Price to Sales (P/S)
since 2005
Calculation
Corning Inc., P/S, long-term trends, calculation
| P/S | = | Share price1, 2, 3 | ÷ | Sales per share1 | Sales per share1 | = | Net sales1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 12, 2024 | 2.18 | = | 32.18 | ÷ | 14.75 | 14.75 | = | 12,588 | ÷ | 853,474,317 | |
| Feb 13, 2023 | 2.13 | = | 35.67 | ÷ | 16.76 | 16.76 | = | 14,189 | ÷ | 846,563,422 | |
| Feb 14, 2022 | 2.48 | = | 41.29 | ÷ | 16.65 | 16.65 | = | 14,082 | ÷ | 845,849,498 | |
| Feb 12, 2021 | 2.51 | = | 36.88 | ÷ | 14.71 | 14.71 | = | 11,303 | ÷ | 768,367,889 | |
| Feb 18, 2020 | 1.86 | = | 27.97 | ÷ | 15.06 | 15.06 | = | 11,503 | ÷ | 763,628,266 | |
| Feb 12, 2019 | 2.37 | = | 34.02 | ÷ | 14.35 | 14.35 | = | 11,290 | ÷ | 786,761,073 | |
| Feb 15, 2018 | 2.50 | = | 29.54 | ÷ | 11.80 | 11.80 | = | 10,116 | ÷ | 857,453,098 | |
| Feb 6, 2017 | 2.64 | = | 26.71 | ÷ | 10.12 | 10.12 | = | 9,390 | ÷ | 928,093,508 | |
| Feb 12, 2016 | 2.25 | = | 18.39 | ÷ | 8.19 | 8.19 | = | 9,111 | ÷ | 1,112,837,205 | |
| Feb 13, 2015 | 3.27 | = | 25.00 | ÷ | 7.64 | 7.64 | = | 9,715 | ÷ | 1,271,340,532 | |
| Feb 10, 2014 | 3.28 | = | 18.43 | ÷ | 5.62 | 5.62 | = | 7,819 | ÷ | 1,392,124,762 | |
| Feb 13, 2013 | 2.35 | = | 12.78 | ÷ | 5.44 | 5.44 | = | 8,012 | ÷ | 1,472,398,789 | |
| Feb 13, 2012 | 2.63 | = | 13.67 | ÷ | 5.20 | 5.20 | = | 7,890 | ÷ | 1,518,270,483 | |
| Feb 10, 2011 | 5.23 | = | 22.16 | ÷ | 4.24 | 4.24 | = | 6,632 | ÷ | 1,565,707,084 | |
| Feb 10, 2010 | 5.06 | = | 17.52 | ÷ | 3.46 | 3.46 | = | 5,395 | ÷ | 1,558,884,218 | |
| Feb 24, 2009 | 2.65 | = | 10.14 | ÷ | 3.83 | 3.83 | = | 5,948 | ÷ | 1,555,025,555 | |
| Feb 15, 2008 | 6.20 | = | 23.08 | ÷ | 3.72 | 3.72 | = | 5,860 | ÷ | 1,574,635,950 | |
| Feb 27, 2007 | 6.18 | = | 20.38 | ÷ | 3.30 | 3.30 | = | 5,174 | ÷ | 1,569,697,474 | |
| Feb 24, 2006 | 8.34 | = | 24.70 | ÷ | 2.96 | 2.96 | = | 4,579 | ÷ | 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 reveals a long-term contraction in the Price to Sales (P/S) ratio, which declined from a peak of 8.34 in 2006 to 2.18 by February 2024. This compression in the valuation multiple occurred despite a substantial and consistent increase in sales per share over the nearly two-decade period.
- Price to Sales (P/S) Ratio Trends
- A significant downward trajectory in the P/S ratio is evident. The ratio exhibited high volatility between 2006 and 2015, including a sharp drop to 2.65 in 2009 and a subsequent temporary recovery to 5.23 in 2011. From 2016 through 2024, the ratio stabilized at a much lower range, consistently remaining below 2.65 and reaching a minimum of 1.86 in 2020.
- Sales per Share Performance
- Revenue generation per share demonstrates a strong long-term growth pattern. Sales per share increased from 2.96 USD in 2006 to a peak of 16.76 USD in 2023. This represents a steady expansion of the top line relative to the number of shares outstanding, although a slight decline to 14.75 USD was observed in the final reporting period of February 2024.
- Valuation Compression Analysis
- The inverse relationship between rising sales per share and a falling P/S ratio indicates a marked compression in how the market values each dollar of revenue. While the share price reached its highest points between 2020 and 2023, the accompanying P/S ratios remained near historical lows. This suggests that recent increases in share price were supported by fundamental revenue growth rather than an expansion of market sentiment or valuation multiples.
