Total Asset Turnover
since 2005
Calculation
United States Steel Corp., total asset turnover, long-term trends, calculation
| Total asset turnover | = | Net sales1 | ÷ | Total assets1 | |
|---|---|---|---|---|---|
| Dec 31, 2022 | 1.08 | = | 21,065) | ÷ | 19,458) |
| Dec 31, 2021 | 1.14 | = | 20,275) | ÷ | 17,816) |
| Dec 31, 2020 | 0.81 | = | 9,741) | ÷ | 12,059) |
| Dec 31, 2019 | 1.11 | = | 12,937) | ÷ | 11,608) |
| Dec 31, 2018 | 1.29 | = | 14,178) | ÷ | 10,982) |
| Dec 31, 2017 | 1.24 | = | 12,250) | ÷ | 9,862) |
| Dec 31, 2016 | 1.12 | = | 10,261) | ÷ | 9,160) |
| Dec 31, 2015 | 1.26 | = | 11,574) | ÷ | 9,190) |
| Dec 31, 2014 | 1.42 | = | 17,507) | ÷ | 12,314) |
| Dec 31, 2013 | 1.33 | = | 17,424) | ÷ | 13,143) |
| Dec 31, 2012 | 1.27 | = | 19,328) | ÷ | 15,217) |
| Dec 31, 2011 | 1.24 | = | 19,884) | ÷ | 16,073) |
| Dec 31, 2010 | 1.13 | = | 17,374) | ÷ | 15,350) |
| Dec 31, 2009 | 0.72 | = | 11,048) | ÷ | 15,422) |
| Dec 31, 2008 | 1.48 | = | 23,754) | ÷ | 16,087) |
| Dec 31, 2007 | 1.08 | = | 16,873) | ÷ | 15,632) |
| Dec 31, 2006 | 1.48 | = | 15,715) | ÷ | 10,586) |
| Dec 31, 2005 | 1.43 | = | 14,039) | ÷ | 9,822) |
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 total asset turnover ratio for the period between 2005 and 2022 exhibits significant volatility, reflecting the cyclical nature of the industry and susceptibility to macroeconomic shocks. The ratio fluctuates between a low of 0.72 and a peak of 1.48, indicating varying levels of efficiency in utilizing assets to generate net sales.
- Cyclical Downturns and Crisis Impact
- Two primary contractions in asset utilization are observed. The first occurred in 2009, where the total asset turnover dropped to 0.72, coinciding with a sharp decline in net sales to 11,048 million US dollars while total assets remained relatively high at 15,422 million US dollars. A second significant decline occurred in 2020, with the ratio falling to 0.81, driven by a period-low in net sales of 9,741 million US dollars.
- Recovery and Efficiency Peaks
- Periods of heightened operational efficiency are evident in 2006, 2008, and 2014, where the ratio reached or exceeded 1.42. The peak efficiency of 1.48 achieved in 2006 and 2008 suggests a strong alignment between asset scale and revenue generation. Following the 2009 trough, a sustained recovery trend was observed from 2010 through 2014, with the ratio steadily climbing from 1.13 to 1.42.
- Asset Expansion and Revenue Correlation
- Between 2015 and 2020, the ratio remained largely between 0.81 and 1.29, reflecting a period of moderate stability punctuated by the 2020 decline. In the final two years of the period, a substantial increase in total assets is noted, rising from 12,059 million US dollars in 2019 to 19,458 million US dollars in 2022. While net sales also increased significantly during this time, reaching 21,065 million US dollars in 2022, the rapid growth in the asset base limited the expansion of the turnover ratio, which settled at 1.08 by December 31, 2022.
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Comparison to Competitors
United States Steel Corp., total asset turnover, long-term trends, comparison to competitors
| United States Steel Corp. | Freeport-McMoRan Inc. | |
|---|---|---|
| Dec 31, 2022 | 1.08 | 0.45 |
| Dec 31, 2021 | 1.14 | 0.48 |
| Dec 31, 2020 | 0.81 | 0.34 |
| Dec 31, 2019 | 1.11 | 0.35 |
| Dec 31, 2018 | 1.29 | 0.44 |
| Dec 31, 2017 | 1.24 | 0.44 |
| Dec 31, 2016 | 1.12 | 0.40 |
| Dec 31, 2015 | 1.26 | 0.34 |
| Dec 31, 2014 | 1.42 | 0.36 |
| Dec 31, 2013 | 1.33 | 0.33 |
| Dec 31, 2012 | 1.27 | 0.51 |
| Dec 31, 2011 | 1.24 | 0.65 |
| Dec 31, 2010 | 1.13 | 0.65 |
| Dec 31, 2009 | 0.72 | 0.58 |
| Dec 31, 2008 | 1.48 | 0.76 |
| Dec 31, 2007 | 1.08 | 0.42 |
| Dec 31, 2006 | 1.48 | 1.07 |
| Dec 31, 2005 | 1.43 | 0.75 |
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., total asset turnover, long-term trends, comparison to industry (materials)
| United States Steel Corp. | Materials | |
|---|---|---|
| Dec 31, 2022 | 1.08 | 0.51 |
| Dec 31, 2021 | 1.14 | 0.49 |
| Dec 31, 2020 | 0.81 | 0.40 |
| Dec 31, 2019 | 1.11 | 0.41 |
| Dec 31, 2018 | 1.29 | 0.33 |
| Dec 31, 2017 | 1.24 | 0.55 |
| Dec 31, 2016 | 1.12 | 0.59 |
| Dec 31, 2015 | 1.26 | 0.54 |
| Dec 31, 2014 | 1.42 | 0.53 |
| Dec 31, 2013 | 1.33 | 0.48 |
| Dec 31, 2012 | 1.27 | 0.65 |
| Dec 31, 2011 | 1.24 | 0.76 |
| Dec 31, 2010 | 1.13 | 0.74 |
| Dec 31, 2009 | 0.72 | 0.70 |
| Dec 31, 2008 | 1.48 | 0.90 |
| Dec 31, 2007 | 1.08 | 0.58 |
| Dec 31, 2006 | 1.48 | 1.02 |
| Dec 31, 2005 | 1.43 | 0.93 |
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).