Recent News
Jan. 27, 2026 — Corning announced a multi-year supply agreement with a major hyperscaler valued up to $6.0 billion to provide fiber and data-center optical solutions. Jan. 2026 — Corning won CES 2026 Innovation Awards for two glass surface treatments showcased at the show. Mar. 2026 — Corning introduced new Gorilla Glass Ceramic and expanded optical connectivity licensing and product partnerships targeting higher-density data center applications.
Technical Analysis
Directional indicators (ADX/DI+/DI-): ADX reads 23.27, indicating an emerging trend; DI+ stands at 29.03 but its trend decreases while DI- sits at 27.60 and increases, implying directional momentum has recently shifted toward downside pressure despite an active trend. This behavior raises near-term caution against a sustained breakout above short-term resistance even as fundamental catalysts support higher structural earnings.
MACD: MACD equals 2.52 with the MACD trend decreasing and the MACD signal at 4.98; MACD below its signal line confirms weakening bullish momentum. The declining MACD reinforces the view that recent upside may pause or pull back before fundamental improvements fully price in.
MRO: MRO stands at 32.72 and is decreasing, which indicates price currently sits above a modeled target and the magnitude suggests a material potential for mean reversion. That pressure increases the probability of a corrective phase in the near term despite improving margins reported by management.
RSI and price structure: RSI at 59.59 with a decreasing trend shows momentum sliding from a previously stronger reading but not at overbought extremes. Price trades near $133.08, slightly below the 20-day average ($134.94) while remaining above the 50-day ($120.15) and 200-day ($84.62) averages; this alignment signals intermediate support from longer-term averages even as short-term momentum softens.
Fundamental Analysis
Revenue and growth: Total revenue stands at $4,215,000,000 with reported revenue growth of 2.81%; revenue growth year-over-year equals -13.53% while quarter-over-quarter reads -54.49%, showing uneven near-term top-line dynamics. Management’s commercial progress in optical communications and large backlog awards should help reaccelerate revenue in subsequent quarters as reported contracts ramp.
Profitability and margins: Gross margin equals 35.47% and operating margin equals 15.94%; EBIT margin equals 18.29%. EBIT margin shows QoQ improvement of 19.42% and YoY improvement of 24.11%. Compared with the industry peer mean EBIT margin of 18.95% and median of 21.22%, Corning’s EBIT margin sits slightly below the industry peer mean and below the median, reflecting margin gains that approach peer norms but have not yet exceeded typical peers.
Cash flow and capital structure: Operating cash flow equals $598,000,000 and free cash flow equals $620,000,000, producing a free cash flow yield of 0.825%, effectively in line with the industry peer mean of roughly 0.829%. Cash and short-term investments total $1,526,000,000 against net debt of $6,908,000,000; debt-to-EBITDA reads 8.36 and interest coverage approximates 8.29x, indicating manageable coverage but elevated leverage that narrows flexibility until cash conversion accelerates.
Valuation multiples and payout: Reported PE ratio equals 121.75x while forward PE equals 88.96x; the PE sits modestly above the industry peer mean of 109.22x and above the median of 112.10x. Price-to-book equals 6.37, below the industry peer mean of 7.36 but above the peer median of 5.20. Dividend yield equals 0.34% with a payout ratio near 47.22%, and dividend coverage stands about 2.12x.
Operational efficiency and returns: Asset turnover equals 0.138 with modest YoY improvement, return on equity equals 4.57% with a strong QoQ lift (22.73% QoQ), and return on invested capital rounds to 3.30% with positive QoQ momentum. These metrics show improving capital returns consistent with the company’s margin initiatives and large contract wins, supporting WMDST’s fair-valued stance.
