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Held by 2,604 of 6,047 reporting institutions (100th percentile) — extremely crowded.
Data as of Q2 2026
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Ranked against 26 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-06-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| GLW | $128.0B | 81.2× | 36.2× | 8.2× | 19.1% | 36.0% | 10.2% | 13.5% | 12.7% | -0.2× | 2,604 |
| HWM | $86.5B | 58.5× | 38.1× | 10.5× | 11.1% | — | 18.3% | 28.2% | 17.9% | 1.0× | 1,548 |
| NUE | $57.6B | 33.8× | — | 1.8× | 5.7% | 11.9% | 5.4% | 8.3% | 8.3% | — | 1,505 |
| STLD | $34.5B | 30.1× | 18.7× | 1.9× | 3.6% | 13.2% | 6.5% | 13.2% | 9.0% | 1.7× | 989 |
| ATI | $25.8B | 66.6× | 31.5× | 5.6× | 5.2% | 22.0% | 8.8% | 22.4% | 22.0% | -0.5× | 758 |
| CRS | $18.9B | 36.2× | 22.6× | 6.0× | 8.6% | 30.6% | 17.0% | 23.8% | 18.2% | 0.3× | 836 |
| MLI | $13.6B | 9.0× | 11.9× | 3.3× | 10.9% | — | 18.3% | 23.8% | 23.8% | -1.3× | 708 |
| AA | $10.9B | 9.5× | 18.7× | 0.8× | 7.9% | — | 9.0% | 18.9% | 13.5% | 1.4× | 697 |
| CMC | $7.2B | 87.5× | — | 0.9× | -1.6% | 15.6% | 1.1% | 2.0% | 1.6% | — | 506 |
| BDC | $4.2B | 18.4× | 11.5× | 1.6× | 10.3% | 38.0% | 8.7% | 18.8% | 9.3% | 2.0× | 360 |
| CSTM | $3.5B | 13.4× | — | 0.4× | 15.2% | — | 3.2% | 28.7% | 9.4% | — | 371 |
| CENX | $3.4B | 81.3× | 15.2× | 1.3× | 13.9% | 10.1% | 1.7% | 5.2% | 3.1% | 1.7× | 405 |
| WOR | $3.1B | 20.3× | 29.7× | 2.3× | 19.7% | 27.4% | 11.3% | 15.2% | 11.7% | 2.4× | 283 |
| KALU | $2.5B | 22.4× | 11.3× | 0.7× | 11.5% | 13.1% | 3.3% | 13.6% | 6.0% | 3.4× | 321 |
| WS | $2.0B | 230.6× | 29.4× | 0.6× | 11.3% | 11.7% | 0.2% | 0.8% | 0.7% | 2.0× | 231 |
| ROCK | $1.1B | — | 6.5× | 1.0× | 11.0% | 26.9% | -3.9% | -4.7% | -4.7% | -0.8× | 236 |
| NWPX | $958M | 27.9× | — | 1.8× | 6.8% | 19.7% | 6.7% | 9.0% | 8.7% | — | 221 |
| SXC | $867M | — | 13.4× | 0.5× | -5.1% | — | -2.4% | -7.4% | -3.4% | 5.5× | 227 |
| NX | $864M | — | — | 0.5× | 43.8% | 27.2% | -13.6% | -34.5% | -17.7% | — | 175 |
| MTUS | $852M | — | 12.1× | 0.7× | 6.9% | 8.2% | -0.1% | -0.2% | -0.2% | -2.7× | 201 |
| IIIN | $588M | 14.5× | 7.6× | 0.9× | 22.4% | 14.4% | 6.3% | 11.0% | 11.0% | -0.5× | 186 |
| MATW | $587M | — | 8.6× | 0.4× | -16.6% | 33.9% | -1.6% | -5.1% | -2.1% | 4.6× | 176 |
| UAMY | $465M | — | — | 11.8× | 163% | 25.2% | -11.1% | -3.1% | -3.1% | — | 242 |
| TWI | $451M | — | 9.8× | 0.3× | -0.9% | 13.9% | -3.5% | -12.3% | -5.7% | 4.6× | 171 |
| FRD | $310M | 49.3× | 48.3× | 0.7× | -13.9% | 0.6% | 1.4% | 4.6% | 4.6% | -0.6× | 82 |
Peers = companies sharing GLW's sector (Drawing & Insulating of Nonferrous Wire) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 3 positive fiscal years (FY2023, FY2024, FY2025). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $140.89 today, the market must believe free cash flow compounds 34.6%/yr for a decade (off $1.00B on the 3-yr avg basis).
