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Corning Incorporated (GLW) 10-Year Financial Performance & Capital Metrics

GLW • • Industrial / General
TechnologyTech Hardware & EquipmentElectronic Components & ConnectorsSpecialized Components
AboutCorning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment offers glass substrates for liquid crystal displays and organic light-emitting diodes 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, including cable assemblies, fiber optic hardware and connectors, optical components and couplers, closures, network interface devices, and other accessories. This segment also offers its products to businesses, governments, and individuals. Its Specialty Materials segment manufactures products that provide material formulations for glass, glass ceramics, crystals, precision metrology instruments, software; as well as ultra-thin and ultra-flat glass wafers, substrates, tinted sunglasses, and radiation shielding products. This segment serves various industries, including mobile consumer electronics, semiconductor equipment optics and consumables; aerospace and defense optics; radiation shielding products, sunglasses, and telecommunications components. The company's Environmental Technologies segment offers ceramic substrates and filter products for emissions control in mobile, gasoline, and diesel applications. The company's Life Sciences segment offers laboratory products comprising consumables, such as plastic vessels, liquid handling plastics, specialty surfaces, cell culture media, and serum, as well as general labware and equipment under the Corning, Falcon, Pyrex, and Axygen brands. The company was formerly known as Corning Glass Works and changed its name to Corning Incorporated in April 1989. Corning Incorporated was founded in 1851 and is headquartered in Corning, New York.Show more
  • Revenue $13.12B +4.2%
  • EBITDA $2.48B +10.0%
  • Net Income $506M -12.9%
  • EPS (Diluted) 0.58 -14.7%
  • Gross Margin 32.6% +4.4%
  • EBITDA Margin 18.94% +5.6%
  • Operating Margin 8.65% +22.4%
  • Net Margin 3.86% -16.4%
  • ROE 4.41% -8.3%
  • ROIC 4.73% +31.2%
  • Debt/Equity 0.73 +2.2%
  • Interest Coverage 3.45 +27.5%
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓Momentum leader: RS Rating 83 (top 17%)
  • ✓High quality earnings: Operating CF exceeds net income
  • ✓Trading near 52-week high

✗Weaknesses

  • ✗Profits declining 12.0% over 5 years
  • ✗Dividend payout exceeds 100% of earnings

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y3.05%
5Y2.66%
3Y-2.34%
TTM18.27%

Profit (Net Income) CAGR

10Y-14.67%
5Y-12.02%
3Y-35.73%
TTM775.64%

EPS CAGR

10Y-10.35%
5Y-11.53%
3Y-23.19%
TTM813.29%

ROCE

10Y Avg5.32%
5Y Avg4.86%
3Y Avg4.76%
Latest4.83%

Peer Comparison

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Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
GLWCorning Incorporated80.15B93.49161.194.21%9.16%11.38%1.22%0.73
CPSHCPS Technologies Corporation86.48M4.81-21.86-23.33%-7.13%-12.36%0.01

