for ease of understanding.

Percent All Dividends to Net Profit

The sum of all cash dividends (common and preferred) declared, but not necessarily yet paid, for a company's operating or fiscal year, divided by net profit for that year, expressed as a percentage. Also known as the payout ratio.

Percent Commissions (Securities Brokerage Industry)

Income received for execution of trades in commodities, listed securities, NASDAQ transactions, and sales for mutual fund shares as a percentage of total revenues.

Percent Common Stocks (Investment Companies)

The value of common stocks held as a percentage of total assets at year end.

Percent Earned Common Equity

Net profit less preferred dividends divided by common equity (i.e., net worth less preferred equity at liquidation or redemption value), expressed as a percentage. See Percent Earned Total Capital.

Percent Earned Net Worth (REIT Industry)

Net profit divided by average net worth for the year, expressed as a percentage.

Percent Earned Shareholders' Equity

Net profit divided by net worth, expressed as a percentage. See Percent Earned Total Capital.

Percent Earned Total Assets (Bank and Thrift Industries)

Net profit divided by total reported assets, expressed as a percentage.

Percent Earned Total Capital

Net profit plus one half the interest charges on long-term debt divided by total capital (i.e., long-term debt plus net worth), expressed as a percentage.

Percent Earned Total Capital (REIT Industry)

Net profit plus total interest expense (i.e., the sum of short- and long-term interest outlays) divided by the average total capital (i.e., average total debt plus average net worth), expressed as a percentage. Should be compared to Percent Earned Net Worth to determine the impact of leverage (i.e., use of borrowed capital) to enhance the return to stockholders.

Percent Expense to Premiums Written (Insurance (Property and Casualty) Industry)

Underwriting expense (commissions and general and administrative costs) divided by net premiums written less dividends to policyholders, expressed as a percentage. Also called the Expense Ratio.

Percent General & Administrative Expense to Gross Income (Thrift Industry)

Expenses such as salaries, rents, and advertising and public relations costs divided by gross income for the year, expressed as a percentage.

Percent Interest Cost to Gross Income (Thrift Industry)

Interest expenses for the year divided by gross income for the year expressed as a percentage.

Percent Interest Income (Securities Brokerage)

Interest derived from funds loaned to customers' margin accounts plus interest on government and corporate securities held in the company's account, expressed as a percentage of total revenues.

Percent Investment Banking (Securities Brokerage Industry)

Fees received for private placements, venture capital financing, real estate activity, mergers and acquisition, exchange and tender offers, consulting, underwriting, and syndication participation, expressed as a percentage of total revenues.

Percent Investment Income to Total Investments (Insurance (Property and Casualty) Industry)

Investment income less associated expense divide by total investments, expressed as a percentage.

Percent Losses to Premiums Earned (Insurance (Property and Casualty) Industry)

Losses and loss expenses divided by premiums earned, expressed as a percentage. Also called the Loss Ratio.

Percent Price to Book Value (Insurance Industries)

The average price for the year divided by book value per share, expressed as a percentage.

Percent Principal Transactions (Securities Brokerage Industry)

Trading and securities transactions for the firm's own account (e.g., block positioning, market making, and government, municipal, and corporate bond trading out of the company's inventory), expressed as a percentage of total revenues.

Percent Problem Assets to Mortgage Loans

The proportion of Mortgage loans that we classified as not paying on time.

Percent Short-Term Debt to Total Debt (Financial Services Industry)

All debt due in the next 12 months divided by total short-and long-term debt at year end, expressed as a percentage.

Performance 1D

The return over the past one day.

Performance 1M

The return over the past one month time frame.

Performance 1Y

The return over the past one full year.

Performance 3M

The return over the past three month time frame.

Performance 6M

The return over the past six month time frame.

Performance YTD

The return since the start of this calendar year.

Performance(TM) Rank

While only the 1,700 stocks followed in the Value Line Investment Survey® (print edition) are given Timeliness Ranks, the Performance Rank is a similar calculation designed to predict the future relative price performance of the more than 3,300 stocks followed in Value Line's overall database but not included in the Value Line Investment Survey print edition. The Performance Rank is a purely quantitative measure that is based on past earnings and price performance data. 

Personal Consumption Expenditures

Consumer spending reported monthly by the Commerce Department. Also included in the Gross Domestic Product (GDP) reports.

Personal Income

Consumer income reported monthly by the Commerce Department. Also included in the Gross Domestic Product (GDP) reports.

Plant Age

An estimate derived by dividing accumulated depreciation at the most recent year end by the depreciation allowance in the most recent year.

Plowback Ratio

See Retained to Common Equity.

