Common Stock Valuation Ratios (Price Multiples)
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
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Corning Inc. pages available for free this week:
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Price to FCFE (P/FCFE)
- Current Ratio since 2005
- Debt to Equity since 2005
- Price to Earnings (P/E) since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Debt
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Current Valuation Ratios
Corning Inc., current price multiples
| Corning Inc. | Apple Inc. | Arista Networks Inc. | Cisco Systems Inc. | Dell Technologies Inc. | Super Micro Computer Inc. | Technology Hardware & Equipment | Information Technology | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data | |||||||||||
| Current share price (P) | |||||||||||
| No. shares of common stock outstanding | |||||||||||
| Growth rate (g) | |||||||||||
| Earnings per share (EPS) | |||||||||||
| Next year expected EPS | |||||||||||
| Operating profit per share | |||||||||||
| Sales per share | |||||||||||
| Book value per share (BVPS) | |||||||||||
| Valuation Ratios (Price Multiples) | |||||||||||
| Price to earnings (P/E) | |||||||||||
| Price to next year expected earnings | |||||||||||
| Price to operating profit (P/OP) | |||||||||||
| Price to sales (P/S) | |||||||||||
| Price to book value (P/BV) | |||||||||||
Based on: 10-K (reporting date: 2023-12-31).
If the company price multiple is lower then the price multiple of benchmark then company stock is relatively undervalued.
Otherwise, if the company price multiple is higher then the price multiple of benchmark then company stock is relatively overvalued.
Historical Valuation Ratios (Summary)
Corning Inc., historical price multiples
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Price to earnings (P/E) | ||||||
| Price to operating profit (P/OP) | ||||||
| Price to sales (P/S) | ||||||
| Price to book value (P/BV) |
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 financial ratios over the five-year period reveal varying investor sentiment and valuation dynamics for the company.
- Price to Earnings (P/E) Ratio
- The P/E ratio shows significant fluctuations. It peaked in 2020 at 68.45, indicating heightened optimism or expectations of future earnings growth during that year. Subsequently, it dropped sharply in 2021 to 32.37 and further declined in 2022 to 22.95, suggesting a moderation in earnings expectations or improved earnings performance. However, the figure rebounded to 47.27 in 2023, reflecting renewed investor confidence or possibly volatility in earnings.
- Price to Operating Profit (P/OP) Ratio
- A notable spike occurred in 2020, with the ratio reaching 55.67 from 16.35 in 2019, indicating a potential disparity between stock price and operating profit, or lower operating profitability relative to price. In 2021, this ratio returned close to earlier levels at 16.54, then increased moderately in the following years to 21.00 in 2022 and 30.86 in 2023. This trend suggests some variability in operating profit valuation, with a partial recovery after the 2020 surge.
- Price to Sales (P/S) Ratio
- The P/S ratio exhibited relative stability compared to the other multiples. It increased from 1.86 in 2019 to 2.51 in 2020, followed by a slight decline to 2.48 in 2021. The ratio then decreased further to 2.13 in 2022 but rose modestly to 2.18 in 2023. Overall, this indicates a consistent valuation of the company's sales over the period with minor fluctuations.
- Price to Book Value (P/BV) Ratio
- This ratio trended upward from 1.65 in 2019 to 2.83 in 2021, signaling a growing market valuation relative to the company's book value during these years. After peaking, it dropped to 2.51 in 2022 and continued a gradual decrease to 2.38 in 2023. This pattern may suggest a recalibration of investor valuation or changes in the company’s tangible asset base or equity.
In summary, the company experienced marked volatility in earnings and operating profit valuation multiples, likely reflecting changing market expectations and company performance. Sales valuation remained comparatively stable, and book value valuation showed growth followed by moderate decline. These trends highlight a dynamic valuation environment over the analyzed period.
