Company Overview Corning is a specialty materials and glass manufacturer serving display, optical communications and other industrial end markets, and its balance sheet shows conservative leverage with a debt-to-equity ratio of 0.7266 and a current ratio of 1.5936 . Financial Strengths The company’s liquidity and cash generation remain tangible strengths: trailing twelve‑month operating cash flow
Corning is a specialty materials and glass manufacturer serving display, optical communications and other industrial end markets, and its balance sheet shows conservative leverage with a debt-to-equity ratio of 0.7266 and a current ratio of 1.5936.
The company’s liquidity and cash generation remain tangible strengths: trailing twelve‑month operating cash flow was $1.94B as of 2024-12-31 and the most recent interest coverage ratio is 6.7827, which supports ongoing operations and financing needs (see Strategic Capital Allocation).
Top-line trends also show periods of revenue expansion, with quarterly revenue rising from $2.39B in 2020-03-31 to $3.62B in 2021-09-30 (an increase of roughly $1.23B), highlighting the ability to grow sales in recent comparable quarters (see Revenue & Net Income).
The company’s gross margin remains above 30% at 32.6%, providing some buffer against cost pressure (see Profit Margin Trends).
At the same time, several areas warrant scrutiny. Reported diluted EPS has been volatile and deteriorating, with one‑year split‑adjusted EPS growth at -46.7% for the period ending 2020-12-31 and a most recent diluted EPS observation of $227,555,555.56 in that same period (see Revenue & EPS Growth and EPS Diluted & Revenue per Share).
Profitability has weakened materially: operating margin declined to 8.7% TTM from 23.0% in the comparable 2021 period, and gross margin slipped from 36.0% to 32.6% (see Profit Margin Trends).
There are also quality signals to monitor: operating cash flow trails reported earnings on some periods (cash/earnings ratio ~0.6823), which could indicate timing or sustainability differences between earnings and cash generation (see Earnings Quality Analysis).
Going forward, key fundamentals to watch are operating cash flow (currently $1.94B) and its trend in relation to reported earnings (Strategic Capital Allocation); operating margin (currently 8.7%) and gross margin (32.6%) for signs of margin recovery or further compression (Profit Margin Trends); diluted EPS growth and revenue per share trends (most recent EPS growth -46.7%) to assess earnings momentum (Revenue & EPS Growth, EPS Diluted & Revenue per Share); and leverage/coverage metrics such as interest coverage (6.7827x), debt-to-equity (0.7266) and ROE (most recent 3.9%) alongside the reported PE of 0.0x in the available series (Return on Equity (ROE), Price-to-Earnings (PE) Ratio Trend).
The foundation of business quality and long-term value creation
CORNING INC /NY's reported quarterly revenue shows an upward trend over the most recent periods, rising from $2.39B in the quarter ending 2020-03-31 to $3.29B in 2021-03-31 and then to $3.62B in 2021-09-30, with the latest reported quarter (2022-06-30) also at $3.62B, indicating a leveling at that higher revenue run rate. The most notable inflection in top-line growth occurred between early 2020 and 2021, when revenue accelerated by more than $0.9B.
Net income has been more volatile than revenue. CORNING INC /NY moved from a loss of $96.0M in 2020-03-31 to positive net income thereafter, reaching $599.0M in 2021-03-31 before declining to $371.0M in 2021-09-30. The most recent reported quarterly revenue was $3.62B (2022-06-30). The most recent reported quarterly net income was $371.0M (2021-09-30).
Why Growth Matters
Consistent revenue and earnings growth are the lifeblood of successful long-term investments. Companies that can grow their top line (revenue) and bottom line (net income) over many years demonstrate they have products or services customers value and are willing to pay for repeatedly.
Revenue Growth shows whether the company is expanding its market reach, gaining market share, or successfully launching new products.Net Income Growth demonstrates the company can convert that revenue into actual profits while managing costs effectively.
Look for steady, sustainable growth rather than erratic spikes. The best businesses compound earnings year after year, creating tremendous value for shareholders over time. Companies that can grow earnings faster than revenue are improving their profitability—a sign of operational excellence and competitive strength.
Year-over-year growth rates for revenue and earnings per share
Reading the Growth Rate Chart
This chart converts the absolute per-share figures into year-over-year percentage changes, making it easy to see whether growth is accelerating, decelerating, or reverting to trend — regardless of the company's absolute size.
Revenue per Share Growth (1-year, split-adjusted) measures how quickly the top line is expanding on a per-share basis. Sustained positive growth signals that the company continues to win customers and grow its addressable market.EPS Diluted Growth (1-year, split-adjusted) measures how quickly earnings are compounding for each shareholder. When EPS growth consistently outpaces revenue growth, operating leverage and margin expansion are at work.
Look for consistency, not just magnitude. A company that reliably grows EPS 10–15% per year is far more valuable than one that alternates between 50% spikes and deep contractions. Negative EPS growth during a period of positive revenue growth is a red flag — costs are rising faster than sales. Quarters where both lines converge near zero or go negative deserve close scrutiny.
