Corning Inc

GLW

Drawing & Insulating of Nonferrous Wire

Mkt Cap

$30.54B

PE

49.75

Debt

$7.368B

Cash

$1.365B

EV

$36.55B

FCF

Market Cap

$30.54B

P/E Ratio

49.75

Debt

$7.368B

Cash

$1.365B

EV

$36.55B

FCF

Charts data: {"Earnings":[{"time":"2014-12-30","value":2378000000},{"time":"2015-12-30","value":1241000000},{"time":"2016-12-30","value":3597000000},{"time":"2017-12-30","value":-595000000},{"time":"2018-12-30","value":968000000},{"time":"2019-12-30","value":862000000},{"time":"2020-12-30","value":414000000},{"time":"2021-12-30","value":1079000000},{"time":"2022-12-30","value":1316000000},{"time":"2023-12-30","value":581000000}],"Sales":[{"time":"2014-12-30","value":9715000000},{"time":"2015-12-30","value":9111000000},{"time":"2016-12-30","value":9390000000},{"time":"2017-12-30","value":10116000000},{"time":"2018-12-30","value":11290000000},{"time":"2019-12-30","value":11503000000},{"time":"2020-12-30","value":11303000000},{"time":"2021-12-30","value":14082000000},{"time":"2022-12-30","value":14189000000},{"time":"2023-12-30","value":12588000000}],"Net Margins":[{"time":"2014-12-30","value":0.24477611940298508},{"time":"2015-12-30","value":0.1362089781582702},{"time":"2016-12-30","value":0.3830670926517572},{"time":"2017-12-30","value":-0.05881771451166469},{"time":"2018-12-30","value":0.08573959255978743},{"time":"2019-12-30","value":0.07493697296357472},{"time":"2020-12-30","value":0.03662744404140494},{"time":"2021-12-30","value":0.0766226388297117},{"time":"2022-12-30","value":0.09274790330537741},{"time":"2023-12-30","value":0.046155068319034}],"Assets":[{"time":"2014-12-30","value":30063000000},{"time":"2015-12-30","value":28547000000},{"time":"2016-12-30","value":27899000000},{"time":"2017-12-30","value":27494000000},{"time":"2018-12-30","value":27505000000},{"time":"2019-12-30","value":28898000000},{"time":"2020-12-30","value":30775000000},{"time":"2021-12-30","value":30154000000},{"time":"2022-12-30","value":29499000000},{"time":"2023-12-30","value":28500000000}],"Stockholders Equity":[{"time":"2014-12-30","value":21652000000},{"time":"2015-12-30","value":18863000000},{"time":"2016-12-30","value":17960000000},{"time":"2017-12-30","value":15770000000},{"time":"2018-12-30","value":13886000000},{"time":"2019-12-30","value":12997000000},{"time":"2020-12-30","value":13448000000},{"time":"2021-12-30","value":12545000000},{"time":"2022-12-30","value":12275000000},{"time":"2023-12-30","value":11868000000}],"ROE":[{"time":"2014-12-30","value":0.10982819139109551},{"time":"2015-12-30","value":0.06579017123469226},{"time":"2016-12-30","value":0.20027839643652562},{"time":"2017-12-30","value":-0.03772986683576411},{"time":"2018-12-30","value":0.06971049978395506},{"time":"2019-12-30","value":0.06632299761483419},{"time":"2020-12-30","value":0.03078524687685901},{"time":"2021-12-30","value":0.08601036269430051},{"time":"2022-12-30","value":0.10720977596741345},{"time":"2023-12-30","value":0.048955173576002695}],"ROA":[{"time":"2014-12-30","value":0.06423177992881615},{"time":"2015-12-30","value":0.05205450660314569},{"time":"2016-12-30","value":0.13233449227570881},{"time":"2017-12-30","value":0.06026769476976795},{"time":"2018-12-30","value":0.057262315942555896},{"time":"2019-12-30","value":0.04519343899231781},{"time":"2020-12-30","value":0.020243704305442728},{"time":"2021-12-30","value":0.07949194136764608},{"time":"2022-12-30","value":0.06091731923116038},{"time":"2023-12-30","value":0.031228070175438598}]}

