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Corning

NYSE:GLW
Snowflake Description

Established dividend payer with moderate growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
GLW
NYSE
$27B
Market Cap
  1. Home
  2. US
  3. Tech
Company description

Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The last earnings update was 69 days ago. More info.


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GLW Share Price and Events
7 Day Returns
-1.7%
NYSE:GLW
0.1%
US Electronic
-0.8%
US Market
1 Year Returns
24.9%
NYSE:GLW
10.5%
US Electronic
7%
US Market
GLW Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Corning (GLW) -1.7% 1.5% 16.8% 24.9% 63.8% 63.8%
US Electronic 0.1% 8.5% 18% 10.5% 68% 69.3%
US Market -0.8% 2.7% 7.5% 7% 37.9% 47%
1 Year Return vs Industry and Market
  • GLW outperformed the Electronic industry which returned 10.5% over the past year.
  • GLW outperformed the Market in United States of America which returned 7% over the past year.
Price Volatility
GLW
Industry
5yr Volatility vs Market

Value

 Is Corning undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Corning to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Corning.

NYSE:GLW Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 12 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 9.7%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NYSE:GLW
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
Electronic Unlevered Beta Simply Wall St/ S&P Global 1.07
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.069 (1 + (1- 21%) (22.24%))
1.172
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.17
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (1.172 * 5.96%)
9.72%

Discounted Cash Flow Calculation for NYSE:GLW using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Corning is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

NYSE:GLW DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 9.72%)
2019 1,188.40 Analyst x5 1,083.14
2020 1,344.00 Analyst x4 1,116.47
2021 1,470.38 Est @ 9.4% 1,113.27
2022 1,579.21 Est @ 7.4% 1,089.77
2023 1,673.96 Est @ 6% 1,052.84
2024 1,757.97 Est @ 5.02% 1,007.75
2025 1,834.13 Est @ 4.33% 958.29
2026 1,904.78 Est @ 3.85% 907.06
2027 1,971.73 Est @ 3.52% 855.78
2028 2,036.40 Est @ 3.28% 805.56
Present value of next 10 years cash flows $9,989.93
NYSE:GLW DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $2,036.40 × (1 + 2.73%) ÷ (9.72% – 2.73%)
$29,938.60
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $29,938.60 ÷ (1 + 9.72%)10
$11,843.18
NYSE:GLW Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $9,989.93 + $11,843.18
$21,833.12
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $21,833.12 / 785.22
$27.81
NYSE:GLW Discount to Share Price
Calculation Result
Value per share (USD) From above. $27.81
Current discount Discount to share price of $34.35
= -1 x ($34.35 - $27.81) / $27.81
-23.5%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Corning is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Corning's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Corning's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NYSE:GLW PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in USD $1.19
NYSE:GLW Share Price ** NYSE (2019-04-22) in USD $34.35
United States of America Electronic Industry PE Ratio Median Figure of 92 Publicly-Listed Electronic Companies 21.67x
United States of America Market PE Ratio Median Figure of 3,080 Publicly-Listed Companies 18.21x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Corning.

NYSE:GLW PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:GLW Share Price ÷ EPS (both in USD)

= 34.35 ÷ 1.19

28.96x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Corning is overvalued based on earnings compared to the US Electronic industry average.
  • Corning is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does Corning's expected growth come at a high price?
Raw Data
NYSE:GLW PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 28.96x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 12 Analysts
24.9%per year
United States of America Electronic Industry PEG Ratio Median Figure of 58 Publicly-Listed Electronic Companies 1.64x
United States of America Market PEG Ratio Median Figure of 2,109 Publicly-Listed Companies 1.56x

*Line of best fit is calculated by linear regression .

