# Corning Incorporated (GLW)

> Source: Nexqual · https://nexqual.com/GLW · data as of 2026-10-22 20:03 UTC · cite as "Nexqual, Corning Incorporated (GLW), nexqual.com/GLW" · informational, not investment advice.

**Price:** USD 123.99 (-8.10% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 134.92 · day 122.57–128.95 · 52w 77.39–271.78 · market cap $107B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $17.0B, net income $1.90B (11.2% margin), free cash flow $2.40B (SEC filings).
- Valuation: P/E 56.2x (avg 58.1x at the last 3 fiscal year-ends), EV/EBITDA 28.7x, net debt $5.92B.
- 4 of 80 tracked superinvestors hold GLW (13F, Q2 2026): 0 new, 0 added, 4 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 14 Form 4 filings, $57.5M; 14 not under a Rule 10b5-1 plan ($57.5M); 3 by opportunistic insiders (3 outside 10b5-1 plans), 2 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Total return with dividends: 1Y +45.7% vs S&P 500 +14.9%; 5Y +267.6% vs S&P 500 +80.3%.
- Next earnings: 2026-10-27, EPS estimate USD 0.88, revenue estimate $5.03B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $14.1B | $14.2B | $12.6B | $13.1B | $15.6B | $17.0B |
| Gross profit | $5.06B | $4.51B | $3.93B | $4.28B | $5.62B | — |
| Operating income | $2.11B | $1.44B | $890M | $1.14B | $2.28B | $2.60B |
| Net income | $1.91B | $1.32B | $581M | $506M | $1.60B | $1.90B |
| EPS (diluted) | $1.28 | $1.54 | $0.68 | $0.58 | $1.83 | — |
| Free cash flow | $1.77B | $1.01B | $615M | $974M | $1.41B | $2.40B |
| Gross margin | 36.0% | 31.8% | 31.2% | 32.6% | 36.0% | — |
| Operating margin | 15.0% | 10.1% | 7.1% | 8.7% | 14.6% | 15.3% |
| Net margin | 13.5% | 9.3% | 4.6% | 3.9% | 10.2% | 11.2% |
| Revenue growth | +24.6% | +0.8% | -11.3% | +4.2% | +19.1% | — |
| Cash + short-term investments | $2.15B | $1.67B | $1.78B | $1.77B | $1.53B | — |
| Total debt | $7.04B | $6.91B | $7.53B | $7.21B | $8.43B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 56.2x · P/S 6.3x · EV/EBITDA 28.7x · EV/Sales 6.6x · P/FCF 44.6x · P/B 8.5x · FCF yield 2.24% · Earnings yield 1.78% · Net debt $5.92B · EV $113B
P/E at fiscal year-ends: Dec 2025 47.8x, Dec 2024 81.6x, Dec 2023 45.0x.

## Superinvestors (SEC 13F-HR, Q2 2026)
4 of 80 tracked investors hold GLW. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Stephen Mandel | Lone Pine Capital | 4.26% | $697M | Reduced -26.6% |
| Mairs & Power | Mairs & Power Funds | 0.20% | $21.8M | Reduced -3.2% |
| Lee Ainslie | Maverick Capital | 0.01% | $1.2M | Reduced -98.7% |
| Dodge & Cox Funds | Dodge & Cox | <0.01% | $8.9M | Reduced -4.6% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 14 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-04 | Gullo Michelle L | Senior Vice President & CHRO | 9,874 | $1.5M | 51.3% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-08-28 | Steverson Lewis A | Vice Chairman, EVP and CLAO | 13,100 | $2.0M | 46.5% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-09 | Weeks Wendell P | Chairman, CEO and President | 100,000 | $18.6M | 9.6% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-22 | Amin Jaymin | SVP and Chief Tech. Officer | 27,395 | $5.3M | 22% | No | Too little history (no open-market trades in 2023) |
| 2026-05-15 | Nelson Avery H Iii | Executive Vice President & COO | 20,000 | $3.9M | 21.3% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-13 | Verkleeren Ronald L | SVP Emerging Innovations Group | 10,000 | $2.1M | 17.2% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-11 | Tillman Michaune D | SVP and General Counsel | 3,260 | $675K | 24.3% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-11 | Seetharam Soumya | Senior Vice President & CDIO | 20,000 | $4.1M | 43.9% | No | Too little history (no open-market trades in 2023) |
| 2026-05-11 | Zhang John Z | Exec. Vice President & CCDO | 10,000 | $2.0M | 66.1% | No | Routine (sold in Feb & May each year 2023–2025) |
| 2026-05-08 | Steverson Lewis A | Vice Chairman, EVP and CLAO | 27,750 | $5.4M | 49.6% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-08 | Gullo Michelle L | Senior Vice President & CHRO | 5,315 | $1.0M | 12.4% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-08 | Becker Stefan | SVP, Finance & Corp Controller | 21,000 | $3.9M | 74.3% | No | Too little history (no open-market trades in 2023) |
| 2026-05-07 | Schlesinger Edward A | Exec. Vice President and CFO | 22,562 | $4.2M | 25.7% | No | Too little history (no open-market trades in 2023) |
| 2026-05-06 | Zhang John Z | Exec. Vice President & CCDO | 15,000 | $2.8M | 49.8% | No | Routine (sold in Feb & May each year 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-21 | JP Morgan | Target lowered | Neutral | $170 → $165 |
| 2026-10-05 | UBS | Target raised | Buy | $196 → $201 |
| 2026-10-02 | Truist Securities | Target raised | Buy | $175 → $182 |
| 2026-09-30 | Bernstein | Initiated | Market Perform | $140 |
| 2026-09-15 | Mizuho | Target lowered | Outperform | $210 → $180 |
| 2026-09-08 | China Renaissance | Initiated | Buy | $238 |
| 2026-08-03 | Truist Securities | Upgrade | Hold → Buy | $205 → $175 |
| 2026-07-29 | Morgan Stanley | Target lowered | Equal-Weight | $180 → $165 |
| 2026-07-29 | Oppenheimer | Target lowered | Outperform | $230 → $200 |
| 2026-07-29 | Mizuho | Target lowered | Outperform | $270 → $210 |
| 2026-07-29 | Citigroup | Target lowered | Buy | $240 → $220 |
| 2026-07-29 | Barclays | Target lowered | Equal-Weight | $180 → $129 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +45.7% | +267.6% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +45.9% | +29.7% |
| Volatility (annualized) | 74.4% | 38.9% |
| Max drawdown | -51.5% (Jun 2026→Jul 2026) | -43.8% (Jun 2026→Oct 2026) |

