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)

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)

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

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Item	Description	The company
EV	Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments.	United States Steel Corp. EV increased from 2020 to 2021 but then slightly decreased from 2021 to 2022 not reaching 2020 level.

United States Steel Corp. (NYSE:X)

Enterprise Value (EV)