Enterprise Value (EV)
Current Enterprise Value (EV)
United States Steel Corp., current enterprise value calculation
| Current share price (P) | $24.67 |
| No. shares of common stock outstanding | 222,963,794 |
| US$ in millions | |
| Common equity (market value)1 | 5,501) |
| Add: Noncontrolling interests (per books) | 93) |
| Total equity | 5,594) |
| Add: Short-term debt and current maturities of long-term debt (per books) | 63) |
| Add: Long-term debt, less unamortized discount and debt issuance costs, excluding current maturities (per books) | 3,914) |
| Total equity and debt | 9,571) |
| Less: Cash and cash equivalents | 3,504) |
| Enterprise value (EV) | 6,067) |
Based on: 10-K (reporting date: 2022-12-31).
1 Common equity (market value) = Share price × No. shares of common stock outstanding
= 24.67 × 222,963,794
Historical Enterprise Value (EV)
United States Steel Corp., EV calculation
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).
1 Data adjusted for splits and stock dividends.
2 Closing price as at the filing date of United States Steel Corp. Annual Report.
3 2022 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 30.05 × 226,603,781
The financial trajectory of United States Steel Corp. between 2018 and 2022 is characterized by a significant period of volatility followed by a substantial expansion in valuation and capital structure. Enterprise value exhibited a U-shaped recovery, declining in 2019 before experiencing a sharp increase in 2020 and maintaining a relatively stable plateau through 2022.
- Market Value of Common Equity
- A sharp contraction occurred in 2019, where market value dropped from 3,970 million US$ to 1,495 million US$. This was followed by a robust recovery phase, with values climbing to 4,331 million US$ in 2020 and peaking at 6,809 million US$ by the end of 2022. This represents a significant increase in shareholder perceived value over the five-year period.
- Total Equity and Debt
- Capitalization showed a strong upward trend starting in 2020. After a dip to 5,137 million US$ in 2019, the total of equity and debt rose sharply to 9,311 million US$ in 2020, continuing a steady climb to 10,879 million US$ by 2022. This indicates an expansion of the company's total funding base.
- Enterprise Value (EV) Trends
- Enterprise value decreased by approximately 18% between 2018 and 2019, falling to 4,388 million US$. A substantial reversal occurred in 2020, with EV jumping to 7,326 million US$. Between 2020 and 2022, the EV remained relatively consolidated, fluctuating within a narrow range between 7,326 million US$ and 7,641 million US$.
- Relationship Between Total Capital and Enterprise Value
- A widening gap is observed between total equity and debt and the enterprise value. In 2018, the difference was 1,000 million US$, which expanded significantly to 3,504 million US$ by 2022. Since enterprise value typically subtracts cash and cash equivalents from the sum of market capitalization and debt, this trend suggests a substantial accumulation of liquid assets on the balance sheet over the analyzed period.
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