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Optics·GLW

Corning Incorporated

NYSE · US

Specialty materials company with a major optical communications business spanning fiber, cable, and connectivity.

AI relevance

Optical fiber and connectivity supplier for data center and network infrastructure capacity expansion.

Optics Networking Fiber / Cable Other

Price

$150.27

Change

-1.18 (-0.78%)

Market cap

$129.4B

52w range

$65–$272

Exchange

NYSE

Country

Jason's Chips

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Price chart

GLW market performance

Daily close for Corning Incorporated

Latest close: $150.3
Range move: +$85.42 (+131.6%)
Range high: $255.7
Range low: $64.89
Latest volume: 2.9M
Source: FMP EOD

Downloads

Exports

Download statements, ratios, chart data, and transcript indexes.

CSV

Income statement

12 annual rows

Revenue, gross profit, R&D, operating income, EBITDA, net income, and EPS.

Annual

Balance sheet

12 annual rows

Cash, receivables, inventory, PP&E, assets, debt, liabilities, and equity.

Annual

Cash flow

12 annual rows

Operating cash flow, capital expenditures, and free cash flow.

Annual

Key metrics

12 annual rows

Enterprise value, valuation multiples, returns, yields, and cash conversion.

Annual

Ratios

12 annual rows

Margins, liquidity ratios, valuation ratios, leverage, and per-share metrics.

Annual

Chart data

1255 rows

Five years of daily close and volume data powering the company chart.

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Transcript list

83 rows

Available earnings-call transcript dates by fiscal year and quarter.

Download

StreetBuy

Analyst expectations

Consensus target

$179.29

+19.3%

Target range

$129.00 - $210.00

Rating mix

Buy

37 ratings

Next FY revenue

$19.20B

2026-12-31

Next FY EPS

$3.28

$3.23 - $3.35

Rating consensus37 ratings

Strong buy

Buy

Hold

Sell

Strong sell

Annual estimates

Period	Revenue avg	Revenue range	EPS avg	EPS range	EBITDA avg	EBIT avg	Net income avg	SG&A avg	Analysts
2026-12-31	$19.20B	$18.59B - $19.50B	$3.28	$3.23 - $3.35	$4.52B	$2.58B	$2.85B	$2.65B	8 rev / 9 EPS
2027-12-31	$22.80B	$22.13B - $23.22B	$4.32	$3.88 - $5.03	$5.37B	$3.06B	$3.85B	$3.15B	8 rev / 10 EPS
2028-12-31	$27.71B	$26.03B - $29.34B	$5.93	$3.57 - $7.90	$6.52B	$3.72B	$5.25B	$3.82B	10 rev / 6 EPS
2029-12-31	$30.98B	$29.88B - $32.33B	$6.40	$6.10 - $6.76	$7.29B	$4.16B	$5.50B	$4.27B	5 rev / 3 EPS
2030-12-31	$40.00B	$38.58B - $41.74B	$0.00	$0.00 - $0.00	$9.42B	$5.37B	$0	$5.52B	5 rev / 2 EPS

Quarterly estimates

Period	Revenue avg	Revenue range	EPS avg	EPS range	EBITDA avg	EBIT avg	Net income avg	SG&A avg	Analysts
2026-09-30	$4.99B	$4.96B - $5.05B	$0.87	$0.85 - $0.88	$1.17B	$670.3M	$763.1M	$688.4M	6 rev / 8 EPS
2026-12-30	$5.12B	$5.09B - $5.15B	$0.92	$0.91 - $0.94	$1.20B	$687.5M	$807.0M	$706.0M	6 rev / 8 EPS
2027-03-30	$5.13B	$5.09B - $5.19B	$0.91	$0.90 - $0.92	$1.21B	$688.8M	$792.8M	$707.4M	3 rev / 3 EPS
2027-06-30	$5.42B	$5.37B - $5.49B	$1.01	$1.00 - $1.03	$1.28B	$727.9M	$886.2M	$747.5M	3 rev / 4 EPS
2027-09-30	$5.82B	$5.77B - $5.90B	$1.14	$1.12 - $1.15	$1.37B	$781.9M	$991.7M	$803.1M	3 rev / 3 EPS
2027-12-30	$6.11B	$6.06B - $6.19B	$1.22	$1.21 - $1.24	$1.44B	$820.7M	$1.07B	$842.9M	3 rev / 4 EPS
2028-03-30	$6.26B	$6.21B - $6.34B	$1.34	$1.33 - $1.37	$1.47B	$841.3M	$1.17B	$864.0M	4 rev / 4 EPS
2028-06-30	$6.48B	$6.43B - $6.56B	$1.44	$1.43 - $1.47	$1.53B	$870.3M	$1.26B	$893.8M	4 rev / 5 EPS

