MeritValue

CORNING INC /NY

GLWdata completeness 100%19 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

CORNING INC /NY earns about 12% on invested capital, comfortably above its ~9% cost of capital, but has diluted owners by 3% over 5 years — a real edge showing up in the numbers. The estimate methods put fair value between $15.6 and $16.81 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$14.1B1$14.2B2$12.6B3$13.1B3$15.6B3
Net income$1.91B4$1.32B5$581M6$506M6$1.6B6
Operating cash flow$3.41B7$2.62B8$2.01B9$1.94B9$2.7B9
Capital expenditure$1.64B10$1.6B11$1.39B12$965M12$1.28B12
Free cash flow (derived)$1.78B7$1.01B8$615M9$974M9$1.41B9
Total debt$55M13$224M14$320M15$326M16$804M16
Cash & equivalents$2.15B17$1.67B18$1.78B19$1.77B19$1.53B19
Diluted shares844.0M857.0M859.0M869.0M871.0M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$135.56
your share of equity
Profit it earned you last year
$18.32
Free cash flow it threw off
$16.22
Debt you’d be carrying
$9.23

10 shares is a claim on $135.56 of net worth that earned you $18.32 and generated $16.22 of cash last year, against $9.23 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
12% avg · 5y
FY21 19%FY22 13%FY23 6%FY24 6%FY25 16%

It earned about 12% on invested capital against a ~9% cost of capital — comfortably above the cost of funding, a moderate advantage.

seeing a moat in the numbers →
Management signal · capital allocation
+3% shares · 5y

Share count is up 3% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 1362% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

The 3 estimate methods that apply put fair value between $15.6 and $16.81 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.

DCF · Growth Exit 10Y
$15.6
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$974M
DCF · Growth Exit 5Y
$16.81
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$974M
Earnings Power Value
$15.66
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$1.32B
  • growthAssumed0.0%
Graham Number
$23.63
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years0.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $16.81
The three cases
Bear0.0%$16.81
Base0.0%$16.81
Bull5.0%$20.67

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 0.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001437749-24-003735 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001628280-25-005347 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0000024741-26-000124 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0001437749-24-003735 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001628280-25-005347 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0000024741-26-000124 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001437749-24-003735 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001628280-25-005347 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0000024741-26-000124 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001437749-24-003735 (PaymentsForCapitalImprovements)
  11. 10-K · period ending 2022-12-31 · accession 0001628280-25-005347 (PaymentsForCapitalImprovements)
  12. 10-K · period ending 2023-12-31 · accession 0000024741-26-000124 (PaymentsForCapitalImprovements)
  13. 10-K · period ending 2021-12-31 · accession 0001437749-23-003123 (DebtCurrent)
  14. 10-K · period ending 2022-12-31 · accession 0001437749-24-003735 (DebtCurrent)
  15. 10-K · period ending 2023-12-31 · accession 0001628280-25-005347 (DebtCurrent)
  16. 10-K · period ending 2024-12-31 · accession 0000024741-26-000124 (DebtCurrent)
  17. 10-K · period ending 2021-12-31 · accession 0001628280-25-005347 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  18. 10-K · period ending 2022-12-31 · accession 0000024741-26-000124 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  19. 10-K · period ending 2023-12-31 · accession 0000024741-26-000124 (CashAndCashEquivalentsAtCarryingValue)