Corning has been on fire lately. In the past six months alone, the company’s stock price has rocketed 71.3%, reaching $164.36 per share. This performance may have investors wondering how to approach the situation.
Is now still a good time to buy GLW? Or are investors being too optimistic? Find out in our full research report, it’s free.
Why Does Corning Spark Debate?
Supplying windows for some of the United States’s earliest spacecraft, Corning (NYSE: GLW) provides glass and other electronic components for the consumer electronics, telecommunications, automotive, and healthcare industries.
Two Things to Like:
1. Skyrocketing Revenue Shows Strong Momentum
We at StockStory place the most emphasis on long-term growth, but within industrials, a stretched historical view may miss cycles, industry trends, or a company capitalizing on catalysts such as a new contract win or a successful product line. Corning’s annualized revenue growth of 12.6% over the last two years is above its five-year trend, suggesting its demand recently accelerated. 
2. EPS Increasing Steadily
Analyzing the long-term change in earnings per share (EPS) shows whether a company’s incremental sales were profitable — for example, revenue could be inflated through excessive spending on advertising and promotions.
Corning’s EPS grew at 10.3% compounded annual growth rate over the last five years, higher than its 7% annualized revenue growth. This tells us the company became more profitable on a per-share basis as it expanded.
One Reason to Be Careful:
Previous Growth Initiatives Haven’t Impressed
Growth gives us insight into a company’s long-term potential, but how capital-efficient was that growth? A company’s ROIC explains this by showing how much operating profit it makes compared to the money it has raised (debt and equity).
Although Corning has shown solid fundamentals lately, it historically did a mediocre job investing in profitable growth initiatives. Its five-year average ROIC was 6.5%, somewhat low compared to the best industrials companies that consistently pump out 20%+.
Final Judgment
Corning has huge potential even though it has some open questions, and with the recent rally, the stock trades at 51.8× forward P/E (or $164.36 per share). Is now a good time to buy despite the apparent froth? See for yourself in our comprehensive research report, it’s free.
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