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Corning Piotroski F-Score

: 6 (As of Today)
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The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Corning has an F-score of 6 indicating the company's financial situation is typical for a stable company.

The historical rank and industry rank for Corning's Piotroski F-Score or its related term are showing as below:

GLW' s Piotroski F-Score Range Over the Past 10 Years
Min: 1   Med: 6   Max: 8
Current: 6

During the past 13 years, the highest Piotroski F-Score of Corning was 8. The lowest was 1. And the median was 6.


Corning Piotroski F-Score Historical Data

The historical data trend for Corning's Piotroski F-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Corning Annual Data
Trend Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21
Piotroski F-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 4.00 5.00 5.00 6.00 7.00

Corning Quarterly Data
Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22
Piotroski F-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 7.00 8.00 7.00 8.00 6.00

Competitive Comparison

For the Electronic Components subindustry, Corning's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

   

Corning Piotroski F-Score Distribution

For the Hardware industry and Technology sector, Corning's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Corning's Piotroski F-Score falls into.


How is the Piotroski F-Score calculated?

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Jun22) TTM:Last Year (Jun21) TTM:
Net Income was 371 + 487 + 581 + 563 = $2,002 Mil.
Cash Flow from Operations was 895 + 1023 + 534 + 758 = $3,210 Mil.
Revenue was 3615 + 3676 + 3680 + 3615 = $14,586 Mil.
Gross Profit was 1321 + 1271 + 1283 + 1246 = $5,121 Mil.
Average Total Assets from the begining of this year (Jun21)
to the end of this year (Jun22) was
(29806 + 29706 + 30154 + 30257 + 29718) / 5 = $29928.2 Mil.
Total Assets at the begining of this year (Jun21) was $29,806 Mil.
Long-Term Debt & Capital Lease Obligation was $7,355 Mil.
Total Current Assets was $7,883 Mil.
Total Current Liabilities was $5,530 Mil.
Net Income was 427 + 252 + 599 + 449 = $1,727 Mil.

Revenue was 3001 + 3350 + 3290 + 3501 = $13,142 Mil.
Gross Profit was 1001 + 1213 + 1156 + 1315 = $4,685 Mil.
Average Total Assets from the begining of last year (Jun20)
to the end of last year (Jun21) was
(27546 + 30267 + 30775 + 30143 + 29806) / 5 = $29707.4 Mil.
Total Assets at the begining of last year (Jun20) was $27,546 Mil.
Long-Term Debt & Capital Lease Obligation was $7,643 Mil.
Total Current Assets was $7,648 Mil.
Total Current Liabilities was $4,624 Mil.

*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.

Profitability

Question 1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Corning's current Net Income (TTM) was 2,002. ==> Positive ==> Score 1.

Question 2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Corning's current Cash Flow from Operations (TTM) was 3,210. ==> Positive ==> Score 1.

Question 3. Change in Return on Assets

Compare this year's return on assets (1) to last year's return on assets.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets (Jun21)
=2002/29806
=0.06716768

ROA (Last Year)=Net Income/Total Assets (Jun20)
=1727/27546
=0.06269513

Corning's return on assets of this year was 0.06716768. Corning's return on assets of last year was 0.06269513. ==> This year is higher. ==> Score 1.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

Corning's current Net Income (TTM) was 2,002. Corning's current Cash Flow from Operations (TTM) was 3,210. ==> 3,210 > 2,002 ==> CFROA > ROA ==> Score 1.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Jun22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jun21 to Jun22
=7355/29928.2
=0.24575484

Gearing (Last Year: Jun21)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jun20 to Jun21
=7643/29707.4
=0.25727596

Corning's gearing of this year was 0.24575484. Corning's gearing of last year was 0.25727596. ==> This year is lower or equal to last year. ==> Score 1.

Question 6. Change in Working Capital (Liquidity)

Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.