NYSE:GLW PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 28.96x ÷ 24.9%

1.16x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Corning is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Corning's assets?
Raw Data
NYSE:GLW PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in USD $14.58
NYSE:GLW Share Price * NYSE (2019-04-22) in USD $34.35
United States of America Electronic Industry PB Ratio Median Figure of 145 Publicly-Listed Electronic Companies 2.14x
United States of America Market PB Ratio Median Figure of 5,186 Publicly-Listed Companies 1.91x
NYSE:GLW PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:GLW Share Price ÷ Book Value per Share (both in USD)

= 34.35 ÷ 14.58

2.36x

* Primary Listing of Corning.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Corning is overvalued based on assets compared to the US Electronic industry average.
X
Value checks
We assess Corning's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Electronic industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Electronic industry average (and greater than 0)? (1 check)
  5. Corning has a total score of 0/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Corning expected to perform in the next 1 to 3 years based on estimates from 12 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
24.9%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Corning expected to grow at an attractive rate?
  • Corning's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Corning's earnings growth is expected to exceed the United States of America market average.
  • Corning's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NYSE:GLW Future Growth Rates Data Sources
Data Point Source Value (per year)
NYSE:GLW Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 12 Analysts 24.9%
NYSE:GLW Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 12 Analysts 6.5%
United States of America Electronic Industry Earnings Growth Rate Market Cap Weighted Average 16.7%
United States of America Electronic Industry Revenue Growth Rate Market Cap Weighted Average 5.6%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.5%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NYSE:GLW Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 12 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NYSE:GLW Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 13,818 2,179 4
2020-12-31 12,862 3,213 1,935 12
2019-12-31 12,185 3,146 1,744 12
NYSE:GLW Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2018-12-31 11,290 2,919 968
2018-09-30 10,892 2,866 -736
2018-06-30 10,491 2,568 -971
2018-03-31 10,241 2,133 -1,270
2017-12-31 10,116 2,004 -595
2017-09-30 9,955 2,544 2,389
2017-06-30 9,855 2,553 2,283
2017-03-31 9,718 2,808 4,051
2016-12-31 9,390 2,537 3,597
2016-09-30 9,145 2,073 2,249
2016-06-30 8,910 2,116 2,177
2016-03-31 8,893 2,128 466

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Corning's earnings are expected to grow significantly at over 20% yearly.
  • Corning's revenue is expected to grow by 6.5% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NYSE:GLW Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 12 Analyst Estimates (S&P Global) See Below

All data from Corning Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:GLW Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 2.47 2.47 2.47 1.00
2020-12-31 2.17 2.25 2.00 5.00
2019-12-31 1.92 2.05 1.66 5.00
NYSE:GLW Past Financials Data
Date (Data in USD Millions) EPS *
2018-12-31 1.19
2018-09-30 -0.88
2018-06-30 -1.14
2018-03-31 -1.45
2017-12-31 -0.66
2017-09-30 2.61
2017-06-30 2.43
2017-03-31 4.15
2016-12-31 3.53
2016-09-30 2.10
2016-06-30 1.92
2016-03-31 0.40

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Corning is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Corning's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Corning has a total score of 3/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Corning performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Corning's growth in the last year to its industry (Electronic).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Corning's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • Corning has become profitable in the last year making the earnings growth rate difficult to compare to the 5-year average.
  • Corning has become profitable in the last year making it difficult to compare the US Electronic industry average.
Earnings and Revenue History
Corning's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Corning Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:GLW Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 11,290.00 968.00 1,781.00 993.00
2018-09-30 10,892.00 -736.00 1,705.00 965.00
2018-06-30 10,491.00 -971.00 1,524.00 936.00
2018-03-31 10,241.00 -1,270.00 1,505.00 899.00
2017-12-31 10,116.00 -595.00 1,473.00 864.00
2017-09-30 9,955.00 2,389.00 1,620.00 796.00
2017-06-30 9,855.00 2,283.00 1,543.00 768.00
2017-03-31 9,718.00 4,051.00 1,599.00 754.00
2016-12-31 9,390.00 3,597.00 1,518.00 736.00
2016-09-30 9,145.00 2,249.00 1,574.00 777.00
2016-06-30 8,910.00 2,177.00 1,597.00 771.00
2016-03-31 8,893.00 466.00 1,497.00 770.00
2015-12-31 9,111.00 1,241.00 1,497.00 769.00
2015-09-30 9,284.00 2,006.00 1,270.00 771.00
2015-06-30 9,552.00 2,807.00 1,298.00 789.00
2015-03-31 9,691.00 2,481.00 1,286.00 806.00
2014-12-31 9,715.00 2,378.00 1,358.00 815.00
2014-09-30 9,267.00 1,835.00 1,393.00 774.00
2014-06-30 8,794.00 1,254.00 1,320.00 759.00
2014-03-31 8,294.00 1,747.00 1,264.00 730.00
2013-12-31 7,819.00 1,961.00 1,126.00 710.00
2013-09-30 8,009.00 1,695.00 1,125.00 759.00
2013-06-30 7,980.00 1,820.00 1,149.00 757.00
2013-03-31 7,906.00 1,656.00 1,169.00 763.00
2012-12-31 8,012.00 1,636.00 1,183.00 769.00
2012-09-30 7,753.00 1,972.00 1,136.00 728.00
2012-06-30 7,790.00 2,250.00 1,085.00 712.00

