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Corning

GLW NYSE Electronic Components Financials FY2016–FY2025

Corning's revenue rose 19.1% to $15.6 billion in fiscal 2025. Its operating margin was 14.6%, up from 8.7% a year earlier. Free cash flow was $1.4 billion, up 45.1%. It paid out $1.2 billion in dividends and buybacks, 82% of free cash flow. The diluted share count rose 0.2%.

Last close · Oct 23, 2026

$123.69

0.2%
Value it Compare
Revenue Total sales reported in the income statement.
$15.6B
19.1% vs prior year
Operating margin Operating income as a share of revenue.
14.6%
5.9 pts
Net income Profit after all expenses, interest and tax.
$1.6B
215.4%
Free cash flow Cash from operations minus capital spending.
$1.4B
45.1%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
10.8%
6.0 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$108.2B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
56.5x
On $2.19 EPS (TTM)

What Corning does

Corning is a materials company, tracing back to a glass business started in 1851. It makes glass, ceramics and optical fiber for other companies' products. Its markets include optical communications, displays, mobile electronics, cars and trucks, life sciences, semiconductors and solar. It makes products in 14 countries.

It reports five segments. Optical Communications sells optical fiber, cable and connection hardware to telephone and cable carriers and to businesses, including data centers. Display makes precision glass for screens. Specialty Materials makes specialty glass, including damage-resistant cover glass for mobile devices. Automotive combines technical glass for vehicles with clean-air products for cars and trucks. Life Sciences makes lab products used in drug discovery and delivery.

Corning says demand for fiber and connection products inside and between data centers is rising with artificial intelligence. Corning says its Optical Communications and Display segments produce a large part of its profit and cash flow. In 2025 it started managing its auto glass and environmental technologies businesses together as the Automotive segment, and it renamed Display Technologies as Display.

Legal name
CORNING INC /NY
Fiscal year ends
December 31, 2025
Latest annual report
10-K · Feb 12, 2026
Accession · CIK
0000024741-26-000124
0000024741

Revenue and margins

Corning had $15.6B of revenue in fiscal 2025, up 19.1% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew −6.1% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $1.4B in fiscal 2025, 9.0% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Corning returned $1.2B to shareholders in fiscal 2025, 82% of free cash flow. The diluted share count rose 0.2%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Corning yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$6.9B and divides by 871.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 56.5x · peers 18.6x · sector 33.0x.

Balance sheet

Cash, debt and the ratios that show how comfortably Corning can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $2.1B$1.7B$1.8B$1.8B$1.5B
Debt incl. finance leases $7.0B$6.9B$7.5B$7.2B$8.4B
Net debt / EBITDA 1.4x1.8x2.5x2.2x1.9x
Debt / equity 0.6x0.6x0.7x0.7x0.7x
Interest coverage 7.0x4.9x2.7x3.5x6.8x
Current ratio 1.6x1.4x1.7x1.6x1.6x
Quick ratio 1.1x0.9x1.1x1.1x1.0x
Total assets $30.2B$29.5B$28.5B$27.7B$31.0B
Total liabilities $17.6B$17.2B$16.6B$16.7B$18.7B
Shareholders' equity $12.3B$12.0B$11.6B$10.7B$11.8B
Net debt (− = net cash) $4.9B$5.2B$5.7B$5.4B$6.9B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$50.6M

10 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Sep 4, 2026 Michelle L GulloSenior Vice President & CHRO Sold 9,874 $152.29 $1.5M Form 4
Aug 28, 2026 Lewis A SteversonVice Chairman, EVP and CLAO Sold 13,100 $151.29 $2.0M Form 4
Jun 9, 2026 Wendell P WeeksChairman, CEO and President, Director Sold 100,000 $186.46 $18.6M Form 4
May 22, 2026 Jaymin AminSVP and Chief Tech. Officer Sold 27,395 $192.14 $5.3M Form 4
May 15, 2026 Avery H Nelson IIIExecutive Vice President & COO Sold 20,000 $195.93 $3.9M Form 4
May 13, 2026 Ronald L VerkleerenSVP Emerging Innovations Group Sold 10,000 $207.77 $2.1M Form 4
May 11, 2026 John Z ZhangExec. Vice President & CCDO Sold 10,000 $198.34 $2.0M Form 4
May 11, 2026 Michaune D TillmanSVP and General Counsel Sold 3,260 $207.02 $0.7M Form 4
May 11, 2026 Soumya SeetharamSenior Vice President & CDIO Sold 20,000 $206.23 $4.1M Form 4
May 8, 2026 Lewis A SteversonVice Chairman, EVP and CLAO Sold 27,750 $196.06 $5.4M Form 4
May 8, 2026 Michelle L GulloSenior Vice President & CHRO Sold 5,315 $189.03 $1.0M Form 4
May 8, 2026 Stefan BeckerSVP, Finance & Corp Controller Sold 21,000 $188.08 $3.9M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✕ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✓ ✕
Current ratio rose ✓ ✕ ✕
Share count didn't rise ✕ ✕ ✕
Gross margin rose ✕ ✓ ✓
Revenue rose relative to assets ✕ ✓ ✓
F-score 4 / 96 / 96 / 9
Accruals ratio −4.9%−5.1%−3.7%
Altman Z'' 3.503.573.63

