OakChart

Corning Inc

GLWTechnology·Electronic Components·USA·Large·NYSE·Nov 11 • 3:05 PM ET

120.87+8.74 (7.80%)
2026-11-11 21:05 CET
Market cap
96,588.89 USD m
Revenue, TTM
17,719.00 USD m
Net income, TTM
2,150.00 USD m
Free cash flow, TTM
2,461.00 USD m
EPS diluted, TTM
2.47
P/E
49.03
Compare

Price

GLW against its 20, 50 and 200-day averages
2050200miss
100.00150.00200.00250.0023.1M46.2MVolumeMay 26Jun 26Jul 26Aug 26Sep 26Oct 26Nov 26GLWclose 120.8720-day 124.1050-day 142.60200-day 156.46120.8752w high

55.5% under the 52-week high of 271.78 on 30 Jun 2026. 52-week low 77.39 on 21 Nov 2025. Last 15 sessions, 30.8% high to low

Volume 0.90× normal · the line is the 50-bar volume average

Profile

GLW
52-week range, 22% of the way up
77.39271.78

Corning, Inc. engages in the provision of glass for notebook computers, flat panel desktop monitors, display televisions, and other information display applications, carrier network and enterprise network products for the telecommunications industry, ceramic substrates for gasoline and diesel engines in automotive and heavy-duty vehicle markets, laboratory products for the scientific community and polymer products for biotechnology applications, optical materials for the semiconductor industry and the scientific community, and polycrystalline silicon products and other technologies. It operates through the following segments: Optical Communications, Display, Specialty Materials, Automotive, and Life Sciences. The Optical Communications segment is classified into two main product groupings: carrier and enterprise network. The carrier network group consists of products and solutions for optical-based communications infrastructure for services such as video, data, and voice communications. The enterprise network group consists primarily of optical-based communication networks sold to businesses, governments, and individuals for their own use. The Display Technologies segment manufactures glass substrates for flat panel displays, including organic light-emitting diodes and liquid crystal displays that are used primarily in televisions, notebook computers, desktop monitors, tablets, and handheld devices. The Specialty Materials segment is involved in the manufacture of products that provide material formulations for glass, glass ceramics and crystals, and precision metrology instruments and software. The Automotive segment manufactures ceramic substrates and filter products for emissions control in mobile applications around the world as well as technical glass and optic products and solutions for the interior and exterior of vehicles. The Life Sciences segment develops, manufactures, and supplies laboratory products. The company was founded by Amory Houghton Sr. in 1851 and is headquartered in Corning, NY.

IndexS&P 500, RUI
Employees67200
IPOMay 21, 1945
Beta1.24
ATR, 14d8.44
Rel volume0.90
Short float2.10%
Insider own8.28%
Inst own74.89%

Snapshot

6 groups

Valuation

IndexS&P 500, RUI
Market Cap104.12B
Enterprise Value111.36B
Income2.15B
Sales17.72B
Book/sh15.09
Cash/sh2.96
Dividend Est.1.16 (0.96%)
Dividend TTM1.12 (0.93%)
Dividend Ex-DateNov 13, 2026
Dividend Gr. 3/5Y1.22% 4.94%
Payout61.12%
Employees67200
IPOMay 21, 1945

Ratios

P/E49.03
Forward P/E26.59
PEG0.76
P/S5.88
P/B8.01
P/C40.82
P/FCF42.31
EV/EBITDA24.38
EV/Sales6.28
Quick Ratio1.17
Current Ratio1.72
Debt/Eq0.67
LT Debt/Eq0.60
Option/ShortYes / Yes

Earnings

EPS (ttm)2.47
EPS next Y4.55
EPS next Q0.98
EPS this Y33.80%
EPS next Y34.84%
EPS next 5Y35.02%
EPS past 3/5Y6.07% 27.86%
Sales past 3/5Y3.40% 6.68%
EPS Y/Y TTM56.55%
Sales Y/Y TTM18.80%
EPS Q/Q57.59%
Sales Q/Q18.41%
EarningsOct 27 BMO
EPS/Sales Surpr.3.30% 1.09%

Ownership

Insider Own8.28%
Insider Trans-0.30%
Inst Own74.89%
Inst Trans-0.81%
ROA6.71%
ROE17.06%
ROIC9.85%
Gross Margin35.46%
Oper. Margin17.37%
Profit Margin12.13%
SMA20-2.60%
SMA50-15.24%
SMA200-22.74%
Trades-

Technical

Shs Outstand906.00M
Shs Float790.10M
Short Float2.10%
Short Ratio1.81
Short Interest16.55M
52W High271.78 -55.53%
52W Low77.39 56.19%
Volatility7.71% 5.43%
ATR (14)8.44
RSI (14)44.39
Beta1.24
Rel Volume0.90
Avg Volume9.15M
Volume7,167,195

Performance

Perf Week1.77%
Perf Month-18.63%
Perf Quarter-23.76%
Perf Half Y-41.47%
Perf YTD38.05%
Perf Year37.47%
Perf 3Y336.68%
Perf 5Y215.93%
Perf 10Y416.56%
Recom1.50
Target Price173.82
Prev Close112.13
Price120.87
Change %7.80%

Analyst ratings

latest 10 of 20
DateActionAnalystRating changeTargetImplied
TodayInitiatedJJefferiesBuy$134+10.9%
Nov 05, 2026UpgradeFFox AdvisorsEqual Weight → Overweight
Sep 30, 2026InitiatedBBernsteinMkt Perform$140+15.8%
Sep 08, 2026UpgradeCChina RenaissanceHold → Buy$238+96.9%
Aug 03, 2026UpgradeTTruistHold → Buy$175+44.8%
Apr 16, 2026DowngradeJJP MorganOverweight → Neutral$175+44.8%
Mar 31, 2026InitiatedTTruistHold$125+3.4%
Jan 29, 2026DowngradeFFox AdvisorsOverweight → Equal Weight
Sep 02, 2025UpgradeUUBSNeutral → Buy$84-30.5%
Jul 08, 2025InitiatedWWolfe ResearchOutperform

Peers

Mkt cap
TickerCompanyMkt cap
APHAmphenol Corp199.05B
TELTE Connectivity plc63.46B
COHRCoherent Corp46.83B
LITELumentum Holdings Inc59.81B
CIENCIENA Corp42.51B
FLEXFlex Ltd29.50B
JBLJabil Inc26.77B
LFUSLittelfuse Inc10.14B
STSensata Technologies Holding Plc5.93B
AMEAmetek Inc54.99B

