Upside case
Bull case
$167-14.1%
The bull case prices GLW at 53x on FY1 earnings, assuming continued execution and no meaningful deceleration in the core business.
Analysis OverviewBuyUpdated Jun 18, 2026
Corning Incorporated (GLW) Stock Analysis
Wall Street verdict, consensus price target, and analyst rating breakdown — everything needed to frame the risk/reward at today's price.
Analyst consensus
Buy
Covering
37
analysts
20 bullish · 2 bearish · 37 covering GLW
Strong Buy
0
Buy
20
Hold
15
Sell
2
Strong Sell
0
Consensus Target
$169
-13.3% vs today
Scenario Range
$80 – $167
Model bear to bull value window
Coverage
37
Published analyst ratings
Valuation Context
61.2x
Forward P/E · Market cap $167.5B
GLW price targets
Three scenarios for where GLW stock could go
Current
~$195
Confidence
45 / 100
Updated
Jun 18, 2026
Where we are now
Current · $195
Bear
$80
Base
$127
Bull
$167
Market caseClosest to today
Base case
$127-34.8%
At 40x on FY1 earnings, the base case reflects a reasonable but not stretched valuation. It prices in continued growth without assuming an exceptional setup.
Stress case
Bear case
$80-58.9%
If investor confidence fades or macro conditions deteriorate, a 36x multiple contraction could push GLW down roughly 59% from where it trades now.
Not financial advice. Model confidence reflects internal scenario assumptions, not a guarantee of returns. Past performance does not predict future results.
Corning Incorporated
GLW · NYSETechnologyHardware, Equipment & PartsDecember year-end
Corning is a materials science company that develops and manufactures specialty glass and ceramics for high-tech applications. It generates revenue primarily through its display technologies segment (~35% of sales) for LCD/OLED screens, optical communications (~40%) for fiber optics, and specialty materials for consumer electronics and industrial uses. The company's moat lies in its deep materials science expertise, proprietary manufacturing processes, and long-term customer relationships with major technology firms.
Market Cap
$167.5B
Revenue TTM
$16.3B
Net Income TTM
$1.8B
Net Margin
11.1%
GLW Revenue and Earnings Performance
Quarterly beat-or-miss track record against analyst estimates, plus forward revenue and EPS outlook for the next two fiscal years.
EPS Beat Rate
75%Exceptional
12 quarters tracked
Revenue Beat Rate
25%Exceptional
vs consensus estimates
Avg EPS Surprise
+1.9%
above Street consensus
Beat / Miss Record
BeatMissLeft = EPS · Right = Revenue
Q3 2025
Q4 2025
Q1 2026
Q2 2026
Last 4 Quarters
EPS beats: 4 of 4Q3 2025
EPS
$0.60/$0.57
Revenue
$3.9B/$3.9B
Q4 2025
EPS
$0.67/$0.67
Revenue
$4.1B/$4.2B
Q1 2026
EPS
$0.72/$0.71
Revenue
$4.4B/$4.4B
Q2 2026
EPS
$0.70/$0.69
Revenue
$4.3B/$4.3B
| Quarter | EPS (Actual / Est) | EPS Surprise | Revenue (Actual / Est) | Rev Surprise |
|---|---|---|---|---|
| Q3 2025 | $0.60/$0.57 | +5.1% | $3.9B/$3.9B | +0.2% |
| Q4 2025 | $0.67/$0.67 | +0.8% | $4.1B/$4.2B | -3.1% |
| Q1 2026 | $0.72/$0.71 | +1.8% | $4.4B/$4.4B | +1.1% |
| Q2 2026 | $0.70/$0.69 | +1.2% | $4.3B/$4.3B | +1.1% |
FY1–FY2 Estimates
Revenue Outlook
FY1
$18.1B
+10.7% YoY
FY2
$20.3B
+12.5% YoY
EPS Outlook
FY1
$2.43
+15.9% YoY
FY2
$2.82
+16.1% YoY
Trailing FCF (TTM)$1.5B
FCF Margin: 9.2%
Next Earnings
August 4, 2026
Expected EPS
$0.76
Expected Revenue
$4.6B
GLW beat EPS estimates in 4 of 4 tracked quarters. A perfect track record raises the bar for the upcoming report.
GLW Revenue Breakdown by Segment
Product and geographic revenue mix from the latest annual disclosure, with year-over-year growth by segment.