Profit & Loss

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Sales/Revenue+9.11B9.39B10.12B11.29B11.5B11.3B14.08B14.19B12.59B13.12B
Revenue Growth %-0.06%0.03%0.08%0.12%0.02%-0.02%0.25%0.01%-0.11%0.04%
Cost of Goods Sold+5.46B5.63B6.1B6.83B7.47B7.77B9.02B9.68B8.66B8.84B
COGS % of Revenue0.6%0.6%0.6%0.6%0.65%0.69%0.64%0.68%0.69%0.67%
Gross Profit+3.65B3.76B4.02B4.46B4.04B3.53B5.06B4.51B3.93B4.28B
Gross Margin %0.4%0.4%0.4%0.4%0.35%0.31%0.36%0.32%0.31%0.33%
Gross Profit Growth %-0.1%0.03%0.07%0.11%-0.1%-0.12%0.43%-0.11%-0.13%0.09%
Operating Expenses+2.33B2.34B2.41B2.89B2.73B3.02B2.95B3.07B3.04B3.14B
OpEx % of Revenue0.26%0.25%0.24%0.26%0.24%0.27%0.21%0.22%0.24%0.24%
Selling, General & Admin1.51B1.46B1.47B1.8B1.58B1.75B1.83B1.9B1.84B1.93B
SG&A % of Revenue0.17%0.16%0.15%0.16%0.14%0.15%0.13%0.13%0.15%0.15%
Research & Development769M742M860M993M1.03B1.15B995M1.05B1.08B1.09B
R&D % of Revenue0.08%0.08%0.09%0.09%0.09%0.1%0.07%0.07%0.09%0.08%
Other Operating Expenses54M141M75M94M113M121M129M123M122M121M
Operating Income+1.32B1.42B1.63B1.57B1.31B509M2.11B1.44B890M1.14B
Operating Margin %0.15%0.15%0.16%0.14%0.11%0.05%0.15%0.1%0.07%0.09%
Operating Income Growth %-0.32%0.08%0.14%-0.03%-0.17%-0.61%3.15%-0.32%-0.38%0.28%
EBITDA+2.51B2.62B2.79B2.87B2.81B2.03B3.59B2.89B2.26B2.48B
EBITDA Margin %0.28%0.28%0.28%0.25%0.24%0.18%0.26%0.2%0.18%0.19%
EBITDA Growth %-0.2%0.05%0.06%0.03%-0.02%-0.28%0.77%-0.2%-0.22%0.1%
D&A (Non-Cash Add-back)1.18B1.2B1.16B1.29B1.5B1.52B1.48B1.45B1.37B1.35B
EBIT1.63B3.85B1.81B1.69B1.44B899M2.73B2.09B1.15B1.14B
Net Interest Income+-119M-127M-110M-153M-200M-261M-289M-277M-291M-282M
Interest Income21M32M45M38M21M15M11M15M38M47M
Interest Expense140M159M155M191M221M276M300M292M329M329M
Other Income/Expense164M2.27B49M-72M-90M114M314M359M-74M-322M
Pretax Income+1.49B3.69B1.66B1.5B1.22B623M2.43B1.8B816M813M
Pretax Margin %0.16%0.39%0.16%0.13%0.11%0.06%0.17%0.13%0.06%0.06%
Income Tax+147M-3M2.15B437M256M111M491M411M168M221M
Effective Tax Rate %0.9%1%-0.3%0.71%0.79%0.82%0.79%0.73%0.71%0.62%
Net Income+1.34B3.69B-497M1.07B960M512M1.91B1.32B581M506M
Net Margin %0.15%0.39%-0.05%0.09%0.08%0.05%0.14%0.09%0.05%0.04%
Net Income Growth %-0.46%1.76%-1.13%3.14%-0.1%-0.47%2.72%-0.31%-0.56%-0.13%
Net Income (Continuing)1.34B3.69B-497M1.07B960M512M1.94B1.39B648M592M
Discontinued Operations0000000000
Minority Interest75M67M72M94M90M191M212M267M317M384M
EPS (Diluted)+1.003.23-0.661.131.070.541.281.540.680.58
EPS Growth %-0.42%2.23%-1.2%2.71%-0.05%-0.5%1.37%0.2%-0.56%-0.15%
EPS (Basic)1.023.53-0.661.191.230.541.301.560.690.59
Diluted Shares Outstanding1.34B1.14B895M941M899M772M844M857M859M869M
Basic Shares Outstanding1.22B1.02B895M941M776M761M828M843M848M853M
Dividend Payout Ratio0.51%0.17%-0.64%0.77%1.54%0.46%0.71%1.7%1.95%