Insider trading

latest 14 of 100
InsiderRelationshipDateTransactionCostSharesValueTotal heldForm
Gullo Michelle LSenior Vice President & CHROSep 04 '26Sale152.299,8741,503,7139,384Sep 08 04:00 PM
Michelle GulloOfficerSep 04 '26Proposed Sale152.289,8741,503,657Sep 04 01:38 PM
STEVERSON LEWIS AVice Chairman, EVP and CLAOAug 28 '26Sale151.2913,1001,981,92915,052Aug 31 04:05 PM
Lewis SteversonOfficerAug 28 '26Proposed Sale151.2913,1001,981,864Aug 28 12:37 PM
WEEKS WENDELL PChairman, CEO and PresidentJun 09 '26Option Exercise27.03100,0002,703,0001,008,353Jun 09 04:03 PM
WEEKS WENDELL PChairman, CEO and PresidentJun 09 '26Sale186.46100,00018,646,070908,353Jun 09 04:03 PM
Wendell WeeksOfficerJun 09 '26Proposed Sale186.41100,00018,640,685Jun 09 11:57 AM
Amin JayminSVP and Chief Tech. OfficerMay 22 '26Option Exercise27.007,917213,759121,795May 26 04:01 PM
Amin JayminSVP and Chief Tech. OfficerMay 22 '26Sale192.1427,3955,263,63794,400May 26 04:01 PM
Jaymin AminOfficerMay 22 '26Proposed Sale192.1327,3955,263,504May 22 04:02 PM
Nelson Avery H IIIExecutive Vice President & COOMay 15 '26Sale195.9320,0003,918,60070,059May 18 04:02 PM
Fang LiSVP, Corning Intl & NBD, SolarMay 14 '26Option Exercise19.658,725171,4468,725May 15 04:02 PM
Avery H Nelson IIIOfficerMay 15 '26Proposed Sale195.9320,0003,918,600May 15 02:08 PM
Verkleeren Ronald LSVP Emerging Innovations GroupMay 13 '26Sale207.7710,0002,077,70848,143May 14 04:10 PM

Held by

AUM
TickerCompanyAUM
VTIVanguard Morningstar Total Stock Market ETFAUM: 687.42B
VOOVanguard S&P 500 ETFAUM: 1054.75B
VUGVanguard Morningstar Growth ETFAUM: 217.67B
IVViShares Core S&P 500 ETFAUM: 871.38B
SPYSPDR S&P 500 ETF TrustAUM: 793.23B
VGTVanguard Information Technology ETFAUM: 138.05B
XLKState Street Technology Select Sector SPDR ETFAUM: 112.79B
CGDVCapital Group Dividend Value ETFAUM: 38.70B
IWFiShares Russell 1000 Growth ETFAUM: 116.57B
SPYMState Street SPDR Portfolio S&P 500 ETFAUM: 183.48B

News

latest 14 of 100

Quarterly earnings

actual against estimate
PeriodReportedEPS actEPS estEPS repSales actSales estAnalysts
2026Q32026-10-270.9100.8810.7805,0815,02613
2026Q22026-07-280.7800.7550.6394,7384,63012
2026Q12026-04-280.7000.6920.4264,3454,29812
2025Q42026-01-280.7200.7070.6204,4124,36210
2025Q32025-10-280.6700.6650.4954,2724,23111
2025Q22025-07-290.6000.5710.5424,0453,85612
2025Q12025-04-290.5400.5070.1813,6793,64311
2024Q42025-01-290.5700.5590.3583,8743,76412
2024Q32024-10-290.5400.526-0.1373,7333,71712
2024Q22024-07-300.4700.4630.1203,6043,55012
2024Q12024-04-300.3800.3520.2433,2583,11811
2023Q42024-01-300.3900.393-0.0473,2723,25711
2023Q32023-10-240.4500.4600.1913,4593,50911
2023Q22023-07-250.4500.4540.3273,4823,48112
2023Q12023-04-250.4100.3890.2053,3673,34312
2022Q42023-01-310.4700.442-0.0433,6333,55112

Annual earnings

PeriodEPS actEPS estEPS repSales actSales est
2019FY1.7601.7401.06811,65611,503
2020FY1.3901.3620.53611,45211,309
2021FY2.0702.0581.27814,12013,997
2022FY2.0902.0711.53614,80514,714
2023FY1.7001.7030.67613,58013,564
2024FY1.9601.9530.58214,46914,357
2025FY2.5202.5221.83016,40816,357
2026FY-3.372--19,424
2027FY-4.546--23,483
2028FY-6.203--28,373
2029FY-7.938--33,514
2030FY-9.070--39,684

Estimate revisions

last 14 periods
PeriodTypeDateEstimatesUpDownMeanLowHigh
2026Q4S2026-11-1011915,2595,2335,295
2026Q4S2026-11-06101005,2755,2335,400
2026Q4S2026-11-0510915,2615,2335,295
2026Q4S2026-11-0411915,2535,1715,295
2026Q4S2026-10-2711815,2425,1425,295
2026Q4S2026-10-2011415,2035,0865,396
2026Q4S2026-10-1911305,1985,0865,456
2026Q4S2026-10-1411205,1785,0865,456
2026Q4S2026-10-1111215,1785,0865,456
2026Q4S2026-10-0811625,1785,0865,456
2026Q4S2026-10-0211525,1645,0495,456
2026Q4S2026-09-3011535,1615,0495,456
2026Q4S2026-09-2811535,1555,0495,456
2026Q4S2026-09-2610535,1255,0495,183

Estimate history

EPS, annual-0.6651.1331.0680.5361.2781.5360.6760.5821.8322.4655
Period201720182019202020212022202320242025TTM
EPS, quarterly-0.1370.3580.1810.5420.4950.620.4260.6390.781
PeriodQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26
Sales, annual10115112901150311310140681413712588131361562917719
Period201720182019202020212022202320242025TTM
Sales, quarterly339135013452386241004215414445054855
PeriodQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26
Shares, annual858788762765830823820813808906
Period201720182019202020212022202320242025MRQ
Shares, quarterly814813810809808808907906906
PeriodQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26

