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Corning Inc

GLWAbove value

Held by 5 superinvestors.

Price$132.00
Holders5
Total value$708.5M

SEC 10-K · fundamentals

Business quality

As of 2025-12-31

Valuation basis: trailing twelve months to 2026-06-30 — latest 10-K plus unaudited 10-Q filings.

Revenue growth
+19.1%
Net margin
10.2%
ROE
13.5%
FCF margin
—
Revenue $11.30B → $15.63B · 6y
What makes a business high quality

Valuation · value band

Above fair value

$12/ sh · growth-anchored intrinsic value
margin of safety
fair value
above fair value
$132
cheaperpricier

Zero-growth floor

$13

Central IV

$12

Optimistic top

$14

Corning Inc (GLW): A conservative value band $13–$14 / sh (zero-growth floor to growth-capped optimistic top); central read about $12. Today’s price sits above that band (price $132 as of 2026-10-16).

The middle figure is the main read. The right end is the optimistic case under the same conservative caps — not an absolute ceiling.

  • Recent earnings are below the multi-year average, so the band uses the lower run-rate.

Revenue growth 0% (history declining, capped at zero) · moat 10 yr · discount 11.7% · Zero-growth downside $13

Price as of 2026-10-16 · yahoo · DGS10 5.1% @ 2026-10-15.

Method & numbers

Buybacks over the years shown roughly only offset stock-based-compensation dilution — read them as maintaining the share count, not a net return of capital.

Model cautions

  • Owner-earnings yield diverges sharply from the 10-year Treasury (over 300 bps).

A conservative intrinsic-value band (zero-growth floor to growth-capped DCF) plus a tangible asset floor — not investment advice, not a buy/sell signal, and not a price target.

Owner-earnings DCF $11.02 – $13.54 · Greenwald zero-growth $14.36 · zero-growth base $14.36 · reproduction $12.91

Moat Franchise (via earnings growth) · terminal value 33% of present value · owner-earnings yield 1% vs 10Y 5.1%.

Graham earnings-power value (normalized NOPAT)$8.88 – $12.36 / sh

Normalized NOPAT = average operating margin over the years shown × latest-year revenue × (1 − normalized tax); then + D&A − maintenance capex (write A). Unlevered (pre-interest, attributable to all capital). Capitalized at the 9–11% rate band (read as a WACC proxy). Enterprise → equity bridge applied: + cash − total debt.

Years: TTM 2026-06-30, 2024, 2023, 2022, 2021

v1 simplifications: Maintenance capex unavailable → degraded to the v1 simplification (maintenance capex = D&A, so the depreciation add-back nets to zero). Share-based compensation is left as a real expense (not added back).

Buffett owner-earnings value$11.94 – $14.36 / sh

Owner earnings = average net income + average D&A − maintenance capex (zero-growth floor; no ΔNWC). Levered (starts from net income, already after interest — an equity-holder stream). Capitalized at the 9.9–11.9% band (9–11% base + 0.9pp leverage premium). No enterprise→equity bridge: the capitalized result is already equity value (subtracting debt would double-count interest).

Years: TTM 2026-06-30, 2024, 2023, 2022, 2021

v1 simplifications: Maintenance capex or D&A unavailable → degraded to normalized net income (= average net income over the years shown). One-time items are not separately normalized (multi-year averaging smooths them partially). Share-based compensation is left as a real expense (not added back); see the SBC/OE disclosure. Capitalized at the 9–11% base band plus a 0.9pp leverage premium (cost of equity rises with leverage — MM Proposition II). Net debt is about 4.8 years of owner earnings, adding 0.9pp of cost-of-equity risk premium.

Reproduction value = tangible net assets $9.47B + capitalized R&D $1.82B（FY 2026, 2024, 2023, 2022） = $12.91 / sh. Reproduction value = tangible net assets (equity − goodwill − intangibles) + capitalized R&D (5y straight-line), ÷ diluted shares.

Moat reading: Franchise test compares earnings power (EPV) against reproduction value on both AV_conservative (tangible + capitalized R&D) and AV_reproduction (conservative + acquired-reset proxy). Both must clear the franchise multiple for a moat signal; near it, a commodity; below it, value destruction. A directional reading, not a verdict.

Assumes a narrow moat · competitive-advantage period ≈ 10 years.

Growth value gated to zero — franchise via earnings-growth bypass; growth credit stays in the owner-earnings DCF only.

Window TTM 2026-06-30, FY 2024, 2023, 2022, 2021 · discount band 9%–11% · normalized tax 21% (Average effective tax rate over 5 year(s), capped at the statutory 21%.) · diluted shares.

Baseline 9%–11%, net debt ≈ 4.8 years of owner earnings → +0.9pp cost-of-equity premium → effective 9.9%–11.9%.

Owner-earnings DCF: growth g₁ 0% (history declining → capped at 0) · OE FY TTM 2026-06-30, 2024, 2023, 2022, 2021 · Discount band: 10.48%–12.88% (DGS10 +4.5% to a 12% strict end, each +0.88pp for leverage premium, as of 2026-10-15). No enterprise→equity bridge: owner earnings already flow to shareholders (post-interest), so no net cash is added and no debt subtracted — matching the engine owner-earnings lamp.

Valuation basis: trailing twelve months to 2026-06-30 — latest 10-K plus unaudited 10-Q filings.

What the price is betting

Today's price pencils in about over 30.0% (outside the usual range) a year in owner-earnings for the next few years. Revenue actually grew 3.7% a year.

The market wants it well ahead of its own track record.

Even when the value band is low-confidence: use this to see what the price assumes — not as a cheapness confirmation.

How to read intrinsic value

SEC 13F · holders

Superinvestors Holding This Security

5 holders · $708.5M combined · this quarter +1 opened / -1 exited

This quarter1 opened3 trimmed1 exited
Holders 5 → 5 · last 8 quarters
  • Stephen Mandel
    Value$696.8MWeight (prev→now)4.0% → 4.3% ▲
  • Dodge & Cox
    Value$8.9MWeight (prev→now)0.0% → 0.0% ▲
  • Steven Check
    Value$1.3MWeight (prev→now)0.0% → 0.1% ▲
  • Lee Ainslie
    Value$1.2MWeight (prev→now)0.6% → 0.0% ▼
  • Ray Dalio
    Value$333,847Weight (prev→now)New · 0.0%
Exited this quarter (1)
David Tepper

SEC 13F · notes

Written summary

Corning Inc (GLW) is held by 5 of the superinvestors tracked on Compounder, with a combined $708.5M in reported 13F value. The largest position belongs to Stephen Mandel, where it makes up 4.3% of the portfolio.

Other notable holders by value include Dodge & Cox (0.0% of its book), Steven Check (0.1% of its book) and Lee Ainslie (0.0% of its book).

In the quarter ended 2026-06-30, 1 of the tracked filers opened a new position in GLW, 0 added to existing ones, 3 trimmed, and 1 sold out entirely.

Holder counts and values reflect the most recent SEC Form 13F filings, through the quarter ended 2026-06-30. Source: SEC EDGAR. A 13F shows only long US-listed positions and can lag the real portfolio by up to 45 days, so this is disclosed long ownership, not a complete picture.

How to read a 13F

SEC 13F · co-ownership

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Also on

Sources· SEC EDGAR 13F as of 2026-06-30 · filed 2026-08-14

Educational data only — not investment advice. 13F positions are self-reported and can lag up to 45 days.

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