On the basis ($741.7M) the requirement is 39.1%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 34.6% is more optimistic than its 9-yr track record.
Default is 10.8% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.86B shares (market data) · net debt -$722.0M
mean 299.9% · volatility σ 611% · implied rate exceeded in 5/9 yrs
Central path = implied 34.6%/yr growth; shaded band = ±1σ (611%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $163.0M buybacks = $163.0M returned on $1.41B FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 13%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $1.53B covers the $804.0M due within a year 1.9× over. Scheduled principal only (excludes interest & revolver draws). As of 2025-12-31 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit. Effective rate ~41.8% on $804.0M of debt.
Cash of $1.53B fully covers short-term debt of $804.0M.
Mostly short-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
EOD close · as of 2026-10-14
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $15.63B 100.0% | $13.12B 100.0% | $12.59B 100.0% | $14.19B 100.0% | $14.08B 100.0% | $11.30B 100.0% | $11.50B 100.0% | $11.29B 100.0% | $10.12B 100.0% | $9.39B 100.0% |
| Cost of Revenue | $10.01B 64.0% | $8.84B 67.4% | $8.66B 68.8% | $9.68B 68.2% | $9.02B 64.0% | $7.77B 68.8% | $7.47B 64.9% | $6.83B 60.5% | $6.10B 60.3% | $5.63B 59.9% |
| Gross Profit | $5.62B 36.0% | $4.28B 32.6% | $3.93B 31.2% | $4.51B 31.8% | $5.06B 36.0% | $3.53B 31.2% | $4.04B 35.1% | $4.46B 39.5% | $4.02B 39.7% | $3.76B 40.1% |
| Research & Development | $800.0M 5.1% | $800.0M 6.1% | $900.0M 7.1% | $900.0M 6.3% | $800.0M 5.7% | $1.00B 8.8% | $800.0M 7.0% | $807.0M 7.1% | $689.0M 6.8% | $637.0M 6.8% |
| Selling, General & Admin | $2.12B 13.6% | $1.93B 14.7% | $1.84B 14.6% | $1.90B 13.4% | $1.83B 13.0% | $1.75B 15.5% | $1.58B 13.8% | $1.80B 15.9% | $1.47B 14.6% | $1.46B 15.6% |
| Operating Income | $2.28B 14.6% | $1.14B 8.7% | $890.0M 7.1% | $1.44B 10.1% | $2.11B 15.0% | $509.0M 4.5% | $1.31B 11.4% | $1.57B 14.0% | $1.61B 15.9% | $1.42B 15.2% |
| Interest Expense | $336.0M 2.1% | $329.0M 2.5% | $329.0M 2.6% | $292.0M 2.1% | $300.0M 2.1% | $276.0M 2.4% | $221.0M 1.9% | $191.0M 1.7% | $155.0M 1.5% | $159.0M 1.7% |
| Interest & Investment Income | $38.0M 0.2% | $47.0M 0.4% | $38.0M 0.3% | $15.0M 0.1% | $11.0M 0.1% | $15.0M 0.1% | $21.0M 0.2% | $38.0M 0.3% | $45.0M 0.4% | $32.0M 0.3% |
| Other Income (Expense), net | -$79.0M -0.5% | -$123.0M -0.9% | $56.0M 0.4% | $285.0M 2.0% | $249.0M 1.8% | -$74.0M -0.7% | -$155.0M -1.3% | -$216.0M -1.9% | -$81.0M -0.8% | -$117.0M -1.2% |
| Pretax Income | $2.05B 13.1% | $813.0M 6.2% | $816.0M 6.5% | $1.80B 12.7% | $2.43B 17.2% | $634.0M 5.6% | $1.22B 10.6% | $1.50B 13.3% | $1.66B 16.4% | $3.69B 39.3% |