Income statement, annual

Currency USD, millions
MetricTTM2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY
Total Revenue17,719.0015,629.0013,136.0012,588.0014,137.0014,068.0011,310.0011,503.0011,290.00
Cost of Goods Sold Incl. D&A11,435.0010,113.009,010.008,545.009,501.009,107.007,463.007,790.007,122.00
Gross Profit6,284.005,516.004,126.004,043.004,636.004,961.003,847.003,713.004,168.00
Selling, General and Administrative Excl. Other3,206.003,183.002,613.002,782.002,878.002,824.002,560.002,418.002,588.00
Research and Development1,175.001,110.001,089.001,030.001,031.00994.00907.00833.00807.00
Other Operating Expense0.000.000.000.000.000.000.000.000.00
Operating Income3,078.002,333.001,513.001,261.001,758.002,137.001,287.001,295.001,580.00
Interest Expense366.00336.00329.00329.00292.00300.00276.00221.00191.00
Unusual Expense81.00-360.00517.00506.007.00-314.00438.00-251.00186.00
Net Income Before Taxes2,824.002,052.00813.00816.001,797.002,426.00623.001,216.001,503.00
Income Taxes474.00310.00221.00168.00411.00491.00111.00256.00437.00
Consolidated Net Income2,350.001,742.00592.00648.001,386.001,935.00512.00960.001,066.00
Net Income From Continuing Operations2,150.001,596.00506.00581.001,316.001,906.00512.00960.001,066.00
Net Income2,150.001,596.00506.00581.001,316.001,079.00414.00862.00968.00
EPS (Recurring)2.531.541.001.091.541.020.930.871.27
EPS (Basic, Before Extraordinaries)2.501.870.590.691.561.300.541.111.19
EPS (Diluted)2.471.830.580.681.541.280.541.071.13
EBITDA4,568.003,680.002,863.002,630.003,210.003,618.002,807.002,798.002,873.00
Non-Operating Income (Expense)193.00-305.00146.00390.00338.00275.0051.00-109.00300.00
Other After Tax Adjustments0.000.000.000.000.000.000.000.000.00
Stock Option Compensation Expense234.00244.00215.67172.22138.25150.10151.1144.2440.29
Price To Earnings Ratio45.4845.48265.7744.7714.9230.0375.3528.4928.79
Price To Sales Ratio7.564.883.142.081.942.232.462.282.52
Gross Margin35.4635.2931.4132.1232.7935.2634.0132.2836.92
Operating Margin17.3714.9311.5210.0212.4415.1911.3811.2613.99
Net Margin12.1310.213.854.629.317.673.667.498.57
Shares Outstanding906.00808.00813.00820.00823.00830.00765.00762.00788.00
Market Capitalization96,588.8996,588.8940,687.0525,979.1827,015.2031,772.3827,504.3622,388.7924,180.05

Income statement, quarterly

Currency USD, millions
Metric2026Q32026Q22026Q12025Q42025Q32025Q22025Q12024Q4
Total Revenue4,855.004,505.004,144.004,215.004,100.003,862.003,452.003,501.00
Cost of Goods Sold Incl. D&A3,108.002,926.002,668.002,733.002,608.002,495.002,273.002,360.00
Gross Profit1,747.001,579.001,476.001,482.001,492.001,367.001,179.001,141.00
Selling, General and Administrative Excl. Other831.00810.00777.00788.00858.00761.00718.00771.00
Research and Development314.00299.00278.00284.00280.00276.00270.00275.00
Other Operating Expense0.000.000.000.000.000.000.000.00
Operating Income916.00769.00699.00694.00634.00606.00461.00370.00
Interest Expense87.0094.0092.0093.0078.0083.0082.0079.00
Unusual Expense-66.00110.00135.00-98.00123.00-55.00-5.00-79.00
Net Income Before Taxes968.00649.00529.00678.00550.00584.00240.00437.00
Income Taxes222.0040.00121.0091.0080.0084.0055.0097.00
Consolidated Net Income746.00609.00408.00587.00470.00500.00185.00340.00
Net Income From Continuing Operations680.00559.00371.00540.00430.00469.00157.00310.00
Net Income680.00559.00371.00540.00430.00469.00157.00310.00
EPS (Recurring)0.730.730.530.540.590.500.180.29
EPS (Basic, Before Extraordinaries)0.790.650.430.630.500.550.180.36
EPS (Diluted)0.780.640.430.620.500.540.180.36
EBITDA1,309.001,158.001,056.001,045.00965.00944.00780.00705.00
Non-Operating Income (Expense)73.0084.0057.00-21.00117.006.00-144.0067.00
Other After Tax Adjustments0.000.000.000.000.000.000.000.00
Stock Option Compensation Expense45.0052.0081.0056.0078.2149.7742.6656.09
Price To Earnings Ratio45.48122.6073.9455.5386.85100.6378.42265.77
Price To Sales Ratio7.5613.187.264.864.773.202.923.14
Gross Margin35.9835.0535.6235.1636.3935.4034.1532.59
Operating Margin18.8717.0716.8716.4715.4615.6913.3510.57
Net Margin14.0112.418.9512.8110.4912.144.558.85
Shares Outstanding906.00906.00907.00808.00808.00809.00810.00813.00
Market Capitalization96,588.89219,832.76116,655.1975,070.4470,268.4645,041.8139,223.2540,687.05

