A Business at a Glance
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CORNING INC /NY
GLW
$127.9B
Mkt Cap
$146.65
-6.03%
CORNING INC /NY (GLW) has a current P/E ratio of 80.1, compared to its historical median P/E of 26.0. The stock is currently considered Expensive based on its historical valuation range.
CORNING INC /NY (GLW) has a 5-year average return on invested capital (ROIC) of 7.0%. This is below average and may indicate limited pricing power.
CORNING INC /NY (GLW) has a market capitalization of $127.7B. It is classified as a large-cap stock.
Yes, CORNING INC /NY (GLW) pays a dividend with a trailing twelve-month yield of 0.78%. The company also returns capital through share buybacks, with a buyback yield of 0.13%.
Based on historical P/E analysis, CORNING INC /NY (GLW) appears expensive. The current P/E of 80.1 is 208% above its historical median of 26.0. The estimated fair value CAGR (P/E method) is -2.6%.
CORNING INC /NY (GLW) operates in the Drawing & Insulating Of Nonferrous Wire industry, within the Materials sector.
CORNING INC /NY (GLW) reported annual revenue of $15.6 billion in its most recent fiscal year, based on SEC EDGAR filings.
Corning Incorporated is a diversified materials science and technology company that manufactures high-performance glass, optical communications products, and specialty materials for multiple end-markets. The company operates through several segments: Optical Communications (serving data center and carrier networks with fiber, cable, and interconnect systems), Display (providing glass substrates for televisions, monitors, and information displays), Specialty Materials (producing Gorilla Glass for mobile devices and advanced optical materials for semiconductors), Automotive (manufacturing ceramic substrates for emissions control and advanced glass solutions), Life Sciences (laboratory products and specialized polymers for biotechnology), and Hemlock and Emerging Growth Businesses (polysilicon, solar modules, and other technologies). Corning's business model is primarily transactional, with revenue recognized upon delivery of products to customers; the company operates capital-intensive manufacturing facilities located close to customers to serve demand efficiently and mitigate tariff exposure. The company's competitive moat derives from its material science expertise, proprietary glass and optical technologies (including Gorilla Glass and low-loss optical fiber), established customer relationships with major technology and automotive manufacturers, and significant manufacturing scale. Key customers include hyperscale data center operators, smartphone manufacturers, television panel makers, automotive OEMs, and scientific institutions globally, with manufacturing and sales operations spanning North America, Europe, and Asia.
【Strong momentum continuing through 2026】 Management expects to sustain double-digit sales growth driven by robust demand for GenAI-related optical communications products, continued ramp of U.S.-based solar manufacturing, and increased adoption of premium Gorilla Glass innovations in mobile devices. The company anticipates operating margin expansion to continue as manufacturing efficiency improves and the solar business scales toward profitability targets, with free cash flow expected to grow significantly faster than sales. Capital expenditures are planned at approximately $1.7 billion in 2026 to support growth initiatives, including capacity additions for optical communications and solar, with customer financial support offsetting some investment burden. Management remains committed to returning excess cash to shareholders through dividends and share repurchases while maintaining investment in growth vectors across the company's portfolio.