## Peers (Electronic Components)
APH (Amphenol Corporation) USD 73.07 -7.74% · TEL (TE Connectivity plc) USD 208.42 -2.65% · CLS (Celestica, Inc.) USD 269.01 -11.69% · FLEX (Flex Ltd.) USD 76.69 -11.08% · JBL (Jabil Inc.) USD 267.41 -4.83% · FN (Fabrinet) USD 317.67 -10.78%

## More
Full page: https://nexqual.com/GLW · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)


Other companies that name GLW in their own reports (relationship from GLW's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| customer | T1 Energy Inc. (TE) | 10-K 2026-03-31 | "Our efforts to build a domestic supply chain, including domestic cells to be produced at our G2_Austin facility, domestic polysilicon from Hemlock Semiconductor, domestic wafers from Corning, and dome…" |
| competitor | ALPHA PRO TECH LTD (APT) | 10-K 2026-03-11 | "Our major competitors in the construction supply weatherization market are DuPont and Berry Global for housewrap and Owens Corning and GAF for synthetic roof underlayment." |
| customer | Stevanato Group S.p.A. (STVN) | 20-F 2026-03-04 | "We currently have access to adequate supplies of glass tubes to meet our production needs through agreements with four suppliers: Schott, NEG, Nipro and Corning." |
| customer | QXO, Inc. (QXO) | 10-K 2026-02-27 | "Our largest suppliers include predominantly domestic companies such as Owens Corning, GAF, Carlisle Construction Materials, CertainTeed Roofing and Siding, IKO Manufacturing, TAMKO Building Products, …" |
| customer | Owens Corning (OC) | 10-K 2026-02-25 | "Our CIO is responsible for our information security organization, which is comprised of internal Owens Corning employees and external security suppliers." |
| competitor | JELD-WEN Holding, Inc. (JELD) | 10-K 2026-02-23 | "For North American interior doors, our major competitors include Masonite (a division of Owens Corning), Steves & Sons, Inc. and several smaller independent door manufacturers." |
| competitor | AMPHENOL CORP /DE/ (APH) | 10-K 2026-02-11 | "Primary competitors include Aptiv, Belden, Corning, Foxconn Interconnect Technology, Glenair, HUBER+SUHNER, ICT Luxshare, Jonhon, Molex, Rosenberger, Sensata, TE Connectivity and Yazaki, among others." |
| customer | R F INDUSTRIES LTD (RFIL) | 10-K 2026-01-14 | "The Company believes that the raw materials used by Cables Unlimited in its products are readily available and that Cables Unlimited is not currently dependent on any supplier for its raw materials ex…" |
| competitor | OPTICAL CABLE CORP (OCC) | 10-K 2025-12-18 | "Our fiber optic cable product lines compete with products of large fiber optic cable manufacturers such as Corning Incorporated, Berk-Tek Cable (part of Leviton Manufacturing Co., Inc.), CommScope Hol…" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Optical communications products | $2.07B | 46.0% | +32.3% |
| Electronics glass and advanced optics products | $1.23B | 27.3% | -2.9% |
| Automotive products | $474.0M | 10.5% | +3.7% |
| Polycrystalline silicon and solar products | $438.0M | 9.7% | +89.6% |
| Life Sciences products | $249.0M | 5.5% | +1.2% |
| All other products | $42.0M | 0.9% | -55.8% |
| Total revenue | $4.50B | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.88 | $0.85 | +3.5% | $5.03B | 13 |
| Next quarter (ends 2026-12-31) | $0.93 | $0.88 | +5.8% | $5.21B | 13 |
| Current fiscal year (ends 2026-12-31) | $3.29 | $3.20 | +3.0% | $19.33B | 17 |
| Next fiscal year (ends 2027-12-31) | $4.40 | $4.29 | +2.5% | $23.21B | 18 |