Balance sheet, annual

Currency USD, millions
Metric2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY
Cash & Short Term Investments1,526.001,768.001,779.001,671.002,148.002,672.002,434.002,355.004,317.00
Short Term Receivables2,779.002,053.001,572.001,721.002,004.002,133.001,836.001,940.001,807.00
Inventories3,077.002,724.002,666.002,904.002,481.002,438.002,320.002,037.001,712.00
Other Current Assets1,554.001,447.001,195.001,157.001,026.00761.00873.00702.00991.00
Total Current Assets8,936.007,992.007,212.007,453.007,659.008,004.007,463.007,034.008,827.00
Net Property, Plant & Equipment15,685.0013,359.0014,630.0016,213.0016,545.0016,422.0015,841.0014,895.0014,017.00
Total Investments and Advances784.00754.00544.00584.00482.00558.00426.00421.00408.00
Long-Term Note Receivable248.00253.00261.00------
Intangible Assets3,146.003,115.003,285.003,423.003,569.003,768.003,120.003,228.002,563.00
Deferred Tax Assets1,515.001,130.001,153.001,073.001,066.001,121.001,157.00951.00813.00
Other Assets662.001,132.001,415.00753.00833.00902.00891.00976.00866.00
Total Assets30,976.0027,735.0028,500.0029,499.0030,154.0030,775.0028,898.0027,505.0027,494.00
Short Term Debt Incl. Current Port. of LT Debt901.00421.00432.00335.00149.00252.0073.004.00379.00
Accounts Payable1,979.001,472.001,466.001,804.001,612.001,174.001,587.001,456.001,439.00
Income Tax Payable98.00109.0069.00127.00196.00173.00182.00169.00148.00
Other Current Liabilities2,650.002,917.002,352.002,909.002,849.002,168.001,679.001,682.001,243.00
Total Current Liabilities5,628.004,919.004,319.005,175.004,806.003,767.003,521.003,311.003,209.00
Long Term Debt8,476.007,670.008,052.007,482.007,680.008,449.008,179.005,994.004,749.00
Provision for Risks Charges901.00865.001,119.001,075.001,329.001,708.001,847.001,772.001,800.00
Deferred Tax Liabilities149.00137.00218.00243.00258.00313.00325.00347.00-
Other Liabilities3,515.003,074.002,924.003,249.003,536.003,090.002,029.002,195.001,966.00
Total Liabilities18,669.0016,665.0016,632.0017,224.0017,609.0017,327.0015,901.0013,619.0011,724.00
Non-Equity Reserves0.000.000.000.000.000.000.000.000.00
Preferred Stock - Carrying Value0.000.000.000.000.002,300.002,300.002,300.002,300.00
Common Equity11,807.0010,686.0011,551.0012,008.0012,333.0010,957.0010,607.0011,492.0013,398.00
Total Shareholders Equity11,807.0010,686.0011,551.0012,008.0012,333.0013,257.0012,907.0013,792.0015,698.00
Accumulated Minority Interest500.00384.00317.00267.00212.00191.0090.0094.0072.00
Total Equity12,307.0011,070.0011,868.0012,275.0012,545.0013,448.0012,997.0013,886.0015,770.00
Total Liabilities & Stockholders Equity30,976.0027,735.0028,500.0029,499.0030,154.0030,775.0028,898.0027,505.0027,494.00
Book Value Per Share14.6113.1414.0914.5914.8614.3213.9214.5815.62
Tangible Book Value Per Share10.729.3110.0810.4310.569.409.8310.4912.63
Full-Time Employees67,20056,30049,80057,50061,20050,11049,50051,50046,200
Price to Book Ratio7.433.482.182.332.512.512.092.071.85
Return on Assets5.441.802.004.416.261.723.403.88-1.79
Return on Equity14.194.554.9310.8114.903.917.197.23-2.96
Return on Invested Capital7.872.762.966.759.522.364.555.39-2.43
Quick Ratio1.041.071.050.881.081.481.461.512.22
Current Ratio1.591.621.671.441.592.122.122.122.75

Cash flow, annual

Currency USD, millions
MetricTTM2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY
Net Income2,350.001,742.00592.00648.001,386.001,935.00512.00960.001,066.00
Depreciation1,492.001,347.001,350.001,369.001,452.001,481.001,520.001,503.001,293.00
Other Funds (Non Cash)51.00147.00374.00363.00-59.00-250.00-140.00268.00699.00
Funds from Operations3,642.002,881.002,283.002,305.002,733.003,182.001,872.002,540.003,020.00
Extraordinary Item0.000.000.000.000.000.000.000.000.00
Changes in Working Capital550.00-186.00-344.00-300.00-118.00230.00308.00-509.00-101.00
Cash from Operating Activities4,192.002,695.001,939.002,005.002,615.003,412.002,180.002,031.002,919.00
Capital Expenditures-1,731.00-1,282.00-965.00-1,390.00-1,604.00-1,637.00-1,377.00-1,987.00-2,310.00
Net Assets From Acquisitions0.000.000.000.000.000.000.000.00-842.00
Sale of Fixed Assets and Businesses11.0011.0080.0067.0076.00120.0041.0078.000.00
Purchase or Sale of Investments-134.00-134.000.00-17.00-38.0084.000.000.000.00
Purchase of Investments-134.00-134.000.00-17.00-38.000.000.000.000.00
Sale Or Maturity of Investments0.000.000.00-0.0084.000.000.000.00
Other Uses-180.00-142.00-138.00-9.00-89.00-53.00--48.00-39.00
Other Sources551.00304.00279.00349.00300.0067.0026.0066.00304.00
Cash from Investing Activities-1,483.00-1,243.00-744.00-1,000.00-1,355.00-1,419.00-1,310.00-1,891.00-2,887.00
Cash Dividends Paid-1,012.00-999.00-986.00-989.00-932.00-871.00-787.00-742.00-685.00
Change in Capital Stock529.00-122.00-89.00-465.00-688.00-684.0019.00-882.00-2,146.00
Repurchase of Common Pref Stock-5.00-163.00-165.00-507.00-728.00-781.00-105.00-940.00-2,227.00
Sale of Common Pref Stock534.0041.0076.0042.0040.0097.00124.0058.0081.00
Proceedsfrom Stock Options0.000.000.000.000.000.000.000.000.00
Issuance or Reduction of Debt, Net-1,015.00-425.00-114.00716.0040.00-838.0022.001,531.00856.00
Change in Long Term Debt-1,166.00-127.00153.0082.0057.00-694.00122.001,831.00856.00
Issuance of Long Term Debt9.00294.00153.0082.0057.0022.00243.001,831.001,485.00
Reduction of Long Term Debt-1,175.00-421.000.000.000.00-716.00-121.000.00-629.00
Net Financing Active Other Cash Flow-321.00-126.0025.00-145.00-69.00-59.0017.0046.00-20.00
Other Financing Activities Uses-321.00-150.00-109.00-199.00-69.00-61.00---20.00
Cash from Financing Activities-1,819.00-1,672.00-1,164.00-883.00-1,649.00-2,452.00-729.00-47.00-1,995.00
Exchange Rate Effect13.0018.00-42.00-14.00-88.00-65.0097.00-14.001.00
Net Change in Cash903.00-202.00-11.00108.00-477.00-524.00238.0079.00-1,962.00
Free Cash Flow2,461.001,413.00974.00615.001,011.001,775.00803.0044.00609.00
Preferred Dividends (Cash Flow)-0.000.000.000.00----
Price to Free Cash Flow92.43184.21--346.4934.761,737.00--
Deferred Taxes & Investment Tax Credit--355.00-33.00-75.00-46.0016.00-20.00-191.00-38.00

