Recent News
Jan. 27–28, 2026: Corning announced a multiyear agreement with Meta Platforms worth up to $6 billion to supply advanced optical fiber, cable, and connectivity solutions supporting U.S. data‑center buildouts; Meta and Corning described expanded North Carolina manufacturing and workforce plans tied to the deal. March 2, 2026: Corning unveiled Gorilla Glass Ceramic 3 at MWC 2026, showcased on Motorola’s Razr Fold as the first commercial application. March–April 2026: Corning’s board declared a quarterly dividend payable March 30, 2026, and several brokerages published new coverage including a Truist initiation with a Hold and a $125 target.
Technical Analysis
Directional indicators: ADX at 22.15 signals an emerging trend rather than a mature one. DI+ shows a peak & reversal while DI– shows a dip & reversal; both pattern descriptions indicate a shift toward selling pressure despite prior upside, which connects to the present fair‑valued assessment.
MACD: MACD stands at 9.08 with the signal line at 7.51, so the oscillator currently sits above its signal line (a short‑term bullish crossover), while the MACD trend reads peak & reversal, which denotes waning bullish momentum and warns of possible momentum loss during consolidation.
MRO: MRO equals 32.61 with the oscillator trend increasing; a positive MRO at this level implies the market price sits above the target framework, introducing downward pressure on the short‑term price path as momentum normalizes.
RSI: RSI at 60.69 with a peak & reversal shows recent strength moving into a topping pattern; this aligns with MRO and MACD signals in suggesting a near‑term pause or pullback after the recent advance.
Price vs. moving averages and volatility: Last close $164.38 trades well above the 200‑day average ($94.63) and above the 50‑day average ($141.80); the 12‑day EMA (price12dayEMA $161.20) shows an increasing read. Price sits nearer the 1× Bollinger upper band ($174.36) than the lower band, consistent with an extended move. Short‑term beta (42‑day) at 2.57 implies elevated near‑term volatility, and current volume (~10.1M) tracks the 10‑day average, indicating continuation of institutional interest rather than a one‑off spike.
Fundamental Analysis
Earnings and cash flow: Q4/full‑year results reported Jan. 28 included EPS actual $0.72 versus estimate $0.71, an EPS surprise of 1.41%. Operating cash flow reached $598,000,000 and free cash flow totaled $620,000,000 with a free cash flow yield of 0.83%. Free cash growth shows a QoQ increase of 202.22% but a YoY change of −261.14%; those dynamics reflect strong sequential cash conversion alongside uneven year‑over‑year comparatives.
Profitability and margins: EBIT equals $771,000,000 producing an EBIT margin of 18.29%, which sits slightly above the industry peer mean of 18.16% but below the industry peer median of 21.23%. Operating margin equals 15.94%, up 10.98% QoQ and up 8.17% YoY; gross margin at 35.47% declined slightly QoQ but improved YoY by 3.74 percentage points. These margin moves contribute positively to the current valuation while leaving room relative to the industry peer median.
Top‑line and growth: Reported total revenue $4,215,000,000 with revenue growth YoY of −13.53% and revenue growth QoQ of −54.49%, indicating material sequential softness in sales despite pockets of product and contract strength; revenue per share stands at $4.92. Earnings growth shows +34.32% YoY but −36.03% QoQ, reflecting volatile period‑over‑period comparatives.
Capital structure and liquidity: Cash and short‑term investments total $1,526,000,000; cash ratio equals 27.11%. Total debt stands at $9,377,000,000 with net debt ~$6,908,000,000; debt‑to‑equity equals 0.79 and debt‑to‑EBITDA 8.36, while interest coverage equals 8.29x. These metrics show manageable interest serviceability but elevated leverage relative to very low debt benchmarks.
Market multiples and valuation context: P/B equals 6.37, below the industry peer mean of 7.29. Reported trailing P/E equals 121.75, which sits above the industry peer mean of 107.54 yet below the industry peer median of 129.56; forward P/E equals 88.96. WMDST values the stock as fair‑valued, a conclusion supported by durable margin expansion and meaningful contract flow offset by a high trailing multiple and muted free‑cash‑flow yield.
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: 75.624 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: 0.654 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: 7.289 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 median: 129.556 GLW: 121.747 mean: 107.543 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: 19.374 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: 0.201 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: 2.691 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: 1.077 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: 101.493 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: 2.869 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: 1.874 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: 90.3 mean: 13.816 median: 13.712 GLW: 8.29 low: -64.179 |
|
| 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: 6.998 % 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: 250.0 % GLW: 7.463 % median: 3.333 % mean: 2.94 % 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: 38.849 % 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 % GLW: 18.292 % mean: 18.158 % 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: 18.046 % 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: 0.819 % 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: 433.621 % GLW: 37.778 % median: 21.004 % mean: -12.283 % 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: 2.775 % 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: 0.06 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 % GLW: 3.298 % mean: 3.14 % low: -22.888 % |
|