Common Stock Valuation Ratios (Price Multiples)
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
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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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Current Valuation Ratios
United States Steel Corp., current price multiples
| United States Steel Corp. | Freeport-McMoRan Inc. | Materials | |||
|---|---|---|---|---|---|
| Selected Financial Data | |||||
| Current share price (P) | |||||
| No. shares of common stock outstanding | |||||
| Growth rate (g) | |||||
| Earnings per share (EPS) | |||||
| Next year expected EPS | |||||
| Operating profit per share | |||||
| Sales per share | |||||
| Book value per share (BVPS) | |||||
| Valuation Ratios (Price Multiples) | |||||
| Price to earnings (P/E) | |||||
| Price to next year expected earnings | |||||
| Price-earnings-growth (PEG) | |||||
| Price to operating profit (P/OP) | |||||
| Price to sales (P/S) | |||||
| Price to book value (P/BV) | |||||
Based on: 10-K (reporting date: 2022-12-31).
If the company price multiple is lower then the price multiple of benchmark then company stock is relatively undervalued.
Otherwise, if the company price multiple is higher then the price multiple of benchmark then company stock is relatively overvalued.
Historical Valuation Ratios (Summary)
United States Steel Corp., historical price multiples
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Price to earnings (P/E) | ||||||
| Price to operating profit (P/OP) | ||||||
| Price to sales (P/S) | ||||||
| Price to book value (P/BV) |
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).
The financial ratios for the analyzed periods reveal notable fluctuations that characterize the company's market valuation relative to its earnings, operating profit, sales, and book value.
- Price to Earnings (P/E) Ratio
- The P/E ratio started at 3.56 in 2018, with no data available for 2019 and 2020. In 2021, the ratio decreased significantly to 1.48, indicating a relative decline in market price compared to earnings or an increase in earnings relative to price. However, in 2022, the P/E ratio rose to 2.7, suggesting a partial recovery or an increase in market price relative to earnings.
- Price to Operating Profit (P/OP) Ratio
- Similar to the P/E ratio, the P/OP ratio was 3.53 in 2018, with no data for the subsequent two years. In 2021, it dropped sharply to 1.25, indicating either improved operating profit margins or a reduced market price relative to operating profit. The ratio then increased to 2.15 in 2022, showing a movement back toward higher valuation levels per unit of operating profit.
- Price to Sales (P/S) Ratio
- The P/S ratio exhibits more continuous data and fluctuates over the whole period. It started at 0.28 in 2018, dropped significantly to 0.12 in 2019, possibly reflecting decreased market valuation relative to sales or increased sales but flat market price. It then climbed to 0.44 in 2020, indicating enhanced valuation relative to sales, decreased sales, or increased market price. The following years showed moderate decreases to 0.30 in 2021 and a slight increase to 0.32 in 2022, implying a relatively stable market valuation relative to sales during these years.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio shows substantial variation over the observed period. It started near parity at 0.94 in 2018, dropped to 0.37 in 2019, which may indicate significant depreciation of market valuation relative to net assets. The ratio rebounded to 1.14 in 2020, surpassing the initial level, suggesting market optimism or growth in book value. Subsequently, it decreased to 0.69 in 2021 and slightly declined further to 0.67 in 2022, indicating market valuation somewhat below book value but relatively stable in the last two years.
Overall, the data highlight volatility in market valuation ratios, with important troughs around 2019 and 2021 depending on the metric, followed by partial recoveries. Missing data for some key ratios in 2019 and 2020 limits full trend analysis but available figures indicate significant valuation fluctuations likely influenced by market conditions and company performance during these years.
Price to Earnings (P/E)
United States Steel Corp., historical P/E 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$) | ||||||
| Net earnings (loss) attributable to United States Steel Corporation (in millions) | ||||||
| Earnings per share (EPS)2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/E ratio4 | ||||||
| Benchmarks | ||||||
| P/E Ratio, Competitors5 | ||||||
| Freeport-McMoRan Inc. | ||||||
| P/E Ratio, 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.
2 2022 Calculation
EPS = Net earnings (loss) attributable to United States Steel Corporation ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of United States Steel Corp. Annual Report.
4 2022 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The analysis of the financial data reveals several key trends over the period from 2018 to 2022. The share price exhibited significant fluctuations, initially declining from $22.92 at the end of 2018 to $8.79 in 2019, followed by a recovery to $16.50 in 2020. Subsequently, the share price continued to increase, reaching $23.68 in 2021 and $30.05 in 2022, indicating a strong upward trend in the latter years.
Earnings per share (EPS) showed considerable volatility during the same period. There was a notable decline from a positive $6.44 in 2018 to negative figures in 2019 and 2020, with EPS at -$3.70 and -$4.44 respectively. This suggests the company experienced losses in these years. However, the EPS improved substantially in 2021, rising sharply to $16.00, and although it decreased slightly in 2022, it remained high at $11.14. This recovery signifies a significant turnaround in profitability after the earlier losses.
The price-to-earnings (P/E) ratio data is incomplete but reveals low values where available. In 2018, the P/E ratio stood at 3.56, reflecting relatively low market expectations or undervaluation at that time. By 2021 and 2022, the P/E ratio further decreased to 1.48 and 2.7 respectively, indicating the stock might be trading at a low multiple of earnings, especially given the higher EPS in these years. The absence of P/E ratios in 2019 and 2020 could be due to negative earnings, which typically makes P/E calculation invalid.
