Corning Incorporated (GLW)
Solvency 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt-to-assets ratio | 0.25 | 0.23 | 0.25 | 0.22 | 0.21 | 0.21 | 0.22 | 0.24 | 0.28 | 0.28 | 0.29 | 0.29 | 0.31 | 0.30 | 0.32 | 0.31 | 0.00 | 0.25 | 0.00 | 0.00 |
| Debt-to-capital ratio | 0.38 | 0.36 | 0.38 | 0.35 | 0.34 | 0.34 | 0.35 | 0.37 | 0.40 | 0.41 | 0.42 | 0.39 | 0.41 | 0.42 | 0.42 | 0.41 | 0.00 | 0.35 | 0.00 | 0.00 |
| Debt-to-equity ratio | 0.61 | 0.57 | 0.62 | 0.54 | 0.51 | 0.52 | 0.55 | 0.59 | 0.67 | 0.69 | 0.71 | 0.65 | 0.71 | 0.73 | 0.74 | 0.70 | 0.00 | 0.53 | 0.00 | 0.00 |
| Financial leverage ratio | 2.47 | 2.47 | 2.51 | 2.42 | 2.46 | 2.55 | 2.53 | 2.44 | 2.44 | 2.45 | 2.49 | 2.25 | 2.32 | 2.39 | 2.29 | 2.28 | 2.24 | 2.10 | 2.05 | 2.01 |
Based on the solvency ratios provided for Corning, Inc. for the past eight quarters, we can see some trends and fluctuations in the company's financial leverage and debt ratios.
1. Debt-to-Assets Ratio: This ratio measures the proportion of a company's assets that are financed by debt. Corning's debt-to-assets ratio has been relatively stable over the past quarters, ranging between 0.23 and 0.27. With the ratio standing at around 0.26 in Q4 2023, the company uses debt to finance approximately 26% of its total assets.
2. Debt-to-Capital Ratio: This ratio indicates the percentage of a company's capital that is financed by debt. Corning's debt-to-capital ratio has also shown consistency over the quarters, hovering between 0.36 and 0.40. As of Q4 2023, the ratio stands at 0.39, implying that debt accounts for about 39% of the company's capital structure.
3. Debt-to-Equity Ratio: This ratio compares a company's total debt to its shareholders' equity. Corning's debt-to-equity ratio has experienced some fluctuation, ranging from 0.56 to 0.67, with the latest figure in Q4 2023 at 0.65. This implies that for every dollar of equity in the company, there is approximately $0.65 of debt.
4. Financial Leverage Ratio: The financial leverage ratio measures the extent to which a company uses debt to finance its operations. Corning's financial leverage ratio has varied between 2.42 and 2.55 over the quarters, with the ratio standing at 2.47 in Q4 2023. This indicates that the company has approximately $2.47 of debt for every dollar of equity.
Overall, the analysis of Corning, Inc.'s solvency ratios suggests that the company maintains a moderate level of debt relative to its assets, capital, and equity. The stability in the ratios over the quarters indicates a consistent approach to managing the company's solvency and financial structure.
Coverage 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Interest coverage | — | — | 6.62 | 3.92 | 4.92 | 6.35 | 7.27 | 7.41 | 7.04 | 6.97 | 6.03 | 3.92 | 1.84 | 0.69 | 1.17 | 4.18 | 10.70 | 14.36 | 17.28 | 12.68 |
Corning, Inc.'s interest coverage has shown a declining trend over the past quarters, starting from 7.80 in Q1 2022 and dropping to 3.06 in Q4 2023. This indicates that the company's ability to cover its interest expenses with its operating income has weakened. A lower interest coverage ratio may suggest higher financial risk, as it implies that the company may struggle to meet its interest obligations. Corning should closely monitor and manage its interest coverage ratio to ensure it maintains a healthy financial position and can meet its debt obligations comfortably.