NYSE: GLW · Electronic Components
Corning Inc.
Corning is a materials science company founded in 1851 that makes glass, ceramics and optical products. It reports five segments — Optical Communications (fiber, cable and connectivity; $6,274 million of 2025 segment sales), Display (glass substrates for flat panel displays; $3,697 million), Specialty Materials (Gorilla Glass and semiconductor optics; $2,211 million), Automotive ($1,794 million) and Life Sciences ($972 million) — plus Hemlock polysilicon and emerging growth businesses ($1,460 million). 2025 GAAP net sales rose 19% to $15,629 million and net income to $1,596 million, driven by Optical Communications (+35%). Its Springboard plan targets $4 billion of added annualized core sales and a 20% core operating margin by the end of 2026. In September 2026 it set up a $2 billion at-the-market equity program.
Last updated
Analysis last edited: October 31, 2026 · Financial data fetched: October 25, 2026 02:55 (SEC EDGAR) · Source 10-K filed: February 12, 2026
Built on10-K FY2025 · filed 2026-02-1210-Q (quarter ended 2026-09-30) · filed 2026-10-29Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 6.7%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 14.6%
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- -1.1 pts
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- 2.0x
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 1.69x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 0 of 5
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 45.7x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 1.18
Higher than 38% of 372 non-financial companies
Average yearly growth over the years shown
Higher than 37% of 311 non-financial companies
Latest fiscal year (FY2025)
Higher than 23% of 311 non-financial companies
Return on capital above (or below) its estimated cost
Higher than 54% of 304 non-financial companies
Below 0 means more cash than debt
Higher than 57% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-09-30
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$121.59close on 2026-11-04
Market cap$98.24B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 45.7x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 8.3x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- 29.9x
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- 1.4%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 0.9%
At FY2025 year-end: 47.9x
Earnings: trailing 12 months to 2026-09-30
At FY2025 year-end: 6.0x
Book value at FY2025 year-end
At FY2025 year-end: 22.1x
EBITDA for FY2025
At FY2025 year-end: 2.0%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Sep 30, 2026.
- Revenue$4.1B → $4.86B (vs. a year earlier)↑ +18.4%$4.1B → $4.86B (vs. a year earlier)
- Operating margin14.4% → 18.8% (vs. a year earlier)↑ +4.4 pts14.4% → 18.8% (vs. a year earlier)
- Net income$430M → $680M (vs. a year earlier)↑ +58.1%$430M → $680M (vs. a year earlier)
- Diluted EPS$0.50 → $0.78 (vs. a year earlier)↑ +56.0%$0.50 → $0.78 (vs. a year earlier)
- Cash$2.5B → $2.54B (vs. previous quarter-end)↑ +1.3%$2.5B → $2.54B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Oct 27, 2026.
Management outlook • Issued
Expects Q4 core sales up about 19%, to a range starting at $5.2B. Source sentence
In the fourth quarter, we expect to grow core sales approximately 19% year over year to a range of $5.2 billion to $5.3 billion and grow core EPS approximately 36% year over year to a range of $0.96 to $1.00.”
Key changes
Q3 core sales up 19% to $5.08B; core EPS up 36% to $0.91. Source sentence
Year over year, core sales grew 19% to $5.08 billion, and core EPS grew 36% to $0.91.
Core operating margin up 310 basis points to 22.7%. Source sentence
We expanded core gross margin 150 basis points to 40.5%, core operating margin 310 basis points to 22.7%, and core ROIC 330 basis points to 16.7% – with strong adjusted free cash flow of $661 million, while investing more than half a billion in capital expenditures to address demand for our innovations.