How revenue converts to net income for the most recent annual period
Period Information
Report Type: Annual (10-K)
Period: Jan 2024 to Dec 2024
Analyzing long-term margin stability and competitive positioning
For the trailing twelve months ended 2024-12-31, CORNING INC /NY shows a lower margin profile than the TTM figures for 2021. Gross margin declined to 32.6% from 36.0% (2021 TTM) and operating margin fell to 8.7% from 23.0% (2021 TTM).
The data indicate a downward trend in both gross and operating profitability between the 2021 and 2024 periods, with the operating margin showing the larger absolute decrease.
The most recent levels show gross margin remaining above 30% while operating margin is below 10% as of the latest period. The most recent Gross Margin was 32.6% and the most recent Operating Margin was 8.7%.
Understanding Profit Margins
Between Jan 2024 and Dec 2024, Corning Inc Ny converts every dollar of revenue through the following stages:
Sustainable competitive advantages reveal themselves through consistently superior profit margins over extended periods. Companies with durable economic moats maintain pricing power and operational efficiency that competitors struggle to match.
A sign of durable competitive advantage is earning sustained higher margins than competitors.Look for margins that remain stable or improve over time, especially during economic downturns. Declining margins may signal increasing competition, pricing pressure, or deteriorating business fundamentals.
Comparing reported earnings to actual cash generation
CORNING INC /NY shows trailing twelve‑month operating cash flow of $1.94B for the period ended 2024-12-31. Over the multi‑year span in the chart, operating cash flow was materially higher in the early 2010s (peaks around $4.88B in 2014 and ~$4.12B in 2011) and declined through 2016 ($2.52B) to the most recent $1.94B, indicating a downward shift in cash generation from historical highs.
The most recent net income TTM value available in the dataset is $512.0M for the period ended 2020-12-31. Net income peaked at $3.69B in 2016, turned negative at -$497.0M in 2017, recovered to $1.07B in 2018 and $960.0M in 2019, then declined to $512.0M in 2020. Comparing the latest observations, operating cash flow TTM ($1.94B, 2024-12-31) exceeds the latest net income TTM reported in the dataset ($512.0M, 2020-12-31).
The most recent Operating Cash Flow (TTM) observed was $1.94B (period end 2024-12-31). The most recent Net Income (TTM) observed in the dataset was $512.0M (period end 2020-12-31).
The Earnings vs. Cash Flow Gap
Reported earnings (Net Income) doesn't always reflect actual cash generation. Companies use accrual accounting, which recognizes revenue when earned and expenses when incurred—not when cash actually changes hands. This creates timing differences and opportunities for accounting discretion that can mask underlying business health.
Net Income (the "earnings" number) can be influenced by non-cash items like depreciation, stock-based compensation, and changes in accounting estimates.Operating Cash Flow, however, shows the actual cash the business generates from its core operations—a harder number to manipulate.
What to Look For
Key Insight: Companies with durable competitive advantages typically show operating cash flow that meets or exceeds net income over time, demonstrating they convert accounting profits into actual cash that can be returned to shareholders or reinvested in the business.
Measuring management's efficiency at generating profits from shareholder capital
CORNING INC /NY's ROE has declined in the most recent reported periods, moving from 7.7% at the 2018 year-end to 3.9% at the 2020 year-end. The latest observations show lower efficiency in generating net income from shareholder equity compared with earlier years in the series.
The series contains a pronounced inflection around 2016–2017, with a peak ROE of 20.7% for 2016 followed by a drop to -3.2% in 2017; subsequent years returned to positive ROE but at materially lower levels than the 2016 high. The most recent ROE was 3.9% as of 2020-12-31.
The Gold Standard of Profitability
Return on Equity (ROE) is a powerful measure of how effectively a company's management is using the money shareholders have invested. Calculated by dividing Net Income by Shareholders' Equity, it reveals how much profit is generated for every dollar of equity capital.
A consistently high ROE (typically above 15-20%) is often the signature of a "quality" business with a durable competitive advantage. It indicates that the company can generate high returns on its own capital, which it can then reinvest at these high rates to compound value over time.
What to Look For:
How the company generates and deploys its cash
In the trailing twelve months ended 2024-12-31, CORNING INC /NY reported operating cash flow of $1.94B, investing cash flow of -$744.0M and financing cash flow of -$1.16B. Operating cash flow has moved lower from earlier multi-year highs shown in the dataset (for example $4.88B at 2014-09-30 and $2.52B at 2016-12-31) to the current $1.94B TTM.
Investing cash flow has been consistently negative across the history provided (for example -$685.0M at 2015-12-31 and -$1.35B at 2022-12-31), with the most recent TTM investing outflow at -$744.0M.
Financing cash flow likewise shows sustained net outflows in recent years: the most recent TTM financing outflow of -$1.16B (2024-12-31) is larger in magnitude than the -$883.0M reported at 2023-12-31 but smaller in magnitude than the -$1.65B at 2022-12-31. The latest observed values are: Operating Cash Flow (TTM) $1.94B; Investing Cash Flow (TTM) -$744.0M; Financing Cash Flow (TTM) -$1.16B.