Point-to-Point Book Value Growth over Past Year

The rate of book value growth over the past year

Point-to-Point Cash Flow Growth over Past Year

The rate of cash flow growth over the past year

Point-to-Point Dividends Growth over Past Year

The rate of dividends growth over the past year

Point-to-Point Earnings Growth over Past Year

The rate of earnings growth over the past year

Point-to-Point Sales Growth over Past Year

The rate of sales growth over the past year

Policy Loans

A loan issues that uses the cash value of a person's life insurance policy as collateral

Policyholders' Dividends (Life Insurance Industries)

Refunds to the policyholder of part of the premium paid on participation life insurance policies, reflecting the difference between the premium charged and actual mortality experience.

Policyholders' Surplus (Life Insurance Industries)

Book value as determined using statutory accounting techniques. Statutory accounting, unlike generally accepted accounting principles (GAAP), does not permit deferral of policy acquisition costs.

Preference Stock

See Preferred Stock.

Preferred Dividends

Number of preferred dividends as stated in the Capital Structure

Preferred Dividends Paid and Accumulated

Preferred dividends paid or owed in a given fiscal year

Preferred Equity

Total preferred stock at involuntary liquidating value

Preferred Stock

A security that represents an ownership interest in a corporation and gives its owner a prior claim over common stockholders with regard to dividend payments and any distribution of assets should the firm be liquidated. Preferred stock normally is entitled to dividend payments at a specified rate. These dividends must be paid in full before the payment of a common stock dividend. May or may not have seniority over preference stock (which is akin to preferred stock), depending on state regulations.

Preferred Stock Ratio

Preferred stock at liquidation or redemption value divided by total capital (i.e., the sum of long-term debt, preferred equity, and common equity), expressed as a percentage.

Premium / discount to NAV

A fund's premium or discount to its net asset value (NAV)

Premium Income Per Share (Insurance Industries)

Income to the insurance company consisting of payments made by life, accident and health, disability, and property/casualty insurance policyholders as provided for under the terms of their insurance contracts, divided by the number of common shares outstanding.

Premium Over Book (REIT Industry)

The percentage by which the average annual stock price exceeds the average annual book value per share. If the stock sells at a discount from book value, the percentage of that year is preceded by a minus sign.

Premium Over Book Value

Premium or discount to book value for select financial companies

Premium over Conversion Value

The amount by which the price of a convertible exceeds its conversion value, expressed as a  percentage.

Premium over Investment Value

The amount by which the price of a convertible exceeds its investment value, expressed as a  percentage.

Premium Over Net Asset Value (Investment Companies)

See Discount From or Premium Over Net Asset Value.

Premium Written to Surplus (Insurance [Property/Casualty] Industry)

The total premium received for policies sold during the year divided by legally defined net worth.

Premium/Discount from NAV

A fund's premium or discount from its net asset value (NAV).

Premiums Earned

Premiums earned for selected financial companies

Premiums Earned (Insurance Industry)

Premiums received in advance for insurance protection that will remain in force for a year or more. Premiums accrue to revenues (i.e., are earned) only in proportion to the actual time elapsed under the policy relative to the entire policy term.

Premiums Earned per share

Premiums earned per share for selected financial companies

Premiums Written Per Share (Insurance [Property/Casualty] Industry)

The total premiums received from property/casualty insurance policyholders for policies sold during the year divided by the number of common shares outstanding.

Prepaid Expenses

A type of asset that arises as a result of business making payments for goods and services to be received in the near future

Present Value

The amount that, if paid today, would be the equivalent of a future payment, or series of future payments, under specified investment assumptions. If, for example, funds can be invested today to yield 10% annually, a payment of $100 to be made in one year has a present value of $90.91; that is, $100 divided by 1.10.

Pretax Corporate Profits

See Corporate Profits.

Pretax Margin

Profits before federal, state, and foreign income taxes as a percentage of sales or revenues.

Price Chart

A graphic historical presentation of the movement of a stock and, often, additional information. The price chart that appears on each Value Line page includes monthly stock price ranges (small vertical lines), a cash flow line (a solid line with projections shown as dashes), and a relative-strength price line (a series of dots).

Price Earnings Ratio

Probably the most widely used measure of stock valuation. Value Line shows a variety of P/E ratios on every company page, as discussed below:

Price Growth Persistence

A measurement of the historic tendency of a stock to show persistent price growth compared to the average stock. Value Line persistence ratings range from 100 (highest) to 5 (lowest).

Price Stability Rating

A relative ranking of the standard deviation of weekly percent changes in the price of a stock over the past five years. The ranks go from 100 for the most stable to 5 for the least stable.

Price to Book Value

A stock's price per share divided by its book value per share. This is a widely used valuation metric, particularly for value investors.

Price-Weighted Average

A stock price average that gives proportionately more weight to stocks with high share prices than it does to stocks with low prices. The Dow Jones Averages are price-weighted.

Primary Earnings Per Share

Earnings per share calculated on the assumption of the conversion of certain senior securities (those of the company deemed, according to an accounting formula, to be common-stock equivalents-that is, likely to trade like common shares) into common stock. This calculation has not been used since 1997.

Prime Rate

The base lending rate reported by the largest commercial banks in the nation.

