Stock Analysis on Net

Corning Inc. (NYSE:GLW)

$22.49

This company has been moved to the archive! The financial data has not been updated since May 2, 2024.

Price to FCFE (P/FCFE)

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Free Cash Flow to Equity (FCFE)

Corning Inc., FCFE calculation

US$ in millions

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12 months ended: Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Net income attributable to Corning Incorporated
Net income attributable to non-controlling interest
Net noncash charges
Changes in assets and liabilities
Net cash provided by operating activities
Capital expenditures
Repayments of debt
Proceeds from issuance of debt
Proceeds from issuance of euro bonds
Proceeds from other financing arrangements
Repayment of other financing arrangements
Free cash flow to equity (FCFE)

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).


Net cash provided by operating activities
This item shows an overall fluctuating trend over the five-year period. Beginning at 2,031 million USD in 2019, it increased slightly to 2,180 million USD in 2020. A significant peak is observed in 2021, rising sharply to 3,412 million USD. However, in the subsequent years, the net cash decreased to 2,615 million USD in 2022 and further declined to 2,005 million USD in 2023. This indicates a strong operational cash generation in 2021, followed by a gradual reduction in later years.
Free cash flow to equity (FCFE)
The FCFE displays a different pattern compared to operating cash flows. Starting at 1,584 million USD in 2019, it dropped significantly in 2020 to 825 million USD. After this decline, the FCFE showed a steady recovery, increasing to 937 million USD in 2021, 1,051 million USD in 2022, and further rising to 1,331 million USD in 2023. This steady improvement suggests enhanced efficiency in generating shareholder cash flows or reduced capital expenditure or debt repayments after the previous dip.

Price to FCFE Ratio, Current

Corning Inc., current P/FCFE calculation, comparison to benchmarks

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No. shares of common stock outstanding
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)
FCFE per share
Current share price (P)
Valuation Ratio
P/FCFE
Benchmarks
P/FCFE, Competitors1
Apple Inc.
Arista Networks Inc.
Cisco Systems Inc.
Dell Technologies Inc.
Super Micro Computer Inc.
P/FCFE, Sector
Technology Hardware & Equipment
P/FCFE, Industry
Information Technology

Based on: 10-K (reporting date: 2023-12-31).

1 Click competitor name to see calculations.

If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.


Price to FCFE Ratio, Historical

Corning Inc., historical P/FCFE calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
No. shares of common stock outstanding1
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)2
FCFE per share3
Share price1, 4
Valuation Ratio
P/FCFE5
Benchmarks
P/FCFE, Competitors6
Apple Inc.
Arista Networks Inc.
Cisco Systems Inc.
Dell Technologies Inc.
Super Micro Computer Inc.
P/FCFE, Sector
Technology Hardware & Equipment
P/FCFE, Industry
Information Technology

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 See details »

3 2023 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= ÷ =

4 Closing price as at the filing date of Corning Inc. Annual Report.

5 2023 Calculation
P/FCFE = Share price ÷ FCFE per share
= ÷ =

6 Click competitor name to see calculations.


Share Price Trend
The share price exhibited an overall upward trajectory from 2019 to 2021, increasing from $27.97 to a peak of $41.29. However, after this peak, a decline was observed over the next two years, with the share price dropping to $35.67 in 2022 and further to $32.18 in 2023.
FCFE Per Share Trend
Free Cash Flow to Equity (FCFE) per share showed a decrease from $2.07 in 2019 to $1.07 in 2020, indicating a significant reduction in cash available to equity holders during that period. From 2020 onwards, FCFE per share demonstrated a gradual recovery, increasing to $1.11 in 2021, $1.24 in 2022, and reaching $1.56 in 2023.
P/FCFE Ratio Trend
The Price to FCFE ratio experienced a strong increase from 13.48 in 2019 to 37.27 in 2021, suggesting that the share price grew much faster than the underlying free cash flow generation. This may indicate elevated market expectations or overvaluation during this period. Subsequently, the ratio decreased steadily to 28.73 in 2022 and further to 20.63 in 2023, moving closer to the levels observed prior to 2020.
Overall Analysis
The data shows a period of market exuberance between 2019 and 2021, with share prices rising substantially despite a cut in FCFE per share in 2020, leading to high P/FCFE ratios. The gradual increase in FCFE per share since 2020 reflects an improving cash flow position, potentially underpinning more sustainable financial performance. The decline in share price and P/FCFE ratio from 2021 to 2023 suggests a market correction or reassessment of growth expectations towards more moderate levels, aligning price more closely with cash flow fundamentals.