Latest Ratios: P/E Ratio 88.7x · EV/EBITDA 40.8x · ROE 13.7%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $141.3B | $75.3B | $41.3B | $26.2B | $27.4B | $31.4B | $27.8B | $26.2B | $28.4B | $28.6B | $27.8B |
| Enterprise Value | $150.0B | $84.0B | $47.6B | $32.9B | $33.5B | $37.1B | $33.8B | $32.0B | $32.1B | $29.4B | $26.4B |
| P/E Ratio → | 88.74 | 47.33 | 81.93 | 44.78 | 20.74 | 29.09 | 66.67 | 27.21 | 26.73 | — | 7.51 |
| P/S Ratio | 9.04 | 4.82 | 3.15 | 2.08 | 1.93 | 2.23 | 2.46 | 2.28 | 2.52 | 2.83 | 2.96 |
| P/B Ratio | 11.47 | 6.12 | 3.73 | 2.20 | 2.23 | 2.50 | 2.07 | 2.01 | 2.05 | 1.81 | 1.55 |
| P/FCF | 99.99 | 53.29 | 42.40 | 42.53 | 27.07 | 17.70 | 34.61 | 594.77 | 41.99 | 143.16 | 19.96 |
| P/OCF | 52.42 | 27.94 | 21.30 | 13.05 | 10.47 | 9.21 | 12.75 | 12.89 | 9.74 | 14.29 | 11.11 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.37 | 3.63 | 2.61 | 2.36 | 2.63 | 2.99 | 2.78 | 2.84 | 2.91 | 2.81 |
| EV / EBITDA | 40.78 | 22.84 | 19.16 | 14.55 | 11.60 | 10.33 | 16.67 | 11.39 | 11.18 | 10.56 | 10.07 |
| EV / EBIT | 64.34 | 35.18 | 41.70 | 28.70 | 16.05 | 13.61 | 37.62 | 22.26 | 18.93 | 16.25 | 6.85 |
| EV / FCF | — | 59.45 | 48.89 | 53.43 | 33.15 | 20.90 | 42.12 | 727.00 | 47.37 | 147.21 | 18.96 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 35.3% | 35.3% | 32.6% | 31.2% | 31.8% | 36.0% | 31.2% | 35.1% | 39.5% | 39.7% | 40.1% |
| Operating Margin | 14.9% | 14.9% | 8.7% | 7.1% | 10.1% | 15.0% | 4.5% | 11.4% | 14.0% | 16.1% | 15.2% |
| Net Profit Margin | 10.2% | 10.2% | 3.9% | 4.6% | 9.3% | 13.5% | 4.5% | 8.3% | 9.4% | -4.9% | 39.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 13.7% | 13.7% | 4.4% | 4.8% | 10.6% | 14.7% | 3.9% | 7.1% | 7.2% | -2.9% | 20.1% |
| ROA | 5.4% | 5.4% | 1.8% | 2.0% | 4.4% | 6.3% | 1.7% | 3.4% | 3.9% | -1.8% | 13.1% |
| ROIC | 9.1% | 9.1% | 4.7% | 3.6% | 5.9% | 8.4% | 2.0% | 5.4% | 6.9% | 7.4% | 6.0% |
| ROCE | 9.7% | 9.7% | 4.8% | 3.7% | 5.8% | 8.1% | 1.9% | 5.3% | 6.5% | 6.6% | 5.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.83 | 0.83 | 0.73 | 0.71 | 0.64 | 0.62 | 0.65 | 0.63 | 0.43 | 0.32 | 0.22 |
| Debt / EBITDA | 2.78 | 2.78 | 3.26 | 3.76 | 2.70 | 2.18 | 4.29 | 2.94 | 2.09 | 1.84 | 1.49 |
| Net Debt / Equity | — | 0.71 | 0.57 | 0.56 | 0.50 | 0.45 | 0.45 | 0.45 | 0.26 | 0.05 | -0.08 |
| Net Debt / EBITDA | 2.36 | 2.36 | 2.54 | 2.97 | 2.13 | 1.58 | 2.97 | 2.07 | 1.27 | 0.29 | -0.53 |
| Debt / FCF | — | 6.15 | 6.49 | 10.90 | 6.08 | 3.20 | 7.51 | 132.23 | 5.38 | 4.05 | -1.00 |
