Analysis of Solvency Ratios
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
Solvency Ratios (Summary)
Corning Inc., solvency ratios
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).
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio | A solvency ratio calculated as total debt divided by total shareholders’ equity. | Corning Inc. debt to equity ratio deteriorated from 2021 to 2022 and from 2022 to 2023. |
| Debt to equity ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. | Corning Inc. debt to equity ratio (including operating lease liability) deteriorated from 2021 to 2022 and from 2022 to 2023. |
| Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. | Corning Inc. debt to capital ratio deteriorated from 2021 to 2022 and from 2022 to 2023. |
| Debt to capital ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. | Corning Inc. debt to capital ratio (including operating lease liability) deteriorated from 2021 to 2022 and from 2022 to 2023. |
| Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | Corning Inc. debt to assets ratio deteriorated from 2021 to 2022 and from 2022 to 2023. |
| Debt to assets ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. | Corning Inc. debt to assets ratio (including operating lease liability) deteriorated from 2021 to 2022 and from 2022 to 2023. |
| Financial leverage ratio | A solvency ratio calculated as total assets divided by total shareholders’ equity. | Corning Inc. financial leverage ratio increased from 2021 to 2022 and from 2022 to 2023. |
| Solvency ratio | Description | The company |
|---|---|---|
| Interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments. | Corning Inc. interest coverage ratio deteriorated from 2021 to 2022 and from 2022 to 2023. |
| Fixed charge coverage ratio | A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. | Corning Inc. fixed charge coverage ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level. |
Debt to Equity
Corning Inc., debt to equity calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Current portion of long-term debt and short-term borrowings | 320) | 224) | 55) | 156) | 11) | |
| Long-term debt, excluding current portion | 7,206) | 6,687) | 6,989) | 7,816) | 7,729) | |
| 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 | |
| Benchmarks | ||||||
| Debt to Equity, Competitors2 | ||||||
| Apple Inc. | 1.80 | 2.39 | 1.99 | 1.73 | 1.19 | |
| Arista Networks Inc. | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Cisco Systems Inc. | 0.19 | 0.24 | 0.28 | 0.38 | 0.73 | |
| Super Micro Computer Inc. | 0.15 | 0.42 | 0.09 | 0.03 | 0.03 | |
| Debt to Equity, Sector | ||||||
| Technology Hardware & Equipment | 1.04 | 1.36 | 1.25 | 1.19 | 1.04 | |
| Debt to Equity, Industry | ||||||
| Information Technology | 0.62 | 0.66 | 0.76 | 0.87 | 0.87 | |
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 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio | A solvency ratio calculated as total debt divided by total shareholders’ equity. | Corning Inc. debt to equity ratio deteriorated from 2021 to 2022 and from 2022 to 2023. |
Debt to Equity (including Operating Lease Liability)
Corning Inc., debt to equity (including operating lease liability) calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Current portion of long-term debt and short-term borrowings | 320) | 224) | 55) | 156) | 11) | |
| Long-term debt, excluding current portion | 7,206) | 6,687) | 6,989) | 7,816) | 7,729) | |
| Total debt | 7,526) | 6,911) | 7,044) | 7,972) | 7,740) | |
| Short-term operating lease liabilities | 112) | 111) | 94) | 96) | 62) | |
| Long-term operating lease liabilities | 846) | 795) | 691) | 633) | 450) | |
| Total debt (including operating lease liability) | 8,484) | 7,817) | 7,829) | 8,701) | 8,252) | |
| Total Corning Incorporated shareholders’ equity | 11,551) | 12,008) | 12,333) | 13,257) | 12,907) | |
| Solvency Ratio | ||||||
| Debt to equity (including operating lease liability)1 | 0.73 | 0.65 | 0.63 | 0.66 | 0.64 | |
| Benchmarks | ||||||
| Debt to Equity (including Operating Lease Liability), Competitors2 | ||||||
| Apple Inc. | 1.99 | 2.61 | 2.16 | 1.87 | 1.19 | |