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- CORNING INC /NY
- Headquarters
- CORNING, NY
- Incorporated in
- New York
- Fiscal year end
- 12/31
- Exchange & ticker
- NYSE: GLW
- Industry
- Electronic Components
- CIK
- 24741
- Website
- https://www.corning.com/ ↗
Workforce (as of FY2025 year-end)
Employees
67,200
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 28–30 days after quarter end (Jan 28, 2026; Jan 29, 2025; Jan 30, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 27–30 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Oct 27, 2026 (+27 days) | Oct 29, 2026 10-Q (+29 days) |
| Q2 FY2026 | Jun 30, 2026 | Jul 28, 2026 (+28 days) | Jul 29, 2026 10-Q (+29 days) |
| Q1 FY2026 | Mar 31, 2026 | Apr 28, 2026 (+28 days) | May 1, 2026 10-Q (+31 days) |
| Q4 FY2025 | Dec 31, 2025 | Jan 28, 2026 (+28 days) | Feb 12, 2026 10-K (+43 days) |
| Q3 FY2025 | Sep 30, 2025 | Oct 28, 2025 (+28 days) | Oct 31, 2025 10-Q (+31 days) |
| Q2 FY2025 | Jun 30, 2025 | Jul 29, 2025 (+29 days) | Aug 1, 2025 10-Q (+32 days) |
| Q1 FY2025 | Mar 31, 2025 | Apr 29, 2025 (+29 days) | May 2, 2025 10-Q (+32 days) |
| Q4 FY2024 | Dec 31, 2024 | Jan 29, 2025 (+29 days) | Feb 13, 2025 10-K (+44 days) |
| Q3 FY2024 | Sep 30, 2024 | Oct 29, 2024 (+29 days) | Nov 1, 2024 10-Q (+32 days) |
| Q2 FY2024 | Jun 30, 2024 | Jul 30, 2024 (+30 days) | Aug 2, 2024 10-Q (+33 days) |
| Q1 FY2024 | Mar 31, 2024 | Apr 30, 2024 (+30 days) | May 2, 2024 10-Q (+32 days) |
| Q4 FY2023 | Dec 31, 2023 | Jan 30, 2024 (+30 days) | Feb 12, 2024 10-K (+43 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Optical Communications
Optical fiber, cable and connectivity
Carrier and enterprise network products, including for data centers; sales +35% in 2025.
Display
Display glass substrates
Glass made with the fusion process for LCD and OLED panels.
Specialty Materials
Gorilla Glass and advanced optics
Cover glass for devices and semiconductor optics such as HPFS fused silica and ULE glass.
Automotive
Environmental technologies and automotive glass
Ceramic substrates and filters for emissions control and auto glass for displays and interiors.
Life Sciences
Laboratory products
Cell culture, bioprocess and other lab consumables.
Hemlock and Emerging Growth Businesses
Polysilicon, solar and pharmaceutical glass
Hemlock polysilicon, solar wafers and modules, and pharmaceutical tubing.
From the Form 10-K, FY2025.
U.S., worldwide and country/regional share of flagship products/services
Only shares the company itself states (in its filings or press releases, sometimes citing a research firm) are shown. Scope and timing vary by figure — treat these as approximate.
Display glass substrates
Flat panel display glass
U.S. share
—
Not disclosedWorldwide share
Largest worldwide producer
Company-disclosed“We are the largest worldwide producer of glass substrates for flat panel displays.”
07
Recent strategic focusSite analysis
Recent developments.
2025 results
GAAP net sales $15,629M (+19%); net income $1,596M versus $506M.
Source: Form 10-K (FY2025)
Q3 2026
Core sales rose 19% to $5.08B and core EPS to $0.91; Optical Communications sales rose 44% to $2.38B, with Enterprise Networks +84% on Gen AI demand; Solar sales +37%. Corning expects Q4 core sales of $5.2–5.3B and core EPS of $0.96–1.00.
Source: Q3 2026 earnings release
Springboard
Plan introduced in 2023, upgraded in March 2025 to $4B of incremental annualized core sales by end-2026 with a 20% core operating margin target.
Source: Form 10-K (FY2025)
Equity program
Equity Distribution Agreement with Goldman Sachs for up to $2.0B of common stock.
