Corning Inc. (GLW) intrinsic value & 10-year financials
Corning Inc. (GLW) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue grew 5.8% a year to $15.6B, with an average return on invested capital of 6.3%.
- Graham intrinsic value
- —
- Share price (Oct 17, 2026)
- $132.00
- Market cap
- $115.0B
- Revenue (FY2025)
- $15.6B
- Revenue growth (10-yr CAGR)
- 5.8%
- ROIC (10-yr avg)
- 6.3%
- Free cash flow (FY2025)
- —
GLW 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $15.6B | $1.6B | $1.83 | — | 14.6% | 11.0% |
| FY2024 | $13.1B | $506.0M | $0.58 | — | 8.7% | 4.7% |
| FY2023 | $12.6B | $581.0M | $0.68 | — | 7.1% | 4.0% |
| FY2022 | $14.2B | $1.3B | $1.54 | — | 10.1% | 6.4% |
| FY2021 | $14.1B | $1.9B | $1.28 | — | 15.0% | 9.4% |
| FY2020 | $11.3B | $512.0M | $0.54 | — | 4.5% | 2.3% |
| FY2019 | $11.5B | $960.0M | $1.07 | — | 11.4% | 5.8% |
| FY2018 | $11.3B | $1.1B | $1.13 | — | 14.0% | 6.6% |
| FY2017 | $10.1B | -$497.0M | -$0.66 | — | 16.1% | 4.9% |
| FY2016 | $9.4B | $3.7B | $3.23 | — | 14.8% | 8.4% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Corning Inc. has demonstrated mature, steady growth, with revenue compounding at 5.8% annually over the past decade.
Corning Inc. has historically struggled to out-earn its cost of capital, averaging just 6.3% ROIC.
Over the decade, Corning Inc. shows that management has aggressively returned capital to shareholders by retiring 23.9% of outstanding shares, and that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Corning Inc. is modeled at -6.1% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-5.90 per share.