Stock Analysis on Net

Corning Inc. (NYSE:GLW)

$22.49

This company has been moved to the archive! The financial data has not been updated since May 2, 2024.

Analysis of Reportable Segments

Microsoft Excel

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Segment Profit Margin

Corning Inc., profit margin by reportable segment

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Optical Communications
Display Technologies
Specialty Materials
Environmental Technologies
Life Sciences

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).


Optical Communications
The profit margin for this segment showed a decrease from 12.03% in 2019 to 10.27% in 2020. It then experienced a recovery and an upward trend, reaching a peak of 13.16% in 2022 before slightly declining to 11.91% in 2023. Overall, the margin fluctuated but remained relatively stable within a range of approximately 10% to 13%.
Display Technologies
This segment exhibited moderate fluctuations with a profit margin of 24.15% in 2019 that decreased slightly in 2020 to 22.6%. It then increased to a high point of 25.95% in 2021, followed by a decline to 23.26% in 2022. By 2023, the margin showed a slight rebound to 23.84%. The data suggest this segment has maintained generally strong profitability with margins consistently above 20%.
Specialty Materials
The profit margin experienced significant variation. Starting at 18.95% in 2019, there was an increase to 22.45% in 2020, followed by a downward trend over the next three years. The margin decreased to 18.48% in 2021, then further dropped to 16.98% in 2022, and substantially declined to 10.83% in 2023. This indicates a weakening profitability trend in this segment, particularly pronounced in the most recent year.
Environmental Technologies
This segment displayed an overall upward trend in profit margin throughout the period. Beginning at 17.55% in 2019, the margin fell to 14.38% in 2020 but recovered steadily afterwards, increasing to 16.96% in 2021 and further rising each year to reach 21.86% in 2023. This suggests improving operational performance and growing profitability over the reporting periods.
Life Sciences
The profit margin for Life Sciences decreased consistently over the period. It started at 14.78% in 2019 and declined gradually to 13.93% in 2020 and 12.46% in 2022. Notably, there was a sharper drop to 5.21% in 2023, indicating significant pressure on profitability in the most recent period.

Segment Profit Margin: Optical Communications

Corning Inc.; Optical Communications; segment profit margin calculation

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
Net sales
Segment Profitability Ratio
Segment profit margin1

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
Segment profit margin = 100 × Net income ÷ Net sales
= 100 × ÷ =


The analysis of the Optical Communications segment data over the five-year period reveals several key trends related to net income, net sales, and segment profit margin.

Net Income
Net income demonstrated fluctuations over the period. It started at 489 million US dollars in 2019, then declined to 366 million in 2020, which represents a notable drop. Subsequently, net income rebounded significantly to 553 million in 2021 and continued rising to 661 million in 2022, marking the highest point during the period. However, in 2023, net income decreased to 478 million, falling below the 2019 level but remaining above the 2020 figure.
Net Sales
Net sales exhibited variable performance with an overall fluctuating trend. The segment generated 4,064 million US dollars in net sales in 2019, which decreased to 3,563 million in 2020. Following this, there was a recovery and growth, with sales increasing to 4,349 million in 2021 and further growing to 5,023 million in 2022, the peak for the period. Sales declined sharply in 2023 to 4,012 million, approximating the 2019 level but significantly lower than the high in 2022.
Segment Profit Margin
The segment profit margin followed a somewhat stable yet slightly fluctuating pattern. Starting at 12.03% in 2019, it declined to 10.27% in 2020, the lowest value in the reviewed years. The margin improved markedly in 2021 to 12.72%, continuing to increase to 13.16% in 2022, which marks the highest profit margin in the observed span. In 2023, the margin declined to 11.91%, which, while lower than the previous two years, remained close to the levels seen in 2019.

Overall, the segment experienced a downturn in 2020 across all key metrics, likely due to external market or operational challenges, followed by strong recovery and growth in 2021 and 2022. The peak in net sales and profit margin in 2022 corresponded with the highest net income registered in the period. In 2023, the segment faced declines in net income, sales, and margin, indicating potential headwinds after two years of growth. Despite the setbacks in 2023, the financial performance was generally better than or near the levels at the start of the period.


Segment Profit Margin: Display Technologies

Corning Inc.; Display Technologies; segment profit margin calculation

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
Net sales
Segment Profitability Ratio
Segment profit margin1

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
Segment profit margin = 100 × Net income ÷ Net sales
= 100 × ÷ =


The analysis of the Display Technologies segment over the five-year period reveals several noteworthy trends in financial performance and profitability metrics.

Net Income
Net income showed an initial decline from 786 million US dollars in 2019 to 717 million in 2020, indicating a contraction possibly due to adverse market conditions or operational challenges during that year. This was followed by a strong recovery in 2021 where net income peaked at 960 million US dollars. However, in 2022 there was a notable decrease to 769 million, with a moderate rebound to 842 million in 2023. Overall, net income exhibits a fluctuating pattern with a peak in 2021 and partial recoveries afterward.
Net Sales
Net sales demonstrated a similar pattern of variability. The segment’s revenues decreased slightly from 3,254 million US dollars in 2019 to 3,172 million in 2020. This was followed by a significant increase to 3,700 million in 2021, marking the highest sales figure across the period. Subsequently, net sales declined to 3,306 million in 2022 before rising again to 3,532 million in 2023. This trend suggests sensitivity to market fluctuations or demand changes influencing sales volumes.
Segment Profit Margin
The profit margin percentage reflects the segment's operational efficiency and profitability relative to sales. It decreased from 24.15% in 2019 to 22.6% in 2020, coinciding with the declines in income and sales during that year. The margin improved considerably to 25.95% in 2021, the highest margin noted, aligning with peak net income and sales figures. The margin fell again to 23.26% in 2022 and experienced a slight increase to 23.84% in 2023. Despite fluctuations, profit margins remained fairly strong, consistently above 22% across all years, indicating relatively stable profitability.

In summary, the Display Technologies segment exhibited cyclical patterns over the analyzed period, with revenue and profit peaks in 2021 followed by declines and partial recoveries. The segment profit margin mirrored these fluctuations but maintained a generally healthy level. These dynamics likely reflect external market conditions impacting sales, combined with effective cost management sustaining profitability.


