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.

Adjusted Financial Ratios

Microsoft Excel

Adjusted Financial Ratios (Summary)

Corning Inc., adjusted financial ratios

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Activity Ratio
Total Asset Turnover
Reported 0.44 0.48 0.47 0.37 0.40
Adjusted 0.46 0.50 0.48 0.42 0.41
Liquidity Ratio
Current Ratio
Reported 1.67 1.44 1.59 2.12 2.12
Adjusted 1.75 1.49 1.65 2.23 2.13
Solvency Ratios
Debt to Equity
Reported 0.65 0.58 0.57 0.60 0.60
Adjusted 0.72 0.63 0.62 0.63 0.68
Debt to Capital
Reported 0.39 0.37 0.36 0.38 0.37
Adjusted 0.42 0.39 0.38 0.39 0.40
Financial Leverage
Reported 2.47 2.46 2.44 2.32 2.24
Adjusted 2.32 2.30 2.30 2.17 2.28
Profitability Ratios
Net Profit Margin
Reported 4.62% 9.27% 13.54% 4.53% 8.35%
Adjusted 2.67% 4.52% 10.02% 15.92% 5.49%
Return on Equity (ROE)
Reported 5.03% 10.96% 15.45% 3.86% 7.44%
Adjusted 2.84% 5.18% 11.03% 14.32% 5.18%
Return on Assets (ROA)
Reported 2.04% 4.46% 6.32% 1.66% 3.32%
Adjusted 1.23% 2.25% 4.81% 6.61% 2.27%

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 current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Corning Inc. adjusted current ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Corning Inc. adjusted debt-to-equity ratio deteriorated from 2021 to 2022 and from 2022 to 2023.
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Corning Inc. adjusted debt-to-capital ratio deteriorated from 2021 to 2022 and 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 net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Corning Inc. adjusted net profit margin ratio deteriorated from 2021 to 2022 and from 2022 to 2023.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Corning Inc. adjusted ROE deteriorated from 2021 to 2022 and from 2022 to 2023.
Adjusted ROA A profitability ratio calculated as adjusted 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
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
Selected Financial Data (US$ in millions)
Adjusted net sales2 12,579 14,146 13,970 12,327 11,503
Adjusted total assets3 27,377 28,466 29,130 29,700 27,782
Activity Ratio
Adjusted total asset turnover4 0.46 0.50 0.48 0.42 0.41

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).

1 2023 Calculation
Total asset turnover = Net sales ÷ Total assets
= 12,588 ÷ 28,500 = 0.44

2 Adjusted net sales. See details »

3 Adjusted total assets. See details »

4 2023 Calculation
Adjusted total asset turnover = Adjusted net sales ÷ Adjusted total assets
= 12,579 ÷ 27,377 = 0.46

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 Current Ratio

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Current assets 7,212 7,453 7,659 8,004 7,463
Current liabilities 4,319 5,175 4,806 3,767 3,521
Liquidity Ratio
Current ratio1 1.67 1.44 1.59 2.12 2.12
Adjusted
Selected Financial Data (US$ in millions)
Adjusted current assets2 7,242 7,493 7,701 8,050 7,504
Adjusted current liabilities3 4,138 5,031 4,658 3,615 3,521
Liquidity Ratio
Adjusted current ratio4 1.75 1.49 1.65 2.23 2.13

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).

1 2023 Calculation
Current ratio = Current assets ÷ Current liabilities
= 7,212 ÷ 4,319 = 1.67

2 Adjusted current assets. See details »

3 Adjusted current liabilities. See details »

4 2023 Calculation
Adjusted current ratio = Adjusted current assets ÷ Adjusted current liabilities
= 7,242 ÷ 4,138 = 1.75

Liquidity ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Corning Inc. adjusted current ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

Adjusted Debt to Equity

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Total debt 7,526 6,911 7,044 7,972 7,740
Total Corning Incorporated shareholders’ equity 11,551 12,008 12,333 13,257 12,907
Solvency Ratio
Debt to equity1 0.65 0.58 0.57 0.60 0.60
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 8,484 7,817 7,829 8,701 8,252
Adjusted total equity3 11,823 12,354 12,691 13,710 12,206
Solvency Ratio
Adjusted debt to equity4 0.72 0.63 0.62 0.63 0.68

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).