Problem Assets (Thrift Industry)

Delinquent loans, loans past due 90 days or more, and foreclosed real estate.

Problem Assets to Loans

Percentage of problem assets to loans for selected financial companies

Producer Price Index (PPI)

Labor Department price indexes of goods categorized by industry and by stage of processing. Widely watched among them are the raw materials, intermediate goods, and finished goods indexes. A measure of inflation.

Profile Page

The Profile Page, Company Profile, or Company View Page is Value Line’s new digital layout for each stock that we follow. The data is organized in more than two dozen modules. These modules can be removed, resized, and hidden, so the user can create their own customized report.


Projected 3- to 5-year price range

Derived by multiplying the analyst's earnings projection by the estimated average annual price-to-earnings ratio. The high and low bounds are then calculated using the Value Line proprietary Safety rank. The higher the Safety rank, the narrower the range.

Projections - High Annual Total Return

3-5 year projected high annualized total return

Projections - High Gain

3-5 year projected high share price percentage gain

Projections - High Price

3-5 year projected high price

Projections - Low Annual Total Return

3-5 year projected low annualized total return

Projections - Low Gain

3-5 year projected low share price percentage gain

Projections - Low Price

3-5 year projected low price

Projections Box

A box appearing in the upper left corner of a Value Line stock page. It includes the absolute price gain expected for the next 3 to 5 years as well as the compound annual return (appreciation plus dividends) during the same period.

Prompt

A symbol on a display screen indicating that the computer is waiting for input from the user. Search boxes are the most common prompts.

Property/Casualty Underwriting Margin

Property/casualty underwriting margin

Proved Reserves (Petroleum and Natural Gas/Diversified/Industries)

Quantities of natural resources that engineering estimates indicate with reasonable certainty are economically recoverable using present technology.

Put

The option to force the issuing company to repurchase its debt.

Put Date

The date on which the convertible can be repurchased by the company at bondholders' option.

Quarterly Earnings

Box appearing at the lower left hand corner of The Value Line Investment Survey page (directly below the quarterly sales box) in which five years of actual and estimated earnings are listed for each of the four quarters of each listed year.

Quarterly Sales

Box appearing at the lower left hand corner of The Value Line Investment Survey page in which five years of actual and estimated sales are listed for each of the four quarters of each listed year.

Quick Ratio

A company's cash assets, marketable securities, and receivables divided by its current liabilities. This ratio is used to evaluate a company's ability to pay off its short-term obligations. Also known as the Acid Test Ratio.

Ranks and Ratings

Ranks and Ratings refer to Value Line's proprietary data, which includes our well-known ranks for Timeliness and Safety, as well as our Financial Strength grade and score for Price Stability and Earnings Predictability.


Rate Base (Electric Utility Industries)

Usually the net original cost of plant and equipment; in some instances, including an allowance for cash, working capital, materials, and supplies.

Real

In the context of economic activity, a measure that excludes the effects of inflation. Real Gross National Product, for example, is a measure of the nation's output of goods and services, adjusted for inflation.

Real Estate Investment Trust(REIT)

A financial intermediary that invests its equity capital and debt in income-producing real estate and mortgages. Under legislation passed in 1961, REITs were granted conduit tax treatment (the same as that permitted mutual funds) under which the part of earnings which flows through to shareholders in the form of dividends is exempt from Federal income taxes at the trust (or corporate) level, provided several conditions are met. Among the conditions for qualification as a REIT under the Internal Revenue Code: At least 95% of otherwise taxable income must be distributed to shareholders in the calendar year earned, and specified percentages of both investments and gross income must be related to real estate.

Realized Gains

The amount by which the sale price of an asset exceeds its purchase price

Realized Gains (or losses) per (common) share

Realized gains or losses for selected financial companies

Receivables

Loans held for investment for selected financial companies

Receivables (Financial Services Industry)

The amount of money owed to finance companies by customers at year end, net of unearned discount (the charges to the borrower) and loss reserves.

Receivables to Total Assets

Loans to total assets

Recent Price as of the Latest VLIA Build

Stock price as of the date of the creation of The Value Line Investment Analyzer

Recent Price Relative P/E Ratio

Relative P/E using Recent Price from current publishing cycle calculated on forward-looking earnings

Region

The area of the world that the fund focuses on.

Reinsurance Recoverable on Unpaid Losses & Loss Expenses

The amount of funds left over from estimated catastrophe costs after all claims have been settled

Relative P/E Ratio

Price to earnings ratio relative to the median price to earnings ratio for all stocks under Value Line review.

Relative Price-Earnings (P/E) Ratio

The stock's current P/E divided by the median P/E for all stocks under Value Line review. (See also Price Earnings Ratio.)

Relative Strength Heat Map

This is the relative price strength of a stock compared to the Value Line Composite.

Relative Strength Price Line

A representation shown in the price chart on each Value Line page as a series of dots. The line compares the price of a stock with the price of an index (in this case the Value Line Arithmetic Composite) over time. When the line is rising, the stock is acting better than the broad index. When it is falling, the stock is acting worse than the index.

