Corning Incorporated (GLW)
Current ratio
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Total current assets | US$ in thousands | 7,212,000 | 7,453,000 | 7,659,000 | 8,004,000 | 7,463,000 |
| Total current liabilities | US$ in thousands | 4,319,000 | 5,175,000 | 4,806,000 | 3,767,000 | 3,521,000 |
| Current ratio | 1.67 | 1.44 | 1.59 | 2.12 | 2.12 |
December 31, 2023 calculation
Current ratio = Total current assets ÷ Total current liabilities
= $7,212,000K ÷ $4,319,000K
= 1.67
The current ratio of Corning, Inc. has fluctuated over the past five years. In 2023, the current ratio stands at 1.67, indicating that the company has $1.67 in current assets for every $1 in current liabilities. This shows an improvement from the previous year's current ratio of 1.44, suggesting better short-term liquidity in the current year.
Comparing the current ratio to 2021 and 2020, we observe a slight decrease in 2022 before the uptick in 2023. The substantial drop in the current ratio from 2.12 in 2020 to 1.59 in 2021 might have raised concerns, but the current ratio has since rebounded. It is noteworthy that despite the recent improvement, the current ratio remains below the 2020 level, signaling a potential need for closer monitoring of the company's ability to cover short-term obligations.
Overall, the current ratio trend of Corning, Inc. suggests fluctuations in short-term liquidity levels over the past few years. While the recent increase is positive, stakeholders should continue monitoring the company's liquidity position to ensure it can meet its current obligations efficiently.
Peer comparison
Dec 31, 2023