Corning Inc

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GLW : NYSE : Technology
$21.60 -0.06 | -0.25%
Today's Range: 21.54 - 21.72
Avg. Daily Volume: 8,809,600
07/25/16 - 1:05 PM ET

Financial Analysis


CORNING INC's gross profit margin for the first quarter of its fiscal year 2016 is essentially unchanged when compared to the same period a year ago. Sales and net income have dropped, underperforming the average competitor within its industry. CORNING INC has strong liquidity. Currently, the Quick Ratio is 1.92 which shows the ability to cover 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 15.87% from the same quarter last year. The key liquidity measurements indicate that the company is unlikely to face financial difficulties in the near future.

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Income Statement Q1 FY16 Q1 FY15
Net Sales ($mil)2047.02265.0
EBITDA ($mil)584.0735.0
EBIT ($mil)289.0444.0
Net Income ($mil)-368.0407.0


Balance Sheet Q1 FY16 Q1 FY15
Cash & Equiv. ($mil)3540.05067.0
Total Assets ($mil)27945.029323.0
Total Debt ($mil)4437.03271.0
Equity ($mil)17918.021298.0


Profitability Q1 FY16 Q1 FY15
Gross Profit Margin52.4753.42
EBITDA Margin28.5232.45
Operating Margin14.1219.6
Sales Turnover0.320.33
Return on Assets2.018.79
Return on Equity2.611.64
Debt Q1 FY16 Q1 FY15
Current Ratio2.84.87
Debt/Capital0.20.13
Interest Expense41.030.0
Interest Coverage7.0514.8


Share Data Q1 FY16 Q1 FY15
Shares outstanding (mil)1075.01259.0
Div / share0.140.12
EPS-0.360.29
Book value / share16.6716.92
Institutional Own % n/a n/a
Avg Daily Volume8755308.01.0094313E7

Valuation


BUY. CORNING INC's P/E ratio indicates a significant premium compared to an average of 30.89 for the Electronic Equipment, Instruments & Components industry and a significant premium compared to the S&P 500 average of 25.05. Conducting a second comparison, its price-to-book ratio of 1.29 indicates a significant discount versus the S&P 500 average of 2.81 and a discount versus the industry average of 2.53. The current price-to-sales ratio is well above the S&P 500 average and above the industry average, indicating a premium. The valuation analysis reveals that, CORNING INC seems to be trading at a premium 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 67.19 Peers 30.89   GLW 11.13 Peers 13.16

Premium. A higher P/E ratio than its peers can signify a more expensive stock or higher growth expectations.

GLW is trading at a significant premium 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 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 13.87 Peers 18.72   GLW 1.84 Peers 3.15

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 1.29 Peers 2.53   GLW -82.42 Peers -21.26

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.

 

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

However, GLW is expected to significantly trail its peers on the basis of its earnings growth rate.

 
Price/Sales
1 2 3 4 5
premium   discount
  Sales Growth
1 2 3 4 5
premium   discount
GLW 2.60 Peers 2.27   GLW -8.24 Peers 19.06

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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