Segment Profit Margin: Specialty Materials

Corning Inc.; Specialty Materials; segment profit margin calculation

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
Net sales
Segment Profitability Ratio
Segment profit margin1

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
Segment profit margin = 100 × Net income ÷ Net sales
= 100 × ÷ =


Net Income
The net income exhibited fluctuations over the observed period. It increased from 302 million USD in 2019 to a peak of 423 million USD in 2020, followed by a decrease to 371 million USD in 2021. Subsequently, it showed a downward trend, declining to 340 million USD in 2022 and further to 202 million USD in 2023, indicating weakening profitability in the latest year.
Net Sales
Net sales rose steadily from 1,594 million USD in 2019 to a high of 2,008 million USD in 2021. However, net sales plateaued in 2022 at 2,002 million USD before declining to 1,865 million USD in 2023. This suggests a contraction in sales volume or pricing power in the most recent year.
Segment Profit Margin
The segment profit margin followed a downward trajectory after a peak of 22.45% in 2020. It declined to 18.48% in 2021, then to 16.98% in 2022, and sharply dropped to 10.83% in 2023. This significant reduction in margin reflects rising costs, pricing pressures, or other operational challenges affecting profitability within the specialty materials segment.
Overall Analysis
Overall, the specialty materials segment experienced growth in sales and profitability up to 2020. Thereafter, net income and profit margins steadily deteriorated, particularly in 2023, despite relatively stable net sales until 2022. The decline in profitability margins ahead of the sales drop indicates increasing cost pressures or declining operational efficiency in recent years.

Segment Profit Margin: Environmental Technologies

Corning Inc.; Environmental Technologies; segment profit margin calculation

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
Net sales
Segment Profitability Ratio
Segment profit margin1

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
Segment profit margin = 100 × Net income ÷ Net sales
= 100 × ÷ =


Net Income
The net income demonstrated a fluctuating yet overall positive trajectory from 2019 to 2023. It declined from $263 million in 2019 to $197 million in 2020, indicating a downturn possibly linked to external economic conditions or operational challenges during that period. Subsequently, net income rebounded to $269 million in 2021 and continued an upward trend, reaching $292 million in 2022 and surging to $386 million in 2023. This recovery and growth reflect enhanced profitability and effective cost management in the latter years.
Net Sales
Net sales showed a similar pattern of initial decline followed by recovery and growth. Sales decreased from $1,499 million in 2019 to $1,370 million in 2020, a contraction likely associated with market disruptions or reduced demand. The segment then experienced a steady increase, reaching $1,586 million in 2021, maintaining a comparable level at $1,584 million in 2022, and growing further to $1,766 million in 2023. This progression indicates strengthening market presence and successful sales strategies post-2020.
Segment Profit Margin
The segment profit margin experienced a notable decrease from 17.55% in 2019 to 14.38% in 2020, paralleling the declines seen in net income and sales, which suggests margin compression possibly due to higher costs or pricing pressures. From 2020 onward, the profit margin improved consistently, moving to 16.96% in 2021, further to 18.43% in 2022, and reaching 21.86% in 2023. This upward trend indicates enhanced operational efficiency, better cost controls, or pricing power contributing to increased profitability relative to sales.
Overall Insights
The Environmental Technologies segment displayed resilience following a challenging year in 2020, marked by declines across key financial metrics. The subsequent recovery in net income and net sales, coupled with a robust improvement in profit margins, suggests successful strategic adjustments and operational execution. The rising profitability ratio alongside growing sales highlights an improving business model with strengthened competitive position and financial health over the five-year period.

Segment Profit Margin: Life Sciences

Corning Inc.; Life Sciences; segment profit margin calculation

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
Net sales
Segment Profitability Ratio
Segment profit margin1

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
Segment profit margin = 100 × Net income ÷ Net sales
= 100 × ÷ =


Net Income
Net income showed variability over the five-year period. It decreased slightly from 150 million in 2019 to 139 million in 2020, followed by a substantial increase to 194 million in 2021. Subsequently, it declined again to 153 million in 2022 and experienced a significant drop to 50 million in 2023. This trend indicates fluctuating profitability with a notable downturn in the last reported year.
Net Sales
Net sales exhibited a generally declining trend after peaking in 2021. Starting at 1,015 million in 2019, sales slightly decreased to 998 million in 2020, then increased notably to 1,234 million in 2021. Afterward, sales remained relatively stable at 1,228 million in 2022 but fell sharply to 959 million in 2023. This decline in the most recent year suggests potential challenges affecting revenue generation.
Segment Profit Margin
The segment profit margin initially declined from 14.78% in 2019 to 13.93% in 2020, then improved to a peak of 15.72% in 2021. However, it fell again to 12.46% in 2022 and dropped substantially to 5.21% in 2023. The sharp decrease in 2023 indicates significant margin pressure, which aligns with the decreases observed in both net income and net sales during the same period.
Summary
Overall, the Life Sciences segment experienced fluctuating financial performance characterized by an initial growth phase until 2021, followed by deterioration in 2022 and a pronounced downturn in 2023. The declines in net sales and segment profit margin correspond with the reduced net income, highlighting possible operational or market challenges impacting profitability and revenue in the most recent year.

Segment Return on Assets (Segment ROA)

Corning Inc., ROA by reportable segment

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Optical Communications
Display Technologies
Specialty Materials
Environmental Technologies
Life Sciences

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).


Optical Communications
The return on assets (ROA) for this segment experienced fluctuation over the five-year period. It declined from 16.28% in 2019 to 12.76% in 2020, followed by an increase to 17.37% in 2021 and continued growth to 20.06% in 2022. However, there was a notable decrease to 14.75% in 2023, indicating variability in asset efficiency within this segment.
Display Technologies
This segment showed a generally upward trend with some volatility. The ROA slightly decreased from 8.71% in 2019 to 8.17% in 2020, then increased significantly to 11.3% in 2021. It dipped to 9.49% in 2022 before rising again to 10.66% in 2023, suggesting gradual improvement in asset returns despite moderate fluctuations.
Specialty Materials
ROA for Specialty Materials demonstrated an initial upward trend from 12.41% in 2019 to 16.58% in 2020, remaining relatively stable at 16.07% in 2021. The rate then declined to 14.06% in 2022, followed by a substantial decrease to 8.16% in 2023, indicating a weakening in asset profitability over the latter years.
Environmental Technologies
This segment showed variability but an overall positive trajectory. ROA declined from 13.76% in 2019 to 9.92% in 2020, then rose to 12.51% in 2021 and increased further to 14.17% in 2022. A significant improvement occurred in 2023, with ROA reaching 20.61%, demonstrating enhanced effectiveness in utilizing assets to generate returns.
Life Sciences
Life Sciences exhibited the highest ROA among the segments in most years, starting at 23.92% in 2019. The ratio decreased progressively to 20.35% in 2020, then rebounded to 24.53% in 2021. However, it dropped sharply to 17.75% in 2022 and further declined significantly to 6.39% in 2023. This trend suggests diminishing asset returns, especially marked in the most recent years.