Relative Volatility

The volatility of a security compared to the volatility of median sock. It indicates how much risk is involved as against the median stock in The Value Line Investment Survey.

Rental Income

Rental income for real estate investment trusts (REITs)

Research Note

Brief, analyst-created content that discusses an important news item (e.g. earnings release, acquisition rumor, etc.)  that concerns a particular company or industry that Value Line tracks.  The analyst's assessment of the news, and how it will impact the stock or industry, is also included.  Research Notes are commonly referred to as Supplementary Reports.


Reserve for Property-Liability Insurance Claims & Claims Expense

The amount that is reserved for payments on claims

Reserve Life (Natural Gas [Diversified] and Petroleum Industries)

A company's reserves of oil, gas, or other natural resources divided by annual production.

Reserve Replacement Ratio (Natural Gas and Petroleum Industries)

The ratio of reserve additions to production. Reserve replacement is calculated by summing the total reserves added over a five-year period. The ratio is calculated by dividing replacement by production over the same period.

Retail Sales

A monthly measure of all U.S. retail activity, published by the Commerce Department.

Retained Earnings

Net profit for the year, less all common and preferred dividends, when relating to the income account. With respect to the balance sheet or common equity, it is the sum of net profit in all years of the company's existence less all dividends (common and preferred) ever paid. In this case, also known as earnings retained or earned surplus.

Retained to Common Equity

Net profit less all common and preferred dividends divided by common equity including intangible assets, expressed as a percentage. Also known as the Plowback Ratio.

Retained to Partners' Capital

Net profit less distributions divided by total capital

Return on Shareholders' Equity

Annual net profit divided by year-end shareholders' equity, expressed as a percentage.

Return on Total Capital

Annual net profit plus 1/2 of annual long-term interest divided by the total of shareholders' equity and long-term debt, expressed as a percentage.

Return on Trust Equity

Percent net profit to trust equity

Return on Unit Holders' Capital

Percent net profit to unit holders' capital

Revenue

Gross volume less returns, discounts, and allowances. Also known as net sales.

Revenue Passenger Miles (Air Transport Industry)

A measure of airline traffic. Each revenue passenger mile represents one revenue-paying passenger flown one mile.

Revenue Share Obligations

Revenue share obligations, as stated by the company

Revenues (Banks)

This figure has not been used by most banks in the past. However, the combination of net interest income and non-interest income will provide investors with a close approximation.

Revenues (Electric Utility, Natural Gas [Distribution], Telecommunications Industries)

The amounts billed for services rendered.

Revenues (Real Estate Industry)

The total of rental, construction, and interest income and property sales.

Revenues Per Share

Gross revenues for the year divided by the number of common shares outstanding at year end.

Risk of Portfolio -

The various factors that investors should consider when constructing a portfolio. A stock's Beta and the portfolio's Sharpe Ratio are just two metrics that can be used to measure risk.

Risk-Adjusted Return

The return expected for an assumed level of risk.

Safety Rank

A measurement of relative potential risk associated with individual common stocks. The safety rank is computed by averaging two other value line indexes the price stability index and the financial strength rating. Safety ranks range from 1 (highest) to 5 (lowest). Conservative investors should try to limit their purchases to equities ranked 1 (highest) and 2 (above average) for safety.

Sales

The revenue received for goods and services.  Under accrual accounting, sales are recognized when earned, rather than when payment is received.

Sales Per Share

Net sales divided by the number of common shares outstanding at year end.

Sales Trailing 12 Months

Sum of past four quarters of sales

Sales/Revenues

Quarterly revenues

Saved Screen

After using Value Line's online Screener to search for stocks that meet your specific criteria, you are able to save that list, so you can review it at a later date.  Saved Screens can be accessed directly from the Screener or from the Browse Research tab.

Savings Deposits

Amount of savings deposits

Savings Deposits per share

Savings deposits per common share

Savings Deposits Per Share (Thrift Industry)

Total savings deposits at year end divided by the number of common shares outstanding at year end.

Savings Rate

The personal savings rate, expressed as a percentage, published monthly by the Commerce Department.

Screw Clause

A provision in the bond's prospectus by which a holder who voluntarily converts into common shares between interest payment dates forfeits any income accrued since the last payment.

Seasonally Adjusted

A statistical method of adjusting economic data for seasonal differences in economic activity. For example, monthly retail sales are adjusted for the surge of buying that takes place during the end-of-year holiday season.

Senior Debt

Senior debt in millions as listed in Financial Positions

Senior Debt to Capital Funds

The ratio of senior debts to capital funds as listed in Financial Positions for REITS

Senior Notes

Debit that takes priority over other unsecured debt owed

Separate Account Business

Represent funds for which the investment income and investment gains and losses accrue directly to the variable annuity contractholders and variable life insurance policyholders

Settings

A user's account settings can be accessed by clicking on "Settings" at the top right of valueline.com.  Within settings, users can view their account details and change their password.