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Corning GLW $108.2B 19.1% 14.6% 9.0% 10.8% 56.5x 6
Amphenol APH $95.5B 51.7% 25.4% 19.0% 29.1% 18.6x 7 Compare →
Coherent COHR $40.9B 22.5% — −14.4% 9.1% 50.8x 7 Compare →
Belden BDC $4.1B 10.3% 11.6% 8.1% 13.3% 16.9x 8 Compare →
Littelfuse LFUS $8.9B 8.9% 1.6% 15.3% 0.7% — 6 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $9.4B $10.1B $11.3B $11.5B $11.3B $14.1B $14.2B $12.6B $13.1B $15.6B
Gross profit $3.8B $4.0B $4.5B $4.0B $3.5B $5.1B $4.5B $3.9B $4.3B $5.6B
Research and development $637M $689M $807M $800M $1.0B $800M $900M $900M $800M $800M
Operating income $1.4B $1.6B $1.6B $1.3B $509M $2.1B $1.4B $890M $1.1B $2.3B
Interest expense $159M $155M $191M $221M $276M $300M $292M $329M $329M $336M
Pretax income $3.7B $1.7B $1.5B $1.2B $634M $2.4B $1.8B $816M $813M $2.1B
Income tax −$3.0M $2.2B $437M $256M $111M $491M $411M $168M $221M $310M
Net income $3.7B −$497M $1.1B $960M $512M $1.9B $1.3B $581M $506M $1.6B
Diluted EPS $3.23 −$0.66 $1.13 $1.07 $0.54 $1.28 $1.54 $0.68 $0.58 $1.83
Diluted shares 1.14B 0.90B 0.94B 0.90B 0.77B 0.84B 0.86B 0.86B 0.87B 0.87B
Cash flow
Cash from operations $2.5B $2.0B $2.9B $2.0B $2.2B $3.4B $2.6B $2.0B $1.9B $2.7B
Capital expenditure — — $2.2B $2.0B $1.4B $1.6B $1.6B $1.4B $965M $1.3B
Free cash flow — — $677M $53.0M $803M $1.8B $1.0B $615M $974M $1.4B
Depreciation and amortization $1.2B $1.2B $1.3B $1.5B $1.5B $1.5B $1.5B $1.4B $1.4B $1.3B
Stock-based compensation $42.0M $46.0M $51.0M $56.0M $207M $190M $175M $218M $273M $286M
Acquisitions $333M $171M $842M $0.0M $4.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $4.2B $2.5B $2.2B $940M $105M $274M $221M $0.0M $165M $163M
Dividends paid $645M $651M $685M $742M $787M $871M $932M $989M $986M $999M
Dividends and buybacks $4.9B $3.1B $2.9B $1.7B $892M $1.1B $1.2B $989M $1.2B $1.2B
Balance sheet
Cash and short-term investments $5.3B $4.3B $2.4B $2.4B $2.7B $2.1B $1.7B $1.8B $1.8B $1.5B
Total debt $3.9B $5.1B $6.0B $7.7B $8.0B $7.0B $6.9B $7.5B $7.2B $8.4B
Finance lease liabilities $0.0M $0.0M $0.0M $280M $173M $183M $0.0M $0.0M $174M $1.2B
Current assets $9.0B $8.8B $7.0B $7.5B $8.0B $7.7B $7.5B $7.2B $8.0B $8.9B
Current liabilities $2.8B $3.2B $3.3B $3.5B $3.8B $4.8B $5.2B $4.3B $4.9B $5.6B
Inventory $1.5B $1.7B $2.0B $2.3B $2.4B $2.5B $2.9B $2.7B $2.7B $3.1B
