Corning Inc., current enterprise value calculation

Current share price (P)	$33.57
No. shares of common stock outstanding	856,619,222
US$ in millions
Common equity (market value)¹	28,757)
Add: Convertible preferred stock, Series A, par value $100 per share (per books)	—)
Add: Non-controlling interest (per books)	317)
Total equity	29,074)
Add: Current portion of long-term debt and short-term borrowings (per books)	320)
Add: Long-term debt, excluding current portion (per books)	7,206)
Total equity and debt	36,600)
Less: Cash and cash equivalents	1,779)
Enterprise value (EV)	34,821)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 33.57 × 856,619,222

Corning Inc., EV calculation

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Share price^1, 2	$32.18	$35.67	$41.29	$36.88	$27.97
No. shares of common stock outstanding¹	853,474,317	846,563,422	845,849,498	768,367,889	763,628,266
US$ in millions
Common equity (market value)³	27,465)	30,197)	34,925)	28,337)	21,359)
Add: Convertible preferred stock, Series A, par value $100 per share (book value)	—)	—)	—)	2,300)	2,300)
Add: Non-controlling interest (book value)	317)	267)	212)	191)	90)
Total equity	27,782)	30,464)	35,137)	30,828)	23,749)
Add: Current portion of long-term debt and short-term borrowings (book value)	320)	224)	55)	156)	11)
Add: Long-term debt, excluding current portion (book value)	7,206)	6,687)	6,989)	7,816)	7,729)
Total equity and debt	35,308)	37,375)	42,181)	38,800)	31,489)
Less: Cash and cash equivalents	1,779)	1,671)	2,148)	2,672)	2,434)
Enterprise value (EV)	33,529)	35,704)	40,033)	36,128)	29,055)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Corning Inc. Annual Report.

³ 2023 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 32.18 × 853,474,317

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Item	Description	The company
EV	Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments.	Corning Inc. EV decreased from 2021 to 2022 and from 2022 to 2023.

Corning Inc. (NYSE:GLW)

Enterprise Value (EV)