Price to Earnings (P/E)
Corning Inc., historical P/E 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 | ||||||
| Selected Financial Data (US$) | ||||||
| Net income available to common shareholders (in millions) | ||||||
| Earnings per share (EPS)2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/E ratio4 | ||||||
| Benchmarks | ||||||
| P/E Ratio, Competitors5 | ||||||
| Apple Inc. | ||||||
| Arista Networks Inc. | ||||||
| Cisco Systems Inc. | ||||||
| Dell Technologies Inc. | ||||||
| Super Micro Computer Inc. | ||||||
| P/E Ratio, Sector | ||||||
| Technology Hardware & Equipment | ||||||
| P/E Ratio, 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 Data adjusted for splits and stock dividends.
2 2023 Calculation
EPS = Net income available to common shareholders ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Corning Inc. Annual Report.
4 2023 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price experienced an overall upward trend from 2019 to 2021, rising from $27.97 to a peak of $41.29. However, in the following two years, it declined to $35.67 in 2022 and further to $32.18 by the end of 2023. This indicates some volatility with a notable pullback after the 2021 high.
- Earnings Per Share (EPS)
- EPS showed considerable fluctuation over the period. It started at $1.13 in 2019, dropped significantly to $0.54 in 2020, then recovered and exceeded the initial value reaching $1.55 in 2022. Another decline occurred in 2023, with EPS falling to $0.68. This pattern suggests variability in profitability with a recovery phase between 2020 and 2022, followed by a weakening in 2023.
- Price-to-Earnings (P/E) Ratio
- The P/E ratio was quite volatile, reflecting changes in share price and EPS. It began at 24.78 in 2019, surged sharply to 68.45 in 2020, likely due to the sharp decline in EPS during that year. The ratio then decreased to 32.37 in 2021 and further to 22.95 in 2022, coinciding with EPS improvement and some share price pullback. In 2023, the P/E ratio increased again to 47.27, which may be attributed to the lower EPS relative to share price at that time.
Price to Operating Profit (P/OP)
Corning Inc., historical P/OP calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Operating income (in millions) | ||||||
| Operating profit per share2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/OP ratio4 | ||||||
| Benchmarks | ||||||
| P/OP Ratio, Competitors5 | ||||||
| Apple Inc. | ||||||
| Arista Networks Inc. | ||||||
| Cisco Systems Inc. | ||||||
| Dell Technologies Inc. | ||||||
| Super Micro Computer Inc. | ||||||
| P/OP Ratio, Sector | ||||||
| Technology Hardware & Equipment | ||||||
| P/OP Ratio, 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 Data adjusted for splits and stock dividends.
2 2023 Calculation
Operating profit per share = Operating income ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Corning Inc. Annual Report.
4 2023 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price exhibited an initial increase from $27.97 in 2019 to $36.88 in 2020 and further rose to $41.29 in 2021. However, it declined in the following years, falling to $35.67 in 2022 and continuing the downward trend to $32.18 in 2023.
- Operating Profit Per Share
- Operating profit per share decreased sharply from $1.71 in 2019 to $0.66 in 2020, indicating a significant drop in profitability during that period. It then rebounded strongly to $2.50 in 2021, followed by a decline to $1.70 in 2022 and a further decrease to $1.04 in 2023.
- Price to Operating Profit Ratio (P/OP)
- The P/OP ratio increased markedly from 16.35 in 2019 to 55.67 in 2020, reflecting a disproportionate rise in the share price relative to the drop in operating profit per share. In 2021, the ratio decreased to 16.54 as operating profit per share recovered. Subsequently, it rose again to 21 in 2022 and further to 30.86 in 2023, indicating fluctuating market expectations and relative valuations against operating profitability.
- Overall Trends and Insights
- The data shows volatility in both share price and operating profit per share over the five-year period. The initial decline in profitability in 2020 was followed by a recovery in 2021, but both metrics have decreased somewhat since. The P/OP ratio's movement suggests that investor sentiment and valuation multiples have fluctuated significantly, particularly in response to changes in operating profit. Recent years indicate a cautious market stance, with valuations being more conservative compared to the peak levels seen in 2020 and 2021.
