Corning Inc. (NYSE:GLW)

Asset Turnover Ratios

The reported total asset turnover exhibited a fluctuating trend, starting at 0.40 in 2019, dipping to 0.37 in 2020, then increasing to a peak of 0.48 in 2022 before slightly declining to 0.44 in 2023. The adjusted total asset turnover followed a similar pattern but maintained marginally higher values, peaking at 0.50 in 2022 before a modest decline to 0.46 in 2023. This indicates that asset utilization improved notably through 2021 and 2022 but experienced some easing in 2023.

Liquidity Ratios (Current Ratio)

The reported current ratio remained stable at 2.12 in both 2019 and 2020, then decreased significantly to 1.59 in 2021 and further to 1.44 in 2022, before recovering slightly to 1.67 in 2023. Adjusted current ratio trends aligned closely, with a peak of 2.23 in 2020, a decline through 2022, and a modest rebound in 2023. This suggests that liquidity was strong initially but weakened during 2021–2022, with some restoration in the most recent year.

Leverage Ratios (Debt to Equity and Debt to Capital)

The reported debt to equity ratio was relatively stable from 2019 through 2022, oscillating around 0.57 to 0.60, before increasing to 0.65 in 2023. The adjusted debt to equity ratio showed a slight downward trend from 0.68 in 2019 to 0.62–0.63 in 2021–2022, then increased to 0.72 in 2023. Similarly, the debt to capital ratio remained consistently around 0.36–0.39 in both reported and adjusted figures, with a slight uptick in the latest year. These patterns indicate a generally stable leverage position with a modest rise in debt usage toward the end of the period.

Financial Leverage

The reported financial leverage ratio demonstrated a steady increase from 2.24 in 2019 to 2.47 in 2023, reflecting a gradual increase in the use of debt financing relative to equity. The adjusted financial leverage was comparatively stable, fluctuating slightly around 2.17 to 2.32 without a clear upward or downward trend. Overall, the data suggests a controlled increase in leverage but with adjustments tempering this view somewhat.

Profitability Margins (Net Profit Margin)

The reported net profit margin showed significant volatility, declining from 8.35% in 2019 to 4.53% in 2020, then rising sharply to 13.54% in 2021, followed by declines to 9.27% in 2022 and 4.62% in 2023. The adjusted net profit margin presented a different pattern, surging from 5.49% in 2019 to a high of 15.92% in 2020, then steadily declining to 2.67% in 2023. These fluctuations suggest variability in profit efficiency and possibly the impact of non-recurring or irregular items influencing reported margins.

Return on Equity (ROE)

The reported ROE mirrored the net profit margin trend, starting at 7.44% in 2019, decreasing to 3.86% in 2020, rebounding strongly to 15.45% in 2021, then declining again to 5.03% by 2023. The adjusted ROE showed a more pronounced peak at 14.32% in 2020, followed by a gradual decline to 2.84% in 2023. This indicates that shareholder returns were highly variable with a peak in 2020–2021 but have weakened substantially in recent years.

Return on Assets (ROA)

The reported ROA declined from 3.32% in 2019 to 1.66% in 2020, then rose to 6.32% in 2021, followed by decreases to 4.46% in 2022 and 2.04% in 2023. The adjusted ROA peaked at 6.61% in 2020 but then declined continuously to 1.23% in 2023. The trends reflect inconsistent asset profitability, with a notable peak in 2020–2021 and decreasing effectiveness in generating returns from assets in subsequent years.

The financial data reveals several notable trends from the end of 2019 through 2023. Net sales experienced a decline between 2019 and 2020, decreasing from 11,503 million US dollars to 11,303 million. Subsequently, sales showed a recovery and growth phase, peaking at 14,189 million in 2022 before declining again to 12,588 million in 2023. This pattern suggests volatility in sales performance over the period with a significant rebound followed by a contraction.

