Stock Analysis on Net
Stock Analysis on Net

Corning Inc. (NYSE:GLW)

This company has been moved to the archive! The financial data has not been updated since May 2, 2024.

Analysis of Goodwill and Intangible Assets

Microsoft Excel

Goodwill and Intangible Asset Disclosure

Corning Inc., balance sheet: goodwill and intangible assets

US$ in millions

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Goodwill 2,380 2,394 2,421 2,460 1,935
Patents, trademarks & trade names 493 496 498 500 469
Customer lists and other 1,464 1,461 1,464 1,517 1,301
Amortized intangible assets, gross 1,957 1,957 1,962 2,017 1,770
Accumulated amortization (1,052) (928) (814) (709) (585)
Other intangible assets, net 905 1,029 1,148 1,308 1,185
Goodwill and other intangible assets 3,285 3,423 3,569 3,768 3,120

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Item Description The company
Goodwill Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Corning Inc. goodwill decreased from 2021 to 2022 and from 2022 to 2023.
Other intangible assets, net Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges. Corning Inc. other intangible assets, net decreased from 2021 to 2022 and from 2022 to 2023.
Goodwill and other intangible assets Sum of the carrying amounts of all intangible assets, including goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges. Corning Inc. goodwill and other intangible assets decreased from 2021 to 2022 and from 2022 to 2023.

Adjustments to Financial Statements: Removal of Goodwill

Corning Inc., adjustments to financial statements

US$ in millions

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Adjustment to Total Assets
Total assets (as reported) 28,500 29,499 30,154 30,775 28,898
Less: Goodwill 2,380 2,394 2,421 2,460 1,935
Total assets (adjusted) 26,120 27,105 27,733 28,315 26,963
Adjustment to Total Corning Incorporated Shareholders’ Equity
Total Corning Incorporated shareholders’ equity (as reported) 11,551 12,008 12,333 13,257 12,907
Less: Goodwill 2,380 2,394 2,421 2,460 1,935
Total Corning Incorporated shareholders’ equity (adjusted) 9,171 9,614 9,912 10,797 10,972

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Corning Inc., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: Removal of Goodwill (Summary)

Corning Inc., adjusted financial ratios

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Total Asset Turnover
Reported total asset turnover 0.44 0.48 0.47 0.37 0.40
Adjusted total asset turnover 0.48 0.52 0.51 0.40 0.43
Financial Leverage
Reported financial leverage 2.47 2.46 2.44 2.32 2.24
Adjusted financial leverage 2.85 2.82 2.80 2.62 2.46
Return on Equity (ROE)
Reported ROE 5.03% 10.96% 15.45% 3.86% 7.44%
Adjusted ROE 6.34% 13.69% 19.23% 4.74% 8.75%
Return on Assets (ROA)
Reported ROA 2.04% 4.46% 6.32% 1.66% 3.32%
Adjusted ROA 2.22% 4.86% 6.87% 1.81% 3.56%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Financial ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Corning Inc. adjusted total asset turnover ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Corning Inc. adjusted financial leverage ratio increased from 2021 to 2022 and from 2022 to 2023.
Adjusted ROE A profitability ratio calculated as net income divided by adjusted shareholders’ equity. Corning Inc. adjusted ROE deteriorated from 2021 to 2022 and from 2022 to 2023.
Adjusted ROA A profitability ratio calculated as net income divided by adjusted total assets. Corning Inc. adjusted ROA deteriorated from 2021 to 2022 and from 2022 to 2023.

Corning Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net sales 12,588 14,189 14,082 11,303 11,503
Total assets 28,500 29,499 30,154 30,775 28,898
Activity Ratio
Total asset turnover1 0.44 0.48 0.47 0.37 0.40
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Net sales 12,588 14,189 14,082 11,303 11,503
Adjusted total assets 26,120 27,105 27,733 28,315 26,963
Activity Ratio
Adjusted total asset turnover2 0.48 0.52 0.51 0.40 0.43

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

2023 Calculations

1 Total asset turnover = Net sales ÷ Total assets
= 12,588 ÷ 28,500 = 0.44

2 Adjusted total asset turnover = Net sales ÷ Adjusted total assets
= 12,588 ÷ 26,120 = 0.48

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Corning Inc. adjusted total asset turnover ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

Adjusted Financial Leverage

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Total assets 28,500 29,499 30,154 30,775 28,898
Total Corning Incorporated shareholders’ equity 11,551 12,008 12,333 13,257 12,907
Solvency Ratio
Financial leverage1 2.47 2.46 2.44 2.32 2.24
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Adjusted total assets 26,120 27,105 27,733 28,315 26,963
Adjusted total Corning Incorporated shareholders’ equity 9,171 9,614 9,912 10,797 10,972
Solvency Ratio
Adjusted financial leverage2 2.85 2.82 2.80 2.62 2.46

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

2023 Calculations

1 Financial leverage = Total assets ÷ Total Corning Incorporated shareholders’ equity
= 28,500 ÷ 11,551 = 2.47

2 Adjusted financial leverage = Adjusted total assets ÷ Adjusted total Corning Incorporated shareholders’ equity
= 26,120 ÷ 9,171 = 2.85

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Corning Inc. adjusted financial leverage ratio increased from 2021 to 2022 and from 2022 to 2023.

Adjusted Return on Equity (ROE)

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income attributable to Corning Incorporated 581 1,316 1,906 512 960
Total Corning Incorporated shareholders’ equity 11,551 12,008 12,333 13,257 12,907
Profitability Ratio
ROE1 5.03% 10.96% 15.45% 3.86% 7.44%
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Net income attributable to Corning Incorporated 581 1,316 1,906 512 960
Adjusted total Corning Incorporated shareholders’ equity 9,171 9,614 9,912 10,797 10,972
Profitability Ratio
Adjusted ROE2 6.34% 13.69% 19.23% 4.74% 8.75%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

2023 Calculations

1 ROE = 100 × Net income attributable to Corning Incorporated ÷ Total Corning Incorporated shareholders’ equity
= 100 × 581 ÷ 11,551 = 5.03%

2 Adjusted ROE = 100 × Net income attributable to Corning Incorporated ÷ Adjusted total Corning Incorporated shareholders’ equity
= 100 × 581 ÷ 9,171 = 6.34%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as net income divided by adjusted shareholders’ equity. Corning Inc. adjusted ROE deteriorated from 2021 to 2022 and from 2022 to 2023.

Adjusted Return on Assets (ROA)

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income attributable to Corning Incorporated 581 1,316 1,906 512 960
Total assets 28,500 29,499 30,154 30,775 28,898
Profitability Ratio
ROA1 2.04% 4.46% 6.32% 1.66% 3.32%
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Net income attributable to Corning Incorporated 581 1,316 1,906 512 960
Adjusted total assets 26,120 27,105 27,733 28,315 26,963
Profitability Ratio
Adjusted ROA2 2.22% 4.86% 6.87% 1.81% 3.56%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

2023 Calculations

1 ROA = 100 × Net income attributable to Corning Incorporated ÷ Total assets
= 100 × 581 ÷ 28,500 = 2.04%

2 Adjusted ROA = 100 × Net income attributable to Corning Incorporated ÷ Adjusted total assets
= 100 × 581 ÷ 26,120 = 2.22%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as net income divided by adjusted total assets. Corning Inc. adjusted ROA deteriorated from 2021 to 2022 and from 2022 to 2023.