Financials Corning Incorporated

Equities

GLW

US2193501051

Electronic Equipment & Parts

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91.11 ^USD	+3.22%		+8.84%	+91.73%

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Projected Income Statement: Corning Incorporated

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	11,452	14,120	14,805	13,580	14,469	16,283	18,286	20,125
Change	-	23.3%	4.85%	-8.27%	6.55%	12.54%	12.3%	10.06%
EBITDA ¹	3,132	3,814	3,942	3,490	3,759	4,438	5,381	6,270
Change	-	21.78%	3.36%	-11.47%	7.71%	18.07%	21.23%	16.53%
EBIT ¹	1,733	2,462	2,490	2,243	2,530	3,147	3,751	4,374
Change	-	42.07%	1.14%	-9.92%	12.8%	24.38%	19.2%	16.6%
Interest Paid ¹	-276	-300	-292	-329	-329	-288.5	-272	-292
Earnings before Tax (EBT) ¹	623	2,397	1,797	816	813	1,197	1,812	2,471
Change	-	284.75%	-25.03%	-54.59%	-0.37%	47.19%	51.46%	36.34%
Net income ¹	512	1,906	1,316	581	506	1,607	2,447	3,152
Change	-	272.27%	-30.95%	-55.85%	-12.91%	217.67%	52.22%	28.82%
Announcement Date	27/01/21	26/01/22	31/01/23	30/01/24	29/01/25	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3
Net sales ¹	3,328	3,263	3,504	3,639	3,714	3,744	3,762	3,666	3,633	3,367	3,482	3,459	3,272	3,258	3,604	3,733	3,874	3,679	4,045	4,272	4,351	4,247	4,531	4,769	4,859	4,730	5,041	5,353
Change	-	-1.95%	7.39%	3.85%	2.06%	0.81%	0.48%	-2.55%	-0.9%	-7.32%	3.42%	-0.66%	-5.41%	-0.43%	10.62%	3.58%	3.78%	-5.03%	9.95%	5.61%	1.85%	-2.38%	6.68%	5.25%	1.88%	-2.65%	6.58%	6.18%
EBITDA ¹	1,004	889	978	1,029	950	1,001	1,051	945	853	833	921	887	849	811	934	992	1,022	952	1,082	1,148	1,208	1,140	1,246	1,351	1,440	1,429	1,558	1,654
Change	-	-11.45%	10.01%	5.21%	-7.68%	5.37%	5%	-10.09%	-9.74%	-2.34%	10.56%	-3.69%	-4.28%	-4.48%	15.17%	6.21%	3.02%	-6.85%	13.66%	6.1%	5.2%	-5.59%	9.3%	8.43%	6.56%	-0.77%	9.08%	6.13%
EBIT ¹	646	559	642	690	603	659	706	618	507	523	609	577	534	504	627	682	717	661	770	838	884.3	838	906.5	1,001	1,042	1,010	1,102	1,204
Change	-	-13.47%	14.85%	7.48%	-12.61%	9.29%	7.13%	-12.46%	-17.96%	3.16%	16.44%	-5.25%	-7.45%	-5.62%	24.4%	8.77%	5.13%	-7.81%	16.49%	8.83%	5.52%	-5.23%	8.17%	10.4%	4.08%	-3%	9.07%	9.22%
Charge d'intérêts ¹	-75	-77	-78	-72	-73	-71	-72	-73	-76	-76	-81	-82	-90	-83	-84	-83	-79	-82	-83	-78	-78	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	-	-	516	480	576	761	750	260	4	228	409	217	-38	296	172	-92	437	240	584	550	633	670	706	787	792	-	-	-
Change	-	-	-	-6.98%	20%	32.12%	-1.45%	-65.33%	-98.46%	5,600%	79.39%	-46.94%	-117.51%	878.95%	-41.89%	-153.49%	575%	-45.08%	143.33%	-5.82%	15.09%	5.85%	5.37%	11.47%	0.64%	-	-	-
Net income ¹	252	599	449	371	487	581	563	208	-36	176	281	164	-40	209	104	-117	310	157	469	430	551.4	510.6	593.4	661.9	681.2	710.3	784.2	864.1
Change	-	137.7%	-25.04%	-17.37%	31.27%	19.3%	-3.1%	-63.06%	-117.31%	588.89%	59.66%	-41.64%	-124.39%	622.5%	-50.24%	-212.5%	364.96%	-49.35%	198.73%	-8.32%	28.24%	-7.41%	16.22%	11.55%	2.92%	4.27%	10.41%	10.19%
Announcement Date	27/01/21	27/04/21	27/07/21	26/10/21	26/01/22	26/04/22	26/07/22	25/10/22	31/01/23	25/04/23	25/07/23	24/10/23	30/01/24	30/04/24	30/07/24	29/10/24	29/01/25	29/04/25	29/07/25	28/10/25	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Corning Incorporated