Total assets followed a generally downward trend after an initial increase in 2020. Starting at 28,898 million in 2019, assets rose to 30,775 million in 2020 but then decreased steadily to 28,500 million by 2023. This decline indicates a reduction in asset base in the latter years, which could reflect divestitures, depreciation, or asset utilization strategies.

The reported total asset turnover, a measure of sales generated per unit of assets, mirrors the fluctuation in sales and assets. It declined slightly in 2020 to 0.37 from 0.4 in 2019, then increased to a peak of 0.48 in 2022 before decreasing to 0.44 in 2023. This signals improved efficiency in asset utilization until 2022, followed by a slight downturn.

Adjusted figures provide additional insight. Adjusted net sales show a more consistent increase from 11,503 million in 2019 to a high of 14,146 million in 2022, with a decrease in 2023 to 12,579 million. Adjusted total assets, similar to the reported figures, increased in 2020 and then declined to 27,377 million by 2023. Adjusted total asset turnover also demonstrates a steady rise from 0.41 in 2019 to 0.50 in 2022, before decreasing to 0.46 in 2023.

Sales Trends

Initial decline in 2020 followed by strong growth through 2022, then a notable decrease in 2023.

Asset Trends

Asset base expanded in 2020, then gradually contracted until 2023.

Asset Turnover Trends

Improvement in asset efficiency until 2022, with a decline in the most recent year.

Adjusted Data Insights

Adjusted sales and assets confirm the trajectory seen in reported data, indicating consistent improvements until 2022 and a downturn in 2023.

Overall, the data reveals a period of recovery and growth leading up to 2022, with some weakening in 2023. The improved asset turnover ratios through 2022 suggest enhanced operational efficiency, but the recent decline in sales and asset turnover may indicate emerging challenges or market shifts that warrant further investigation.

Current Assets

Current assets demonstrated an initial increase from 7,463 million USD in 2019 to 8,004 million USD in 2020, followed by a gradual decline reaching 7,212 million USD by the end of 2023. This indicates a peak in current asset holdings in 2020 with a subsequent downward adjustment over the next three years.

Current Liabilities

Current liabilities exhibited a continuous upward trend from 3,521 million USD in 2019 to a peak of 5,175 million USD in 2022, before declining to 4,319 million USD in 2023. The increase up to 2022 suggests growing short-term obligations, which slightly eased in the final period.

Reported Current Ratio

The reported current ratio remained stable at 2.12 in both 2019 and 2020, then declined markedly to 1.59 in 2021 and further to 1.44 in 2022. In 2023, there was a partial recovery to 1.67. This pattern highlights a weakening liquidity position after 2020, with some improvement observed in the latest year.

Adjusted Current Assets

Adjusted current assets followed a similar trend to reported current assets, rising from 7,504 million USD in 2019 to 8,050 million USD in 2020, then declining steadily to 7,242 million USD in 2023. This suggests the adjustment made little difference in the overall trend of current asset values.

Adjusted Current Liabilities

Adjusted current liabilities increased from 3,521 million USD in 2019 to 5,031 million USD in 2022, before declining to 4,138 million USD in 2023. The adjustment reduced the liabilities reported in 2020 through 2023 but maintained the overall pattern of increase followed by a decline.

Adjusted Current Ratio

The adjusted current ratio rose slightly from 2.13 in 2019 to 2.23 in 2020, then decreased to 1.65 in 2021 and further to 1.49 in 2022. In 2023, it improved to 1.75. Despite the adjustments, the liquidity trend mirrors the reported ratio, with a peak in 2020, weakness in the subsequent two years, and recovery in the last year.

Summary of Trends

The data reveals an initial strengthening of liquidity from 2019 to 2020, characterized by increased current assets and manageable liabilities, reflected in higher current ratios. However, from 2021 through 2022, there is a noticeable deterioration in liquidity as liabilities grow faster than assets, causing the current ratios to decline. The year 2023 shows signs of stabilizing liquidity with both assets and liabilities decreasing and current ratios improving but not returning to the peak levels of 2019-2020. The adjustments applied to assets and liabilities slightly modify the reported figures but do not alter the overall downward and recovery trends observed in the company's short-term financial health.

