Corning
Market Cap
US$22.5b
Last Updated
2019/12/12 23:35 UTC
Data Sources
Company Financials +
Executive Summary
Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide.
Snowflake Analysis
Established dividend payer with mediocre balance sheet.
Similar Companies
Share Price & News
How has Corning's share price performed over time and what events caused price changes?
Latest Share Price and Events
Stable Share Price: GLW has not had significant price volatility in the past 3 months.
Market Performance
7 Day Return
5.6%
GLW
3.3%
US Electronic
1.3%
US Market
1 Year Return
-8.5%
GLW
27.9%
US Electronic
19.4%
US Market
Return vs Industry: GLW underperformed the US Electronic industry which returned 27.9% over the past year.
Return vs Market: GLW underperformed the US Market which returned 19.4% over the past year.
Shareholder returns
| GLW | Industry | Market | |
|---|---|---|---|
| 7 Day | 5.6% | 3.3% | 1.3% |
| 30 Day | -1.2% | 3.3% | 2.6% |
| 90 Day | -3.0% | 8.0% | 5.0% |
| 1 Year | -6.0%-8.5% | 29.3%27.9% | 22.0%19.4% |
| 3 Year | 29.7%20.7% | 49.6%45.4% | 46.8%37.3% |
| 5 Year | 49.0%31.9% | 82.6%73.6% | 66.3%48.0% |
Price Volatility Vs. Market
How volatile is Corning's share price compared to the market and industry in the last 5 years?
Simply Wall St News
6 days ago | Simply Wall St
Why Corning Incorporated (NYSE:GLW) Could Be Worth Watching2 weeks ago | Simply Wall St
The Corning (NYSE:GLW) Share Price Is Up 38% And Shareholders Are Holding On1 month ago | Simply Wall St
Is Corning Incorporated's (NYSE:GLW) ROE Of 9.3% Impressive?Valuation
Is Corning undervalued compared to its fair value and its price relative to the market?
20.41x
Price to Earnings (PE) ratio
Share Price vs. Fair Value
Below Fair Value: GLW ($29.25) is trading above our estimate of fair value ($21.32)
Significantly Below Fair Value: GLW is trading above our estimate of fair value.
Price To Earnings Ratio
PE vs Industry: GLW is good value based on its PE Ratio (20.4x) compared to the Electronic industry average (21.2x).
PE vs Market: GLW is poor value based on its PE Ratio (20.4x) compared to the US market (18.7x).
Price to Earnings Growth Ratio
PEG Ratio: GLW is poor value based on its PEG Ratio (1.9x)
Price to Book Ratio
PB vs Industry: GLW is overvalued based on its PB Ratio (2.1x) compared to the US Electronic industry average (2.1x).
Next Steps
Future Growth
How is Corning forecast to perform in the next 1 to 3 years based on estimates from 12 analysts?
10.9%
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: GLW's forecast earnings growth (10.9% per year) is above the savings rate (1.7%).
Earnings vs Market: GLW's earnings (10.9% per year) are forecast to grow slower than the US market (14.3% per year).
High Growth Earnings: GLW's earnings are forecast to grow, but not significantly.
Revenue vs Market: GLW's revenue (4.3% per year) is forecast to grow slower than the US market (7.3% per year).
High Growth Revenue: GLW's revenue (4.3% per year) is forecast to grow slower than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: GLW's Return on Equity is forecast to be low in 3 years time (14.7%).
Next Steps
Past Performance
How has Corning performed over the past 5 years?
-21.2%
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: GLW has high quality earnings.
Growing Profit Margin: GLW became profitable in the past.
Past Earnings Growth Analysis
Earnings Trend: GLW's earnings have declined by -21.2% per year over the past 5 years.
Accelerating Growth: GLW has become profitable in the last year, making the earnings growth rate difficult to compare to its 5-year average.
Earnings vs Industry: GLW has become profitable in the last year, making it difficult to compare its past year earnings growth to the Electronic industry (53.7%).
Return on Equity
High ROE: GLW's Return on Equity (9.3%) is considered low.
Return on Assets
Return on Capital Employed
Next Steps
Financial Health
How is Corning's financial position?
Financial Position Analysis
Short Term Liabilities: GLW's short term assets ($6.2B) exceed its short term liabilities ($3.6B).
Long Term Liabilities: GLW's short term assets ($6.2B) do not cover its long term liabilities ($10.6B).
Debt to Equity History and Analysis
Debt Level: GLW's debt to equity ratio (47.6%) is considered high.
Reducing Debt: GLW's debt to equity ratio has increased from 16.9% to 47.6% over the past 5 years.
Debt Coverage: GLW's debt is well covered by operating cash flow (31.2%).
Interest Coverage: GLW's interest payments on its debt are well covered by EBIT (7.8x coverage).
Balance Sheet
Inventory Level: GLW has a high level of physical assets or inventory.
Debt Coverage by Assets: GLW's debt is not covered by short term assets (assets are 1x debt).
Next Steps
Dividend
What is Corning's current dividend yield, its reliability and sustainability?
2.74%
Current Dividend Yield
Dividend Yield vs Market
Current dividend yield vs market & industry
Notable Dividend: GLW's dividend (2.74%) is higher than the bottom 25% of dividend payers in the US market (1.42%).
High Dividend: GLW's dividend (2.74%) is low compared to the top 25% of dividend payers in the US market (3.68%).
Stability and Growth of Payments
Stable Dividend: GLW's dividends per share have been stable in the past 10 years.
Growing Dividend: GLW's dividend payments have increased over the past 10 years.