Price to Sales (P/S)
Corning Inc., historical P/S calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Net sales (in millions) | ||||||
| Sales per share2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/S ratio4 | ||||||
| Benchmarks | ||||||
| P/S Ratio, Competitors5 | ||||||
| Apple Inc. | ||||||
| Arista Networks Inc. | ||||||
| Cisco Systems Inc. | ||||||
| Dell Technologies Inc. | ||||||
| Super Micro Computer Inc. | ||||||
| P/S Ratio, Sector | ||||||
| Technology Hardware & Equipment | ||||||
| P/S Ratio, 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 Data adjusted for splits and stock dividends.
2 2023 Calculation
Sales per share = Net sales ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Corning Inc. Annual Report.
4 2023 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price experienced a notable increase from 27.97 US dollars in 2019 to a peak of 41.29 US dollars in 2021. Following this peak, the share price declined to 35.67 US dollars in 2022 and further decreased to 32.18 US dollars in 2023. This indicates a period of growth reaching its highest point in 2021, followed by a gradual decline over the subsequent two years.
- Sales Per Share
- Sales per share showed a slight decrease from 15.06 US dollars in 2019 to 14.71 US dollars in 2020. There was then an upward trend, reaching a maximum of 16.76 US dollars in 2022. However, sales per share fell again in 2023 to 14.75 US dollars, slightly above the 2020 level but below the peaks of 2021 and 2022. The pattern suggests some volatility with a recent decline after a period of improvement.
- Price-to-Sales Ratio (P/S)
- The P/S ratio rose significantly from 1.86 in 2019 to 2.51 in 2020 and remained fairly stable around 2.48 in 2021. Subsequently, it decreased to 2.13 in 2022 but increased marginally to 2.18 in 2023. This trend reflects variations in market valuation relative to sales, with a peak between 2020 and 2021 and a partial correction thereafter.
Overall, the data show that the company experienced growth in both share price and sales per share until around 2021-2022, followed by a decline in 2023. The price-to-sales ratio also peaked in 2020-2021, implying higher market expectations relative to sales during that period, but later adjustments suggest a moderation in investor sentiment. Sales per share fluctuations indicate some instability in operating performance, while the share price decline in recent years may reflect broader market conditions or company-specific challenges.
Price to Book Value (P/BV)
Corning Inc., historical P/BV 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 | ||||||
| Selected Financial Data (US$) | ||||||
| Total Corning Incorporated shareholders’ equity (in millions) | ||||||
| Book value per share (BVPS)2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/BV ratio4 | ||||||
| Benchmarks | ||||||
| P/BV Ratio, Competitors5 | ||||||
| Apple Inc. | ||||||
| Arista Networks Inc. | ||||||
| Cisco Systems Inc. | ||||||
| Dell Technologies Inc. | ||||||
| Super Micro Computer Inc. | ||||||
| P/BV Ratio, Sector | ||||||
| Technology Hardware & Equipment | ||||||
| P/BV Ratio, Industry | ||||||
| Information Technology | ||||||
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 Data adjusted for splits and stock dividends.
2 2023 Calculation
BVPS = Total Corning Incorporated shareholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Corning Inc. Annual Report.
4 2023 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price demonstrated an overall upward trend from 2019 to 2021, increasing from 27.97 US$ to a peak of 41.29 US$. However, it declined in the subsequent two years, reaching 32.18 US$ by the end of 2023. This suggests a period of growth followed by a correction or decreased market valuation.
- Book Value Per Share (BVPS)
- Book value per share showed a consistent decrease over the five-year period. It dropped from 16.9 US$ in 2019 to 13.53 US$ in 2023. The decline indicates a reduction in the company's net asset value on a per-share basis, which could imply asset depreciation, increased liabilities, or other factors impacting net worth negatively.
- Price to Book Value Ratio (P/BV)
- The price to book value ratio increased sharply from 1.65 in 2019 to a peak of 2.83 in 2021, reflecting an elevation in market value relative to book value. After 2021, the ratio decreased but remained elevated at 2.38 in 2023. This pattern suggests that, despite the decline in book value per share, investor valuation remained relatively optimistic compared to the historical base, though some moderation has occurred since the peak.