Debt Levels

The total debt exhibited minor fluctuations over the five-year period. It initially increased from 7740 million US dollars in 2019 to a peak of 7972 million in 2020, then declined to 6911 million by the end of 2022, followed by a rise to 7526 million in 2023. Adjusted total debt mirrored this trend, rising from 8252 million in 2019 to 8701 million in 2020, then decreasing to 7817 million in 2022 before increasing again to 8484 million in 2023.

Shareholders’ Equity

The total Corning Incorporated shareholders’ equity demonstrated a steady decline over the observed period. It fell from 12907 million in 2019 to 11551 million in 2023. Adjusted total equity displayed a somewhat similar pattern, peaking at 13710 million in 2020 before consistently decreasing to 11823 million by 2023.

Debt to Equity Ratios

The reported debt to equity ratio remained relatively stable between 0.57 and 0.65 across the five years, indicating a consistent leverage level though with a slight increase in 2023. The adjusted debt to equity ratio showed a comparable pattern, decreasing from 0.68 in 2019 to a low of 0.62 in 2021, then gradually increasing to 0.72 in 2023.

Overall Insights

Over the five-year span, the company maintained a relatively stable debt structure with modest fluctuations. The decline in shareholders’ equity suggests potential reductions in retained earnings or other equity components. The increase in the debt to equity ratios toward 2023 indicates a slight elevation in financial leverage, driven by both an uptick in debt levels and a reduction in equity. This trend may warrant closer monitoring to assess implications for financial risk and capital structure strategy.

Total Debt

The total debt experienced fluctuations over the five-year period. It increased slightly from 7,740 million USD in 2019 to 7,972 million USD in 2020, then decreased notably to 7,044 million USD in 2021 and further to 6,911 million USD in 2022. However, in 2023, it rose again to 7,526 million USD. This pattern indicates a general tendency towards debt reduction between 2020 and 2022, followed by a reversal in 2023.

Total Capital

Total capital showed a declining trend, starting from 20,647 million USD in 2019 and reaching a low of 18,919 million USD in 2022, before a slight recovery to 19,077 million USD in 2023. The overall decrease suggests a contraction in the company's capital base over the period, with a marginal improvement in the last recorded year.

Reported Debt to Capital Ratio

The reported debt to capital ratio remained relatively stable across the years, fluctuating narrowly between 0.36 and 0.39. It started at 0.37 in 2019, rose to 0.38 in 2020, dipped to 0.36 in 2021, returned to 0.37 in 2022, and then increased to 0.39 in 2023. This indicates a consistent leverage level, with only minor variations.

Adjusted Total Debt

Adjusted total debt numbers exhibited a trend similar to total debt but consistently higher in value. Starting at 8,252 million USD in 2019, it increased to 8,701 million USD in 2020, decreased progressively to 7,829 million USD in 2021 and 7,817 million USD in 2022, before rising to 8,484 million USD in 2023. This pattern reflects similar leverage management as reflected by total debt, with increased debt in 2023 after a period of reduction.

Adjusted Total Capital

The adjusted total capital mirrored the general trend of total capital, though figures were somewhat higher. It rose from 20,458 million USD in 2019 to a peak of 22,411 million USD in 2020, then declined to 20,520 million USD in 2021 and continued to 20,171 million USD in 2022, finishing at 20,307 million USD in 2023. This shows an initial increase followed by a steady decrease and a slight rebound in the final year.

Adjusted Debt to Capital Ratio

The adjusted debt to capital ratio remained fairly consistent, ranging from 0.38 to 0.42. It was at 0.40 in 2019, decreased slightly to 0.39 in 2020, 0.38 in 2021, then increased to 0.39 in 2022, and further to 0.42 in 2023. This suggests a modest growth in leverage on an adjusted basis, with the highest leverage observed in 2023.

