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Corning Incorporated

GLW Technology Electronic Components

Corning Incorporated’s revenue for fiscal 2025 (year ended December 2025) was $15.6 billion, up 19.1% from fiscal 2024.

Revenue
+18.4%
EPS
+72.9%
Free cash flow
+14.7%
Total debt
−0.23%

Quarter to September 2026, against a year earlier

104.24 14.53 −12.23%
Market cap
$89.1B
P/E
40.5×
Fwd P/E
43.9×
Dividend yield
1.07%
F-score
6/9
Altman Z
4.03
Beneish M
−2.35
Dividend safety
50/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by products and services Fiscal 2025

  • Optical communications products
  • Display products
  • Specialty material products
  • Automotive products
  • Life Sciences products
  • Polycrystalline silicon and solar products
  • All other products

Every year since 2016 →

Insider Decisions last twelve months

Sold, $m 98.11
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 2 2 11 — — 11 1 — 1 1 — —
Insider Ownership 8.45%

Capital & Financial Ratios $m

Size
Market Cap 89,090.00
Revenue ttm 17,719.00
Net income ttm 2,350.00
Free cash flow ttm 2,461.00
Net debt Q 5,663.00
Valuation
P/E 40.49 (above 35: high)
Forward P/E 43.90 (above 35: high)
Price / sales 5.08
Forward P/S Powerpack
Price / FCF 36.55
Price / book 6.30 (above 6: high)
Financial health
Current ratio Q 1.72 (at or above 1.5: strong)
Debt / equity Q 0.57
Interest coverage Q 10.47
Growth
Revenue growth Q +18.41% (above 0%: growing)
Operating income growth Q +54.67% (above 0%: growing)
EPS, this year +33.76% (at or above 15%: strong)
EPS, next year A +34.29% (at or above 15%: strong)
Revenue, next year A +24.28% (at or above 10%: strong)
EPS, past 5 yrs +27.65% (at or above 15%: strong)
EPS, next 5 yrs A +34.78% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 5.4×, against a ten-year median of 2.7×; over the ten years it ranged from 1.9× in 2020 to 13.3× in 2026.
P/E against its own 10 years 54.30%
10-year low 10-year high
P/S against its own 10 years 92.08%
10-year low 10-year high
P/B against its own 10 years 91.93%
10-year low 10-year high
EV/Sales against its own 10 years 91.42%
10-year low 10-year high
EV/FCF against its own 10 years 45.27%
10-year low 10-year high

Dividends

Yield
1.07%
Annual rate
1.12
Payout ratio
44.0%
Growth, 2018–26
+5.68%/yr
  1. 0.72 ’18
  2. 0.80 ’19 +11
  3. 0.88 ’20 +10
  4. 0.96 ’21 +9
  5. 1.08 ’22 +13
  6. 1.12 ’23 +4
  7. 1.12 ’24 +0
  8. 1.12 ’25 +0
  9. 1.12 ’26 +0
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 1,779 1,768 1,526 2,537
Receivables 1,572 2,053 2,779 3,101
Inventory 2,666 2,724 3,077 3,646
Other 1,195 1,447 1,554 2,058
7,212 7,992 8,936 11,342
2023 2024 2025 Q'26
Payables 1,466 1,472 1,979 2,492
ST’ Debt 320 326 804 933
Other — — — —
4,319 4,919 5,628 6,585

Compound Annual Growth %

10y 5y 3y
Sales 5.54% 6.70% 3.27%
Cash Flow (0.48%) 4.33% 1.01%
Earnings 2.55% 30.98% 6.64%
Book Value (4.18%) (1.76%) 0.09%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.89 Actual 0.91

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.70 0.72 Beat by 0.02
Q1 FY26 0.70 0.70 Met by 0.00
Q2 FY26 0.76 0.78 Beat by 0.02
Q3 FY26 0.89 0.91 Beat by 0.02
Q4 FY26 0.97 — Reports 27 January 2027

EPS $

Mar Jun Sep Dec Year
’26 0.43 0.64 0.86 — —
’25 0.18 0.54 0.50 0.62 1.83
’24 0.24 0.12 (0.14) 0.36 0.58
’23 0.20 0.33 0.19 (0.05) 0.68
’22 0.68 0.66 0.24 (0.04) 1.54
’21 0.67 (0.42) 0.43 0.56 2.29
’20 (0.16) (0.13) 0.48 0.28 0.54
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 4,144 4,505 4,855 — —
’25 3,452 3,862 4,100 4,215 15,629
’24 2,975 3,251 3,391 3,501 13,118
’23 3,178 3,243 3,173 2,994 12,588
’22 3,680 3,615 3,488 3,406 14,189
’21 3,290 3,501 3,615 3,676 14,082
’20 2,391 2,561 3,001 3,350 11,303
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 362 1,717 1,061 — —
’25 151 708 784 1,052 2,695
’24 96 521 699 623 1,939
’23 (49) 619 722 713 2,005
’22 534 758 706 617 2,615
’21 723 771 895 1,023 3,412
’20 248 550 608 774 2,180
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 30 1,295 516 — —
’25 (57) 400 450 620 1,413
’24 (156) 279 482 369 974
’23 (364) 231 381 434 682
’22 151 405 241 214 1,011
’21 434 464 477 400 1,775
’20 (297) 289 455 393 840
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 16.7% a year for ten years. It grew −5.3% a year over the last ten.