Latest disclosure
FY 2025
Total disclosed revenue $15.6B
Product Mix
Latest annual revenue by segment or product family
Optical Communications
40.1%
+34.7% YoY
Tap, hover, or focus a slice to inspect segment detail.
Geographic Mix
Latest annual revenue by reported region
Asia Pacific
47.3%
+4.6% YoY
Tap, hover, or focus a slice to inspect segment detail.
Optical Communications is the largest disclosed segment at 40.1% of FY 2025 revenue, up 34.7% YoY.
Asia Pacific is the largest reported region at 47.3%, up 4.6% YoY.
GLW Valuation Snapshot
Current multiples compared to the S&P 500, the company's sector, and its own five-year average.
Relative Value Signal
Expensive versus peers
Fair value est. $89 — implies -54.6% from today's price.
Premium to Fair Value
54.6%
above fair value
Deep DiscountFair ValueVery Expensive
vs S&P 500 Trailing P/E
GLW
105.4x
vs
S&P 500
24.4x
+331% premium
vs Technology Trailing P/E
GLW
105.4x
vs
Technology
29.0x
+263% premium
vs GLW 5Y Avg P/E
Today
105.4x
vs
5Y Average
44.8x
+135% premium
Forward PE
61.2x
S&P 500
18.8x
+225%
Technology
22.3x
+175%
5Y Avg
—
—
Trailing PE
105.4x
S&P 500
24.4x
+331%
Technology
29.0x
+263%
5Y Avg
44.8x
+135%
PEG Ratio
3.77x
S&P 500
1.66x
+127%
Technology
1.51x
+151%
5Y Avg
—
—
EV/EBITDA
47.9x
S&P 500
15.2x
+215%
Technology
16.6x
+188%
5Y Avg
15.7x
+205%
Price/FCF
118.5x
S&P 500
20.7x
+473%
Technology
19.2x
+517%
5Y Avg
36.6x
+224%
Price/Sales
10.7x
S&P 500
3.1x
+247%
Technology
2.4x
+340%
5Y Avg
2.8x
+277%
Dividend Yield
0.60%
S&P 500
1.91%
-69%
Technology
1.11%
-46%
5Y Avg
2.73%
-78%
| Metric | GLW | S&P 500 | Technology | 5Y Avg GLW |
|---|---|---|---|---|
| Forward PE | 61.2x | 18.8x+225% | 22.3x+175% | — |
| Trailing PE | 105.4x | 24.4x+331% | 29.0x+263% | 44.8x+135% |
| PEG Ratio | 3.77x | 1.66x+127% | 1.51x+151% | — |
| EV/EBITDA | 47.9x | 15.2x+215% | 16.6x+188% | 15.7x+205% |
| Price/FCF | 118.5x | 20.7x+473% | 19.2x+517% | 36.6x+224% |
| Price/Sales | 10.7x | 3.1x+247% | 2.4x+340% | 2.8x+277% |
| Dividend Yield | 0.60% | 1.91% | 1.11% | 2.73% |
GLW trades above S&P 500 benchmarks on 6 of 6 measured multiples — commands a broad premium across most valuation dimensions.
Forward P/E and PEG reflect analyst consensus estimates. Historical averages use trailing ratios where forward data is unavailable.S&P 500 and sector benchmarks both use trailing median P/E — similar readings indicate the broader index and sector are priced alike.
Open valuation toolGLW Financial Health
Verdict
Strong
GLW generates $1.5B in free cash flow at a 9.2% margin.
Cash Engine
Revenue, margins, and cash generation
Revenue (TTM)
Trailing-twelve-month sales base
$16.3B
Revenue Growth
TTM vs prior year
+20.1%
Gross Margin
Gross profit as a share of revenue
36.3%
Operating Margin
Operating income divided by revenue
15.3%
Net Margin
Net income divided by revenue
11.1%
EPS (TTM)
Diluted earnings per share, trailing twelve months
$2.10
Free Cash Flow (TTM)
Cash generation after capex
$1.5B
FCF Margin
FCF as share of revenue — the primary cash quality signal
9.2%
Capital Quality
ROIC, leverage, and debt serviceability
ROIC
Return on invested capital — primary competitive quality signal
9.1%
ROA
Return on assets, trailing twelve months
6.0%
Cash & Equivalents
Liquid assets on the balance sheet
$1.5B
Net Debt
Total debt minus cash
$8.7B
Debt Serviceability
Net debt as a multiple of annual free cash flow
5.8× FCF
~5.8 years to full repayment at current FCF run-rate
ROE
Return on equity, trailing twelve months
15.0%
Shareholder Returns
How capital is returned to owners
Total shareholder yield
0.7%
Dividend
0.6%
Buyback
0.1%
Share Repurchases
Trailing buyback outflow — dollar magnitude of capital returned
$163M
Dividend / Share
Annualized trailing dividend per share
$1.16
Payout Ratio
Share of earnings distributed as dividends
62.6%
Shares Outstanding
Declining as buybacks retire shares
859M
All figures from the trailing twelve months. ROIC uses invested capital (equity + net debt).
