Price to Book Value (P/BV)
since 2005
Calculation
Corning Inc., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Total Corning Incorporated shareholders’ equity1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 12, 2024 | 2.38 | = | 32.18 | ÷ | 13.53 | 13.53 | = | 11,551 | ÷ | 853,474,317 | |
| Feb 13, 2023 | 2.51 | = | 35.67 | ÷ | 14.18 | 14.18 | = | 12,008 | ÷ | 846,563,422 | |
| Feb 14, 2022 | 2.83 | = | 41.29 | ÷ | 14.58 | 14.58 | = | 12,333 | ÷ | 845,849,498 | |
| Feb 12, 2021 | 2.14 | = | 36.88 | ÷ | 17.25 | 17.25 | = | 13,257 | ÷ | 768,367,889 | |
| Feb 18, 2020 | 1.65 | = | 27.97 | ÷ | 16.90 | 16.90 | = | 12,907 | ÷ | 763,628,266 | |
| Feb 12, 2019 | 1.94 | = | 34.02 | ÷ | 17.53 | 17.53 | = | 13,792 | ÷ | 786,761,073 | |
| Feb 15, 2018 | 1.61 | = | 29.54 | ÷ | 18.31 | 18.31 | = | 15,698 | ÷ | 857,453,098 | |
| Feb 6, 2017 | 1.39 | = | 26.71 | ÷ | 19.28 | 19.28 | = | 17,893 | ÷ | 928,093,508 | |
| Feb 12, 2016 | 1.09 | = | 18.39 | ÷ | 16.88 | 16.88 | = | 18,788 | ÷ | 1,112,837,205 | |
| Feb 13, 2015 | 1.47 | = | 25.00 | ÷ | 16.97 | 16.97 | = | 21,579 | ÷ | 1,271,340,532 | |
| Feb 10, 2014 | 1.21 | = | 18.43 | ÷ | 15.20 | 15.20 | = | 21,162 | ÷ | 1,392,124,762 | |
| Feb 13, 2013 | 0.88 | = | 12.78 | ÷ | 14.59 | 14.59 | = | 21,486 | ÷ | 1,472,398,789 | |
| Feb 13, 2012 | 0.98 | = | 13.67 | ÷ | 13.88 | 13.88 | = | 21,078 | ÷ | 1,518,270,483 | |
| Feb 10, 2011 | 1.79 | = | 22.16 | ÷ | 12.37 | 12.37 | = | 19,375 | ÷ | 1,565,707,084 | |
| Feb 10, 2010 | 1.76 | = | 17.52 | ÷ | 9.97 | 9.97 | = | 15,543 | ÷ | 1,558,884,218 | |
| Feb 24, 2009 | 1.17 | = | 10.14 | ÷ | 8.64 | 8.64 | = | 13,443 | ÷ | 1,555,025,555 | |
| Feb 15, 2008 | 3.83 | = | 23.08 | ÷ | 6.03 | 6.03 | = | 9,496 | ÷ | 1,574,635,950 | |
| Feb 27, 2007 | 4.41 | = | 20.38 | ÷ | 4.62 | 4.62 | = | 7,246 | ÷ | 1,569,697,474 | |
| Feb 24, 2006 | 6.96 | = | 24.70 | ÷ | 3.55 | 3.55 | = | 5,487 | ÷ | 1,545,982,974 |
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$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Corning Inc. Annual Report.
The financial data presents the share price, book value per share (BVPS), and price-to-book value (P/BV) ratio over an 18-year period. Several noteworthy trends and fluctuations can be observed across these key metrics.
- Share Price
- The share price shows considerable volatility throughout the timeframe. It started at $24.70 in early 2006 but experienced a significant decline reaching a low of $10.14 by early 2009, likely reflecting broader market or company-specific downturns. From 2009 onwards, there was a recovery with fluctuations, peaking at $41.29 in early 2022. However, after that peak, the price decreased somewhat to $32.18 by early 2024. This pattern suggests periods of both market optimism and correction, with a substantial overall increase from the lowest point.
- Book Value Per Share (BVPS)
- BVPS demonstrated a consistent upward trend from $3.55 in 2006 to a high of $19.28 in early 2017, indicating growth in the company’s net asset value per share over this period. After 2017, BVPS slightly declined and stabilized, reaching $13.53 by early 2024. This reduction in the later years may indicate increased liabilities, asset depreciation, share buybacks, or other factors impacting net assets.
- Price-to-Book Value (P/BV) Ratio
- The P/BV ratio began at a high level of 6.96 in 2006, indicating the market price was significantly above the company's book value. It then steadily decreased, bottoming out below 1.00 in the 2012–2013 timeframe, suggesting the shares were undervalued relative to book value during that period. After this low point, the ratio increased again, peaking at 2.83 in 2022, reflecting growing market confidence or increased investor expectations relative to underlying book value. The ratio declined moderately thereafter to 2.38 by 2024.
In summary, the data reflects a company that weathered significant valuation volatility, particularly during the financial crisis period around 2008–2009. The recovery in share price and P/BV ratio post-2012 suggests improved market perception, while the peak and subsequent decline in recent years might reflect changing investor sentiment or company fundamentals. The steady rise and later decline in BVPS indicate underlying changes in the company’s net asset base that merit further detailed investigation.