Balance sheet, quarterly

Currency USD, millions
Metric2026Q32026Q22026Q12025Q42025Q32025Q2
Cash & Short Term Investments2,551.002,511.001,779.001,526.001,648.001,491.00
Short Term Receivables3,101.002,932.002,676.002,779.002,509.002,298.00
Inventories3,646.003,426.003,279.003,077.003,104.003,084.00
Other Current Assets2,044.002,048.001,792.001,554.001,416.001,323.00
Total Current Assets11,342.0010,917.009,526.008,936.008,677.008,196.00
Net Property, Plant & Equipment16,385.0015,784.0015,641.0015,685.0014,397.0013,881.00
Total Investments and Advances836.00836.00825.00784.00292.00330.00
Intangible Assets3,071.003,086.003,111.003,146.003,173.003,203.00
Deferred Tax Assets1,615.001,610.001,569.001,515.001,296.001,187.00
Other Assets727.00589.00446.00662.002,081.001,948.00
Total Assets34,126.0032,956.0031,253.0030,976.0029,916.0028,745.00
Short Term Debt Incl. Current Port. of LT Debt1,023.00758.001,354.00901.00904.00887.00
Accounts Payable2,492.002,361.002,251.001,979.002,029.001,931.00
Income Tax Payable77.0060.0093.0098.0085.0075.00
Other Current Liabilities2,993.002,842.002,218.002,650.002,559.002,582.00
Total Current Liabilities6,585.006,021.005,916.005,628.005,577.005,475.00
Long Term Debt8,148.008,621.008,570.008,476.008,281.007,612.00
Provision for Risks Charges949.00939.00903.00901.00920.00908.00
Deferred Tax Liabilities238.00113.00121.00149.00164.00176.00
Other Liabilities3,918.004,135.003,394.003,515.002,969.003,029.00
Total Liabilities19,838.0019,829.0018,904.0018,669.0017,911.0017,200.00
Non-Equity Reserves0.000.000.000.000.000.00
Preferred Stock - Carrying Value0.000.000.000.000.000.00
Common Equity13,671.0012,560.0011,812.0011,807.0011,536.0011,116.00
Total Shareholders Equity13,671.0012,560.0011,812.0011,807.0011,536.0011,116.00
Accumulated Minority Interest617.00567.00537.00500.00469.00429.00
Total Equity14,288.0013,127.0012,349.0012,307.0012,005.0011,545.00
Total Liabilities & Stockholders Equity34,126.0032,956.0031,253.0030,976.0029,916.0028,745.00
Book Value Per Share15.0913.8613.0214.6114.2813.74
Tangible Book Value Per Share11.7010.469.5910.7210.359.78
Full-Time Employees---67,200--
Price to Book Ratio7.4319.619.306.135.973.98
Return on Assets6.716.166.175.444.692.93
Return on Equity17.0616.0516.0714.1912.077.55
Return on Invested Capital3.122.641.822.662.172.50
Quick Ratio1.171.241.061.041.000.93
Current Ratio1.721.811.611.591.561.50

Cash flow, quarterly

Currency USD, millions
Metric2026Q32026Q22026Q12025Q42025Q32025Q2
Net Income746.00609.00408.00587.00470.00500.00
Depreciation393.00391.00357.00351.00337.00340.00
Other Funds (Non Cash)-28.0046.00125.00-92.0077.00-36.00
Funds from Operations1,167.001,007.00828.00640.00774.00815.00
Extraordinary Item0.000.000.000.000.000.00
Changes in Working Capital-106.00710.00-466.00412.0010.00-107.00
Cash from Operating Activities1,061.001,717.00362.001,052.00784.00708.00
Capital Expenditures-545.00-422.00-332.00-432.00-334.00-308.00
Net Assets From Acquisitions0.000.000.000.000.000.00
Sale of Fixed Assets and Businesses0.000.000.0011.000.000.00
Purchase or Sale of Investments0.000.000.00-134.000.000.00
Purchase of Investments0.000.000.00-134.000.000.00
Sale Or Maturity of Investments0.000.000.000.000.000.00
Other Uses-43.00-73.00-29.00-35.00-50.00-44.00
Other Sources145.00136.00158.00112.0085.0051.00
Cash from Investing Activities-443.00-359.00-203.00-478.00-299.00-301.00
Cash Dividends Paid-262.00-251.00-244.00-255.00-241.00-261.00
Preferred Dividends (Cash Flow)0.000.000.000.000.000.00
Change in Capital Stock1.00509.0014.005.00-6.00-32.00
Repurchase of Common Pref Stock0.000.000.00-5.00-25.00-33.00
Sale of Common Pref Stock1.00509.0014.0010.0019.001.00
Proceedsfrom Stock Options0.000.000.000.000.000.00
Issuance or Reduction of Debt, Net-378.00-656.00414.00-395.00-36.0053.00
Change in Long Term Debt-378.00-1,105.00414.00-97.00-36.0053.00
Issuance of Long Term Debt0.00-427.00427.009.000.00285.00
Reduction of Long Term Debt-378.00-678.00-13.00-106.00-36.00-232.00
Net Financing Active Other Cash Flow44.00-233.00-125.00-7.00-41.00-53.00
Other Financing Activities Uses44.00-233.00-125.00-7.00-41.00-53.00
Cash from Financing Activities-595.00-631.0059.00-652.00-324.00-293.00
Exchange Rate Effect17.005.00-5.00-4.00-4.0018.00
Net Change in Cash40.00732.00213.00-82.00157.00132.00
Free Cash Flow516.001,295.0030.00620.00450.00400.00
Price to Free Cash Flow92.43159.19237.33183.58421.31227.45

