GLWCORNING INC /NY

Drawing & Insulating Of Nonferrous Wire

Revenue: $15.6B; 19% YoY
Operating margin: 14.6%; 69% YoY
EBITDA: $3.5B; 49% YoY
Market cap: $106.2B
Employees: 13,000; $1M revenue each
Net debt / EBITDA: 1.3×; $4.7B net debt
AI in 10-K: 1.7; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
169% of net income
Cash flow under 80% of net income
Dilutive SBCNo
2% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
27% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
7% of assets
Over 40% of assets
Shareholder dissentNo
94% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$1M · 83rd pct
Bottom quartile of its SIC industry
Quiet on AINo
1.7 per 10K words · 51st pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
1.3× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$106.2B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$98M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$14.1B	$14.2B	$12.6B	$13.1B	$15.6B	19%
Operating income	$2.1B	$1.4B	$890M	$1.1B	$2.3B	101%
Net income	$1.9B	$1.3B	$581M	$506M	$1.6B	215%
Operating cash flow	$3.4B	$2.6B	$2.0B	$1.9B	$2.7B	39%
Stock-based comp	$190M	$175M	$218M	$273M	$286M	4.8%
Buybacks	$274M	$221M	—	$165M	$163M	1.2%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $98M · 30
Net: −$98M

Pay vs performance

No pay-versus-performance disclosure yet.