Comparison to Competitors
Corning Inc., P/BV, long-term trends, comparison to competitors
| Corning Inc. | Apple Inc. | Arista Networks Inc. | Cisco Systems Inc. | Dell Technologies Inc. | Super Micro Computer Inc. | |
|---|---|---|---|---|---|---|
| Feb 12, 2024 | 2.38 | 44.21 | 11.50 | 5.19 | — | 6.85 |
| Feb 13, 2023 | 2.51 | 48.89 | 8.87 | 4.69 | — | 2.54 |
| Feb 14, 2022 | 2.83 | 38.96 | 10.05 | 5.99 | 27.38 | 1.65 |
| Feb 12, 2021 | 2.14 | 28.33 | 7.15 | 4.57 | — | 1.35 |
| Feb 18, 2020 | 1.65 | 12.21 | 5.91 | 6.12 | — | 1.21 |
| Feb 12, 2019 | 1.94 | 8.93 | 9.33 | 5.00 | — | 1.33 |
| Feb 15, 2018 | 1.61 | 6.61 | 11.10 | 2.38 | — | 1.28 |
| Feb 6, 2017 | 1.39 | 4.81 | 7.63 | 2.48 | — | 1.44 |
| Feb 12, 2016 | 1.09 | 5.57 | 5.86 | 2.23 | — | 2.08 |
| Feb 13, 2015 | 1.47 | 5.53 | 8.22 | 2.24 | — | 2.56 |
| Feb 10, 2014 | 1.21 | 3.82 | — | 2.19 | — | 1.51 |
| Feb 13, 2013 | 0.88 | 4.74 | — | 1.97 | — | 1.63 |
| Feb 13, 2012 | 0.98 | 4.86 | — | 1.86 | — | 1.78 |
| Feb 10, 2011 | 1.79 | 5.91 | — | 2.73 | — | 1.64 |
| Feb 10, 2010 | 1.76 | 6.39 | — | 3.46 | — | 1.56 |
| Feb 24, 2009 | 1.17 | 4.37 | — | 3.83 | — | 2.20 |
| Feb 15, 2008 | 3.83 | 9.90 | — | 6.20 | — | 2.20 |
| Feb 27, 2007 | 4.41 | 7.30 | — | 5.80 | — | — |
| Feb 24, 2006 | 6.96 | 8.09 | — | 4.92 | — | — |
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., P/BV, long-term trends, comparison to sector (technology hardware & equipment)
| Corning Inc. | Technology Hardware & Equipment | |
|---|---|---|
| Feb 12, 2024 | 2.38 | 27.57 |
| Feb 13, 2023 | 2.51 | 28.94 |
| Feb 14, 2022 | 2.83 | 25.15 |
| Feb 12, 2021 | 2.14 | 19.59 |
| Feb 18, 2020 | 1.65 | 11.23 |
| Feb 12, 2019 | 1.94 | 7.79 |
| Feb 15, 2018 | 1.61 | 5.24 |
| Feb 6, 2017 | 1.39 | 4.05 |
| Feb 12, 2016 | 1.09 | 4.46 |
| Feb 13, 2015 | 1.47 | 4.43 |
| Feb 10, 2014 | 1.21 | 3.29 |
| Feb 13, 2013 | 0.88 | 3.89 |
| Feb 13, 2012 | 0.98 | 3.71 |
| Feb 10, 2011 | 1.79 | 4.38 |
| Feb 10, 2010 | 1.76 | 4.68 |
| Feb 24, 2009 | 1.17 | 4.03 |
| Feb 15, 2008 | 3.83 | 7.36 |
| Feb 27, 2007 | 4.41 | 6.24 |
| Feb 24, 2006 | 6.96 | 5.69 |
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., P/BV, long-term trends, comparison to industry (information technology)
| Corning Inc. | Information Technology | |
|---|---|---|
| Feb 12, 2024 | 2.38 | 11.52 |
| Feb 13, 2023 | 2.51 | 10.50 |
| Feb 14, 2022 | 2.83 | 12.59 |
| Feb 12, 2021 | 2.14 | 11.14 |
| Feb 18, 2020 | 1.65 | 8.53 |
| Feb 12, 2019 | 1.94 | 7.05 |
| Feb 15, 2018 | 1.61 | 5.49 |
| Feb 6, 2017 | 1.39 | 4.55 |
| Feb 12, 2016 | 1.09 | 4.33 |
| Feb 13, 2015 | 1.47 | 4.38 |
| Feb 10, 2014 | 1.21 | 3.52 |
| Feb 13, 2013 | 0.88 | 3.77 |
| Feb 13, 2012 | 0.98 | 4.01 |
| Feb 10, 2011 | 1.79 | 4.18 |
| Feb 10, 2010 | 1.76 | 4.34 |
| Feb 24, 2009 | 1.17 | 4.02 |
| Feb 15, 2008 | 3.83 | 8.70 |
| Feb 27, 2007 | 4.41 | 7.25 |
| Feb 24, 2006 | 6.96 | 7.43 |
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).