| Metric | Target | Period |
|---|---|---|
| Capital expenditures | approximately $1.7 billion | FY2026 |
Capital expenditures (FY2026): “For the full year, we expect capital expenditures to be about $1.7 billion, $a few hundred million above our depreciation level.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 16.3B | 15.6B | 13.1B | 12.6B | 14.2B | 14.1B |
| Net Income | 1.8B | 1.6B | 506M | 581M | 1.3B | 1.1B |
| EPS | $2.08 | $1.83 | $0.58 | $0.68 | $1.54 | $1.28 |
| Free Cash Flow | 2.5B | 1.4B | 974M | 615M | 1.0B | 1.8B |
| ROIC | 10.8% | 10.8% | 4.8% | 4.0% | 6.2% | 9.4% |
| Gross Margin | 36.4% | 36.0% | 32.6% | 31.2% | 31.8% | 36.0% |
| Debt/Equity | 0.76 | 0.80 | 0.76 | 0.73 | 0.66 | 0.58 |
| Dividends/Share | $1.15 | $1.12 | $1.12 | $1.12 | $1.08 | $0.96 |
| Operating Income | 2.5B | 2.3B | 1.1B | 890M | 1.4B | 2.1B |
| Operating Margin | 15.2% | 14.6% | 8.7% | 7.1% | 10.1% | 15.0% |
| ROE | 15.3% | 14.2% | 4.6% | 4.9% | 10.8% | 8.4% |
| Shares Outstanding | 871M | 872M | 872M | 854M | 855M | 843M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 9.7B | 9.1B | 9.4B | 10.1B | 11.3B | 11.5B | 11.3B | 14.1B | 14.2B | 12.6B | 13.1B | 15.6B | 16.3B |
| Gross Margin | 41.7% | 40.1% | 40.1% | 39.7% | 39.5% | 35.1% | 31.2% | 36.0% | 31.8% | 31.2% | 32.6% | 36.0% | 36.4% |
| R&D | 701M | 638M | 637M | 689M | 807M | 800M | 1.0B | 800M | 900M | 900M | 800M | 800M | 800M |
| SG&A | 1.2B | 1.5B | 1.5B | 1.5B | 1.8B | 1.6B | 1.7B | 1.8B | 1.9B | 1.8B | 1.9B | 2.1B | 2.2B |
| EBIT | 1.9B | 1.3B | 1.4B | 1.6B | 1.6B | 1.3B | 509M | 2.1B | 1.4B | 890M | 1.1B | 2.3B | 2.5B |
| Op. Margin | 19.9% | 14.5% | 15.2% | 15.9% | 14.0% | 11.4% | 4.5% | 15.0% | 10.1% | 7.1% | 8.7% | 14.6% | 15.2% |
| Net Income | 2.5B | 1.3B | 3.6B | -595M | 968M | 862M | 414M | 1.1B | 1.3B | 581M | 506M | 1.6B | 1.8B |
| Net Margin | 25.4% | 14.7% | 38.3% | -5.9% | 8.6% | 7.5% | 3.7% | 7.7% | 9.3% | 4.6% | 3.9% | 10.2% | 11.1% |
| Non-Recurring | 93M | 71M | 77M | -80M | 201M | 685M | 906M | 53M | 639M | 787M | 264M | 22M | 22M |
| Returns on Capital | |||||||||||||
| ROIC | 6.0% | 8.3% | 8.2% | 6.0% | 6.8% | 5.9% | 2.3% | 9.4% | 6.2% | 4.0% | 4.8% | 10.8% | 10.8% |
| ROE | 11.5% | 7.1% | 19.6% | -3.5% | 6.6% | 6.5% | 3.2% | 8.4% | 10.8% | 4.9% | 4.6% | 14.2% | 15.3% |
| ROA | 8.2% | 4.7% | 12.7% | -2.1% | 3.5% | 3.1% | 1.4% | 3.5% | 4.4% | 2.0% | 1.8% | 5.4% | 5.8% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 4.7B | 2.8B | 2.5B | 2.0B | 2.9B | 2.0B | 2.2B | 3.4B | 2.6B | 2.0B | 1.9B | 2.7B | 2.9B |
| Free Cash Flow | 3.6B | 1.6B | 2.2B | 200M | 677M | 53M | 803M | 1.8B | 1.0B | 615M | 974M | 1.4B | 2.5B |
| Owner Earnings | 3.5B | 1.6B | 1.3B | 800M | 1.6B | 472M | 453M | 1.7B | 988M | 418M | 316M | 1.1B | -13.3B |
| CapEx | 1.1B | 1.3B | 381M | 1.8B | 2.2B | 2.0B | 1.4B | 1.6B | 1.6B | 1.4B | 965M | 1.3B | 365M |