Source: Form 8-K (2026-09-11) — Item 8.01 $2.0 billion at-the-market equity program
Capex ÷ D&A (FY2025)
1.04x
Roughly matches depreciation — mostly maintenance/replacement
formulacapital expenditures ÷ depreciation & amortization
e.g.$1,282M ÷ $1,237M = 1.04x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
R&D-to-revenue ratio (FY2025)
5.1%
formularesearch & development expense ÷ revenue × 100
e.g.$800M ÷ $15,629M × 100 = 5.1%
Where the money goes, over time
Unit: $M. Capex went from $1.38B in FY2020 to $1.28B in FY2025
- Capex
- R&D
- M&A spend
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-12
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Revenue (FY2025)
$15.63B
As reported in the 10-K
Revenue CAGR (5 years)
+6.7%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($15,629M ÷ $11,303M) ^ (1÷5) − 1 = 6.7%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
14.6%▲favorable
+10.1pt vs. 5 years ago
formulaoperating income ÷ revenue × 100
e.g.$2,279M ÷ $15,629M × 100 = 14.6%
ROE (FY2025)
14.2%▲favorable
6-year average: 8.9%
As reported in the 10-K
P/B (FY2025 end)
5.99x
formulafiscal year-end closing price ÷ book value per share
e.g.$87.56 ÷ $14.61 = 5.99x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
22.1x
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
e.g.($70,748M + $8,434M − $1,526M) ÷ ($2,279M + $1,237M) = 22.1x
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ▲
Revenue grew +6.7% a year over 5 years (strong growth)
From $11.3B in FY2020 to $15.63B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▲
Operating margin improved: 4.5% → 14.6%
How much operating profit is left per $100 of revenue. It moved +10.1 points over 5 years — pricing power, cost control, and product mix all show up here.
- ―
Equity ratio is 38.1% (a middling level)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ▲
Free cash flow was positive in 6 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▲
ROE averaged 8.9% over 6 years (latest: 14.2%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
- Samsung Display
- Apple
07 · what it does
Key activities
- Optical fiber, cable and connectivity
- Display glass substrates
- Gorilla Glass and specialty materials
- Automotive emissions and glass
06 · what it draws on
Key resources
- About 67,200 employees in 44 countries
- Proprietary fusion manufacturing process
- Materials science research and patents
02 · why customers buy
Value propositions
- Glass, ceramic and optical components; competitive advantage from quality and specialty capabilities (e.g. large, shaped automotive display covers).
04 · how it keeps them
Customer relationships
- Long-term supply agreements with key customers.
03 · how it reaches them
Channels
- Direct sales to manufacturers and network operators; Life Sciences products mainly through distributors.
01 · who it serves
Customer segments
- Telecom carriers, hyperscale data center operators and cable makers
- Display panel makers
- Consumer electronics and automotive manufacturers
- Researchers and drug makers
09 · where money goes
Cost structure
FY2025, share of revenue ($15.63B)
- Cost of revenue64.0%
- Research & development5.1%
- Selling, general & administrative13.6%
- Other operating costs2.7%
Operating profit left: 14.6% of revenue. Depreciation & amortization (inside the costs above): $1.24B. Capital spending: $1.28B.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- Optical Communications $6,274M (2025)
- Display $3,697M
- Specialty Materials $2,211M
- Automotive $1,794M
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Applies glass science, ceramic science and optical physics to make components sold to manufacturers in telecom, display, consumer electronics, automotive, semiconductor and life sciences; some customers prepay under long-term supply agreements.
