Latest Ratios: P/E Ratio 105.3x · EV/EBITDA 47.9x · ROE 13.7%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $167.3B | $75.3B | $41.3B | $26.2B | $27.4B | $31.4B | $27.8B | $26.2B | $28.4B | $28.6B | $27.8B |
| Enterprise Value | $176.0B | $84.0B | $47.6B | $32.9B | $33.5B | $37.1B | $33.8B | $32.0B | $32.1B | $29.4B | $26.4B |
| P/E Ratio → | 105.28 | 47.33 | 81.93 | 44.78 | 20.74 | 29.09 | 66.67 | 27.21 | 26.73 | — | 7.51 |
| P/S Ratio | 10.71 | 4.82 | 3.15 | 2.08 | 1.93 | 2.23 | 2.46 | 2.28 | 2.52 | 2.83 | 2.96 |
| P/B Ratio | 13.61 | 6.12 | 3.73 | 2.20 | 2.23 | 2.50 | 2.07 | 2.01 | 2.05 | 1.81 | 1.55 |
| P/FCF | 118.41 | 53.29 | 42.40 | 42.53 | 27.07 | 17.70 | 34.61 | 594.77 | 41.99 | 143.16 | 19.96 |
| P/OCF | 62.08 | 27.94 | 21.30 | 13.05 | 10.47 | 9.21 | 12.75 | 12.89 | 9.74 | 14.29 | 11.11 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.37 | 3.63 | 2.61 | 2.36 | 2.63 | 2.99 | 2.78 | 2.84 | 2.91 | 2.81 |
| EV / EBITDA | 47.85 | 22.84 | 19.16 | 14.55 | 11.60 | 10.33 | 16.67 | 11.39 | 11.18 | 10.56 | 10.07 |
| EV / EBIT | 75.51 | 35.18 | 41.70 | 28.70 | 16.05 | 13.61 | 37.62 | 22.26 | 18.93 | 16.25 | 6.85 |
| EV / FCF | — | 59.45 | 48.89 | 53.43 | 33.15 | 20.90 | 42.12 | 727.00 | 47.37 | 147.21 | 18.96 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 35.3% | 35.3% | 32.6% | 31.2% | 31.8% | 36.0% | 31.2% | 35.1% | 39.5% | 39.7% | 40.1% |
| Operating Margin | 14.9% | 14.9% | 8.7% | 7.1% | 10.1% | 15.0% | 4.5% | 11.4% | 14.0% | 16.1% | 15.2% |
| Net Profit Margin | 10.2% | 10.2% | 3.9% | 4.6% | 9.3% | 13.5% | 4.5% | 8.3% | 9.4% | -4.9% | 39.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 13.7% | 13.7% | 4.4% | 4.8% | 10.6% | 14.7% | 3.9% | 7.1% | 7.2% | -2.9% | 20.1% |
| ROA | 5.4% | 5.4% | 1.8% | 2.0% | 4.4% | 6.3% | 1.7% | 3.4% | 3.9% | -1.8% | 13.1% |
| ROIC | 9.1% | 9.1% | 4.7% | 3.6% | 5.9% | 8.4% | 2.0% | 5.4% | 6.9% | 7.4% | 6.0% |
| ROCE | 9.7% | 9.7% | 4.8% | 3.7% | 5.8% | 8.1% | 1.9% | 5.3% | 6.5% | 6.6% | 5.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.83 | 0.83 | 0.73 | 0.71 | 0.64 | 0.62 | 0.65 | 0.63 | 0.43 | 0.32 | 0.22 |
| Debt / EBITDA | 2.78 | 2.78 | 3.26 | 3.76 | 2.70 | 2.18 | 4.29 | 2.94 | 2.09 | 1.84 | 1.49 |
| Net Debt / Equity | — | 0.71 | 0.57 | 0.56 | 0.50 | 0.45 | 0.45 | 0.45 | 0.26 | 0.05 | -0.08 |
| Net Debt / EBITDA | 2.36 | 2.36 | 2.54 | 2.97 | 2.13 | 1.58 | 2.97 | 2.07 | 1.27 | 0.29 | -0.53 |
| Debt / FCF | — | 6.15 | 6.49 | 10.90 | 6.08 | 3.20 | 7.51 | 132.23 | 5.38 | 4.05 | -1.00 |
| Interest Coverage | 7.11 | 7.11 | 3.47 | 3.48 | 7.15 | 9.09 | 3.26 | 6.50 | 8.87 | 11.69 | 24.22 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.59 | 1.59 | 1.62 | 1.67 | 1.44 | 1.59 | 2.12 | 2.12 | 2.12 | 2.75 | 3.29 |
| Quick Ratio | 1.04 | 1.04 | 1.07 | 1.05 | 0.88 | 1.08 | 1.48 | 1.46 | 1.51 | 2.22 | 2.75 |
| Cash Ratio | 0.27 | 0.27 | 0.36 | 0.41 | 0.32 | 0.45 | 0.71 | 0.69 | 0.71 | 1.35 | 1.92 |
| Asset Turnover | — | 0.50 | 0.47 | 0.44 | 0.48 | 0.47 | 0.37 | 0.40 | 0.41 | 0.37 | 0.34 |
| Inventory Turnover | 3.29 | 3.29 | 3.25 | 3.25 | 3.33 | 3.64 | 3.19 | 3.22 | 3.35 | 3.56 | 3.83 |
| Days Sales Outstanding | — | 64.90 | 57.12 | 45.58 | 44.27 | 51.94 | 68.88 | 58.26 | 62.72 | 65.20 | 57.57 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.6% | 1.3% | 2.4% | 3.8% | 3.4% | 2.8% | 2.8% | 2.8% | 2.4% | 2.3% | 2.3% |
| Payout Ratio | 62.6% | 62.6% | 194.9% | 170.2% | 70.8% | 45.7% | 153.7% | 77.3% | 64.3% | — | 17.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 0.9% | 2.1% | 1.2% | 2.2% | 4.8% | 3.4% | 1.5% | 3.7% | 3.7% | — | 13.3% |
| FCF Yield | 0.8% | 1.9% | 2.4% | 2.4% | 3.7% | 5.6% | 2.9% | 0.2% | 2.4% | 0.7% | 5.0% |
| Buyback Yield | 0.1% | 0.2% | 0.6% | 0.4% | 1.0% | 1.1% | 0.4% | 3.7% | 7.8% | 8.6% | 15.3% |
