Corning Inc

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GLW : NYSE : Technology
$23.975 up 0.35 | 1.5%
Today's Range: 23.59 - 24.02
Avg. Daily Volume: 8825900.0
12/06/16 - 3:59 PM ET

Financial Analysis


CORNING INC's gross profit margin for the third quarter of its fiscal year 2016 is essentially unchanged when compared to the same period a year ago. The company managed to grow both sales and net income at a faster pace than the average competitor in its industry this quarter as compared to the same quarter a year ago. CORNING INC is extremely liquid. Currently, the Quick Ratio is 2.82 which clearly shows the ability to cover any short-term cash needs. The company's liquidity has decreased from the same period last year, indicating deteriorating cash flow.

During the same period, stockholders' equity ("net worth") has decreased by 11.38% 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 Q3 FY16 Q3 FY15
Net Sales ($mil)2507.02272.0
EBITDA ($mil)797.0682.0
EBIT ($mil)497.0390.0
Net Income ($mil)284.0212.0


Balance Sheet Q3 FY16 Q3 FY15
Cash & Equiv. ($mil)4821.05013.0
Total Assets ($mil)28809.028898.0
Total Debt ($mil)3923.04016.0
Equity ($mil)17721.019997.0


Profitability Q3 FY16 Q3 FY15
Gross Profit Margin53.0951.63
EBITDA Margin31.7930.01
Operating Margin19.8217.17
Sales Turnover0.320.32
Return on Assets8.147.27
Return on Equity12.6910.03
Debt Q3 FY16 Q3 FY15
Current Ratio3.74.71
Debt/Capital0.180.17
Interest Expense41.038.0
Interest Coverage12.1210.26


Share Data Q3 FY16 Q3 FY15
Shares outstanding (mil)951.01184.0
Div / share0.140.12
EPS0.260.15
Book value / share18.6316.89
Institutional Own % n/a n/a
Avg Daily Volume8773898.08528563.0

Valuation


BUY. CORNING INC's P/E ratio indicates a significant discount compared to an average of 26.56 for the Electronic Equipment, Instruments & Components industry and a significant discount compared to the S&P 500 average of 25.22. For additional comparison, its price-to-book ratio of 1.26 indicates a significant discount versus the S&P 500 average of 2.79 and a significant discount versus the industry average of 2.76. The current price-to-sales ratio is well above the S&P 500 average and above the industry average, indicating a premium. 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 12.14 Peers 26.56   GLW 11.33 Peers 15.39

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 14.02 Peers 19.81   GLW 0.24 Peers 1.10

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.

 

Discount. 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 trades at a significant discount to its peers.

 
Price/Book
1 2 3 4 5
premium   discount
  Earnings Growth
1 2 3 4 5
lower   higher
GLW 1.26 Peers 2.76   GLW 29.33 Peers 12.20

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 2.45 Peers 2.07   GLW -1.50 Peers 4.21

Premium. 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 premium to its industry on this measurement.

 

Lower. A sales growth rate that trails the industry implies that a company is losing market share.

GLW significantly trails its peers on the basis of sales growth

 

 

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