Quality Investor

Corning Incorporated

Rank #384Op. Leverage

GLW · NYSE · Technology

Corning Incorporated (GLW) — Rank #384 by gross profitability (GP/assets 0.18) · ROE 13.5% · Piotroski F-Score N/A.

As-of 2026-09-15 · CIK 0000024741 · all metrics point-in-time as of the filing date.

About

Corning Incorporated operates in optical communications, display, specialty materials, automotive, and life sciences businesses in the United States, Canada, Mexico, Japan, Taiwan, China, South Korea, Germany, and internationally.

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The company provides optical fibers and cables; and hardware and equipment products, such as cable assemblies, fiber optic hardware and connectors, optical components and couplers, closures, network interface devices, and other accessories for the telecommunications industry, businesses, governments, and individuals. It also offers glass substrates for flat panel displays, including liquid crystal displays and organic light-emitting diodes that are used in televisions, notebook computers, desktop monitors, tablets, and handheld devices. In addition, it manufactures products that offer material formulations for glass, glass ceramics, crystals, precision metrology instruments, and software, as well as glass wafers and substrates, tinted sunglasses, and radiation shielding products for markets, such as mobile consumer electronics, semiconductor equipment optics and consumables, aerospace and defense optics, radiation shielding products, sunglasses, and telecommunications components. Further, the company provides ceramic substrates and filter products for emissions control in mobile, gasoline, and diesel applications, as well as technical glass and optic products and solutions for the interior and exterior of vehicles. Additionally, it offers laboratory products, including plastic vessels, liquid handling plastics, specialty surfaces, cell culture media, and serum, as well as general labware, and glassware and equipment under the Corning, Falcon, PYREX, and Axygen brands. It also offers polysilicon products and pharmaceutical glass tubing and vials. 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.

Industry
Electronic Components
Sector
Technology
State
NY
Filer Category
Large accelerated filer
Fiscal Year End
December 31

Price History

GLW+377.5% · +36.7% CAGRSPY+80.5% · +12.5% CAGR

Company Snapshot

P/E and reverse DCF are the primary valuation lenses at this stage.

Market Cap

$123.62B

P/E (annual)

78.6

P/S (annual)

7.9

P/B

10.5

P/OCF (annual)

45.9

Shareholder Yield

-0.2%

Employees

67,200

Industry

Electronic Components

Exchange

NYSE

Signal Flags

4 green1 red
Revenue growth acceleratingGrowth rate increasing year over year
Operating leverage expandingOperating income growing faster than revenue
Deferred revenue growingRevenue and deferred revenue both growing — retention signal
Sequential beat (rev + EPS)Both revenue and EPS exceeded prior quarter — 1-quarter streak
Balance sheet deterioratingNet cash collapsed with receivables or inventory outpacing revenue

Quality Profile

Profitability

1/1 pass
GP / assets
0.18
Return on equity
13.5%
Gross margin trend
PASS

Safety

1/1 pass
Balance-sheet safety
PASS
Debt / equity
1.53
Current ratio
1.61×
Net cash
$500.00M

Cash Flow

1/1 pass
Positive FCF
N/A
Cash-backed earnings
N/A
Accruals healthy
PASS
SBC / revenue
1.8%

Growth

2/2 pass
Revenue growth
19.1%
Piotroski F-Score
N/A
Share dilution
0.2%

Terry Smith quality gate

Passes 0/5 Terry Smith thresholds

2 of 5 thresholds not computable from filed data.

Valuation History

Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.

P / E

Price / diluted EPS

71.9xExpensive
10.5xmed 32.3x89.8x

P / S

Price / revenue per share

7.3xExpensive
2.2xmed 2.7x7.3x

P / B

Price / book value per share

9.7xExpensive
1.9xmed 2.4x9.7x

P / GP

Price / gross profit per share

20.4xExpensive
6.2xmed 7.4x20.4x

Operating margin expansion and free cash flow are the primary reads at this stage.

Profitability

Gross profitability (GP / assets)

0.18

Primary signal (Novy-Marx).

2nd of 6 SIC 33 peers

Return on equity

13.5%

Gross margin

36.0%

1st of 6 SIC 33 peers

Revenue growth (YoY)

19.1%

Gross margin improving

Margin trend vs prior year.

PASS

Operating Leverage

2022202320242025
Revenue vs COGS
Revenue vs OpEx
Op. Income vs Revenue

Growth

Revenue CAGR (3Y)

3.3%

Revenue CAGR (5Y)

6.7%

Earnings CAGR (3Y)

6.6%

FCF CAGR (3Y)

Anti-fragile safety

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

1.53

5th of 6 SIC 33 peers (best = lowest)

Current ratio

1.61×

6th of 6 SIC 33 peers

Quick ratio

0.75×

Net cash

$500.00M

Cash & equivalents minus total debt.

Cash-flow health

Free cash flow

Operating cash flow minus capex.

Positive free cash flow

N/A

FCF / net income

Cash-backing of earnings.

FCF/NI divergence

Unfavorable divergence (yellow flag).

N/A

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

1.8%

Stock-based comp intensity.

Piotroski F-Score

F-Score

N/A

Only 8/9 components determinable.

Lifecycle Phase History

20202025
Capital Return
Hypergrowth
Value
Decline
Op. Leverage