| Total Shareholder Yield | 0.7% | 1.5% | 3.0% | 4.2% | 4.4% | 3.8% | 3.2% | 6.5% | 10.2% | 10.8% | 17.6% |
| Shares Outstanding | — | $860M | $869M | $859M | $857M | $844M | $772M | $899M | $941M | $895M | $1.1B |
Cyclical manufacturing capacity utilization
Based on current market data, Corning trades at a forward P/E of 69.95, a significant premium that suggests investors are pricing in a structural shift toward AI-driven optical demand rather than relying on the company's historical performance as a cyclical display and specialty materials manufacturer.
The current valuation multiples, including an EV/EBITDA of 54.45, appear disconnected from the company's historical trading ranges and suggest high expectations for margin expansion. This pricing implies that the market is discounting the cyclical nature of the Display segment in favor of the growth potential within the Optical Communications unit.
As reported in financial statements, Corning's ROIC has remained in a narrow range between 0.3% and 2.6% over the last ten quarters, indicating that the company's massive investment in fusion-draw manufacturing infrastructure continues to exert significant downward pressure on overall capital efficiency metrics.
The persistent gap between the company's cost of capital and its low single-digit ROIC suggests that the firm is currently in a phase of heavy asset reinvestment. Investors should monitor whether the recent revenue acceleration can translate into improved asset utilization, which is necessary to drive returns above the company's weighted average cost of capital.
According to recent quarterly filings, Corning's cash conversion cycle has fluctuated between 94 and 105 days, reflecting the inherent difficulty of managing inventory for high-fixed-cost glass furnaces while navigating the volatile demand patterns of the global consumer electronics and telecommunications infrastructure markets.
The elevated days inventory outstanding, which peaked at 123 days in 2024Q1, highlights the operational risk of holding specialized glass stock in anticipation of customer orders. This working capital intensity acts as a drag on free cash flow, necessitating disciplined inventory management to prevent further liquidity strain during cyclical downturns.
The P/E ratio is frequently misapplied to Corning's business model because it fails to account for the massive non-cash depreciation charges associated with the company's proprietary fusion-draw furnaces, which significantly distort net income and obscure the underlying cash-generating capability of the core operations.
Analysts should prioritize EV/EBITDA or free cash flow yield over P/E to better capture the economic reality of the business. Relying on earnings-based multiples risks penalizing the company for its necessary capital intensity, which is a structural requirement for maintaining its competitive moat in the specialty glass industry.
Includes 30+ ratios · 30 years · Updated daily
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Corning Incorporated's current P/E ratio is 105.3x. The historical average is 41.2x. This places it at the 92th percentile of its historical range.
Corning Incorporated's current EV/EBITDA is 47.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 15.8x.
Corning Incorporated's return on equity (ROE) is 13.7%. The historical average is 7.2%.
Based on historical data, Corning Incorporated is trading at a P/E of 105.3x. This is at the 92th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Corning Incorporated's current dividend yield is 0.60% with a payout ratio of 62.6%.
Corning Incorporated has 35.3% gross margin and 14.9% operating margin. Operating margin between 10-20% is typical for established companies.
Corning Incorporated's Debt/EBITDA ratio is 2.8x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.