Corning (GLW)
Key Statistics
EV/EBIT = 30.5x
ROE = 4.93%
Debt/Equity = 73%
FCF Yield = 2.05%
Dividend Yield = 3.5%
Market Cap = $25.64 billion
The Company
Corning (GLW), a materials science company, has built a reputation for its toughened glass, such as Gorilla Glass in smartphones, and other specialty glass types, like Lotus Glass for displays.
While the company is well-known for its consumer goods, such as Pyrex kitchen glassware and Corningware, Corning divested them in 1998. Corelle purchased these consumer brands.
They are currently a major supplier for Apple, providing the tough glass that protects iPhones.
Corning played a crucial role in the development of the iPhone. In 2006, Steve Jobs challenged Corning to create a scratch-resistant glass cover for the upcoming iPhone. Developing solid scratch-resistant glass was one of the vital engineering challenges in making the iPhone.
A phone with a constantly exposed screen that users frequently touch requires incredible durability and scratch resistance.