Corning Incorporated engages in the display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment offers glass substrates for flat panel displays, including liquid crystal displays and organic light-emitting diodes that are used in televisions, notebook computers, desktop monitors, tablets, and handheld devices. Its Optical Communications segment provides optical fibers and cables; and hardware and equipment products, such as cable assemblies, fiber optic hardware and connectors, optical components and couplers, closures, network interface devices, and other accessories for the telecommunications industry, businesses, governments, and individuals. The company's Specialty Materials segment manufactures products that offer material formulations for glass, glass ceramics, crystals, precision metrology instruments, and software, as well as glass wafers and substrates, tinted sunglasses, and radiation shielding products for various markets comprising mobile consumer electronics, semiconductor equipment optics and consumables, aerospace and defense optics, radiation shielding products, sunglasses, and telecommunications components. Its Environmental Technologies segment provides ceramic substrates and filter products for emissions control in mobile, gasoline, and diesel applications. The company's Life Sciences segment offers laboratory products, including consumables, such as plastic vessels, liquid handling plastics, specialty surfaces, cell culture media, and serum, as well as general labware, and glassware and equipment under the Corning, Falcon, Pyrex, and Axygen brands. Corning Incorporated was formerly known as Corning Glass Works and changed its name to Corning Incorporated in April 1989. The company was founded in 1851 and is headquartered in Corning, New York.

Sector

10-Q
9/30/23
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10-Q
3/31/18
10-K
12/31/17

Chart P/E ratio

In the chart Earnings are multiplied by this value.

Earnings Growth -13%

Earnings Stability 11%

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

The Net Margin is too low to guarantee profitability in case of higher costs or higher interest rates. Furthermore lower margins cause higher earnings’ volatility.

Over time the ROA has been decreasing indicating a lower marginal ROA with respect to the calculated one, this could impede growth.

Years	12-2015	12-2016	12-2017	12-2018	12-2019	12-2020	12-2021	12-2022	12-2023	TTM
Net Margin	14%	38%	-5.9%	8.6%	7.5%	3.7%	7.7%	9.3%	4.6%	5%
ROA	5.2%	13%	6%	5.7%	4.5%	2%	7.9%	6.1%	3.1%	3.2%
ROE	6.6%	20%	-3.8%	7%	6.6%	3.1%	8.6%	11%	4.9%	5.3%

What is the average Net Margin?

The average Net Margin over the past 5 years is +6.88%.

What is the trend of Net Margin?

The trend of Net Margin over the past 5 years is -0.3%.

What is the average Return on Assets (ROA)?

The average ROA over the past 5 years is +4.91%.

What is the trend of Return on Assets (ROA)?

The trend of ROA over the past 5 years is -0.07%.

What is the average Return on Equity (ROE)?

The average ROE over the past 5 years is +6.82%.

What is the trend of Return on Equity (ROE)?

The trend of ROE over the past 5 years is +0.21%.

Safety & Stabiliy

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Data are missing

The Graham’s stability indicate a relevant drawdown, consider checking when it has occured and why.

Years	12-2015	12-2016	12-2017	12-2018	12-2019	12-2020	12-2021	12-2022	12-2023	TTM
Debt FCF	-	-	-	-	-	-	-	-	-	-
Debt Equity	0.24	0.23	0.35	0.43	0.60	0.60	0.57	0.58	0.66	0.64
MIN
Graham Stability	-	-	-25%	68%	65%	100%	100%	100%	62%	-25%

What is the Debt/FCF?

The Debt/FCF trailing twelve month is -.

What is the trend of Debt/FCF?

The trend of Debt/FCF over the past 5 years is -.

What is the Graham’s Stability?

Graham’s Stability measure stands at -0.25.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Earnings growth has not been increasing in the past years.

Years	12-2016	12-2018	12-2020	12-2022	Trend
Revenue	4.3%	2.2%	3.7%	-11%	-0.11%
Net Income	-23%	-9.7%	12%	-56%	-6.6%
Stockholders Equity	-5.7%	-3.1%	-4.1%	-3.3%	1.2%
FCF	-	-	-	-	-

What is the 5 year Revenue CAGR?

The Revenue CAGR over the past 5 years is +2.2%.

What is the trend of Revenue growth?

The trend of Revenue growth rate over the past 5 years is -0.11%.

What is the 5 year Earnings CAGR?

The Earnings CAGR over the past 5 years is -9.71%.

What is the trend of Earnings growth?

The trend of Earnings growth rate over the past 5 years is -6.6%.

What is the 5 year Equity CAGR?

The Equity CAGR over the past 5 years is -3.09%.

What is the trend of Equity growth?

The trend of Equity growth rate over the past 5 years is +1.21%.

What is the 5 year FCF CAGR?

The FCF CAGR over the past 5 years is -.

What is the trend of FCF growth?

The trend of FCF growth rate over the past 5 years is -.