SG & A Expenses

Sales, general, and administrative expense

Shareholders' Equity

A balance sheet item showing net worth less the liquidating or redemption value of any preferred issues outstanding. Represents the sum of the value of common stock at par, the surplus of capital received (over par value), and retained earnings (i.e., earned surplus). Retained earnings are the sum of net profits earned in all years less dividends paid in all years.

Short History

Description of pertinent information about a company's history, current configuration, or initial public offering (IPO)

Short-Term Debt

All debt due in the next 12 months and, therefore, considered a current liability. Same as Debt Due. See Total Debt.

SIC Code

A standardized code used to identify the industry in which a company operates

Small & Mid-Cap Performance Rank

Value Lines's Performance Rank - 0 displayed as dash (-)

Small & Mid-Cap Safety Rank

The Value Line proprietary measurement of potential risk associated with a stock for companies in The Value Line Investment Survey - Small & Midcap

Small & Mid-Cap Technical Rank

Uses a proprietary formula to predict short-term (three to six month) future price returns relative to the Value Line universe. It is the result of an analysis which relates price trends of different durations for a stock during the past year to the relative price changes of the same stock over the succeeding three to six months. The Technical Rank is best used as a secondary investment criterion. We do not recommend that it replace the Performance Rank. As with the other ranks, the Technical Rank goes from 1 (highest) to 5 (lowest).

Small Cap

A market capitalization (stock price times shares outstanding) of less than $1 billion.

Smoothed Annualized Book Value Growth over Trailing 10 Year Period

The smoothed annualized rate of book value growth over trailing 10 years as of latest fiscal year

Smoothed Annualized Book Value Growth over Trailing 5 Year Period

The smoothed annualized rate of book value growth over trailing 5 years as of latest fiscal year

Smoothed Annualized Cash Flow Growth over Trailing 10 Year Period

The smoothed annualized rate of cash flow growth over trailing 10 years as of latest fiscal year

Smoothed Annualized Cash Flow Growth over Trailing 5 Year Period

The smoothed annualized rate of cash flow growth over trailing 5 years as of latest fiscal year

Smoothed Annualized Dividends Growth over Trailing 10 Year Period

The smoothed annualized rate of dividends growth over trailing 10 years as of latest fiscal year

Smoothed Annualized Dividends Growth over Trailing 5 Year Period

The smoothed annualized rate of dividends growth over trailing 5 years as of latest fiscal year

Smoothed Annualized Earnings Growth over Trailing 10 Year Period

The smoothed annualized rate of earnings growth over trailing 10 years as of latest fiscal year

Smoothed Annualized Earnings Growth over Trailing 5 Year Period

The smoothed annualized rate of earnings growth over trailing 5 years as of latest fiscal year

Smoothed Annualized Sales Growth over Trailing 10 Year Period

The smoothed annualized rate of sales growth over trailing 10 years as of latest fiscal year

Smoothed Annualized Sales Growth over Trailing 5 Year Period

The smoothed annualized rate of sales growth over trailing 5 years as of latest fiscal year

Smoothed Projected Book Value Growth over 3-5 Year Period

The projected smoothed annualized rate of book value growth over 3-5 years as of latest fiscal year

Smoothed Projected Cash Flow Growth over 3-5 Year Period

The projected smoothed annualized rate of cash flow growth over 3-5 years as of latest fiscal year

Smoothed Projected Dividends Growth over 3-5 Year Period

The projected smoothed annualized rate of dividends growth over 3-5 years as of latest fiscal year

Smoothed Projected Earnings Growth over 3-5 Year Period

The projected smoothed annualized rate of earnings growth over 3-5 years as of latest fiscal year

Smoothed Projected Sales Growth over 3-5 Year Period

The projected smoothed annualized rate of sales growth over 3-5 years as of latest fiscal year

Split Factor

Split Factor

Sponsor

The issuer of the ETF. This is the company responsible for managing the nuts and bolts of the exchange traded fund process.

Spot Market

A market in which commodities are purchased or sold and delivered quickly, that is, on the spot.

Standard & Poor's 500

A market-capitalization weighted index of 500 large U.S. common stocks.

Standard Deviation

A statistical measure of volatility.

Standard Deviation 10-Year

Standard deviation over the trailing 10 years

Standard Deviation 3-Year

Standard deviation over the trailing three years

Standard Deviation 5-Year

Standard deviation over the trailing five years

Statistical Array

The large statistical section in the center of each Value Line company report in Ratings & Reports.  The section contains up to 17 columns of historical information and three columns of estimates on 23 different data items.

Statutory Insurance Accounting (Insurance Industries)

The accounting method required for insurance companies reporting to state insurance regulatory authorities. It is a cash bookkeeping technique, rather than the usual method used in business.

Stock (Common)

Units of ownership of a public corporation.