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Corning has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Corning used its assets less efficiently than the US Electronic industry average last year based on Return on Assets.
  • Corning has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Corning's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Electronic industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Corning has a total score of 1/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Corning's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Corning's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Corning is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Corning's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Corning's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 1.2x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Corning Company Filings, last reported 3 months ago.

NYSE:GLW Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 13,886.00 5,998.00 2,355.00
2018-09-30 13,978.00 5,318.00 1,912.00
2018-06-30 13,951.00 5,365.00 2,023.00
2018-03-31 14,488.00 5,199.00 3,096.00
2017-12-31 15,770.00 5,136.00 4,317.00
2017-09-30 17,383.00 4,630.00 3,865.00
2017-06-30 18,080.00 3,938.00 4,189.00
2017-03-31 18,379.00 3,932.00 4,872.00
2016-12-31 17,960.00 3,907.00 5,291.00
2016-09-30 17,787.00 3,923.00 4,821.00
2016-06-30 19,672.00 4,197.00 7,144.00
2016-03-31 17,987.00 4,437.00 3,540.00
2015-12-31 18,863.00 4,466.00 4,600.00
2015-09-30 20,070.00 4,016.00 5,013.00
2015-06-30 21,055.00 4,020.00 5,473.00
2015-03-31 21,372.00 3,281.00 5,067.00
2014-12-31 21,652.00 3,278.00 6,068.00
2014-09-30 21,850.00 3,701.00 6,104.00
2014-06-30 21,832.00 3,703.00 5,886.00
2014-03-31 21,719.00 3,715.00 5,612.00
2013-12-31 21,211.00 3,321.00 5,235.00
2013-09-30 21,798.00 2,861.00 5,446.00
2013-06-30 21,454.00 2,918.00 5,471.00
2013-03-31 21,390.00 2,932.00 5,775.00
2012-12-31 21,533.00 3,458.00 6,144.00
2012-09-30 21,886.00 3,403.00 6,351.00
2012-06-30 21,402.00 3,258.00 6,345.00
  • Corning's level of debt (43.2%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (15.7% vs 43.2% today).
  • Debt is well covered by operating cash flow (48.7%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 10.4x coverage).
X
Financial health checks
We assess Corning's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Corning has a total score of 3/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Corning's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
2.33%
Current annual income from Corning dividends. Estimated to be 2.5% next year.
If you bought $2,000 of Corning shares you are expected to receive $47 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Corning's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.39%).
  • Corning's dividend is below the markets top 25% of dividend payers in United States of America (3.62%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NYSE:GLW Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 12 Analyst Estimates (S&P Global) See Below
United States of America Electronic Industry Average Dividend Yield Market Cap Weighted Average of 38 Stocks 1.5%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2008 Stocks 2.4%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.6%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NYSE:GLW Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 0.96 5.00
2020-12-31 0.88 11.00
2019-12-31 0.79 11.00
NYSE:GLW Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-02-06 0.800 2.334
2018-10-03 0.720 2.291
2018-07-19 0.720 2.152
2018-04-26 0.720 2.579
2018-02-07 0.720 2.532
2017-10-04 0.620 1.939
2017-07-19 0.620 2.108
2017-04-27 0.620 2.092
2017-02-01 0.620 2.276
2016-10-05 0.540 2.241
2016-07-20 0.540 2.383
2016-04-28 0.540 2.700
2016-02-03 0.540 2.763
2015-10-07 0.480 2.671
2015-07-15 0.480 2.713
2015-04-29 0.480 2.325
2014-12-03 0.480 2.080
2014-10-01 0.400 2.039
2014-07-16 0.400 1.944
2014-04-29 0.400 1.866
2014-02-05 0.400 2.018
2013-10-02 0.400 2.379
2013-07-17 0.400 2.701
2013-04-24 0.400 2.677
2013-02-06 0.360 2.796
2012-10-03 0.360 2.925
2012-07-18 0.300 2.478
2012-04-26 0.300 2.306
2012-02-01 0.300 2.201
2011-10-05 0.300 2.182
2011-07-20 0.200 1.412
2011-04-27 0.200 1.063
2011-02-02 0.200 0.937
2010-10-06 0.200 1.053
2010-07-21 0.200 1.155
2010-04-29 0.200 1.141
2010-02-04 0.200 1.055
2009-10-07 0.200 1.154
2009-07-15 0.200 1.259
2009-04-30 0.200 1.331
2009-04-23 0.200 1.328

