Corning Inc., FCFE calculation

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net income attributable to Corning Incorporated	581)	1,316)	1,906)	512)	960)
Net income attributable to non-controlling interest	67)	70)	29)	11)	19)
Net noncash charges	1,657)	1,355)	1,219)	1,516)	1,245)
Changes in assets and liabilities	(300)	(126)	258)	141)	(193)
Net cash provided by operating activities	2,005)	2,615)	3,412)	2,180)	2,031)
Capital expenditures	(1,390)	(1,604)	(1,637)	(1,377)	(1,978)
Repayments of debt	(284)	(87)	(860)	(221)	(300)
Proceeds from issuance of debt	82)	127)	22)	243)	1,831)
Proceeds from issuance of euro bonds	918)	—)	—)	—)	—)
Proceeds from other financing arrangements	54)	—)	—)	—)	—)
Repayment of other financing arrangements	(54)	—)	—)	—)	—)
Free cash flow to equity (FCFE)	1,331)	1,051)	937)	825)	1,584)

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).

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Item	Description	The company
FCFE	Free cash flow to equity is the cash flow available to Corning Inc. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	Corning Inc. FCFE increased from 2021 to 2022 and from 2022 to 2023.

Corning Inc., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	856,619,222
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)	1,331)
FCFE per share	1.55
Current share price (P)	33.57
Valuation Ratio
P/FCFE	21.61
Benchmarks
P/FCFE, Competitors¹
Apple Inc.	36.75
Arista Networks Inc.	56.71
Cisco Systems Inc.	6.84
Super Micro Computer Inc.	78.86
P/FCFE, Sector
Technology Hardware & Equipment	33.08
P/FCFE, Industry
Information Technology	48.38

Based on: 10-K (reporting date: 2023-12-31).

¹ Click competitor name to see calculations.

If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.

Corning Inc., historical P/FCFE calculation, comparison to benchmarks

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
No. shares of common stock outstanding¹	853,474,317	846,563,422	845,849,498	768,367,889	763,628,266
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)²	1,331)	1,051)	937)	825)	1,584)
FCFE per share³	1.56	1.24	1.11	1.07	2.07
Share price^1, 4	32.18	35.67	41.29	36.88	27.97
Valuation Ratio
P/FCFE⁵	20.63	28.73	37.27	34.35	13.48
Benchmarks
P/FCFE, Competitors⁶
Apple Inc.	30.63	22.26	23.27	24.40	21.64
Arista Networks Inc.	41.51	96.71	42.05	32.98	18.04
Cisco Systems Inc.	12.84	17.18	21.02	38.82	14.85
Super Micro Computer Inc.	41.38	139.19	13.82	—	7.81
P/FCFE, Sector
Technology Hardware & Equipment	27.96	22.10	23.19	25.31	20.14
P/FCFE, Industry
Information Technology	33.47	26.69	27.52	23.46	19.14

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 Data adjusted for splits and stock dividends.

² See details »

³ 2023 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 1,331,000,000 ÷ 853,474,317 = 1.56

⁴ Closing price as at the filing date of Corning Inc. Annual Report.

⁵ 2023 Calculation
P/FCFE = Share price ÷ FCFE per share
= 32.18 ÷ 1.56 = 20.63

⁶ Click competitor name to see calculations.

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Valuation ratio	Description	The company
P/FCFE	Price to free cash flow to equity is cash valuation indicator of stockholders’ equity.	Corning Inc. P/FCFE ratio decreased from 2021 to 2022 and from 2022 to 2023.

Corning Inc. (NYSE:GLW)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical