Price to Operating Profit (P/OP)
since 2005
Calculation
Corning Inc., P/OP, long-term trends, calculation
| P/OP | = | Share price1, 2, 3 | ÷ | Operating profit per share1 | Operating profit per share1 | = | Operating income1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 12, 2024 | 30.86 | = | 32.18 | ÷ | 1.04 | 1.04 | = | 890 | ÷ | 853,474,317 | |
| Feb 13, 2023 | 21.00 | = | 35.67 | ÷ | 1.70 | 1.70 | = | 1,438 | ÷ | 846,563,422 | |
| Feb 14, 2022 | 16.54 | = | 41.29 | ÷ | 2.50 | 2.50 | = | 2,112 | ÷ | 845,849,498 | |
| Feb 12, 2021 | 55.67 | = | 36.88 | ÷ | 0.66 | 0.66 | = | 509 | ÷ | 768,367,889 | |
| Feb 18, 2020 | 16.35 | = | 27.97 | ÷ | 1.71 | 1.71 | = | 1,306 | ÷ | 763,628,266 | |
| Feb 12, 2019 | 16.99 | = | 34.02 | ÷ | 2.00 | 2.00 | = | 1,575 | ÷ | 786,761,073 | |
| Feb 15, 2018 | 15.54 | = | 29.54 | ÷ | 1.90 | 1.90 | = | 1,630 | ÷ | 857,453,098 | |
| Feb 6, 2017 | 17.82 | = | 26.71 | ÷ | 1.50 | 1.50 | = | 1,391 | ÷ | 928,093,508 | |
| Feb 12, 2016 | 15.48 | = | 18.39 | ÷ | 1.19 | 1.19 | = | 1,322 | ÷ | 1,112,837,205 | |
| Feb 13, 2015 | 16.46 | = | 25.00 | ÷ | 1.52 | 1.52 | = | 1,931 | ÷ | 1,271,340,532 | |
| Feb 10, 2014 | 18.71 | = | 18.43 | ÷ | 0.98 | 0.98 | = | 1,371 | ÷ | 1,392,124,762 | |
| Feb 13, 2013 | 14.24 | = | 12.78 | ÷ | 0.90 | 0.90 | = | 1,321 | ÷ | 1,472,398,789 | |
| Feb 13, 2012 | 12.25 | = | 13.67 | ÷ | 1.12 | 1.12 | = | 1,694 | ÷ | 1,518,270,483 | |
| Feb 10, 2011 | 19.26 | = | 22.16 | ÷ | 1.15 | 1.15 | = | 1,801 | ÷ | 1,565,707,084 | |
| Feb 10, 2010 | 69.85 | = | 17.52 | ÷ | 0.25 | 0.25 | = | 391 | ÷ | 1,558,884,218 | |
| Feb 24, 2009 | 10.37 | = | 10.14 | ÷ | 0.98 | 0.98 | = | 1,520 | ÷ | 1,555,025,555 | |
| Feb 15, 2008 | 33.62 | = | 23.08 | ÷ | 0.69 | 0.69 | = | 1,081 | ÷ | 1,574,635,950 | |
| Feb 27, 2007 | 37.81 | = | 20.38 | ÷ | 0.54 | 0.54 | = | 846 | ÷ | 1,569,697,474 | |
| Feb 24, 2006 | 64.50 | = | 24.70 | ÷ | 0.38 | 0.38 | = | 592 | ÷ | 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 analysis of the financial data over the reported years reveals several key trends concerning the share price, operating profit per share, and the price-to-operating-profit (P/OP) ratio.
- Share Price
- The share price shows considerable volatility throughout the period. Initially, the price decreased from $24.7 in 2006 to a low of $10.14 in 2009, indicating a significant decline during those years, which may correspond with broader economic conditions. Post-2009, there is a recovery trend, with the share price rising to as high as $41.29 in 2022. However, this peak is followed by a decrease to $32.18 by 2024, reflecting some fluctuations in market valuation or company performance in recent years.
- Operating Profit Per Share
- The operating profit per share exhibits a generally upward trend from $0.38 in 2006 to a peak of $2.5 in 2022, signaling improved profitability over the long term. There are some fluctuations, such as a notable dip to $0.25 in 2010 and a decline from $2.0 in 2019 to $0.66 in 2021, which may indicate periods of operational challenges or increased costs affecting profitability temporarily.
- Price-to-Operating-Profit (P/OP) Ratio
- The P/OP ratio demonstrates significant variability, reflecting changing investor sentiment and market conditions relative to operating profit. High ratios like 69.85 in 2010 and 64.5 in 2006 suggest periods when the share price was considered high relative to earnings, possibly due to speculation or market optimism. A sharp drop to 10.37 in 2009 indicates undervaluation or a correction during economic downturns. More recently, the ratio fluctuates between 15 and 30, indicating a more moderated valuation approach by the market, though the increase to 30.86 in 2024 might suggest rising concerns about earnings sustainability or growth prospects despite the share price movement.
Overall, the data reflects a cyclical pattern in share price and valuation ratios, aligned with fluctuating operating profitability. The recovery in profitability post-2009 contributes to higher share prices, but the volatility of the P/OP ratio underscores intermittent market uncertainty or reassessments of the company's earnings potential.
Comparison to Competitors
Corning Inc., P/OP, 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 | 30.86 | 24.04 | 36.78 | 15.32 | 5.05 | 17.74 |
| Feb 13, 2023 | 21.00 | 20.74 | 28.39 | 13.35 | 8.73 | 10.82 |
| Feb 14, 2022 | 16.54 | 22.56 | 43.25 | 19.26 | 13.19 | 14.57 |
| Feb 12, 2021 | 55.67 | 27.92 | 33.93 | 12.73 | 10.93 | 16.77 |
| Feb 18, 2020 | 16.35 | 17.29 | 21.22 | 14.46 | — | 11.69 |
| Feb 12, 2019 | 16.99 | 13.49 | 73.14 | 17.56 | — | 11.88 |
| Feb 15, 2018 | 15.54 | 14.44 | 39.21 | 13.14 | — | 10.46 |
| Feb 6, 2017 | 17.82 | 10.27 | 34.73 | 12.46 | — | 9.74 |
| Feb 12, 2016 | 15.48 | 9.34 | 30.95 | 12.36 | — | 8.78 |
| Feb 13, 2015 | 16.46 | 11.74 | 36.40 | 13.57 | — | 14.97 |
| Feb 10, 2014 | 18.71 | 9.64 | — | 11.57 | — | 20.76 |
| Feb 13, 2013 | 14.24 | 10.14 | — | 10.03 | — | 11.95 |
| Feb 13, 2012 | 12.25 | 11.02 | — | 11.45 | — | 8.73 |
| Feb 10, 2011 | 19.26 | 15.37 | — | 13.19 | — | 9.07 |
| Feb 10, 2010 | 69.85 | 23.22 | — | 18.26 | — | 11.98 |
| Feb 24, 2009 | 10.37 | 14.64 | — | 13.94 | — | 8.30 |
| Feb 15, 2008 | 33.62 | 32.64 | — | 22.64 | — | 8.51 |
| Feb 27, 2007 | 37.81 | 29.72 | — | 19.82 | — | — |
| Feb 24, 2006 | 64.50 | 36.61 | — | 15.37 | — | — |
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).