| Interest Coverage | 7.11 | 7.11 | 3.47 | 3.48 | 7.15 | 9.09 | 3.26 | 6.50 | 8.87 | 11.69 | 24.22 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.59 | 1.59 | 1.62 | 1.67 | 1.44 | 1.59 | 2.12 | 2.12 | 2.12 | 2.75 | 3.29 |
| Quick Ratio | 1.04 | 1.04 | 1.07 | 1.05 | 0.88 | 1.08 | 1.48 | 1.46 | 1.51 | 2.22 | 2.75 |
| Cash Ratio | 0.27 | 0.27 | 0.36 | 0.41 | 0.32 | 0.45 | 0.71 | 0.69 | 0.71 | 1.35 | 1.92 |
| Asset Turnover | — | 0.50 | 0.47 | 0.44 | 0.48 | 0.47 | 0.37 | 0.40 | 0.41 | 0.37 | 0.34 |
| Inventory Turnover | 3.29 | 3.29 | 3.25 | 3.25 | 3.33 | 3.64 | 3.19 | 3.22 | 3.35 | 3.56 | 3.83 |
| Days Sales Outstanding | — | 64.90 | 57.12 | 45.58 | 44.27 | 51.94 | 68.88 | 58.26 | 62.72 | 65.20 | 57.57 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.7% | 1.3% | 2.4% | 3.8% | 3.4% | 2.8% | 2.8% | 2.8% | 2.4% | 2.3% | 2.3% |
| Payout Ratio | 62.6% | 62.6% | 194.9% | 170.2% | 70.8% | 45.7% | 153.7% | 77.3% | 64.3% | — | 17.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.1% | 2.1% | 1.2% | 2.2% | 4.8% | 3.4% | 1.5% | 3.7% | 3.7% | — | 13.3% |
| FCF Yield | 1.0% | 1.9% | 2.4% | 2.4% | 3.7% | 5.6% | 2.9% | 0.2% | 2.4% | 0.7% | 5.0% |
| Buyback Yield | 0.1% | 0.2% | 0.6% | 0.4% | 1.0% | 1.1% | 0.4% | 3.7% | 7.8% | 8.6% | 15.3% |
| Total Shareholder Yield | 0.8% | 1.5% | 3.0% | 4.2% | 4.4% | 3.8% | 3.2% | 6.5% | 10.2% | 10.8% | 17.6% |
| Shares Outstanding | — | $860M | $869M | $859M | $857M | $844M | $772M | $899M | $941M | $895M | $1.1B |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying GLW stock.
Corning Inc's current P/E ratio is 88.7x. The historical average is 41.2x. This places it at the 92th percentile of its historical range.
Corning Inc's current EV/EBITDA is 40.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 15.8x.
Corning Inc's return on equity (ROE) is 13.7%. The historical average is 7.2%.
Based on historical data, Corning Inc is trading at a P/E of 88.7x. This is at the 92th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Corning Inc's current dividend yield is 0.71% with a payout ratio of 62.6%.
Corning Inc has 35.3% gross margin and 14.9% operating margin. Operating margin between 10-20% is typical for established companies.
Corning Inc's Debt/EBITDA ratio is 2.8x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
AI optical demand concentration
Metrics are mathematically derived from official filings.
Margin Recovery from Cyclical Lows
Gross margin expanded from 29.2% in 2024Q2 to 36.1% in 2026Q2, per reported figures, reflecting improved utilization and mix, though net margin remains volatile due to non-operating items.
