Discounted Cash Flow

Corning Inc. /Ny

GLW · Based on 10 years of SEC filings · Converted from CNY to USD

⚠ Cash flow predictability 57/100 (moderate) — FCF YoY std dev 45%, net income 72% (full history)

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income
Dividends

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2016 $1.4b $551.0m $375.9m 39.4% $3.53
2017 $1.5b (7.7%) $-74.1m (-113.5%) $298.8m (-20.5%) -4.9% (-112.5%) $-0.66 (-118.7%)
2018 $1.7b (11.6%) $159.0m (314.5%) $435.3m (45.7%) 9.4% (292.2%) $1.19 (280.3%)
2019 $1.7b (1.9%) $143.1m (-9.9%) $302.8m (-30.4%) 8.3% (-11.6%) $1.11 (-6.7%)
2020 $1.7b (-1.7%) $76.3m (-46.7%) $325.1m (7.3%) 4.5% (-45.7%) $0.54 (-51.4%)
2021 $2.1b (24.6%) $284.2m (272.3%) $508.8m (56.5%) 13.5% (198.8%) $1.30 (140.7%)
2022 $2.1b (0.8%) $196.2m (-31.0%) $150.8m (-70.4%) 9.3% (-31.5%) $1.56 (20.0%)
2023 $1.9b (-11.3%) $86.6m (-55.9%) $91.7m (-39.2%) 4.6% (-50.2%) $0.69 (-55.8%)
2024 $2.0b (4.2%) $75.4m (-12.9%) $145.2m (58.4%) 3.9% (-16.4%) $0.59 (-14.5%)
2025 $2.3b (19.1%) $238.0m (215.4%) $210.7m (45.1%) 10.2% (164.7%) $1.87 (216.9%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

SEC filings report in CNY. Values above are converted to USD for comparison with the US-listed share price.

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model