Debt to Equity
since 2005
Calculation
Corning Inc., debt to equity, long-term trends, calculation
| Debt to equity | = | Long-term debt and short-term borrowings1 | ÷ | Total Corning Incorporated shareholders’ equity1 | |
|---|---|---|---|---|---|
| Dec 31, 2023 | 0.65 | = | 7,526) | ÷ | 11,551) |
| Dec 31, 2022 | 0.58 | = | 6,911) | ÷ | 12,008) |
| Dec 31, 2021 | 0.57 | = | 7,044) | ÷ | 12,333) |
| Dec 31, 2020 | 0.60 | = | 7,972) | ÷ | 13,257) |
| Dec 31, 2019 | 0.60 | = | 7,740) | ÷ | 12,907) |
| Dec 31, 2018 | 0.43 | = | 5,998) | ÷ | 13,792) |
| Dec 31, 2017 | 0.33 | = | 5,128) | ÷ | 15,698) |
| Dec 31, 2016 | 0.22 | = | 3,902) | ÷ | 17,893) |
| Dec 31, 2015 | 0.24 | = | 4,482) | ÷ | 18,788) |
| Dec 31, 2014 | 0.15 | = | 3,263) | ÷ | 21,579) |
| Dec 31, 2013 | 0.16 | = | 3,293) | ÷ | 21,162) |
| Dec 31, 2012 | 0.16 | = | 3,458) | ÷ | 21,486) |
| Dec 31, 2011 | 0.11 | = | 2,391) | ÷ | 21,078) |
| Dec 31, 2010 | 0.12 | = | 2,319) | ÷ | 19,375) |
| Dec 31, 2009 | 0.13 | = | 2,004) | ÷ | 15,543) |
| Dec 31, 2008 | 0.12 | = | 1,605) | ÷ | 13,443) |
| Dec 31, 2007 | 0.16 | = | 1,537) | ÷ | 9,496) |
| Dec 31, 2006 | 0.24 | = | 1,716) | ÷ | 7,246) |
| Dec 31, 2005 | 0.33 | = | 1,807) | ÷ | 5,487) |
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 financial data reveals several notable trends over the examined period. Long-term debt and short-term borrowings generally exhibit an upward trajectory, increasing from US$1,807 million at the end of 2005 to US$7,526 million by the end of 2023. This growth is marked by some fluctuations, with a notable acceleration in borrowing beginning around 2010 and continuing through the early 2020s, reaching its peak in 2023.
Shareholders’ equity shows a different pattern. From 2005 through 2012, equity increased significantly, rising from US$5,487 million to a high of approximately US$21,486 million. However, after 2012, equity began to decline steadily, dropping to US$11,551 million by the end of 2023. This downward trend reflects a substantial erosion in equity value over this latter period.
The debt to equity ratio provides a consolidated view of the relationship between debt and equity. Initially, this ratio decreased from 0.33 in 2005 to a low of 0.11 in 2011, indicating a strengthening equity position relative to debt. From 2012 onwards, the ratio reversed course and increased steadily, reaching 0.65 by the end of 2023. This rise suggests that debt levels have grown more rapidly compared to equity, increasing financial leverage and potentially risk.
- Long-term debt and short-term borrowings
- Increasing trend with peak levels in recent years, reflecting higher leverage.
- Shareholders’ equity
- Strong growth until 2012, followed by steady decline through 2023.
- Debt to equity ratio
- Declined to a low point in 2011, then increased significantly, indicating rising leverage.
Overall, the data illustrates a shift from a period characterized by growing equity and relatively low leverage to one with increased borrowing and declining equity. This development highlights a transition towards greater reliance on debt financing, which may affect the company’s financial stability and risk profile going forward.