Segment ROA: Optical Communications

Corning Inc.; Optical Communications; segment ROA calculation

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
Assets
Segment Profitability Ratio
Segment ROA1

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
Segment ROA = 100 × Net income ÷ Assets
= 100 × ÷ =


Net Income
The net income experienced a decline from 489 million USD in 2019 to 366 million USD in 2020. It subsequently rose to 553 million USD in 2021 and continued to increase to 661 million USD in 2022. However, in 2023, there was a notable decrease to 478 million USD, indicating a downturn after two years of growth.
Assets
Total assets showed a slight decrease from 3004 million USD in 2019 to 2868 million USD in 2020. After this dip, assets increased steadily to 3183 million USD in 2021 and further to 3295 million USD in 2022, before a marginal decline to 3241 million USD in 2023. Overall, asset levels have demonstrated moderate growth since 2020, with minor fluctuations.
Segment Return on Assets (ROA)
The segment ROA declined from 16.28% in 2019 to 12.76% in 2020, reflecting reduced profitability relative to assets. This was followed by an improvement to 17.37% in 2021 and a peak of 20.06% in 2022, demonstrating increased efficiency in asset utilization. Nevertheless, in 2023, the ROA fell to 14.75%, indicating a weakening in profitability despite relatively stable asset levels.
Overall Trends and Insights
The segment showed a recovery pattern following the initial downturn in 2020, with growth in net income, assets, and ROA through 2022. The decline in these metrics in 2023 suggests emerging challenges affecting profitability and returns on assets. The fluctuations in net income and segment ROA are more pronounced than changes in asset size, implying that operational performance had a greater influence on results than asset base changes during the period.

Segment ROA: Display Technologies

Corning Inc.; Display Technologies; segment ROA calculation

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
Assets
Segment Profitability Ratio
Segment ROA1

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
Segment ROA = 100 × Net income ÷ Assets
= 100 × ÷ =


Net Income
The net income for the Display Technologies segment exhibited fluctuations across the observed periods. Starting at 786 million US dollars in 2019, it decreased to 717 million in 2020, followed by a significant increase to 960 million in 2021. However, in 2022, net income declined again to 769 million but saw a moderate recovery to 842 million in 2023. Overall, net income demonstrates variability but remains generally within a similar range over the five years.
Assets
The total assets allocated to this segment show a consistent downward trend over the five-year period. From 9,022 million US dollars in 2019, assets decreased each year, reaching 7,899 million in 2023. This reduction suggests a strategic decrease in asset base or potential divestitures or write-downs within the segment during the period analyzed.
Segment Return on Assets (ROA)
Return on assets for the segment shows some variability but with an overall positive thrust. Starting at 8.71% in 2019, ROA decreased slightly to 8.17% in 2020, then improved significantly to 11.3% in 2021, followed by a decrease to 9.49% in 2022 and an upward movement to 10.66% in 2023. This pattern suggests fluctuations in operational efficiency or profitability relative to assets, with an improved ability to generate returns in most recent years compared to the earlier period.
Summary Insights
The segment has experienced fluctuations in profitability (net income) with notable improvement in 2021, followed by some volatility. Despite a steady decline in asset base, the segment has managed to improve or maintain relatively strong returns on assets, indicating enhanced effectiveness in asset utilization. The trend in segment ROA suggests that the segment is possibly focusing on leveraging assets more efficiently even as the asset base declines.

Segment ROA: Specialty Materials

Corning Inc.; Specialty Materials; segment ROA calculation

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
Assets
Segment Profitability Ratio
Segment ROA1

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
Segment ROA = 100 × Net income ÷ Assets
= 100 × ÷ =


The analysis of the Specialty Materials segment data over the five-year period reveals several notable trends. Net income demonstrated an increase from 2019 to 2020, reaching its highest point in 2020 at 423 million US dollars. Following this peak, net income declined steadily in the subsequent years, falling to 371 million in 2021, 340 million in 2022, and further declining sharply to 202 million in 2023. This pattern suggests a peak in profitability in 2020 followed by a continuous reduction in net income over the next three years.

Regarding assets, there was a gradual increase overall, starting at 2,433 million US dollars in 2019 and reaching 2,551 million in 2020. However, asset values decreased to 2,308 million in 2021, before increasing again in 2022 and 2023 to 2,419 million and 2,476 million respectively. The moderate fluctuations suggest some asset reallocation or depreciation influenced by operational or market factors, with a net increase in assets over the period.

The segment return on assets (ROA) exhibited variability, beginning at 12.41% in 2019 and rising to 16.58% in 2020, indicating an improvement in asset utilization efficiency. ROA remained relatively stable in 2021 at 16.07% but declined to 14.06% in 2022 and dropped significantly to 8.16% in 2023. This declining trend in ROA from 2021 onwards aligns with the reduction in net income, suggesting decreased profitability efficiency relative to asset base in the later years.

Summary of Financial Trends from 2019 to 2023:
Net income peaked in 2020, then experienced a steady and pronounced decline through 2023.
Assets showed slight growth overall, with minor fluctuations reflecting potential operational changes.
Segment ROA increased until 2020, stabilized in 2021, then deteriorated significantly in 2022 and 2023.
The decline in both net income and ROA in recent years indicates challenges in maintaining profitability and efficient asset use.

Segment ROA: Environmental Technologies

Corning Inc.; Environmental Technologies; segment ROA calculation

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
Assets
Segment Profitability Ratio
Segment ROA1

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
Segment ROA = 100 × Net income ÷ Assets
= 100 × ÷ =


Net Income
The net income demonstrates a fluctuating upward trend over the five-year period. It initially declined from 263 million US dollars in 2019 to 197 million in 2020, then increased steadily over the following years, reaching 386 million by the end of 2023. This indicates a recovery and growth in profitability after the dip in 2020.
Assets
Assets show a general increase from 1912 million US dollars in 2019 to a peak of 2150 million in 2021. Afterward, they declined over the next two years, falling to 1873 million in 2023. This decrease could imply divestment or restructuring activities affecting the asset base after 2021.
Segment Return on Assets (ROA)
The segment ROA exhibits variability but an overall positive trend. It decreased from 13.76% in 2019 to 9.92% in 2020, reflecting reduced asset productivity or profitability that year. Subsequently, it improved consistently year-over-year, achieving a significant increase to 20.61% in 2023, which indicates enhanced efficiency in generating returns from assets in the latest period.

Segment ROA: Life Sciences

Corning Inc.; Life Sciences; segment ROA calculation

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
Assets
Segment Profitability Ratio
Segment ROA1

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
Segment ROA = 100 × Net income ÷ Assets
= 100 × ÷ =


Net Income
Net income experienced fluctuations over the five-year period. It initially decreased from 150 million US dollars in 2019 to 139 million in 2020. Subsequently, there was a notable increase to 194 million in 2021, followed by a decline to 153 million in 2022, and a significant drop to 50 million in 2023. This pattern indicates volatility in profitability with a downward trend in the final year analyzed.
Assets
The asset base showed a generally increasing trend from 627 million US dollars in 2019 to a peak of 862 million in 2022. However, in 2023, assets declined to 782 million, indicating a reduction after several years of growth. Overall, asset growth was positive over the period but exhibited signs of retrenchment in the most recent year.
Segment Return on Assets (ROA)
Segment ROA started at 23.92% in 2019 and then decreased to 20.35% in 2020. It rebounded to a high of 24.53% in 2021, before declining to 17.75% in 2022 and further decreasing sharply to 6.39% in 2023. This trend suggests a significant weakening in asset profitability, particularly marked in the last year, which aligns with the observed decline in net income and the asset base.
Summary
The data reveal volatility in profitability and asset utilization over the analyzed period. Net income experienced notable fluctuations, with a sharp decline in the final year. Assets generally grew but decreased in the latest year, while segment ROA followed a similar pattern, peaking in 2021 and declining sharply by 2023. This combination points to challenges in maintaining efficient asset use and consistent profitability within the segment in recent years.

