CORNING INC /NY GLW
Corning traces its origins to a glass business established in 1851. The present corporation was incorporated in the State of New York in December 1936. The Company's name was changed from Corning Glass Works to Corning Incorporated on April 28, 1989.
Corning is vital to progress – in the industries we help advance and in the world we share. With a 175-year track record of life-changing inventions, Corning applies its unparalleled expertise in glass science, ceramic science and optical physics, along with its deep manufacturing and engineering capabilities to develop category-defining products that transform industries and enhance people's lives. Our materials science and manufacturing expertise, boundless curiosity and commitment to purposeful invention place us at the center of the way the world works, learns and lives. In addition, our sustained investment in research, development and engineering capabilities means we are always ready to solve the toughest challenges alongside our customers.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $15.63B | $13.12B | $12.59B | $14.19B | $14.08B | $11.30B | $11.50B | $11.29B | $10.12B | $9.39B |
| Cost of revenue | $10.01B | $8.84B | $8.66B | $9.68B | $9.02B | $7.77B | $7.47B | $6.83B | $6.10B | $5.63B |
| Gross profit | $5.62B | $4.28B | $3.93B | $4.51B | $5.06B | $3.53B | $4.04B | $4.46B | $4.02B | $3.76B |
| R&D | $800.0M | $800.0M | $900.0M | $900.0M | $800.0M | $1.00B | $800.0M | $807.0M | $689.0M | $637.0M |
| SG&A | $2.12B | $1.93B | $1.84B | $1.90B | $1.83B | $1.75B | $1.58B | $1.80B | $1.47B | $1.46B |
| Operating income | $2.28B | $1.14B | $890.0M | $1.44B | $2.11B | $509.0M | $1.31B | $1.57B | $1.61B | $1.42B |
| Interest expense | $336.0M | $329.0M | $329.0M | $292.0M | — | — | — | — | — | — |
| Pre-tax income | $2.05B | $813.0M | $816.0M | $1.80B | $2.43B | $634.0M | $1.22B | $1.50B | $1.66B | $3.69B |
| Income tax | $310.0M | $221.0M | $168.0M | $411.0M | $491.0M | $111.0M | $256.0M | $437.0M | $2.15B | $3.0M |
| Net income | $1.60B | $506.0M | $581.0M | $1.32B | $1.91B | $512.0M | $960.0M | $1.07B | -$497.0M | $3.69B |
| EPS, basic | 1.87 | 0.59 | 0.69 | 1.56 | 1.30 | 0.54 | 1.11 | 1.19 | -0.66 | 3.53 |
| EPS, diluted | 1.83 | 0.58 | 0.68 | 1.54 | 1.28 | 0.54 | 1.07 | 1.13 | -0.66 | 3.23 |
| Shares, diluted (wtd. avg.) | $871.0M | $869.0M | $859.0M | $857.0M | $844.0M | $772.0M | $899.0M | $941.0M | $895.0M | $1.14B |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $1.53B | $1.77B | $1.78B | $1.67B | $2.15B | $2.67B | $2.43B | $2.35B | $4.32B | $5.29B |
| Receivables | $2.78B | $2.05B | $1.57B | $1.72B | $2.00B | $2.13B | $1.84B | $1.94B | $1.81B | $1.48B |
| Inventory | $3.08B | $2.72B | $2.67B | $2.90B | $2.48B | $2.44B | $2.32B | $2.04B | $1.71B | $1.47B |
| Total current assets | $8.94B | $7.99B | $7.21B | $7.45B | $7.66B | $8.00B | $7.46B | $7.03B | $8.83B | $9.05B |
| Property, plant and equipment | $14.82B | $13.36B | $14.63B | $15.37B | $15.80B | $15.74B | $15.34B | $14.89B | $14.02B | $12.55B |
| Goodwill | $2.49B | $2.36B | $2.38B | $2.39B | $2.42B | $2.46B | $1.94B | $1.94B | $1.69B | $1.58B |
| Other intangibles | $657.0M | $752.0M | $905.0M | $1.03B | $1.15B | $1.31B | $1.19B | $1.29B | $869.0M | $796.0M |
| Total assets | $30.98B | $27.73B | $28.50B | $29.50B | $30.15B | $30.77B | $28.90B | $27.50B | $27.49B | $27.90B |
| Accounts payable | $1.98B | $1.47B | $1.47B | $1.80B | $1.61B | $1.17B | $1.59B | $1.46B | $1.44B | $1.08B |
| Short-term debt | $804.0M | $326.0M | $320.0M | $224.0M | $55.0M | $156.0M | $11.0M | $4.0M | $379.0M | $256.0M |
| Total current liabilities | $5.63B | $4.92B | $4.32B | $5.17B | $4.81B | $3.77B | $3.52B | $3.31B | $3.21B | $2.75B |
| Total liabilities | $18.67B | $16.66B | $16.63B | $17.22B | $17.61B | $17.33B | $15.90B | $13.62B | $11.72B | $9.94B |
| Retained earnings | $16.55B | $15.93B | $16.39B | $16.78B | $16.39B | $16.12B | $16.41B | $16.30B | $15.93B | $16.88B |
| Total equity | $11.81B | $10.69B | $11.87B | $12.28B | $12.54B | $13.45B | $13.00B | $13.89B | $15.77B | $17.96B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $2.69B | $1.94B | $2.00B | $2.62B | $3.41B | $2.18B | $2.03B | $2.92B | $2.00B | $2.54B |
| Depreciation and amortisation | $1.24B | $1.23B | $1.25B | $1.33B | $1.35B | $1.40B | $1.39B | $1.20B | $1.08B | $1.13B |
| Stock-based compensation | $286.0M | $273.0M | $218.0M | $175.0M | $190.0M | $207.0M | $56.0M | $51.0M | $46.0M | $42.0M |
| Capital expenditure | $1.28B | $965.0M | $1.39B | $1.60B | $1.64B | $1.38B | $1.98B | $2.24B | — | — |
| Investing cash flow | -$1.24B | -$744.0M | -$1.00B | -$1.35B | -$1.42B | -$1.31B | -$1.89B | -$2.89B | -$1.71B | $3.66B |
| Financing cash flow | -$1.67B | -$1.16B | -$883.0M | -$1.65B | -$2.45B | -$729.0M | -$47.0M | -$2.00B | -$1.62B | -$5.32B |
| Buybacks | $163.0M | $165.0M | — | $221.0M | $274.0M | $105.0M | $940.0M | $2.23B | $2.45B | $4.23B |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000024741-26-000124.
Others in SIC 3357
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| BDC | BELDEN INC. | $4.78B | 20.7x | 10.3% |
| OCC | OPTICAL CABLE CORP | $122.3M | — | 9.5% |
| APWC | ASIA PACIFIC WIRE & CABLE CORP LTD | — | — | — |