Balance Sheet

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Total Current Assets+8.27B9.05B8.83B7.03B7.46B8B7.66B7.45B7.21B7.99B
Cash & Short-Term Investments4.6B5.29B4.32B2.35B2.43B2.67B2.15B1.67B1.78B1.77B
Cash Only4.5B5.29B4.32B2.35B2.43B2.67B2.15B1.67B1.78B1.77B
Short-Term Investments100M000000000
Accounts Receivable1.37B1.48B1.81B1.94B1.84B2.13B2B1.72B1.57B2.05B
Days Sales Outstanding54.9657.5765.262.7258.2668.8851.9444.2745.5857.12
Inventory1.39B1.47B1.71B2.04B2.32B2.44B2.48B2.9B2.67B2.72B
Days Inventory Outstanding92.6295.42102.51108.87113.39114.5100.41109.47112.41112.45
Other Current Assets912M805M991M702M873M761M1.03B1.16B1.2B1.45B
Total Non-Current Assets+20.28B18.85B18.65B20.47B21.43B22.77B22.5B22.05B21.29B19.74B
Property, Plant & Equipment12.65B12.55B14.02B14.89B15.34B16.42B16.55B16.21B15.51B14.15B
Fixed Asset Turnover0.72x0.75x0.72x0.76x0.75x0.69x0.85x0.88x0.81x0.93x
Goodwill1.38B1.58B1.69B1.94B1.94B2.46B2.42B2.39B2.38B2.36B
Intangible Assets706M796M869M1.29B1.19B1.31B1.15B1.03B905M752M
Long-Term Investments1.98B336M340M376M334M435M318M360M414M394M
Other Non-Current Assets1.49B1.27B934M1.02B983M1.02B997M977M923M949M
Total Assets+28.55B27.9B27.48B27.5B28.9B30.77B30.15B29.5B28.5B27.73B
Asset Turnover0.32x0.34x0.37x0.41x0.40x0.37x0.47x0.48x0.44x0.47x
Asset Growth %-0.05%-0.02%-0.02%0%0.05%0.06%-0.02%-0.02%-0.03%-0.03%
Total Current Liabilities+2.81B2.75B3.21B3.31B3.52B3.77B4.81B5.17B4.32B4.92B
Accounts Payable934M1.08B1.44B1.46B1.59B1.17B1.61B1.8B1.47B1.47B
Days Payables Outstanding62.4669.9986.1677.8277.5655.1465.246861.8160.76
Short-Term Debt572M256M379M4M2M146M55M224M320M326M
Deferred Revenue (Current)0001000K1000K1000K1000K1000K1000K1000K
Other Current Liabilities764M779M623M986M1.01B1.23B1.65B1.91B1.41B1.72B
Current Ratio2.94x3.29x2.75x2.12x2.12x2.12x1.59x1.44x1.67x1.62x
Quick Ratio2.45x2.75x2.22x1.51x1.46x1.48x1.08x0.88x1.05x1.07x
Cash Conversion Cycle85.128381.5593.7794.08128.2487.1185.7496.18108.81
Total Non-Current Liabilities+6.87B7.19B8.52B10.31B12.38B13.56B12.8B12.05B12.31B11.75B
Long-Term Debt3.89B3.65B4.75B5.99B7.46B7.65B6.99B6.69B7.21B6.88B
Capital Lease Obligations0000721M796M691M795M846M785M
Deferred Tax Liabilities00451M347M325M313M258M243M218M137M
Other Non-Current Liabilities2.96B3.16B2.93B3.04B2.95B2.78B3.03B2.46B2.28B2.31B
Total Liabilities9.68B9.94B11.72B13.62B15.9B17.33B17.61B17.22B16.63B16.66B
Total Debt+4.46B3.9B5.13B6B8.25B8.7B7.83B7.82B8.48B8.09B
Net Debt-38M-1.39B811M3.64B5.82B6.03B5.68B6.15B6.71B6.32B
Debt / Equity0.24x0.22x0.32x0.43x0.63x0.65x0.62x0.64x0.71x0.73x
Debt / EBITDA1.78x1.49x1.84x2.09x2.94x4.29x2.18x2.70x3.76x3.26x
Net Debt / EBITDA-0.02x-0.53x0.29x1.27x2.07x2.97x1.58x2.13x2.97x2.54x
Interest Coverage9.44x8.96x10.52x8.25x5.91x1.84x7.04x4.92x2.71x3.45x
Total Equity+18.86B17.96B15.8B13.89B13B13.45B12.54B12.28B11.87B11.07B
Equity Growth %-0.13%-0.05%-0.12%-0.12%-0.06%0.03%-0.07%-0.02%-0.03%-0.07%
Book Value per Share14.0515.7017.6514.7614.4617.4214.8614.3213.8212.74
Total Shareholders' Equity18.79B17.89B15.72B13.79B12.91B13.26B12.33B12.01B11.55B10.69B
Common Stock840M846M854M857M859M863M907M910M916M921M
Retained Earnings13.83B16.88B15.96B16.3B16.41B16.12B16.39B16.78B16.39B15.93B
Treasury Stock-9.72B-14.15B-16.63B-18.87B-19.81B-19.93B-20.26B-20.53B-20.64B-20.88B
Accumulated OCI-1.81B-1.68B-816M-1.01B-1.17B-740M-1.18B-1.83B-2.05B-2.54B
Minority Interest75M67M72M94M90M191M212M267M317M384M

