Recent News
On January 27–28, 2026 the company announced a multiyear agreement with Meta worth up to $6 billion to accelerate U.S. data-center buildout. On February 11, 2026 the Board declared a quarterly cash dividend of $0.28 per share, payable March 30, 2026 to holders of record February 27, 2026. Corning also received CES 2026 innovation recognition for two glass surface treatments and launched a new Gorilla Glass Ceramic product in late February–early March 2026.
Technical Analysis
Directional indicators present a bullish bias: DI+ shows a dip-and-reversal and DI‑ shows a peak-and-reversal, both signaling directional upside in the short run; however ADX at 18.75 indicates no established trend strength, so directional moves may rely on episodic catalysts tied to news flow and volume.
MACD sits at 2.63 with a MACD signal of 3.28 and a MACD trend labeled peak-and-reversal; that configuration signifies waning bullish momentum and a bearish momentum signal while price holds above short-term averages, implying momentum divergence that could compress near-term gains.
MRO at 24.61 (trend decreasing) indicates price sits above the model target and therefore carries the potential for downward reversion pressure; the declining MRO suggests that reversion risk has begun to ease but remains present while MRO stays positive.
RSI near 58.6 with a dip-and-reversal points to renewed buying momentum without overbought readings, supporting further consolidation above recent short-term averages rather than an immediate exhaustion.
Price behavior reinforces mixed technicals: last close $135.32 sits above the 20‑day average ($132.86), the 50‑day average ($125.00) and well above the 200‑day average ($86.76), with the 12‑day EMA showing a dip-and-reversal. Volume at ~11.2M exceeded the 10‑day average and the 200‑day average, signaling dealer and institutional participation that aligns with the recent commercial announcements. Short‑term volatility metrics and a 42‑day beta of 3.49 flag elevated short-horizon risk despite the longer‑term beta near 1.44.
Fundamental Analysis
Reported EPS came in at $0.72 versus an estimate of $0.71, a $0.01 beat and an EPS surprise of about 1.41%, consistent with the company’s delivery in the latest quarter. Forward EPS stands near $0.95 with a forward P/E of about 88.96; trailing P/E reads 121.75, reflecting elevated multiple compression versus forward expectations.
Operating profitability sits at an operating margin of 15.943% and an EBIT margin of 18.292%; EBIT margin improved roughly 19.42% quarter-over-quarter and about 24.11% year-over-year. The EBIT margin registers slightly below the industry peer mean (≈18.953%) and below the industry peer median (≈21.225%), indicating profitability near peers but not exceeding median peer performance.
Revenue totaled $4.215 billion with YoY revenue contraction of 13.533% and a quarter-over-quarter decline of 54.486% in the QoQ growth metric—these labels indicate recent seasonality or timing effects in order flow rather than the longer-term sales trajectory implied by the upgraded Springboard plan.
Cash generation remains solid: free cash flow $620 million with a free cash flow yield of ~0.83%, slightly under the industry peer mean (≈0.86%). Cash and short‑term investments total $1.526 billion and operating cash flow reached $598 million, with free cash to net income at about 1.15x, supporting the dividend (coverage ratio ~2.12) and capital allocation flexibility noted by management.
Leverage and capital efficiency show mixed signals: total debt near $9.377 billion produces a debt-to-assets ratio of 30.27%, modestly above the industry peer mean (~27.22%), while interest coverage at 8.29 lies below the industry peer mean (~13.90), offering adequate cushion but less interest coverage than peers. Return on equity at 4.574% and return on assets at 1.774% trail the industry peer mean/median measures, indicating below-peer capital returns even as margins expand.
WMDST values the stock as fair-valued given the company’s improving operating margins, sizable commercial contracts, and intact cash generation, balanced against high absolute multiples (trailing and forward P/E) and leverage levels that remain above some peer averages.
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: 77.135 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: 7.362 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: 109.197 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: 0.001 |
|
| 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: 13.899 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: 2.104 % 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: 8.225 % median: 0.861 % mean: 0.859 % GLW: 0.825 % low: -5.877 % |
|
| 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: -12.717 % 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: 2.562 % GLW: 1.774 % low: -8.229 % |
|
| 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: -0.273 |
|
| 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: 3.363 % GLW: 3.298 % low: -9.184 % |
|