NYSE · GLW

Corning Inc

Technology · Hardware, Equipment & Parts

$147.71▲ 2.46% ($3.55)at close

Pre-market$151.25▲ 2.40%7:34 AM ET

52-week

$77.05$271.78

What the market price implies · Reverse DCF

To support a price of $147.71, this model requires revenue to grow by 30.18%/yr over the next 10 years, compounded annually.

Historical revenue grew by 2.64%/yr over the past 4 years. The required annual growth rate is 27.54 percentage points higher.

Selected forecast · Base scenario

5%/yr · actual 10-year annualized revenue growth

Year 1 growth: 7.83%

Market-implied · Base operating assumptions + edited margins

30.18%/yr · flat 10-year annualized revenue growth

Reverse DCF solves revenue growth itself using Base operating assumptions and your edited margins. Changing forecast growth alone does not change the implied rate. This is a model-implied requirement, not an analyst forecast.

Valuation

Recommended · Revenue & margin DCF

Price used

$147.71

Estimated value / share

$20.68

Base scenario

This estimate is 86% below the price used.

USD · TTM ending 2026-06-30

Year 1 growth 7.83% · Ending margin 16.02% · Discount rate 10.8%

Assumption scenarios, not statistical confidence intervals.

Method, dates & sources

Estimated from future revenue, operating margins, and the investment needed to support them.

Price timestamp: Sep 17, 2026, 7:59 PM UTC
Financial statement period: TTM ending 2026-06-30
Data refreshed: Sep 18, 2026, 11:35 AM UTC · provider

Why this method?

FCFF is positive, but the series is too unstable to anchor a direct cash-flow CAGR and the business still fails the steady-state comparability checks. Use a revenue-and-margin transition model instead of normalizing and compounding current FCFF.

Is FCFF positive and has it been for 3+ consecutive years? 13 consecutive positive FCFF years are available.

Is FCFF stable (not swinging >30% year to year)? The largest recent FCFF swing is 177.9%.

Do you have 5+ years of positive FCFF history? 13 consecutive positive FCFF years are available.

Is the business model structurally similar to what it should be in 10 years? Revenue is still growing 16.6%, above the 15.0% maturity threshold, so a steady-state FCFF model would lean too heavily on a business still scaling.

Price vs Fundamentals

Why The Stock Is Moving

Optimism is getting priced inHigh confidence

1Y Price: 92.25%Revenue (TTM): 19.41%FCF (TTM): 100.59%P/FCF: 75th pct

What changed

The stock rose 92.25% over the last year. Revenue grew 19.41% over the trailing twelve months. Operating margin moved from 12.06% to 15.47%. Free cash flow grew 100.59% over the trailing twelve months.

What the market seems to be pricing

The stock is trading toward the richer end of its historical P/FCF range (75th percentile) while business metrics are improving. More of the upside is already embedded in the multiple now.

What would invalidate this read

Operating margin is at 15.47% — continued expansion would be needed to justify the premium. Revenue growth of 19.41% is encouraging, but any deceleration puts the stretched multiple at risk. This read changes if revenue, margins, and cash flow continue to improve faster than expected — in that case the richer multiple could still prove conservative.

Performance

Return analysis

Company profile

Corning Incorporated operates in optical communications, display, specialty materials, automotive, and life sciences businesses in the United States, Canada, Mexico, Japan, Taiwan, China, South Korea, Germany, and internationally.

CEOWendell Weeks

SectorTechnology

IndustryHardware, Equipment & Parts

Employees67,200

IPO dateDec 31, 1981

https://www.corning.com

Market multiples

Forward P/E—

EV/EBITDA22.49

Enterprise value$84B

Stock splits

Oct 4, 2000↑ Forward

Every 1 shares became 3

+200%

Feb 11, 1992↑ Forward

Every 1 shares became 2

+100%

Feb 15, 1989↑ Forward

Every 1 shares became 2

+100%

Feb 13, 1985↑ Forward

Every 1 shares became 2

+100%

Feb 26, 1973↑ Forward

Every 2 shares became 5

+150%

Profitability & growth

Revenue growth16.65%

Gross margin (FY2025)35.28%▲2.7ppvs FY2024

Operating margin (FY2025)14.91%▲6.3ppvs FY2024

ROE16.05%▲1.9ppvs FY2025

Analyst consensus

RatingBuy

Target price$175.00▲18.48%

Buy

Hold

Sell

Analyst ratings tend to be lagging indicators. Use as one signal among many.

Earnings

Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.

Next report

Oct 27, 2026

Q4 FY26 · EPS est $0.88 · Revenue est $5B

View

Dividends

$1.12/shareQuarterlyDividend Achiever · 18yrAdequate

GLW pays a dividend with a 0.76% dividend yield, 18 consecutive years of growth, growing at 3.57% annually, covered 1.4× by free cash flow.

Dividend Yield

0.76%

Annual Div / Share

$1.12

5yr CAGR

+3.57%

Doubles every ~19.8yr

Payout Ratio

52.16%

Adequate

Dividend Growth Rate

3yr CAGR

+0.3%

5yr CAGR

+3.57%

10yr CAGR

+7.87%

Dividend Safety

6/10Adequate

Dividend History

Annualized dividend cycles per share

YearAnnual DivYoY

2026$1.12+0.0%

2025$1.12+0.0%

2024$1.12+0.9%

2023$1.11+5.7%

2022$1.05+11.7%

2021$0.94+9.3%

2020$0.86+10.3%

Income Projection

Invest

USD

Growth rate:

Reinvest dividends

Today

$8/yr

$1/mo

In 5 yrs

$9/yr+19%

$1/mo

In 10 yrs

$11/yr+42%

$1/mo

Today	In 5 yrs	In 10 yrs
$8/yr $1/mo	$9/yr+19% $1/mo	$11/yr+42% $1/mo

Yield-on-cost grows from 0.76% → 1.08% over 10yr

Analysis

Dividend Strengths

Dividend Achiever

GLW has raised its dividend for 18 consecutive years — qualifying as a Dividend Achiever, demonstrating long-term commitment to shareholder income.