Revenue breakdown

Automotive Products2024: 1.70B 2025: 1.78B
Display Products2024: 2.73B 2025: 2.97B
Life Science Products2024: 933.00M 2025: 959.00M
Optical Communications2024: 4.66B 2025: 6.27B
Polycrystalline Silicon Products2024: 865.00M 2025: 955.00M
Product and Service, Other2024: 232.00M 2025: 505.00M
Specialty Materials Products2024: 2.00B 2025: 2.19B
United States2024: 13.12B 2025: 15.63B
Total Drawing & Insulating of Nonferrous Wire revenue2024: 13.12B 2025: 15.63B

Short interest

shares short against float, oldest to newest
SettlementOf floatShares shortFloatAvg volume
2026-10-302.10%16.6M790.1M9.20M
2026-10-152.02%16.0M790.1M10.25M
2026-09-302.13%16.8M790.1M10.93M
2026-09-152.23%17.6M790.1M13.26M
2026-08-312.53%20.0M790.0M13.71M
2026-08-142.13%16.8M789.9M14.45M
2026-07-312.28%18.0M788.7M15.55M
2026-07-152.43%19.1M788.1M14.56M
2026-06-302.60%20.5M788.1M14.27M
2026-06-153.02%23.8M787.7M12.86M
2026-05-292.71%21.4M787.9M13.14M
2026-05-152.70%21.3M787.8M13.32M
2026-04-301.92%15.2M789.6M12.38M
2026-04-151.99%15.7M788.1M12.25M
2026-03-311.94%15.2M787.5M11.43M
2026-03-132.24%17.6M787.5M9.81M
2026-02-271.93%15.2M787.5M8.55M
2026-02-131.90%15.0M787.5M7.59M
2026-01-301.71%13.4M786.9M6.74M
2026-01-151.44%11.4M787.1M6.44M