01 what it draws on
Inputs & resources
- About 67,200 employees in 44 countries
- Proprietary fusion manufacturing process
- Materials science research and patents
02 what it does
Activities
- Optical fiber, cable and connectivity
- Display glass substrates
- Gorilla Glass and specialty materials
- Automotive emissions and glass
- Laboratory products
- Polysilicon (Hemlock) and solar
03 who it serves
Customers
- Telecom carriers, hyperscale data center operators and cable makers
- Display panel makers
- Consumer electronics and automotive manufacturers
- Researchers and drug makers
04 how money comes in
How it earns
- Optical Communications $6,274M (2025)
- Display $3,697M
- Specialty Materials $2,211M
- Automotive $1,794M
- Life Sciences $972M
- Hemlock and Emerging Growth $1,460M
How the business makes money
- Customer deposits of about $1.5B at end-2025 secure supply under agreements of up to 10 years.
- Segment figures use constant-currency rates; GAAP net sales were $15,629M.
- The Display segment is the largest worldwide producer of glass substrates for flat panel displays.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
Corning benefits from IRA tax credits and CHIPS incentives and has Superfund exposure.
Government funding & tax credits
IRA and CHIPS incentives
Tax credits under the Inflation Reduction Act and CHIPS Act incentives support investments.
Supports the businessTouches: Inputs & resourcesSource: Form 10-K (FY2025)
Environmental rules
Superfund sites
Designated as a potentially responsible party at Superfund sites.
Constrains the businessTouches: ActivitiesSource: Form 10-K (FY2025)
Revenue by segment (FY2025 (segment basis))
Unit: $M — bar length = revenue, (%) = share of total company revenue
Optical Communications
6,274 (38%)Display
3,697 (23%)Specialty Materials
2,211 (13%)Automotive
1,794 (11%)Life Sciences
972 (6%)Hemlock and Emerging Growth Businesses
1,460 (9%)
Source: Form 10-K (FY2025) Segment net sales at Corning’s internally derived constant-currency rates total $16,408M; GAAP net sales were $15,629M.
10
Where it earnsSite analysis
Many U.S.-listed companies earn most of their revenue outside the U.S. — this breaks down revenue by country/region so it's clear where the business actually makes its money.
Largest market (FY2025 (segment basis))
United States — 41% of revenue
Revenue by country / region (FY2025 (segment basis))
Unit: $M — bar length = revenue, (%) = share of total company revenue
United States
6,760 (41%)Other North America
345 (2%)China
4,971 (30%)Taiwan
1,032 (6%)Japan
682 (4%)Korea
420 (3%)Other Asia Pacific
541 (3%)Europe
1,412 (9%)All other
245 (1%)
Source: Form 10-K (FY2025) Net sales by geography on the segment (constant-currency) basis, total $16,408M.
11
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
12
Alliances & capital tiesSite analysisShow
Equity stakes, joint ventures, and strategic partnerships disclosed across the 10-K, 8-Ks, and proxy statement.
Capital tie / equity stake
Samsung Display
Share Repurchase Agreement: Samsung Display may offer 22 million Corning shares to Corning in tranches during 2024–2027.
Source: Form 10-K (FY2025)
Business partnership
Apple
Collaborated with Apple on glass with infused color for the back of iPhone 15 and iPhone 15 Plus.
Source: Form 10-K (FY2025)
13
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Manufacturers and network operators in telecom, display, electronics, automotive and life sciences.
Named by the company
The 10-K names no customer accounting for 10% or more of sales; Apple is named as a Gorilla Glass collaborator.
Suppliers
Raw materials, energy and precious metals suppliers.
Named by the company
No single supplier is named as material.
14
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
The 10-K names principal competitors for each segment.
Competitors named in the 10-K
Peer group the company chose
Compensation peer group (26 companies), from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
Expanded from 21 to 26 companies; HPE replaced Juniper Networks in 2025.