Score 1 if this year's current ratio is higher, 0 if it's lower

Current Ratio (This Year: Jun22)=Total Current Assets/Total Current Liabilities
=7883/5530
=1.42549729

Current Ratio (Last Year: Jun21)=Total Current Assets/Total Current Liabilities
=7648/4624
=1.65397924

Corning's current ratio of this year was 1.42549729. Corning's current ratio of last year was 1.65397924. ==> Last year's current ratio is higher ==> Score 0.

Question 7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 0 if there is larger number of shares in issue this year, 1 otherwise.

Corning's number of shares in issue this year was 856. Corning's number of shares in issue last year was 844. ==> There is larger number of shares in issue this year. ==> Score 0.

Efficiency

Question 8. Change in Gross Margin

Compare this year's gross margin (Gross Profit divided by sales) to last year's.

Score 1 if this year's gross margin is higher, 0 if it's lower.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=5121/14586
=0.35109009

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=4685/13142
=0.35649064

Corning's gross margin of this year was 0.35109009. Corning's gross margin of last year was 0.35649064. ==> Last year's gross margin is higher ==> Score 0.

Question 9. Change in asset turnover

Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.

Score 1 if this year's asset turnover ratio is higher, 0 if it's lower

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Jun21)
=14586/29806
=0.48936456

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Jun20)
=13142/27546
=0.47709286

Corning's asset turnover of this year was 0.48936456. Corning's asset turnover of last year was 0.47709286. ==> This year's asset turnover is higher. ==> Score 1.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=1+1+1+1+1+0+0+0+1
=6

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Corning has an F-score of 6 indicating the company's financial situation is typical for a stable company.

Corning  (NYSE:GLW) Piotroski F-Score Explanation

The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.

He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.

What he found was something that exceeded his most optimistic expectations.

Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.

Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).

Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.


Corning Piotroski F-Score Related Terms

Thank you for viewing the detailed overview of Corning's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.


Corning Business Description

Corning logo
Address
One Riverfront Plaza, Corning, NY, USA, 14831
Corning Inc is a leader in materials science, specializing in the production of glass, ceramics and optical fiber. The firm supplies its products for a wide range of applications, from flat-panel displays in televisions to gasoline particulate filters in automobiles to optical fiber for broadband access, with a leading share in many of its end markets.
Executives
Amin Jaymin officer: SVP and Chief Tech. Officer ONE RIVERFRONT PLAZA CORNING NY 14831
Capps Cheryl C officer: SVP & Chief Supply Chain Off. 5830 GRANITE PARKWAY SUITE 1150 PLANO TX 75024
Craig Pamela director C/O ACCENTURE 161 N CLARK STREET CHICAGO IL 60601
Ferguson Roger W. Jr. director CORNING INCORPORATED ONE RIVERFRONT PLAZA CORNING NY 14831
Samsung Display Co., Ltd. 10 percent owner 1, SAMSUNG-RO, GIHEUNG-GU, YONGIN-SI GYEONGGI-DO M5 17113
Bell Michael Alan officer: Senior VP &.GM, Optical Comm. ONE RIVERFRONT PLAZA CORNING NY 14831
Becker Stefan officer: SVP & Operations Controller ONE RIVERFRONT PLAZA CORNING NY 14831
Zhang John Z officer: Senior VP & GM, Display ONE RIVERFRONT PLAZA CORNING NY 14831
Verkleeren Ronald L officer: Senior VP & GM, Life Sciences ONE RIVERFRONT PLAZA CORNING NY 14831
Nelson Avery H Iii officer: Senior VP & GM, Automotive ONE RIVERFRONT PLAZA CORNING NY 14831
Bayne John P Jr officer: SVP & GM Mobile Consumer Elec. ONE RIVERFRONT PLAZA CORNING NY 14831
Fang Li officer: Pres.&GM Corning Greater China ONE RIVERFRONT PLAZA CORNING NY 14831
Mullins Anne officer: Senior Vice President & CDIO ONE RIVERFRONT PLAZA CORNING NY 14831
France Robert P. officer: Senior VP, Human Resources ONE RIVERFRONT PLAZA CORNING NY 14831
Brun Leslie A director 435 DEVON PARK DRIVE 700 BUILDING WAYNE PA 19087

Corning Headlines

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