Segment Asset Turnover

Corning Inc., asset turnover by reportable segment

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Optical Communications
Display Technologies
Specialty Materials
Environmental Technologies
Life Sciences

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).


Optical Communications
The asset turnover ratio for this segment demonstrated some variability over the five-year period. Beginning at 1.35 in 2019, it declined to 1.24 in 2020, recovered to 1.37 in 2021, reached a peak of 1.52 in 2022, and then decreased again to 1.24 in 2023. This indicates fluctuating efficiency in asset utilization with the highest efficiency observed in 2022, followed by a notable drop in the subsequent year.
Display Technologies
This segment showed a relatively stable asset turnover ratio with slight improvements. The ratio remained steady at 0.36 in both 2019 and 2020, increased to 0.44 in 2021, dipped slightly to 0.41 in 2022, and then rose again to 0.45 in 2023. Overall, there is a gradual upward trend suggesting modest gains in asset use efficiency.
Specialty Materials
The asset turnover ratio exhibited a generally positive trend from 2019 to 2021, increasing from 0.66 to 0.87, indicating improving asset utilization. However, this was followed by slight declines to 0.83 in 2022 and further to 0.75 in 2023. Despite these recent declines, the 2023 figure remains above the initial 2019 level, reflecting an overall improvement over the period.
Environmental Technologies
The ratio decreased initially from 0.78 in 2019 to 0.69 in 2020 but subsequently showed recovery and growth. It increased to 0.74 in 2021, stayed relatively steady at 0.77 in 2022, and then rose significantly to 0.94 in 2023. The upward movement in the last three years indicates enhanced efficiency in asset turnover, culminating in the highest ratio within the five-year span.
Life Sciences
This segment experienced a consistent decline in asset turnover ratio over the period. Starting at the highest ratio among all segments of 1.62 in 2019, it reduced to 1.46 in 2020, slightly rebounded to 1.56 in 2021, dropped again to 1.42 in 2022, and further decreased to 1.23 in 2023. The downward trajectory suggests diminishing efficiency in asset use within this segment.

Segment Asset Turnover: Optical Communications

Corning Inc.; Optical Communications; segment asset turnover calculation

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Net sales
Assets
Segment Activity Ratio
Segment asset turnover1

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
Segment asset turnover = Net sales ÷ Assets
= ÷ =


The segment's net sales exhibited fluctuations over the five-year period. Beginning at $4,064 million in 2019, net sales declined to $3,563 million in 2020, followed by a recovery and growth to $4,349 million in 2021 and further increasing to a peak of $5,023 million in 2022. However, in 2023, net sales decreased again to $4,012 million, which is below the level observed in 2021 and significantly lower than the peak in 2022.

Total assets associated with the segment showed a relatively stable trend with minor variations. Assets decreased slightly from $3,004 million in 2019 to $2,868 million in 2020, then increased gradually to $3,183 million in 2021 and $3,295 million in 2022 before experiencing a small decline to $3,241 million in 2023. Overall, asset levels remained within a narrow range without dramatic shifts.

The segment asset turnover ratio, which measures the efficiency in using assets to generate sales, echoed the fluctuations in sales performance. It started at 1.35 in 2019 and decreased to 1.24 in 2020, reflecting less efficient asset utilization during the sales decline. The ratio improved to 1.37 in 2021 and reached its highest point of 1.52 in 2022, coinciding with peak sales and indicating enhanced operational efficiency. However, the ratio fell back to 1.24 in 2023, revealing a substantial reduction in asset turnover efficiency concurrent with the drop in net sales.

In summary, the segment experienced volatility in net sales with a significant rebound and peak in 2022, followed by a notable decline in 2023. Asset levels remained relatively consistent, while asset turnover ratios closely aligned with sales trends, indicating varying efficiency in asset utilization over the period.


Segment Asset Turnover: Display Technologies

Corning Inc.; Display Technologies; segment asset turnover calculation

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Net sales
Assets
Segment Activity Ratio
Segment asset turnover1

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
Segment asset turnover = Net sales ÷ Assets
= ÷ =


Net Sales
Net sales fluctuated over the analyzed period. Starting at 3,254 million US dollars in 2019, there was a slight decline to 3,172 million in 2020. A notable increase occurred in 2021, reaching 3,700 million, followed by a decrease to 3,306 million in 2022. The year 2023 saw a recovery with net sales increasing again to 3,532 million. Overall, net sales showed volatility but ended higher in 2023 compared to 2019.
Assets
The total assets dedicated to the segment displayed a consistent downward trend. Beginning at 9,022 million US dollars in 2019, assets steadily decreased each year to 7,899 million by the end of 2023. This represents a reduction of approximately 12.5% over five years, indicating possible asset optimization or divestment within the segment.
Segment Asset Turnover
The segment asset turnover ratio exhibited gradual improvement over the period. The ratio remained steady at 0.36 in both 2019 and 2020. It then increased significantly to 0.44 in 2021, dipped slightly to 0.41 in 2022, and reached a new peak of 0.45 in 2023. This upward trend suggests enhanced efficiency in utilizing assets to generate sales, despite the reduction in total assets.

Segment Asset Turnover: Specialty Materials

Corning Inc.; Specialty Materials; segment asset turnover calculation

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Net sales
Assets
Segment Activity Ratio
Segment asset turnover1

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
Segment asset turnover = Net sales ÷ Assets
= ÷ =


Net Sales
Net sales demonstrated an overall growth from 2019 to 2021, increasing from $1,594 million to $2,008 million. However, after peaking in 2021, net sales slightly declined in 2022 to $2,002 million and further decreased in 2023 to $1,865 million. This indicates a cooling in sales momentum after a period of consistent growth.
Assets
Total assets remained relatively stable over the five-year period, fluctuating within a range of approximately $2,308 million to $2,551 million. There was a modest decline in assets in 2021 to $2,308 million, followed by a recovery in 2022 and 2023 to $2,419 million and $2,476 million respectively. Overall, asset levels have shown moderate variation but no clear upward or downward trend.
Segment Asset Turnover
The segment asset turnover ratio, reflecting the efficiency of asset utilization in generating sales, improved steadily from 0.66 in 2019 to a peak of 0.87 in 2021. This suggests increasingly efficient use of assets during this period. However, turnover then decreased to 0.83 in 2022 and further to 0.75 in 2023, indicating a reduction in efficiency possibly linked to the decline in sales while asset levels remained stable or increased slightly.

