Corning Incorporated
Thesis
Corning is expected to achieve a multiple in the high teens due to a continued ROIC inflection driven by cash returns and the ability to grow sales without significant capex. The market is overlooking growth opportunities in optical networking and Gorilla Glass, which could significantly boost revenues as demand for optical fiber increases and the auto glass market adopts innovative solutions.
Did it work?
The long thesis on Corning decisively played out: the stock returned +466% over the ~9.3 years since the pitch (~20% annualized), far exceeding typical market returns. This is consistent with the thesis's core claims — a sustained ROIC inflection, cash returns, and growth in optical networking and specialty glass driving both earnings and a meaningful multiple re-rating. With nearly a decade elapsed and the price outcome overwhelmingly positive, the thesis is confirmed.