Operating Profit Margin
since 2005
Calculation
Corning Inc., operating profit margin, long-term trends, calculation
| Operating profit margin | = | 100 | × | Operating income1 | ÷ | Net sales1 | |
|---|---|---|---|---|---|---|---|
| Dec 31, 2023 | 7.07% | = | 100 | × | 890) | ÷ | 12,588) |
| Dec 31, 2022 | 10.13% | = | 100 | × | 1,438) | ÷ | 14,189) |
| Dec 31, 2021 | 15.00% | = | 100 | × | 2,112) | ÷ | 14,082) |
| Dec 31, 2020 | 4.50% | = | 100 | × | 509) | ÷ | 11,303) |
| Dec 31, 2019 | 11.35% | = | 100 | × | 1,306) | ÷ | 11,503) |
| Dec 31, 2018 | 13.95% | = | 100 | × | 1,575) | ÷ | 11,290) |
| Dec 31, 2017 | 16.11% | = | 100 | × | 1,630) | ÷ | 10,116) |
| Dec 31, 2016 | 14.81% | = | 100 | × | 1,391) | ÷ | 9,390) |
| Dec 31, 2015 | 14.51% | = | 100 | × | 1,322) | ÷ | 9,111) |
| Dec 31, 2014 | 19.88% | = | 100 | × | 1,931) | ÷ | 9,715) |
| Dec 31, 2013 | 17.53% | = | 100 | × | 1,371) | ÷ | 7,819) |
| Dec 31, 2012 | 16.49% | = | 100 | × | 1,321) | ÷ | 8,012) |
| Dec 31, 2011 | 21.47% | = | 100 | × | 1,694) | ÷ | 7,890) |
| Dec 31, 2010 | 27.16% | = | 100 | × | 1,801) | ÷ | 6,632) |
| Dec 31, 2009 | 7.25% | = | 100 | × | 391) | ÷ | 5,395) |
| Dec 31, 2008 | 25.55% | = | 100 | × | 1,520) | ÷ | 5,948) |
| Dec 31, 2007 | 18.45% | = | 100 | × | 1,081) | ÷ | 5,860) |
| Dec 31, 2006 | 16.35% | = | 100 | × | 846) | ÷ | 5,174) |
| Dec 31, 2005 | 12.93% | = | 100 | × | 592) | ÷ | 4,579) |
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 operating profit margin exhibits significant volatility over the analyzed 18-year period, characterized by several distinct cycles of expansion and contraction. While net sales generally trended upward from 2005 through 2022, operating income did not scale proportionally, resulting in fluctuating margin percentages that indicate inconsistent operational efficiency over the long term.
- Early Period Volatility (2005–2010)
- A period of rapid margin expansion occurred between 2005 and 2008, with the margin increasing from 12.93% to 25.55%. This growth was interrupted by a sharp contraction to 7.25% in 2009, followed by a rapid recovery to a historical peak of 27.16% in 2010.
- Mid-Term Stabilization and Erosion (2011–2019)
- Following the 2010 peak, the operating margin entered a period of general decline. Despite a temporary recovery to 19.88% in 2014, the margin trended downward over the subsequent five years, reaching 11.35% by the end of 2019.
- Recent Performance and Current Trends (2020–2023)
- A significant contraction was observed in 2020, with the margin falling to a period low of 4.50%. A strong rebound to 15.00% occurred in 2021; however, this recovery was short-lived. The margin declined again in 2022 and 2023, ending the period at 7.07%.
- Revenue and Profitability Divergence
- A notable divergence is observed between revenue growth and operating profitability. Net sales grew from 4.58 billion USD in 2005 to 12.59 billion USD in 2023, yet the operating profit margin at the end of this period (7.07%) is significantly lower than the margin recorded at the start of the sequence (12.93%).
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Comparison to Competitors
Corning Inc., operating profit margin, 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 | 7.07% | 29.82% | 38.52% | 26.37% | 5.64% | -6.55% | 10.68% |
| Dec 31, 2022 | 10.13% | 30.29% | 34.86% | 27.09% | 4.60% | 17.71% | 6.45% |
| Dec 31, 2021 | 15.00% | 29.78% | 31.37% | 25.76% | 5.46% | 30.24% | 3.48% |
| Dec 31, 2020 | 4.50% | 24.15% | 30.19% | 27.63% | 2.85% | 12.16% | 2.57% |
| Dec 31, 2019 | 11.35% | 24.57% | 33.42% | 27.39% | -0.21% | -1.38% | 2.78% |
| Dec 31, 2018 | 13.95% | 26.69% | 12.71% | 24.95% | — | 11.21% | 2.82% |
| Dec 31, 2017 | 16.11% | 26.76% | 28.57% | 24.94% | — | 4.75% | 3.82% |
| Dec 31, 2016 | 14.81% | 27.84% | 21.56% | 25.71% | — | 1.27% | 4.82% |
| Dec 31, 2015 | 14.51% | 30.48% | 17.83% | 21.91% | — | -2.80% | 7.37% |
| Dec 31, 2014 | 19.88% | 28.72% | 21.49% | 19.82% | — | — | 5.47% |
| Dec 31, 2013 | 17.53% | 28.67% | — | 23.03% | — | — | 2.34% |
| Dec 31, 2012 | 16.49% | 35.30% | — | 21.85% | — | — | 4.54% |
| Dec 31, 2011 | 21.47% | 31.22% | — | 17.76% | — | — | 6.23% |
| Dec 31, 2010 | 27.16% | 28.19% | — | 22.89% | — | — | 5.65% |
| Dec 31, 2009 | 7.25% | 20.96% | — | 20.27% | — | — | 4.60% |
| Dec 31, 2008 | 25.55% | 19.32% | — | 23.88% | — | — | 7.45% |
| Dec 31, 2007 | 18.45% | 18.37% | — | 24.69% | — | — | 7.11% |
| Dec 31, 2006 | 16.35% | 12.70% | — | 24.56% | — | — | — |
| Dec 31, 2005 | 12.93% | 11.84% | — | 29.90% | — | — | — |
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).