CORNING INC /NY
GLW · Industrials · $131.5B mkt cap · FY2025 filings · No moat ·
Doesn't clear the bar
The five investor questions
2007–2025: revenue 5860000000.00 to 15629000000.00, increasing; diluted EPS 1.34 to 1.83, increasing.
Median gross margin 35.5% over 10y, stable.
Median ROIC 6.4%, above the 12% hurdle in 0% of years.
Net debt/EBITDA 1.9x, interest coverage 7x.
Owner earnings -8.9%/yr, share count shrinking (buybacks).
Price vs. owner-earnings value range
- Owner earnings (normalized)
- $1.3B
- Value range / share
- $17.04–$27.61
- Conservative high estimate / share
- $27.61
- Recent price
- $153.24
- Price vs. high estimate
- 455% above high estimate
Conservative range under moat-index@2.0.0: low end 11.1×, high end capped at 18×; 9% discount rate; high-end growth 4% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.
20 years of fundamentals
The business, in plain English
CORNING INC /NY booked $15.6B of revenue in FY2025 in the Industrials sector and kept 36.0% of it as gross profit — a solid-margin business by that measure. After every other cost, 10.2% of each revenue dollar reached the bottom line.
Across the filed record, revenue grew from $5.9B (FY2007) to $15.6B (FY2025) — about 5.6% a year compounded over 18 years.
It earned 10.3% on invested capital in FY2025, with a median of 6.4% across 19 filed years. The Returns on Capital filter above scores it 6/100.
The balance sheet carried $8.4B of total debt in FY2025 against $1.6B of owner earnings — roughly 5.3 years of owner earnings to retire it all. Balance-Sheet Safety scores it 41/100.
The share count fell 45.0% between FY2009 and FY2025 — management has been retiring shares, which concentrates each remaining owner's claim. Capital Discipline scores it 35/100.
Put together: Business Trend is the strongest of the five filters (61/100) and Returns on Capital the weakest (6/100), which is how GLW lands at 39/100 — a None moat.
This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.
Gaps in a line mean that item isn’t in GLW’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.
Moat Score history
Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars
- Methodology upgraded moat-index@1.2.0tomoat-index@2.0.0 — readings across versions aren’t comparedJul 20, 2026
Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.
Track record
How CORNING INC /NY’s moat rated in each of the years we can reconstruct from its filings — scored only on what was knowable at the time — and what its price and returns did afterward. The score never saw a price; the two are joined only in hindsight, for education, not as a signal.
How to read this: each dot is what the engine would have scored GLW on that December 31; the line below is its total-return price path (dividends reinvested) in the years since.
Two tracks, one timeline: the score has its own 0–100 scale (top), the price its own 100-based scale (bottom) — never a shared axis. The price path is a total-return (dividends reinvested) index built from the same data the forward returns use; gaps in the score line are years with no reconstructed rating (see the table for why). The Table view carries every value.
What followed, in the years it rated Wide
In the reconstructed history shown, GLW did not rate Wide-moat in any year, so there is no wide-moat track record to report. That absence is itself the honest answer — we don’t manufacture a comparison where the rating never earned one.
Industrials context
#242 of 423 scored Industrials companies, ranked by Moat Score.
Nearest peers by Moat Score
- #240CARR CARRIER GLOBAL CORPORATION39.5 out of 100, No moatNo moat
- #241GBTG Global Business Travel Group, Inc.39.5 out of 100, No moatNo moat
- #243TRT TRIO-TECH INTERNATIONAL39.4 out of 100, No moatNo moat
- #244GTLS CHART INDUSTRIES, INC.39.4 out of 100, No moatNo moat
Compare GLW with its nearest peers →All Industrials companies on the Index →
Common questions about GLW
- Does CORNING INC /NY have an economic moat?
- Based on its FY2025 SEC filings, the Moat Index scores CORNING INC /NY (GLW) 39.4 out of 100 — below the Shallow-moat bar, so no moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 61, pricing power 54, returns on capital 6, balance-sheet safety 41, capital discipline 35.
- Is GLW trading below the conservative owner-earnings estimate?
- The owner-earnings value range is $17.04–$27.61 per share. It capitalizes normalized owner earnings at a 9% rate; the low end assumes 0% growth and the high end uses 4% growth, capped at 4% and 18×. Versus a recent price of $153.24, that is 455% above high estimate relative to the high estimate. This is a conservative educational estimate from primary SEC filings, not intrinsic value as a fact or investment advice.
- How has GLW's Moat Score changed over time?
- The record logs 9 readings since Jul 17, 2026; the latest reads 39.4 out of 100 (no moat). No tier changes on record yet. (A methodology upgrade on Jul 20, 2026 re-based the score; readings across engine versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.