Educational research only - not investment advice, an offer, or a trade instruction. Confirm current data and do your own due diligence before acting.
GLW trades against a final fair-value range of $55.37-$82.37, with the midpoint set by the accepted valuation synthesis rather than earlier draft model outputs.
A synchronized global recession severely curtails consumer electronics spending and delays 5G/broadband infrastructure rollouts. High fixed costs result in significant margin compression.
Carriers permanently reduce fiber capex due to shifting to wireless last-mile or structural funding issues.
Asian competitors flood the market with heavily subsidized glass, collapsing LCD/OLED substrate pricing.
A new, cheaper composite replaces specialty glass in consumer devices, breaking Corning's monopoly.
| 項目 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | 2025-12-31 | Trend |
|---|---|---|---|---|---|---|
| 売上高 | — | $14.19B | $12.59B-11.3% | $13.12B+4.2% | $15.63B+19.1% | +2.4% |
| 売上総利益 | — | $4.51B | $3.93B | $4.28B | $5.62B | +5.7% |
| 営業利益 | — | $1.44B | $890.0M | $1.14B | $2.28B | +12.2% |
| 純利益 | — | $1.32B | $581.0M-56.0% | $506.0M-12.9% | $1.60B+216.2% | +4.9% |
| EPS (希薄化後) | $1.28 | $1.54 | $0.68 | $0.58 | $1.83 | +9.3% |
| EBITDA | — | $3.54B | $2.51B | $2.49B | $3.74B | +1.3% |
| 研究開発 | — | $1.05B | $1.08B | $1.09B | $1.11B | +1.5% |
| 販管費 | — | $1.90B | $1.84B | $1.93B | $2.12B | +2.8% |
Cash-flow quality is reflected in the OCFOperating cash flowCash generated from the company's core operations after working-capital changes but before capital expenditures. The first line of the cash-flow statement. / net incomeNet IncomeNet Income is an income-statement line item used to reconcile revenue to operating profit, pre-tax income, net income, or per-share earnings. It should be compared across periods and against peer disclosure conventions., accounting-quality, and ROICROICReturn on invested capital. Operating profit (after tax) divided by invested capital. The single best gauge of capital-efficiency. Spread over WACC = economic value created. rows above.
Capital allocation should be evaluated against reinvestment needs, balance-sheet strength, and shareholder returns.