Price target history

Window	Targets	Average target
Last month	6	$179.17
Last quarter	11	$204.64
Last year	43	$146.07
All time	75	$105.65

Sources: TheFly, StreetInsider, Benzinga, Pulse 2.0

Latest grade actions

Date	Firm	Action	Previous	New
2026-08-03	Truist Securities	Upgrade	Hold	Buy
2026-07-29	Mizuho	Maintain	Outperform	Outperform
2026-07-29	JP Morgan	Maintain	Neutral	Neutral
2026-07-29	Oppenheimer	Maintain	Outperform	Outperform
2026-07-29	Barclays	Maintain	Equal Weight	Equal Weight
2026-07-29	Morgan Stanley	Maintain	Equal Weight	Equal Weight
2026-07-29	Citigroup	Maintain	Buy	Buy
2026-07-13	Citigroup	Maintain	Buy	Buy

Historical rating snapshots

Date	Strong buy	Buy	Hold	Sell	Strong sell
2026-08-01	0	12	5	0	0
2026-07-01	0	11	5	1	1
2026-06-01	0	11	6	1	1
2026-05-01	0	10	5	0	1
2026-04-01	1	10	5	1	1
2026-03-01	1	10	3	1	1
2026-02-01	1	10	3	1	1
2026-01-01	1	10	3	1	1

FinancialsFY 2025

Financials

Revenue

$15.63B

Gross margin

35.3%

Operating income

$2.33B

Free cash flow

$1.41B

Cash + ST investments

$1.53B

Net debt

$8.70B

ROE

13.5%

ROIC

7.5%

EV / sales

5.4x

EV / EBITDA

22.5x

R&D / revenue

7.1%

Current ratio

1.6x

Income statement annual

Period	Revenue	Gross profit	Gross margin	R&D	Operating income	EBITDA	Net income	EPS
FY 2025	$15.63B	$5.51B	35.3%	$1.11B	$2.33B	$3.73B	$1.60B	$1.86
FY 2024	$13.12B	$4.28B	32.6%	$1.09B	$1.14B	$2.49B	$506.0M	$0.59
FY 2023	$12.59B	$3.93B	31.2%	$1.08B	$890.0M	$2.51B	$581.0M	$0.69
FY 2022	$14.19B	$4.51B	31.8%	$1.05B	$1.44B	$3.54B	$1.32B	$1.56
FY 2021	$14.08B	$5.06B	36.0%	$995.0M	$2.11B	$4.21B	$1.91B	$1.30
FY 2020	$11.30B	$3.53B	31.2%	$1.15B	$509.0M	$2.42B	$512.0M	$0.54
FY 2019	$11.50B	$4.04B	35.1%	$1.03B	$1.31B	$2.94B	$960.0M	$1.23
FY 2018	$11.29B	$4.46B	39.5%	$993.0M	$1.57B	$2.99B	$1.07B	$1.19
FY 2017	$10.12B	$4.02B	39.7%	$860.0M	$1.63B	$2.97B	-$497.0M	$-0.66
FY 2016	$9.39B	$3.76B	40.1%	$742.0M	$1.42B	$5.05B	$3.69B	$3.53
FY 2015	$9.11B	$3.65B	40.1%	$769.0M	$1.32B	$2.81B	$1.34B	$1.02
FY 2014	$9.71B	$4.05B	41.7%	$815.0M	$1.93B	$4.89B	$2.47B	$1.82