Segment Asset Turnover: Environmental Technologies

Corning Inc.; Environmental Technologies; segment asset turnover calculation

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Net sales
Assets
Segment Activity Ratio
Segment asset turnover1

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
Segment asset turnover = Net sales ÷ Assets
= ÷ =


Net Sales
Net sales exhibited a fluctuating yet overall positive trend over the analyzed period. Starting at 1,499 million USD in 2019, net sales decreased to 1,370 million USD in 2020, potentially reflecting external challenges during that year. However, sales recovered to 1,586 million USD in 2021, remained relatively stable in 2022 at 1,584 million USD, and then grew significantly to 1,766 million USD in 2023. This indicates a renewed growth momentum in the most recent period.
Assets
Total assets in the segment showed an initial upward trajectory from 1,912 million USD in 2019 to a peak of 2,150 million USD in 2021. Following that, assets declined to 2,061 million USD in 2022 and further decreased to 1,873 million USD by 2023. The reduction in assets during the last two years suggests either divestitures, depreciation, or more efficient asset management.
Segment Asset Turnover
The segment asset turnover ratio, measuring sales generated per unit of assets, declined from 0.78 in 2019 to 0.69 in 2020, indicating lower efficiency in utilizing assets to generate sales during that year. It then improved progressively to 0.74 in 2021 and 0.77 in 2022. The most notable increase occurred in 2023, with the ratio rising sharply to 0.94. This implies a significant improvement in asset utilization and operational efficiency in the latest period.
Overall Analysis
The data reflects a segment that experienced a dip in sales and efficiency in 2020, followed by a recovery and sustained growth. Although assets peaked in 2021 and then reduced over the next two years, net sales increased in 2023, coupled with a higher asset turnover ratio. This suggests enhanced productivity and possibly more effective use of a leaner asset base. The trends point to successful measures implemented to improve performance and asset management in recent years.

Segment Asset Turnover: Life Sciences

Corning Inc.; Life Sciences; segment asset turnover calculation

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Net sales
Assets
Segment Activity Ratio
Segment asset turnover1

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
Segment asset turnover = Net sales ÷ Assets
= ÷ =


The Lifesciences segment exhibits fluctuating patterns in net sales over the five-year period. Starting at 1,015 million US dollars in 2019, net sales experienced a minor decline in 2020 to 998 million. This was followed by a substantial increase in 2021, reaching 1,234 million, which was slightly reduced to 1,228 million in 2022. The most recent figure from 2023 shows a notable decrease to 959 million, indicating a downward trend in the latest period.

Regarding assets, there is an overall upward movement from 627 million US dollars in 2019 to a peak of 862 million in 2022. However, this growth reversed in 2023, with assets declining to 782 million. This suggests capital investments or asset acquisition were prominent until 2022, followed by a reduction or reallocation in the subsequent year.

The segment asset turnover ratio, which measures efficiency in using assets to generate sales, demonstrates a general declining trend. Beginning at 1.62 in 2019, the ratio dipped to 1.46 in 2020, slightly rebounded to 1.56 in 2021, then declined again to 1.42 in 2022 and further to 1.23 in 2023. This indicates a decreased effectiveness in asset utilization over time, particularly noticeable in the later years.

Net Sales
Fluctuated with an initial decline in 2020, peak in 2021, slight decrease in 2022, and significant drop in 2023.
Assets
Increased steadily from 2019 to 2022 before decreasing in 2023.
Segment Asset Turnover
Overall declining trend, indicating reduced efficiency in generating sales from assets over the period.

In summary, while assets grew through 2022, there was a decline in their efficiency to produce sales, culminating in reduced net sales and asset utilization in 2023. This suggests challenges in maintaining growth and operational efficiency within the segment during the latest fiscal year.


Segment Capital Expenditures to Depreciation

Corning Inc., capital expenditures to depreciation by reportable segment

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Optical Communications
Display Technologies
Specialty Materials
Environmental Technologies
Life Sciences

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).


The data presents the ratios of capital expenditures to depreciation across five distinct business segments over a five-year period. This analysis focuses on identifying trends, fluctuations, and comparative insights within these segments from 2019 through 2023.

Optical Communications
This segment exhibits a fluctuating pattern over the period. Starting at 1.39 in 2019, the ratio decreased sharply to 0.52 in 2020, indicating a significant drop in capital expenditures relative to depreciation. It rebounded to 1.34 in 2021 and continued to rise slightly to 1.48 in 2022, suggesting increased investment levels during these years. However, in 2023, the ratio declined substantially to 0.67, reflecting a notable reduction in capital expenditures relative to depreciation once again.
Display Technologies
Over the five years, this segment generally shows a downward trend. Beginning with a relatively high ratio of 1.5 in 2019, there was a sharp decrease to 0.57 in 2020. Although the ratio improved somewhat to 1.17 in 2021, a consistent decline followed, reaching 0.9 in 2022 and further dropping to 0.75 in 2023. This indicates a reduction in capital investment relative to depreciation over time, especially in the later years.
Specialty Materials
Specialty Materials demonstrates a generally positive and upward trend from 2019 to 2023, despite some volatility. Starting at 1.21 in 2019, the ratio decreased to 0.77 in 2020 but then showed consistent growth to 1.14 in 2021 and notably surged to 1.97 in 2022, the highest ratio recorded across all segments and years. In 2023, the ratio decreased to 1.17 but remained above the initial years, indicating sustained higher capital spending relative to depreciation in recent years.
Environmental Technologies
This segment reveals a declining trend throughout the period. Starting from the highest ratio of 2.24 in 2019, there was a steep drop to 1.2 in 2020, followed by a moderate increase to 1.64 in 2021. However, the ratio then fell sharply again to 0.86 in 2022 and plummeted further to 0.24 in 2023. This significant decrease indicates a strongly reduced capital expenditure level relative to depreciation, representing a possible contraction or reprioritization in investments within this segment.
Life Sciences
The Life Sciences segment shows variation with an overall declining tendency after an initial rise. The ratio began at 1.63 in 2019 and increased slightly to 1.66 in 2020, followed by a peak of 2.46 in 2021, the highest for this segment during the period. Thereafter, it declined to 1.93 in 2022 and dropped substantially to 0.59 in 2023. This indicates a considerable reduction in capital expenditure relative to depreciation towards the end of the period, after a period of higher investment levels.

In summary, several segments experienced a peak or high capital expenditure relative to depreciation around 2021 or 2022, followed by a general decline in 2023. Specialty Materials stands out with an overall growth trend and relatively sustained investment, whereas Environmental Technologies and Life Sciences exhibit more pronounced decreases in the final year. Both Optical Communications and Display Technologies show volatility with less clear long-term direction but suggest reduced capital spending ratios toward the end of the period.


