Price to Book Value (P/BV)
since 2005
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United States Steel Corp. pages available for free this week:
- Income Statement
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Present Value of Free Cash Flow to Equity (FCFE)
- Price to Operating Profit (P/OP) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Revenues
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Calculation
United States Steel Corp., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Total United States Steel Corporation stockholders’ equity1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 3, 2023 | = | ÷ | = | ÷ | |||||||
| Feb 11, 2022 | = | ÷ | = | ÷ | |||||||
| Feb 12, 2021 | = | ÷ | = | ÷ | |||||||
| Feb 14, 2020 | = | ÷ | = | ÷ | |||||||
| Feb 15, 2019 | = | ÷ | = | ÷ | |||||||
| Feb 21, 2018 | = | ÷ | = | ÷ | |||||||
| Feb 28, 2017 | = | ÷ | = | ÷ | |||||||
| Feb 29, 2016 | = | ÷ | = | ÷ | |||||||
| Feb 24, 2015 | = | ÷ | = | ÷ | |||||||
| Feb 25, 2014 | = | ÷ | = | ÷ | |||||||
| Feb 15, 2013 | = | ÷ | = | ÷ | |||||||
| Feb 28, 2012 | = | ÷ | = | ÷ | |||||||
| Feb 22, 2011 | = | ÷ | = | ÷ | |||||||
| Feb 24, 2010 | = | ÷ | = | ÷ | |||||||
| Feb 24, 2009 | = | ÷ | = | ÷ | |||||||
| Feb 27, 2008 | = | ÷ | = | ÷ | |||||||
| Feb 27, 2007 | = | ÷ | = | ÷ | |||||||
| Feb 28, 2006 | = | ÷ | = | ÷ |
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$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of United States Steel Corp. Annual Report.
- Share Price Trends
- The share price exhibited significant volatility over the observed period. Initially, it rose from $54.5 in 2006 to a peak of $112.21 in 2008, followed by a sharp decline to $22.15 in 2009, likely reflecting adverse market conditions. After a moderate recovery to $57.58 in 2011, the price entered a prolonged downtrend, reaching a low of $8.79 by 2020. Subsequently, the price showed a recovery trajectory, climbing to $30.05 by early 2023, although it remained below earlier peak levels.
- Book Value per Share (BVPS) Analysis
- BVPS showed an overall fluctuating trend with notable decreases and recoveries. It increased steadily from $30.54 in 2006 to a high of $46.95 in 2008, then declined to $23.19 in 2012. Between 2013 and 2016, BVPS decreased further, hitting a low of $13.05 in 2017. Post-2017, there was a recovery phase, with BVPS rising to $45.09 by 2023, surpassing earlier highs from the mid-2000s, indicating a strengthening in the company's net asset value per share in recent years.
- Price-to-Book Value Ratio (P/BV) Dynamics
- P/BV ratio experienced wide swings reflecting changing market valuations relative to underlying book value. It was relatively high in the initial years, peaking at 2.39 in 2008, before collapsing to 0.53 in 2009, indicating the market valued the company well below its book value during that downturn. The ratio recovered and fluctuated between roughly 0.9 and 2.15 during 2010-2012, followed by a notable drop below 1.0 from 2013 to 2016, reaching as low as 0.37 in 2020, signaling undervaluation or market skepticism relative to book value. A sharp peak at 2.97 in 2017 may denote a temporary surge in market confidence or expectations, followed by declines and stabilization around 0.67 by 2023, suggesting conservative market valuations relative to the company's assets.
- Overall Observations
- The data reflects a cyclical pattern influenced by external market conditions, with a pronounced downturn during the 2008 financial crisis and the subsequent global recovery. The share price volatility contrasts with more gradual changes in book value, implying fluctuations in investor sentiment and market conditions beyond changes in fundamental net asset value. The P/BV ratio reinforces this, showing periods where market prices diverged substantially from book values, indicating changing perceptions of value and risk. The recovery in both BVPS and share price post-2020 points towards improved financial health and restored market confidence in recent years.
Comparison to Competitors
United States Steel Corp., P/BV, long-term trends, comparison to competitors
| United States Steel Corp. | Freeport-McMoRan Inc. | |
|---|---|---|
| Feb 3, 2023 | ||
| Feb 11, 2022 | ||
| Feb 12, 2021 | ||
| Feb 14, 2020 | ||
| Feb 15, 2019 | ||
| Feb 21, 2018 | ||
| Feb 28, 2017 | ||
| Feb 29, 2016 | ||
| Feb 24, 2015 | ||
| Feb 25, 2014 | ||
| Feb 15, 2013 | ||
| Feb 28, 2012 | ||
| Feb 22, 2011 | ||
| Feb 24, 2010 | ||
| Feb 24, 2009 | ||
| Feb 27, 2008 | ||
| Feb 27, 2007 | ||
| Feb 28, 2006 |
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., P/BV, long-term trends, comparison to industry (materials)
| United States Steel Corp. | Materials | |
|---|---|---|
| Feb 3, 2023 | ||
| Feb 11, 2022 | ||
| Feb 12, 2021 | ||
| Feb 14, 2020 | ||
| Feb 15, 2019 | ||
| Feb 21, 2018 | ||
| Feb 28, 2017 | ||
| Feb 29, 2016 | ||
| Feb 24, 2015 | ||
| Feb 25, 2014 | ||
| Feb 15, 2013 | ||
| Feb 28, 2012 | ||
| Feb 22, 2011 | ||
| Feb 24, 2010 | ||
| Feb 24, 2009 | ||
| Feb 27, 2008 | ||
| Feb 27, 2007 | ||
| Feb 28, 2006 |
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).