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Corning's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.6x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2.6x coverage).
X
Income/ dividend checks
We assess Corning's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Corning afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Corning has a total score of 5/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Corning's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Wendell Weeks
COMPENSATION $16,868,575
AGE 58
TENURE AS CEO 14 years
CEO Bio

Mr. Wendell P. Weeks has been the Chief Executive Officer and President of Corning Incorporated since April 26, 2005 and December 2010 respectively and has been its Chairman since April 26, 2007. Mr. Weeks has been an Executive Director of Corning Incorporated since December 2000. Mr. Weeks has 35 years of Corning experience including financial management, business development, commercial leadership, and general management. His experiences in many of Corning’s businesses and technologies, and twelve years as chief executive officer, have given him a unique understanding of Corning’s diverse business operations and innovations. He served as the Chairman and Chief Executive Officer of Dow Corning Corporation since April 26, 2007. He served as the President of Corning Incorporated from 2002 to April 2007 and served as its Chief Operating Officer from 2002 to April 28, 2005. Since 2001, he served as the President of Corning's Optical Communications Group, where he helped restructure the business during one of the toughest economic downturns in the telecommunications industry. Mr. Weeks joined Corning in 1983 and served as its vice president and general manager of the Optical Fiber business/Telecommunications Products since 1996, Deputy General Manager of the Opto-Electronics Components Business since 1995, Senior Vice President since 1997, Senior Vice President of Opto-Electronics since 1998, Executive Vice President of Optical Communications since 1999 and President of Corning Optical Technologies since 2001. He served as a Staff Accountant of Price Waterhouse. He has been an Independent Director of Merck & Co., Inc. since February 24, 2004. He has been a Director of Amazon.com, Inc. since February 10, 2016. He serves as a Director of the Corning Museum of Glass and the Corning Incorporated Foundation. He served as a Director of Dow Corning Corporation since 2000. Mr. Weeks holds an MBA from Harvard Business School in 1987 as a Baker Scholar and a Bachelor's degree in Accounting and Finance from Lehigh University in 1981.

CEO Compensation
  • Wendell's compensation has increased in line with Corning recently becoming profitable.
  • Wendell's remuneration is higher than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Corning management team in years:

4.7
Average Tenure
59
Average Age
  • The tenure for the Corning management team is about average.
Management Team

Wendell Weeks

TITLE
Chairman
COMPENSATION
$17M
AGE
58
TENURE
14 yrs

R. Tripeny

TITLE
Executive VP & CFO
COMPENSATION
$4M
AGE
59
TENURE
3.6 yrs

David Morse

TITLE
Executive VP & CTO
COMPENSATION
$5M
AGE
66
TENURE
6.9 yrs

Lawrence McRae

TITLE
Vice Chairman & Corporate Development Officer
COMPENSATION
$5M
AGE
59
TENURE
3.7 yrs

James Clappin

TITLE
Executive Vice President of Corning Glass Technologies
COMPENSATION
$5M
AGE
61
TENURE
1.5 yrs