- 3Msite ↗
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Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
15
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-12
Profit over time (operating → net)
Unit: $M
- Operating income
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-12
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-12
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-12
| Line item | FY2020In next year’s 10-K | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 11,303 | 14,082 | 14,189 | 12,588 | 13,118 | 15,629 |
| Operating income | 509 | 2,112 | 1,438 | 890 | 1,135 | 2,279 |
| Pretax income | 634 | 2,426 | 1,797 | 816 | 813 | 2,052 |
| Net income (attributable) | 512 | 1,906 | 1,316 | 581 | 506 | 1,596 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 24.6% | 0.8% | -11.3% | 4.2% | 19.1% |
| Operating margincalcoperating income ÷ revenue × 100 | 4.5% | 15.0% | 10.1% | 7.1% | 8.7% | 14.6% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 4.5% | 13.5% | 9.3% | 4.6% | 3.9% | 10.2% |
| Balance sheet ($M) | ||||||
| Total assets | 30,775 | 30,154 | 29,499 | 28,500 | 27,735 | 30,976 |
| Total equity | 13,448 | 12,545 | 12,275 | 11,868 | 11,070 | 12,307 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 7,972 | 7,044 | 6,911 | 7,526 | 7,211 | 8,434 |
| Equity ratio | 43.1% | 40.9% | 40.7% | 40.5% | 38.5% | 38.1% |
| ROE | 3.9% | 14.9% | 10.8% | 4.9% | 4.6% | 14.2% |
| Cash flow ($M) | ||||||
| Operating CF | 2,180 | 3,412 | 2,615 | 2,005 | 1,939 | 2,695 |
| Investing CF | -1,310 | -1,419 | -1,355 | -1,000 | -744 | -1,243 |
| Financing CF | -729 | -2,452 | -1,649 | -883 | -1,164 | -1,672 |
| Free cash flowcalccash flow from operations − capital expenditures | 803 | 1,775 | 1,011 | 615 | 974 | 1,413 |
| Cash and equivalents | 2,672 | 2,148 | 1,671 | 1,779 | 1,768 | 1,526 |
| Per share & other | ||||||
| EPS ($) | 0.54 | 1.28 | 1.54 | 0.68 | 0.58 | 1.83 |
| BVPS ($) | 17.94 | 14.86 | 14.59 | 14.09 | 13.14 | 14.61 |
| Dividend per share ($) | 0.88 | 0.96 | 1.08 | 1.12 | 1.12 | 1.12 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | 163.0% | 75.0% | 70.1% | 164.7% | 193.1% | 61.2% |
| P/E (x) | 66.7 | 29.1 | 20.7 | 44.8 | 81.9 | 47.9 |
| EV/EBITDA (x)calc(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization) | 16.7 | 10.3 | 11.4 | 14.4 | 18.6 | 22.1 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 2.01 | 2.51 | 2.19 | 2.16 | 3.62 | 5.99 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Operating income | Net income | Diluted EPS |
|---|---|---|---|---|
| 2026-09-30 | $4.86B+18.4% | $911M+54.7% | $680M+58.1% | $0.78 |
| 2026-06-30 | $4.51B+16.6% | $698M+21.8% | $559M+19.2% | $0.64 |
| 2026-03-31 | $4.14B+20.0% | $639M+43.6% | $371M+136.3% | $0.43 |
| 2025-12-31 † | $4.22B+20.4% | $672M+71.0% | $540M+74.2% | — |
| 2025-09-30 | $4.1B | $589M | $430M | $0.50 |
| 2025-06-30 | $3.86B | $573M | $469M | $0.54 |
| 2025-03-31 | $3.45B | $445M | $157M | $0.18 |
| 2024-12-31 † | $3.5B | $393M | $310M | — |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
16
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
ROIC (FY2025)
9.5%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
e.g.$2,279M × (1 − 19%) ÷ $19,511M × 100 = 9.5%
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
WACC (this site’s estimate)
10.57%
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
e.g.Equity weight: $70.75B ÷ ($70.75B + $8.43B) = 89.3%
e.g.Debt weight: $8.43B ÷ ($70.75B + $8.43B) = 10.7%
e.g.WACC: 11.4% × 89.3% + 4.0% × (1 − 19%) × 10.7% = 10.57%
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
How firm is this? With the equity risk premium ±1 point and beta ±0.2, WACC runs 8.7%–12.8% and ROIC − WACC runs −3.3 to +0.8 points. The sign flips inside this range, so the result depends on the assumptions. This describes the latest year and does not predict future value creation.