Segment Capital Expenditures to Depreciation: Optical Communications

Corning Inc.; Optical Communications; segment capital expenditures to depreciation calculation

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Capital expenditures
Depreciation
Segment Financial Ratio
Segment capital expenditures to depreciation1

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
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation
= ÷ =


Capital Expenditures
Between 2019 and 2023, capital expenditures exhibited noticeable fluctuations. Initially, there was a significant decline from 329 million USD at the end of 2019 to 127 million USD by the end of 2020. This was followed by a recovery and growth to 301 million USD in 2021 and further increase to a peak of 368 million USD in 2022. However, in 2023, capital expenditures decreased substantially again to 176 million USD.
Depreciation
Depreciation values remained relatively stable over the five-year period. Starting at 237 million USD in 2019, there was a slight increase to 242 million USD in 2020, followed by a decrease to 224 million USD in 2021. Afterward, depreciation rose steadily to 249 million USD in 2022 and reached its highest point of 263 million USD in 2023.
Segment Capital Expenditures to Depreciation Ratio
The ratio of capital expenditures to depreciation showed significant variability. In 2019, the ratio was 1.39, indicating capital expenditures exceeded depreciation by a substantial margin. This ratio dropped sharply to 0.52 in 2020, reflecting a much lower level of investment in relation to asset depreciation. It rebounded to 1.34 in 2021 and further increased to 1.48 in 2022, suggesting an expansion phase with capital investment outpacing depreciation. In 2023, the ratio fell again to 0.67, though still above the 2020 level, signalling a reduced rate of investment relative to depreciation.

Segment Capital Expenditures to Depreciation: Display Technologies

Corning Inc.; Display Technologies; segment capital expenditures to depreciation calculation

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Capital expenditures
Depreciation
Segment Financial Ratio
Segment capital expenditures to depreciation1

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
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation
= ÷ =


Capital Expenditures
Capital expenditures showed a significant decrease from 872 million US dollars in 2019 to 311 million in 2020. Following this drop, expenditures increased to 710 million in 2021, indicating a recovery or expansion phase. However, in the next two years, expenditures declined to 495 million in 2022 and further to 363 million in 2023, suggesting a trend toward reduced investment or cost control measures in recent periods.
Depreciation
Depreciation expenses slightly decreased from 583 million US dollars in 2019 to 548 million in 2020. The amount then increased to 605 million in 2021, reflecting possibly higher asset base or aging assets leading to increased depreciation. Subsequently, depreciation decreased again to 547 million in 2022 and further to 481 million in 2023, aligning with the downward trend in capital expenditures and possible asset disposal or slower asset base growth.
Segment Capital Expenditures to Depreciation Ratio
The ratio of capital expenditures to depreciation started at 1.5 in 2019, indicating that capital investments were substantially higher than asset depreciation that year. In 2020, the ratio dropped sharply to 0.57, reflecting a capital expenditure level well below depreciation. This ratio improved to 1.17 in 2021 as investment increased, though it remained below the 2019 level. In 2022 and 2023, the ratio declined again to 0.9 and then 0.75, respectively, pointing to capital expenditures consistently lower than depreciation in the most recent years. This pattern suggests a net contraction in fixed asset base or slower asset renewal.

Segment Capital Expenditures to Depreciation: Specialty Materials

Corning Inc.; Specialty Materials; segment capital expenditures to depreciation calculation

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Capital expenditures
Depreciation
Segment Financial Ratio
Segment capital expenditures to depreciation1

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
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation
= ÷ =


Capital Expenditures
The capital expenditures exhibited fluctuations over the analyzed period. Beginning at 176 million US dollars in 2019, expenditures decreased significantly to 125 million in 2020. This was followed by a rebound to 183 million in 2021 and a substantial peak of 306 million in 2022. In 2023, capital expenditures declined again to 175 million, nearing the levels seen at the start of the period.
Depreciation
Depreciation expenses showed a relatively stable trend with a slight overall increase initially, rising from 145 million US dollars in 2019 to a peak of 162 million in 2020. Thereafter, depreciation decreased marginally to 161 million in 2021, then progressively declined through 2022 and 2023, finishing at 149 million.
Segment Capital Expenditures to Depreciation Ratio
This ratio varied considerably throughout the period, indicating changes in investment relative to asset wear and tear. It started at 1.21 in 2019, dropped substantially to 0.77 in 2020—implying lower capital investment relative to depreciation—then climbed back to 1.14 in 2021. The ratio peaked at 1.97 in 2022, reflecting a strong surge in capital expenditures relative to depreciation, before easing back to 1.17 in 2023, closer to the earlier years' levels.
Overall Insights
The data suggests a strategic fluctuation in investment activities within the segment. The significant increase in capital expenditures in 2022 paired with a relatively stable depreciation indicates a possible period of intensified asset acquisition or upgrading. The subsequent moderation in 2023 suggests either a return to maintenance-level investments or completion of major capital projects. Depreciation trends remained relatively stable, implying consistent asset utilization and aging throughout the period.

Segment Capital Expenditures to Depreciation: Environmental Technologies

Corning Inc.; Environmental Technologies; segment capital expenditures to depreciation calculation

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Capital expenditures
Depreciation
Segment Financial Ratio
Segment capital expenditures to depreciation1

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
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation
= ÷ =


The data reveals notable shifts in capital expenditures within the Environmental Technologies segment over the recent five-year period. Capital expenditures exhibit a strong downward trajectory, declining consistently from US$287 million at the end of 2019 to just US$31 million by the close of 2023. This represents a substantial reduction of approximately 89% over the entire timeframe, which may indicate a strategic scaling back of investment or a transition phase in asset acquisition.

In contrast, depreciation expenses remain relatively stable throughout the period. Depreciation fluctuates only slightly, ranging between US$128 million and US$139 million across the years considered. This stability suggests a relatively consistent asset base in terms of aging or replacement patterns despite the marked reduction in new capital expenditures.

The ratio of segment capital expenditures to depreciation provides additional insight into asset investment dynamics. Starting at a high point of 2.24 in 2019, this ratio declines substantially year-over-year, reaching a low of 0.24 in 2023. Such a decrease highlights a shift from an investment phase where capital expenditures significantly exceeded asset consumption to a phase where expenditures are much lower relative to depreciation. This may imply reduced growth or expansion investments, or a period where the segment is relying more on existing assets rather than acquiring new ones.

Overall, the observed trends indicate a strategic reduction in capital investment within the Environmental Technologies segment over the assessed period. The steady depreciation coupled with sharply declining capital expenditures and decreasing capital expenditures to depreciation ratio signals potential changes in operational focus or capital management strategy.


