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Corning vs Vertiv
Corning vs Vertiv: which one is bigger, grows faster and keeps more of each dollar of revenue?
Corning earns 1.5× Vertiv’s revenue
Method and sources
- Revenue growth (1 year): Corning 19.1% (FY2025), Vertiv 27.7% (FY2025)
- Revenue growth (3-year CAGR): Corning 3.3% (FY2025), Vertiv 21.6% (FY2025)
- Operating margin: Corning 14.6% (FY2025), Vertiv 17.9% (FY2025)
- Gross margin: Corning 36.0% (FY2025), Vertiv 36.3% (FY2025)
- Net margin: Corning 10.2% (FY2025), Vertiv 13.0% (FY2025)
Latest fiscal year per company: Corning FY2025, Vertiv FY2025. Fiscal years end on different dates, so years are not calendar-aligned.
Both report in USD. Amounts are as filed, not converted.
Why this pair: same peer group, revenue within 4x in the same currency. Peer groups are curated by hand from each company's business as described in its own 10-K/20-F (what it sells, not its SIC code). A company can sit in more than one group. Within a group, a pair is listed when both companies report in the same currency and the larger company's latest fiscal-year revenue is at most 4x the smaller one's; each company keeps its 4 nearest peers by revenue ratio. Companies reporting in different currencies are never size-matched (amounts are not converted); a short list of obvious same-industry pairs across currencies is added by hand, with the reason, as are two direct competitor pairs outside the size rule (AMD vs NVIDIA, Intel vs NVIDIA).
Derived = calculated by Hollsteen from reported SEC values; reported = as tagged in the filing. SEC filings only, no market data.
Side by side: all values with filing links
| Metric | Corning FY2025 | Vertiv FY2025 |
|---|---|---|
| Revenue | $15.6B10-K · Feb 12, 2026 | $10.2B10-K · Feb 13, 2026 |
| Revenue growth (1 year) | 19.1% derived10-K · Feb 12, 2026 | 27.7% derived10-K · Feb 13, 2026 |
| Revenue growth (3-year CAGR) | 3.3% derived10-K · Feb 12, 2026 | 21.6% derived10-K · Feb 13, 2026 |
| Gross margin | 36.0% derived10-K · Feb 12, 2026 | 36.3% derived10-K · Feb 13, 2026 |
| Operating margin | 14.6% derived10-K · Feb 12, 2026 | 17.9% derived10-K · Feb 13, 2026 |
| Net margin | 10.2% derived10-K · Feb 12, 2026 | 13.0% derived10-K · Feb 13, 2026 |
| Free cash flow | n/a | $1.9B derived10-K · Feb 13, 2026 |
| FCF margin | n/a | 18.5% derived10-K · Feb 13, 2026 |
| R&D as % of revenue | 5.1% derived10-K · Feb 12, 2026 | 4.3% derived10-K · Feb 13, 2026 |
| Stock-based compensation as % of revenue | 1.8% derived10-K · Feb 12, 2026 | 0.4% derived10-K · Feb 13, 2026 |
Definitions: Revenue = Total revenue; Revenue growth (1 year) = Revenue FYt ÷ revenue FYt−1 − 1; Revenue growth (3-year CAGR) = (Revenue FYt ÷ revenue FYt−3)^(1/3) − 1; Gross margin = Gross profit ÷ revenue; Operating margin = Operating income ÷ revenue; Net margin = Net income ÷ revenue; Free cash flow = Operating cash flow − capital expenditures (one formula for all companies); FCF margin = Free cash flow ÷ revenue; R&D as % of revenue = Research and development expense ÷ revenue; Stock-based compensation as % of revenue = Stock-based compensation ÷ revenue.
More on each company
Corning
Vertiv
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