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Corning
(NYSE:GLW)
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Rating:67Neutral
Price Target:
$200.00
▲(21.67% Upside)
Action:Downgraded
Date:06/30/26
GLW scores as moderately attractive overall: improving financial performance (rebounding margins and solid free cash flow) and a strong, upbeat earnings call with constructive growth guidance—especially driven by Optical Communications/hyperscaler demand—support the score. Offsetting these positives are a demanding valuation (very high P/E with a low dividend yield), balance-sheet leverage that limits flexibility, and the absence of usable technical indicators in the provided data.
Positive Factors
Optical Communications Contracts
Large, multiyear hyperscaler contracts create durable, predictable revenue streams and support higher utilization of specialized manufacturing. These agreements underpin investment returns, deepen customer relationships, and strengthen Corning’s leadership in data-center optical connectivity over the next several years.
Negative Factors
Elevated Leverage
Higher debt levels reduce financial flexibility and raise the stakes on execution in cyclical markets. If industry investments slow or cash flow weakens, servicing leverage could constrain strategic options, limit opportunistic M&A or buybacks, and increase sensitivity to interest-cost variability.
Read all positive and negative factors
Positive Factors
Negative Factors
Optical Communications Contracts
Large, multiyear hyperscaler contracts create durable, predictable revenue streams and support higher utilization of specialized manufacturing. These agreements underpin investment returns, deepen customer relationships, and strengthen Corning’s leadership in data-center optical connectivity over the next several years.
Read all positive factors
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 (GLW) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$165.57B
Dividend Yield1.25%
Average Volume (3M)15.73M
Price to Earnings (P/E)90.3
Beta (1Y)1.10
Revenue Growth20.05%
EPS Growth298.15%
CountryUS
Employees67,200
SectorTechnology
Sector Strength88
IndustryHardware, Equipment & Parts
Share Statistics
EPS (TTM)2.11
Shares Outstanding860,637,800
10 Day Avg. Volume19,533,607
30 Day Avg. Volume15,725,507
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 Cap0.96
Enterprise Value/Revenue9.69
Enterprise Value/Gross Profit26.69
Enterprise Value/Ebitda41.92
Forecast
1Y Price Target
$214.10Price Target Upside30.25% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering11
EPS Forecast (FY)3.19
Revenue Forecast (FY)$18.99B
Corning Business Overview & Revenue Model
Company Description
Corning Incorporated operates in optical communications, display, specialty materials, automotive, and life sciences businesses in the United States, Canada, Mexico, Japan, Taiwan, China, South Korea, Germany, and internationally. The company prov...
How the Company Makes Money
Corning makes money primarily by manufacturing and selling engineered materials and components to OEMs, network operators, and laboratories, with revenue recognized from product shipments (and, in some cases, longer-term supply arrangements). Key ...
Corning Earnings Call Summary
Earnings Call Date:Apr 28, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 28, 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
190.70
Positive
168.85
Positive
129.67
Positive
Market Momentum
1.96
Positive
47.54
Neutral
11.46
Positive
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 below the 20-day moving average (MA) of 201.31, below the 50-day MA of 190.70, and above the 200-day MA of 129.67, indicating a neutral trend. The MACD of 1.96 indicates Positive momentum. The RSI at 47.54 is Neutral, neither overbought nor oversold. The STOCH value of 11.46 is Positive, 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 0 New Risks
Corning Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | $47.16B | 27.11 | 19.93% | 1.70% | 15.71% | 18.08% | |
77 Outperform | $199.59B | 43.41 | 34.81% | 0.54% | 54.40% | 68.63% | |
75 Outperform | $64.02B | 142.51 | 5.26% | ― | 18.00% | ― | |
75 Outperform | $58.06B | 20.27 | 22.71% | 1.21% | 16.66% | 114.94% | |
73 Outperform | $10.94B | 77.92 | 9.56% | 0.89% | 13.81% | 23.79% | |
67 Neutral | $165.57B | 90.26 | 15.65% | 1.25% | 20.05% | 298.15% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% |
* Technology Sector Average
GLW
Corning
190.89
139.85
273.99%
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159.06
60.97
62.16%
CGNX
Cognex
66.80
32.70
95.87%
GRMN
Garmin
243.11
30.67
14.44%
COHR
Coherent Corp
324.50
231.20
247.80%
TEL
TE Connectivity
200.36
25.68
14.70%
Corning Corporate Events
Business Operations and Strategy
Corning Executives to Present at J.P. Morgan Conference
Neutral
May 15, 2026
Corning said that on May 19, 2026, Executive Vice President and Chief Financial Officer Edward A. Schlesinger and Executive Vice President and Chief Operating Officer Avery (Hal) Nelson III plan to speak at the J.P. Morgan 2026 Global Technology, ...
Business Operations and Strategy
Corning, NVIDIA Partner to Expand U.S. AI Optics Manufacturing
Positive
May 6, 2026
On May 6, 2026, NVIDIA and Corning announced a multiyear commercial and technology partnership aimed at dramatically expanding U.S.-based manufacturing of advanced optical connectivity solutions for next-generation AI infrastructure. Corning, a le...
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...
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.