| Income Tax Expense | $310.0M 2.0% | $221.0M 1.7% | $168.0M 1.3% | $411.0M 2.9% | $491.0M 3.5% | $111.0M 1.0% | $256.0M 2.2% | $437.0M 3.9% | $2.15B 21.3% | -$3.0M -0.0% |
| Net Income | $1.60B 10.2% | $506.0M 3.9% | $581.0M 4.6% | $1.32B 9.3% | $1.91B 13.5% | $512.0M 4.5% | $960.0M 8.3% | $1.07B 9.4% | -$497.0M -4.9% | $3.69B 39.4% |
| Per Share | ||||||||||
| EPS (Basic) | $1.87 | $0.59 | $0.69 | $1.56 | $1.30 | $0.54 | $1.11 | $1.19 | -$0.66 | $3.53 |
| EPS (Diluted) | $1.83 | $0.58 | $0.68 | $1.54 | $1.28 | $0.54 | $1.07 | $1.13 | -$0.66 | $3.23 |
| Weighted Avg Shares (Basic) | 855.0M | 853.0M | 848.0M | 843.0M | 828.0M | 761.0M | 776.0M | 816.0M | 895.0M | 1.02B |
| Weighted Avg Shares (Diluted) | 871.0M | 869.0M | 859.0M | 857.0M | 844.0M | 772.0M | 899.0M | 941.0M | 895.0M | 1.14B |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
EOD close · as of 2026-10-14
Where each multiple sits in its own 14-yr range · 98th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 14% against ROIC 13% — 1% of the return on equity comes from leverage and buybacks rather than from the operating business.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
High operating leverage: profit moved 5.3× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 60.5 | 64.9 | 68.8 | 64.0 | 68.2 | 68.8 | 67.4 | 64.0 |
| Gross Profit | 39.5 | 35.1 | 31.2 | 36.0 | 31.8 | 31.2 | 32.6 | 36.0 |
| R&D | 7.1 | 7.0 | 8.8 | 5.7 | 6.3 | 7.1 | 6.1 | 5.1 |
| SG&A | 15.9 | 13.8 | 15.5 | 13.0 | 13.4 | 14.6 | 14.7 | 13.6 |
| Operating Income | 14.0 | 11.4 | 4.5 | 15.0 | 10.1 | 7.1 | 8.7 | 14.6 |
| Income Tax | 3.9 | 2.2 | 1.0 | 3.5 | 2.9 | 1.3 | 1.7 | 2.0 |
| Net Income | 9.4 | 8.3 | 4.5 | 13.5 | 9.3 | 4.6 | 3.9 | 10.2 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on GLW: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Earns 3.42pts above its cost of capital, without much margin of safety.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 7.5% | 10.8% (today's — no rate published for this year) | -3.3pts |
| FY2020 | 2.8% | 10.8% (today's — no rate published for this year) | -8.0pts |
| FY2021 | 12.7% | 7.9% | 4.8pts |
| FY2022 | 8.7% | 9.0% | -0.4pts |
| FY2023 | 6.2% | 9.1% | -2.9pts |
| FY2024 | 8.5% | 10.1% | -1.6pts |
| FY2025 | 13.3% | 9.8% | 3.5pts |
| Now | 12.7% | 10.8% | 1.9pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 40.1% | 15.2% | 39.4% |
| FY2017 | 39.7% | 15.9% | -4.9% |
| FY2018 | 39.5% | 14.0% | 9.4% |
| FY2019 | 35.1% | 11.4% | 8.3% |
| FY2020 | 31.2% | 4.5% | 4.5% |
| FY2021 | 36.0% | 15.0% | 13.5% |
| FY2022 | 31.8% | 10.1% | 9.3% |
| FY2023 | 31.2% | 7.1% | 4.6% |
| FY2024 | 32.6% | 8.7% | 3.9% |
| FY2025 | 36.0% | 14.6% | 10.2% |
Return on equity (14%) and return on invested capital (13%) are within a couple of points in FY2025, so the headline return is the operating return — there is no meaningful leverage effect to strip out.