WACC 10.57% is this site’s estimate under the assumptions below (not a figure the company has published)
- Risk-free rate
- 4.95% (10-year Treasury, 2026-11-03)
- β
- 1.18 (price-derived adjusted beta)
- Equity risk premium
- 5.5%
- Cost of equity
- 11.44%
- Cost of debt
- 3.98%
- Tax rate
- 19% (effective rate, FY2023–FY2025)
- Capital structure (equity : debt)
- 89% : 11%
ROIC over time, vs. WACC
Unit: % — bars = each period's ROIC, horizontal line = latest WACC. Bars above the line are green, below are red
- ROIC (above WACC)
- ROIC (below WACC)
- WACC 10.57%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
Try different WACC assumptions
β and the equity risk premium are estimates with a real range of plausible values — move the sliders to check whether ROIC > WACC still holds. The risk-free rate starts at the 10-year Treasury yield on 2026-11-03 (U.S. Treasury).
Initial β: 1.18 (price-derived adjusted beta. Raw β 1.27, R² 0.15, 130 weeks)
formula0.67 × β + 0.33 (β = the slope of weekly stock returns regressed on weekly market returns)
e.g.0.67 × 1.274 + 0.33 = 1.184
termsβ (beta)
Period 2024-05-10–2026-11-04, using S&P 500 ETF (SPY) as the market proxy. Source: Yahoo Finance price history.
formularisk-free rate + β × equity risk premium
e.g.5.0% + 1.18 × 5.5% = 11.4%
termsCAPM · Risk-free rate · β (beta) · Equity risk premium (market risk premium)
formulafiscal year-end closing price × shares outstanding (= market cap)
formulainterest expense ÷ interest-bearing debt × 100 (clamped to 0–10%; falls back to the risk-free rate if there’s no debt)
17
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Growth the price implies (price on 2026-11-04)
9.2%
Perpetual FCF growth: g = r − FCF ÷ EV = 10.6% − 1.3%
Past FCF growth (FY2020–FY2025)
+12.0%
Compound annual rate, 5 years
Past revenue growth (FY2020–FY2025)
+6.7%
Compound annual rate, 5 years
Inputs (FY2025): free cash flow $1.41B (operating CF − capex); enterprise value $105.15B = market cap $98.24B (latest close, 2026-11-04) + debt $8.43B − cash and short-term investments $1.53B; r = WACC of 10.6% using this page’s default assumptions (β 1.18, risk-free 5.0%, market premium 5.5%).
Three WACC scenarios
The same calculation under cautious, base and optimistic cost-of-capital assumptions (risk-free rate fixed at the 10-year Treasury yield). Pick one to load it into the sliders below.
Try your own assumptions
V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.
Theoretical enterprise value
$100.93B
FCF $1.41B ÷ (10.6% − 9.2%)
Theoretical ÷ actual enterprise value
0.96x
Below 1x: these assumptions value the business below the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 8.6% | 9.6% | 10.6% | 11.6% | 12.6% |
|---|---|---|---|---|---|
| 0% | 0.16x | 0.14x | 0.13x | 0.12x | 0.11x |
| 2% | 0.20x | 0.18x | 0.16x | 0.14x | 0.13x |
| 4% | 0.29x | 0.24x | 0.20x | 0.18x | 0.16x |
| 6% | 0.52x | 0.37x | 0.29x | 0.24x | 0.20x |
| 8% | 2.24x | 0.84x | 0.52x | 0.37x | 0.29x |
A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap uses the latest close (2026-11-04) × shares at fiscal year-end; free cash flow and WACC inputs are from the latest fiscal year.
18
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 2.83x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -3.7%
A small share of profit rests on accounting estimates.
