Corning (GLW)
NYSE:GLW
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Corning
(NYSE:GLW)
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Rating:70Outperform
Price Target:
$174.00
▲(5.85% Upside)
Action:ReiteratedDate:05/05/26
The score is driven primarily by improving financial performance and a strong, confidence-leaning earnings outlook (notably optical/GenAI-driven growth and margin progress), supported by a still-constructive longer-term trend. These positives are tempered by a very high P/E valuation and near-term solar ramp/expense headwinds, which reduce the margin for execution error.
Positive Factors
Large hyperscaler contracts in Optical Communications
Multi‑year hyperscaler contracts provide durable demand visibility and scale for Corning's optical products. These agreements underpin production planning, support higher utilization and margin leverage in Optical Communications, and reduce revenue cyclicality by locking long-term volumes with creditworthy customers.
Negative Factors
Moderate leverage on balance sheet
A debt-to-equity near 0.9 reduces financial flexibility relative to a low-leverage profile. Elevated leverage limits capacity to absorb demand shocks or fund large incremental capex without raising costs or cutting buybacks/dividends, and increases sensitivity to rate rises over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Large hyperscaler contracts in Optical Communications
Multi‑year hyperscaler contracts provide durable demand visibility and scale for Corning's optical products. These agreements underpin production planning, support higher utilization and margin leverage in Optical Communications, and reduce revenue cyclicality by locking long-term volumes with creditworthy customers.
Read all positive factors
Corning (GLW) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$137.67B
Dividend Yield1.25%
Average Volume (3M)11.54M
Price to Earnings (P/E)79.1
Beta (1Y)1.14
Revenue Growth20.05%
EPS Growth298.15%
CountryUS
Employees56,300
SectorTechnology
Sector Strength88
IndustryHardware, Equipment & Parts
Share Statistics
EPS (TTM)2.11
Shares Outstanding860,637,800
10 Day Avg. Volume10,561,674
30 Day Avg. Volume11,535,881
Financial Highlights & Ratios
PEG Ratio0.22
Price to Book (P/B)6.38
Price to Sales (P/S)4.82
P/FCF Ratio53.29
Enterprise Value/Market Cap1.05
Enterprise Value/Revenue8.87
Enterprise Value/Gross Profit24.44
Enterprise Value/Ebitda38.39
Forecast
1Y Price Target
$168.91Price Target Upside2.76% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering11
EPS Forecast (FY)3.16
Revenue Forecast (FY)$18.83B
Corning Business Overview & Revenue Model
Company Description
Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment offers glass substrates for liquid cr...
How the Company Makes Money
Corning makes money primarily by manufacturing and selling engineered materials and components to industrial and enterprise customers, with revenue concentrated in several business segments. In Optical Communications, it sells optical fiber, cable...
Corning Key Performance Indicators (KPIs)
Any
Revenue by Segment
Breaks down sales across Corning’s various business lines, indicating which areas are performing well and where there might be room for growth or risk.
Breaks down sales across Corning’s various business lines, indicating which areas are performing well and where there might be room for growth or risk.
Data provided by:
The Fly
The FlyCorning Earnings Call Summary
Earnings Call Date:Apr 28, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 04, 2026
Earnings Call Sentiment Positive
The call was decidedly positive: Corning reported strong top-line and EPS growth, margin expansion, robust optical communications momentum with major hyperscaler deals, rapid solar sales growth and meaningful progress on its Springboard plan. These achievements outweigh notable near-term operational challenges — principally a delayed solar wafer ramp and temporary expense hits tied to transitioning utilities and equipment upgrades. Management expects these to be transitory and is upgrading long-term plans, signaling confidence in profitable growth ahead.Positive Updates
Strong Revenue and EPS Growth
Consolidated sales grew 18% year-over-year to $4.35 billion and core EPS grew 30% to $0.70, marking Corning's eighth consecutive quarter of year-over-year sales growth and coming in at the high end of guidance.
Negative Updates
Solar Profitability and Wafer Ramp Challenges
Solar net income was only $7 million (down $20 million year-over-year) despite sales up 80%. The wafer facility ramp is behind plan, forcing an extended maintenance shutdown and transition to permanent power systems; management built $30 million of incremental Q2 expense into guidance and noted about a $0.04 EPS impact in Q1 and an aggregate ~$0.07 EPS drag in Q2 related to the wafer ramp and shutdown.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Revenue and EPS Growth
Consolidated sales grew 18% year-over-year to $4.35 billion and core EPS grew 30% to $0.70, marking Corning's eighth consecutive quarter of year-over-year sales growth and coming in at the high end of guidance.