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	5,324	4,896	5,240	5,747	5,443	6,298	5,714	4,869
Change	-	-8.04%	7.03%	9.68%	-5.29%	15.71%	-9.27%	-14.79%
Announcement Date	27/01/21	26/01/22	31/01/23	30/01/24	29/01/25	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Corning Incorporated

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	1,377	1,637	1,604	1,390	965	1,305	1,518	1,861
Change	-	18.88%	-2.02%	-13.34%	-30.58%	35.23%	16.33%	22.61%
Free Cash Flow (FCF) ¹	948	1,800	1,011	880	1,253	1,643	2,076	2,391
Change	-	89.87%	-43.83%	-12.96%	42.39%	31.15%	26.34%	15.15%
Announcement Date	27/01/21	26/01/22	31/01/23	30/01/24	29/01/25	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Corning Incorporated

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	27.35%	27.01%	26.63%	25.7%	25.98%	27.26%	29.43%	31.16%
EBIT Margin (%)	15.13%	17.44%	16.82%	16.52%	17.49%	19.33%	20.51%	21.73%
EBT Margin (%)	5.44%	16.98%	12.14%	6.01%	5.62%	7.35%	9.91%	12.28%
Net margin (%)	4.47%	13.5%	8.89%	4.28%	3.5%	9.87%	13.38%	15.66%
FCF margin (%)	8.28%	12.75%	6.83%	6.48%	8.66%	10.09%	11.35%	11.88%
FCF / Net Income (%)	185.16%	94.44%	76.82%	151.46%	247.63%	102.23%	84.85%	75.85%
Profitability
ROA	4.15%	6.26%	6.02%	5.04%	1.8%	6.33%	7.9%	9.55%
ROE	9.46%	14.9%	14.74%	12.42%	15.28%	19.29%	21.24%	22.88%
Financial Health
Leverage (Debt/EBITDA)	1.7x	1.28x	1.33x	1.65x	1.45x	1.42x	1.06x	0.78x
Debt / Free cash flow	5.62x	2.72x	5.18x	6.53x	4.34x	3.83x	2.75x	2.04x
Capital Intensity
CAPEX / Current Assets (%)	12.02%	11.59%	10.83%	10.24%	6.67%	8.01%	8.3%	9.25%
CAPEX / EBITDA (%)	43.97%	42.92%	40.69%	39.83%	25.67%	29.4%	28.21%	29.68%
CAPEX / FCF (%)	145.25%	90.94%	158.65%	157.95%	77.02%	79.41%	73.12%	77.85%
Items per share
Cash flow per share ¹	2.824	4.043	3.051	2.364	2.273	3.021	4.105	5.44
Change	-	43.17%	-24.52%	-22.51%	-3.86%	32.89%	35.88%	32.53%
Dividend per Share ¹	0.88	0.96	-	1.12	1.12	1.133	1.199	1.291
Change	-	9.09%	-	-	0%	1.18%	5.77%	7.72%
Book Value Per Share ¹	17.33	14.86	14.59	13.62	13.14	14.01	15.38	17.29
Change	-	-14.26%	-1.81%	-6.64%	-3.51%	6.58%	9.8%	12.43%
EPS ¹	0.54	1.28	1.54	0.68	0.58	1.822	2.629	3.435
Change	-	137.04%	20.31%	-55.84%	-14.71%	214.06%	44.33%	30.67%
Nbr of stocks (in thousands)	764,811	853,408	845,811	853,182	856,209	857,360	857,360	857,360
Announcement Date	27/01/21	26/01/22	31/01/23	30/01/24	29/01/25	-	-	-