The 700 basis point gross margin expansion over eight quarters suggests the high-fixed-cost furnace model is benefiting from higher capacity utilization, particularly in Optical Communications. Operating margin at 15.5% in 2026Q2 is near the top of the two-year range, but the 2025Q1 net margin of 4.5% versus 12.4% in 2026Q2 highlights earnings volatility from items like currency hedges and equity income. Investors should monitor whether the margin improvement is sustainable as AI-driven demand matures and capacity additions come online.
ROIC Trailing Revenue Growth
ROIC improved from 0.8% in 2024Q2 to 2.6% in 2026Q2, per quarterly data, but remains well below the cost of capital, suggesting returns are still recovering from cyclical lows.
Despite strong revenue growth, ROIC of 2.6% is modest, reflecting the capital-intensive nature of glass manufacturing and the lag between investment and returns. The sequential improvement from 1.0% in 2024Q1 indicates that the asset base is becoming more productive, but the absolute level implies that the company is not yet compounding returns at an attractive rate. The gap between ROIC and peer ROICs (e.g., APH at 28.3%) underscores the structural capital intensity, though Corning's recent investments in optical capacity may drive higher returns if AI demand persists.
Working Capital Drag Eases
Cash conversion cycle improved from 105 days in 2024Q1 to 90 days in 2026Q2, per reported figures, driven by faster receivables collection and extended payables, though inventory days remain elevated.
DSO fell from 49 to 57 days over the period, while DPO rose from 68 to 73 days, indicating improved customer collections and supplier leverage. However, DIO remains high at 106 days, reflecting the need to hold raw materials and finished goods for continuous furnace operation. The 15-day CCC improvement suggests better working capital management, but inventory levels could become a drag if demand softens, given the fixed-cost nature of production.
Debt Service Comfortable but Rising
D/EBITDA improved from 15.67 in 2024Q2 to 8.61 in 2026Q2, per reported figures, while interest coverage rose to 7.9x, indicating more comfortable debt service despite higher absolute debt.
Total debt increased to $9.4B, but EBITDA growth has outpaced debt, reducing leverage metrics. Interest coverage of 7.9x is adequate, though it dipped to -0.11x in 2024Q3 when operating income was negative. The D/E ratio of 0.71 is stable, but the company's high capital expenditure needs and cyclicality warrant monitoring. If AI-driven growth falters, the fixed-cost structure could pressure EBITDA and coverage ratios.
Liquidity Buffer Strengthens
Current ratio improved from 1.57 in 2024Q2 to 1.81 in 2026Q2, per balance sheet data, with cash rising to $2.5B, providing a stronger cushion against cyclical downturns.
The quick ratio of 1.24 in 2026Q2 indicates that even without inventory, current assets cover current liabilities, a solid position for a manufacturer. The improvement in liquidity is partly due to strong free cash flow generation in 2026Q2, but the prior quarter's negative FCF margin of -1.7% in 2025Q1 shows how quickly cash flow can swing. The current ratio suggests the company can weather a demand shock, though the high fixed-cost base means cash burn could accelerate if revenues decline sharply.
Misapplied P/E on Cyclical Earnings
The trailing P/E of 80.97 overstates expensiveness because it divides by trough earnings; forward P/E of 46.35 better reflects normalized earnings, but EV/EBITDA of 37.41 still implies high growth expectations.
Corning's earnings are highly cyclical, so a trailing P/E based on depressed 2024 earnings is misleading. The forward P/E of 46.35 is more relevant but still rich relative to peers like TEL (32.56) and EMR (38.30). EV/EBITDA of 37.41 is also elevated, suggesting the market is pricing in sustained AI-driven growth. Investors should use a mid-cycle earnings estimate or EV/EBITDA to value Corning, as the P/E can swing dramatically with the cycle. The PEG of 2.90 indicates that the growth rate implied by the multiple is already high, leaving little room for disappointment.