$2.5B of goodwill — 20% of invested capital. The gap is what was paid above the fair value of what was bought; it is real capital shareholders provided, so neither bar is the whole answer.
The spread was positive in only 2 of the last 5 years.
Cash conversion is 1.11x, but receivables have outgrown revenue 2 years running.
Reported free cash flow is $1.41B; after share-based compensation it is $1.13B. The difference is a real cost that the cash flow statement adds back.
Covers interest 4.7x even after a 30% EBITDA decline.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 6.78x |
| 5% | 6.44x |
| 10% | 6.10x |
| 15% | 5.77x |
| 20% | 5.43x |
| 25% | 5.09x |
| 30% | 4.75x |
| 35% | 4.41x |
| 40% | 4.07x |
| 45% | 3.73x |
| 50% | 3.39x |
| 55% | 3.05x |
| 60% | 2.71x |
Ladder as of 2025-12-31 (10-K); cash from the 2025-12-31 balance sheet; FCF from FY2025.
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Operating leases are $2,175,000,000 of the $2,979,000,000 total — a fixed obligation that does not appear in a headline debt figure.
At $148.54, free cash flow must compound 35.66%/yr for 10 years. It has done 72.84%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | 1415.1% | 35.7% |
| FY2021 | 121.0% | 35.7% |
| FY2022 | −43.0% | 35.7% |
| FY2023 | −39.2% | 35.7% |
| FY2024 | 58.4% | 35.7% |
| FY2025 | 45.1% | 35.7% |
The implied rate has been matched or beaten in 4 of the last 6 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $1.60B | $1.60B |
| Share-based comp | $286M | $1.88B |
| Other non-cash & working capital | $813M | $2.69B |
| Operating cash flow | $2.69B | $2.69B |
| Capex | −$1.28B | $1.41B |
| Free cash flow | $1.41B | $1.41B |
| FCF after SBC | $1.13B | $1.13B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | -1.7% | 16.2% | 17.9 points |
| FY2021 | 24.6% | -6.0% | -30.6 points |
| FY2022 | 0.8% | -14.1% | -14.9 points |
| FY2023 | -11.3% | -8.7% | 2.6 points |
| FY2024 | 4.2% | 30.6% | 26.4 points |
| FY2025 | 19.1% | 35.4% | 16.2 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 58.3 days | 113.4 days | 77.6 days | 94.1 days |
| FY2020 | 68.9 days | 116.5 days | 55.1 days | 130.3 days |
| FY2021 | 51.9 days | 100.4 days | 65.2 days | 87.1 days |
| FY2022 | 44.3 days | 109.5 days | 68 days | 85.7 days |
| FY2023 | 45.6 days | 112.4 days | 61.8 days | 96.2 days |
| FY2024 | 57.1 days | 112.4 days | 60.8 days | 108.8 days |
| FY2025 | 64.9 days | 112.2 days | 72.2 days | 104.9 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -3.7 percent |
| FY2020 | -5.4 percent |
| FY2021 | -5.0 percent |
| FY2022 | -4.4 percent |
| FY2023 | -5.0 percent |
| FY2024 | -5.2 percent |
| FY2025 | -3.5 percent |
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2025) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.