Disclosing ethical values in companies' annual reports not only helps increase transparency and trust among stakeholders, but also demonstrates the company's commitment to social and ethical responsibility. These reports should be accurate, transparent, and based on international standards to have a positive impact on the company's credibility, long-term performance, and value. Given the importance of disclosing ethical values, the present study develops a model for disclosing ethical values in companies' annual reports. This study is a qualitative research and its paradigm is an interpretive one that uses a qualitative research method and a phenomenological approach. The dimensions and components of disclosing ethical values have been identified through the Atride-Stirling (2001) content analysis method, and the research analyses have been conducted using the 7-step collage technique. The research sample also includes 29 experts in the field of capital markets who have been selected through the snowball technique. The findings indicate that 108 propositions were extracted in the form of 33 basic themes, 9 organizing themes, and 2 overarching themes, including disclosure of individual ethical values and disclosure of organizational ethical values, which formed the components of the proposed model of ethical values disclosure. By comprehensively examining the disclosure of ethical values in company annual reports, this study provides users of the research results with a new perspective on examining the ethical values disclosure pattern and improves stakeholders' awareness of this type of disclosure.