Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
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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- Common-Size Balance Sheet: Assets
- Analysis of Profitability Ratios
- Analysis of Solvency Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Enterprise Value (EV)
- Enterprise Value to EBITDA (EV/EBITDA)
- Present Value of Free Cash Flow to Equity (FCFE)
- Price to Book Value (P/BV) since 2005
- Analysis of Debt
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Historical Valuation Ratios (Summary)
Corning Inc., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Price to Earnings (P/E) Ratio
- The P/E ratio exhibited significant volatility throughout the observed period. Initially, it was very high in early 2020, peaking notably in the second quarter of 2020. After this peak, the ratio declined steadily through 2021 and early 2022, reaching its lowest in mid-2022. From late 2022 onwards, there was a marked increase, showing heightened valuation relative to earnings by early 2024. This pattern suggests fluctuating investor expectations or earnings performance variability, with a trend of normalization followed by renewed valuation expansion.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio mirrored some of the trends seen in the P/E ratio but with distinct characteristics. It spiked dramatically in the second and third quarters of 2020, indicating elevated price levels relative to operating profits, possibly due to profit margin compression or market optimism. Subsequently, it declined sharply by mid-2021 and remained relatively low through late 2021 and early 2022. Beginning in late 2022, the ratio increased again, suggesting a recovery or revaluation in operating profit expectations, though the ratio remained below the early 2020 highs.
- Price to Sales (P/S) Ratio
- The P/S ratio showed a more moderate and stable trend compared to P/E and P/OP ratios. It increased from the beginning of 2020, peaking in early 2021, which may indicate rising sales valuations or revenue growth optimism. Afterward, the ratio fluctuated around a narrower range, with some decline observed in late 2022 but followed by modest increases into early 2024. Overall, this suggests a relatively steady valuation relative to sales, with some sensitivity to revenue performance or market conditions.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio demonstrated gradual but consistent growth from early 2020 through 2021, reaching a high point in late 2021. Following this peak, it declined moderately in early 2022 but largely stabilized with minor fluctuations through early 2024. This behavior indicates an increasing market valuation relative to the company's book value over the period, potentially reflecting sustained investor confidence in asset value or intangible assets development.
Price to Earnings (P/E)
Corning Inc., historical P/E calculation (quarterly data)
| Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Net income (loss) 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. | |||||||||||||||||||||||
Based on: 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2024 Calculation
EPS
= (Net income (loss) available to common shareholdersQ1 2024
+ Net income (loss) available to common shareholdersQ4 2023
+ Net income (loss) available to common shareholdersQ3 2023
+ Net income (loss) available to common shareholdersQ2 2023)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Corning Inc. Quarterly or Annual Report.
4 Q1 2024 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The share price exhibited notable volatility over the observed periods. Starting at $20.67 in the first quarter of 2020, it experienced a strong upward trend reaching a peak around the first quarter of 2021 at $44.21. Following this peak, the share price demonstrated fluctuations with a tendency to decline, reaching lower points near $26.66 in the third quarter of 2023 before recovering somewhat to $33.57 by the first quarter of 2024. This pattern indicates an initial period of robust investor confidence followed by a phase of market adjustment and moderate recovery.
Earnings per share (EPS) showed a general upward movement from 0.35 in early 2020 to a peak of 2.37 in the second quarter of 2022. After this peak, EPS values declined steadily, falling to around 0.68-0.72 during the last four quarters observed. This suggests the company experienced a period of improving profitability through mid-2022, followed by a contraction or normalization in earnings, indicating potential challenges or adjustments impacting profitability in the more recent quarters.
The price-to-earnings (P/E) ratio exhibited substantial variability reflecting the interplay between share price and earnings. Initially very high at 58.91 and peaking dramatically at 230.16 in mid-2020, the ratio showed a gradual decline as earnings improved and share price adjusted downward. By mid-2022, the P/E ratio reached more moderate levels near 15, indicating more favorable valuation relative to earnings. However, subsequent periods saw the P/E ratio rising again to over 45 by the end of 2023 and first quarter of 2024, despite declining earnings, suggesting that the share price did not decline in proportion to the EPS drop, possibly implying investor expectations for recovery or underlying qualitative factors influencing valuation.
Overall, the data indicate a cycle of optimistic market sentiment leading to high valuations, followed by a correction period with decreasing EPS and fluctuating share prices. The recent trend suggests cautious investor sentiment combined with stabilizing earnings, warranting continued monitoring of upcoming financial performance and market response.
Price to Operating Profit (P/OP)
Corning Inc., historical P/OP calculation (quarterly data)
| Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Operating income (loss) (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. | |||||||||||||||||||||||
Based on: 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2024 Calculation
Operating profit per share
= (Operating income (loss)Q1 2024
+ Operating income (loss)Q4 2023
+ Operating income (loss)Q3 2023
+ Operating income (loss)Q2 2023)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Corning Inc. Quarterly or Annual Report.
4 Q1 2024 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The analysis of the quarterly financial metrics reveals several notable trends and shifts over the observed period.
- Share Price
- The share price exhibited significant volatility. It started at $20.67 in the first quarter of 2020 and increased sharply, peaking at $44.21 in the first quarter of 2021. Following this peak, the price experienced fluctuations with a general downward trend, dropping to a low of $26.66 in the third quarter of 2023 before slightly recovering to $33.57 by the first quarter of 2024.