Total Assets

Total assets showed a fluctuating trend over the period, increasing from 28,898 million USD in 2019 to a peak of 30,775 million USD in 2020, followed by a gradual decline each subsequent year, reaching 28,500 million USD in 2023. This indicates a contraction phase after 2020, suggesting possible divestitures, asset impairment, or reduced capital expenditure.

Total Shareholders’ Equity

Total shareholders’ equity rose slightly from 12,907 million USD in 2019 to 13,257 million USD in 2020, then experienced a steady decline through 2023, ending at 11,551 million USD. This downward trend in equity might reflect accumulated losses, dividend payments exceeding net income, or share buybacks over the latter years.

Reported Financial Leverage

The reported financial leverage ratio increased consistently from 2.24 in 2019 to 2.47 in 2023, indicating a gradual rise in the use of debt relative to equity. This suggests the company relied increasingly on leverage financing, which could imply higher financial risk or a strategic decision to optimize the capital structure.

Adjusted Total Assets

Adjusted total assets followed a similar pattern to reported total assets, increasing from 27,782 million USD in 2019 to 29,700 million USD in 2020 before declining steadily to 27,377 million USD in 2023. The adjustment appears to consistently reduce asset values slightly but mirrors the overall trend observed in reported assets.

Adjusted Total Equity

Adjusted total equity rose notably from 12,206 million USD in 2019 to 13,710 million USD in 2020, then declined through 2023, reaching 11,823 million USD. This mirrors the pattern seen in reported equity metrics, indicating that the adjustments did not materially alter the overall equity trend but provide a slight moderation in values.

Adjusted Financial Leverage

The adjusted financial leverage decreased from 2.28 in 2019 to 2.17 in 2020, indicating a temporarily reduced leverage position. However, from 2020 onwards, it increased steadily to 2.32 in 2023, reflecting an increase in leverage after 2020, though at a slightly lower magnitude compared to the reported financial leverage. This suggests that adjustments provide a more conservative measure of leverage.

Net Income Attributable to Corning Incorporated

The net income demonstrated significant volatility over the five-year period. It started at 960 million USD in 2019, dropped sharply to 512 million USD in 2020, then surged to a peak of 1,906 million USD in 2021. The figure declined again to 1,316 million USD in 2022 and further decreased to 581 million USD in 2023, indicating a downward trend after 2021.

Net Sales

Net sales exhibited moderate fluctuations. Sales declined slightly from 11,503 million USD in 2019 to 11,303 million USD in 2020, then experienced a notable increase to 14,082 million USD in 2021. Sales remained relatively stable in 2022 at 14,189 million USD but decreased to 12,588 million USD in 2023, suggesting some sales contraction in the most recent year.

Reported Net Profit Margin

The reported net profit margin followed a pattern similar to net income, declining from 8.35% in 2019 to 4.53% in 2020 before peaking sharply at 13.54% in 2021. Subsequently, it decreased to 9.27% in 2022 and further down to 4.62% in 2023, highlighting reduced profitability margins after the peak year.

Adjusted Net Income

Adjusted net income showed a divergent trend compared to net income. It declined from 632 million USD in 2019 to 1963 million USD in 2020, then decreased to 1,400 million USD in 2021, and dropped significantly afterwards, reaching 640 million USD in 2022 and 336 million USD in 2023. This downward trajectory in the last two years indicates challenges in maintaining adjusted profitability.

Adjusted Net Sales

Adjusted net sales reveal a generally increasing trend until 2022, starting at 11,503 million USD in 2019 and rising steadily to 12,327 million USD in 2020, 13,970 million USD in 2021, and 14,146 million USD in 2022. However, like reported net sales, adjusted net sales decreased in 2023 to 12,579 million USD, indicating some recent sales contraction.

Adjusted Net Profit Margin

The adjusted net profit margin improved markedly from 5.49% in 2019 to a notable high of 15.92% in 2020, then declined to 10.02% in 2021. After this, margins dropped sharply to 4.52% in 2022 and further to 2.67% in 2023, reflecting a significant erosion in profitability on an adjusted basis in the latter years.

