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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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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
- Price to Earnings (P/E) Ratio
- The P/E ratio begins with missing data but is recorded from March 31, 2020. During 2020, it shows a significant peak in the third quarter (230.16) followed by a decline but remains elevated relative to earlier quarters. In 2021, the ratio decreases notably, stabilizing between approximately 27 and 40. In 2022 and early 2023, there is a further dip to the mid-teens before trending upward again, reaching above 45 in mid-2023. The latest quarter indicates a slightly lower but still elevated P/E ratio around 46. This volatility suggests fluctuations in earnings relative to share price, possibly due to earnings variability or market sentiment changes.
- Price to Operating Profit (P/OP) Ratio
- This ratio also starts with no data until the first quarter of 2020. The pattern aligns somewhat with the P/E trend, showing a peak in late 2020 at 136.25, followed by a sharp drop into 2021 where it stabilizes between roughly 13 and 20. From late 2021 through 2022, the ratio remains relatively stable in the mid-teens, then gradually rises again through 2023, reaching nearly 34 by the latest quarter. The increase suggests a rising share price relative to operating profit or variability in profitability.
- Price to Sales (P/S) Ratio
- The P/S ratio starts from March 31, 2020, with values fluctuating moderately. It began near 1.4, rose to peaks above 3 in mid-2021, and then generally trends downward toward 1.75-2.18 in 2023, showing periodic rebounds. The pattern indicates some volatility in pricing relative to revenue but within a narrower range than P/E or P/OP, reflecting relatively steadier revenue growth or more consistent market valuation relative to sales.
- Price to Book Value (P/BV) Ratio
- Available from March 31, 2019, the P/BV ratio shows a declining trend through 2019 into early 2020, dropping from about 1.84 to a low of 1.29. Subsequently, it climbs steadily through 2020 and into 2021, reaching a peak near 2.89. After some variability around this level, it fluctuates between roughly 2.0 and 2.6 through 2022 and 2023, ending near 2.56. This suggests a recovery and stabilization in the company's market valuation relative to its book value over the period.
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 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
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 data reflects the quarterly trends of key financial metrics over a period extending from March 2019 through March 2024. Observations reveal fluctuations in the share price, earnings per share (EPS), and price-to-earnings (P/E) ratio, each illustrating unique patterns across the timeline.
- Share Price
- The share price showed initial stability between March 2019 and December 2019, with values around the low 30s US dollars. A significant dip occurred in the first quarter of 2020, reaching the lowest point of 20.67 US dollars in March 2020, likely reflecting market-wide disruptions. Thereafter, the share price recovered sharply, peaking at 44.21 US dollars in March 2021. Following this peak, prices experienced some volatility with a downward trend towards the end of 2022 and early 2023, reaching a trough near 26.66 US dollars in September 2023 before recovering modestly to 33.57 US dollars by March 2024.
- Earnings Per Share (EPS)
- EPS data begins in March 2020 and reveals considerable variability over the observed quarters. The first recorded EPS was 1.13 US dollars in March 2020, dramatically declining to as low as 0.14 US dollars in September 2020. Subsequently, EPS improved consistently, achieving a peak of 2.37 US dollars in September 2022. Following this peak, EPS decreased steadily, descending to 0.68 US dollars in December 2023 with a slight increase to 0.72 US dollars by March 2024. This pattern suggests episodic fluctuations in profitability and potential impacts from external economic conditions.
- Price-to-Earnings (P/E) Ratio
- The P/E ratio exhibits substantial volatility, particularly notable in the early quarters of the EPS data set. Starting at 24.78 in March 2020, the ratio surged dramatically to 230.16 in September 2020, coinciding with the lowest EPS values, indicative of temporary earnings compression. The ratio then declined consistently, reaching a relatively low 14.77 in June 2022 during a period of improved earnings. However, instability returned thereafter, with P/E increasing to 47.27 by September 2023 before a slight moderation to 46.84 by March 2024. The P/E ratio trends correspond closely to EPS fluctuations and underscore shifting market valuations relative to earnings.
Overall, the data illustrates the impacts of volatility during early 2020, recovery phases in 2021-2022, and renewed uncertainty and moderation of earnings in 2023 into early 2024. The interplay between earnings performance and market valuation is evident, reflecting external economic influences and internal financial dynamics.
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 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
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 share price displayed notable volatility throughout the observed quarters. Initially, it declined from $31.99 in March 2019 to a low of $20.67 by March 2020, reflecting a substantial drop during this period. Subsequently, the share price recovered steadily, reaching a peak of $44.21 by March 2021. Following this peak, the price experienced fluctuations, with a general downward tendency, hitting $26.66 in September 2023 before showing moderate recovery towards the end of the period at $33.57 in March 2024.
The operating profit per share (OPPS) was not reported until March 2020, where it began at $1.71. This figure decreased sharply to $0.24 by December 2020, indicating a significant reduction in profitability during that year. A strong rebound occurred in 2021, with OPPS climbing to $2.47 by December. In 2022, this metric remained relatively stable, fluctuating slightly but maintaining values around the $2.5 mark. However, from the beginning of 2023, the OPPS trended downward consistently, declining to $0.99 by March 2024.