Understanding Company Strategy
Capital allocation refers to how management decides to spend and invest the company's cash. Analyzing the three primary categories of cash flow reveals a company's true operational strategy:
What to look for: Is the company bootstrapping (funding growth solely from operating cash)? Are they borrowing to fund aggressive expansion or dividends? Or are they capital raising by issuing new shares, potentially diluting your ownership? A healthy, mature company typically generates strong operating cash, moderately invests in growth, and returns the surplus to shareholders through financing activities.
Net assets attributable to each share — the accounting floor of intrinsic value
Why Book Value per Share Matters
Book value per share is the net worth of the company — total assets minus total liabilities — divided by shares outstanding (split-adjusted). It represents the theoretical liquidation value per share if every asset were sold and every liability repaid at balance-sheet carrying values. It is the accounting foundation upon which much of equity valuation is built.
A steadily rising book value per share is one of the most reliable signals of compounding wealth creation. It means the company is retaining earnings and building net worth faster than it is returning capital or eroding it. Warren Buffett famously tracked Berkshire Hathaway's book value per share for decades as his primary measure of intrinsic value growth.
Context is essential. Asset-heavy businesses (banks, manufacturers, utilities) should be judged by book value more directly than asset-light businesses (software, consumer brands), where intangible assets like intellectual property and customer loyalty may far exceed their balance-sheet carrying values. A company trading at a large premium to book value is not necessarily overvalued — it may simply possess competitive advantages that accounting rules do not capture. Conversely, a declining book value per share — especially over multiple years — is a serious warning sign of capital destruction.
How much of the company is financed by debt versus shareholders' equity
Reading the Debt-to-Equity Ratio
The debt-to-equity (D/E) ratio compares total financial debt to shareholders' equity. A ratio of 1.0 means the company has borrowed one dollar for every dollar of equity; a ratio of 2.0 means it has borrowed twice as much as it owns. Financial leverage amplifies both returns and risk: in good times, debt turbocharges equity returns; in bad times, it accelerates losses and can threaten solvency.
Trends matter more than a single number. A rising D/E ratio can mean the company is taking on debt to fund growth — potentially value-creating if returns exceed the cost of capital. But it can also mean equity is being eroded through losses or that the business is borrowing simply to sustain operations. A falling D/E ratio generally reflects strengthening financial health: earnings are being retained, debt maturities are being paid down, or both.
Industry norms vary enormously. Capital-intensive sectors (utilities, real estate, financials) routinely carry high D/E ratios that would be alarming in, say, a technology company. Always compare against sector peers. As a rough rule of thumb, a D/E above 2× in a cyclical business warrants careful scrutiny of interest coverage and refinancing risk.
Short-term liquidity — can the company cover its near-term obligations?
Liquidity: Can the Business Pay Its Bills?
The current ratio is calculated as current assets divided by current liabilities. A ratio of 1.5 means the company has $1.50 of short-term assets — cash, receivables, inventory — for every $1.00 of obligations due within the next twelve months. It is the most direct measure of near-term financial resilience: can the business meet its obligations without needing to raise new capital or sell long-term assets at a discount?
A ratio above 1.0 is generally healthy, meaning current assets exceed current liabilities. A ratio consistently above 2.0 may indicate the company is holding excess cash or inventory that could be deployed more productively. A ratio below 1.0 is a warning sign — the company is relying on future cash generation or external financing to cover its near-term obligations, which is manageable in normal conditions but dangerous during a downturn.
Trends and context matter.A declining current ratio isn't always alarming — highly efficient businesses (e.g., large retailers with reliable daily cash flows) often run leaner balance sheets intentionally. Conversely, a rapidly rising current ratio can signal slowing sales causing inventory to build, or customers taking longer to pay. Always compare the trend against industry peers and cross-reference with the cash flow statement to assess whether the business is genuinely liquid or just holding non-cash current assets.
How much the market is paying for each dollar of company earnings
CORNING INC /NY's trailing twelve-month Price-to-Earnings ratio is flat across the available history: the series shows 0.0x for each reported year from 2010 through 2016 and again for 2018, 2019, and 2020. The most recent quarters (2018–2020) continue this same level, so there is no observable upward or downward trend in the reported PE values over the period.
One period (year ending 2017-12-31) has no value recorded in the dataset. The most recent reported Price-to-Earnings (PE) ratio for CORNING INC /NY was 0.0x as of the period ending 2020-12-31.
What Is the PE Ratio?
The Price-to-Earnings (PE) ratio is one of the most widely used valuation metrics in investing. It divides the current stock price by the company's earnings per share (EPS), revealing how much investors are willing to pay for each dollar of earnings. A high PE can signal that the market expects strong future growth, while a low PE may suggest undervaluation—or reflect genuine concerns about the company's prospects.
Context matters:PE ratios vary significantly across industries. High-growth technology companies routinely trade at PE ratios above 30x or 40x, while mature, low-growth sectors like utilities or financials often trade closer to 10–15x. Always compare a company's PE to its own history and its industry peers, not just an absolute number.
What to Look For:
Key Insight:The PE ratio is a snapshot of market sentiment and expectations. Tracking it over time alongside earnings trends reveals whether the market's valuation has expanded or contracted—and whether that change is justified by fundamentals.