Net Income Attributable to Corning Incorporated

The net income demonstrates notable volatility over the five-year period. It peaked in 2021 at 1,906 million US dollars, following a significant decline in 2020 to 512 million from 960 million in 2019. Subsequently, the net income decreased again to 1,316 million in 2022 and dropped further to 581 million in 2023, indicating fluctuating profitability.

Total Corning Incorporated Shareholders’ Equity

Shareholders’ equity shows a steady downward trend from 12,907 million US dollars in 2019 to 11,551 million in 2023. The equity declined each year from 2020 onwards, suggesting a gradual reduction in the company’s net asset base over the observed period.

Reported Return on Equity (ROE)

The reported ROE mirrors the volatility in net income, peaking at 15.45% in 2021 after a drop to 3.86% in 2020 from 7.44% in 2019. It declined again to 10.96% in 2022 and further fell to 5.03% in 2023, indicating fluctuations in profitability relative to equity.

Adjusted Net Income

Adjusted net income reveals high variability. It rose sharply from 632 million in 2019 to 1,963 million in 2020 but then decreased to 1,400 million in 2021. The downward trend continued with values of 640 million in 2022 and 336 million in 2023, indicating decreasing profitability after adjustment for unusual or non-recurring items.

Adjusted Total Equity

This metric follows a similar pattern to total equity, increasing from 12,206 million in 2019 to 13,710 million in 2020 before a consistent decline to 11,823 million in 2023. The trend suggests a peak in adjusted equity in 2020 followed by a steady reduction.

Adjusted Return on Equity (ROE)

Adjusted ROE shows notable fluctuations, increasing substantially from 5.18% in 2019 to 14.32% in 2020. It then declined to 11.03% in 2021, followed by a sharp drop to 5.18% in 2022 and further to 2.84% in 2023, signaling decreased efficiency in generating returns from adjusted equity over time.

Net Income Attributable to Corning Incorporated

The net income exhibits significant volatility over the five-year period. Beginning at $960 million in 2019, it declined sharply to $512 million in 2020, then surged to a peak of $1,906 million in 2021. Subsequently, the net income decreased to $1,316 million in 2022 and further dropped to $581 million in 2023. This fluctuation suggests variability in profitability, possibly driven by changing market conditions or operational factors.

Total Assets

Total assets show a generally decreasing trend starting from $28,898 million in 2019 and peaking slightly at $30,775 million in 2020. From 2021 onwards, assets declined gradually to $28,500 million in 2023. The reduction in total assets over the latter years may indicate asset divestitures, depreciation, or restrained capital investment.

Reported Return on Assets (ROA)

The reported ROA trends mirror the net income pattern, with an initial figure of 3.32% in 2019, which dropped to 1.66% in 2020. It then increased sharply to 6.32% in 2021, followed by decreases to 4.46% in 2022 and 2.04% in 2023. These fluctuations correlate with the changes in net income and reflect varying efficiency in generating earnings from assets over the period.

Adjusted Net Income

The adjusted net income displays a different pattern from the reported net income, starting at $632 million in 2019 and increasing substantially to $1,963 million in 2020. It then declined to $1,400 million in 2021, followed by further decreases to $640 million in 2022 and $336 million in 2023. The 2020 peak contrasts with the reported net income decrease in the same year, suggesting that adjustments remove certain impairments or non-recurring expenses, showing a different profitability perspective.

Adjusted Total Assets

Adjusted total assets also show a gradual decrease over the period, from $27,782 million in 2019 to $27,377 million in 2023. This steady downward trend is consistent with the reported total assets trend, indicating overall reduction in asset base after adjustments.

Adjusted Return on Assets (Adjusted ROA)

The adjusted ROA increased markedly from 2.27% in 2019 to 6.61% in 2020, then declined to 4.81% in 2021, 2.25% in 2022, and further to 1.23% in 2023. The significant increase in 2020 and subsequent decline imply changes in operational efficiency once adjustments are accounted for, highlighting a peak performance in 2020 followed by gradual weakening through 2023.