GLW
TIER 3 · 1%RESEARCH PENDINGCorning • Foundry / Materials • XETRA
External Research
Key Metrics
Mkt Cap$111B
Fwd P/E41.7x
Gross Margin36.0%
D/E0.69
Rev Growth+19.1%
Customer RiskLow
Supply Chain Position
Dominant optical fiber + glass core substrates for TSMC COUPE. Multi-layer exposure bridges photonics and infrastructure.
Why Included
Bridges the photonics and physical infrastructure layers. Glass core substrates are critical for TSMC’s COUPE platform. 19% revenue growth. D/E 0.69 is the highest in the portfolio but manageable for the business.
Customers: Broadly diversified across telecom, display, and specialty materials. Low concentration.
Red Flags
- •D/E 0.69 is the highest in the portfolio — most leveraged name
- •41.7x forward P/E is premium for what is partly a materials/industrial business
- •Fiber capex cycles create revenue volatility independent of AI demand
Citrini Research Note
Mentioned in COUPE supply chain but not in Citrini basket. Added for glass core substrate + fiber exposure.