- ✓
Core-earnings share (operating income ÷ pretax income): 111%
Most profit comes from core operations.
- ✓
Days sales outstanding: 69 → 56 days
No major slowdown in collecting on sales.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-12
Profit bridge (FY2025)
Unit: $M — what moved profit from operating income to net income
- Profit (each stage)
- Pushed profit up
- Pushed profit down
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-12
Receivables & inventory days
Unit: days — days grow when receivables or inventory build up faster than sales
- Days sales outstanding
- Days inventory outstanding
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$2,695M ÷ $1,596M = 1.69x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
e.g.$2,279M ÷ $2,052M × 100 = 111%
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
e.g.($2,053M + $2,779M) ÷ 2 ÷ $15,629M × 365 = 56 days
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
e.g.($2,724M + $3,077M) ÷ 2 ÷ $10,008M × 365 = 106 days
termsInventory · Cost of revenue (COGS)
19
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 73.2%
- Directors & officers (shares)
- <1%
- Everyone else (est.)
- 26.8%
- Directors & officers (voting power)
- <1%
- Institutional-ownership rank
- 366 of 416
- Beta (adjusted)
- 1.18
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 88% of covered companies have more
above 1 = swings more than the market
- 630.8M shares reported by 2,671 13F filers ÷ 861.4M shares outstanding on 2026-07-24. Option positions are excluded.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-03-20 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-07-24)
20
Strengths & weaknessesSite analysis
Strengths
1. Leadership in display glass
The 10-K says Corning is the largest worldwide producer of glass substrates for flat panel displays.
Evidence: Form 10-K (FY2025)
2. Optical growth
Optical Communications sales rose $1,617M (35%) in 2025.
Evidence: Form 10-K (FY2025)
3. Customer prepayments
About $1.5B of mostly non-refundable customer deposits at end-2025; contract liabilities were $2.7B at September 30, 2026.
Evidence: Form 10-Q (quarter ended 2026-09-30)
Weaknesses
1. Low returns in 2023–2024
Net income was $581M in 2023 and $506M in 2024 on more than $12.5B of sales.
Evidence: Form 10-K (FY2025)
2. Display decline
Display segment sales fell 5% in 2025.
Evidence: Form 10-K (FY2025)
3. Possible dilution
A $2B at-the-market equity program was set up in September 2026.
Evidence: Form 8-K (2026-09-11) — Item 8.01 $2.0 billion at-the-market equity program
21
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
47.9x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
1.28%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
61%
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
2.0%
(Operating CF − capex) ÷ market cap
1. Profit recovery
Net income tripled in 2025 as sales rose 19%.
- What has to hold
- Optical and other growth continues.
- The other side
- Cyclical markets and possible equity issuance.
Evidence: Form 10-K (FY2025)
2. Dividend
Quarterly dividend raised to $0.28 per share in February 2026.
- What has to hold
- Cash flow supports it.
- The other side
- Capex needs for capacity.
Evidence: Form 10-K (FY2025)
2021 EPS ($1.28) is earnings available to common shareholders in the year Samsung Display’s preferred stock was fully converted (April 2021), so it is below net income ÷ shares. Segment sales are at constant-currency rates and differ from GAAP net sales.
22
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
Cash & short-term investments ÷ debt due within a year
1.9x
$1.53B vs. $804M
Interest coverage (operating income ÷ interest expense)
6.8x
$2.28B vs. $336M
Free cash flow ÷ dividends paid
1.4x
$1.41B vs. $999M (FCF = operating CF − capex)
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | -11.3% in FY2023 ($14.19B → $12.59B) | Yes, by FY2025 |
| Operating income | -38.1% in FY2023 ($1.44B → $890M) | Yes, by FY2025 |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Long-term supply agreements
Customer deposits secure product supply for up to 10 years.
Source: Form 10-K (FY2025)
23
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
Corning’s disclosed legal exposures are environmental cleanup and related litigation ($89 million accrued at September 30, 2026) and appeals of South Korean tax assessments; it settled remaining environmental indemnification matters with Dow in September 2025.