Charles Craig

TITLE
Senior Vice President of Science & Technology

Edward Schlesinger

TITLE
Senior VP
AGE
50
TENURE
3.3 yrs

Mark Clark

TITLE
VP & Chief Information Officer

Ann H. Nicholson

TITLE
Division Vice President of Investor Relations
TENURE
5.8 yrs

Lewis Steverson

TITLE
Executive VP & General Counsel
COMPENSATION
$5M
AGE
54
TENURE
5.8 yrs
Board of Directors Tenure

Average tenure and age of the Corning board of directors in years:

11.1
Average Tenure
68
Average Age
  • The average tenure for the Corning board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

Wendell Weeks

TITLE
Chairman
COMPENSATION
$17M
AGE
58
TENURE
12 yrs

Hansel Tookes

TITLE
Director
COMPENSATION
$312K
AGE
70
TENURE
18.3 yrs

Deb Rieman

TITLE
Director
COMPENSATION
$315K
AGE
68
TENURE
20.3 yrs

Bob Cummings

TITLE
Independent Director
COMPENSATION
$310K
AGE
67
TENURE
12.5 yrs

Kurt Landgraf

TITLE
Independent Director
COMPENSATION
$333K
AGE
71
TENURE
12.3 yrs

Dick Clark

TITLE
Lead Independent Director
COMPENSATION
$340K
AGE
72
TENURE
6.2 yrs

Mark Wrighton

TITLE
Director
COMPENSATION
$293K
AGE
68
TENURE
10.2 yrs

John Canning

TITLE
Director
COMPENSATION
$303K
AGE
73
TENURE
8.8 yrs

Stephanie Burns

TITLE
Director
COMPENSATION
$308K
AGE
63
TENURE
7.3 yrs

Kevin Martin

TITLE
Director
COMPENSATION
$291K
AGE
51
TENURE
6.2 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
28. Nov 18 Sell Lewis Steverson Individual 26. Nov 18 26. Nov 18 -12,577 $31.47 $-395,851
06. Sep 18 Sell Christine Pambianchi Individual 04. Sep 18 04. Sep 18 -10,000 $33.42 $-334,174
01. Aug 18 Sell Clark Kinlin Individual 01. Aug 18 01. Aug 18 -11,000 $33.15 $-364,605
01. Aug 18 Sell Edward Schlesinger Individual 30. Jul 18 30. Jul 18 -3,953 $33.46 $-132,254
X
Management checks
We assess Corning's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Corning has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Is Now The Time To Look At Buying Corning Incorporated (NYSE:GLW)?

Today we're going to take a look at the well-established Corning Incorporated (NYSE:GLW). … saw a decent share price growth in the teens level on the NYSE over the last few months. … With many analysts covering the large-cap stock, we may expect any price-sensitive announcements have already been factored into the stock’s share price?

Simply Wall St -

Is Corning Incorporated's (NYSE:GLW) CEO Pay Justified?

This report will, first, examine the CEO compensation levels in comparison to CEO compensation at other big companies. … How Does Wendell Weeks's Compensation Compare With Similar Sized Companies. … Our data indicates that Corning Incorporated is worth US$27b, and total annual CEO compensation is US$17m.

Simply Wall St -

Why We’re Not Keen On Corning Incorporated’s (NYSE:GLW) 6.6% Return On Capital

In particular, we'll consider its Return On Capital Employed (ROCE), as that can give us insight into how profitably the company is able to employ capital in its business. … What is Return On Capital Employed (ROCE)? … ROCE measures the 'return' (pre-tax profit) a company generates from capital employed in its business.

Simply Wall St -

Does Corning's (NYSE:GLW) Share Price Gain of 79% Match Its Business Performance?

For example, long term Corning Incorporated (NYSE:GLW) shareholders have enjoyed a 79% share price rise over the last half decade, well in excess of the market return of around 41% (not including dividends). … One way to examine how market sentiment has changed over time is to look at the interaction between a company's share price and its earnings per share (EPS). … During the five years of share price growth, Corning moved from a loss to profitability.

Simply Wall St -

How Much Of Corning Incorporated (NYSE:GLW) Do Institutions Own?

The big shareholder groups in Corning Incorporated (NYSE:GLW) have power over the company. … Taking a look at our data on the ownership groups (below), it's seems that. … institutional investors have bought into the company.

