Corning Inc (GLW) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-83.0%

$21.34

vs $125.42 price

Levered DCF

$17.46

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

4.93

Safe zone

Rating

B-

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	47.08×	80.54×	44.13×	20.47×	28.64×	66.67×	23.67×	25.39×
P/B	6.38×	3.79×	2.24×	2.24×	2.5×	2.07×	1.75×	2.06×
P/S	4.82×	3.09×	2.05×	1.9×	2.19×	2.42×	1.96×	2.52×
EV / EBITDA	22.49×	18.8×	12.94×	9.34×	8.68×	13.82×	9.66×	10.74×
Gross margin	35.3%	32.6%	31.2%	31.8%	36.0%	31.2%	35.1%	39.5%
Operating margin	14.9%	8.7%	7.1%	10.1%	15.0%	4.5%	11.4%	14.0%
Net margin	10.2%	3.9%	4.6%	9.3%	13.5%	4.5%	8.3%	9.4%
Current ratio	1.59×	1.62×	1.67×	1.44×	1.59×	2.12×	2.12×	2.12×
Debt / equity	0.87×	0.76×	0.73×	0.65×	0.63×	0.66×	0.64×	0.43×
Interest coverage	6.94×	3.45×	2.71×	4.92×	7.04×	1.84×	5.91×	8.25×
Dividend yield	1.3%	2.4%	3.8%	3.5%	2.8%	2.9%	3.3%	2.4%
Payout ratio	62.6%	194.9%	170.2%	70.8%	45.7%	153.7%	77.3%	64.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	13.5%	4.7%	5.0%	11.0%	15.5%	3.9%	7.4%	7.7%
Return on invested capital	7.5%	3.6%	2.9%	4.5%	6.6%	1.5%	4.1%	4.6%
Return on assets	5.2%	1.8%	2.0%	4.5%	6.3%	1.7%	3.3%	3.9%
Free cash flow yield	1.9%	2.4%	2.4%	3.8%	5.8%	2.9%	0.2%	2.4%
Earnings yield	2.1%	1.2%	2.3%	4.9%	6.2%	1.9%	4.2%	3.7%
Enterprise value	$84B	$46.9B	$32.5B	$33.1B	$36.5B	$33.4B	$28.4B	$32.1B
Net debt / EBITDA	2.33×	2.54×	2.67×	1.74×	1.35×	2.49×	1.98×	1.22×
Cash conversion cycle (days)	105	109	96	86	87	128	94	94