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Comparison to Competitors
Corning Inc., P/S, 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. | |
|---|---|---|---|---|---|---|---|
| Feb 12, 2024 | 2.18 | 7.17 | 14.17 | 4.04 | 0.28 | 2.01 | 1.90 |
| Feb 13, 2023 | 2.13 | 6.28 | 9.89 | 3.62 | 0.40 | 3.62 | 0.70 |
| Feb 14, 2022 | 2.48 | 6.72 | 13.57 | 4.96 | 0.72 | 3.61 | 0.51 |
| Feb 12, 2021 | 2.51 | 6.74 | 10.24 | 3.52 | 0.31 | 3.76 | 0.43 |
| Feb 18, 2020 | 1.86 | 4.25 | 7.09 | 3.96 | 0.47 | 2.65 | 0.32 |
| Feb 12, 2019 | 2.37 | 3.60 | 9.29 | 4.38 | — | 3.46 | 0.33 |
| Feb 15, 2018 | 2.50 | 3.86 | 11.20 | 3.28 | — | 3.44 | 0.40 |
| Feb 6, 2017 | 2.64 | 2.86 | 7.49 | 3.20 | — | 2.34 | 0.47 |
| Feb 12, 2016 | 2.25 | 2.85 | 5.52 | 2.71 | — | 1.20 | 0.65 |
| Feb 13, 2015 | 3.27 | 3.37 | 7.82 | 2.69 | — | — | 0.82 |
| Feb 10, 2014 | 3.28 | 2.76 | — | 2.66 | — | — | 0.48 |
| Feb 13, 2013 | 2.35 | 3.58 | — | 2.19 | — | — | 0.54 |
| Feb 13, 2012 | 2.63 | 3.44 | — | 2.03 | — | — | 0.54 |
| Feb 10, 2011 | 5.23 | 4.33 | — | 3.02 | — | — | 0.51 |
| Feb 10, 2010 | 5.06 | 4.87 | — | 3.70 | — | — | 0.55 |
| Feb 24, 2009 | 2.65 | 2.83 | — | 3.33 | — | — | 0.62 |
| Feb 15, 2008 | 6.20 | 5.99 | — | 5.59 | — | — | 0.61 |
| Feb 27, 2007 | 6.18 | 3.77 | — | 4.87 | — | — | — |
| Feb 24, 2006 | 8.34 | 4.34 | — | 4.60 | — | — | — |
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/S, long-term trends, comparison to sector (technology hardware & equipment)
| Corning Inc. | Technology Hardware & Equipment | |
|---|---|---|
| Feb 12, 2024 | 2.18 | 5.57 |
| Feb 13, 2023 | 2.13 | 4.94 |
| Feb 14, 2022 | 2.48 | 5.44 |
| Feb 12, 2021 | 2.51 | 4.92 |
| Feb 18, 2020 | 1.86 | 3.35 |
| Feb 12, 2019 | 2.37 | 3.72 |
| Feb 15, 2018 | 2.50 | 3.77 |
| Feb 6, 2017 | 2.64 | 2.92 |
| Feb 12, 2016 | 2.25 | 2.81 |
| Feb 13, 2015 | 3.27 | 3.23 |
| Feb 10, 2014 | 3.28 | 2.73 |
| Feb 13, 2013 | 2.35 | 3.25 |
| Feb 13, 2012 | 2.63 | 3.02 |
| Feb 10, 2011 | 5.23 | 3.81 |
| Feb 10, 2010 | 5.06 | 4.26 |
| Feb 24, 2009 | 2.65 | 3.08 |
| Feb 15, 2008 | 6.20 | 5.72 |
| Feb 27, 2007 | 6.18 | 4.43 |
| Feb 24, 2006 | 8.34 | 4.50 |
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/S, long-term trends, comparison to industry (information technology)
| Corning Inc. | Information Technology | |
|---|---|---|
| Feb 12, 2024 | 2.18 | 7.31 |
| Feb 13, 2023 | 2.13 | 6.01 |
| Feb 14, 2022 | 2.48 | 6.98 |
| Feb 12, 2021 | 2.51 | 6.11 |
| Feb 18, 2020 | 1.86 | 4.62 |
| Feb 12, 2019 | 2.37 | 4.31 |
| Feb 15, 2018 | 2.50 | 4.18 |
| Feb 6, 2017 | 2.64 | 3.46 |
| Feb 12, 2016 | 2.25 | 3.03 |
| Feb 13, 2015 | 3.27 | 3.31 |
| Feb 10, 2014 | 3.28 | 2.85 |
| Feb 13, 2013 | 2.35 | 2.88 |
| Feb 13, 2012 | 2.63 | 2.84 |
| Feb 10, 2011 | 5.23 | 3.04 |
| Feb 10, 2010 | 5.06 | 3.11 |
| Feb 24, 2009 | 2.65 | 2.38 |
| Feb 15, 2008 | 6.20 | 5.73 |
| Feb 27, 2007 | 6.18 | 5.21 |
| Feb 24, 2006 | 8.34 | 5.62 |
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).