Corning Inc
Exchange: NYSESector: TechnologyIndustry: Electronic Components
Corning ( www.corning.com ) is one of the world’s leading innovators in materials science, with a 170-year track record of life-changing inventions. Corning applies its unparalleled expertise in glass science, ceramic science, and optical physics along with its deep manufacturing and engineering capabilities to develop category-defining products that transform industries and enhance people’s lives. Corning succeeds through sustained investment in RD&E, a unique combination of material and process innovation, and deep, trust-based relationships with customers who are global leaders in their industries. Corning’s capabilities are versatile and synergistic, which allows the company to evolve to meet changing market needs, while also helping its customers capture new opportunities in dynamic industries. Today, Corning’s markets include optical communications, mobile consumer electronics, display, automotive, solar, semiconductors, and life sciences.
Did you know?
Pays a 0.69% dividend yield.
Current Price
$169.50
+0.44%GoodMoat Value
$50.33
70.3% overvaluedProfile
Valuation (TTM)
Market Cap$145.32B
P/E91.05
EV$119.20B
P/B12.31
Shares Out857.36M
P/Sales9.30
Revenue$15.63B
EV/EBITDA42.42
Corning Inc (GLW) Stock Analysis
GoodMoat Analysis
Corning appears to lack a durable moat and trades at a significant premium to its estimated fair value. The GoodMoat target price of $50.33 suggests the current price of $146.35 is unfavourable, indicating a low margin of safety for a value investor.
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Corning Inc is a technology company specializing in advanced glass, ceramics, and optical physics, producing components for consumer electronics, life sciences, and telecommunications. Applying the GoodMoat framework, the company's moat is likely weak; while it may possess some technology leadership and niche dominance, its P/E of 78.6 and low FCF yield of 1.1% do not align with the high returns on capital typical of a strong moat. The framework's Decision Framework (Step 1) would likely not proceed, as a Moat Score of 5+ is required, and the provided quality indicators like a 10.2% profit margin and 13.5% ROE, while positive, do not clearly meet the high thresholds for a durable competitive advantage.
Valuation is a primary concern. The stock trades at $146.35, which is nearly three times the GoodMoat target price of $50.33. This suggests a deeply unfavourable valuation with a negative margin of safety, far exceeding the framework's >40% threshold for being deeply undervalued. The high P/E multiple of 78.6, especially against a 20.4% revenue growth rate, indicates the market is pricing in near-perfect future execution. For a value investor focused on a margin of safety, Corning fails the Valuation & Risk Gate. While the business has stable characteristics, its current price does not warrant further investigation from a strict value perspective based on the provided data and framework thresholds.
Analysis based on data as of 2024-05-15.
Market Cap$145.32B
Current Price$169.50
P/E Ratio91.05
Forward P/E—
PEG Ratio1.21
EPS$1.83
Book Value$13.77
P/B Ratio12.31
GLW Financial Charts
FCF vs CAPEX
FCFCAPEX
Forward estimates use 48.8% FCF growth (CAGR)
Cash vs Debt
Net Debt: 6.9B
Revenue
11.5B
FY19
11.3B
FY20
14.1B
FY21
14.2B
FY22
12.6B
FY23
13.1B
FY24
15.6B
FY25
Net Income
960M
FY19
512M
FY20
1.9B
FY21
1.3B
FY22
581M
FY23
506M
FY24
1.6B
FY25
GLW 52-Week Range
$43.22
$175.17
50-Day MA: $145.24200-Day MA: $96.69
Did you know?
Currently trading near its 52-week high — in the top 4% of its range.
Corning Inc (GLW) Financial Summary
Corning Inc (GLW) is a Technology company in the Electronic Components industry, listed on NYSE. The stock currently trades at $169.50 with a market capitalization of $145.32B.
Key valuation metrics include a P/E ratio of 91.05, price-to-book ratio of 12.31, and EPS of $1.83. The company reports a profit margin of 10.2% and return on equity of 13.5%.
GLW Key Financial Metrics
| Metric | Value |
|---|---|
| Market Cap | $145.32B |
| P/E Ratio | 91.05 |
| EPS | $1.83 |
| P/B Ratio | 12.31 |
| P/S Ratio | 9.30 |
| EV/EBITDA | 42.42 |
| Dividend Yield | 0.69% |
| Profit Margin | 10.2% |
| Return on Equity | 13.5% |
| Debt/Equity | 0.71 |
GLW Revenue & Earnings History
| Year | Revenue | Net Income |
|---|---|---|
| FY19 | $11.50B | $960.00M |
| FY20 | $11.30B | $512.00M |
| FY21 | $14.08B | $1.91B |
| FY22 | $14.19B | $1.32B |
| FY23 | $12.59B | $581.00M |
| FY24 | $13.12B | $506.00M |
| FY25 | $15.63B | $1.60B |
Corning Inc (GLW) Valuation
Based on GoodMoat's DCF model, Corning Inc has a fair value estimate of $50.33. At the current price of $169.50, the stock appears 236.8% overvalued relative to our intrinsic value estimate.
GLW Quality Indicators
Corning Inc maintains a profit margin of 10.2% and an operating margin of 14.1%. Return on equity stands at 13.5%. The current ratio is 1.59. Debt-to-equity ratio is 0.71.
About Corning Inc
Corning ( www.corning.com ) is one of the world’s leading innovators in materials science, with a 170-year track record of life-changing inventions. Corning applies its unparalleled expertise in glass science, ceramic science, and optical physics along with its deep manufacturing and engineering capabilities to develop category-defining products that transform industries and enhance people’s lives. Corning succeeds through sustained investment in RD&E, a unique combination of material and process innovation, and deep, trust-based relationships with customers who are global leaders in their industries. Corning’s capabilities are versatile and synergistic, which allows the company to evolve to meet changing market needs, while also helping its customers capture new opportunities in dynamic industries. Today, Corning’s markets include optical communications, mobile consumer electronics, display, automotive, solar, semiconductors, and life sciences.
GLW Free Cash Flow
Corning Inc generated $1.42B in trailing twelve-month free cash flow, representing an FCF yield of 0.98%. This low FCF yield may reflect heavy reinvestment or growth spending.
GLW Shares Outstanding
Corning Inc has 0.86 billion shares outstanding at a share price of $169.50, giving it a market capitalization of $145.32B.
GLW Recent Insider Trades
Recent insider transactions at Corning Inc include:
| Insider | Type | Shares | Value |
|---|---|---|---|
| WEEKS WENDELL P (Chairman, CEO and President) | SELL | 137,514 | $21.37M |
| Gullo Michelle L (Senior Vice President & CHRO) | SELL | 44 | $5976.59 |
| Zhang John Z (Exec. Vice President & CCDO) | SELL | 1,531 | $204764.67 |