Cash flow annual

Period	Operating cash flow	Capex	Free cash flow
FY 2025	$2.69B	$1.28B	$1.41B
FY 2024	$1.94B	$965.0M	$974.0M
FY 2023	$2.00B	$1.39B	$615.0M
FY 2022	$2.62B	$1.60B	$1.01B
FY 2021	$3.41B	$1.64B	$1.77B
FY 2020	$2.18B	$1.38B	$803.0M
FY 2019	$2.03B	$1.99B	$44.0M
FY 2018	$2.92B	$2.24B	$677.0M
FY 2017	$2.00B	$1.80B	$200.0M
FY 2016	$2.50B	$1.11B	$1.39B
FY 2015	$2.81B	$1.25B	$1.56B
FY 2014	$4.71B	$1.08B	$3.63B

Balance sheet annual

Period	Cash + ST inv.	Receivables	Inventory	PP&E	Assets	Debt	Net debt	Liabilities	Equity
FY 2025	$1.53B	$2.78B	$3.08B	$15.69B	$30.98B	$10.22B	$8.70B	$18.67B	$11.81B
FY 2024	$1.77B	$2.05B	$2.72B	$14.15B	$27.73B	$8.09B	$6.32B	$16.66B	$10.69B
FY 2023	$1.78B	$1.57B	$2.67B	$15.51B	$28.50B	$8.48B	$6.71B	$16.63B	$11.55B
FY 2022	$1.67B	$1.72B	$2.90B	$16.21B	$29.50B	$7.82B	$6.15B	$17.22B	$12.01B
FY 2021	$2.15B	$2.00B	$2.48B	$16.55B	$30.15B	$7.83B	$5.68B	$17.61B	$12.33B
FY 2020	$2.67B	$2.13B	$2.44B	$16.42B	$30.77B	$8.70B	$6.03B	$17.33B	$13.26B
FY 2019	$2.43B	$1.84B	$2.32B	$15.34B	$28.90B	$8.25B	$5.82B	$15.90B	$12.91B
FY 2018	$2.35B	$1.94B	$2.04B	$14.89B	$27.50B	$6.00B	$3.64B	$13.62B	$13.79B
FY 2017	$4.32B	$1.81B	$1.71B	$14.02B	$27.48B	$5.13B	$811.0M	$11.72B	$15.72B
FY 2016	$5.29B	$1.48B	$1.47B	$12.55B	$27.90B	$3.90B	-$1.39B	$9.94B	$17.89B
FY 2015	$4.60B	$1.37B	$1.39B	$12.65B	$28.55B	$4.46B	-$38.0M	$9.68B	$18.79B
FY 2014	$6.07B	$1.50B	$1.32B	$12.77B	$30.06B	$3.26B	-$2.05B	$8.41B	$21.58B

Annual ratios and key metrics

Period	Gross margin	Op margin	Net margin	Current	Quick	ROE	ROIC	EV / sales	EV / EBITDA	FCF yield	R&D / rev.	Cash cycle
FY 2025	35.3%	14.9%	10.2%	1.6x	1.0x	13.5%	7.5%	5.4x	22.5x	1.9%	7.1%	105d
FY 2024	32.6%	8.7%	3.9%	1.6x	1.1x	4.7%	3.6%	3.6x	18.8x	2.4%	8.3%	109d
FY 2023	31.2%	7.1%	4.6%	1.7x	1.1x	5.0%	2.9%	2.6x	12.9x	2.4%	8.5%	96d
FY 2022	31.8%	10.1%	9.3%	1.4x	0.9x	11.0%	4.5%	2.3x	9.3x	3.8%	7.4%	86d
FY 2021	36.0%	15.0%	13.5%	1.6x	1.1x	15.5%	6.6%	2.6x	8.7x	5.8%	7.1%	87d
FY 2020	31.2%	4.5%	4.5%	2.1x	1.5x	3.9%	1.5%	3.0x	13.8x	2.9%	10.2%	128d
FY 2019	35.1%	11.4%	8.3%	2.1x	1.5x	7.4%	4.1%	2.5x	9.7x	0.2%	9.0%	94d
FY 2018	39.5%	14.0%	9.4%	2.1x	1.5x	7.7%	4.6%	2.8x	10.7x	2.4%	8.8%	94d
FY 2017	39.7%	16.1%	-4.9%	2.8x	2.2x	-3.2%	-2.0%	2.9x	9.9x	0.7%	8.5%	82d
FY 2016	40.1%	15.2%	39.4%	3.3x	2.8x	20.7%	5.6%	2.5x	4.6x	5.6%	7.9%	83d
FY 2015	40.1%	14.5%	14.7%	2.9x	2.4x	7.1%	4.5%	2.4x	7.9x	7.0%	8.4%	85d
FY 2014	41.7%	19.9%	25.4%	4.4x	3.8x	11.5%	4.8%	2.9x	5.7x	12.1%	8.4%	77d