Cash Flow

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Cash from Operations+2.81B2.5B2B2.92B2.03B2.18B3.41B2.62B2B1.94B
Operating CF Margin %0.31%0.27%0.2%0.26%0.18%0.19%0.24%0.18%0.16%0.15%
Operating CF Growth %-0.4%-0.11%-0.2%0.46%-0.3%0.07%0.57%-0.23%-0.23%-0.03%
Net Income1.34B3.69B-497M1.07B960M512M1.91B1.39B648M592M
Depreciation & Amortization1.18B1.2B1.16B1.29B1.5B1.52B1.48B1.45B1.37B1.35B
Stock-Based Compensation46M42M46M51M56M207M190M175M218M273M
Deferred Taxes54M-308M1.8B-109M-191M-20M35M-46M-75M-33M
Other Non-Cash Items304M-2.21B-101M709M217M-214M-523M-214M3M315M
Working Capital Changes-118M87M-398M-162M-514M175M323M-138M-158M-558M
Change in Receivables162M-106M-225M-154M48M-274M-54M113M50M-717M
Change in Inventory-77M-68M-170M-346M-298M423M-103M-522M157M-171M
Change in Payables-146M243M169M358M36M57M704M349M-238M470M
Cash from Investing+-685M3.68B-1.71B-2.89B-1.89B-1.31B-1.42B-1.35B-1B-744M
Capital Expenditures-1.25B-1.11B-1.8B-2.24B-1.99B-1.38B-1.64B-1.6B-1.39B-965M
CapEx % of Revenue0.14%0.12%0.18%0.2%0.17%0.12%0.12%0.11%0.11%0.07%
Acquisitions----------
Investments----------
Other Investing38M53M626M-2.35B30M-1.33B-1.67B-14M332M221M
Cash from Financing+-2.6B-5.31B-1.62B-2B-47M-729M-2.45B-1.65B-883M-1.16B
Debt Issued (Net)----------
Equity Issued (Net)----------
Dividends Paid-679M-645M-651M-685M-742M-787M-871M-932M-989M-986M
Share Repurchases----------
Other Financing576M-349M286M61M121M52M-408M-489M-504M182M
Net Change in Cash----------
Free Cash Flow+1.56B1.39B200M677M44M803M1.77B1.01B615M974M
FCF Margin %0.17%0.15%0.02%0.06%0%0.07%0.13%0.07%0.05%0.07%
FCF Growth %-0.57%-0.11%-0.86%2.38%-0.94%17.25%1.21%-0.43%-0.39%0.58%
FCF per Share1.161.220.220.720.051.042.101.180.721.12
FCF Conversion (FCF/Net Income)2.10x0.68x-4.03x2.74x2.12x4.26x1.79x1.99x3.45x3.83x
Interest Paid000000287M275M274M279M
Taxes Paid000000377M426M213M263M

