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Corning Beneish M-Score

: -2.90 (As of Today)
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The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -2.9 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

GLW' s Beneish M-Score Range Over the Past 10 Years
Min: -3.71   Med: -2.7   Max: -0.72
Current: -2.9

During the past 13 years, the highest Beneish M-Score of Corning was -0.72. The lowest was -3.71. And the median was -2.70.


Corning Beneish M-Score Historical Data

The historical data trend for Corning's Beneish M-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
Beneish M-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.90 -2.73 -2.72 -2.56 -2.88

Corning Quarterly Data
Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22
Beneish M-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 -2.63 -2.79 -2.88 -2.76 -2.90

Competitive Comparison

For the Electronic Components subindustry, Corning's Beneish M-Score, along with its competitors' market caps and Beneish M-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 Beneish M-Score Distribution

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

* The bar in red indicates where Corning's Beneish M-Score falls into.



Corning Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Corning for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * 0.7823+0.528 * 1.0154+0.404 * 0.9703+0.892 * 1.1099+0.115 * 1.0053
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9337+4.679 * -0.0658-0.327 * 1.0535
=-2.90

* 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:
Total Receivables was $1,786 Mil.
Revenue was 3615 + 3680 + 3676 + 3615 = $14,586 Mil.
Gross Profit was 1246 + 1283 + 1271 + 1321 = $5,121 Mil.
Total Current Assets was $7,883 Mil.
Total Assets was $29,718 Mil.
Property, Plant and Equipment(Net PPE) was $15,350 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,498 Mil.
Selling, General, & Admin. Expense(SGA) was $1,882 Mil.
Total Current Liabilities was $5,530 Mil.
Long-Term Debt & Capital Lease Obligation was $7,355 Mil.
Net Income was 563 + 581 + 487 + 371 = $2,002 Mil.
Non Operating Income was 329 + 259 + 163 + -3 = $748 Mil.
Cash Flow from Operations was 758 + 534 + 1023 + 895 = $3,210 Mil.
Total Receivables was $2,057 Mil.
Revenue was 3501 + 3290 + 3350 + 3001 = $13,142 Mil.
Gross Profit was 1315 + 1156 + 1213 + 1001 = $4,685 Mil.
Total Current Assets was $7,648 Mil.
Total Assets was $29,806 Mil.
Property, Plant and Equipment(Net PPE) was $15,455 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,517 Mil.
Selling, General, & Admin. Expense(SGA) was $1,816 Mil.
Total Current Liabilities was $4,624 Mil.
Long-Term Debt & Capital Lease Obligation was $7,643 Mil.




1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(1786 / 14586) / (2057 / 13142)
=0.12244618 / 0.15652108
=0.7823

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(4685 / 13142) / (5121 / 14586)
=0.35649064 / 0.35109009
=1.0154

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (7883 + 15350) / 29718) / (1 - (7648 + 15455) / 29806)
=0.21821792 / 0.22488761
=0.9703

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=14586 / 13142
=1.1099

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI=(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) / (Depreciation_t / (Depreciaton_t + PPE_t))
=(1517 / (1517 + 15455)) / (1498 / (1498 + 15350))
=0.08938251 / 0.08891263
=1.0053

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI=(SGA_t / Sales_t) / (SGA_t-1 /Sales_t-1)
=(1882 / 14586) / (1816 / 13142)
=0.12902783 / 0.13818292
=0.9337

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((7355 + 5530) / 29718) / ((7643 + 4624) / 29806)
=0.43357561 / 0.41156143
=1.0535

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(2002 - 748 - 3210) / 29718
=-0.0658

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Corning has a M-score of -2.90 suggests that the company is unlikely to be a manipulator.


Corning Beneish M-Score Related Terms

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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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