Annual growth

Period	Revenue	Gross profit	R&D	Op income	Net income	EPS	FCF	Capex	Cash + ST inv.	Inventory	Assets	Debt
FY 2025	+19.1%	+29.0%	+1.9%	+105.4%	+215.4%	+215.3%	+45.1%	-32.8%	-13.7%	+13.0%	+11.7%	+26.4%
FY 2024	+4.2%	+8.8%	+1.2%	+27.5%	-12.9%	-14.5%	+58.4%	+30.6%	-0.6%	+2.2%	-2.7%	-4.6%
FY 2023	-11.3%	-12.8%	+2.8%	-38.1%	-55.9%	-55.8%	-39.2%	+13.3%	+6.5%	-8.2%	-3.4%	+8.5%
FY 2022	+0.8%	-11.0%	+5.2%	-31.9%	-31.0%	+20.0%	-43.0%	+2.0%	-22.2%	+17.0%	-2.2%	-0.2%
FY 2021	+24.6%	+43.4%	-13.8%	+314.9%	+272.3%	+140.7%	+121.0%	-18.9%	-19.6%	+1.8%	-2.0%	-10.0%
FY 2020	-1.7%	-12.5%	+11.9%	-61.0%	-46.7%	-56.1%	+1725.0%	+30.7%	+9.8%	+5.1%	+6.5%	+5.4%
FY 2019	+1.9%	-9.5%	+3.8%	-17.1%	-9.9%	+3.4%	-93.5%	+11.4%	+3.4%	+13.9%	+5.1%	+37.6%
FY 2018	+11.6%	+11.0%	+15.5%	-3.4%	+314.5%	+280.3%	+238.5%	-24.3%	-45.4%	+19.0%	+0.1%	+17.0%
FY 2017	+7.7%	+6.8%	+15.9%	+14.5%	-113.5%	-118.7%	-85.6%	-62.7%	-18.4%	+16.4%	-1.5%	+31.4%
FY 2016	+3.1%	+3.0%	-3.5%	+7.7%	+176.0%	+246.1%	-10.8%	+11.3%	+15.0%	+6.2%	-2.3%	-12.6%
FY 2015	-6.2%	-9.8%	-5.6%	-31.5%	-45.8%	-44.0%	-57.1%	-16.2%	-24.2%	+4.8%	-5.0%	+36.7%
FY 2014	+24.2%	+21.9%	+14.8%	+40.8%	+26.1%	+34.8%	+105.5%	-5.6%	+15.9%	+4.1%	+5.6%	-0.9%

SegmentsFY 2025

Revenue Mix

Period	Total	Optical Communications	Display Technologies	Specialty Materials	Environmental Technologies	Life Sciences	Telecommunications	Automotive Products	Polycrystalline Silicon	Hemlock And Emerging Growth Businesses	All Other	Segments All Other
FY 2025	$15.63B	$6.27B	$2.96B	$2.19B	--	$959.0M	--	$1.78B	$955.0M	--	$505.0M	--
FY 2024	$14.06B	$4.66B	$3.87B	$2.02B	$1.67B	$979.0M	--	--	--	$865.0M	--	--
FY 2020	$11.18B	$3.56B	$3.17B	$1.88B	$1.37B	$998.0M	--	--	--	--	--	$194.0M
FY 2019	$11.43B	$4.06B	$3.25B	$1.59B	$1.50B	$1.01B	--	--	--	--	--	--
FY 2018	$11.18B	$4.19B	$3.28B	$1.48B	$1.29B	$946.0M	--	--	--	--	--	--
FY 2012	$8.01B	--	$2.91B	$1.35B	$964.0M	$657.0M	$2.13B	--	--	--	$6.0M	--
FY 2011	$7.89B	--	$3.15B	$1.07B	$998.0M	$595.0M	$2.07B	--	--	--	$6.0M	--