 

Stock (Preferred)

A class of stock that generally has preference over common stock in the payment of dividends and the liquidation of assets and normally pays dividends at a specified rate.

Stock Dividend

The issuance of additional common shares to common stockholders, with no change in total common equity. From an accounting standpoint, retained earnings (i.e., the earned surplus) are reduced and the value of the reported common stock component of common equity (usually called the ``par value'' account) is increased. (The reduced level of retained earnings is important since bond indentures limit dividend payouts by stipulating minimum levels of retained earnings.) See Stock Split.

Stock Split

An increase in the number of common shares outstanding by a fixed ratio, say 2-to-1 or 3-to-1, with proportionate allocation of underlying common equity (i.e., the sum of common stock, capital surplus, and retained earnings) and earnings to the increased number of shares outstanding. Total common equity remains the same. From an accounting standpoint, the mix of retained earnings, capital surplus, and common stock remains unchanged. See Stock Dividend. When there is a stock split or dividend, all historical per-share numbers (including past share prices) are adjusted to reflect the new shares outstanding. If, for example, a company's stock traded in a range of 40 to 60 last year and it reported earnings of $2.00 per share, after adjustment for a 2-for-1 stock split, the price range for last year would be 20 to 30 and earnings would be $1.00 a share.

Stock Splits

Indicator of stock splits

Stock's Price Stability

A relative ranking of the standard deviation of weekly percent changes in the price of a stock over the past five years. The ranks go from 100 for the most stable to 5 for the least stable.

Successful Efforts Accounting (Canadian Energy, Natural Gas [Diversified], and Petroleum Industries)

A method of accounting under which exploratory wells found to be dry are expensed as incurred. See Full Cost Accounting.

Supplementary Report

Brief, analyst-created content that discusses an important news item (e.g. earnings release, acquisition rumor, etc.)  that concerns a particular company or industry that Value Line tracks.  The analyst's assessment of the news, and how it will impact the stock or industry, is also included.  Supplementary Reports are also commonly referred to as Research Notes.


Surplus (Insurance Industries)

The amount by which assets exceed liabilities on a legally defined accounting basis.

Target Price Range

The projected average annual price range three to five years hence, based on Value Line earnings and P/E Ratio forecasts. The midpoint of the range is our estimate of the average annual price three to five years from now. The percentage appreciation potential and the estimated annual total return are computed from the projected low and high prices three to five years hence.

Technical Rank

Value Line’s proprietary ranking of estimated stock price performance relative to the overall market in the next three to six months, based on a complex analysis of the stock’s relative price performance during the previous 52 weeks. Unlike the Timeliness Rank, earnings are not a factor in the Technical Rank. Stocks ranked 1 (Highest) and 2 (Above Average) are likely to outpace the market during the next quarter or two. Those ranked 4 (Below Average) and 5 (Lowest) are expected to underperform most stocks. Stocks ranked 3 (Average) will probably advance or decline with the market. The Technical Rank is purely a function of relative price action and is primarily a predictor of relative short-term price movements. (It may thus be particularly useful in trading short-term instruments such as stock options.) Investors should try to limit purchases to stocks with Technical Ranks of 1 (Highest) and 2 (Average).

 

Template

Value Line's Company Profiles are arranged in 13 templates, one for each sector under our coverage.  For instance, since restaurants achieve sales, while insurance companies earn premiums, these types of companies are displayed with different templates. Users can create their own templates by moving and re-sizing the modules on the Company Profile pages.

Tender Offer

A way of taking over a company by offering shareholders a fixed (or variable) price for all outstanding stock. If enough shareholders decide to sell, the company can be taken over.

Thrift

A financial institution deriving its funds primarily from consumer savings accounts.

Ticker Symbol

The abbreviation of the company's name by which a security is identified for purposes of trading. Also called Stock Symbol.

Time Deposits

Interest-bearing deposits that a financial institution may require to remain on deposit for a specified period of time. Also called certificates of deposit.

Timeliness Rank

The rank of a stock’s probable relative market performance in the year ahead. It is derived via a computer program using as input the long-term price and earnings history, recent price and earnings momentum, and earnings surprise. All data are known and actual. Stocks ranked 1 (highest) and 2 (above average) are likely to outpace the year-ahead market. Those ranked 4 (below average) and 5 (lowest) are expected to underperform most stocks over the next 12 months. Stocks ranked 3 (average) will probably advance or decline with the market in the year ahead. Investors should try to limit purchases to stocks ranked 1 (highest) and 2 (above average) for timeliness.

 

Timeliness Rank Change

Indicator showing that a weekly change was made in a company's Timeliness Rank by Value Line

Timely Industries

See Industry Timeliness.

Timely Stocks

Those ranked 1 or 2 for Timeliness. These are the stocks Value Line thinks will perform better than the Value Line universe as a whole in the coming six to 12 months.

Top Line

A reference to sales or revenues, which are usually shown on the top line of an income statement.