Option chain

expiry 2026-11-13
TypeStrikeBidAskLastIVOpen intVolumeDeltaThetaVega
call55.0065.2067.900.008.1790.000.000.999-0.0330.000
call60.0060.3062.850.007.3530.000.000.999-0.0330.000
call65.0055.2057.850.006.6450.000.000.999-0.0330.000
call70.0050.2052.850.006.1330.000.000.998-0.0330.000
call75.0045.2047.950.005.4540.000.000.998-0.0340.000
call80.0040.2542.9526.304.8018.000.000.998-0.0340.001
call83.0037.4039.9540.254.6441.001.000.995-0.0760.001
call84.0036.4038.9039.274.3891.001.000.995-0.0760.001
call85.0035.4037.9519.704.4213.000.000.995-0.0750.001
call86.0034.2036.9537.014.2061.001.000.995-0.0750.001
call87.0033.2035.9536.024.0992.001.000.994-0.0750.001
call88.0032.4034.950.003.9470.000.000.994-0.0750.001
call89.0031.5033.950.003.9860.000.000.994-0.0740.001
call90.0030.4032.9523.263.88020.000.000.994-0.0740.002
call91.0029.4031.900.003.6490.000.000.994-0.0740.002
call92.0028.4030.900.003.5470.000.000.993-0.0740.002
call93.0027.4029.900.003.5360.000.000.993-0.0730.002
call94.0026.4028.950.003.3720.000.000.993-0.0730.002
call95.0025.4027.950.003.3580.000.000.993-0.0730.002
call96.0024.4026.900.003.1430.000.000.987-0.1210.003
call97.0023.4025.900.003.0050.000.000.987-0.1200.003
call98.0022.4024.900.003.0260.000.000.986-0.1190.003
call99.0021.4023.900.002.80936.000.000.985-0.1190.003
call10020.4022.9023.502.8251701.000.983-0.1320.004
call10119.4521.950.002.7493.000.000.982-0.1310.004
call10218.4520.9015.602.6251582.000.981-0.1290.004
call10317.5019.9018.402.5251091.000.980-0.1280.004
call10416.2518.9515.402.44849.001.000.975-0.1530.005
call10515.4517.9516.242.34840.003.000.974-0.1510.005
call10614.4016.2511.001.93131.000.000.961-0.2160.007
call10713.4015.2012.051.81526.0033.000.958-0.2130.008
call10812.4013.7513.801.50357.002.000.956-0.2090.008
call10911.4014.0014.731.8653033.000.943-0.2530.010
call11010.6011.4511.001.17423960.000.928-0.2950.012
call1119.5510.6010.351.17217723.000.908-0.3550.014
call1128.559.9512.401.2461854.000.880-0.4320.017
call1137.909.008.251.17512437.000.849-0.5110.020
call1147.058.459.451.32486.0012.000.809-0.6120.024
call1156.456.856.500.92874280.000.793-0.5810.025
call1165.556.106.900.94222023.000.749-0.6530.028
call1174.905.306.520.89017658.000.711-0.6740.030
call1184.154.604.270.8762892220.660-0.7270.032
call1193.553.954.470.8632441040.610-0.7510.033
call1203.003.303.340.8369154360.556-0.7620.034
call1212.482.793.070.8373483390.501-0.7810.035
call1222.092.292.100.8432592140.448-0.7820.034
call1231.681.871.870.8242671870.393-0.7440.033
call1241.351.521.380.8102091320.341-0.7050.032
call1251.071.211.100.8037305180.292-0.6550.030
call1260.800.971.400.80525887.000.247-0.6020.027
call1270.590.780.780.8112041100.210-0.5540.025
call1280.420.620.460.81620262.000.185-0.5340.023
call1290.330.500.470.8262566060.153-0.4750.021
call1300.200.400.430.8351,0581820.125-0.4100.018
call1310.180.340.270.85710545.000.106-0.3730.016
call1320.120.240.210.8411901160.078-0.2880.013
call1330.050.280.240.89556.0012.000.071-0.2820.012
call1340.010.210.110.92025910.000.062-0.2610.011
call1350.010.120.080.8706841430.040-0.1740.008
call1360.000.150.090.90740.001.000.039-0.1760.007
call1370.010.110.060.94732.0011.000.035-0.1680.007
call1380.010.100.050.97647.0026.000.031-0.1580.006
call1390.000.250.071.01936.001.000.030-0.1600.006
call1400.020.040.030.92680127.000.014-0.0780.003
call1410.000.040.020.96471.007.000.014-0.0790.003
call1420.000.080.041.0011142.000.013-0.0800.003
call1430.000.120.061.03089.009.000.013-0.0800.003
call1440.000.040.491.07559.001.000.013-0.0810.003
call1450.000.120.011.11131420.000.012-0.0820.003
call1460.000.100.091.08016.000.000.012-0.0800.003
call1470.000.210.011.18339.001.000.012-0.0830.003
call1480.000.110.011.2091210.000.011-0.0830.003
call1490.000.510.071.2444.000.000.011-0.0840.003
call1500.000.010.010.99271310.000.004-0.0250.001
call152.50.000.460.101.16937.000.000.003-0.0270.001
call1550.000.100.011.23916914.000.003-0.0270.001
call157.50.000.240.251.2877.000.000.003-0.0270.001
call1600.000.010.031.2572081.000.003-0.0260.001
call162.50.000.450.011.3933.000.000.003-0.0270.001
call1650.000.080.081.88468.000.000.009-0.0990.002
call167.50.002.130.401.5792.000.000.003-0.0290.001
call1700.000.050.021.7813660.000.004-0.0470.001
call172.50.001.020.051.67422.000.000.002-0.0290.001
call1750.001.000.041.73573.000.000.002-0.0290.001
call177.50.002.130.001.82951.000.000.002-0.0290.001
call1800.002.130.011.88846.000.000.002-0.0300.001
call1850.002.130.012.00444.000.000.002-0.0300.001
call1900.000.050.032.11667.004.000.002-0.0300.001
call1950.000.010.012.09823.000.000.002-0.0210.001
call2000.002.130.042.29419.000.000.002-0.0300.001
call2050.000.020.482.2664.000.000.002-0.0210.001
call2100.002.130.022.5013.000.000.002-0.0310.000
call2150.002.130.272.5977.000.000.002-0.0310.000
call2200.002.131.052.6833.000.000.002-0.0310.000
call2250.002.130.202.7735.000.000.002-0.0310.000
call2300.002.050.682.77012.000.000.001-0.0300.000
call2350.001.000.002.8580.000.000.001-0.0310.000
put55.000.002.130.003.7260.000.00-0.001-0.0300.000
put60.000.000.250.003.2770.000.00-0.001-0.0280.000
put65.000.002.130.012.9793.000.00-0.001-0.0290.000
put70.000.002.130.022.6434.000.00-0.001-0.0290.000
put75.000.000.520.062.3314.000.00-0.002-0.0280.000
put80.000.000.010.012.04414344.00-0.002-0.0280.001
put83.000.000.870.022.1008.000.00-0.005-0.0700.001
put84.000.000.030.022.03039.0050.00-0.005-0.0690.001
put85.000.000.030.021.97058421.00-0.005-0.0690.001
put86.000.000.030.011.91019.0015.00-0.005-0.0690.001
put87.000.000.250.081.85813.000.00-0.006-0.0680.001
put88.000.000.030.021.79329.0017.00-0.006-0.0680.001
put89.000.000.540.101.74537.000.00-0.006-0.0680.001
put90.000.010.030.021.67861727.00-0.006-0.0670.002
put91.000.000.750.001.6211210.00-0.006-0.0670.002
put92.000.001.150.141.5651480.00-0.007-0.0660.002
put93.000.010.060.031.5092108.00-0.007-0.0660.002
put94.000.001.210.011.4548.003.00-0.007-0.0660.002
put95.000.010.030.021.41126043.00-0.007-0.0650.002
put96.000.000.230.041.473181163-0.013-0.1140.003
put97.000.001.440.231.42638.000.00-0.013-0.1130.003
put98.000.000.300.231.3565590.00-0.014-0.1120.003
put99.000.000.060.031.29946755.00-0.015-0.1110.003
put1000.000.260.031.270580179-0.017-0.1240.004
put1010.000.300.051.21221954.00-0.018-0.1230.004
put1020.000.100.111.154242116-0.019-0.1210.004
put1030.040.070.061.10517722.00-0.019-0.1200.004
put1040.020.110.061.08392.0027.00-0.025-0.1440.005
put1050.050.090.071.024444225-0.026-0.1420.005
put1060.050.180.061.05966.0025.00-0.039-0.2070.007
put1070.070.160.090.996169144-0.042-0.2040.008
put1080.100.150.120.93320290.00-0.044-0.2000.008
put1090.120.190.140.91577.0022.00-0.057-0.2440.010
put1100.130.240.170.896739316-0.071-0.2850.012
put1110.200.310.260.88371.0023.00-0.092-0.3460.014
put1120.270.400.320.871153256-0.120-0.4230.017
put1130.420.550.350.87918812.00-0.151-0.5010.020
put1140.520.680.400.86113321.00-0.191-0.6020.024
put1150.670.860.750.852318162-0.207-0.5720.025
put1160.931.101.020.85574.00134-0.251-0.6440.028
put1171.221.321.260.82513970.00-0.289-0.6640.030
put1181.461.691.500.84114860.00-0.340-0.7170.032
put1191.832.031.500.82718.00112-0.390-0.7410.033
put1202.202.472.450.827310240-0.444-0.7520.034
put1212.703.052.850.85223.0039.00-0.499-0.7710.035
put1223.153.653.530.86657.00222-0.552-0.7720.034
put1233.754.203.630.85189.00241-0.607-0.7330.033
put1244.354.903.200.86645.004.00-0.659-0.6950.032
put1255.105.604.430.86731383.00-0.708-0.6440.030
put1265.856.355.150.87185.0050.00-0.753-0.5910.027
put1276.607.205.700.89820.0013.00-0.790-0.5430.025
put1287.408.456.901.07212.002.00-0.815-0.5230.023
put1297.809.308.901.0923052.00-0.847-0.4640.021
put1308.3010.107.701.0831,01222.00-0.875-0.3990.018
put1318.5511.158.901.2375.004.00-0.890-0.3700.016
put1329.4512.0021.051.24332.000.00-0.919-0.2820.013
put13310.4513.1012.841.39126.002.00-0.927-0.2720.012
put13411.4514.0512.021.43045.002.00-0.937-0.2470.011
put13512.9014.8513.541.28422622.00-0.960-0.1620.008
put13613.3515.8513.401.3439.001.00-0.961-0.1650.007
put13714.3516.9022.881.4302.000.00-0.965-0.1560.007
put13815.9017.8024.701.4279.000.00-0.969-0.1460.006
put13916.3018.9516.901.5746.001.00-0.970-0.1480.006
put14018.4020.0517.201.68818730.00-0.986-0.0660.003
put14118.3020.9027.691.6552.000.00-0.986-0.0660.003
put14219.3021.8528.321.6772.000.00-0.986-0.0670.003
put14320.3022.9529.771.7944.000.00-0.987-0.0680.003
put14421.3023.9520.501.84730.0014.00-0.987-0.0680.003
put14523.8024.8522.001.8321585.00-0.988-0.0690.003
put14623.3025.9524.702.05014.004.00-0.988-0.0690.003
put14724.3026.9532.532.0014.000.00-0.988-0.0700.003
put14825.3027.7529.821.9065.001.00-0.989-0.0700.003
put14926.3028.9026.662.0664.003.00-0.989-0.0710.003
put15028.0029.9526.862.14927820.00-0.996-0.0130.001
put152.529.8032.3040.752.15530.000.00-0.997-0.0130.001
put15532.3034.8532.202.30851.002.00-0.997-0.0130.001
put157.534.8537.300.002.3770.000.00-0.997-0.0130.001
put16037.3539.8043.402.4831326.00-0.997-0.0130.001
put162.539.8042.250.002.5410.000.00-0.997-0.0130.001
put16542.3044.9550.332.81714.000.00-0.997-0.0130.001
put167.544.8047.250.002.8910.000.00-0.997-0.0130.001
put17047.3049.7554.052.8353.000.00-0.998-0.0130.001
put172.549.8552.250.003.1490.000.00-0.998-0.0130.001
put17552.3054.8067.483.0701.000.00-0.998-0.0130.001
put177.554.8057.350.003.4220.000.00-0.998-0.0130.001
put18057.2559.7547.503.3640.000.00-0.998-0.0130.001
put18562.2564.9558.953.5700.000.00-0.998-0.0130.001
put19067.2569.700.003.4720.000.00-0.998-0.0120.001
put19572.2574.7572.253.6880.000.00-0.998-0.0120.001
put20077.3079.750.003.8410.000.00-0.998-0.0120.000
put20582.3085.100.004.3610.000.00-0.998-0.0110.000
put21087.2589.950.004.3610.000.00-0.998-0.0110.000
put21592.2594.900.004.4490.000.00-0.998-0.0110.000
put22097.2599.950.004.6420.000.00-0.998-0.0100.000
put225102.251050.005.0010.000.00-0.998-0.0100.000
put230107.25109.950.005.0860.000.00-0.998-0.0100.000
put235112.25114.90.005.1640.000.00-0.999-0.0090.000