Period	Total	Asia Pacific	North America	Europe	C [N]	T [W]	J [P]	U [S]	United States	D [E]	C [A]	Other Asia Pacific	G [B]	K [R]	Other Latin America	F [R]	M [X]	B [R]	Brazil
FY 2025	$16.16B	$7.65B	$7.11B	$1.41B	--	--	--	--	--	--	--	--	--	--	--	--	--	--	--
FY 2024	$14.29B	$7.31B	$5.55B	$1.42B	--	--	--	--	--	--	--	--	--	--	--	--	--	--	--
FY 2020	$11.19B	$6.21B	$3.76B	$1.22B	--	--	--	--	--	--	--	--	--	--	--	--	--	--	--
FY 2019	$11.28B	$5.87B	$4.09B	$1.32B	--	--	--	--	--	--	--	--	--	--	--	--	--	--	--
FY 2018	$11.02B	$5.75B	$3.92B	$1.36B	--	--	--	--	--	--	--	--	--	--	--	--	--	--	--
FY 2012	$9.74B	--	$2.13B	--	$2.10B	$1.71B	$751.0M	$1.86B	--	$264.0M	$246.0M	$243.0M	$134.0M	$94.0M	$95.0M	$57.0M	$24.0M	$29.0M	--
FY 2011	$9.38B	--	$1.93B	--	$1.55B	$1.85B	$1.25B	--	$1.68B	$318.0M	$229.0M	$145.0M	$124.0M	$101.0M	$79.0M	$65.0M	$26.0M	--	$29.0M

Transcripts

Events

Next earnings

2026-10-27EPS est $0.88

Recent filings

10-Q2026-07-29
8-K2026-07-28
42026-07-01

Latest news

Why Corning (GLW) is a Top Growth Stock for the Long-Term
Zacks Investment Research · 2026-08-21
A Single Meta Data Center Will Require “8 Million Miles of Fiber.” These Stocks Are Cashing In On the 802 Data Centers Currently Under Construction
24/7 Wall Street · 2026-08-21

Analyst expectations

Consensus target

$179.29

+19.3%

Target range

$129.00 - $210.00

Rating mix

Buy

37 ratings

Next FY revenue

$19.20B

2026-12-31

Next FY EPS

$3.28

$3.23 - $3.35

Rating consensus37 ratings

Strong buy

Buy

Hold

Sell

Strong sell

Annual estimates

Period	Revenue avg	Revenue range	EPS avg	EPS range	EBITDA avg	EBIT avg	Net income avg	SG&A avg	Analysts
2026-12-31	$19.20B	$18.59B - $19.50B	$3.28	$3.23 - $3.35	$4.52B	$2.58B	$2.85B	$2.65B	8 rev / 9 EPS
2027-12-31	$22.80B	$22.13B - $23.22B	$4.32	$3.88 - $5.03	$5.37B	$3.06B	$3.85B	$3.15B	8 rev / 10 EPS
2028-12-31	$27.71B	$26.03B - $29.34B	$5.93	$3.57 - $7.90	$6.52B	$3.72B	$5.25B	$3.82B	10 rev / 6 EPS
2029-12-31	$30.98B	$29.88B - $32.33B	$6.40	$6.10 - $6.76	$7.29B	$4.16B	$5.50B	$4.27B	5 rev / 3 EPS
2030-12-31	$40.00B	$38.58B - $41.74B	$0.00	$0.00 - $0.00	$9.42B	$5.37B	$0	$5.52B	5 rev / 2 EPS