Valuation note: The current valuation as determined by WMDST reads fair-valued, reflecting improved profitability and sizable contract backlog offset by high leverage and stretched multiples relative to some peer benchmarks.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-12-31 |
| REPORT DATE: | 2026-01-28 |
| NEXT REPORT DATE: | 2026-04-29 |
| CASH FLOW | Begin Period Cash Flow | $ 1.6 B |
| Operating Cash Flow | $ 598.0 M | |
| Capital Expenditures | $ -432.00 M | |
| Change In Working Capital | $ 257.0 M | |
| Dividends Paid | $ -255.00 M | |
| Cash Flow Delta | $ -122.00 M | |
| End Period Cash Flow | $ 1.5 B | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 4.2 B | |
| Forward Revenue | $ 1.6 B | |
| COSTS | ||
| Cost Of Revenue | $ 2.7 B | |
| Depreciation | $ 324.0 M | |
| Depreciation and Amortization | $ 351.0 M | |
| Research and Development | $ 284.0 M | |
| Total Operating Expenses | $ 3.5 B | |
| PROFITABILITY | ||
| Gross Profit | $ 1.5 B | |
| EBITDA | $ 1.1 B | |
| EBIT | $ 771.0 M | |
| Operating Income | $ 672.0 M | |
| Interest Income | $ 11.0 M | |
| Interest Expense | $ 93.0 M | |
| Net Interest Income | $ -82.00 M | |
| Income Before Tax | $ 678.0 M | |
| Tax Provision | $ 91.0 M | |
| Tax Rate | 13.422 % | |
| Net Income | $ 540.0 M | |
| Net Income From Continuing Operations | $ 587.0 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.71 | |
| EPS Actual | $ 0.72 | |
| EPS Difference | $ 0.01 | |
| EPS Surprise | 1.408 % | |
| Forward EPS | $ 0.95 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 31.0 B | |
| Intangible Assets | $ 3.1 B | |
| Net Tangible Assets | $ 8.7 B | |
| Total Current Assets | $ 8.9 B | |
| Cash and Short-Term Investments | $ 1.5 B | |
| Cash | $ 1.5 B | |
| Net Receivables | $ 2.8 B | |
| Inventory | $ 3.1 B | |
| Long-Term Investments | $ 332.0 M | |
| LIABILITIES | ||
| Accounts Payable | $ 2.0 B | |
| Short-Term Debt | $ 804.0 M | |
| Total Current Liabilities | $ 5.6 B | |
| Net Debt | $ 6.9 B | |
| Total Debt | $ 9.4 B | |
| Total Liabilities | $ 18.7 B | |
| EQUITY | ||
| Total Equity | $ 11.8 B | |
| Retained Earnings | $ 16.6 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 13.77 | |
| Shares Outstanding | 857.360 M | |
| Revenue Per-Share | $ 4.92 | |
| VALUATION | Market Capitalization | $ 75.2 B |
| Enterprise Value | $ 83.0 B | |
| Enterprise Multiple | 73.98 | |
| Enterprise Multiple QoQ | -1.253 % | |
| Enterprise Multiple YoY | 59.94 % | |
| Enterprise Multiple IPRWA | high: 264.455 median: 86.144 mean: 77.147 GLW: 73.98 low: -72.548 |
|
| EV/R | 19.693 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.624 | |
| Asset To Liability | 1.659 | |
| Debt To Capital | 0.443 | |
| Debt To Assets | 0.303 | |
| Debt To Assets QoQ | -1.404 % | |
| Debt To Assets YoY | 2476.34 % | |
| Debt To Assets IPRWA | high: 0.918 GLW: 0.303 mean: 0.272 median: 0.246 low: 0.001 |
|
| Debt To Equity | 0.794 | |
| Debt To Equity QoQ | -0.252 % | |
| Debt To Equity YoY | 2503.048 % | |
| Debt To Equity IPRWA | high: 1.927 GLW: 0.794 mean: 0.66 median: 0.472 low: -0.744 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 6.365 | |
| Price To Book QoQ | 13.388 % | |
| Price To Book YoY | 66.694 % | |
| Price To Book IPRWA | high: 12.718 mean: 7.363 GLW: 6.365 median: 5.196 low: -0.559 |
|
| Price To Earnings (P/E) | 121.747 | |
| Price To Earnings QoQ | 7.773 % | |
| Price To Earnings YoY | 45.238 % | |
| Price To Earnings IPRWA | high: 338.434 GLW: 121.747 median: 112.105 mean: 109.215 low: -239.759 |
|
| PE/G Ratio | 16.313 | |
| Price To Sales (P/S) | 17.83 | |
| Price To Sales QoQ | 12.885 % | |
| Price To Sales YoY | 52.982 % | |
| Price To Sales IPRWA | high: 55.108 median: 19.846 mean: 19.267 GLW: 17.83 low: 0.0 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 88.959 | |
| Forward PE/G | 11.92 | |
| Forward P/S | 47.185 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 8.118 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.138 | |
| Asset Turnover Ratio QoQ | -0.966 % | |
| Asset Turnover Ratio YoY | 10.832 % | |
| Asset Turnover Ratio IPRWA | high: 0.529 mean: 0.202 median: 0.196 GLW: 0.138 low: 0.002 |
|
| Receivables Turnover | 1.594 | |
| Receivables Turnover Ratio QoQ | -6.546 % | |
| Receivables Turnover Ratio YoY | -8.042 % | |
| Receivables Turnover Ratio IPRWA | high: 2.671 GLW: 1.594 mean: 1.485 median: 1.391 low: 0.381 |
