Current Ratio
since 2005
Calculation
Corning Inc., current ratio, long-term trends, calculation
| Current ratio | = | Current assets1 | ÷ | Current liabilities1 | |
|---|---|---|---|---|---|
| Dec 31, 2023 | 1.67 | = | 7,212) | ÷ | 4,319) |
| Dec 31, 2022 | 1.44 | = | 7,453) | ÷ | 5,175) |
| Dec 31, 2021 | 1.59 | = | 7,659) | ÷ | 4,806) |
| Dec 31, 2020 | 2.12 | = | 8,004) | ÷ | 3,767) |
| Dec 31, 2019 | 2.12 | = | 7,463) | ÷ | 3,521) |
| Dec 31, 2018 | 2.12 | = | 7,034) | ÷ | 3,311) |
| Dec 31, 2017 | 2.75 | = | 8,827) | ÷ | 3,209) |
| Dec 31, 2016 | 3.29 | = | 9,048) | ÷ | 2,751) |
| Dec 31, 2015 | 2.94 | = | 8,269) | ÷ | 2,814) |
| Dec 31, 2014 | 4.41 | = | 10,238) | ÷ | 2,324) |
| Dec 31, 2013 | 5.09 | = | 8,891) | ÷ | 1,746) |
| Dec 31, 2012 | 4.96 | = | 9,695) | ÷ | 1,956) |
| Dec 31, 2011 | 4.14 | = | 8,677) | ÷ | 2,097) |
| Dec 31, 2010 | 4.46 | = | 8,859) | ÷ | 1,986) |
| Dec 31, 2009 | 3.59 | = | 5,521) | ÷ | 1,539) |
| Dec 31, 2008 | 2.25 | = | 4,619) | ÷ | 2,052) |
| Dec 31, 2007 | 2.11 | = | 5,294) | ÷ | 2,512) |
| Dec 31, 2006 | 2.07 | = | 4,798) | ÷ | 2,319) |
| Dec 31, 2005 | 1.63 | = | 3,860) | ÷ | 2,370) |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$ in millions
The liquidity position from 2005 to 2023 is characterized by three distinct phases: a period of rapid growth in liquidity, a peak of high capital cushioning, and a subsequent phase of normalization and stabilization.
- Liquidity Expansion (2005–2009)
- A consistent upward trend in the current ratio is observed, rising from 1.63 in 2005 to 3.59 in 2009. This growth was driven by a steady increase in current assets, which grew from 3,860 million US$ to 5,521 million US$, while current liabilities decreased from 2,370 million US$ to 1,539 million US$.
- Peak Liquidity Phase (2010–2013)
- The period between 2010 and 2013 represents the highest levels of short-term solvency, with the current ratio peaking at 5.09 in 2013. During this window, current assets reached significant highs, exceeding 9,000 million US$ in most years, while current liabilities remained relatively suppressed, fluctuating between 1,746 million US$ and 2,097 million US$.
- Normalization and Contraction (2014–2022)
- A sustained downward trend in the current ratio occurred starting in 2014, falling from 4.41 to a period low of 1.44 in 2022. This decline is attributed to a simultaneous reduction in current assets and a substantial increase in current liabilities, which peaked at 5,175 million US$ in 2022. The compression suggests a shift toward a leaner working capital strategy or an increase in short-term financing obligations.
- Recent Stabilization (2023)
- A slight recovery in liquidity is noted as of December 31, 2023, with the current ratio increasing to 1.67. This improvement resulted from a reduction in current liabilities to 4,319 million US$, despite a marginal decrease in current assets to 7,212 million US$.