Quarterly estimates

Period	Revenue avg	Revenue range	EPS avg	EPS range	EBITDA avg	EBIT avg	Net income avg	SG&A avg	Analysts
2026-09-30	$4.99B	$4.96B - $5.05B	$0.87	$0.85 - $0.88	$1.17B	$670.3M	$763.1M	$688.4M	6 rev / 8 EPS
2026-12-30	$5.12B	$5.09B - $5.15B	$0.92	$0.91 - $0.94	$1.20B	$687.5M	$807.0M	$706.0M	6 rev / 8 EPS
2027-03-30	$5.13B	$5.09B - $5.19B	$0.91	$0.90 - $0.92	$1.21B	$688.8M	$792.8M	$707.4M	3 rev / 3 EPS
2027-06-30	$5.42B	$5.37B - $5.49B	$1.01	$1.00 - $1.03	$1.28B	$727.9M	$886.2M	$747.5M	3 rev / 4 EPS
2027-09-30	$5.82B	$5.77B - $5.90B	$1.14	$1.12 - $1.15	$1.37B	$781.9M	$991.7M	$803.1M	3 rev / 3 EPS
2027-12-30	$6.11B	$6.06B - $6.19B	$1.22	$1.21 - $1.24	$1.44B	$820.7M	$1.07B	$842.9M	3 rev / 4 EPS
2028-03-30	$6.26B	$6.21B - $6.34B	$1.34	$1.33 - $1.37	$1.47B	$841.3M	$1.17B	$864.0M	4 rev / 4 EPS
2028-06-30	$6.48B	$6.43B - $6.56B	$1.44	$1.43 - $1.47	$1.53B	$870.3M	$1.26B	$893.8M	4 rev / 5 EPS

Price target history

Window	Targets	Average target
Last month	6	$179.17
Last quarter	11	$204.64
Last year	43	$146.07
All time	75	$105.65

Sources: TheFly, StreetInsider, Benzinga, Pulse 2.0

Latest grade actions

Date	Firm	Action	Previous	New
2026-08-03	Truist Securities	Upgrade	Hold	Buy
2026-07-29	Mizuho	Maintain	Outperform	Outperform
2026-07-29	JP Morgan	Maintain	Neutral	Neutral
2026-07-29	Oppenheimer	Maintain	Outperform	Outperform
2026-07-29	Barclays	Maintain	Equal Weight	Equal Weight
2026-07-29	Morgan Stanley	Maintain	Equal Weight	Equal Weight
2026-07-29	Citigroup	Maintain	Buy	Buy
2026-07-13	Citigroup	Maintain	Buy	Buy

Historical rating snapshots

Date	Strong buy	Buy	Hold	Sell	Strong sell
2026-08-01	0	12	5	0	0
2026-07-01	0	11	5	1	1
2026-06-01	0	11	6	1	1
2026-05-01	0	10	5	0	1
2026-04-01	1	10	5	1	1
2026-03-01	1	10	3	1	1
2026-02-01	1	10	3	1	1
2026-01-01	1	10	3	1	1

Financials

Revenue

$15.63B

Gross margin

35.3%

Operating income

$2.33B

Free cash flow

$1.41B

Cash + ST investments

$1.53B

Net debt

$8.70B

ROE

13.5%

ROIC

7.5%

EV / sales

5.4x

EV / EBITDA

22.5x

R&D / revenue

7.1%

Current ratio

1.6x

Income statement annual

Period	Revenue	Gross profit	Gross margin	R&D	Operating income	EBITDA	Net income	EPS
FY 2025	$15.63B	$5.51B	35.3%	$1.11B	$2.33B	$3.73B	$1.60B	$1.86
FY 2024	$13.12B	$4.28B	32.6%	$1.09B	$1.14B	$2.49B	$506.0M	$0.59
FY 2023	$12.59B	$3.93B	31.2%	$1.08B	$890.0M	$2.51B	$581.0M	$0.69
FY 2022	$14.19B	$4.51B	31.8%	$1.05B	$1.44B	$3.54B	$1.32B	$1.56
FY 2021	$14.08B	$5.06B	36.0%	$995.0M	$2.11B	$4.21B	$1.91B	$1.30
FY 2020	$11.30B	$3.53B	31.2%	$1.15B	$509.0M	$2.42B	$512.0M	$0.54
FY 2019	$11.50B	$4.04B	35.1%	$1.03B	$1.31B	$2.94B	$960.0M	$1.23
FY 2018	$11.29B	$4.46B	39.5%	$993.0M	$1.57B	$2.99B	$1.07B	$1.19
FY 2017	$10.12B	$4.02B	39.7%	$860.0M	$1.63B	$2.97B	-$497.0M	$-0.66
FY 2016	$9.39B	$3.76B	40.1%	$742.0M	$1.42B	$5.05B	$3.69B	$3.53
FY 2015	$9.11B	$3.65B	40.1%	$769.0M	$1.32B	$2.81B	$1.34B	$1.02
FY 2014	$9.71B	$4.05B	41.7%	$815.0M	$1.93B	$4.89B	$2.47B	$1.82