| Arista Networks Inc. | 0.01 | 0.01 | 0.02 | 0.03 | 0.03 | |
| Cisco Systems Inc. | 0.21 | 0.27 | 0.31 | 0.41 | 0.73 | |
| Super Micro Computer Inc. | 0.16 | 0.44 | 0.11 | 0.05 | 0.03 | |
| Debt to Equity (including Operating Lease Liability), Sector | ||||||
| Technology Hardware & Equipment | 1.16 | 1.49 | 1.37 | 1.28 | 1.04 | |
| Debt to Equity (including Operating Lease Liability), Industry | ||||||
| Information Technology | 0.68 | 0.73 | 0.83 | 0.94 | 0.89 | |
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 (including operating lease liability) = Total debt (including operating lease liability) ÷ Total Corning Incorporated shareholders’ equity
= 8,484 ÷ 11,551 = 0.73
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. | Corning Inc. debt to equity ratio (including operating lease liability) deteriorated from 2021 to 2022 and from 2022 to 2023. |
Debt to Capital
Corning Inc., debt to capital calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Current portion of long-term debt and short-term borrowings | 320) | 224) | 55) | 156) | 11) | |
| Long-term debt, excluding current portion | 7,206) | 6,687) | 6,989) | 7,816) | 7,729) | |
| 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) | |
| 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 | |
| Benchmarks | ||||||
| Debt to Capital, Competitors2 | ||||||
| Apple Inc. | 0.64 | 0.70 | 0.67 | 0.63 | 0.54 | |
| Arista Networks Inc. | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Cisco Systems Inc. | 0.16 | 0.19 | 0.22 | 0.28 | 0.42 | |
| Super Micro Computer Inc. | 0.13 | 0.30 | 0.08 | 0.03 | 0.02 | |
| Debt to Capital, Sector | ||||||
| Technology Hardware & Equipment | 0.51 | 0.58 | 0.56 | 0.54 | 0.51 | |
| Debt to Capital, Industry | ||||||
| Information Technology | 0.38 | 0.40 | 0.43 | 0.46 | 0.46 | |
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).
1 2023 Calculation
Debt to capital = Total debt ÷ Total capital
= 7,526 ÷ 19,077 = 0.39
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. | Corning Inc. debt to capital ratio deteriorated from 2021 to 2022 and from 2022 to 2023. |
Debt to Capital (including Operating Lease Liability)
Corning Inc., debt to capital (including operating lease liability) calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Current portion of long-term debt and short-term borrowings | 320) | 224) | 55) | 156) | 11) | |
| Long-term debt, excluding current portion | 7,206) | 6,687) | 6,989) | 7,816) | 7,729) | |
| Total debt | 7,526) | 6,911) | 7,044) | 7,972) | 7,740) | |
| Short-term operating lease liabilities | 112) | 111) | 94) | 96) | 62) | |
| Long-term operating lease liabilities | 846) | 795) | 691) | 633) | 450) | |
| Total debt (including operating lease liability) | 8,484) | 7,817) | 7,829) | 8,701) | 8,252) | |
| Total Corning Incorporated shareholders’ equity | 11,551) | 12,008) | 12,333) | 13,257) | 12,907) | |
| Total capital (including operating lease liability) | 20,035) | 19,825) | 20,162) | 21,958) | 21,159) | |
| Solvency Ratio | ||||||
| Debt to capital (including operating lease liability)1 | 0.42 | 0.39 | 0.39 | 0.40 | 0.39 | |
| Benchmarks | ||||||
| Debt to Capital (including Operating Lease Liability), Competitors2 | ||||||
| Apple Inc. | 0.67 | 0.72 | 0.68 | 0.65 | 0.54 | |
| Arista Networks Inc. | 0.01 | 0.01 | 0.02 | 0.03 | 0.03 | |
| Cisco Systems Inc. | 0.18 | 0.21 | 0.24 | 0.29 | 0.42 | |
| Super Micro Computer Inc. | 0.14 | 0.30 | 0.10 | 0.05 | 0.02 | |
| Debt to Capital (including Operating Lease Liability), Sector | ||||||
| Technology Hardware & Equipment | 0.54 | 0.60 | 0.58 | 0.56 | 0.51 | |
| Debt to Capital (including Operating Lease Liability), Industry | ||||||
| Information Technology | 0.40 | 0.42 | 0.45 | 0.48 | 0.47 | |
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 (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 8,484 ÷ 20,035 = 0.42
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to capital ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. | Corning Inc. debt to capital ratio (including operating lease liability) deteriorated from 2021 to 2022 and from 2022 to 2023. |
Debt to Assets