Segment Capital Expenditures to Depreciation: Life Sciences

Corning Inc.; Life Sciences; segment capital expenditures to depreciation calculation

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Capital expenditures
Depreciation
Segment Financial Ratio
Segment capital expenditures to depreciation1

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
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation
= ÷ =


Capital Expenditures
Capital expenditures exhibited a rising trend from 2019 through 2021, increasing from 80 million US dollars to a peak of 128 million US dollars. In 2022, capital expenditures slightly decreased to 116 million US dollars but then sharply declined to 41 million US dollars in 2023. This significant drop in 2023 represents a major reduction in investment compared to previous years.
Depreciation
Depreciation expenses demonstrated a steady upward trend over the entire period, beginning at 49 million US dollars in 2019 and gradually increasing each year to reach 69 million US dollars in 2023. This consistent growth in depreciation suggests an increasing asset base or aging of existing capital assets.
Segment Capital Expenditures to Depreciation Ratio
The ratio of capital expenditures to depreciation experienced variability throughout the years. Initially, the ratio was relatively stable at approximately 1.63 to 1.66 from 2019 to 2020. There was a notable increase in 2021 to 2.46, indicating capital expenditures significantly outpaced depreciation that year. However, the ratio decreased to 1.93 in 2022 and then sharply dropped to 0.59 in 2023. The 2023 ratio below 1 suggests that spending on new capital assets was markedly lower than the depreciation expense, indicating a potential reduction in asset reinvestment or a strategy to limit capital spending.

Net sales

Corning Inc., net sales by reportable segment

US$ in millions

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Optical Communications
Display Technologies
Specialty Materials
Environmental Technologies
Life Sciences
Hemlock and Emerging Growth Businesses
Total

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).


The annual reportable segment net sales data reveals varied trends across different business segments over the five-year period presented.

Optical Communications
Sales decreased from 2019 to 2020, reflecting a decline of approximately 12.3%. This was followed by a strong recovery in 2021 and 2022, with peak sales reaching 5,023 million USD. However, in 2023, sales contracted again, falling to 4,012 million USD, signaling volatility in this segment.
Display Technologies
Sales showed relative stability with fluctuations throughout the period. After a slight dip in 2020, sales rose steadily to 3,700 million USD in 2021, dipped again in 2022, and partially recovered in 2023 to 3,532 million USD. Overall, the segment demonstrated moderate variability but maintained a consistent sales range.
Specialty Materials
This segment exhibited an upward trend from 2019 through 2021, increasing by roughly 25.9% from initial values. Sales plateaued in 2022 at approximately 2,002 million USD before experiencing a decline in 2023 to 1,865 million USD. The initial growth followed by a slight downturn suggests market challenges or changing demand conditions in the most recent year.
Environmental Technologies
Sales declined from 2019 to 2020 but recovered and modestly increased each subsequent year, reaching a high of 1,766 million USD in 2023. This steady upward trajectory from 2021 onwards indicates strengthening performance and potential growth opportunities in this segment.
Life Sciences
Following a slight decline in 2020, sales in this segment increased significantly in 2021, reaching 1,234 million USD, nearly a 24% increase from 2020. Nonetheless, sales stabilized in 2022 but experienced a notable decrease in 2023, dropping to 959 million USD, suggesting possible challenges affecting recent results.
Hemlock and Emerging Growth Businesses
This segment demonstrated rapid growth, more than doubling sales from 2019 to 2020 and continuing to surge through 2021 and 2022, peaking at 1,662 million USD. Despite a decline in 2023 to 1,446 million USD, the overall trend remains strongly positive, indicative of expansion and increasing market penetration within this segment.
Total Net Sales
Total sales decreased slightly in 2020 compared to 2019, reflecting pandemic-related or market pressures, but rebounded strongly in 2021 and 2022, reaching a peak of 14,805 million USD. A reduction in total sales occurred in 2023, decreasing to 13,580 million USD. Despite this decline, the overall five-year trend shows growth and recovery from the 2020 dip.

Depreciation

Corning Inc., depreciation by reportable segment

US$ in millions

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Optical Communications
Display Technologies
Specialty Materials
Environmental Technologies
Life Sciences
Hemlock and Emerging Growth Businesses
Total

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).


The depreciation data across the reportable segments exhibits varied trends between 2019 and 2023. Overall, the total depreciation expense increased from 2019 through 2021, reaching a peak in 2021, before gradually declining in the following two years.

Optical Communications
This segment demonstrates a generally upward trend. Depreciation rose modestly from $237 million in 2019 to $242 million in 2020, slightly decreased to $224 million in 2021, but then increased again to $249 million in 2022 and $263 million in 2023. This pattern suggests periodic investments or asset additions offset by occasional reductions or disposals.
Display Technologies
Depreciation exhibits a downward trajectory, decreasing from $583 million in 2019 to $548 million in 2020, rebounding briefly to $605 million in 2021, followed by consistent declines in 2022 ($547 million) and 2023 ($481 million). The fluctuations in 2020 and 2021 indicate variability in asset utilization or capital expenditures, with a general trend toward lower depreciation in the later years.
Specialty Materials
This segment’s depreciation remained relatively stable, ranging from $145 million in 2019 to a peak of $162 million in 2020, then slightly decreasing to around $149 million by 2023. The small variations point to limited changes in asset base or depreciation methodology.
Environmental Technologies
Depreciation expense shows minimal fluctuation, moving from $128 million in 2019 to $132 million in 2020, peaking at $139 million in 2021, then returning close to initial levels in 2022 and 2023. This steadiness suggests a mature asset base with consistent depreciation charges over the period.
Life Sciences
This segment displays continuous growth in depreciation, rising steadily from $49 million in 2019 to $69 million in 2023. The increase signals ongoing capital investments or asset additions contributing to higher depreciation expenses.
Hemlock and Emerging Growth Businesses
The most pronounced growth is evident in this segment, where depreciation nearly tripled from $50 million in 2019 to $144 million in 2023. This sharp increase reflects substantial asset expansion and investment in emerging and growth-oriented areas within the company’s portfolio.

In summary, while the total depreciation expense peaked in 2021 and tapered off slightly by 2023, the underlying segment data reveals divergent trends. Legacy or established segments like Display Technologies and Environmental Technologies have experienced stable or declining depreciation expenses, indicative of asset base maturity. Conversely, segments classified as emerging or growth-oriented, notably Hemlock and Emerging Growth Businesses and Life Sciences, show significant increases in depreciation, consistent with ongoing investment and expansion efforts.


Net income

Corning Inc., net income by reportable segment

US$ in millions

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Optical Communications
Display Technologies
Specialty Materials
Environmental Technologies
Life Sciences
Hemlock and Emerging Growth Businesses
Total

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).


