Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
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Corning Inc. pages available for free this week:
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Reportable Segments
- Enterprise Value to EBITDA (EV/EBITDA)
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Operating Profit Margin since 2005
- Price to Earnings (P/E) since 2005
- Price to Operating Profit (P/OP) since 2005
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Solvency Ratios (Summary)
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
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 | ||||||
Long-term debt, excluding current portion | ||||||
Total debt | ||||||
Total Corning Incorporated shareholders’ equity | ||||||
Solvency Ratio | ||||||
Debt to equity1 | ||||||
Benchmarks | ||||||
Debt to Equity, Competitors2 | ||||||
Apple Inc. | ||||||
Arista Networks Inc. | ||||||
Cisco Systems Inc. | ||||||
Super Micro Computer Inc. | ||||||
Debt to Equity, Sector | ||||||
Technology Hardware & Equipment | ||||||
Debt to Equity, Industry | ||||||
Information Technology |
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
= ÷ =
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 | ||||||
Long-term debt, excluding current portion | ||||||
Total debt | ||||||
Short-term operating lease liabilities | ||||||
Long-term operating lease liabilities | ||||||
Total debt (including operating lease liability) | ||||||
Total Corning Incorporated shareholders’ equity | ||||||
Solvency Ratio | ||||||
Debt to equity (including operating lease liability)1 | ||||||
Benchmarks | ||||||
Debt to Equity (including Operating Lease Liability), Competitors2 | ||||||
Apple Inc. | ||||||
Arista Networks Inc. | ||||||
Cisco Systems Inc. | ||||||
Super Micro Computer Inc. | ||||||
Debt to Equity (including Operating Lease Liability), Sector | ||||||
Technology Hardware & Equipment | ||||||
Debt to Equity (including Operating Lease Liability), Industry | ||||||
Information Technology |
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
= ÷ =
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
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 | ||||||
Long-term debt, excluding current portion | ||||||
Total debt | ||||||
Total Corning Incorporated shareholders’ equity | ||||||
Total capital | ||||||
Solvency Ratio | ||||||
Debt to capital1 | ||||||
Benchmarks | ||||||
Debt to Capital, Competitors2 | ||||||
Apple Inc. | ||||||
Arista Networks Inc. | ||||||
Cisco Systems Inc. | ||||||
Super Micro Computer Inc. | ||||||
Debt to Capital, Sector | ||||||
Technology Hardware & Equipment | ||||||
Debt to Capital, Industry | ||||||
Information Technology |
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
= ÷ =
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 | ||||||
Long-term debt, excluding current portion | ||||||
Total debt | ||||||
Short-term operating lease liabilities | ||||||
Long-term operating lease liabilities | ||||||
Total debt (including operating lease liability) | ||||||
Total Corning Incorporated shareholders’ equity | ||||||
Total capital (including operating lease liability) | ||||||
Solvency Ratio | ||||||
Debt to capital (including operating lease liability)1 | ||||||
Benchmarks | ||||||
Debt to Capital (including Operating Lease Liability), Competitors2 | ||||||
Apple Inc. | ||||||
Arista Networks Inc. | ||||||
Cisco Systems Inc. | ||||||
Super Micro Computer Inc. | ||||||
Debt to Capital (including Operating Lease Liability), Sector | ||||||
Technology Hardware & Equipment | ||||||
Debt to Capital (including Operating Lease Liability), Industry | ||||||
Information Technology |
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)
= ÷ =
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
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 | ||||||
Long-term debt, excluding current portion | ||||||
Total debt | ||||||
Total assets | ||||||
Solvency Ratio | ||||||
Debt to assets1 | ||||||
Benchmarks | ||||||
Debt to Assets, Competitors2 | ||||||
Apple Inc. | ||||||
Arista Networks Inc. | ||||||
Cisco Systems Inc. | ||||||