Comparison to Competitors
Corning Inc., debt to equity, long-term trends, comparison to competitors
| Corning Inc. | Apple Inc. | Arista Networks Inc. | Cisco Systems Inc. | Dell Technologies Inc. | Super Micro Computer Inc. | |
|---|---|---|---|---|---|---|
| Dec 31, 2023 | 0.65 | 1.79 | 0.00 | 0.19 | — | 0.15 |
| Dec 31, 2022 | 0.58 | 2.37 | 0.00 | 0.24 | — | 0.42 |
| Dec 31, 2021 | 0.57 | 1.98 | 0.00 | 0.28 | 19.36 | 0.09 |
| Dec 31, 2020 | 0.60 | 1.72 | 0.00 | 0.38 | — | 0.03 |
| Dec 31, 2019 | 0.60 | 1.19 | 0.00 | 0.73 | — | 0.03 |
| Dec 31, 2018 | 0.43 | 1.07 | 0.02 | 0.59 | — | 0.14 |
| Dec 31, 2017 | 0.33 | 0.86 | 0.02 | 0.51 | — | 0.21 |
| Dec 31, 2016 | 0.22 | 0.68 | 0.04 | 0.45 | — | 0.13 |
| Dec 31, 2015 | 0.24 | 0.54 | 0.05 | 0.42 | — | 0.15 |
| Dec 31, 2014 | 0.15 | 0.32 | 0.08 | 0.37 | — | 0.10 |
| Dec 31, 2013 | 0.16 | 0.14 | — | 0.27 | — | 0.09 |
| Dec 31, 2012 | 0.16 | 0.00 | — | 0.32 | — | 0.10 |
| Dec 31, 2011 | 0.11 | 0.00 | — | 0.36 | — | 0.10 |
| Dec 31, 2010 | 0.12 | 0.00 | — | 0.35 | — | 0.08 |
| Dec 31, 2009 | 0.13 | 0.00 | — | 0.27 | — | 0.06 |
| Dec 31, 2008 | 0.12 | 0.00 | — | 0.20 | — | 0.07 |
| Dec 31, 2007 | 0.16 | 0.00 | — | 0.20 | — | 0.10 |
| Dec 31, 2006 | 0.24 | 0.00 | — | 0.26 | — | — |
| Dec 31, 2005 | 0.33 | 0.00 | — | 0.00 | — | — |
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., debt to equity, long-term trends, comparison to sector (technology hardware & equipment)
| Corning Inc. | Technology Hardware & Equipment | |
|---|---|---|
| Dec 31, 2023 | 0.65 | 1.33 |
| Dec 31, 2022 | 0.58 | 1.65 |
| Dec 31, 2021 | 0.57 | 1.65 |
| Dec 31, 2020 | 0.60 | 1.69 |
| Dec 31, 2019 | 0.60 | 1.53 |
| Dec 31, 2018 | 0.43 | 0.91 |
| Dec 31, 2017 | 0.33 | 0.74 |
| Dec 31, 2016 | 0.22 | 0.60 |
| Dec 31, 2015 | 0.24 | 0.50 |
| Dec 31, 2014 | 0.15 | 0.33 |
| Dec 31, 2013 | 0.16 | 0.18 |
| Dec 31, 2012 | 0.16 | 0.10 |
| Dec 31, 2011 | 0.11 | 0.14 |
| Dec 31, 2010 | 0.12 | 0.17 |
| Dec 31, 2009 | 0.13 | 0.15 |
| Dec 31, 2008 | 0.12 | 0.12 |
| Dec 31, 2007 | 0.16 | 0.14 |
| Dec 31, 2006 | 0.24 | 0.19 |
| Dec 31, 2005 | 0.33 | 0.00 |
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., debt to equity, long-term trends, comparison to industry (information technology)
| Corning Inc. | Information Technology | |
|---|---|---|
| Dec 31, 2023 | 0.65 | 0.66 |
| Dec 31, 2022 | 0.58 | 0.70 |
| Dec 31, 2021 | 0.57 | 0.83 |
| Dec 31, 2020 | 0.60 | 0.97 |
| Dec 31, 2019 | 0.60 | 0.98 |
| Dec 31, 2018 | 0.43 | 0.83 |
| Dec 31, 2017 | 0.33 | 0.81 |
| Dec 31, 2016 | 0.22 | 0.66 |
| Dec 31, 2015 | 0.24 | 0.56 |
| Dec 31, 2014 | 0.15 | 0.39 |
| Dec 31, 2013 | 0.16 | 0.29 |
| Dec 31, 2012 | 0.16 | 0.25 |
| Dec 31, 2011 | 0.11 | 0.27 |
| Dec 31, 2010 | 0.12 | 0.25 |
| Dec 31, 2009 | 0.13 | 0.26 |
| Dec 31, 2008 | 0.12 | 0.29 |
| Dec 31, 2007 | 0.16 | 0.27 |
| Dec 31, 2006 | 0.24 | 0.20 |
| Dec 31, 2005 | 0.33 | 0.15 |
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).