Implied
16.7%
10 years, reported
−5.3%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.5
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 9,390 10,116 11,290 11,503 11,303 14,082 14,189 12,588 13,118 15,629 17,719 +5.8% 19,424 23,534 28,425 +22.1%
Gross margin, % 40.07 39.74 39.51 35.08 31.24 35.95 31.76 31.23 32.60 35.97 36.46 (4.1) pt
EBT 3,692 1,657 1,503 1,216 634 2,426 1,797 816 813 2,052 2,824 (6.3%)
EBT margin, % 39.32 16.38 13.31 10.57 5.61 17.23 12.66 6.48 6.20 13.13 15.94 (26.2) pt
Net income 3,695 (497) 1,066 960 523 1,935 1,386 648 592 1,742 2,350 (8.0%)
Per share, $
Per share, $ Revenue 9.21 11.30 13.84 14.82 14.85 17.01 16.83 14.84 15.38 18.28 20.53 +7.9%
Earnings 3.53 (0.66) 1.19 1.11 0.54 2.34 1.56 0.69 0.59 1.87 2.57 (6.8%)
Cash flow 2.49 2.24 3.58 2.62 2.86 4.12 3.10 2.36 2.27 3.15 4.86 +2.7%
Capex (1.11) (2.02) (2.81) (2.45) (1.76) (1.98) (1.90) (1.56) (1.13) (1.50) (2.01) +3.4%
Free cash flow 1.38 0.22 0.77 0.17 1.10 2.14 1.20 0.80 1.14 1.65 2.85 +2.0%
Book value 17.61 17.62 17.02 16.75 17.67 15.15 14.56 14.00 12.98 14.39 16.56 (2.2%)
Shares, m 1,020 895 816 776 761 828 843 848 853 855 859 (1.9%)
Valuation, ×
Valuation, × P/E 6.73 0.00 24.36 26.23 73.47 27.78 20.73 44.84 80.54 47.08 40.49 35.2
P/S 2.64 2.89 2.18 1.96 2.42 2.19 1.93 2.05 3.09 4.79 5.08 2.6
P/B 1.58 2.17 2.13 2.11 2.46 2.46 2.23 2.18 3.66 6.08 6.30 2.7
EV/Sales 2.49 2.97 2.51 2.43 2.89 2.54 2.30 2.51 3.50 5.23 5.40 2.9
EV/FCF 16.63 150.03 45.05 212.94 38.92 20.13 32.32 46.34 47.20 57.87 38.86 66.7
Cash, $m
Cash, $m Operating cash flow 2,537 2,004 2,919 2,031 2,180 3,412 2,615 2,005 1,939 2,695 4,192 +0.7%
Capex (1,130) (1,804) (2,291) (1,900) (1,340) (1,637) (1,604) (1,323) (965) (1,282) (1,731) +1.4%
Free cash flow 1,407 200 628 131 840 1,775 1,011 682 974 1,413 2,461 0.0%
Balance, $m
Balance, $m Working capital 6,297 5,618 3,723 3,942 4,237 2,853 2,278 2,893 3,073 3,308 4,757 (6.9%)
Net debt (1,389) 811 3,643 5,306 5,300 4,896 5,240 5,747 5,443 6,908 5,663 n/m
Shareholders’ equity 17,960 15,770 13,886 12,997 13,448 12,545 12,275 11,868 11,070 12,307 14,288 (4.1%)
Returns, %
Returns, % ROA 12.75 (2.15) 3.52 3.06 1.39 6.26 4.41 2.00 1.80 5.44 6.71 (7.3) pt
ROIC 5.37 6.06 5.62 4.46 1.70 7.57 4.69 3.16 4.30 7.41 9.15 +2.0 pt
ROE 22.33 (4.09) 7.73 7.74 3.79 16.09 10.60 4.81 4.41 13.65 16.35 (8.7) pt
People
People Employees 40,700 46,200 51,500 49,500 50,110 61,200 57,500 49,800 56,300 67,200 — +5.7%
Revenue/emp, $m 0.23 0.22 0.22 0.23 0.23 0.23 0.25 0.25 0.23 0.23 — +0.1%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

Corning Incorporated is a materials and manufacturing company founded in 1851 and headquartered in Corning. Wendell P. Weeks is Chairman, Chief Executive Officer and President.

