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 Solvency Ratios 

Microsoft Excel

Solvency Ratios (Summary)

Corning Inc., solvency ratios

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Debt Ratios
Debt to equity 0.65 0.58 0.57 0.60 0.60
Debt to equity (including operating lease liability) 0.73 0.65 0.63 0.66 0.64
Debt to capital 0.39 0.37 0.36 0.38 0.37
Debt to capital (including operating lease liability) 0.42 0.39 0.39 0.40 0.39
Debt to assets 0.26 0.23 0.23 0.26 0.27
Debt to assets (including operating lease liability) 0.30 0.26 0.26 0.28 0.29
Financial leverage 2.47 2.46 2.44 2.32 2.24
Coverage Ratios
Interest coverage 3.48 7.15 9.09 3.30 6.59
Fixed charge coverage 2.63 5.09 1.93 1.96 3.44

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

Microsoft Excel
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 0.67 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

Microsoft Excel
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 0.90

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

Microsoft Excel
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 0.47 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

Microsoft Excel
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 0.41 0.42 0.45 0.49 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

Microsoft Excel
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 0.26 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

Microsoft Excel
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 0.33 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

Microsoft Excel
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 2.44 2.56 2.71 2.90 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

Microsoft Excel
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 18.86 24.65 23.05 16.83 15.85

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

Microsoft Excel
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 14.17 13.49 10.22 10.45

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.