Overall, the data depicts a company that faced profitability challenges during 2019 and 2020 but demonstrated a strong recovery in earnings and share price from 2021 onwards. The improving EPS and increasing share price suggest restored investor confidence and improving financial performance, while the relatively low P/E ratios in recent years may point to potential undervaluation or market caution despite improved earnings.
Price to Operating Profit (P/OP)
United States Steel Corp., historical P/OP calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Earnings (loss) before interest and income taxes (in millions) | ||||||
| Operating profit per share2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/OP ratio4 | ||||||
| Benchmarks | ||||||
| P/OP Ratio, Competitors5 | ||||||
| Freeport-McMoRan Inc. | ||||||
| P/OP Ratio, 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.
2 2022 Calculation
Operating profit per share = Earnings (loss) before interest and income taxes ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of United States Steel Corp. Annual Report.
4 2022 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price exhibited a declining trend from 22.92 US$ at the end of 2018 to its lowest point of 8.79 US$ by the end of 2019. Subsequently, the price saw recovery and growth, reaching 16.5 US$ in 2020, increasing further to 23.68 US$ in 2021, and continuing to 30.05 US$ by the end of 2022.
- Operating Profit Per Share
- The operating profit per share showed significant volatility and a pattern of recovery over the observed period. It started at 6.49 US$ in 2018, then declined sharply into negative territory with -1.35 US$ in 2019 and deeper to -4.1 US$ in 2020. A notable turnaround occurred in 2021, where operating profit per share rose substantially to 18.96 US$, followed by a modest decline to 13.95 US$ in 2022.
- P/OP Ratio
- The price to operating profit (P/OP) ratio was reported only for selected years. It began at 3.53 in 2018, with no recorded values for 2019 and 2020, then decreased to 1.25 in 2021, and increased again to 2.15 in 2022. These fluctuations suggest variability in the relationship between the share price and operating profit per share during these years.
Price to Sales (P/S)
United States Steel Corp., historical P/S 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$) | ||||||
| Net sales (in millions) | ||||||
| Sales per share2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/S ratio4 | ||||||
| Benchmarks | ||||||
| P/S Ratio, Competitors5 | ||||||
| Freeport-McMoRan Inc. | ||||||
| P/S Ratio, 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.
2 2022 Calculation
Sales per share = Net sales ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of United States Steel Corp. Annual Report.
4 2022 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price experienced significant fluctuations throughout the analyzed period. It started at $22.92 in 2018, declined sharply to $8.79 in 2019, then recovered to $16.50 in 2020. The upward trend continued in the following years, reaching $23.68 in 2021 and further increasing to $30.05 by the end of 2022. This pattern indicates a period of volatility followed by sustained growth in market valuation.
- Sales per Share
- Sales per share followed a somewhat similar trajectory, beginning at $81.85 in 2018, decreasing moderately to $76.08 in 2019, and then dropping significantly to $37.11 in 2020. After this low point, sales per share rebounded strongly to $77.70 in 2021 and continued to rise to $92.96 in 2022. The data suggests a recovery in revenue generation capacity per share after a considerable dip in 2020.
- Price-to-Sales Ratio (P/S)
- The price-to-sales ratio showed variability over the years. It was 0.28 in 2018 and decreased to 0.12 in 2019, indicating a declining market valuation relative to sales. The ratio then surged sharply to 0.44 in 2020 despite lower sales, pointing to a market reassessment or speculative movement. Afterwards, it decreased to 0.30 in 2021 and slightly increased to 0.32 in 2022. Overall, the P/S ratio reflects fluctuating investor sentiment relative to sales, with some recovery in valuation multiples in the last two years.
Price to Book Value (P/BV)
United States Steel Corp., historical P/BV calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Total United States Steel Corporation stockholders’ equity (in millions) | ||||||
| Book value per share (BVPS)2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/BV ratio4 | ||||||
| Benchmarks | ||||||
| P/BV Ratio, Competitors5 | ||||||
| Freeport-McMoRan Inc. | ||||||
| P/BV Ratio, 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.
2 2022 Calculation
BVPS = Total United States Steel Corporation stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of United States Steel Corp. Annual Report.
4 2022 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price exhibited a downward trend from 2018 to 2019, dropping substantially from $22.92 to $8.79. It then rebounded in the subsequent years, increasing to $16.50 in 2020, $23.68 in 2021, and reaching its highest point in the period at $30.05 in 2022. This pattern suggests initial market challenges followed by recovery and growth in shareholder value toward the end of the observed period.
- Book Value Per Share (BVPS)
- BVPS showed relative stability between 2018 and 2019, maintaining values of $24.26 and $24.06, respectively. However, there was a significant decline in 2020 to $14.42, possibly indicating asset value impairment or losses. Subsequently, there was a strong recovery in 2021 and 2022, with BVPS notably rising to $34.53 and then further to $45.09. This reflects an improvement in the underlying net asset backing per share over the last two years.
- Price-to-Book Value Ratio (P/BV)
- The P/BV ratio fluctuated over the time frame, starting at 0.94 in 2018 and dropping sharply to 0.37 in 2019, indicating the share price was much lower relative to book value during that year. It then increased to 1.14 in 2020, showing the market valued the shares above their book value. In 2021 and 2022, the ratio declined again to 0.69 and 0.67, respectively, suggesting that despite the rise in book value, share prices traded below this measure, which may indicate market conservatism or perceived risks.