Simply Wall St -

Corning Incorporated (NYSE:GLW): What Does The Future Look Like?

Want to participate in a short research study? … Help shape the future of investing tools and you could win a $250 gift card! … In December 2018, Corning Incorporated (NYSE:GLW) announced its latest earnings update, which

Simply Wall St -

Corning Incorporated (NYSE:GLW): Will The Growth Last?

Help shape the future of investing tools and receive a $60 prize! … As Corning Incorporated (NYSE:GLW) announced its earnings release on 31 December 2018, … with earnings expected to grow by a high double-digit of 80% in the upcoming year,

Simply Wall St -

Corning Incorporated (NYSE:GLW): Financial Strength Analysis

Most investors favour these big stocks due to their strong balance sheet and high market liquidity, meaning there are an abundance of stock in the public market available for trading. … Today I will analyse the latest financial data for GLW to determine is solvency and liquidity and whether the stock is a sound investment. … Take the survey and be part of one of the most advanced studies of stock market investors to date?

Simply Wall St -

Shareholders Should Look Hard At Corning Incorporated’s (NYSE:GLW) 6.6% Return On Capital

In particular, we'll consider its Return On Capital Employed (ROCE), as that can give us insight into how profitably the company is able to employ capital in its business. … What is Return On Capital Employed (ROCE)? … ROCE measures the amount of pre-tax profits a company can generate from the capital employed in its business.

Simply Wall St -

What Should Investors Know About Corning Incorporated's (NYSE:GLW) Return On Capital?

This is because the actual cash flow generated by the business dictates the potential for income (dividends) and capital appreciation (price increases), which are the two ways to achieve positive returns when buying a stock. … To understand Corning’s capital returns we will look at a useful metric called return on capital employed. … What is Return on Capital Employed (ROCE)?

Simply Wall St -

Company Info

Description

Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company’s Display Technologies segment manufactures glass substrates for organic light-emitting diodes and liquid crystal displays used in televisions, notebook computers, and flat panel desktop monitors. Its Optical Communications segment manufactures optical fibers and cables; and hardware and equipment products, including cable assemblies, fiber optic hardware and connectors, optical components and couplers, closures, network interface devices, and other accessories for various carrier network applications. This segment also offers subscriber demarcation, connection and protection devices, various digital subscriber line passive solutions, and outside plant enclosures; and coaxial RF interconnects for the cable television industry and microwave applications. The company’s Environmental Technologies segment manufactures ceramic substrates and filter products for emissions control in mobile, gasoline, and diesel applications. Its Specialty Materials segment manufactures products that provide material formulations for glass, glass ceramics, and fluoride crystals. The company’s Life Sciences segment develops, manufactures, and supplies laboratory products comprising consumables, such as plastic vessels, specialty surfaces, cell culture media, and serum, as well as general labware and equipment for cell culture research, bioprocessing, genomics, drug discovery, microbiology, and chemistry. This segment sells its products under the Corning, Falcon, Pyrex, and Axygen brands. The company was formerly known as Corning Glass Works and changed its name to Corning Incorporated in April 1989. Corning Incorporated was founded in 1851 and is headquartered in Corning, New York.

Details
Name: Corning Incorporated
GLW
Exchange: NYSE
Founded: 1851
$26,972,263,547
785,218,735
Website: http://www.corning.com
Address: Corning Incorporated
One Riverfront Plaza,
Corning,
New York, 14831,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE GLW Common Stock New York Stock Exchange US USD 02. Jan 1968
DB GLW Common Stock Deutsche Boerse AG DE EUR 02. Jan 1968
LSE 0R2X Common Stock London Stock Exchange GB USD 02. Jan 1968
SWX GLW Common Stock SIX Swiss Exchange CH CHF 02. Jan 1968
BMV GLW * Common Stock Bolsa Mexicana de Valores MX MXN 02. Jan 1968
Number of employees
Current staff
Staff numbers
51,500
Corning employees.
Industry
Electronic Components
Tech
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/22 23:35
End of day share price update: 2019/04/22 00:00
Last estimates confirmation: 2019/04/22
Last earnings filing: 2019/02/12
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.