- Operating Profit Per Share (OPPS)
- Operating profit per share showed initial volatility, starting at $1.01 in the first quarter of 2020 and declining to $0.24 by the third quarter of 2020. Thereafter, it increased steadily, reaching a high of $2.58 in the first quarter of 2022. However, from mid-2022 onward, OPPS trended downward, falling to $0.99 by the first quarter of 2024, indicating a reduction in operational profitability per share in recent periods.
- Price to Operating Profit Ratio (P/OP)
- This valuation ratio experienced considerable fluctuation, beginning very high at 82.31 in the second quarter of 2020 and peaking at an even more elevated 136.25 in the third quarter of 2020. Subsequently, the ratio declined markedly, reaching a low around 13.63 in the first quarter of 2022, reflecting more attractive valuation relative to operating profit. After that, the ratio gradually increased again, closing at 33.95 in the first quarter of 2024, suggesting growing market valuation multiples despite declining operating profit per share.
In summary, the period under review shows a complex interplay between share price, operating profitability per share, and valuation multiples. While operating profit per share improved significantly from late 2020 through early 2022, it has since declined. The share price surged in the early phase but exhibited notable volatility and a downward adjustment in recent quarters. The P/OP ratio’s sharp declines followed by gradual increases imply fluctuating investor sentiment and changing market expectations relative to operational earnings.
Price to Sales (P/S)
Corning Inc., historical P/S calculation (quarterly data)
| Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| 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. | |||||||||||||||||||||||
Based on: 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2024 Calculation
Sales per share
= (Net salesQ1 2024
+ Net salesQ4 2023
+ Net salesQ3 2023
+ Net salesQ2 2023)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Corning Inc. Quarterly or Annual Report.
4 Q1 2024 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price experienced a notable increase from March 2020 through March 2021, rising from $20.67 to a peak of $44.21. Following this peak, the price demonstrated some volatility and a general downward adjustment, fluctuating between approximately $26.66 and $36.76 through early 2024. By March 2024, the price settled around $33.57, indicating a partial recovery from the lower points seen in late 2023.
- Sales per Share Trend
- Sales per share show a generally increasing trend from March 2020 to early 2022, climbing from $14.56 to a high of $17.26 in June 2022. From mid-2022 onward, sales per share demonstrated a gradual decline, falling to $14.46 by March 2024. This pattern suggests a peak in sales performance in mid-2022 followed by a slowdown or stabilization at a slightly lower level.
- Price-to-Sales (P/S) Ratio Analysis
- The P/S ratio increased significantly from 1.42 in March 2020 to a high of 3.08 by March 2021, reflecting an increasing valuation of the company's sales during this period. Subsequently, the ratio decreased to lower levels between late 2021 and late 2022, with values mostly ranging between 1.75 and 2.13, indicating a contraction in valuation multiples relative to sales. Notably, from early 2023 onward, the P/S ratio showed modest upward fluctuations, ending at 2.32 in March 2024, suggesting some renewed investor confidence or valuation support linked to sales.
- Overall Observations
- The data indicates that the company experienced strong market optimism and growth from early 2020 through early 2021, as reflected in rising share prices and P/S ratios. Sales performance increased steadily through mid-2022, but both sales per share and share price movements suggest a period of normalization or moderation in financial performance thereafter. The P/S ratio's partial rebound in 2023 into 2024 reflects a potentially renewed but cautious market valuation, while underlying sales figures trend downward slightly, indicating challenges to sustaining growth at previous rates.
Price to Book Value (P/BV)
Corning Inc., historical P/BV calculation (quarterly data)
| Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| 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. | |||||||||||||||||||||||
Based on: 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2024 Calculation
BVPS = Total Corning Incorporated shareholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Corning Inc. Quarterly or Annual Report.
4 Q1 2024 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- The share price exhibited marked volatility over the observed periods, starting at $20.67 and showing a general upward movement through 2020 and early 2021, peaking at $44.21 in the first quarter of 2021. Subsequent quarters showed fluctuations with a gradual decline towards late 2021 and 2022, followed by further decreases, notably reaching a low of $26.66 in the third quarter of 2023. The price recovered slightly toward the end of 2023 and early 2024, closing at $33.57 in the first quarter of 2024.
- Book Value Per Share (BVPS) Trends
- Book value per share remained relatively stable yet showed a subtle declining trend over the time frame. Starting at $16.03 in early 2020, BVPS fluctuated mildly but generally decreased through 2021 and 2022. The value stabilized around the low $13 range by the end of 2023 and the beginning of 2024. The overall trend indicates a slight erosion in the company’s book value per share during this period.
- Price-to-Book Value Ratio (P/BV) Trends
- The P/BV ratio demonstrated significant variation corresponding with the movements in share price and BVPS. Starting at a low of 1.29 in the first quarter of 2020, the ratio surged through 2020, peaking near 2.89 in mid-2021. Thereafter, it fluctuated between approximately 2.0 and 2.8, reflecting changes in market valuation relative to book value. Toward the end of 2023 and into early 2024, the ratio hovered around the mid-2.0 range, suggesting that share prices were consistently valued above book value but with some moderation from prior peaks.
- Overall Financial Insights
- The data reflects a period of elevated market valuation relative to book value beginning in mid-2020, reaching the highest relative valuation in mid-2021. The share price volatility indicates sensitivity to market conditions, with significant correction phases following peaks. The gradual decline in BVPS suggests either a reduction in net asset value or increased shares outstanding, contributing to the falling book value per share. The sustained P/BV ratio above 2.0 for extended periods indicates that investors valued the company’s growth prospects or intangible assets significantly beyond the net book value of its equity.