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 trajectory from 2005 to 2023 reveals a fundamental shift in capital structure, characterized by an initial period of aggressive equity accumulation and deleveraging followed by a sustained increase in financial leverage.
- Debt Accumulation Trends
- Total borrowings remained relatively stable and low between 2005 and 2011, fluctuating between $1.54 billion and $2.39 billion. A significant upward trend commenced in 2012, with long-term debt and short-term borrowings escalating to $7.53 billion by 2023. This represents a substantial increase in total liabilities, with the most aggressive growth occurring between 2018 and 2020.
- Shareholders' Equity Dynamics
- Equity experienced a period of robust growth from 2005 to 2012, rising from $5.49 billion to a peak of $21.49 billion. Subsequent to 2012, a consistent downward trend is observed, with total equity declining to $11.55 billion by the end of 2023. This erosion of the equity base occurred simultaneously with the increase in debt, compounding the effect on the company's leverage profile.
- Debt-to-Equity Ratio Analysis
- The debt-to-equity ratio reflects these opposing trends in debt and equity. The ratio declined from 0.33 in 2005 to a period low of 0.11 in 2011, indicating a highly conservative capital structure. However, from 2016 onward, the ratio shifted upward significantly, reaching 0.65 by 2023. The most notable acceleration in leverage occurred between 2017 and 2019, during which the ratio rose from 0.33 to 0.60, marking a transition toward a more debt-reliant financing strategy.
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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. | Lumentum Holdings Inc. | Super Micro Computer Inc. | |
|---|---|---|---|---|---|---|---|
| Dec 31, 2023 | 0.65 | 1.79 | 0.00 | 0.19 | — | 0.23 | 0.15 |
| Dec 31, 2022 | 0.58 | 2.37 | 0.00 | 0.24 | — | 1.00 | 0.42 |
| Dec 31, 2021 | 0.57 | 1.98 | 0.00 | 0.28 | 19.36 | 0.60 | 0.09 |
| Dec 31, 2020 | 0.60 | 1.72 | 0.00 | 0.38 | — | 0.64 | 0.03 |
| Dec 31, 2019 | 0.60 | 1.19 | 0.00 | 0.73 | — | 0.56 | 0.03 |
| Dec 31, 2018 | 0.43 | 1.07 | 0.02 | 0.59 | — | 0.36 | 0.14 |
| Dec 31, 2017 | 0.33 | 0.86 | 0.02 | 0.51 | — | 0.51 | 0.21 |
| Dec 31, 2016 | 0.22 | 0.68 | 0.04 | 0.45 | — | 0.00 | 0.13 |
| Dec 31, 2015 | 0.24 | 0.54 | 0.05 | 0.42 | — | 0.00 | 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 | 1.31 |
| Dec 31, 2022 | 0.58 | 1.64 |
| Dec 31, 2021 | 0.57 | 1.63 |
| Dec 31, 2020 | 0.60 | 1.67 |
| Dec 31, 2019 | 0.60 | 1.51 |
| 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 | 0.65 |
| Dec 31, 2022 | 0.58 | 0.70 |
| Dec 31, 2021 | 0.57 | 0.82 |
| Dec 31, 2020 | 0.60 | 0.95 |
| Dec 31, 2019 | 0.60 | 0.97 |
| Dec 31, 2018 | 0.43 | 0.82 |
| Dec 31, 2017 | 0.33 | 0.80 |
| Dec 31, 2016 | 0.22 | 0.65 |
| Dec 31, 2015 | 0.24 | 0.56 |
| Dec 31, 2014 | 0.15 | 0.38 |
| Dec 31, 2013 | 0.16 | 0.28 |
| Dec 31, 2012 | 0.16 | 0.24 |
| Dec 31, 2011 | 0.11 | 0.27 |
| Dec 31, 2010 | 0.12 | 0.24 |
| Dec 31, 2009 | 0.13 | 0.25 |
| Dec 31, 2008 | 0.12 | 0.28 |
| Dec 31, 2007 | 0.16 | 0.26 |
| Dec 31, 2006 | 0.24 | 0.19 |
| 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).