Corning Incorporated (GLW)

Activity ratios

Short-term

Turnover ratios

	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Inventory turnover	3.25	3.41	3.38	3.30	3.33	3.25	3.34	3.55	3.64	3.55	3.54	3.42	3.13	2.94	3.36	3.23	3.22	3.14	3.14	3.19
Receivables turnover	8.01	7.54	7.95	8.11	8.24	8.93	8.17	7.58	7.03	6.51	6.39	6.42	5.30	5.13	6.25	6.49	6.27	5.79	5.61	5.88
Payables turnover	5.91	6.21	6.14	5.69	5.37	5.31	4.89	5.02	5.59	6.27	6.45	6.35	6.62	6.46	6.78	6.07	4.71	5.07	5.55	5.47
Working capital turnover	4.35	4.31	4.62	6.51	6.23	5.48	6.20	5.17	4.94	4.12	4.35	2.66	2.67	2.56	2.80	2.95	2.92	4.59	4.07	3.53

Inventory turnover measures how efficiently a company manages its inventory. Corning, Inc. has maintained relatively stable inventory turnover ratios ranging from 3.25 to 3.41 over the past eight quarters, indicating that the company is able to sell and replace its inventory multiple times during the year.

Receivables turnover assesses how well a company collects payments from its customers. Corning, Inc. has shown a decreasing trend in receivables turnover ratios from 8.93 to 7.54 over the same period, which may signal potential issues with collecting outstanding receivables efficiently.

Payables turnover reflects how fast a company pays its suppliers. Corning, Inc. has consistently improved its payables turnover ratios from 4.89 to 6.21, indicating that the company is taking longer to pay its suppliers, potentially benefiting from extended payment terms.

Working capital turnover evaluates how quickly a company generates revenue from its working capital. Corning, Inc. has displayed fluctuating working capital turnover ratios, with a significant decrease in Q1 2023 compared to the previous quarters. This may indicate changes in the efficiency of utilizing working capital resources to generate sales.

Overall, Corning, Inc. has shown some stability in its inventory turnover, improvement in payables turnover, while the receivables turnover and working capital turnover have exhibited more variability and may require further analysis to assess their impact on the company's operational efficiency.

Average number of days

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Days of inventory on hand (DOH)	days	112.40	106.90	107.95	110.45	109.47	112.23	109.33	102.95	100.41	102.73	103.02	106.71	116.52	123.99	108.55	112.94	113.39	116.24	116.19	114.24
Days of sales outstanding (DSO)	days	45.58	48.43	45.89	45.01	44.27	40.89	44.69	48.17	51.94	56.09	57.13	56.83	68.88	71.14	58.38	56.26	58.26	63.03	65.08	62.10
Number of days of payables	days	61.81	58.75	59.48	64.12	68.00	68.76	74.58	72.71	65.24	58.23	56.63	57.49	55.14	56.49	53.86	60.15	77.56	71.98	65.78	66.67

Days of inventory on hand (DOH) for Corning, Inc. have shown slight fluctuations over the last eight quarters, ranging from 102.95 days to 112.40 days. This indicates that the company takes an average of about 105 to 110 days to sell its inventory, with some variations.

Days of sales outstanding (DSO) have also varied, with the number of days it takes to collect revenue ranging from 40.89 days to 48.43 days. Corning has managed to maintain a relatively stable collection period, showing efficient management in this aspect.

The number of days of payables has fluctuated as well, with figures oscillating between 58.75 days to 74.58 days over the same period. This implies that the company has been adjusting its payment periods to suppliers.

Overall, these activity ratios indicate that Corning, Inc. has been managing its inventory turnover, collection of receivables, and payment to suppliers fairly well, although there have been some fluctuations. Further analysis would be needed to determine the impact of these fluctuations on the company’s overall operational efficiency.

Long-term

	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Fixed asset turnover	0.86	0.90	0.91	0.90	0.92	0.99	0.95	0.92	0.89	0.89	0.85	0.79	0.72	0.70	0.73	0.74	0.75	0.78	0.78	0.78
Total asset turnover	0.44	0.46	0.46	0.47	0.48	0.50	0.49	0.48	0.47	0.46	0.44	0.40	0.37	0.36	0.39	0.40	0.40	0.43	0.43	0.42

The fixed asset turnover ratio for Corning, Inc. has been relatively stable over the past eight quarters, ranging from 0.86 to 0.99. This ratio indicates that for every dollar invested in fixed assets, the company generates between $0.86 and $0.99 in sales. A lower ratio may suggest underutilization of fixed assets, while a higher ratio could indicate efficient use of these assets to drive revenue.

In contrast, the total asset turnover ratio has also been fairly consistent, fluctuating between 0.44 and 0.50. This ratio reflects how effectively the company is utilizing all its assets to generate sales. A lower total asset turnover ratio may indicate inefficiencies in asset management, while a higher ratio suggests that the company is effectively generating revenue from its total asset base.

Overall, both the fixed asset turnover and total asset turnover ratios suggest that Corning, Inc. may need to focus on optimizing its asset utilization to enhance revenue generation and overall efficiency in its operations. Tracking these ratios over time can provide valuable insights into the company's long-term performance and asset management strategies.