CORNING INC /NY (GLW)

Price—Loading quote

AI: Overvalued

Price checkThe shares look expensive even after their sharp retreat from June’s peak.

At the August 14 close of $165.99, roughly 862 million basic shares imply a market value near $143 billion. Trailing reported earnings through June were about $2.18 per share, putting the price near 76 times earnings. Even multiplying management’s third-quarter adjusted earnings midpoint of $0.87 by four produces about 48 times earnings. Adjusted earnings exclude specified costs and currency effects. Inference: this valuation requires years of rapid, dependable growth, supporting an Overvalued verdict.

Big pictureGrowth has returned strongly, but much of it depends on one booming market.

Revenue climbed from $12.59 billion in 2023 to $15.63 billion in 2025, while operating income rose from $890 million to $2.28 billion. That recovery followed an earlier downturn: 2022 revenue was $14.19 billion and net income was $1.32 billion. In the second quarter of 2026, optical communications supplied $2.07 billion of $4.51 billion in sales and grew 32%. Glass and automotive grew only 1% and 2%, while life sciences and emerging businesses fell 15%, showing concentrated and cyclical growth.

Business strengthCash generation improved, while manageable debt and rising share counts reduce the cushion.

First-half operating cash was $2.08 billion; subtracting $754 million of equipment spending leaves $1.33 billion of free cash flow, meaning cash left after running and investing in the business. The comparable figure was $343 million, although $709 million of customer deposits and incentives boosted 2026 cash flow and may not recur. Cash was $2.50 billion versus $8.42 billion of debt, but current assets covered current liabilities 1.8 times. Corning paid $495 million of dividends, repurchased no shares, recorded $250 million of share compensation, and basic shares rose 0.8%.

What could change the storyHuge customer deals could justify optimism, but today’s price leaves little room for delays.

The bull case rests on multibillion-dollar Amazon and Meta agreements, NVIDIA-backed capacity expansion, and management’s targets of $20 billion annualized sales in late 2026, $30 billion in 2028, and $40 billion in 2030. The bear case is that factories require spending before demand becomes cash, while current growth is concentrated in optical products. Inference: the price needs optical growth near recent levels, operating profitability around 21%, and cleaner free cash flow after deposits. Missed sales targets, weaker margins, or rising debt would undermine that assumption.

$165.99 price considered

AI: News

Growth meets high expectationsCorning beat quarterly estimates, but modest sales guidance exposed how high expectations had become.

On July 28, Corning reported second-quarter adjusted sales of $4.74 billion and adjusted earnings of $0.78 per share, above reported market estimates of $4.61 billion and $0.75. Management forecast third-quarter sales of $4.9 billion to $5.0 billion and earnings of $0.85 to $0.89. Reuters reported that slightly weak sales guidance and slower optical growth sent shares down more than 16% before trading; they ultimately closed 12.1% lower.

Amazon fiber agreementAmazon signed a multibillion-dollar fiber agreement, strengthening demand visibility for Corning’s fastest-growing business.

Amazon announced the multiyear agreement on June 8. Corning will supply fiber, cable, and connectivity products for Amazon’s expanding United States data centers, while adding 1,000 North Carolina jobs. Financial terms beyond “multibillion-dollar” were not disclosed, limiting any precise profit estimate. Reuters reported Corning shares rose about 7% in early trading. The deal supports future optical sales, but the accompanying manufacturing expansion also requires spending and successful production ramp-up.

NVIDIA backs expansionNVIDIA backed a major factory expansion, adding demand credibility but creating potential shareholder dilution.

On May 6, Corning and NVIDIA announced three new United States plants, a tenfold increase in domestic optical-connectivity capacity, and more than 50% additional fiber capacity. NVIDIA paid $500 million for warrants covering up to 18 million shares: three million at a nearly zero exercise price and 15 million at $180. That represents roughly 2.1% of Corning’s recent basic share count if fully issued. The funding supports expansion, while the extra shares would divide future earnings among more owners.

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007
Revenue	$15.63B	$13.12B	$12.59B	$14.19B	$14.08B	$11.30B	$11.50B	$11.29B	$10.12B	$9.39B	—	—	—	—	—	—	—	—	—
Gross profit	$5.62B	$4.28B	$3.93B	$4.51B	$5.06B	$3.53B	$4.04B	$4.46B	$4.02B	$3.76B	$3.65B	$4.05B	$3.32B	$3.32B	$3.58B	$3.05B	$2.09B	$2.74B	$2.75B
Research & development	$800.0M	$800.0M	$900.0M	$900.0M	$800.0M	$1.00B	$800.0M	$807.0M	$689.0M	$637.0M	$638.0M	$701.0M	$613.0M	$651.0M	$561.0M	$491.0M	$37.0M	$510.0M	—
Operating income	$2.28B	$1.14B	$890.0M	$1.44B	$2.11B	$509.0M	$1.31B	$1.57B	$1.61B	$1.42B	$1.32B	$1.93B	$1.37B	$1.18B	$1.71B	$1.80B	$391.0M	$1.52B	$1.08B
EBITDAderived	$3.63B	$2.48B	$2.26B	$2.89B	$3.59B	$2.03B	$2.81B	$2.87B	$2.77B	$2.62B	$2.51B	$3.13B	$2.37B	$2.18B	$2.67B	$2.65B	$1.18B	$2.21B	$1.69B
Net income	$1.60B	$506.0M	$581.0M	$1.32B	$1.91B	$512.0M	$960.0M	$1.07B	−$497.0M	$3.69B	$1.34B	$2.47B	$1.96B	$1.64B	$2.82B	$3.56B	$2.01B	$5.26B	$2.15B
Basic EPSper diluted share	$1.87	$0.59	$0.69	$1.56	$1.30	$0.54	$1.11	$1.19	-$0.66	$3.53	$1.02	$1.82	$1.35	$1.10	$1.80	$2.28	$1.30	$3.37	$1.37
Diluted EPSper diluted share	$1.83	$0.58	$0.68	$1.54	$1.28	$0.54	$1.07	$1.13	-$0.66	$3.23	$1.00	$1.73	$1.34	$1.09	$1.78	$2.25	$1.28	$3.32	$1.34

Review source filings at SEC.gov ↗

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)79$159.48M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 9, 2026Form 4	WEEKS WENDELL PChairman, CEO and President	SellCommon Stock	100.0K	$186.46	$18.65M	908.4K
May 22, 2026Form 4	Amin JayminSVP and Chief Tech. Officer	SellCommon Stock	27.4K	$192.14	$5.26M	94.4K
May 15, 2026Form 4	Nelson Avery H IIIExecutive Vice President & COO	SellCommon Stock	20.0K	$195.93	$3.92M	70.1K
May 13, 2026Form 4	Verkleeren Ronald LSVP Emerging Innovations Group	SellCommon Stock	10.0K	$207.77	$2.08M	48.1K
May 11, 2026Form 4	TILLMAN MICHAUNE DSVP and General Counsel	SellCommon Stock	3.3K	$207.02	$674.9K	10.2K

Review ownership filings at SEC.gov ↗

CORNING INC /NY (GLW)

Financial charts

Financial statements

Insider buys & sells