Current EV
Historical 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

United States Steel Corp., EV calculation

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Share price^1, 2	$30.05	$23.68	$16.50	$8.79	$22.92
No. shares of common stock outstanding¹	226,603,781	260,930,638	262,471,855	170,047,076	173,222,678
US$ in millions
Common equity (market value)³	6,809)	6,179)	4,331)	1,495)	3,970)
Add: Noncontrolling interests (book value)	93)	93)	93)	1)	1)
Total equity	6,902)	6,272)	4,424)	1,496)	3,971)
Add: Short-term debt and current maturities of long-term debt (book value)	63)	28)	192)	14)	65)
Add: Long-term debt, less unamortized discount and debt issuance costs, excluding current maturities (book value)	3,914)	3,863)	4,695)	3,627)	2,316)
Total equity and debt	10,879)	10,163)	9,311)	5,137)	6,352)
Less: Cash and cash equivalents	3,504)	2,522)	1,985)	749)	1,000)
Enterprise value (EV)	7,375)	7,641)	7,326)	4,388)	5,352)

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

Common Equity (Market Value): The common equity market value experienced a significant decline from 2018 to 2019, dropping from $3,970 million to $1,495 million. This was followed by a sharp recovery and upward trend over the next three years, rising to $4,331 million in 2020, $6,179 million in 2021, and reaching $6,809 million in 2022.
Total Equity: Total equity mirrored the pattern observed in common equity, decreasing markedly from $3,971 million in 2018 to $1,496 million in 2019. Subsequently, it rebounded to $4,424 million in 2020 and showed continued growth through 2021 and 2022, ending at $6,902 million. The close alignment between total equity and common equity values suggests that the equity structure largely comprises common equity over the period.
Total Equity and Debt: This combined measure showed a fluctuating but generally upward trajectory. Starting at $6,352 million in 2018, it decreased to $5,137 million in 2019, before increasing substantially in 2020 to $9,311 million. Growth continued to $10,163 million in 2021 and $10,879 million in 2022. The sharp increase in 2020 may indicate increased borrowing or debt issuance alongside equity changes.
Enterprise Value (EV): Enterprise value declined from $5,352 million in 2018 to $4,388 million in 2019, reflecting the broader decreases in equity and total capitalization. It then rose to $7,326 million in 2020, maintained a relatively stable level at $7,641 million in 2021, before slightly decreasing to $7,375 million in 2022. The relative stability of EV in 2021 and 2022, despite increases in equity and total capitalization, may reflect changes in market perceptions or capital structure.

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United States Steel Corp. (NYSE:X)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)