| Maint. CapEx | 1.2B | 1.2B | 1.2B | 1.2B | 1.3B | 1.5B | 1.5B | 1.5B | 1.5B | 1.4B | 1.4B | 1.3B | 15.9B |
| Growth CapEx | 0 | 66M | 0 | 646M | 949M | 475M | 0 | 156M | 152M | 21M | 0 | 0 | 0 |
| D&A | 1.2B | 1.2B | 1.2B | 1.2B | 1.3B | 1.5B | 1.5B | 1.5B | 1.5B | 1.4B | 1.4B | 1.3B | 15.9B |
| CapEx/OCF | 22.8% | 44.2% | 44.5% | 90.0% | 76.8% | 97.4% | 63.2% | 48.0% | 61.3% | 69.3% | 49.8% | 47.6% | 12.6% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 591M | 679M | 645M | 651M | 685M | 742M | 787M | 871M | 932M | 989M | 986M | 999M | 1.0B |
| Dividend Yield | 2.8% | 3.3% | 3.5% | 3.1% | 3.2% | 3.6% | 4.2% | 2.9% | 3.5% | 3.9% | 3.0% | 1.9% | 0.8% |
| Share Buybacks | 2.5B | 3.2B | 4.2B | 2.5B | 2.2B | 940M | 105M | 274M | 221M | 0 | 165M | 163M | 163M |
| Buyback Yield | 10.0% | 17.3% | 19.3% | 12.6% | 9.7% | 4.3% | 0.4% | 1.0% | 0.9% | N/A | 0.4% | 0.2% | 0.1% |
| Stock-Based Comp | 58M | 20M | 42M | 46M | 51M | 56M | 207M | 190M | 175M | 218M | 273M | 286M | 347M |
| Debt Repayment | 498M | 498M | 85M | 252M | 629M | 300M | 121M | 716M | 87M | 284M | 267M | 298M | 298M |
| Balance Sheet | |||||||||||||
| Net Debt | -2.4B | -4.5B | -1.9B | 530M | 3.0B | 5.5B | 6.0B | 5.0B | 6.2B | 6.7B | 6.3B | 7.9B | 7.2B |
| Cash & Equiv. | 5.3B | 4.5B | 5.3B | 4.3B | 2.4B | 2.4B | 2.7B | 2.1B | 1.7B | 1.8B | 1.8B | 1.5B | 1.8B |
| Long-Term Debt | 3.2B | 3.9B | 3.6B | 4.7B | 6.0B | 7.7B | 7.8B | 7.0B | 6.7B | 7.2B | 6.9B | 7.6B | 7.7B |
| Debt/Equity | 0.17 | 0.24 | 0.19 | 0.31 | 0.39 | 0.62 | 0.66 | 0.58 | 0.66 | 0.73 | 0.76 | 0.80 | 0.76 |
| Interest Coverage | 15.7 | 9.4 | 9.0 | 10.4 | 8.2 | 5.9 | 1.8 | 7.0 | 4.9 | 2.7 | 3.4 | 6.8 | 79.8 |
| Equity | 21.6B | 18.9B | 17.9B | 15.7B | 13.8B | 12.9B | 13.3B | 12.3B | 12.0B | 11.6B | 10.7B | 11.8B | 11.8B |
| Total Assets | 30.1B | 28.5B | 27.9B | 27.5B | 27.5B | 28.9B | 30.8B | 30.2B | 29.5B | 28.5B | 27.7B | 31.0B | 31.3B |
| Total Liabilities | 8.4B | 9.7B | 9.9B | 11.7B | 13.6B | 15.9B | 17.3B | 17.6B | 17.2B | 16.6B | 16.7B | 18.7B | 18.9B |
| Intangibles | 497M | 706M | 796M | 869M | 1.3B | 1.2B | 1.3B | 1.1B | 1.0B | 905M | 752M | 657M | 632M |
| Retained Earnings | 13.0B | 13.8B | 16.9B | 15.9B | 16.3B | 16.4B | 16.1B | 16.4B | 16.8B | 16.4B | 15.9B | 16.6B | 16.7B |
| Working Capital | 7.9B | 2.7B | 6.3B | 5.6B | 3.7B | 3.9B | 4.2B | 2.9B | 2.3B | 2.9B | 3.1B | 3.3B | 3.6B |
| Current Assets | 10.2B | 5.5B | 9.0B | 8.8B | 7.0B | 7.5B | 8.0B | 7.7B | 7.5B | 7.2B | 8.0B | 8.9B | 9.5B |
| Current Liabilities | 2.3B | 2.8B | 2.8B | 3.2B | 3.3B | 3.5B | 3.8B | 4.8B | 5.2B | 4.3B | 4.9B | 5.6B | 5.9B |
| Per Share Data | |||||||||||||
| EPS | 1.73 | 1.00 | 3.23 | -0.66 | 1.13 | 1.07 | 0.54 | 1.28 | 1.54 | 0.68 | 0.58 | 1.83 | 2.08 |
| Owner EPS | 2.42 | 1.21 | 1.17 | 0.89 | 1.84 | 0.59 | 0.59 | 2.07 | 1.16 | 0.49 | 0.36 | 1.22 | -15.28 |
| Book Value | 15.10 | 14.09 | 16.07 | 17.41 | 16.10 | 16.02 | 17.29 | 14.63 | 14.05 | 13.52 | 12.25 | 13.54 | 13.56 |
| Cash Flow/Share | 3.30 | 2.11 | 2.28 | 2.22 | 3.41 | 2.52 | 2.84 | 4.05 | 3.06 | 2.35 | 2.22 | 3.09 | 20.30 |
| Dividends/Share | 0.52 | 0.36 | 0.54 | 0.62 | 0.72 | 0.80 | 0.88 | 0.96 | 1.08 | 1.12 | 1.12 | 1.12 | 1.15 |
| Shares Out. | 1.4B | 1.3B | 1.1B | 901.5M | 856.6M | 805.6M | 766.7M | 843.0M | 854.5M | 854.4M | 872.4M | 872.1M | 871.0M |
| Valuation | |||||||||||||
