Return on Equity (ROE)
since 2005
Calculation
Corning Inc., ROE, long-term trends, calculation
| ROE | = | 100 | × | Net income (loss) attributable to Corning Incorporated1 | ÷ | Total Corning Incorporated shareholders’ equity1 | |
|---|---|---|---|---|---|---|---|
| Dec 31, 2023 | 5.03% | = | 100 | × | 581) | ÷ | 11,551) |
| Dec 31, 2022 | 10.96% | = | 100 | × | 1,316) | ÷ | 12,008) |
| Dec 31, 2021 | 15.45% | = | 100 | × | 1,906) | ÷ | 12,333) |
| Dec 31, 2020 | 3.86% | = | 100 | × | 512) | ÷ | 13,257) |
| Dec 31, 2019 | 7.44% | = | 100 | × | 960) | ÷ | 12,907) |
| Dec 31, 2018 | 7.73% | = | 100 | × | 1,066) | ÷ | 13,792) |
| Dec 31, 2017 | -3.17% | = | 100 | × | (497) | ÷ | 15,698) |
| Dec 31, 2016 | 20.65% | = | 100 | × | 3,695) | ÷ | 17,893) |
| Dec 31, 2015 | 7.13% | = | 100 | × | 1,339) | ÷ | 18,788) |
| Dec 31, 2014 | 11.46% | = | 100 | × | 2,472) | ÷ | 21,579) |
| Dec 31, 2013 | 9.27% | = | 100 | × | 1,961) | ÷ | 21,162) |
| Dec 31, 2012 | 8.04% | = | 100 | × | 1,728) | ÷ | 21,486) |
| Dec 31, 2011 | 13.31% | = | 100 | × | 2,805) | ÷ | 21,078) |
| Dec 31, 2010 | 18.36% | = | 100 | × | 3,558) | ÷ | 19,375) |
| Dec 31, 2009 | 12.92% | = | 100 | × | 2,008) | ÷ | 15,543) |
| Dec 31, 2008 | 39.11% | = | 100 | × | 5,257) | ÷ | 13,443) |
| Dec 31, 2007 | 22.64% | = | 100 | × | 2,150) | ÷ | 9,496) |
| Dec 31, 2006 | 25.60% | = | 100 | × | 1,855) | ÷ | 7,246) |
| Dec 31, 2005 | 10.66% | = | 100 | × | 585) | ÷ | 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 performance from 2005 to 2023 is characterized by significant volatility in net income and a long-term contraction in shareholders' equity following a peak in 2012. Return on equity (ROE) has mirrored these fluctuations, exhibiting a high degree of variance over the nineteen-year period.
- Net Income Patterns
- Earnings experienced a sharp increase in the early part of the period, reaching a peak of US$ 5,257 million in 2008. This was followed by a period of instability, including a significant net loss of US$ 497 million in 2017. While a recovery occurred between 2018 and 2021, with net income reaching US$ 1,906 million in 2021, the most recent figures show a decline to US$ 581 million in 2023, returning to levels comparable to the 2005 baseline.
- Equity Position and Capital Structure
- Shareholders' equity showed a consistent upward trajectory from 2005 to 2012, rising from US$ 5,487 million to a maximum of US$ 21,486 million. Since 2012, a steady downward trend has been observed, with equity declining to US$ 11,551 million by 2023. This represents a reduction of approximately 46% from the peak equity level, indicating a significant shift in the company's capital base.
- Return on Equity (ROE) Analysis
- The ROE reached its highest level of 39.11% in 2008, driven by the peak in net income. For much of the subsequent decade, the ratio fluctuated between 7% and 20%, with a notable dip to -3.17% in 2017, corresponding with the reported net loss. In recent years, ROE peaked at 15.45% in 2021 before falling to 5.03% in 2023. The decline in the final two years suggests that the reduction in net income has outpaced the reduction in shareholders' equity, leading to lower overall capital efficiency.