Total Benefits & Reserves

Total benefits and reserves for select insurance companies

Total Capital

The sum of long-term debt, preferred stock at liquidation or redemption value, and common equity including intangibles.

Total Debt

The sum of long-term debt shown in the Capital Structure box and debt due displayed in the Current Position table.

Total Debt Due in 5 Years

The sum of bank notes due in 12 months (or less) and all long-term debt maturing within the next five years (including that portion of long-term debt due in the current operating year). See also Debt Due.

Total Debt to Equity

Total debit to equity as listed in the Financial Position

Total Debt to Net Asset Value

Percent total debt to net asset value

Total Distributions (Investment Companies)

Total payments (capital gains plus dividends) made to shareholders of a fund.

Total Fees

Fee revenue for selected financial companies

Total Interest Coverage

Pretax income plus total interest expense (including capitalized interest) divided by total interest expense.

Total Interest Covered

See total interest coverage.

Total Liabilities

Total amount of liabilities

Total Net Loans

Loans originated in the past fiscal year

Total Return

A stock's total return is calculated based on price appreciation and dividends (if a dividend is paid).

Total Return (%)

The sum of the total appreciation (or depreciation) of a stock over a given period plus any cash dividends received during the same period divided by the price of the stock at the beginning of the period. Each value line page shows the total cumulative returns (if available) for the past 1, 3, and 5 years. Each page also denotes the total returns for the value line arithmetic index for the same periods for comparative purposes. (for more, see value line arithmetic composite index)

 

Total Return YTD

A stock's total return is calculated based on price appreciation (or depreciation) and dividends (if a dividend is paid), over the course of the current calendar year.

Total Revenues (Securities Brokerage Industry)

Gross revenue from all sources, including commissions, investment banking fees, principal transactions, and interest income (generally without deduction for interest expense) derived from funds loaned to customers' margin accounts plus interest on securities held in the company's account.

Total Risk –

The combination of systematic (market) risk and unsystematic (company specific) risk. Unsystematic risk can be reduced by portfolio diversification, but systematic risk is always present.

Total Segment Revenues

Total revenues for selected financial companies

Total Thrifts Deposits

Customer deposits of a thrift, as of latest quarter

Trailing 12 Month Earnings Yield

Trailing 12 Month earnings (12 mo.)/price

Trailing P/E Ratio

P/E using recent price and trailing 12 month earnings

Trailing Price-Earnings (P/E) Ratio

The recent price divided by the sum of earnings per share reported during the last 12 months.

Translation Rate (Foreign Stocks)

The exchange rate at which financial data are converted into dollars. Historical data are translated at the exchange rate on the last day of the fiscal year. In the case of quarterly data for the current fiscal year and all estimates, the translation rate is the estimated exchange rate at fiscal year end.

Treasury Stock

Common stock issued and then reacquired by the issuing firm. Such reacquisitions result in a reduction of stockholders' equity.

Unconsolidated Income

After-tax earnings of partially or wholly owned subsidiaries whose financial results are not included in the pretax financial results or income taxes reported.

Underwriting Income per (common) share

Underwriting income per common share

Underwriting Income Per Share (Insurance [Property/Casualty] Industry)

Underwriting profit divided by the number of common shares outstanding at year end.

Underwriting Margin

Underwriting margin

Underwriting Margin (Insurance Industries)

The difference between 100% and the sum of the loss and expense ratios in property/casualty underwriting. It may be either positive (indicating an underwriting profit) or negative (indicating an underwriting loss).

Unearned Premiums

The written premium minus the earned premium

Unemployment Rate

A Labor Department measure of the ratio of the number of unemployed in the labor force, expressed as a percentage. The Civilian Unemployment Rate is based on a work force that excludes U.S.-stationed members of the armed forces. The National (or Total) Unemployment Rate is based on a work force that includes U.S.-stationed members of the armed forces.

Unit Labor Costs (Nonfarm)

A Labor Department index based on the ratio of the Compensation Per Hour Index (Nonfarm) and the Output Per Hour Index (Nonfarm). Unit labor costs are useful because they illustrate how productivity gains offset rising wages, or how wage increases outstrip productivity gains.

Unitholders' Capital

Unitholders' equity

Units Outstanding

The number of partnership units outstanding

Unrealized Appreciation

Unrealized investment portfolio appreciation for select financial companies

Unrealized Appreciation (or Depreciation)

The dollar amount by which the market value of a holding exceeds (or falls below) its cost.

Unrealized Appreciation per share

Unrealized investment portfolio appreciation per share for select financial companies

Untimely Stocks

Those ranked 4 or 5 for Timeliness. These are stocks Value Line thinks will perform less well than the market in the coming six to 12 months.

Upstream

The exploration and production activities of an energy company.

Value Line Arithmetic Composite Index

An equally weighted price index of all stocks covered in The Value Line Investment Survey. Arithmetic refers to the averaging technique used to compute the average. See Arithmetic Average.