Super Micro Computer Inc. | ||||||
Debt to Assets, Sector | ||||||
Technology Hardware & Equipment | ||||||
Debt to Assets, Industry | ||||||
Information Technology |
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
= ÷ =
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 | ||||||
Long-term debt, excluding current portion | ||||||
Total debt | ||||||
Short-term operating lease liabilities | ||||||
Long-term operating lease liabilities | ||||||
Total debt (including operating lease liability) | ||||||
Total assets | ||||||
Solvency Ratio | ||||||
Debt to assets (including operating lease liability)1 | ||||||
Benchmarks | ||||||
Debt to Assets (including Operating Lease Liability), Competitors2 | ||||||
Apple Inc. | ||||||
Arista Networks Inc. | ||||||
Cisco Systems Inc. | ||||||
Super Micro Computer Inc. | ||||||
Debt to Assets (including Operating Lease Liability), Sector | ||||||
Technology Hardware & Equipment | ||||||
Debt to Assets (including Operating Lease Liability), Industry | ||||||
Information Technology |
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
= ÷ =
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
Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
---|---|---|---|---|---|---|
Selected Financial Data (US$ in millions) | ||||||
Total assets | ||||||
Total Corning Incorporated shareholders’ equity | ||||||
Solvency Ratio | ||||||
Financial leverage1 | ||||||
Benchmarks | ||||||
Financial Leverage, Competitors2 | ||||||
Apple Inc. | ||||||
Arista Networks Inc. | ||||||
Cisco Systems Inc. | ||||||
Super Micro Computer Inc. | ||||||
Financial Leverage, Sector | ||||||
Technology Hardware & Equipment | ||||||
Financial Leverage, Industry | ||||||
Information Technology |
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
= ÷ =
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
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 | ||||||
Add: Net income attributable to noncontrolling interest | ||||||
Add: Income tax expense | ||||||
Add: Interest expense | ||||||
Earnings before interest and tax (EBIT) | ||||||
Solvency Ratio | ||||||
Interest coverage1 | ||||||
Benchmarks | ||||||
Interest Coverage, Competitors2 | ||||||
Apple Inc. | ||||||
Arista Networks Inc. | ||||||
Cisco Systems Inc. | ||||||
Super Micro Computer Inc. | ||||||
Interest Coverage, Sector | ||||||
Technology Hardware & Equipment | ||||||
Interest Coverage, Industry | ||||||
Information Technology |
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
= ÷ =
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
Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
---|---|---|---|---|---|---|
Statutory U.S. federal income tax rate | ||||||
Selected Financial Data (US$ in millions) | ||||||
Net income attributable to Corning Incorporated | ||||||
Add: Net income attributable to noncontrolling interest | ||||||
Add: Income tax expense | ||||||
Add: Interest expense | ||||||
Earnings before interest and tax (EBIT) | ||||||
Add: Operating lease cost | ||||||
Earnings before fixed charges and tax | ||||||
Interest expense | ||||||
Operating lease cost | ||||||
Series A convertible preferred stock dividend and excess consideration paid for redemption of preferred stock | ||||||
Series A convertible preferred stock dividend and excess consideration paid for redemption of preferred stock, tax adjustment1 | ||||||
Series A convertible preferred stock dividend and excess consideration paid for redemption of preferred stock, after tax adjustment | ||||||
Fixed charges | ||||||
Solvency Ratio | ||||||
Fixed charge coverage2 | ||||||
Benchmarks | ||||||
Fixed Charge Coverage, Competitors3 | ||||||
Apple Inc. | ||||||
Arista Networks Inc. | ||||||
Cisco Systems Inc. | ||||||
Super Micro Computer Inc. | ||||||
Fixed Charge Coverage, Sector | ||||||
Technology Hardware & Equipment | ||||||
Fixed Charge Coverage, Industry | ||||||
Information Technology |
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)
= ( × ) ÷ (1 − ) =
2 2023 Calculation
Fixed charge coverage = Earnings before fixed charges and tax ÷ Fixed charges
= ÷ =
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. |