Corning Inc

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GLW : NYSE : Technology
$29.99 | %
Today's Range: 29.7 - 30.0
Avg. Daily Volume: 6098900.0
06/23/17 - 4:01 PM ET

Financial Analysis


CORNING INC's gross profit margin for the first quarter of its fiscal year 2017 is essentially unchanged when compared to the same period a year ago. Sales and net income have grown, and although the growth in revenues has outpaced the average competitor within the industry, the net income growth has not. CORNING INC is extremely liquid. Currently, the Quick Ratio is 2.67 which clearly shows the ability to cover any short-term cash needs. The company managed to increase its liquidity from the same period a year ago, despite already having strong liquidity to begin with. This would indicate improved cash flow.

At the same time, stockholders' equity ("net worth") has remained virtually unchanged only increasing by 2.17% from the same quarter last year. Overall, the key liquidity measurements indicate that the company is very unlikely to face financial difficulties in the near future.

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Income Statement Q1 FY17 Q1 FY16
Net Sales ($mil)2375.02047.0
EBITDA ($mil)698.0570.0
EBIT ($mil)421.0275.0
Net Income ($mil)86.0-368.0


Balance Sheet Q1 FY17 Q1 FY16
Cash & Equiv. ($mil)4872.03540.0
Total Assets ($mil)28305.027945.0
Total Debt ($mil)3926.04437.0
Equity ($mil)18308.017918.0


Profitability Q1 FY17 Q1 FY16
Gross Profit Margin51.2452.47
EBITDA Margin29.3827.84
Operating Margin17.7313.43
Sales Turnover0.340.32
Return on Assets14.652.01
Return on Equity22.122.6
Debt Q1 FY17 Q1 FY16
Current Ratio3.62.8
Debt/Capital0.180.2
Interest Expense37.041.0
Interest Coverage11.386.71


Share Data Q1 FY17 Q1 FY16
Shares outstanding (mil)920.01075.0
Div / share0.160.14
EPS0.07-0.36
Book value / share19.916.67
Institutional Own % n/a n/a
Avg Daily Volume6164676.06764393.0

Valuation


BUY. CORNING INC's P/E ratio indicates a significant discount compared to an average of 26.39 for the Electronic Equipment, Instruments & Components industry and a significant discount compared to the S&P 500 average of 25.73. For additional comparison, its price-to-book ratio of 1.48 indicates a significant discount versus the S&P 500 average of 3.08 and a significant discount versus the industry average of 3.43. The current price-to-sales ratio is well above the S&P 500 average, but below the industry average. Upon assessment of these and other key valuation criteria, CORNING INC proves to trade at a discount to investment alternatives within the industry.


Price/Earnings
1 2 3 4 5
premium   discount
  Price/Cash Flow
1 2 3 4 5
premium   discount
GLW 8.01 Peers 26.39   GLW 9.77 Peers 16.86

Discount. A lower P/E ratio than its peers can signify a less expensive stock or lower growth expectations.

GLW is trading at a significant discount to its peers.

 

Discount. The P/CF ratio, a stock’s price divided by the company's cash flow from operations, is useful for comparing companies with different capital requirements or financing structures.

GLW is trading at a significant discount to its peers.

 
Price/Projected
Earnings
1 2 3 4 5
premium   discount
  Price to
Earnings/Growth
1 2 3 4 5
premium   discount
GLW 15.63 Peers 20.53   GLW NM Peers 0.93

Discount. A lower price-to-projected earnings ratio than its peers can signify a less expensive stock or lower future growth expectations.

GLW is trading at a discount to its peers.

 

Neutral. The PEG ratio is the stock’s P/E divided by the consensus estimate of long-term earnings growth. Faster growth can justify higher price multiples.

GLW's negative PEG ratio makes this valuation measure meaningless.

 
Price/Book
1 2 3 4 5
premium   discount
  Earnings Growth
1 2 3 4 5
lower   higher
GLW 1.48 Peers 3.43   GLW 1046.87 Peers 145.32

Discount. A lower price-to-book ratio makes a stock more attractive to investors seeking stocks with lower market values per dollar of equity on the balance sheet.

GLW is trading at a significant discount to its peers.

 

Higher. Elevated earnings growth rates can lead to capital appreciation and justify higher price-to-earnings ratios.

GLW is expected to have an earnings growth rate that significantly exceeds its peers.

 
Price/Sales
1 2 3 4 5
premium   discount
  Sales Growth
1 2 3 4 5
premium   discount
GLW 2.78 Peers 3.08   GLW 9.27 Peers 7.93

Average. In the absence of P/E and P/B multiples, the price-to-sales ratio can display the value investors are placing on each dollar of sales.

GLW is trading at a valuation on par with its industry on this measurement.

 

Higher. A sales growth rate that exceeds the industry implies that a company is gaining market share.

GLW has a sales growth rate that exceeds its peers.

 

 

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