Corning Inc., debt to assets calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Current portion of long-term debt and short-term borrowings | 320) | 224) | 55) | 156) | 11) | |
| Long-term debt, excluding current portion | 7,206) | 6,687) | 6,989) | 7,816) | 7,729) | |
| Total debt | 7,526) | 6,911) | 7,044) | 7,972) | 7,740) | |
| Total assets | 28,500) | 29,499) | 30,154) | 30,775) | 28,898) | |
| Solvency Ratio | ||||||
| Debt to assets1 | 0.26 | 0.23 | 0.23 | 0.26 | 0.27 | |
| Benchmarks | ||||||
| Debt to Assets, Competitors2 | ||||||
| Apple Inc. | 0.32 | 0.34 | 0.36 | 0.35 | 0.32 | |
| Arista Networks Inc. | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Cisco Systems Inc. | 0.08 | 0.10 | 0.12 | 0.15 | 0.25 | |
| Super Micro Computer Inc. | 0.08 | 0.19 | 0.04 | 0.02 | 0.01 | |
| Debt to Assets, Sector | ||||||
| Technology Hardware & Equipment | 0.26 | 0.29 | 0.30 | 0.30 | 0.30 | |
| Debt to Assets, Industry | ||||||
| Information Technology | 0.25 | 0.26 | 0.28 | 0.30 | 0.30 | |
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 assets = Total debt ÷ Total assets
= 7,526 ÷ 28,500 = 0.26
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | Corning Inc. debt to assets ratio deteriorated from 2021 to 2022 and from 2022 to 2023. |
Debt to Assets (including Operating Lease Liability)
Corning Inc., debt to assets (including operating lease liability) calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Current portion of long-term debt and short-term borrowings | 320) | 224) | 55) | 156) | 11) | |
| Long-term debt, excluding current portion | 7,206) | 6,687) | 6,989) | 7,816) | 7,729) | |
| Total debt | 7,526) | 6,911) | 7,044) | 7,972) | 7,740) | |
| Short-term operating lease liabilities | 112) | 111) | 94) | 96) | 62) | |
| Long-term operating lease liabilities | 846) | 795) | 691) | 633) | 450) | |
| Total debt (including operating lease liability) | 8,484) | 7,817) | 7,829) | 8,701) | 8,252) | |
| Total assets | 28,500) | 29,499) | 30,154) | 30,775) | 28,898) | |
| Solvency Ratio | ||||||
| Debt to assets (including operating lease liability)1 | 0.30 | 0.26 | 0.26 | 0.28 | 0.29 | |
| Benchmarks | ||||||
| Debt to Assets (including Operating Lease Liability), Competitors2 | ||||||
| Apple Inc. | 0.35 | 0.38 | 0.39 | 0.38 | 0.32 | |
| Arista Networks Inc. | 0.01 | 0.01 | 0.01 | 0.02 | 0.02 | |
| Cisco Systems Inc. | 0.09 | 0.11 | 0.13 | 0.16 | 0.25 | |
| Super Micro Computer Inc. | 0.08 | 0.19 | 0.05 | 0.03 | 0.01 | |
| Debt to Assets (including Operating Lease Liability), Sector | ||||||
| Technology Hardware & Equipment | 0.29 | 0.31 | 0.33 | 0.32 | 0.30 | |
| Debt to Assets (including Operating Lease Liability), Industry | ||||||
| Information Technology | 0.28 | 0.29 | 0.31 | 0.32 | 0.31 | |
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 assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 8,484 ÷ 28,500 = 0.30
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to assets ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. | Corning Inc. debt to assets ratio (including operating lease liability) deteriorated from 2021 to 2022 and from 2022 to 2023. |
Financial Leverage
Corning Inc., financial leverage calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| 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 | |
| Benchmarks | ||||||
| Financial Leverage, Competitors2 | ||||||
| Apple Inc. | 5.67 | 6.96 | 5.56 | 4.96 | 3.74 | |
| Arista Networks Inc. | 1.38 | 1.39 | 1.44 | 1.43 | 1.45 | |
| Cisco Systems Inc. | 2.30 | 2.36 | 2.36 | 2.50 | 2.91 | |
| Super Micro Computer Inc. | 1.86 | 2.25 | 2.05 | 1.80 | 1.79 | |
| Financial Leverage, Sector | ||||||
| Technology Hardware & Equipment | 4.05 | 4.72 | 4.17 | 3.95 | 3.46 | |
| Financial Leverage, Industry | ||||||
| Information Technology | 2.43 | 2.55 | 2.71 | 2.89 | 2.86 | |
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 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Financial leverage ratio | A solvency ratio calculated as total assets divided by total shareholders’ equity. | Corning Inc. financial leverage ratio increased from 2021 to 2022 and from 2022 to 2023. |
Interest Coverage
Corning Inc., interest coverage calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net income attributable to Corning Incorporated | 581) | 1,316) | 1,906) | 512) | 960) | |