It uses glass science, ceramic science and optical physics to make components used in communications networks, screens and consumer devices, vehicles, laboratories, semiconductor manufacturing and solar production. It manufactures in 14 countries and operates through five reportable segments: Optical Communications, Display, Specialty Materials, Automotive and Life Sciences.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by products and services, and margins
Optical communications products 6,274 40.14%
Display products 2,965 18.97%
Specialty material products 2,194 14.04%
Automotive products 1,777 11.37%
Life Sciences products 959 6.14%
Polycrystalline silicon and solar products 955 6.11%
All other products 505 3.23%
Gross margin 35.97%
Operating margin 14.58%
Pre-tax margin 13.13%

Revenue by segment since 2016

Corning Incorporated vs peers in Electronic Components (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
APH Amphenol Corporation $176.9B 30.1× 29.6× +65.14% (above 0%: growing) +60.78% (above 0%: growing) +33.50% (above 0%: growing) 39.26% 29.53% Compare
GLW Corning Incorporated $89.1B 40.5× 43.9× +18.41% (above 0%: growing) +72.88% (above 0%: growing) +14.67% (above 0%: growing) 37.28% 18.76%
TEL TE Connectivity Ltd. $59.3B 18.6× 19.1× +11.86% (above 0%: growing) +38.41% (above 0%: growing) +7.54% (above 0%: growing) 35.52% 20.58% Compare
FLEX Flex Ltd. $24.7B 24.3× 23.9× +24.79% (above 0%: growing) +34.62% (above 0%: growing) −14.43% (below 0%: shrinking) 9.56% 4.88% Compare
JBL Jabil, Inc. $24.3B 24.3× 18.0× +28.65% (above 0%: growing) +87.19% (above 0%: growing) +7.13% (above 0%: growing) 9.43% 5.67% Compare
FN Fabrinet $10.5B 22.2× 18.7× +50.74% (above 0%: growing) +7.68% (above 0%: growing) −340.60% (below 0%: shrinking) 11.79% 9.90% Compare
LFUS Littelfuse, Inc. $8.9B 259× 23.3× +22.75% (above 0%: growing) +62.22% (above 0%: growing) +57.67% (above 0%: growing) 41.55% 20.00% Compare
RAL Ralliant Corporation $7.0B — (loss-making) 31.4× +17.20% (above 0%: growing) +122.03% (above 0%: growing) −19.51% (below 0%: shrinking) 53.15% 18.95% Compare
TTMI TTM Technologies, Inc. $6.6B 24.7× 23.2× +59.93% (above 0%: growing) +56.86% (above 0%: growing) +75.69% (above 0%: growing) 24.24% 13.48% Compare
Median of peers $17.4B 24.3× 23.3× +26.72% +58.82% +7.34% 29.88% 16.22%

All 44 Electronic Components stocks →

From the latest earnings call

Updated

  • CEO Wendell Weeks said demand for newer high-density optical products was straining capacity, and Corning prioritizes long-standing customers and those helping fund expansion.
  • CFO Ed Schlesinger said long-term customer agreements fund most growth capital, excluding maintenance, and customer deposits help smooth the cash impact of capacity investments.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
UBS Oct 19, 2026 Target raised Buy 201.00
Bernstein Sep 30, 2026 Initiated Hold 140.00

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 72.16%
Held by the ten largest 39.55%
Holder Shares Stake Change
Vanguard 78.04m 9.06% −8.72m
BlackRock 65.77m 7.63% −944.92k
State Street 41.11m 4.77% +4.85m
JPMorgan Chase 36.02m 4.18% +24.15m
Capital Group 30.30m 3.52% +7.02m
Fidelity (FMR) 24.03m 2.79% −881.54k
Bank of America 18.73m 2.17% +4.23m
Geode Capital Management 18.36m 2.13% −2.60m
Morgan Stanley 15.13m 1.76% −532.86k
State Farm 13.23m 1.54% −191.59k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 20 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 25.76m 61.63m 279.06
2024 21.69m 40.03m 148.63
2023 15.63m 12.80m 92.52
2022 16.17m 8.74m 93.67
2021 20.77m 27.15m 105.92

Ownership

Directors and executive officers, together less than 1%
The Vanguard Group 11.45%
Samsung Display Co., Ltd. 7.93%
BlackRock, Inc. 7.02%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Corning Incorporated (GLW) Latest News

3 Nov

Impact 4 · · The Motley Fool

30 Oct

Impact 3 · · The Motley Fool
Impact 3 · · StockStory
Impact 3 · · StockStory

29 Oct

Impact 4 · · Zacks
Impact 4 · · Zacks
Impact 4 · · Zacks
Impact 4 · · Zacks earnings
Impact 4 · · GlobeNewswire
Impact 3 · · Simply Wall St.

28 Oct

Impact 4 · · Zacks earnings
Impact 4 · · Simply Wall St.

27 Oct

Impact 4 · · MarketBeat transcript
Impact 4 · · The Motley Fool
Impact 4 · · Moby transcript
Impact 4 · · The Motley Fool transcript
Impact 4 · · InvestorsHub earnings
Impact 4 · · Zacks
Impact 4 · · Stocktwits
Impact 4 · · Simply Wall St.
Impact 4 · · Investing.com
Impact 4 · · Business Wire
Impact 3 · · Zacks
Impact 3 · · StockStory
Impact 3 · · Zacks
Impact 3 · · Associated Press

26 Oct

Impact 3 · · StockStory

25 Oct

Impact 4 · · The Motley Fool

24 Oct

Impact 4 · · 24/7 Wall St.

23 Oct

Impact 4 · · Simply Wall St.

GLW metrics, ten years each

stockrow.com/GLW · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com