Read all positive updates
Company Guidance
Corning guided Q2 sales to grow about 14% year‑over‑year to roughly $4.6 billion and EPS to rise about 25% year‑over‑year to $0.73–$0.77, a forecast that already includes an incremental $30 million of expense vs. Q1 related to an extended solar wafer maintenance shutdown (management said the aggregate Q2 EPS impact is roughly $0.07 and Q1 carried about a $0.04 EPS drag from the solar wafer ramp); they reiterated full‑year expectations for significantly higher free cash flow year‑over‑year while investing in growth (CapEx was previously guided ~ $1.7 billion and could be a bit above that), noted polysilicon exceeded the 20% corporate operating‑margin target in Q1 and modules are on track to cross the 20% target in Q2, and said they will upgrade and extend the Springboard plan (previously an $11 billion incremental sales upgrade through 2028, including $6.5 billion by 2026) at the May 6 investor event.Corning Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
66
Positive
Cash Flow
70
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 16.32B | 15.63B | 13.12B | 12.59B | 14.19B | 14.08B |
| Gross Profit | 5.93B | 5.51B | 4.28B | 3.93B | 4.51B | 5.06B |
| EBITDA | 3.77B | 3.73B | 2.49B | 2.51B | 3.54B | 4.21B |
| Net Income | 1.81B | 1.60B | 506.00M | 581.00M | 1.32B | 1.91B |
Balance Sheet | ||||||
| Total Assets | 31.25B | 30.98B | 27.73B | 28.50B | 29.50B | 30.15B |
| Cash, Cash Equivalents and Short-Term Investments | 1.75B | 1.53B | 1.77B | 1.78B | 1.67B | 2.15B |
| Total Debt | 8.97B | 10.22B | 8.09B | 8.48B | 7.82B | 7.83B |
| Total Liabilities | 18.90B | 18.67B | 16.66B | 16.63B | 17.22B | 17.61B |
| Stockholders Equity | 11.81B | 11.81B | 10.69B | 11.55B | 12.01B | 12.33B |
Cash Flow | ||||||
| Free Cash Flow | 1.50B | 1.41B | 974.00M | 615.00M | 1.01B | 1.77B |
| Operating Cash Flow | 2.91B | 2.69B | 1.94B | 2.00B | 2.62B | 3.41B |
| Investing Cash Flow | -1.28B | -1.24B | -744.00M | -1.00B | -1.35B | -1.42B |
| Financing Cash Flow | -1.21B | -1.67B | -1.16B | -883.00M | -1.65B | -2.45B |
Corning Technical Analysis
Positive
164.38
Price Trends
141.73
Positive
116.32
Positive
94.39
Positive
Market Momentum
9.70
Negative
60.97
Neutral
71.22
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GLW, the sentiment is Positive. The current price of 164.38 is above the 20-day moving average (MA) of 150.94, above the 50-day MA of 141.73, and above the 200-day MA of 94.39, indicating a bullish trend. The MACD of 9.70 indicates Negative momentum. The RSI at 60.97 is Neutral, neither overbought nor oversold. The STOCH value of 71.22 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GLW.
Corning Risk Analysis
Corning disclosed 21 risk factors in its most recent earnings report. Corning reported the most risks in the "Macro & Political" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 1 New Risks
1.
Risks associated with the launch of a new business Q4, 2025
Corning Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
82 Outperform | $46.02B | 27.37 | 19.93% | 1.70% | 15.71% | 18.08% | |
77 Outperform | $173.50B | 41.15 | 45.74% | 0.54% | 54.40% | 68.63% | |
75 Outperform | $9.40B | 46.06 | 7.72% | 0.89% | 8.73% | 10.05% | |
75 Outperform | $59.92B | 17.32 | 22.71% | 1.21% | 16.66% | 114.94% | |
70 Outperform | $137.67B | 79.05 | 15.65% | 1.25% | 20.05% | 298.15% | |
67 Neutral | $64.42B | 48.81 | 3.58% | ― | 18.63% | ― | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% |
* Technology Sector Average
GLW
Corning
159.96
115.23
257.57%
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61.42
77.16%
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Cognex
56.30
28.53
102.77%
GRMN
Garmin
238.60
51.53
27.55%
COHR
Coherent Corp
329.89
258.94
364.96%
TEL
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205.28
57.56
38.96%
Corning Corporate Events
Business Operations and StrategyProduct-Related Announcements
Corning Highlights AI and Photonics Strategy at Investor Event
Positive
May 4, 2026
Corning said it will host an investor and analyst event at the New York Stock Exchange on May 6, 2026, to review progress across its businesses, provide updates on its Springboard plan, and showcase product developments including innovations in it...
Executive/Board ChangesShareholder Meetings
Corning Shareholders Reelect Board and Uphold Leadership Structure
Positive
May 4, 2026
Corning shareholders met on April 30, 2026, with an 86.72% quorum, and re-elected 10 directors to serve until the 2027 annual meeting, signaling continued support for the existing board and leadership. Investors also approved on an advisory basis ...
Business Operations and StrategyFinancial Disclosures
Corning Posts Strong Q1 Results, Extends Springboard Strategy
Positive
Apr 28, 2026
On April 28, 2026, Corning reported strong first‑quarter 2026 results, with GAAP sales up 20% year over year to $4.14 billion and core sales up 18% to $4.35 billion, while core EPS climbed 30% to $0.70, reflecting higher margins and robust c...
Business Operations and Strategy
Corning CFO to Present Business Update at Conference
Neutral
Feb 27, 2026
Corning said that Executive Vice President and Chief Financial Officer Edward Schlesinger will speak at the Morgan Stanley Technology, Media Telecom Conference on March 3, 2026, at 11:30 a.m. Eastern Time, where he will provide business updates. ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.