Enterprise Value (EV)
Current Enterprise Value (EV)
Corning Inc., current enterprise value calculation
| Current share price (P) | $33.57 |
| No. shares of common stock outstanding | 856,619,222 |
| US$ in millions | |
| Common equity (market value)1 | 28,757) |
| Add: Convertible preferred stock, Series A, par value $100 per share (per books) | —) |
| Add: Non-controlling interest (per books) | 317) |
| Total equity | 29,074) |
| Add: Current portion of long-term debt and short-term borrowings (per books) | 320) |
| Add: Long-term debt, excluding current portion (per books) | 7,206) |
| Total equity and debt | 36,600) |
| Less: Cash and cash equivalents | 1,779) |
| Enterprise value (EV) | 34,821) |
Based on: 10-K (reporting date: 2023-12-31).
1 Common equity (market value) = Share price × No. shares of common stock outstanding
= 33.57 × 856,619,222
Historical Enterprise Value (EV)
Corning Inc., EV calculation
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 Data adjusted for splits and stock dividends.
2 Closing price as at the filing date of Corning Inc. Annual Report.
3 2023 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 32.18 × 853,474,317
An analysis of the financial valuation metrics from 2019 to 2023 reveals a consistent growth trajectory that peaked in 2021, followed by a period of moderate contraction. The Enterprise Value (EV) and market capitalization exhibit a high degree of correlation, suggesting that changes in the overall valuation were primarily driven by equity market fluctuations rather than significant shifts in the debt profile.
- Enterprise Value (EV) Trends
- The Enterprise Value grew steadily from US$ 29,055 million in 2019 to a peak of US$ 40,033 million in 2021. Following this peak, a downward trend emerged, with the value receding to US$ 35,704 million in 2022 and further decreasing to US$ 33,529 million by the end of 2023. This represents a net increase of approximately 15.4% over the five-year period, despite the recent decline.
- Equity Valuation Patterns
- Common equity market value followed a similar arc to the Enterprise Value, rising from US$ 21,359 million in 2019 to a high of US$ 34,925 million in 2021. The subsequent decline to US$ 27,465 million in 2023 indicates a correction in market sentiment or valuation multiples. Total equity (book value) mirrored this movement almost exactly, peaking at US$ 35,137 million in 2021 before contracting to US$ 27,782 million in 2023.
- Capital Structure and Valuation Relationship
- The relationship between Total Equity and Debt and the Enterprise Value remained relatively stable throughout the observed period. Total equity and debt peaked in 2021 at US$ 42,181 million, slightly exceeding the Enterprise Value of US$ 40,033 million. The consistent gap between these figures and the market value of common equity indicates a persistent level of net debt contributing to the total enterprise valuation.
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