Corning Inc. (NYSE:GLW)

The financial data indicates fluctuations in profitability and earnings across the analyzed periods. The net income attributable to the company experienced a significant decline from 960 million US dollars in 2019 to 512 million in 2020, followed by a sharp increase to 1906 million in 2021. However, this was succeeded by a decrease in 2022 to 1316 million and a further decline in 2023 to 581 million.

Earnings before tax (EBT) exhibit a similar pattern, starting at 1235 million US dollars in 2019, dropping to 634 million in 2020, escalating to a peak of 2426 million in 2021, then falling back to 1797 million in 2022 and further to 816 million in 2023. This trend suggests volatility in profitability before tax, with a notable peak in 2021.

The earnings before interest and tax (EBIT) follow a comparable trajectory, beginning at 1456 million US dollars in 2019. The figure decreased to 910 million in 2020, sharply rose to 2726 million in 2021, then decreased to 2089 million in 2022 and 1145 million in 2023.

EBITDA (earnings before interest, tax, depreciation, and amortization) reflects a slightly less pronounced pattern but still shows marked variation. Starting at 2959 million US dollars in 2019, it dipped to 2430 million in 2020. It then increased substantially to a peak of 4207 million in 2021, dropped to 3541 million in 2022, and further to 2514 million in 2023.

Overall, the company displayed strong growth in earnings across all measures in 2021, which represents the highest performance point within the period. However, the subsequent two years reveal a consistent downward trend, returning values to levels closer to those observed at the beginning of the period, yet still above the 2020 lows. This volatility could indicate sensitivity to external economic conditions or operational challenges impacting profitability.

Net Income

Lowest in 2020, peak in 2021, steady decline in 2022 and 2023.

EBT

Mirrors net income trends with a sharp increase in 2021 followed by decreases.

EBIT

Similar pattern to EBT, showing strong recovery in 2021 then falling.

EBITDA

Peaked in 2021, with declines in subsequent years but overall higher than initial years.

Enterprise Value (EV)

The enterprise value experienced an overall increasing trend from 2019 to 2021, rising from approximately $29.1 billion to $40.0 billion. This peak in 2021 was followed by a decline during the subsequent two years, dropping to around $33.5 billion by the end of 2023. This indicates some volatility in market valuation over the five-year period, with the highest valuation occurring in 2021.

Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA)

EBITDA showed notable fluctuations during the observed period. It decreased from about $2.96 billion in 2019 to $2.43 billion in 2020, then sharply increased to a peak of approximately $4.21 billion in 2021. Following this peak, EBITDA declined in each succeeding year, falling to approximately $2.51 billion by 2023. The pattern suggests challenges in maintaining operating profitability after 2021.

EV/EBITDA Ratio

The EV/EBITDA ratio fluctuated significantly across the years. It rose from 9.82 in 2019 to a high of 14.87 in 2020, indicating a relative increase in valuation compared to operating earnings. The ratio then declined to its lowest point of 9.52 in 2021, corresponding with the peak in EBITDA. In the following years, the ratio increased again to 13.34 by 2023. This rise in the ratio, despite the declining EBITDA, suggests either a market revaluation or increased investor expectations despite reduced earnings.