# Corning Inc. (GLW)

> Corning makes glass, ceramic, optical-fiber and laboratory products used in phones, televisions, data networks, vehicles, research and solar manufacturing.

- Exchange: NYSE · Sector: Technology · Industry: Electronic Components
- Headquarters: Corning, New York, United States
- Founded: 1851 (business origins)
- Employees: approximately 67,200 (year ended 2025-12-31)
- SEC CIK: 0000024741 ([filings on EDGAR](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000024741))
- Full page: https://inspectstocks.com/stocks/glw
- Data as of: price 2026-09-28; newest filing used 2026-07-29; latest fiscal period ended 2026-06-30

## Grade

**A+** on the growth-and-cash rubric, 5 of 5 checks passed.

| Check | Result | Now | Before |
| --- | --- | --- | --- |
| Revenue growing overall | passed | $17B | $13.3B |
| Revenue growing recently | passed | $17B | $15.6B |
| Free cash flow positive | passed | $2.4B |  |
| Free cash flow growing overall | passed | $2.4B | $255M |
| Free cash flow growing recently | passed | $2.4B | $1.4B |

Business quality (the + / − mark): 6 of 6 checks passed.

| Check | Result | Now | Before |
| --- | --- | --- | --- |
| Profitable | passed | 11.2% |  |
| Healthy profit margin | passed | 11.2% |  |
| Strong operating margin | passed | 15.3% |  |
| Good return on equity | passed | 16.1% |  |
| Debt under control | passed | 0.90 |  |
| Turns sales into cash | passed | 14.1% |  |

How the grade works: the letter counts failed checks (none → A, one → B, two → C, three → D, four or more → F). It is built from SEC filings only — the share price never enters it — and describes the business, not whether the stock is worth buying.

## Key figures

In US dollars, as filed.

| Measure | Value |
| --- | --- |
| Revenue, trailing twelve months | $17B |
| Net income, trailing twelve months | $1.9B |
| Free cash flow, trailing twelve months | $2.4B |
| Net margin | 11.2% |
| Operating margin | 15.3% |
| Return on equity | 16.1% |
| Debt to equity | 0.90 |
| Diluted EPS, trailing twelve months | $2.19 |
| Share price | $151.59 |
| Market value | $130.6B |
| Price / earnings | 69.2x |
| Price / sales | 7.7x |

## What the business does

Corning develops and manufactures specialized glass, ceramics and products that carry or manage light. Its products include glass for display screens and mobile-device covers, fiber-optic cables for communications networks, vehicle emissions-control parts and laboratory supplies. It sells to businesses such as network operators, device makers, vehicle suppliers, pharmaceutical companies and research laboratories.

### How it makes money

- **Optical Communications: optical fiber, cable and network connections** (40.1% (year ended 2025-12-31)) — Corning sells fiber directly to some customers and makes other fiber into cable and connected network products for carriers, businesses and data centers. The share is of reported product revenue mix, which does not reconcile to consolidated revenue.
- **Display Products: glass substrates for flat-panel screens** (19.0% (year ended 2025-12-31)) — Corning sells precision glass sheets to manufacturers of display panels used in televisions, computers, tablets and handheld devices. The share is of reported product revenue mix, which does not reconcile to consolidated revenue.
- **Specialty Materials: protective glass, specialty glass and optics** (14.0% (year ended 2025-12-31)) — Corning sells materials and optical products for mobile devices, semiconductor equipment and other industrial uses. The share is of reported product revenue mix, which does not reconcile to consolidated revenue.
- **Automotive Products: emissions-control ceramics, filters and vehicle glass** (11.4% (year ended 2025-12-31)) — Corning generally sells emissions-control parts to makers of exhaust systems, which supply vehicle and engine manufacturers; it also sells technical glass products for vehicles. The share is of reported product revenue mix, which does not reconcile to consolidated revenue.
- **Life Science Products: laboratory supplies and cell-culture products** (6.1% (year ended 2025-12-31)) — Corning sells labware, plastic vessels, cell-culture products and related supplies, primarily through distributors to research, healthcare and drug-manufacturing customers. The share is of reported product revenue mix, which does not reconcile to consolidated revenue.
- **Polycrystalline silicon products** (6.1% (year ended 2025-12-31)) — Corning sells high-purity silicon used in solar products and electronics manufacturing. The share is of reported product revenue mix, which does not reconcile to consolidated revenue.

### Products

- **Optical fiber, cable and network connection products** — Light-carrying glass fibers, cables, connectors and related equipment used to build carrier networks, business networks and data centers.
- **Display glass substrates** — Thin, precisely made sheets of glass used by screen makers to build television, computer and handheld-device displays.
- **Gorilla Glass and specialty optics** — Durable glass used as a cover on mobile devices, along with specialized glass and optical parts for semiconductor equipment and other uses.
- **Automotive ceramics, filters and glass** — Ceramic parts and filters used in vehicle exhaust systems to control emissions, plus technical glass and optical products for vehicle interiors and exteriors.
- **Laboratory products** — Lab vessels, glassware, plastic supplies, cell-culture products, media and equipment used in research, testing and drug manufacturing.
- **Polysilicon and solar products** — High-purity polysilicon for solar and electronics manufacturing, as well as solar wafers and modules.

### Customers

- Telecommunications carriers buy fiber, cable and network connection products for communications networks.
- Cloud and data-center operators buy fiber, cable and connections for data-center networks; Corning also described agreements with Amazon and Meta and a partnership with NVIDIA on optical products.
- Display-panel makers buy glass sheets for screens; makers of phones, computers and televisions use the panels in their devices.
- Vehicle and engine makers, and companies that build vehicle exhaust systems, buy or specify emissions-control parts; vehicle companies also buy Corning technical glass.
- Pharmaceutical and biotechnology companies, contract manufacturers, testing laboratories, hospitals and research institutions buy laboratory products, often through distributors.
- Solar manufacturers and electronics companies buy polysilicon and related solar products.

### Competitors

- Amphenol (APH) — Fiber-optic connections, cables and related equipment for communications networks.
- Schott AG — Specialty glass and optical materials.
- Thermo Fisher Scientific (TMO) — Laboratory supplies and products used by research and drug-manufacturing customers.
- Avantor (AVTR) — Laboratory products and supplies for research and drug manufacturing.
- Danaher (DHR) — Products and supplies used in laboratory research and testing.
- Eppendorf SE — Laboratory equipment and supplies.

### What it depends on

- The Optical Communications and Display businesses account for a large part of Corning's profits and cash flow, tying results to demand and pricing in those markets.
- Corning reports a concentrated customer base. Some major capacity investments are supported by long-term customer agreements, and loss or reduced orders from key customers could affect sales and cash flow.
- Manufacturing depends on steady supplies of materials, utilities and specialized equipment; some inputs or equipment come from sole or limited sources, and some raw materials face export restrictions.

### What could go wrong

- A fall in prices, sales volumes or market share in Optical Communications or Display could materially reduce company profits and cash flow.
- The loss of, or reduced orders from, one or more key customers could lower sales and cash flow because Corning has a concentrated customer base.
- Supply shortages, trade restrictions or interruptions at Corning's facilities or suppliers could delay shipments, increase costs or leave the company with excess inventory.

## More on this company

- [Overview](https://inspectstocks.com/stocks/glw)
- [Financial statements](https://inspectstocks.com/stocks/glw/financials)
- [Competitors](https://inspectstocks.com/stocks/glw/peers)
- [Earnings](https://inspectstocks.com/stocks/glw/earnings)

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Source: InspectStocks, built from the company’s own SEC filings. This describes a business — it is not investment advice and not a recommendation to buy or sell anything.