| P/E Ratio | 10.1 | 13.9 | 5.9 | N/A | 21.6 | 22.7 | 58.3 | 26.0 | 18.7 | 42.9 | 80.7 | 48.9 | 70.4 |
| P/FCF | 6.8 | 11.8 | 9.9 | 116.7 | 30.9 | 369.0 | 30.1 | 15.8 | 24.4 | 40.5 | 41.9 | 55.2 | 50.3 |
| EV/EBIT | 11.4 | 7.7 | 8.2 | 9.7 | 13.1 | 20.8 | 58.1 | 15.6 | 16.1 | 32.8 | 39.5 | 36.9 | 54.6 |
| Price/Book | 1.2 | 1.0 | 1.2 | 1.2 | 1.7 | 1.7 | 1.8 | 2.3 | 2.0 | 2.2 | 3.8 | 6.6 | 10.8 |
| Price/Sales | 2.2 | 2.3 | 2.0 | 1.7 | 2.1 | 2.0 | 1.7 | 2.1 | 1.9 | 2.0 | 2.5 | 3.4 | 7.8 |
| FCF Yield | 14.6% | 8.5% | 9.8% | 1.0% | 2.9% | 0.2% | 3.3% | 6.3% | 4.1% | 2.5% | 2.4% | 1.8% | 2.0% |
| Market Cap | 24.9B | 18.7B | 22.0B | 19.5B | 23.0B | 21.8B | 24.1B | 28.1B | 24.7B | 24.9B | 40.8B | 78.0B | 127.7B |
| Avg. Price | 14.98 | 15.33 | 16.38 | 23.05 | 24.91 | 25.70 | 24.67 | 35.03 | 31.59 | 30.06 | 37.76 | 61.22 | 146.65 |
| Year-End Price | 17.41 | 13.93 | 19.19 | 25.89 | 24.42 | 24.28 | 31.48 | 33.28 | 28.86 | 29.15 | 46.80 | 89.40 | 146.65 |
CORNING INC /NY passes 3 of 9 quality checks, indicating weak fundamentals.
CORNING INC /NY trades at 80.1x trailing earnings, compared to its 15-year median P/E of 26.0x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 89.0x vs a median of 30.5x. The company's 5-year average ROIC is 7.0% with a gross margin of 33.5%. Total shareholder yield (dividends + buybacks) is 0.9%. At current prices, the estimated annualized return to fair value is +12.7%.
CORNING INC /NY (GLW) has a net profit margin of 10.2%. This is a healthy margin.
CORNING INC /NY (GLW) generated $1.4 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
CORNING INC /NY (GLW) has a debt-to-equity ratio of 0.80. This indicates moderate leverage.
CORNING INC /NY (GLW) reported earnings per share (EPS) of $1.83 in its most recent fiscal year.
CORNING INC /NY (GLW) has a return on equity (ROE) of 14.2%. This indicates moderate shareholder returns.
CORNING INC /NY (GLW) has a 5-year average gross margin of 33.5%. This indicates decent pricing power.
The Ledger Terminal provides 19 years of financial data for CORNING INC /NY (GLW), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
CORNING INC /NY (GLW) has a book value per share of $13.54, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects to sustain double-digit sales growth driven by robust demand for GenAI-related optical communications products, continued ramp of U.S.-based solar manufacturing, and increased adoption of premium Gorilla Glass innovations in mobile devices. The company anticipates operating margin expansion to continue as manufacturing efficiency improves and the solar business scales toward profitability targets, with free cash flow expected to grow significantly faster than sales. Capital expenditures are planned at approximately $1.7 billion in 2026 to support growth initiatives, including capacity additions for optical communications and solar, with customer financial support offsetting some investment burden. Management remains committed to returning excess cash to shareholders through dividends and share repurchases while maintaining investment in growth vectors across the company's portfolio.
Based on recent SEC filings and earnings calls, CORNING INC /NY (GLW) has provided the following forward guidance: Capital expenditures: approximately $1.7 billion (FY2026).
No recent press releases.