Cash flow annual

Period	Operating cash flow	Capex	Free cash flow
FY 2025	$2.69B	$1.28B	$1.41B
FY 2024	$1.94B	$965.0M	$974.0M
FY 2023	$2.00B	$1.39B	$615.0M
FY 2022	$2.62B	$1.60B	$1.01B
FY 2021	$3.41B	$1.64B	$1.77B
FY 2020	$2.18B	$1.38B	$803.0M
FY 2019	$2.03B	$1.99B	$44.0M
FY 2018	$2.92B	$2.24B	$677.0M
FY 2017	$2.00B	$1.80B	$200.0M
FY 2016	$2.50B	$1.11B	$1.39B
FY 2015	$2.81B	$1.25B	$1.56B
FY 2014	$4.71B	$1.08B	$3.63B

Balance sheet annual

Period	Cash + ST inv.	Receivables	Inventory	PP&E	Assets	Debt	Net debt	Liabilities	Equity
FY 2025	$1.53B	$2.78B	$3.08B	$15.69B	$30.98B	$10.22B	$8.70B	$18.67B	$11.81B
FY 2024	$1.77B	$2.05B	$2.72B	$14.15B	$27.73B	$8.09B	$6.32B	$16.66B	$10.69B
FY 2023	$1.78B	$1.57B	$2.67B	$15.51B	$28.50B	$8.48B	$6.71B	$16.63B	$11.55B
FY 2022	$1.67B	$1.72B	$2.90B	$16.21B	$29.50B	$7.82B	$6.15B	$17.22B	$12.01B
FY 2021	$2.15B	$2.00B	$2.48B	$16.55B	$30.15B	$7.83B	$5.68B	$17.61B	$12.33B
FY 2020	$2.67B	$2.13B	$2.44B	$16.42B	$30.77B	$8.70B	$6.03B	$17.33B	$13.26B
FY 2019	$2.43B	$1.84B	$2.32B	$15.34B	$28.90B	$8.25B	$5.82B	$15.90B	$12.91B
FY 2018	$2.35B	$1.94B	$2.04B	$14.89B	$27.50B	$6.00B	$3.64B	$13.62B	$13.79B
FY 2017	$4.32B	$1.81B	$1.71B	$14.02B	$27.48B	$5.13B	$811.0M	$11.72B	$15.72B
FY 2016	$5.29B	$1.48B	$1.47B	$12.55B	$27.90B	$3.90B	-$1.39B	$9.94B	$17.89B
FY 2015	$4.60B	$1.37B	$1.39B	$12.65B	$28.55B	$4.46B	-$38.0M	$9.68B	$18.79B
FY 2014	$6.07B	$1.50B	$1.32B	$12.77B	$30.06B	$3.26B	-$2.05B	$8.41B	$21.58B