Key Ratios

Metric2015201620172018201920202021202220232024
Return on Equity (ROE)6.61%20.07%-2.94%7.18%7.14%3.87%14.67%10.6%4.81%4.41%
Return on Invested Capital (ROIC)5.16%6.03%7.37%6.92%5.39%1.99%8.4%5.89%3.61%4.73%
Gross Margin40.09%40.07%39.74%39.51%35.08%31.24%35.95%31.76%31.23%32.6%
Net Margin14.7%39.35%-4.91%9.44%8.35%4.53%13.54%9.27%4.62%3.86%
Debt / Equity0.24x0.22x0.32x0.43x0.63x0.65x0.62x0.64x0.71x0.73x
Interest Coverage9.44x8.96x10.52x8.25x5.91x1.84x7.04x4.92x2.71x3.45x
FCF Conversion2.10x0.68x-4.03x2.74x2.12x4.26x1.79x1.99x3.45x3.83x
Revenue Growth-6.22%3.06%7.73%11.61%1.89%-1.74%24.59%0.76%-11.28%4.21%

Revenue by Segment

201120122018201920202024
Optical Communications--4.19B4.06B3.56B4.66B
Optical Communications Growth----3.05%-12.33%30.70%
Display Technologies3.15B2.91B3.28B3.25B3.17B3.87B
Display Technologies Growth--7.50%12.62%-0.67%-2.52%22.07%
Specialty Materials1.07B1.35B1.48B1.59B1.88B2.02B
Specialty Materials Growth-25.33%9.88%7.78%18.19%7.11%
Environmental Technologies998M964M1.29B1.5B1.37B1.67B
Environmental Technologies Growth--3.41%33.71%16.29%-8.61%21.53%
Life Sciences595M657M946M1.01B998M979M
Life Sciences Growth-10.42%43.99%7.29%-1.67%-1.90%
Hemlock And Emerging Growth Businesses-----865M
Hemlock And Emerging Growth Businesses Growth------
Segments All Other----194M-
Segments All Other Growth------
Telecommunications2.07B2.13B----
Telecommunications Growth-2.80%----
All Other6M6M----
All Other Growth-0.00%----

Revenue by Geography

201120122018201920202024
Asia Pacific--5.75B5.87B6.21B7.31B
Asia Pacific Growth---2.12%5.88%17.65%
North America1.93B2.13B3.92B4.09B3.76B5.55B
North America Growth-10.25%84.03%4.44%-8.09%47.70%
Europe--1.36B1.32B1.22B1.42B
Europe Growth----2.58%-7.95%16.78%
C [N]1.55B2.1B----
C [N] Growth-35.68%----
U [S]-1.86B----
U [S] Growth------
T [W]1.85B1.71B----
T [W] Growth--7.68%----
J [P]1.25B751M----
J [P] Growth--40.02%----
D [E]318M264M----
D [E] Growth--16.98%----
C [A]229M246M----
C [A] Growth-7.42%----
Other Asia Pacific145M243M----
Other Asia Pacific Growth-67.59%----
G [B]124M134M----
G [B] Growth-8.06%----
Other Latin America79M95M----
Other Latin America Growth-20.25%----
K [R]101M94M----
K [R] Growth--6.93%----
F [R]65M57M----
F [R] Growth--12.31%----
B [R]-29M----
B [R] Growth------
M [X]26M24M----
M [X] Growth--7.69%----
United States1.68B-----
United States Growth------
Brazil29M-----
Brazil Growth------

Frequently Asked Questions

Valuation & Price

Corning Incorporated (GLW) has a price-to-earnings (P/E) ratio of 161.2x. This suggests investors expect higher future growth.

Growth & Financials

Corning Incorporated (GLW) reported $14.91B in revenue for fiscal year 2024. This represents a 89% increase from $7.89B in 2011.

Corning Incorporated (GLW) grew revenue by 4.2% over the past year. Growth has been modest.

Yes, Corning Incorporated (GLW) is profitable, generating $1.37B in net income for fiscal year 2024 (3.9% net margin).

Dividend & Returns

Yes, Corning Incorporated (GLW) pays a dividend with a yield of 1.21%. This makes it attractive for income-focused investors.

Corning Incorporated (GLW) has a return on equity (ROE) of 4.4%. This is below average, suggesting room for improvement.

Corning Incorporated (GLW) generated $1.16B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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