1 2023 Calculation
Debt to equity = Total debt ÷ Total Corning Incorporated shareholders’ equity
= 7,526 ÷ 11,551 = 0.65

2 Adjusted total debt. See details »

3 Adjusted total equity. See details »

4 2023 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted total equity
= 8,484 ÷ 11,823 = 0.72

Solvency ratio Description The company
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Corning Inc. adjusted debt-to-equity ratio deteriorated from 2021 to 2022 and from 2022 to 2023.

Adjusted Debt to Capital

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Total debt 7,526 6,911 7,044 7,972 7,740
Total capital 19,077 18,919 19,377 21,229 20,647
Solvency Ratio
Debt to capital1 0.39 0.37 0.36 0.38 0.37
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 8,484 7,817 7,829 8,701 8,252
Adjusted total capital3 20,307 20,171 20,520 22,411 20,458
Solvency Ratio
Adjusted debt to capital4 0.42 0.39 0.38 0.39 0.40

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).

1 2023 Calculation
Debt to capital = Total debt ÷ Total capital
= 7,526 ÷ 19,077 = 0.39

2 Adjusted total debt. See details »

3 Adjusted total capital. See details »

4 2023 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 8,484 ÷ 20,307 = 0.42

Solvency ratio Description The company
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Corning Inc. adjusted debt-to-capital ratio deteriorated from 2021 to 2022 and from 2022 to 2023.

Adjusted Financial Leverage

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
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
Selected Financial Data (US$ in millions)
Adjusted total assets2 27,377 28,466 29,130 29,700 27,782
Adjusted total equity3 11,823 12,354 12,691 13,710 12,206
Solvency Ratio
Adjusted financial leverage4 2.32 2.30 2.30 2.17 2.28

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).

1 2023 Calculation
Financial leverage = Total assets ÷ Total Corning Incorporated shareholders’ equity
= 28,500 ÷ 11,551 = 2.47

2 Adjusted total assets. See details »

3 Adjusted total equity. See details »

4 2023 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted total equity
= 27,377 ÷ 11,823 = 2.32

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 Net Profit Margin

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Net income attributable to Corning Incorporated 581 1,316 1,906 512 960
Net sales 12,588 14,189 14,082 11,303 11,503
Profitability Ratio
Net profit margin1 4.62% 9.27% 13.54% 4.53% 8.35%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income2 336 640 1,400 1,963 632
Adjusted net sales3 12,579 14,146 13,970 12,327 11,503
Profitability Ratio
Adjusted net profit margin4 2.67% 4.52% 10.02% 15.92% 5.49%

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).

1 2023 Calculation
Net profit margin = 100 × Net income attributable to Corning Incorporated ÷ Net sales
= 100 × 581 ÷ 12,588 = 4.62%

2 Adjusted net income. See details »

3 Adjusted net sales. See details »

4 2023 Calculation
Adjusted net profit margin = 100 × Adjusted net income ÷ Adjusted net sales
= 100 × 336 ÷ 12,579 = 2.67%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Corning Inc. adjusted net profit margin ratio deteriorated 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
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
Selected Financial Data (US$ in millions)
Adjusted net income2 336 640 1,400 1,963 632
Adjusted total equity3 11,823 12,354 12,691 13,710 12,206
Profitability Ratio
Adjusted ROE4 2.84% 5.18% 11.03% 14.32% 5.18%

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).

1 2023 Calculation
ROE = 100 × Net income attributable to Corning Incorporated ÷ Total Corning Incorporated shareholders’ equity
= 100 × 581 ÷ 11,551 = 5.03%

2 Adjusted net income. See details »

3 Adjusted total equity. See details »

4 2023 Calculation
Adjusted ROE = 100 × Adjusted net income ÷ Adjusted total equity
= 100 × 336 ÷ 11,823 = 2.84%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total 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
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
Selected Financial Data (US$ in millions)
Adjusted net income2 336 640 1,400 1,963 632
Adjusted total assets3 27,377 28,466 29,130 29,700 27,782
Profitability Ratio
Adjusted ROA4 1.23% 2.25% 4.81% 6.61% 2.27%

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).

1 2023 Calculation
ROA = 100 × Net income attributable to Corning Incorporated ÷ Total assets
= 100 × 581 ÷ 28,500 = 2.04%

2 Adjusted net income. See details »

3 Adjusted total assets. See details »

4 2023 Calculation
Adjusted ROA = 100 × Adjusted net income ÷ Adjusted total assets
= 100 × 336 ÷ 27,377 = 1.23%

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