Annual ratios and key metrics

Period	Gross margin	Op margin	Net margin	Current	Quick	ROE	ROIC	EV / sales	EV / EBITDA	FCF yield	R&D / rev.	Cash cycle
FY 2025	35.3%	14.9%	10.2%	1.6x	1.0x	13.5%	7.5%	5.4x	22.5x	1.9%	7.1%	105d
FY 2024	32.6%	8.7%	3.9%	1.6x	1.1x	4.7%	3.6%	3.6x	18.8x	2.4%	8.3%	109d
FY 2023	31.2%	7.1%	4.6%	1.7x	1.1x	5.0%	2.9%	2.6x	12.9x	2.4%	8.5%	96d
FY 2022	31.8%	10.1%	9.3%	1.4x	0.9x	11.0%	4.5%	2.3x	9.3x	3.8%	7.4%	86d
FY 2021	36.0%	15.0%	13.5%	1.6x	1.1x	15.5%	6.6%	2.6x	8.7x	5.8%	7.1%	87d
FY 2020	31.2%	4.5%	4.5%	2.1x	1.5x	3.9%	1.5%	3.0x	13.8x	2.9%	10.2%	128d
FY 2019	35.1%	11.4%	8.3%	2.1x	1.5x	7.4%	4.1%	2.5x	9.7x	0.2%	9.0%	94d
FY 2018	39.5%	14.0%	9.4%	2.1x	1.5x	7.7%	4.6%	2.8x	10.7x	2.4%	8.8%	94d
FY 2017	39.7%	16.1%	-4.9%	2.8x	2.2x	-3.2%	-2.0%	2.9x	9.9x	0.7%	8.5%	82d
FY 2016	40.1%	15.2%	39.4%	3.3x	2.8x	20.7%	5.6%	2.5x	4.6x	5.6%	7.9%	83d
FY 2015	40.1%	14.5%	14.7%	2.9x	2.4x	7.1%	4.5%	2.4x	7.9x	7.0%	8.4%	85d
FY 2014	41.7%	19.9%	25.4%	4.4x	3.8x	11.5%	4.8%	2.9x	5.7x	12.1%	8.4%	77d

Annual growth

Period	Revenue	Gross profit	R&D	Op income	Net income	EPS	FCF	Capex	Cash + ST inv.	Inventory	Assets	Debt
FY 2025	+19.1%	+29.0%	+1.9%	+105.4%	+215.4%	+215.3%	+45.1%	-32.8%	-13.7%	+13.0%	+11.7%	+26.4%
FY 2024	+4.2%	+8.8%	+1.2%	+27.5%	-12.9%	-14.5%	+58.4%	+30.6%	-0.6%	+2.2%	-2.7%	-4.6%
FY 2023	-11.3%	-12.8%	+2.8%	-38.1%	-55.9%	-55.8%	-39.2%	+13.3%	+6.5%	-8.2%	-3.4%	+8.5%
FY 2022	+0.8%	-11.0%	+5.2%	-31.9%	-31.0%	+20.0%	-43.0%	+2.0%	-22.2%	+17.0%	-2.2%	-0.2%
FY 2021	+24.6%	+43.4%	-13.8%	+314.9%	+272.3%	+140.7%	+121.0%	-18.9%	-19.6%	+1.8%	-2.0%	-10.0%
FY 2020	-1.7%	-12.5%	+11.9%	-61.0%	-46.7%	-56.1%	+1725.0%	+30.7%	+9.8%	+5.1%	+6.5%	+5.4%
FY 2019	+1.9%	-9.5%	+3.8%	-17.1%	-9.9%	+3.4%	-93.5%	+11.4%	+3.4%	+13.9%	+5.1%	+37.6%
FY 2018	+11.6%	+11.0%	+15.5%	-3.4%	+314.5%	+280.3%	+238.5%	-24.3%	-45.4%	+19.0%	+0.1%	+17.0%
FY 2017	+7.7%	+6.8%	+15.9%	+14.5%	-113.5%	-118.7%	-85.6%	-62.7%	-18.4%	+16.4%	-1.5%	+31.4%
FY 2016	+3.1%	+3.0%	-3.5%	+7.7%	+176.0%	+246.1%	-10.8%	+11.3%	+15.0%	+6.2%	-2.3%	-12.6%
FY 2015	-6.2%	-9.8%	-5.6%	-31.5%	-45.8%	-44.0%	-57.1%	-16.2%	-24.2%	+4.8%	-5.0%	+36.7%
FY 2014	+24.2%	+21.9%	+14.8%	+40.8%	+26.1%	+34.8%	+105.5%	-5.6%	+15.9%	+4.1%	+5.6%	-0.9%

Revenue Mix