Debt to Equity
since 2005
Calculation
United States Steel Corp., debt to equity, long-term trends, calculation
| Debt to equity | = | Short-term debt and long-term debt, less unamortized discount and debt issuance costs1 | ÷ | Total United States Steel Corporation stockholders’ equity1 | |
|---|---|---|---|---|---|
| Dec 31, 2022 | 0.39 | = | 3,977) | ÷ | 10,218) |
| Dec 31, 2021 | 0.43 | = | 3,891) | ÷ | 9,010) |
| Dec 31, 2020 | 1.29 | = | 4,887) | ÷ | 3,786) |
| Dec 31, 2019 | 0.89 | = | 3,641) | ÷ | 4,092) |
| Dec 31, 2018 | 0.57 | = | 2,381) | ÷ | 4,202) |
| Dec 31, 2017 | 0.81 | = | 2,703) | ÷ | 3,320) |
| Dec 31, 2016 | 1.33 | = | 3,031) | ÷ | 2,274) |
| Dec 31, 2015 | 1.30 | = | 3,161) | ÷ | 2,436) |
| Dec 31, 2014 | 0.92 | = | 3,498) | ÷ | 3,799) |
| Dec 31, 2013 | 1.18 | = | 3,939) | ÷ | 3,348) |
| Dec 31, 2012 | 1.13 | = | 3,938) | ÷ | 3,477) |
| Dec 31, 2011 | 1.10 | = | 3,848) | ÷ | 3,500) |
| Dec 31, 2010 | 0.97 | = | 3,733) | ÷ | 3,851) |
| Dec 31, 2009 | 0.72 | = | 3,364) | ÷ | 4,676) |
| Dec 31, 2008 | 0.64 | = | 3,145) | ÷ | 4,895) |
| Dec 31, 2007 | 0.59 | = | 3,257) | ÷ | 5,531) |
| Dec 31, 2006 | 0.23 | = | 1,025) | ÷ | 4,365) |
| Dec 31, 2005 | 0.48 | = | 1,612) | ÷ | 3,324) |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$ in millions
The financial trajectory from 2005 to 2022 exhibits significant volatility in leverage, characterized by a prolonged period of increasing debt reliance followed by a substantial expansion of equity in the final two years of the period.
- Leverage Expansion Phase (2005–2016)
- Between 2005 and 2016, the debt-to-equity ratio demonstrated a general upward trend, rising from 0.48 to a peak of 1.33. This increase was driven by a rise in total debt, which climbed from US$ 1,612 million in 2005 to consistently exceed US$ 3,000 million after 2008. Simultaneously, stockholders' equity showed a declining trend after 2007, dropping from US$ 5,531 million to US$ 2,274 million by 2016, which further amplified the leverage ratio.
- Fluctuation and Debt Peak (2017–2020)
- A period of instability is observed between 2017 and 2020. Although the debt-to-equity ratio dipped to 0.57 in 2018 due to a reduction in total debt to US$ 2,381 million, it spiked again to 1.29 by 2020. This was primarily the result of total debt reaching its highest point in the analyzed period at US$ 4,887 million, while equity remained relatively stagnant around US$ 3,786 million.
- Equity Surge and Deleveraging (2021–2022)
- The final two years of the period show a dramatic shift in the capital structure. Stockholders' equity experienced an unprecedented increase, jumping from US$ 3,786 million in 2020 to US$ 10,218 million by 2022. This massive growth in equity, paired with a reduction in total debt to US$ 3,977 million, led to a sharp decline in the debt-to-equity ratio to 0.39. This represents the lowest leverage level since 2006, indicating a significant improvement in the solvency profile.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.
How can I help you?
Comparison to Competitors
United States Steel Corp., debt to equity, long-term trends, comparison to competitors
| United States Steel Corp. | Freeport-McMoRan Inc. | |
|---|---|---|
| Dec 31, 2022 | 0.39 | 0.68 |
| Dec 31, 2021 | 0.43 | 0.68 |
| Dec 31, 2020 | 1.29 | 0.95 |
| Dec 31, 2019 | 0.89 | 1.06 |
| Dec 31, 2018 | 0.57 | 1.14 |
| Dec 31, 2017 | 0.81 | 1.64 |
| Dec 31, 2016 | 1.33 | 2.65 |
| Dec 31, 2015 | 1.30 | 2.61 |
| Dec 31, 2014 | 0.92 | 1.04 |
| Dec 31, 2013 | 1.18 | 0.99 |
| Dec 31, 2012 | 1.13 | 0.20 |
| Dec 31, 2011 | 1.10 | 0.23 |
| Dec 31, 2010 | 0.97 | 0.38 |
| Dec 31, 2009 | 0.72 | 0.70 |
| Dec 31, 2008 | 0.64 | 1.27 |
| Dec 31, 2007 | 0.59 | 0.40 |
| Dec 31, 2006 | 0.23 | 0.28 |
| Dec 31, 2005 | 0.48 | 0.68 |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Materials)
United States Steel Corp., debt to equity, long-term trends, comparison to industry (materials)
| United States Steel Corp. | Materials | |
|---|---|---|
| Dec 31, 2022 | 0.39 | 0.67 |
| Dec 31, 2021 | 0.43 | 0.55 |
| Dec 31, 2020 | 1.29 | 0.56 |
| Dec 31, 2019 | 0.89 | 0.52 |
| Dec 31, 2018 | 0.57 | 0.55 |
| Dec 31, 2017 | 0.81 | 1.85 |
| Dec 31, 2016 | 1.33 | 2.12 |
| Dec 31, 2015 | 1.30 | 2.42 |
| Dec 31, 2014 | 0.92 | 1.21 |
| Dec 31, 2013 | 1.18 | 1.07 |
| Dec 31, 2012 | 1.13 | 0.50 |
| Dec 31, 2011 | 1.10 | 0.49 |
| Dec 31, 2010 | 0.97 | 0.57 |
| Dec 31, 2009 | 0.72 | 0.77 |
| Dec 31, 2008 | 0.64 | 1.16 |
| Dec 31, 2007 | 0.59 | 0.49 |
| Dec 31, 2006 | 0.23 | 0.53 |
| Dec 31, 2005 | 0.48 | 0.71 |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).