Recent News
On January 27–28, 2026 Corning and Meta announced a multiyear agreement valued at up to $6 billion to supply advanced optical fiber, cable, and connectivity solutions for U.S. data-center buildouts. On March 2, 2026 Corning launched Corning® Gorilla® Glass Ceramic 3, highlighting enhanced repeated-drop durability and naming a major handset partner for initial commercialization.
Technical Analysis
ADX / DI+/DI-: ADX at 15.16 signals no established trend; both directional indicators display bullish readings — DI+ at 25.90 shows a dip-and-reversal (bullish), and DI- at 25.18 shows a peak-and-reversal (bullish). Together these directional signals support the introduction’s positive near-term bias while the low ADX cautions that trend strength remains limited.
MACD: MACD sits at 2.90 with a signal line at 2.70 and a dip-and-reversal trend; MACD crossing above its signal line confirms a resumption of bullish momentum that aligns with the contract-driven upside in sentiment.
MRO (Momentum/Regression Oscillator): MRO at 24.48 reads positive, indicating price currently above model target and implying downward pressure toward equilibrium; this creates a mean-reversion constraint that could temper near-term extension despite bullish momentum.
RSI: RSI at 58.86 with a dip-and-reversal trend shows rising relative strength but remains below overbought levels, supporting further upside room while avoiding immediate exhaustion signals.
Price vs Moving Averages & Ichimoku: Closing price $147.92 sits above the 12-day EMA ($137.72), 26-day EMA ($134.91), 20-day average ($135.41), 50-day average ($129.56) and the 200-day average ($88.96); Tenkan-Sen ($137.07) and Kijun-Sen ($141.06) lie below price, reinforcing the short-to-intermediate bullish bias and aligning with the Meta-driven demand narrative.
Bollinger Bands & Support: Price trades near the upper 1x standard deviation band ($143.22) but below the 2x upper band ($151.03), indicating extension within band-based resistance. SuperTrend lower support at $126.72 and Ichimoku Senkou span levels provide layered technical support beneath current levels.
Volume & Volatility: Intraday volume ~11.4M compares below the 10-day average (13.7M) but above the 200-day average (6.7M), producing a mixed-volume picture; 42-day volatility (5%) exceeds 52-week volatility (3%), consistent with episodic demand shocks tied to large contract news.
Fundamental Analysis
Profitability & Margins: EBIT equals $771.0M and EBIT margin registers 18.29%, essentially in line with the industry peer mean of 18.30% and below the industry peer median of 21.22%. Operating margin stands at 15.94% with operating margin QoQ up 10.98% and YoY up 8.17%, reflecting margin expansion quarter-to-quarter and year-over-year.
Revenue & Earnings Growth: Reported revenue totaled $4,215.0M with revenue growth of 2.81% and year-over-year revenue decline of 13.53%. Net income $540.0M and EPS actual $0.72 beat the estimate $0.71 by $0.01, an EPS surprise of 1.41%.
Cash Flow & Capital: Free cash flow $620.0M implies a free-cash-flow yield of 0.83%, with free-cash-growth showing mixed signals (QoQ up strongly, YoY down). Operating cash flow $598.0M and cash balance $1,526.0M support near-term funding for capex, which recorded $432.0M.
Leverage & Coverage: Total debt $9,377.0M, net debt $6,908.0M, and debt-to-EBITDA of 8.36x highlight elevated leverage relative to typical investment-grade benchmarks; interest coverage around 8.29x provides adequate earnings cover. Debt-to-equity 0.79 sits above the industry peer mean of 0.66 but within the industry peer high range.
Returns & Efficiency: Return on equity 4.57% and return on assets 1.77% show modest capital returns; asset turnover 0.14 indicates low asset efficiency relative to peers but follows capital-intensive connectivity and materials manufacturing dynamics.
Valuation Context: Trailing PE 121.75x with forward PE 88.96x and an enterprise multiple of 73.98x reflect elevated multiples driven by growth re-rating and contract visibility; price-target mean sits near $169.55 while WMDST values the stock as fair-valued.
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: 76.261 GLW: 73.98 low: -120.086 |
|
| 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: 0.656 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: 7.319 GLW: 6.365 median: 5.196 low: -3.4 |
|
| Price To Earnings (P/E) | 121.747 | |
| Price To Earnings QoQ | 7.773 % | |
| Price To Earnings YoY | 45.238 % | |
| Price To Earnings IPRWA | high: 368.159 GLW: 121.747 median: 119.021 mean: 107.932 low: -301.77 |
|
| 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: 111.449 median: 19.846 mean: 19.4 GLW: 17.83 low: -16.685 |
|
| 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: -0.269 |
|
| 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: 1.486 median: 1.391 low: 0.105 |
|
| Inventory Turnover | 0.88 | |
| Inventory Turnover Ratio QoQ | 5.546 % | |
| Inventory Turnover Ratio YoY | 5.373 % | |
| Inventory Turnover Ratio IPRWA | high: 2.907 median: 1.183 mean: 1.078 GLW: 0.88 low: 0.111 |
|
| 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: 327.684 mean: 101.555 GLW: 95.667 median: 84.663 low: -50.528 |
|
| 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: 15.504 mean: 2.857 median: 2.35 GLW: 1.588 low: 0.51 |
|
| Quick Ratio | 1.041 | |
| Quick Ratio QoQ | 4.179 % | |
| Quick Ratio YoY | -2.793 % | |
| Quick Ratio IPRWA | high: 10.338 mean: 1.876 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: 81.455 mean: 13.852 median: 13.712 GLW: 8.29 low: -61.736 |
|
| 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: 57.313 % mean: 7.097 % median: 3.949 % GLW: 2.805 % low: -45.22 % |
|
| Earnings Growth | 7.463 % | |
| Earnings Growth QoQ | -36.033 % | |
| Earnings Growth YoY | 34.323 % | |
| Earnings Growth IPRWA | high: 266.667 % GLW: 7.463 % median: 3.333 % mean: 2.557 % low: -153.846 % |
|
| MARGINS | ||
| Gross Margin | 35.469 % | |
| Gross Margin QoQ | -4.327 % | |
| Gross Margin YoY | 3.741 % | |
| Gross Margin IPRWA | high: 99.615 % mean: 38.93 % median: 38.222 % GLW: 35.469 % low: -6.824 % |
|
| EBIT Margin | 18.292 % | |
| EBIT Margin QoQ | 19.423 % | |
| EBIT Margin YoY | 24.106 % | |
| EBIT Margin IPRWA | high: 41.05 % median: 21.225 % mean: 18.298 % GLW: 18.292 % low: -165.118 % |
|
| 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: 18.185 % GLW: 15.943 % low: -165.118 % |
|
| 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: 9.974 % median: 0.861 % GLW: 0.825 % mean: 0.821 % low: -11.909 % |
|
| Free Cash Growth | 37.778 % | |
| Free Cash Growth QoQ | 202.224 % | |
| Free Cash Growth YoY | -261.141 % | |
| Free Cash Growth IPRWA | high: 250.687 % GLW: 37.778 % median: 21.004 % mean: -12.251 % 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: 18.487 % median: 2.962 % mean: 2.781 % GLW: 1.774 % low: -23.911 % |
|
| 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: 0.061 median: 0.058 GLW: 0.046 low: -0.349 |
|
| 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: 3.307 % GLW: 3.298 % low: -9.429 % |
|