Current Payout to Shareholders
Dividend Coverage: With its reasonable payout ratio (54.4%), GLW's dividend payments are covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: GLW's dividends in 3 years are forecast to be well covered by earnings (46.2% payout ratio).
Next Steps
Management
What is the CEO of Corning's salary, the management and board of directors tenure and is there insider trading?
4.3yrs
Average management tenure
CEO
Wendell Weeks (59yo)
14.7yrs
Tenure
US$14,921,071
Compensation
Mr. Wendell P. Weeks has been the Chief Executive Officer and President of Corning Incorporated since April 26, 2005 and December 2010 respectively and has been its Chairman since April 26, 2007. Mr. Weeks ...
CEO Compensation Analysis
Compensation vs Market: Wendell's total compensation ($USD14.92M) is above average for companies of similar size in the US market ($USD10.94M).
Compensation vs Earnings: Wendell's compensation has been consistent with company performance over the past year.
Management Age and Tenure
4.3yrs
Average Tenure
60yo
Average Age
Experienced Management: GLW's management team is considered experienced (4.3 years average tenure).
Board Age and Tenure
11.8yrs
Average Tenure
69yo
Average Age
Experienced Board: GLW's board of directors are seasoned and experienced ( 11.8 years average tenure).
Insider Trading
Insider Buying: GLW insiders have only sold shares in the past 3 months.
Recent Insider Transactions
| Entity | Individual |
| Shares | 2,934 |
| Max Price | US$30.07 |
Ownership Breakdown
Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.
Management Team
Wendell Weeks (59yo)
Chairman
- Tenure: 14.7yrs
- Compensation: US$14.92m
Lawrence McRae (60yo)
Vice Chairman & Corporate Development Officer
- Tenure: 4.3yrs
- Compensation: US$4.51m
James Clappin (62yo)
Executive Vice President of Corning Glass Technologies
- Tenure: 2.2yrs
- Compensation: US$4.50m
R. Tripeny (60yo)
Executive VP & CFO
- Tenure: 4.3yrs
- Compensation: US$4.48m
Lewis Steverson (55yo)
Executive VP & General Counsel
- Tenure: 6.5yrs
- Compensation: US$5.24m
David Morse (67yo)
Executive VP & CTO
- Tenure: 7.6yrs
- Compensation: US$4.55m
Ann H. Nicholson
Division Vice President of Investor Relations
- Tenure: 6.4yrs
Anne Mullins
Senior VP and Chief Digital & Information Officer
- Tenure: 0.3yrs
Edward Schlesinger (51yo)
Senior VP
- Tenure: 4yrs
Charles Craig
Senior Vice President of Science & Technology
- Tenure: 0yrs
Board Members
John Canning (74yo)
Independent Director
- Tenure: 9.5yrs
- Compensation: US$312.49k
Wendell Weeks (59yo)
Chairman
- Tenure: 14.7yrs
- Compensation: US$14.92m
Hansel Tookes (71yo)
Independent Director
- Tenure: 18.9yrs
- Compensation: US$321.99k
Dick Clark (73yo)
Lead Independent Director
- Tenure: 6.8yrs
- Compensation: US$349.49k
Kurt Landgraf (72yo)
Independent Director
- Tenure: 12.9yrs
- Compensation: US$342.49k
Deb Rieman (69yo)
Independent Director
- Tenure: 20.9yrs
- Compensation: US$324.99k
Mark Wrighton (69yo)
Independent Director
- Tenure: 10.8yrs
- Compensation: US$302.99k
Bob Cummings (68yo)
Independent Director
- Tenure: 13.2yrs
- Compensation: US$319.99k
Stephanie Burns (64yo)
Independent Director
- Tenure: 7.9yrs
- Compensation: US$317.99k
Kevin Martin (52yo)
Independent Director
- Tenure: 6.8yrs
- Compensation: US$301.99k
Company Information
Corning Incorporated's company bio, employee growth, exchange listings and data sources
Key Information
- Name: Corning Incorporated
- Ticker: GLW
- Exchange: NYSE
- Founded: 1851
- Industry: Electronic Components
- Sector: Tech
- Market Cap: US$22.496b
- Shares outstanding: 769.11m
- Website: https://www.corning.com
Number of Employees
Location
- Corning Incorporated
- One Riverfront Plaza
- Corning
- New York
- 14831
- United States
Listings
| Ticker | Exchange | Primary Security | Security Type | Country | Currency | Listed on |
|---|---|---|---|---|---|---|
| GLW | NYSE (New York Stock Exchange) | Yes | Common Stock | US | USD | Jan 1968 |
| GLW | SWX (SIX Swiss Exchange) | Yes | Common Stock | CH | CHF | Jan 1968 |
| GLW | DB (Deutsche Boerse AG) | Yes | Common Stock | DE | EUR | Jan 1968 |
| GLW | XTRA (XETRA Trading Platform) | Yes | Common Stock | DE | EUR | Jan 1968 |
| GLW * | BMV (Bolsa Mexicana de Valores) | Yes | Common Stock | MX | MXN | Jan 1968 |
| GLW-U | ETLX (Eurotlx) | Yes | Common Stock | IT | EUR | Jan 1968 |
| 0R2X | LSE (London Stock Exchange) | Yes | Common Stock | GB | USD | Jan 1968 |
Biography
Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company’s Display Technologies seg ...
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2019/12/12 23:35 |
| End of Day Share Price | 2019/12/12 00:00 |
| Earnings | 2019/09/30 |
| Annual Earnings | 2018/12/31 |
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.