Recent News
On January 26–28 Corning announced a multiyear agreement with Meta valued at up to $6.0 billion to supply advanced optical fiber, cable, and connectivity solutions for U.S. data-center expansion. On February 11 the company declared a quarterly dividend of $0.28 per share payable March 30, 2026. In mid‑March Corning unveiled an AI-focused optical portfolio at the Optical Fiber Communication conference highlighting multicore fiber, high-density micro cables, and co‑packaged optics systems. Several brokers raised targets and issued positive notes in late February–early April alongside coverage of capacity expansions tied to the Meta deal.
Technical Analysis
Directional indicators: ADX at 17.41 signals no established trend, but DI+ at 29.01 shows a clear upward move while DI‑ at 21.43 declines; that alignment favors a bullish directional bias despite ADX below trend thresholds.
MACD: MACD sits at 6.44, the indicator is increasing and has crossed above its 3.92 signal line, confirming bullish momentum on the oscillator and supporting continued upside pressure over the near term.
Price versus moving averages and volatility: Last close $169.80 sits well above the 20‑day average $142.91, 50‑day average $134.31 and 200‑day average $91.10; the 12‑day EMA rises and the price trades above the Ichimoku Tenkan and Kijun lines, consistent with an upward bias but also with short‑term overextension given price above the 1× Bollinger upper band ($157.23).
MRO (Momentum/Regression Oscillator): MRO at 27.85 (positive and increasing) indicates price trading above model target levels and therefore raises the risk of a mean‑reversion leg or consolidation despite momentum signals.
RSI: RSI at 60.91 and increasing signals constructive momentum without reaching overbought extremes; combined with elevated short‑term beta (42‑day beta 2.95), expect amplified intraday moves and higher volatility in any pullback.
Fundamental Analysis
Profitability and margins: EBIT $771,000,000 and EBIT margin 18.29%—a level effectively in line with the industry peer mean—reflect continued operating leverage; EBIT margin rose 24.11% year‑over‑year and 19.42% quarter‑over‑quarter, supporting improved core profitability.
Earnings: GAAP EPS $0.72 versus estimate $0.71 produced an EPS surprise of 1.41% for the period; forward EPS sits near $0.95 with a forward P/E of 88.96, while trailing P/E stands at 121.75, indicating elevated multiple compression relative to near‑term earnings.
Cash flow and capital allocation: Operating cash flow $598,000,000 and free cash flow $620,000,000 produce a free cash flow yield of 0.83%, essentially in line with the industry peer mean for free cash flow yield; cash and short‑term investments total $1.526 billion while dividends paid totaled $255,000,000 and the dividend coverage ratio reads 2.12, supporting the declared quarterly payout.
Leverage and coverage: Total debt $9.377 billion produces debt/EBITDA ~8.36x and debt/equity ~79.42%; interest coverage near 8.29x provides buffer for interest obligations but leverage measures remain elevated versus typical lower‑leverage peers.
Revenue and efficiency: Reported total revenue $4.215 billion with revenue growth showing a year‑over‑year decline of 13.53% and a sequential (QoQ) contraction of 54.49% as reported; asset turnover 0.138 and cash conversion cycle ~95.7 days indicate capital intensity in the business model, while gross margin at 35.47% supports healthy product margins.
Valuation summary: WMDST values the stock as fair‑valued. Price multiples (P/B ~6.37 below the industry peer mean, P/E above the industry peer mean but near the industry peer median) and a forward P/E near 89 reflect premium expectations for future growth tied largely to large hyperscaler contracts and optics demand; the balance of stronger margin expansion and elevated leverage underpins the current fair valuation call.
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: 76.258 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: 0.655 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: 7.311 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: 19.399 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: 101.556 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: 15.918 mean: 2.874 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: 13.706 mean: 1.93 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: 13.851 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: 38.929 % 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: 18.184 % 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: 13.842 % median: 2.962 % mean: 2.774 % 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 % |
|