Open full ratios pageGLW Stock Risk Factors
Key factors that could pressure the stock price, compress the multiple, or weigh on future results.
AI analysis · updated June 17, 2026
High Risk
Smartphone Market Contraction
Severe double-digit contraction in global smartphone shipments could negatively impact Corning's display glass segment.
Medium
Valuation Concerns
Stretched valuation at 85x earnings raises risks of a potential de-rating if growth disappoints.
High Risk
Dependence on Hyperscalers
Multibillion-dollar deals with Amazon, NVIDIA, and Meta create concentration risk if demand from these partners slows.
Medium
Execution Risk
Transformation into an AI hardware heavyweight carries execution risks given competitive and technological challenges.
Lower
Market Sentiment
Stock price volatility may persist due to mixed analyst views and changing market expectations.
These are risk mechanisms, not predictions. The key question is which would force a cut to earnings estimates or a lower multiple than the market currently prices in.
Why GLW Stock Could Outperform
Structural drivers behind the upside case and why the stock could outperform over the next 12 months.
AI analysis · updated June 17, 2026
Photonics Market Leadership
Corning's Photonics MAP positions it as a key player in advanced optical connectivity technologies, essential for scaling AI data center networks.
AI Data Center Demand
The bull case highlights Corning's potential to dominate the global supply chain for AI data center optics, driven by increasing demand for high-performance connectivity.
Strategic Partnerships
Recent multibillion-dollar agreements with major tech companies like Amazon underscore Corning's role as a critical supplier in high-growth markets.
Technological Differentiation
Corning's expertise in glass science, ceramics, and optical physics provides a competitive edge in developing innovative solutions for industrial and tech applications.
Revenue Visibility
The company's multi-year revenue visibility is bolstered by long-term contracts and its leadership in high-demand optical technologies.
Market Monopoly Potential
The bullish thesis suggests Corning could lock down the global supply chain for AI data center optics, creating a near-monopoly in the photonics market.
A real bull case compounds — each driver matters most when it strengthens margins, supports capital returns, and keeps the company above the market's minimum growth bar simultaneously.
GLW Stock Price Performance
52-week range context and price returns across multiple time horizons. Dividend contribution is shown separately in the Capital Return section.
Current Price
$195.00
52W Range Position
90%
52-Week Range
Current price plotted between the 52-week low and high.
52-Week Low
$49.97
+290.2% from the low
52-Week High
$211.79
-7.9% from the high
1 Month
+9.19%
3 Month
+50.21%
YTD
+115.1%
1 Year
+286.2%
3Y CAGR
+77.4%
5Y CAGR
+38.2%
10Y CAGR
+25.3%
Range context matters because valuation compression and earnings misses rarely hit from the same starting point. A stock already far below its high can still fall, but it is no longer carrying the same embedded optimism as one pressing a fresh peak.
GLW vs Peers
Valuation, growth, and margin comparison against the closest publicly traded peers for this company.
Peer Set
Accurate peer set
Forward PE
61.2x
vs 34.2x median
+79% above peer median
Revenue Growth
+10.7%
vs +3.6% median
+193% above peer median
Net Margin
11.1%
vs 13.3% median
-17% below peer median
| Company | Mkt Cap | Fwd PE | Rev Grw | Margin | Rating | Upside |
|---|---|---|---|---|---|---|
GLW GLW Corning Incorporated | $167.5B | 61.2x | +10.7% | 11.1% | Buy | -13.3% |
APH APH Amphenol Corporation | $201.6B | 34.2x | +15.0% | 17.3% | Buy | +11.5% |
TEL TEL TE Connectivity Ltd. | $63.9B | 19.4x | +5.0% | 15.7% | Buy | +20.5% |
EMR EMR Emerson Electric Co. | $84.4B | 23.2x | +3.4% | 13.3% | Buy | +7.7% |
ROG ROG Rogers Corporation | $2.9B | 44.7x | +0.6% | -6.9% | Buy | -7.8% |
CEV CEVA CEVA, Inc. | $1.4B | 94.2x | +3.6% | -10.5% | Buy | -8.7% |
This peer comparison reflects companies with similar business models, product lines, or market positioning, supplemented by industry grouping when direct matches are limited.
