Price to FCFE (P/FCFE)
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United States Steel Corp. pages available for free this week:
- Income Statement
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Present Value of Free Cash Flow to Equity (FCFE)
- Price to Operating Profit (P/OP) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Revenues
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Free Cash Flow to Equity (FCFE)
United States Steel Corp., FCFE calculation
US$ in millions
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).
- Net Cash Provided by Operating Activities
- The net cash provided by operating activities showed significant fluctuations over the analyzed periods. Starting at $938 million in 2018, it declined sharply to $682 million in 2019 and further dropped to $138 million in 2020, indicating a contraction in cash generation capability during this time frame. However, there was a dramatic recovery in 2021, with the figure rising sharply to $4,090 million, representing a substantial improvement in operational cash flow performance. This positive trend slightly moderated in 2022, with net cash provided by operating activities decreasing to $3,505 million, though remaining significantly above pre-2021 levels.
- Free Cash Flow to Equity (FCFE)
- The FCFE metric exhibited considerable volatility throughout the period. It started with a negative value of -$494 million in 2018, followed by a substantial increase to $737 million in 2019 and $499 million in 2020, reflecting improved free cash availability for equity holders during these years. In 2021, however, FCFE turned negative again, reaching -$133 million, suggesting increased capital expenditures or debt repayments that impacted equity free cash flow. In 2022, FCFE rebounded strongly to $1,697 million, the highest within the provided timeframe, indicating a notable enhancement in cash flow available to shareholders.
- Summary of Trends and Insights
- The financial cash flow indicators reveal a pattern of initial decline and volatility followed by a sharp recovery in the later years. The company's operating cash flow was under pressure from 2018 through 2020 but improved remarkably in 2021 and remained robust in 2022. The FCFE followed a similar trajectory, albeit with more pronounced swings, reflecting changing operational performance and possibly varying capital expenditure or financing activities. The improvement in both operating cash flow and FCFE in 2021 and 2022 may indicate enhanced operational efficiency, better market conditions, or successful strategic initiatives during these years.
Price to FCFE Ratio, Current
United States Steel Corp., current P/FCFE calculation, comparison to benchmarks
| No. shares of common stock outstanding | |
| Selected Financial Data (US$) | |
| Free cash flow to equity (FCFE) (in millions) | |
| FCFE per share | |
| Current share price (P) | |
| Valuation Ratio | |
| P/FCFE | |
| Benchmarks | |
| P/FCFE, Competitors1 | |
| Freeport-McMoRan Inc. | |
| P/FCFE, Industry | |
| Materials | |
Based on: 10-K (reporting date: 2022-12-31).
1 Click competitor name to see calculations.
If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.
Price to FCFE Ratio, Historical
United States Steel Corp., historical P/FCFE calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Free cash flow to equity (FCFE) (in millions)2 | ||||||
| FCFE per share3 | ||||||
| Share price1, 4 | ||||||
| Valuation Ratio | ||||||
| P/FCFE5 | ||||||
| Benchmarks | ||||||
| P/FCFE, Competitors6 | ||||||
| Freeport-McMoRan Inc. | ||||||
| P/FCFE, Industry | ||||||
| Materials | ||||||
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.
3 2022 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= ÷ =
4 Closing price as at the filing date of United States Steel Corp. Annual Report.
5 2022 Calculation
P/FCFE = Share price ÷ FCFE per share
= ÷ =
6 Click competitor name to see calculations.
- Share Price
- The share price exhibited significant volatility over the observed period. It started at $22.92 at the end of 2018 and dropped sharply to $8.79 by the end of 2019. Subsequently, it experienced a recovery trend, increasing to $16.50 in 2020, then further rising to $23.68 in 2021, and reaching a peak of $30.05 in 2022. This pattern suggests an initial market downturn followed by a steady recovery and growth through to 2022.
- Free Cash Flow to Equity (FCFE) per Share
- The FCFE per share showed considerable fluctuation during the period. It was negative at -$2.85 in 2018, indicating cash outflows to equity holders, before improving to a positive $4.33 in 2019. In 2020, the FCFE per share decreased to $1.90 but remained positive. The year 2021 saw a return to negative territory at -$0.51, reflecting a possible operational or investment challenge that year. However, 2022 demonstrated a strong recovery with FCFE per share jumping to $7.49, marking the highest value in the period and indicating improved cash generation available to equity holders.
- Price to FCFE (P/FCFE) Ratio
- The P/FCFE ratio displays inconsistency and is only available for selected years. In 2019, the ratio was relatively low at 2.03, suggesting undervaluation or high free cash flow relative to price. It increased substantially to 8.68 in 2020, implying a higher market valuation per unit of free cash flow or reduced cash flow relative to price. Data for 2018 and 2021 is missing, limiting trend analysis for those years. In 2022, the ratio decreased to 4.01, indicating a moderate revaluation relative to FCFE compared to 2020.
- Overall Observations
- The data reflects a company experiencing significant financial variability, with an initial period of stress in 2019 marked by a sharp decline in share price followed by a rebound. FCFE per share trends correlate moderately with share price movements, signaling that fluctuations in cash flow generation had notable impacts on market valuation. The P/FCFE ratio's variation suggests changing market perceptions of the company's value relative to its cash flow generation, with potential impacts from operational performance or external market conditions. The strong improvement in FCFE and share price by 2022 indicates a positive turnaround phase in the company's financial health.