Property and equipment, net $12.5B $14.0B $14.9B $15.3B $15.7B $15.8B $15.4B $14.6B $13.4B $14.8B
Total assets $27.9B $27.5B $27.5B $28.9B $30.8B $30.2B $29.5B $28.5B $27.7B $31.0B
Total liabilities $9.9B $11.7B $13.6B $15.9B $17.3B $17.6B $17.2B $16.6B $16.7B $18.7B
Shareholders' equity $17.9B $15.7B $13.8B $12.9B $13.3B $12.3B $12.0B $11.6B $10.7B $11.8B
Margins
Gross margin 40.1% 39.7% 39.5% 35.1% 31.2% 36.0% 31.8% 31.2% 32.6% 36.0%
Operating margin 15.2% 15.9% 14.0% 11.4% 4.5% 15.0% 10.1% 7.1% 8.7% 14.6%
EBITDA margin 27.9% 27.3% 25.4% 24.4% 18.0% 25.5% 20.4% 18.0% 18.9% 23.2%
Net margin 39.4% −4.9% 9.4% 8.4% 4.5% 13.5% 9.3% 4.6% 3.9% 10.2%
FCF margin — — 6.0% 0.5% 7.1% 12.6% 7.1% 4.9% 7.4% 9.0%
Returns
Return on capital 8.2% 4.9% 6.6% 5.8% 2.3% 9.3% 6.4% 4.0% 4.8% 10.8%
Return on capital employed 5.6% 6.5% 6.5% 5.3% 1.9% 8.1% 5.8% 3.7% 4.8% 9.5%
Return on equity 20.2% −3.0% 7.2% 7.2% 3.9% 14.9% 10.8% 4.9% 4.6% 14.2%
Return on assets 13.1% −1.8% 3.9% 3.4% 1.7% 6.3% 4.4% 2.0% 1.8% 5.4%
Growth
Revenue growth 3.1% 7.7% 11.6% 1.9% −1.7% 24.6% 0.8% −11.3% 4.2% 19.1%
Net income growth 176.0% −113.5% — −9.9% −46.7% 272.3% −31.0% −55.9% −12.9% 215.4%
EPS growth 223.0% −120.4% — −5.3% −49.5% 137.0% 20.3% −55.8% −14.7% 215.5%
FCF growth — — — −92.2% 1,415.1% 121.1% −43.0% −39.2% 58.4% 45.1%
Share count change −14.8% −21.8% 5.1% −4.5% −14.1% 9.3% 1.5% 0.2% 1.2% 0.2%
Financial health
Net debt / EBITDA −0.5x 0.3x 1.3x 1.9x 2.6x 1.4x 1.8x 2.5x 2.2x 1.9x
Debt / equity 0.2x 0.3x 0.4x 0.6x 0.6x 0.6x 0.6x 0.7x 0.7x 0.7x
Interest coverage 9.0x 10.4x 8.3x 5.9x 1.8x 7.0x 4.9x 2.7x 3.5x 6.8x
Current ratio 3.3x 2.8x 2.1x 2.1x 2.1x 1.6x 1.4x 1.7x 1.6x 1.6x
Quick ratio 2.8x 2.2x 1.5x 1.5x 1.5x 1.1x 0.9x 1.1x 1.1x 1.0x
Capital allocation
Capex / revenue — — 19.9% 17.2% 12.2% 11.6% 11.3% 11.0% 7.4% 8.2%
Stock comp / revenue 0.5% 0.5% 0.5% 0.5% 1.8% 1.4% 1.2% 1.7% 2.1% 1.8%
Payouts / FCF — — 430.1% 3,173.6% 111.1% 64.5% 114.1% 160.8% 118.2% 82.2%
Quality scores
Piotroski F-score 6.0 4.0 5.0 5.0 6.0 7.0 4.0 4.0 6.0 6.0
Altman Z'' 5.7 5.0 4.3 3.9 3.5 3.6 3.4 3.5 3.6 3.6
Accruals ratio 4.1% −9.0% −6.7% −3.8% −5.6% −4.9% −4.4% −4.9% −5.1% −3.7%

Source: SEC EDGAR XBRL filings (CIK 0000024741). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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