Loading…
US maker of specialty glass, ceramics and optical fiber for smartphones, displays, autos, labs and networks.
US maker of specialty glass, ceramics and optical fiber for smartphones, displays, autos, labs and networks.
Sells specialty glass and fibre made with processes it invented and keeps in-house, to a few very large buyers: Apple for phone glass, display makers for panel glass, and network operators and data centers for fibre and cable. Optical communications has grown to rival display as its biggest line as AI data centers add fibre.
Moat: wide (IP / patents, process know-how, scale). Decades of proprietary glass science and manufacturing know-how are hard to replicate at scale.
Headquarters: Corning, New York, US · Founded: 1851 · Employees: 67,200
Size Corning (GLW) is a United States Information Technology company (Electronic Components) with a market value of $91.4B, the 141st largest of 3,117 United States companies the cockpit tracks. Shares closed at $106.13 on 6 Nov 2026.
Performance Over six months the shares fell 43.1%, against -25.3% for the median peer and -1.1% for the United States market (cap-weighted) — 2nd lowest of 6 in its peer set.
Growth Revenue grew 18.8% over the last twelve months (peer median +44.8%); the operating margin is 17.4% (peer median 9.4%).
Valuation It trades at 25.4× forward earnings against a peer median of 17.0× (most expensive of 7).
Price implies For today's price to make sense, revenue must grow about 25% a year for seven years (Req g). Recent delivered growth is +7%, so the hurdle is +18 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 0.8 points above its cost of capital (10.5% WACC).
Credit Corning has 9 bonds outstanding ($4.64B), rated BBB+ by the agencies and trading like BBB at a weighted spread of 102 bp.
Short interest Short interest is 1.9% of the free float (15 Oct 2026).
Next results Next results expected around 3 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $17.7B | $15.6B | $13.1B | $12.6B | $14.1B |
| Revenue growth | — | +19% | +4% | -11% | — |
| Gross profit | $6.28B | $5.52B | $4.13B | $4.04B | $4.64B |
| EBITDA | $4.57B | $3.68B | $2.86B | $2.63B | $3.21B |
| Net income | $2.15B | $1.60B | $506M | $581M | $1.32B |
| Free cash flow | $2.46B | $1.41B | $974M | $615M | $1.01B |
| Capital expenditure | $1.73B | $1.28B | $965M | $1.39B | $1.60B |
| Total debt | $9.17B | $9.38B | $8.09B | $8.48B | $7.82B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Corning GLW | $91.4B | -43% | +19% | 17% | 25.4× | 24.7% |
| Agc 5201.T | $6.33B | -15% | +6% | 6% | 12.6× | 4.8% |
| Nippon Electric Glass 5214.T | $2.32B | -44% | +3% | 8% | 22.6× | 2.4% |
| Prysmian PRY.MI | $33.9B | -35% | +17% | 8% | 20.2× | 13.1% |
| Furukawa Electric 5801.T | $8.75B | -54% | +13% | 6% | 11.9× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | GLW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -30.6% | -41.9% | 3rd highest of 6 |
| 6-month return | -43.1% | -25.3% | 2nd lowest of 6 |
| Distance from 52-week high | -61.0% | -48.8% | lowest of 6 |
| Revenue growth (TTM) | +18.8% | +44.8% | lowest of 7 |
| Operating margin | 17.4% | 9.4% | 2nd highest of 7 |
| Forward P/E | 25.4× | 17.0× | most expensive of 7 |
| Growth the price implies (Req g, 7 yrs) | 24.7% | 18.2% | 3rd most demanding of 6 |
| Growth delivered (Del g) | +6.7% | +14.3% | lowest of 5 |
| Hurdle (Req g minus delivered) | +18.0 pp | +0.5 pp | 2nd most demanding of 5 |
| ROIC minus cost of capital | +0.8 pp | +4.9 pp | 3rd lowest of 7 |
| EV / EBITDA | 21.6× | 18.0× | 3rd most expensive of 6 |
| Net debt / EBITDA | 1.4× | -0.3× | 2nd most indebted of 6 |
| Bond spread | 102 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Corning GLW | United States | $91.4B | -43% | +19% | 17% | 25.4× | 24.7% | +6.7% |
| Luxshare Precision Industry 002475.SZ | China | $57.7B | -25% | +27% | 4% | 18.9× | n/a | n/a |
| Amphenol APH | United States | $184B | +21% | +58% | 29% | 21.6× | 15.7% | +21.8% |
| Unimicron Technology 3037.TW | Taiwan | $35.4B | -19% | +33% | 13% | 20.1× | 45.9% | +8.3% |
| Suzhou Dongshan Precision Manufacturing 2384.HK | Hong Kong | $29.3B | n/a | +56% | 4% | 14.5× | 45.3% | n/a |
| Celestica CLS.TO | Canada | $26.3B | -44% | +61% | 9% | 11.5× | 11.0% | +17.6% |
| Tdk 6762.T | Japan | $25.4B | -27% | +25% | 10% | 15.0× | 18.2% | +11.1% |
Corning has 9 bonds outstanding with $4.64B face value. The agencies rate it BBB+; its bonds trade like BBB. Weighted yield 5.57%, a spread of 102 bp over government bonds.