GLW·Electronic Components & Specialty Materials (optical fiber/connectivity, display glass, advanced glass/ceramics)

Corning

ConvictionModerate

Vertically integrated materials manufacturer: proprietary glass/ceramic/optical-physics science productized into high-volume components sold B2B to hyperscalers, telecom carriers, display panel makers, smartphone OEMs, automakers, solar and pharma customers. Capital-intensive, anchored by multi-year hyperscaler supply agreements plus customer co-investment (NVIDIA up to $3.2B, Meta up to $6B).

Revenuefact

Q1 FY26 core sales $4.35B+18% YoY); GAAP net sales $4.14B (+20% YoY

Rev growthfact

+18% YoY coreQ1 FY26); FY25 core sales $16.41B, +13% YoY

Gross marginfact

Core gross margin 39.1%+120bps YoY (Q1 FY26); GAAP 36.9%

Op marginfact

Core operating margin 20.2%+220bps YoY (Q1 FY26); GAAP 15.4%; FY25 core 19.3%

Capex intensity

~8%Q1 FY26 capex $332M / $4.14B GAAP sales); FY26 capex guided ~$1.7B = ~9-10% of core sales (fact/estimate

Market cap

~$175-196Bmid-to-late June 2026; varies with a volatile price; fact

Price · 1-year trend

real · weekly

$184+254% 1yUSD

52-week range

$51 – $256

52w lowas of 2026-07-08 · Yahoo Finance52w high

Across the boards

The thesis on this name

opportunityModerate

AI Compute Value-Chain

Full context

position · longWeak

AI Compute Value-Chain

Full context

Primary source

Reported financials — SEC EDGAR

Audited GAAP figures pulled from SEC filings · latest filing 2026-02-12. The audited primary-source spine — not investment advice.

Revenue — annual (GAAP)

FY’21

$14.1B

FY’22

$14.2B+1%

FY’23

$12.6B-11%

FY’24

$13.1B+4%

FY’25

$15.6B+19%

Margins & balance sheet — FY’25

Gross margin36.0%

Operating margin14.6%

Net margin10.2%

Net debt$3.0B

The read

Where our coverage leans

Coverage leans bullish

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Full financial intelligence for Corning

Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.

Income statement & margin structure
SWOT, moats & dependency map
Supplier–customer ecosystem graph
Signals, trends & valuation range

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Not investment advice — analyst work product for a qualified professional.· intel vintage Jun 2026· sign in (free) for the analyst summary; Pro unlocks full intelligence