Price to Earnings (P/E)
since 2005
Calculation
United States Steel Corp., P/E, long-term trends, calculation
| P/E | = | Share price1, 2, 3 | ÷ | Earnings per share1 (EPS) | EPS1 | = | Net earnings (loss) attributable to United States Steel Corporation, applicable to common stock1 (in millions) | ÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 3, 2023 | 2.70 | = | 30.05 | ÷ | 11.14 | 11.14 | = | 2,524 | ÷ | 226,603,781 | |
| Feb 11, 2022 | 1.48 | = | 23.68 | ÷ | 16.00 | 16.00 | = | 4,174 | ÷ | 260,930,638 | |
| Feb 12, 2021 | — | = | 16.50 | ÷ | -4.44 | -4.44 | = | -1,165 | ÷ | 262,471,855 | |
| Feb 14, 2020 | — | = | 8.79 | ÷ | -3.70 | -3.70 | = | -630 | ÷ | 170,047,076 | |
| Feb 15, 2019 | 3.56 | = | 22.92 | ÷ | 6.44 | 6.44 | = | 1,115 | ÷ | 173,222,678 | |
| Feb 21, 2018 | 19.48 | = | 42.86 | ÷ | 2.20 | 2.20 | = | 387 | ÷ | 175,883,206 | |
| Feb 28, 2017 | — | = | 38.72 | ÷ | -2.52 | -2.52 | = | -440 | ÷ | 174,290,761 | |
| Feb 29, 2016 | — | = | 9.12 | ÷ | -11.22 | -11.22 | = | -1,642 | ÷ | 146,284,894 | |
| Feb 24, 2015 | 35.89 | = | 25.13 | ÷ | 0.70 | 0.70 | = | 102 | ÷ | 145,660,794 | |
| Feb 25, 2014 | — | = | 23.70 | ÷ | -11.56 | -11.56 | = | -1,672 | ÷ | 144,687,528 | |
| Feb 15, 2013 | — | = | 23.16 | ÷ | -0.86 | -0.86 | = | -124 | ÷ | 144,282,358 | |
| Feb 28, 2012 | — | = | 27.91 | ÷ | -0.35 | -0.35 | = | -53 | ÷ | 150,925,911 | |
| Feb 22, 2011 | — | = | 57.58 | ÷ | -3.35 | -3.35 | = | -482 | ÷ | 143,758,823 | |
| Feb 24, 2010 | — | = | 52.12 | ÷ | -9.77 | -9.77 | = | -1,401 | ÷ | 143,370,146 | |
| Feb 24, 2009 | 1.22 | = | 22.15 | ÷ | 18.18 | 18.18 | = | 2,112 | ÷ | 116,198,090 | |
| Feb 27, 2008 | 15.04 | = | 112.21 | ÷ | 7.46 | 7.46 | = | 879 | ÷ | 117,798,740 | |
| Feb 27, 2007 | 7.50 | = | 86.51 | ÷ | 11.53 | 11.53 | = | 1,366 | ÷ | 118,487,727 | |
| Feb 28, 2006 | 6.65 | = | 54.50 | ÷ | 8.20 | 8.20 | = | 892 | ÷ | 108,832,518 |
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.
The financial trajectory of the entity is characterized by extreme volatility in both profitability and market valuation, reflecting the cyclical nature of its industry. The relationship between share price and earnings per share (EPS) has been inconsistent, leading to a fragmented Price-to-Earnings (P/E) profile over the seventeen-year period.
- Share Price Volatility
- The share price experienced a significant peak of 112.21 USD in February 2008, followed by a precipitous decline to 22.15 USD by February 2009. After a period of fluctuation, the price reached a cyclical low of 8.79 USD in February 2020. A gradual recovery is observed in the subsequent years, with the price ascending to 30.05 USD by February 2023.
- Earnings Per Share (EPS) Performance
- EPS exhibits a pattern of severe instability, alternating between high positive yields and substantial losses. A notable anomaly occurred in February 2009, where EPS peaked at 18.18 USD despite a collapsing share price. This was followed by a prolonged period of negative earnings between 2010 and 2014, and again in 2016, 2017, and 2020. Recent data indicates a strong return to profitability, with EPS reaching 16.00 USD in February 2022 and 11.14 USD in February 2023.
- Price-to-Earnings (P/E) Ratio Interpretation
- The P/E ratio is absent for a significant portion of the timeline, coinciding with periods of negative earnings. In years where the ratio was calculable, it showed extreme variance. A high P/E of 35.89 in February 2015 suggests a market valuation that was decoupled from the minimal earnings of 0.70 USD reported at that time. In contrast, the most recent valuations in February 2022 (1.48) and February 2023 (2.70) are remarkably low, indicating that the market is valuing the company conservatively despite high current earnings.
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Comparison to Competitors
United States Steel Corp., P/E, long-term trends, comparison to competitors
| United States Steel Corp. | Freeport-McMoRan Inc. | |
|---|---|---|
| Feb 3, 2023 | 2.70 | 17.45 |
| Feb 11, 2022 | 1.48 | 14.75 |
| Feb 12, 2021 | — | 80.11 |
| Feb 14, 2020 | — | — |
| Feb 15, 2019 | 3.56 | 6.84 |
| Feb 21, 2018 | 19.48 | 14.69 |
| Feb 28, 2017 | — | — |
| Feb 29, 2016 | — | — |
| Feb 24, 2015 | 35.89 | — |
| Feb 25, 2014 | — | 13.08 |
| Feb 15, 2013 | — | 10.13 |
| Feb 28, 2012 | — | 9.01 |
| Feb 22, 2011 | — | 11.62 |
| Feb 24, 2010 | — | 12.81 |
| Feb 24, 2009 | 1.22 | — |
| Feb 27, 2008 | 15.04 | 13.94 |
| Feb 27, 2007 | 7.50 | 8.11 |
| Feb 28, 2006 | 6.65 | 10.75 |
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/E, long-term trends, comparison to industry (materials)
| United States Steel Corp. | Materials | |
|---|---|---|
| Feb 3, 2023 | 2.70 | 30.05 |
| Feb 11, 2022 | 1.48 | 28.21 |
| Feb 12, 2021 | — | 47.50 |
| Feb 14, 2020 | — | 49.13 |
| Feb 15, 2019 | 3.56 | 17.75 |
| Feb 21, 2018 | 19.48 | 22.15 |
| Feb 28, 2017 | — | — |
| Feb 29, 2016 | — | — |
| Feb 24, 2015 | 35.89 | 69.44 |
| Feb 25, 2014 | — | 17.83 |
| Feb 15, 2013 | — | 15.06 |
| Feb 28, 2012 | — | 12.60 |
| Feb 22, 2011 | — | 14.83 |
| Feb 24, 2010 | — | 14.87 |
| Feb 24, 2009 | 1.22 | — |
| Feb 27, 2008 | 15.04 | 15.68 |
| Feb 27, 2007 | 7.50 | 13.52 |
| Feb 28, 2006 | 6.65 | 15.84 |
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).