Corning (GLW)
Information Technology · $99.9B market cap · SEC CIK 0000024741
ahead of 22% of the S&P 500 · #57 of 73 in Information Technology
Next reports on Apr 26, 2027, with analysts expecting $0.92 in earnings per share.
52-week range $77.39 to $271.78. 59% below its 52-week high and 45% above its low.
The case for GLW
- Revenue growing 18.8% year over year.
- Earnings per share up 56.5%.
- Return on equity of 17%.
The case against
- Pricey for its growth: 46.5× earnings, where 16% a year of growth would justify about 32×.
- Near the bottom of its 52-week range, 59% below the high. Falling prices usually have a reason; find it first.
- Free cash flow is only 1.4% of its market value, a thin cash return for the price.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Information Technology companies (momentum is judged against fixed thresholds only), and the five are blended by weight. The score is where that blend places it in the S&P 500. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings and cash, against the growth you get | 30 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 65 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 43 |
| Momentumhow the price has behaved lately | 37 |
| Stabilityhow violently it moves, what it owes and what it pays you | 47 |
- Its dividend figures disagree with each other (a 4.0% yield against about 1.0% implied by its payout ratio and P/E), so the dividend is not counted.
- Each factor except momentum is half fixed thresholds, half rank among the 73 Information Technology companies.
The financials
Revenue growth
Is the business growing? Yes
| Last 12 months | +18.8% |
|---|---|
| Over 5 years | +6.7% a year |
| FY2025 revenue | $15.6B (+19%) |
Free cash flow
Is it generating real cash? Yes
| FY2025 free cash flow | $1.4B |
|---|---|
| Of revenue | 9% |
| Of profit | 89% |
Profit margins
Is profitability improving? Yes, improving
| Gross margin | 36% |
|---|---|
| Operating margin | 16% |
| Net margin, FY24 → FY25 → now | 3.9% → 10.2% → 12.1% |
Debt vs. cash
Is the balance sheet healthy? Yes, the debt is manageable
| Cash | $1.5B |
|---|---|
| Long-term debt | $7.6B |
| Net debt | $6.1B |
| Years to repay | 2.8 yrs |
Valuation
Is the stock price reasonable? No, expensive
| P/E | 46.5× |
|---|---|
| Fair P/E for its growth | 32× |
| P/FCF | 70.7× |
| Forward P/E | 28.6× |
| EV / EBITDA | 35.0× |
At 46.5× earnings it trades above the 32× that 16% a year of growth would justify. At 70.7× free cash flow it trades well above that same mark.
The financials, five years deep
Pulled from Corning's XBRL filings on SEC EDGAR. Italic rows are worked out from the others.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue growth | |||||
| Revenue | $15.6B | $13.1B | $12.6B | $14.2B | $14.1B |
| Change on the year | +19% | +4% | −11% | +1% | — |
| Free cash flow | |||||
| Free cash flow | $1.4B | $974M | $615M | $1.0B | $1.8B |
| Of revenue | 9% | 7% | 5% | 7% | 13% |
| Profit margins | |||||
| Gross margin | 36.0% | 32.6% | 31.2% | 31.8% | 36.0% |
| Operating margin | 14.6% | 8.7% | 7.1% | 10.1% | 15.0% |
| Net margin | 10.2% | 3.9% | 4.6% | 9.3% | 13.5% |
| Debt vs. cash | |||||
| Cash | $1.5B | $1.8B | $1.8B | $1.7B | $2.1B |
| Long-term debt | $7.6B | $6.9B | $7.2B | $6.7B | $7.0B |
| Net cash (debt) | −$6.1B | −$5.1B | −$5.4B | −$5.0B | −$4.8B |
What Corning says it does
Corning traces its origins to a glass business established in 1851. The present corporation was incorporated in the State of New York in December 1936. The Company’s name was changed from Corning Glass Works to Corning Incorporated on April 28, 1989. Corning is vital to progress – in the industries we help advance and in the world we share. With a 175-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. Our materials science and manufacturing expertise, boundless curiosity and commitment to purposeful invention place us at the center of the way the world works, learns and lives. In addition, our sustained investment in research, development and engineering capabilities means we are always…
Risk factors GLW lists in its 10-K
- Health crisis events, such as epidemics or pandemics, have adversely impacted, and may continue to impact, the economy and disrupt our operations and supply chains, which may have an adverse effect on our results of operations
- Because we have a concentrated customer base, future sales and cash flows could be negatively impacted by the actions or loss of one or more key customers
- % of total segment net sales in 2025
- Information technology dependency and cybersecurity vulnerabilities could lead to reduced revenue, liability claims, competitive or reputational harm, and result in material adverse effects on our operations and financial results
- We may not earn a positive return from our research, development and engineering investments
- Our innovation model depends on our ability to attract and retain specialized expertise
- We are subject to strict environmental regulations and regulatory changes that could result in fines or restrictions that interrupt our operations
- We may have additional tax liabilities
- As a global company, we face many risks which could adversely impact our operations and financial results
- Corning is exposed to risks associated with a global economy, including government fiscal and monetary policies
- We have significant exposure to foreign currency movements
- We may have significant exposure to counterparties of our related derivatives portfolio
- Our global operations are subject to extensive trade and anti-corruption laws and regulations
- International trade policies may negatively impact our ability to sell and manufacture our products outside of the U.S