|
| Inventory Turnover | 0.88 | |
| Inventory Turnover Ratio QoQ | 5.546 % | |
| Inventory Turnover Ratio YoY | 5.373 % | |
| Inventory Turnover Ratio IPRWA | high: 2.498 median: 1.183 mean: 1.079 GLW: 0.88 low: 0.172 |
|
| Days Sales Outstanding (DSO) | 57.24 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 95.667 | |
| Cash Conversion Cycle Days QoQ | 1.077 % | |
| Cash Conversion Cycle Days YoY | -6.971 % | |
| Cash Conversion Cycle Days IPRWA | high: 299.512 mean: 101.186 GLW: 95.667 median: 84.663 low: 19.926 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 1.274 | |
| CapEx To Revenue | -0.102 | |
| CapEx To Depreciation | -1.333 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 19.4 B | |
| Net Invested Capital | $ 20.2 B | |
| Invested Capital | $ 20.2 B | |
| Net Tangible Assets | $ 8.7 B | |
| Net Working Capital | $ 3.3 B | |
| LIQUIDITY | ||
| Cash Ratio | 0.271 | |
| Current Ratio | 1.588 | |
| Current Ratio QoQ | 2.052 % | |
| Current Ratio YoY | -2.274 % | |
| Current Ratio IPRWA | high: 6.332 median: 2.35 mean: 2.334 GLW: 1.588 low: 0.51 |
|
| Quick Ratio | 1.041 | |
| Quick Ratio QoQ | 4.179 % | |
| Quick Ratio YoY | -2.793 % | |
| Quick Ratio IPRWA | high: 6.447 mean: 1.797 median: 1.783 GLW: 1.041 low: 0.423 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 8.357 | |
| Cost Of Debt | 0.754 % | |
| Interest Coverage Ratio | 8.29 | |
| Interest Coverage Ratio QoQ | 2.969 % | |
| Interest Coverage Ratio YoY | 26.925 % | |
| Interest Coverage Ratio IPRWA | high: 48.5 mean: 13.902 median: 13.712 GLW: 8.29 low: -31.892 |
|
| Operating Cash Flow Ratio | 0.106 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 70.878 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 2.118 | |
| Dividend Payout Ratio | 0.472 | |
| Dividend Rate | $ 0.30 | |
| Dividend Yield | 0.003 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 3.543 % | |
| Revenue Growth | 2.805 % | |
| Revenue Growth QoQ | -54.486 % | |
| Revenue Growth YoY | -13.533 % | |
| Revenue Growth IPRWA | high: 24.001 % mean: 4.806 % median: 3.949 % GLW: 2.805 % low: -17.044 % |
|
| Earnings Growth | 7.463 % | |
| Earnings Growth QoQ | -36.033 % | |
| Earnings Growth YoY | 34.323 % | |
| Earnings Growth IPRWA | high: 157.143 % GLW: 7.463 % mean: 2.106 % median: -1.111 % low: -153.846 % |
|
| MARGINS | ||
| Gross Margin | 35.469 % | |
| Gross Margin QoQ | -4.327 % | |
| Gross Margin YoY | 3.741 % | |
| Gross Margin IPRWA | high: 87.538 % mean: 39.115 % median: 38.222 % GLW: 35.469 % low: -3.321 % |
|
| EBIT Margin | 18.292 % | |
| EBIT Margin QoQ | 19.423 % | |
| EBIT Margin YoY | 24.106 % | |
| EBIT Margin IPRWA | high: 41.05 % median: 21.225 % mean: 18.953 % GLW: 18.292 % low: -55.59 % |
|
| Return On Sales (ROS) | 15.943 % | |
| Return On Sales QoQ | 10.977 % | |
| Return On Sales YoY | 8.169 % | |
| Return On Sales IPRWA | high: 41.836 % median: 20.904 % mean: 18.776 % GLW: 15.943 % low: -29.815 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 620.0 M | |
| Free Cash Flow Yield | 0.825 % | |
| Free Cash Flow Yield QoQ | 18.705 % | |
| Free Cash Flow Yield YoY | -8.739 % | |
| Free Cash Flow Yield IPRWA | high: 4.766 % median: 0.861 % mean: 0.829 % GLW: 0.825 % low: -5.254 % |
|
| Free Cash Growth | 37.778 % | |
| Free Cash Growth QoQ | 202.224 % | |
| Free Cash Growth YoY | -261.141 % | |
| Free Cash Growth IPRWA | high: 99.057 % GLW: 37.778 % median: 21.004 % mean: -12.723 % low: -395.065 % |
|
| Free Cash To Net Income | 1.148 | |
| Cash Flow Margin | 14.187 % | |
| Cash Flow To Earnings | 1.107 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 1.774 % | |
| Return On Assets QoQ | 21.01 % | |
| Return On Assets YoY | 60.398 % | |
| Return On Assets IPRWA | high: 8.472 % median: 2.962 % mean: 2.564 % GLW: 1.774 % low: -7.977 % |
|
| Return On Capital Employed (ROCE) | 3.042 % | |
| Return On Equity (ROE) | 0.046 | |
| Return On Equity QoQ | 22.726 % | |
| Return On Equity YoY | 57.67 % | |
| Return On Equity IPRWA | high: 0.198 mean: 0.063 median: 0.058 GLW: 0.046 low: -0.139 |
|
| DuPont ROE | 4.626 % | |
| Return On Invested Capital (ROIC) | 3.298 % | |
| Return On Invested Capital QoQ | 21.339 % | |
| Return On Invested Capital YoY | -111.846 % | |
| Return On Invested Capital IPRWA | high: 9.312 % median: 4.143 % mean: 3.365 % GLW: 3.298 % low: -9.184 % |
|