Risks to Watch

No strong risk signal stands out from the latest period pair.

NYSE · GLW

Corning Inc

Technology · Hardware, Equipment & Parts

$147.71▲ 2.46% ($3.55)at close

Pre-market$151.25▲ 2.40%7:34 AM ET

52-week

$77.05$271.78

What the market price implies · Reverse DCF

To support a price of $147.71, this model requires revenue to grow by 30.18%/yr over the next 10 years, compounded annually.

Historical revenue grew by 2.64%/yr over the past 4 years. The required annual growth rate is 27.54 percentage points higher.

Selected forecast · Base scenario

5%/yr · actual 10-year annualized revenue growth

Year 1 growth: 7.83%

Market-implied · Base operating assumptions + edited margins

30.18%/yr · flat 10-year annualized revenue growth

Valuation

Recommended · Revenue & margin DCF

Price used

$147.71

Estimated value / share

$20.68

Base scenario

This estimate is 86% below the price used.

USD · TTM ending 2026-06-30

Year 1 growth 7.83% · Ending margin 16.02% · Discount rate 10.8%

Assumption scenarios, not statistical confidence intervals.

Method, dates & sources

Estimated from future revenue, operating margins, and the investment needed to support them.

Price timestamp: Sep 17, 2026, 7:59 PM UTC
Financial statement period: TTM ending 2026-06-30
Data refreshed: Sep 18, 2026, 11:35 AM UTC · provider

Why this method?

Is FCFF positive and has it been for 3+ consecutive years? 13 consecutive positive FCFF years are available.

Is FCFF stable (not swinging >30% year to year)? The largest recent FCFF swing is 177.9%.

Do you have 5+ years of positive FCFF history? 13 consecutive positive FCFF years are available.

Price vs Fundamentals

Why The Stock Is Moving

Optimism is getting priced inHigh confidence

1Y Price: 92.25%Revenue (TTM): 19.41%FCF (TTM): 100.59%P/FCF: 75th pct

What changed

What the market seems to be pricing

The stock is trading toward the richer end of its historical P/FCF range (75th percentile) while business metrics are improving. More of the upside is already embedded in the multiple now.

What would invalidate this read

Performance

Return analysis

Company profile

CEOWendell Weeks

SectorTechnology

IndustryHardware, Equipment & Parts

Employees67,200

IPO dateDec 31, 1981

https://www.corning.com

Market multiples

Forward P/E—

EV/EBITDA22.49

Enterprise value$84B

Stock splits

Oct 4, 2000↑ Forward

Every 1 shares became 3

+200%

Feb 11, 1992↑ Forward

Every 1 shares became 2

+100%

Feb 15, 1989↑ Forward

Every 1 shares became 2

+100%

Feb 13, 1985↑ Forward

Every 1 shares became 2

+100%

Feb 26, 1973↑ Forward

Every 2 shares became 5

+150%

Profitability & growth

Revenue growth16.65%

Gross margin (FY2025)35.28%▲2.7ppvs FY2024

Operating margin (FY2025)14.91%▲6.3ppvs FY2024

ROE16.05%▲1.9ppvs FY2025

Analyst consensus

RatingBuy

Target price$175.00▲18.48%

Buy

Hold

Sell

Analyst ratings tend to be lagging indicators. Use as one signal among many.

Earnings

Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.

Next report

Oct 27, 2026

Q4 FY26 · EPS est $0.88 · Revenue est $5B

View

Dividends

$1.12/shareQuarterlyDividend Achiever · 18yrAdequate

GLW pays a dividend with a 0.76% dividend yield, 18 consecutive years of growth, growing at 3.57% annually, covered 1.4× by free cash flow.

Dividend Yield

0.76%

Annual Div / Share

$1.12

5yr CAGR

+3.57%

Doubles every ~19.8yr

Payout Ratio

52.16%

Adequate

Dividend Growth Rate

3yr CAGR

+0.3%

5yr CAGR

+3.57%

10yr CAGR

+7.87%

Dividend Safety

6/10Adequate

Dividend History

Annualized dividend cycles per share

YearAnnual DivYoY

2026$1.12+0.0%

2025$1.12+0.0%

2024$1.12+0.9%

2023$1.11+5.7%

2022$1.05+11.7%

2021$0.94+9.3%

2020$0.86+10.3%

Income Projection

Invest

USD

Growth rate:

Reinvest dividends

Today

$8/yr

$1/mo

In 5 yrs

$9/yr+19%

$1/mo

In 10 yrs

$11/yr+42%

$1/mo

Today	In 5 yrs	In 10 yrs
$8/yr $1/mo	$9/yr+19% $1/mo	$11/yr+42% $1/mo

Yield-on-cost grows from 0.76% → 1.08% over 10yr

Analysis

Dividend Strengths

Dividend Achiever

GLW has raised its dividend for 18 consecutive years — qualifying as a Dividend Achiever, demonstrating long-term commitment to shareholder income.

Risks to Watch

No strong risk signal stands out from the latest period pair.