 

Value Line Geometric Composite Index

An equally weighted price index of all stocks covered in The Value Line Investment Survey. Geometric refers to the averaging technique used to compute the average. See Geometric Average.

Value Line Geometric Industrial Index

An equally weighted price index of all stocks in The Value Line Investment Survey, except for utilities and rails. Geometric refers to the averaging technique used to compute the average. See Geometric Average.

Value Line Geometric Rails Index

An equally weighted price index of railroad stocks reviewed in The Value Line Investment Survey. Geometric refers to the averaging technique used to compute the average. See Geometric Average.

Value Line Geometric Utilities Index

an equally weighted price index of utility stocks reviewed in The Value Line Investment Survey. Geometric refers to the averaging technique used to compute the average. See Geometric Average.

VL Arithmetic Index

An equally weighted price index of all stocks covered in The Value Line Investment Survey. Arithmetic refers to the averaging technique used to compute the average. See Arithmetic Average.

VL ETF Index

VL ETF Index

VL Free Cash Flow

Value Line free cash flow

VL Geometric Index

Value Line Geometric Index

VL Small & Mid-Cap Performance Index

VL Small & Mid-Cap Performance Index

VLIS Safety Rank

The Safety Rank measures the total risk of a stock relative to the approximately 1,700 other stocks covered in The Value Line Investment Survey.

VLIS Technical Rank

Uses a proprietary formula to predict short-term (three to six month) future price returns relative to the Value Line universe. It is the result of an analysis which relates price trends of different durations for a stock during the past year to the relative price changes of the same stock over the succeeding three to six months. The Technical Rank is best used as a secondary investment criterion. We do not recommend that it replace the Performance Rank. As with the other ranks, the Technical Rank goes from 1 (highest) to 5 (lowest).

VLIS Timeliness Rank

The Timeliness Rank measures the probable price performance of a stock relative to the approximately 1,700 other stocks covered by The Value Line Investment Survey during the next six to twelve months.

Volume

The latest volume of a company's common stock.

Volume Last Trading Day

Volume for the last trading day.

Warrant

An option to buy a security, usually a common stock, at a set price (exercise price) over an established number of years. A warrant has no claim on either the equity or the profits of a company.

Warrants

The number of shares of warrants to buy at a specified price through a specific period, as stated in the Capital Structure box

Watchlist

A Watchlist is a group of stocks that you have chosen to evaluate next to one another.  A Watchlist can be created from within the Find Ideas and Browse Research tabs.  Your subscription level dictates how many Watchlists you can create.

Weekly Price Performance Ratio For Timeliness Rank 1

Price return, excluding dividends, calculated weekly for the group of stocks ranked 1 for Timeliness by Value Line

Weekly Price Performance Ratio For Timeliness Rank 2

Price return, excluding dividends, calculated weekly for the group of stocks ranked 2 for Timeliness by Value Line

Weekly Price Performance Ratio For Timeliness Rank 3

Price return, excluding dividends, calculated weekly for the group of stocks ranked 3 for Timeliness by Value Line

Weekly Price Performance Ratio For Timeliness Rank 4

Price return, excluding dividends, calculated weekly for the group of stocks ranked 4 for Timeliness by Value Line

Weekly Price Performance Ratio For Timeliness Rank 5

Price return, excluding dividends, calculated weekly for the group of stocks ranked 5 for Timeliness by Value Line

Working Capital to Revenues

The ratio of working capital to total revenues

Writedown

A company's recognition of a reduction in value of an asset. The decline in value is charged against income in the period that the writedown is taken.

Yearly High Price

Yearly high stock price

Yearly Low Price

Yearly low stock price

Yield (for stocks)

The estimated dividends for the next 12 months divided by the current price, expressed as a percentage.

Yield Curve

A measure of the relationship between short-and long-term interest rates. Often the yields on three-month Treasury bills and 30-year Treasury bonds are compared. The yield curve is said to be positive when long-term rates are higher than short-term rates. When short-term and long-term rates are about equal, the yield curve is said to be flat. The yield curve is said to be inverted when short-term rates are higher than long-term rates

Yield to Maturity

The rate interest that will make the present value of cash flow from the security equal to its price.

Yield to Put (YTP)

The yield calculated to the date of the earliest put based on convertibel price, time to put, and coupon size.

Yield-Cost Margin (Thrift Industry)

The difference between interest rates earned (on loans and other earning assets) and interest rates paid (on deposits and other sources of funds).

Zoom In

When viewing particular content on a computer screen, a user will "Zoom In" in order to focus on a particular area.  For instance, when viewing a particular module within the new Company Profile, zooming in can be accomplished by clicking on the diagonal double arrows in the heading section.


Zoom Out

When a user is focused on a particular section of a webpage and then wants to view the webpage in its entirety, then will zoom out.  For instance, when viewing a particular module within the new Company Profile, zooming out can be accomplished by simply clicking on the "X" at the top right of the module.