The price-to-operating-profit (P/OP) ratio, available starting March 2020, demonstrated considerable variability. Initially, it was moderately high at 16.35 but surged dramatically to 136.25 by December 2020, indicating an increased share price relative to operating profit during that quarter. This was followed by a steady decline through 2021, reaching a low of 14.42 by December 2021, suggesting improved valuation efficiency. Throughout 2022, the ratio remained relatively stable, fluctuating between approximately 13 and 16. From 2023 onward, the P/OP ratio showed an upward trend again, escalating from 21 in March 2023 to nearly 34 by March 2024, indicating a rising price relative to operating profit, potentially signaling investor expectations or profit concerns.
Overall, the data reveal cyclical patterns in profitability and share price, with a period of significant stress around 2020, followed by recovery and subsequent volatility. The inverse relationship between operating profit per share and the P/OP ratio over the periods highlights changing investor sentiment and operational performance dynamics during this timeframe.
Price to Sales (P/S)
Corning Inc., historical P/S calculation (quarterly data)
| Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| 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. | ||||||||||||||||||||||||||||
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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
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.
The analysis of the quarterly financial data reveals several key trends over the observed periods.
- Share Price
- The share price experiences notable fluctuations throughout the timeline. Initially, the price declines from roughly $32 in early 2019 to a low near $20 in the first quarter of 2020. Subsequently, it rebounds significantly, reaching a peak above $44 in the first quarter of 2021. After this peak, there is a downward trend with intermittent recoveries, culminating in a price around $33.57 at the end of the first quarter of 2024. The share price thus shows volatility with a marked trough in early 2020, followed by recovery and then moderate decline and stabilization.
- Sales Per Share
- Sales per share data begins from the first quarter of 2020, showing a gradual upward trajectory from $15.06 to a peak of approximately $17.26 by the third quarter of 2022. Post this peak, sales per share exhibit a slow decline, decreasing to around $14.46 by the first quarter of 2024. This indicates initial growth in sales per share over nearly three years, followed by a modest reduction in the recent quarters.
- Price-to-Sales Ratio (P/S)
- The P/S ratio exhibits variability, starting at 1.86 in the first quarter of 2020 and displaying some sharp fluctuations. It falls as low as approximately 1.42 in the second quarter of 2020 but then rises to over 3.0 by the first quarter of 2021, suggesting increased market valuation relative to sales at that time. Following this peak, the ratio declines to near 1.75 by the fourth quarter of 2023, ending with an increase to around 2.32 by the first quarter of 2024. The P/S ratio movements indicate changing market perceptions of the company's sales value, reflecting periods of optimism and correction.
Overall, the data demonstrates a period of volatility and recovery in share price, with sales per share improving steadily before a recent decline, and the P/S ratio showing fluctuating market valuation relative to sales. These patterns point to dynamic market conditions and varying investor sentiment over the analyzed quarters.
Price to Book Value (P/BV)
Corning Inc., historical P/BV calculation (quarterly data)
| Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| 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. | ||||||||||||||||||||||||||||
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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
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.
The analysis of the quarterly financial data reveals several notable trends and fluctuations over the observed period.
- Share Price
- The share price exhibited significant volatility from March 2019 through March 2024. Initially, the price declined steadily from $31.99 in March 2019 to a low of $20.67 in March 2020, reflecting a substantial decrease likely associated with broader market or company-specific challenges. Following this low, there was a marked recovery and growth phase, with the share price peaking at $44.21 by March 2021. After this peak, the price experienced a downward correction and fluctuated between approximately $26.66 and $36.76 from late 2021 onwards. The most recent data point in March 2024 shows a share price of $33.57, indicating a moderate recovery from previous quarterly lows but remaining below the peak observed in early 2021.
- Book Value per Share (BVPS)
- Book value per share demonstrated a relatively stable but slightly declining trend over the five-year period. Starting at $17.34 in March 2019, BVPS diminished gradually with some minor fluctuations, reaching a low near $13.11 in March 2024. This gradual decline suggests that the company's net asset value on a per-share basis has experienced incremental erosion. Notably, there is no significant upward reversal in BVPS during this timeline, which may indicate consistent depreciation or cautious asset appraisal strategies.
- Price-to-Book Value Ratio (P/BV)
- The price-to-book ratio showed considerable variation, largely reflective of the share price movements relative to the book value per share. Initially, the P/BV ratio hovered around 1.8 during 2019 but fell sharply to 1.29 at the trough in March 2020, consistent with the decline in the share price. Subsequently, it rose sharply, reaching levels above 2.8 in the first quarter of 2021, corresponding to the peak share prices observed. Following this peak, the ratio fluctuated between approximately 1.99 and 2.65, indicating periods of both market optimism and correction. The most recent P/BV figure of 2.56 in March 2024 suggests the market continues to value the shares at a significant premium to their book value, despite the declining trend in BVPS.
Overall, the data indicates a period of heightened market volatility with a pronounced share price drop in early 2020, a strong subsequent recovery and peak in early 2021, and moderate fluctuations thereafter. Book value per share exhibited a slow, consistent decline, implying underlying changes in the company's net assets. The elevated and variable P/BV ratios reflect shifting investor sentiment and market valuation distinct from the company’s tangible book performance. The disparity between share price recovery and declining book value signals potential investor expectation of growth or intangibles not captured in book value alone.