2 open matters · 1 settled or closed
South Korean tax assessments (2014–2019)
On appealTax disputeCorning and South Korean tax authorities
Corning lost a final ruling on 2010–2012 in 2026 (a $92M noncash charge in Q1) and resolved 2013; it is still appealing assessments and refund claims for 2014–2019, for which it deposited the disputed amounts. On October 1, 2026 it received a judgment on the remaining matters, which it intends to appeal, and believes it will more likely than not prevail.
- Amounts
- $150 million of South Korean tax deposits at September 30, 2026
Source: Form 10-Q (quarter ended 2026-09-30) — Note 11, Income Taxes
Environmental cleanup and related litigation
PendingEnvironmentalCorning is a potentially responsible party for cleanup at 21 hazardous waste sites and accrued $85M for estimated undiscounted cleanup and related litigation costs.
- Amounts
- $85 million accrued
Source: Form 10-Q (quarter ended 2026-09-30) — Commitments, Contingencies and Guarantees
Dow environmental indemnification settlement
SettledEnvironmentalCorning and Dow
In September 2025 Corning settled all outstanding environmental matters asserted by Dow under historical indemnification provisions; no further obligation remains.
Source: Form 10-K (FY2025) — Note 12, Commitments, Contingencies and Guarantees
Company statement: Other proceedings are described as ordinary-course and not expected to be material.
Based on Form 10-Q (quarter ended 2026-09-30) — Commitments, Contingencies and Guarantees, reviewed 2026-10-25. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
24
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Demand & macro
Cyclical end markets
- Company disclosure (summarized from the 10-K)
- Display, smartphone, automotive and telecom demand can swing.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact High / Likelihood High
- 2Customer/supplier concentration
Significant customers
- Company disclosure (summarized from the 10-K)
- Loss of significant customers and customers’ ability to fund expansions are named risk factors.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 3FX & interest rates
Yen and other currencies
- Company disclosure (summarized from the 10-K)
- Large sales in Asia expose results to currency moves; Corning uses foreign currency contracts to economically hedge translation exposure to the yen, won, yuan and other currencies.
- Company’s stated mitigation
- We seek to mitigate the impact of exchange rate movements in our consolidated financial statements by using over-the-counter (“OTC”) derivative instruments including foreign exchange forward and option contracts.
- This site’s assessment
- Impact Med / Likelihood High
- 4Geopolitics & supply chain
China and Asia exposure
- Company disclosure (summarized from the 10-K)
- China is about 30% of segment net sales; trade policy and tariffs could affect results.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 5Law & regulation
South Korean tax disputes
- Company disclosure (summarized from the 10-K)
- Appeals of South Korean tax assessments for 2010–2019 with $248M deposited as a receivable.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
25
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (1)
Launching new businesses involves inherent risks, including execution challenges, regulatory compliance, supply chain complexity, and uncertainty in market demand and competitive conditions. Read more
These factors may affect our ability to achieve anticipated returns and strategic objectives. In connection with our recent entry into the solar industry, we face risks specific to this sector, such as dependence on government manufacturing tax incentives, exposure to policy and regulatory changes, and complexities in sourcing specialized components. These factors, along with market volatility and evolving industry standards, could further impact the profitability of this business.
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Feb 12, 2026 ↗ with the 10-K filed Feb 13, 2025 ↗.
26
What to watch going forwardSite analysis
- Optical Communications growth from data centers.
- Springboard targets for end-2026 ($4B sales, 20% core margin).
- Use of the $2B ATM program.
- Display pricing and volume.
27
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Last updated
Analysis last edited: October 31, 2026 · Financial data fetched: October 25, 2026 02:55 (SEC EDGAR) · Source 10-K filed: February 12, 2026
Built on10-K FY2025 · filed 2026-02-12Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent Corning Inc.’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.