Latest SEC filings

30
FiledFormDescriptionPeriodLink
2026-10-2910-QQuarterly report pursuant to Section 13 or 15(d)2026-09-30SEC
2026-10-278-KCurrent report2026-10-27SEC
2026-10-014Statement of changes in beneficial ownership of securities2026-09-30SEC
2026-10-014Statement of changes in beneficial ownership of securities2026-09-30SEC
2026-10-014Statement of changes in beneficial ownership of securities2026-09-30SEC
2026-10-014Statement of changes in beneficial ownership of securities2026-09-30SEC
2026-09-118-KCurrent report2026-09-11SEC
2026-09-11424B5SEC
2026-09-084Statement of changes in beneficial ownership of securities2026-09-04SEC
2026-09-04144Filing for proposed sale of securities under Rule 144.SEC
2026-09-048-KCurrent report2026-09-04SEC
2026-08-314Statement of changes in beneficial ownership of securities2026-08-28SEC
2026-08-28144Filing for proposed sale of securities under Rule 144.SEC
2026-07-2910-QQuarterly report pursuant to Section 13 or 15(d)2026-06-30SEC
2026-07-288-KCurrent report2026-07-28SEC
2026-07-014Statement of changes in beneficial ownership of securities2026-06-30SEC
2026-07-014Statement of changes in beneficial ownership of securities2026-06-30SEC
2026-07-014Statement of changes in beneficial ownership of securities2026-06-30SEC
2026-07-014Statement of changes in beneficial ownership of securities2026-06-30SEC
2026-06-234Statement of changes in beneficial ownership of securities2026-06-22SEC
2026-06-1511-KAnnual reports of employee stock purchase, savings and similar plans pursuant to Section 15(d)2025-12-31SEC
2026-06-1511-KAnnual reports of employee stock purchase, savings and similar plans pursuant to Section 15(d)2025-12-31SEC
2026-06-09144Filing for proposed sale of securities under Rule 144.SEC
2026-06-094Statement of changes in beneficial ownership of securities2026-06-09SEC
2026-05-29SDSpecialized Disclosure ReportSEC
2026-05-264Statement of changes in beneficial ownership of securities2026-05-22SEC
2026-05-22144Filing for proposed sale of securities under Rule 144.SEC
2026-05-184Statement of changes in beneficial ownership of securities2026-05-15SEC
2026-05-15144Filing for proposed sale of securities under Rule 144.SEC
2026-05-158-KCurrent report2026-05-15SEC

Insider activity by month

MonthBoughtBuysSoldSells
2026-110000
2026-100000
2026-09001.50M1
2026-08001.98M1
2026-070000
2026-060018.65M1
2026-050035.41M11
2026-040000
2026-030000
2026-020034.88M12
2026-01002.21M2
2025-12003.49M2
2025-110000

Institutional holders

Manager% owned
BlackRock, Inc.7.64%
VANGUARD CAPITAL MANAGEMENT LLC5.91%
STATE STREET CORP4.78%
JPMORGAN CHASE & CO4.18%
Capital Research Global Investors2.87%
FMR LLC2.30%
VANGUARD PORTFOLIO MANAGEMENT LLC2.20%
BANK OF AMERICA CORP /DE/2.18%
GEODE CAPITAL MANAGEMENT, LLC2.16%
MORGAN STANLEY1.76%

Funds

Fund% owned
VANGUARD TOTAL STOCK MARKET INDEX FUND2.85%
VANGUARD 500 INDEX FUND2.36%
Loomis Sayles Core Plus Bond Fund1.49%
iShares Core S&P 500 ETF1.25%
Fidelity 500 Index Fund1.18%
SPDR S&P 500 ETF TRUST1.10%
Performance Trust Total Return Bond Fund0.96%
JPMorgan Large Cap Growth Fund0.96%
iShares iBoxx $ Investment Grade Corporate Bond ETF0.93%
American Mutual Fund0.89%

OakChart. GLW. Cached 15 minutes.