GLW Dividend and Capital Return
GLW returns 0.7% total yield, led by a 0.60% dividend.
Dividend WatchFCF Adequate
Total Shareholder Yield
0.7%
Dividend + buyback return per year
Buyback Yield
0.1%
Dividend Yield
0.60%
Payout Ratio
62.6%
How GLW Splits Its Return
Div 0.60%
Dividend 0.60%Buybacks 0.1%
Dividend Profile
Yield, cadence, and growth quality
Dividend / Share
Trailing annualized cash dividend
$1.16
Growth Streak
Consecutive years of dividend increases
0Y
3Y Div CAGR
1.2%
5Y Div CAGR
4.9%
Ex-Dividend Date
—
Payment Cadence
Quarterly
4 payments over the last 12 months
Buyback Engine
How much per-share support comes from repurchases
Repurchases (TTM)
Cash used for buybacks in the latest trailing period
$163M
Estimated Shares Retired
835.9K
Approx. Share Reduction
0.1%
Shares Outstanding
Current diluted share count from the screening snapshot
859M
| Year | Div / Share | YoY Grw | BB Yield | Total Yield |
|---|---|---|---|---|
| 2026 | $0.56 | — | — | — |
| 2025 | $1.12 | 0.0% | 0.2% | 1.5% |
| 2024 | $1.12 | 0.0% | 0.6% | 3.0% |
| 2023 | $1.12 | +3.7% | 0.4% | 4.2% |
| 2022 | $1.08 | +12.5% | 1.0% | 4.4% |
FAQ
7 questionsGLW Investor Questions
Common questions answered from live analyst data and company financials.
01Is Corning Incorporated (GLW) stock a buy or sell in 2026?
Corning Incorporated (GLW) is rated Buy by Wall Street analysts as of 2026. Of 37 analysts covering the stock, 20 rate it Buy or Strong Buy, 15 rate it Hold, and 2 rate it Sell or Strong Sell. The consensus 12-month price target is $169, implying -13.3% from the current price of $195. The bear case scenario is $80 and the bull case is $167.
02What is the GLW stock price target for 2026?
The Wall Street consensus price target for GLW is $169 based on 37 analyst estimates. The high-end target is $228 (+16.9% from today), and the low-end target is $120 (-38.5%). The base case model target is $127.
03Is Corning Incorporated (GLW) stock overvalued in 2026?
GLW trades at 61.2x times forward earnings. The stock trades at a notable premium to the broad market, which is typical for businesses with strong free cash flow and above-average growth expectations. Based on current multiples versus the peer group, the relative model signals expensive versus peers. Whether the stock is over or undervalued ultimately depends on whether consensus earnings estimates are achievable.
04What are the main risks for Corning Incorporated (GLW) stock in 2026?
The primary risks for GLW in 2026 are: (1) Smartphone Market Contraction — Severe double-digit contraction in global smartphone shipments could negatively impact Corning's display glass segment. (2) Dependence on Hyperscalers — Multibillion-dollar deals with Amazon, NVIDIA, and Meta create concentration risk if demand from these partners slows. (3) Valuation Concerns — Stretched valuation at 85x earnings raises risks of a potential de-rating if growth disappoints. Each factor has the potential to pressure earnings or compress the stock's valuation multiple.
05What is Corning Incorporated's revenue and earnings forecast?
Analyst consensus estimates GLW will report consensus revenue of $18.1B (+10.7% year-over-year) and EPS of $2.43 (+15.9% year-over-year) for the upcoming fiscal year. The following year, analysts project $20.3B in revenue.
06When does Corning Incorporated (GLW) report its next earnings?
Corning Incorporated is expected to report its next earnings on approximately 2026-08-04. Consensus expects EPS of $0.76 and revenue of $4.6B. Over recent quarters, GLW has beaten EPS estimates 75% of the time.
07How much free cash flow does Corning Incorporated generate?
Corning Incorporated (GLW) generated $1.5B in free cash flow over the trailing twelve months — a free cash flow margin of 9.2%. GLW returns capital to shareholders through dividends (0.6% yield) and share repurchases ($163M TTM).