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Comparison to Competitors
Corning Inc., current ratio, long-term trends, comparison to competitors
| Corning Inc. | Apple Inc. | Arista Networks Inc. | Cisco Systems Inc. | Dell Technologies Inc. | Lumentum Holdings Inc. | Super Micro Computer Inc. | |
|---|---|---|---|---|---|---|---|
| Dec 31, 2023 | 1.67 | 0.99 | 4.39 | 1.38 | 0.82 | 4.38 | 2.31 |
| Dec 31, 2022 | 1.44 | 0.88 | 4.29 | 1.43 | 0.80 | 4.38 | 1.91 |
| Dec 31, 2021 | 1.59 | 1.07 | 4.34 | 1.49 | 0.80 | 3.67 | 1.93 |
| Dec 31, 2020 | 2.12 | 1.36 | 4.99 | 1.72 | 0.70 | 7.24 | 2.25 |
| Dec 31, 2019 | 2.12 | 1.54 | 5.81 | 1.51 | 0.80 | 4.53 | 2.35 |
| Dec 31, 2018 | 2.12 | 1.12 | 4.48 | 2.29 | — | 5.27 | 1.89 |
| Dec 31, 2017 | 2.75 | 1.28 | 4.28 | 3.03 | — | 5.05 | 1.88 |
| Dec 31, 2016 | 3.29 | 1.35 | 3.32 | 3.16 | — | 2.82 | 2.58 |
| Dec 31, 2015 | 2.94 | 1.11 | 4.15 | 3.23 | — | 2.55 | 2.01 |
| Dec 31, 2014 | 4.41 | 1.08 | 4.71 | 3.39 | — | — | 2.10 |
| Dec 31, 2013 | 5.09 | 1.68 | — | 2.95 | — | — | 2.16 |
| Dec 31, 2012 | 4.96 | 1.50 | — | 3.49 | — | — | 2.19 |
| Dec 31, 2011 | 4.14 | 1.61 | — | 3.27 | — | — | 2.63 |
| Dec 31, 2010 | 4.46 | 2.01 | — | 2.67 | — | — | 2.15 |
| Dec 31, 2009 | 3.59 | 1.88 | — | 3.24 | — | — | 2.47 |
| Dec 31, 2008 | 2.25 | 2.46 | — | 2.58 | — | — | 2.05 |
| Dec 31, 2007 | 2.11 | 2.36 | — | 2.36 | — | — | 2.21 |
| Dec 31, 2006 | 2.07 | 2.24 | — | 2.27 | — | — | — |
| Dec 31, 2005 | 1.63 | 2.96 | — | 1.37 | — | — | — |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Sector (Technology Hardware & Equipment)
Corning Inc., current ratio, long-term trends, comparison to sector (technology hardware & equipment)
| Corning Inc. | Technology Hardware & Equipment | |
|---|---|---|
| Dec 31, 2023 | 1.67 | 1.05 |
| Dec 31, 2022 | 1.44 | 0.96 |
| Dec 31, 2021 | 1.59 | 1.09 |
| Dec 31, 2020 | 2.12 | 1.25 |
| Dec 31, 2019 | 2.12 | 1.38 |
| Dec 31, 2018 | 2.12 | 1.36 |
| Dec 31, 2017 | 2.75 | 1.67 |
| Dec 31, 2016 | 3.29 | 1.80 |
| Dec 31, 2015 | 2.94 | 1.60 |
| Dec 31, 2014 | 4.41 | 1.64 |
| Dec 31, 2013 | 5.09 | 2.11 |
| Dec 31, 2012 | 4.96 | 2.13 |
| Dec 31, 2011 | 4.14 | 2.25 |
| Dec 31, 2010 | 4.46 | 2.33 |
| Dec 31, 2009 | 3.59 | 2.44 |
| Dec 31, 2008 | 2.25 | 2.52 |
| Dec 31, 2007 | 2.11 | 2.36 |
| Dec 31, 2006 | 2.07 | 2.26 |
| Dec 31, 2005 | 1.63 | 1.80 |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Information Technology)
Corning Inc., current ratio, long-term trends, comparison to industry (information technology)
| Corning Inc. | Information Technology | |
|---|---|---|
| Dec 31, 2023 | 1.67 | 1.41 |
| Dec 31, 2022 | 1.44 | 1.37 |
| Dec 31, 2021 | 1.59 | 1.55 |
| Dec 31, 2020 | 2.12 | 1.71 |
| Dec 31, 2019 | 2.12 | 1.66 |
| Dec 31, 2018 | 2.12 | 1.88 |
| Dec 31, 2017 | 2.75 | 2.04 |
| Dec 31, 2016 | 3.29 | 2.01 |
| Dec 31, 2015 | 2.94 | 2.04 |
| Dec 31, 2014 | 4.41 | 1.98 |
| Dec 31, 2013 | 5.09 | 2.20 |
| Dec 31, 2012 | 4.96 | 2.08 |
| Dec 31, 2011 | 4.14 | 2.12 |
| Dec 31, 2010 | 4.46 | 2.02 |
| Dec 31, 2009 | 3.59 | 2.04 |
| Dec 31, 2008 | 2.25 | 1.80 |
| Dec 31, 2007 | 2.11 | 1.79 |
| Dec 31, 2006 | 2.07 | 1.86 |
| Dec 31, 2005 | 1.63 | 2.02 |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).