| Add: Net income attributable to noncontrolling interest | 67) | 70) | 29) | 11) | 19) | |
| Add: Income tax expense | 168) | 411) | 491) | 111) | 256) | |
| Add: Interest expense | 329) | 292) | 300) | 276) | 221) | |
| Earnings before interest and tax (EBIT) | 1,145) | 2,089) | 2,726) | 910) | 1,456) | |
| Solvency Ratio | ||||||
| Interest coverage1 | 3.48 | 7.15 | 9.09 | 3.30 | 6.59 | |
| Benchmarks | ||||||
| Interest Coverage, Competitors2 | ||||||
| Apple Inc. | 29.92 | 41.64 | 42.29 | 24.35 | 19.38 | |
| Arista Networks Inc. | — | — | — | — | — | |
| Cisco Systems Inc. | 36.87 | 41.21 | 31.56 | 24.88 | 17.96 | |
| Super Micro Computer Inc. | 72.55 | 53.71 | 48.81 | 40.01 | 13.97 | |
| Interest Coverage, Sector | ||||||
| Technology Hardware & Equipment | 31.25 | 42.09 | 41.08 | 24.67 | 19.29 | |
| Interest Coverage, Industry | ||||||
| Information Technology | 18.90 | 24.65 | 23.03 | 16.75 | 15.86 | |
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
Interest coverage = EBIT ÷ Interest expense
= 1,145 ÷ 329 = 3.48
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments. | Corning Inc. interest coverage ratio deteriorated from 2021 to 2022 and from 2022 to 2023. |
Fixed Charge Coverage
Corning Inc., fixed charge coverage calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Statutory U.S. federal income tax rate | 21.00% | 21.00% | 21.00% | 21.00% | 21.00% | |
| Selected Financial Data (US$ in millions) | ||||||
| Net income attributable to Corning Incorporated | 581) | 1,316) | 1,906) | 512) | 960) | |
| Add: Net income attributable to noncontrolling interest | 67) | 70) | 29) | 11) | 19) | |
| Add: Income tax expense | 168) | 411) | 491) | 111) | 256) | |
| Add: Interest expense | 329) | 292) | 300) | 276) | 221) | |
| Earnings before interest and tax (EBIT) | 1,145) | 2,089) | 2,726) | 910) | 1,456) | |
| Add: Operating lease cost | 171) | 147) | 139) | 133) | 110) | |
| Earnings before fixed charges and tax | 1,316) | 2,236) | 2,865) | 1,043) | 1,566) | |
| Interest expense | 329) | 292) | 300) | 276) | 221) | |
| Operating lease cost | 171) | 147) | 139) | 133) | 110) | |
| Series A convertible preferred stock dividend and excess consideration paid for redemption of preferred stock | —) | —) | 827) | 98) | 98) | |
| Series A convertible preferred stock dividend and excess consideration paid for redemption of preferred stock, tax adjustment1 | —) | —) | 220) | 26) | 26) | |
| Series A convertible preferred stock dividend and excess consideration paid for redemption of preferred stock, after tax adjustment | —) | —) | 1,047) | 124) | 124) | |
| Fixed charges | 500) | 439) | 1,486) | 533) | 455) | |
| Solvency Ratio | ||||||
| Fixed charge coverage2 | 2.63 | 5.09 | 1.93 | 1.96 | 3.44 | |
| Benchmarks | ||||||
| Fixed Charge Coverage, Competitors3 | ||||||
| Apple Inc. | 20.17 | 25.65 | 26.13 | 16.34 | 14.48 | |
| Arista Networks Inc. | 73.83 | 49.20 | 31.02 | 24.95 | 30.94 | |
| Cisco Systems Inc. | 18.98 | 20.30 | 16.92 | 14.79 | 12.28 | |
| Super Micro Computer Inc. | 40.95 | 24.03 | 12.52 | 10.45 | 7.48 | |
| Fixed Charge Coverage, Sector | ||||||
| Technology Hardware & Equipment | 20.34 | 25.07 | 24.67 | 16.09 | 14.08 | |
| Fixed Charge Coverage, Industry | ||||||
| Information Technology | 11.88 | 14.15 | 13.45 | 10.15 | 10.46 | |
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).
1 2023 Calculation
Series A convertible preferred stock dividend and excess consideration paid for redemption of preferred stock, tax adjustment = (Series A convertible preferred stock dividend and excess consideration paid for redemption of preferred stock × Statutory U.S. federal income tax rate) ÷ (1 − Statutory U.S. federal income tax rate)
= (0 × 21.00%) ÷ (1 − 21.00%) = 0
2 2023 Calculation
Fixed charge coverage = Earnings before fixed charges and tax ÷ Fixed charges
= 1,316 ÷ 500 = 2.63
3 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Fixed charge coverage ratio | A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. | Corning Inc. fixed charge coverage ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level. |