Optical Communications
The net income experienced a decline from 489 million USD in 2019 to 366 million USD in 2020, followed by an increase to 553 million USD in 2021. The segment reached a peak of 661 million USD in 2022 before decreasing significantly to 478 million USD in 2023, indicating some volatility and a recent downward trend.
Display Technologies
This segment showed a decrease from 786 million USD in 2019 to 717 million USD in 2020, then rose substantially to 960 million USD in 2021. However, it declined again to 769 million USD in 2022 before a modest recovery to 842 million USD in 2023. The pattern reflects fluctuations with an overall tendency to recover after dips.
Specialty Materials
After increasing from 302 million USD in 2019 to 423 million USD in 2020, net income decreased to 371 million USD in 2021 and further declined in the following years to 340 million USD in 2022 and sharply to 202 million USD in 2023. This suggests a downward trend after the initial improvement.
Environmental Technologies
The net income initially fell from 263 million USD in 2019 to 197 million USD in 2020, then showed consistent growth, increasing to 269 million USD in 2021, 292 million USD in 2022, and reaching 386 million USD in 2023, indicating steady improvement and strengthening performance.
Life Sciences
This segment exhibited moderate fluctuation with net income declining from 150 million USD in 2019 to 139 million USD in 2020, then rising to 194 million USD in 2021. However, it decreased again to 153 million USD in 2022 and sharply to 50 million USD in 2023, showing volatility and a significant downturn in the latest year.
Hemlock and Emerging Growth Businesses
The segment consistently reported negative net income, with losses decreasing from -289 million USD in 2019 to -214 million USD in 2020, then improving to -51 million USD in 2021. Positive net income was achieved in 2022 at 39 million USD with a slight drop to 15 million USD in 2023, reflecting gradual recovery efforts and a reduction in overall losses.
Total Net Income
The total net income showed a downward movement from 1,701 million USD in 2019 to 1,628 million USD in 2020, followed by a significant increase to 2,296 million USD in 2021. It slightly decreased to 2,254 million USD in 2022 and then declined to 1,973 million USD in 2023. Overall, the total net income experienced fluctuation with peaks in 2021 and 2022 before a noticeable reduction in 2023.

Assets

Corning Inc., assets by reportable segment

US$ in millions

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Optical Communications
Display Technologies
Specialty Materials
Environmental Technologies
Life Sciences
Hemlock and Emerging Growth Businesses
Total

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).


Optical Communications
The asset values for Optical Communications display a slight fluctuation over the five-year period. Starting at 3,004 million US dollars in 2019, the assets slightly decreased in 2020 to 2,868 million US dollars. Subsequently, there was a recovery and growth in 2021 and 2022, reaching a peak of 3,295 million. The figure then declined by 2023 to 3,241 million, indicating moderate volatility but relatively stable overall asset levels within this segment.
Display Technologies
This segment shows a consistent downward trend. Assets decreased persistently from 9,022 million US dollars in 2019 to 7,899 million in 2023. The decline appears steady year-over-year with no signs of reversal or stabilization, suggesting challenges or strategic reductions in this segment over the observed period.
Specialty Materials
Assets in Specialty Materials have demonstrated minor fluctuations without a clear long-term trend. Starting at 2,433 million US dollars in 2019, the figure rose slightly in 2020 to 2,551 million, dipped in 2021 to 2,308 million, then recovered again in 2022 and 2023 to 2,419 and 2,476 million respectively. This suggests a relatively stable asset base with some periodic adjustments.
Environmental Technologies
The Environmental Technologies segment showed an overall stable asset base with some variability. Asset values increased from 1,912 million US dollars in 2019 to a peak of 2,150 million in 2021, followed by a decline in the next two years, reaching 1,873 million in 2023. The downward movement after 2021 may indicate some repositioning or reduced investment in this area.
Life Sciences
Life Sciences assets present a consistent upward trend from 627 million US dollars in 2019 to a high of 862 million in 2022, with a slight decrease to 782 million in 2023. Overall, there is clear growth reflecting expansion or increased emphasis on this segment, albeit with a minor reduction in the final year.
Hemlock and Emerging Growth Businesses
This segment experienced significant growth between 2019 and 2020, rising from 891 million US dollars to 2,157 million. Despite a slight dip in 2021 to 2,024 million, assets again climbed in the subsequent years, reaching 2,307 million in 2023. The sharp increase in 2020 and sustained high levels thereafter suggest a strong focus and investment in growth-oriented businesses.
Total Reportable Segment Assets
The total assets across all reportable segments increased from 17,889 million US dollars in 2019 to a peak of 19,022 million in 2020. Following this, there was a gradual decrease each year, descending to 18,578 million by 2023. This reflects an overall stable asset base with minor reductions after 2020, possibly reflecting strategic portfolio shifts or market conditions impacting several segments.

Capital expenditures

Corning Inc., capital expenditures by reportable segment

US$ in millions

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Optical Communications
Display Technologies
Specialty Materials
Environmental Technologies
Life Sciences
Hemlock and Emerging Growth Businesses
Total

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).


The analysis of the annual reportable segment capital expenditures reveals distinct trends and fluctuations across various business segments over the five-year period.

Optical Communications
This segment exhibited a fluctuating pattern with capital expenditures declining sharply from 329 million USD in 2019 to 127 million USD in 2020, followed by a rebound to 301 million USD in 2021 and a peak at 368 million USD in 2022. However, expenditures decreased again to 176 million USD in 2023, indicating variability with no clear upward or downward trend.
Display Technologies
Capital expenditures showed a significant decrease from 872 million USD in 2019 to 311 million USD in 2020. This was followed by partial recovery to 710 million USD in 2021 before declining to 495 million USD in 2022 and further to 363 million USD in 2023. Overall, this segment experienced a downward trend from the initial peak in 2019 with intermittent increases.
Specialty Materials
This segment reported relatively stable expenditures with a small dip from 176 million USD in 2019 to 125 million USD in 2020, a rise to 183 million USD in 2021, and a notable increase to 306 million USD in 2022 before falling back to 175 million USD in 2023. The pattern suggests variability but generally stable levels without sustained growth.
Environmental Technologies
Capital expenditures decreased substantially from 287 million USD in 2019 to 159 million USD in 2020, then rose to 228 million USD in 2021 before sharply declining to 110 million USD in 2022 and further to 31 million USD in 2023. This segment shows a clear downward trend over the period, particularly in the last two years.
Life Sciences
Expenditures remained relatively low compared to other segments, starting at 80 million USD in 2019 and slightly increasing to 83 million USD in 2020, rising to 128 million USD in 2021, then declining slightly to 116 million USD in 2022 and falling markedly to 41 million USD in 2023. The recent significant reduction suggests contraction in capital investment.
Hemlock and Emerging Growth Businesses
This segment showed the most consistent growth over time, starting at 155 million USD in 2019 and displaying a slight decrease to 123 million USD in 2020, followed by a steady increase each subsequent year to 149 million USD (2021), 218 million USD (2022), and reaching 303 million USD in 2023. This reflects a strong expansion in capital expenditures within this segment.
Total Capital Expenditures
The total capital expenditures across all segments declined sharply from 1,899 million USD in 2019 to 928 million USD in 2020, followed by recovery to 1,699 million USD in 2021. A slight reduction occurred in 2022 to 1,613 million USD before a further decline to 1,089 million USD in 2023. This overall pattern indicates a volatile spending environment with initial contraction during 2020, partial recovery, and subsequent reduction in recent years.