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Comparison to Competitors
Corning Inc., ROE, 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 | 5.03% | 156.08% | 28.91% | 28.44% | — | -9.71% | 32.45% |
| Dec 31, 2022 | 10.96% | 196.96% | 27.68% | 29.70% | — | 10.61% | 20.00% |
| Dec 31, 2021 | 15.45% | 150.07% | 21.13% | 25.66% | 131.10% | 20.14% | 10.20% |
| Dec 31, 2020 | 3.86% | 87.87% | 19.11% | 29.57% | — | 7.75% | 7.91% |
| Dec 31, 2019 | 7.44% | 61.06% | 29.71% | 34.62% | — | -2.43% | 7.64% |
| Dec 31, 2018 | 7.73% | 55.56% | 15.31% | 0.25% | — | 26.79% | 5.47% |
| Dec 31, 2017 | -3.17% | 36.07% | 25.46% | 14.53% | — | -16.56% | 8.64% |
| Dec 31, 2016 | 20.65% | 35.62% | 16.63% | 16.89% | — | 1.87% | 9.99% |
| Dec 31, 2015 | 7.13% | 44.74% | 15.37% | 15.04% | — | -0.89% | 16.46% |
| Dec 31, 2014 | 11.46% | 35.42% | 15.63% | 13.86% | — | — | 11.55% |
| Dec 31, 2013 | 9.27% | 29.98% | — | 16.89% | — | — | 5.70% |
| Dec 31, 2012 | 8.04% | 35.30% | — | 15.68% | — | — | 8.82% |
| Dec 31, 2011 | 13.31% | 33.83% | — | 13.74% | — | — | 14.00% |
| Dec 31, 2010 | 18.36% | 29.32% | — | 17.55% | — | — | 11.98% |
| Dec 31, 2009 | 12.92% | 20.49% | — | 15.87% | — | — | 9.02% |
| Dec 31, 2008 | 39.11% | 22.99% | — | 23.44% | — | — | 16.74% |
| Dec 31, 2007 | 22.64% | 24.06% | — | 23.29% | — | — | 16.69% |
| Dec 31, 2006 | 25.60% | 19.92% | — | 23.34% | — | — | — |
| Dec 31, 2005 | 10.66% | 17.88% | — | 24.77% | — | — | — |
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., ROE, long-term trends, comparison to sector (technology hardware & equipment)
| Corning Inc. | Technology Hardware & Equipment | |
|---|---|---|
| Dec 31, 2023 | 5.03% | 100.63% |
| Dec 31, 2022 | 10.96% | 122.76% |
| Dec 31, 2021 | 15.45% | 96.47% |
| Dec 31, 2020 | 3.86% | 68.72% |
| Dec 31, 2019 | 7.44% | 52.95% |
| Dec 31, 2018 | 7.73% | 39.07% |
| Dec 31, 2017 | -3.17% | 28.71% |
| Dec 31, 2016 | 20.65% | 29.20% |
| Dec 31, 2015 | 7.13% | 34.61% |
| Dec 31, 2014 | 11.46% | 28.07% |
| Dec 31, 2013 | 9.27% | 25.70% |
| Dec 31, 2012 | 8.04% | 29.32% |
| Dec 31, 2011 | 13.31% | 26.14% |
| Dec 31, 2010 | 18.36% | 23.63% |
| Dec 31, 2009 | 12.92% | 17.78% |
| Dec 31, 2008 | 39.11% | 23.25% |
| Dec 31, 2007 | 22.64% | 23.52% |
| Dec 31, 2006 | 25.60% | 22.33% |
| Dec 31, 2005 | 10.66% | 23.09% |
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., ROE, long-term trends, comparison to industry (information technology)
| Corning Inc. | Information Technology | |
|---|---|---|
| Dec 31, 2023 | 5.03% | 31.26% |
| Dec 31, 2022 | 10.96% | 38.03% |
| Dec 31, 2021 | 15.45% | 41.64% |
| Dec 31, 2020 | 3.86% | 35.38% |
| Dec 31, 2019 | 7.44% | 35.94% |
| Dec 31, 2018 | 7.73% | 30.23% |
| Dec 31, 2017 | -3.17% | 23.19% |
| Dec 31, 2016 | 20.65% | 23.00% |
| Dec 31, 2015 | 7.13% | 25.97% |
| Dec 31, 2014 | 11.46% | 25.43% |
| Dec 31, 2013 | 9.27% | 24.73% |
| Dec 31, 2012 | 8.04% | 26.09% |
| Dec 31, 2011 | 13.31% | 29.03% |
| Dec 31, 2010 | 18.36% | 27.62% |
| Dec 31, 2009 | 12.92% | 20.05% |
| Dec 31, 2008 | 39.11% | 25.24% |
| Dec 31, 2007 | 22.64% | 23.67% |
| Dec 31, 2006 | 25.60% | 22.58% |
| Dec 31, 2005 | 10.66% | 21.92% |
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).