Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
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).
Paying user area
Try for free
United States Steel Corp. pages available for free this week:
- Statement of Comprehensive Income
- Balance Sheet: Assets
- Common-Size Income Statement
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Price to FCFE (P/FCFE)
- Present Value of Free Cash Flow to Equity (FCFE)
- Current Ratio since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Debt
The data is hidden behind: . Unhide it.
Get full access to the entire website from $10.42/mo, or
get 1-month access to United States Steel Corp. for $22.49.
This is a one-time payment. There is no automatic renewal.
We accept:
Historical Valuation Ratios (Summary)
United States Steel Corp., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
The company's valuation ratios over the quarterly periods exhibit several notable trends and fluctuations:
- Price to Earnings (P/E) Ratio
- The P/E ratio shows irregular fluctuations with multiple missing data points in the earlier half of the periods until mid-2021. Initially, the ratio ranges between approximately 2.25 and 3.57 in the first three quarters of 2019. After a period of missing data, the ratio spikes to 7.79 in the first quarter of 2021, followed by a substantial decline to 1.14 in the first quarter of 2022. Subsequently, it rises steadily to a high of 4.1 by mid-2023. This pattern suggests volatility in earnings relative to share price, with a notable peak during early 2021 possibly indicating temporary market optimism or earnings fluctuations.
- Price to Operating Profit (P/OP) Ratio
- This ratio mirrors the trend observed in the P/E ratio with considerable volatility. Starting at a low between 2.48 and 4.89 in early 2019, the ratio shows missing data in the mid-years but resurfaces with a peak of 5.54 in early 2021. It then decreases sharply to values below 1 in early 2022, reaching as low as 0.96, before rising again to 3.57 by mid-2023. The fluctuations indicate shifts in the relationship between share price and operating profit, reflecting changing profitability and market valuation dynamics.
- Price to Sales (P/S) Ratio
- The P/S ratio demonstrates a more continuous dataset with less missing information. It begins relatively low around 0.1 to 0.2 in early 2019, experiences an upward trend peaking at 0.58 in early 2021, and then gradually declines through 2021 and most of 2022, reaching a trough of 0.21 in late 2022. The ratio slightly recovers to approximately 0.29 by mid-2023. This progression suggests that sales valuations rose through 2020 into early 2021 before contracting and stabilizing somewhat at a lower level.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio shows a gradual upward trend from 0.37 at the end of 2019 to a peak of 1.34 in the first quarter of 2021, indicating increased market valuation relative to book value during this period. After this peak, the ratio declines sharply to 0.46 by late 2022, showing reduced market premium or potentially diminished investor confidence in net asset value. In early to mid-2023, a modest increase occurs, with the ratio stabilizing near 0.5, reflecting cautious recovery or stabilization in market perception of book value.
Overall, the data reflects strong volatility across valuation metrics, with notable peaks generally occurring around early 2021. Following these peaks, valuation multiples decreased significantly in 2022, possibly suggesting a market correction or adverse business conditions impacting earnings, operating profit, sales valuation, and book value perception. The latter half of the data indicates a partial recovery in these ratios, highlighting an improving market sentiment or operational performance leading into 2023.
Price to Earnings (P/E)
United States Steel Corp., historical P/E calculation (quarterly data)
| Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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. | ||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2023 Calculation
EPS
= (Net earnings (loss) attributable to United States Steel CorporationQ2 2023
+ Net earnings (loss) attributable to United States Steel CorporationQ1 2023
+ Net earnings (loss) attributable to United States Steel CorporationQ4 2022
+ Net earnings (loss) attributable to United States Steel CorporationQ3 2022)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of United States Steel Corp. Quarterly or Annual Report.
4 Q2 2023 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The analysis of the financial indicators over the observed quarterly periods reveals several notable trends and shifts.
- Share Price
- The share price exhibited significant volatility during the timeframe. It started at $16.88 in March 2019, declined sharply to a low point around mid-2020, reaching $6.66 in June 2020. Subsequently, a recovery phase ensued, with the price rising notably to peak at $30.49 by March 2022. Thereafter, fluctuations continued, with the price varying between approximately $20 and $30 through mid-2023, indicating a period of relative stabilization but with heightened volatility compared to the earlier quarters.
- Earnings Per Share (EPS)
- EPS presented a clear cyclical pattern with significant downturns and recoveries. Initially, EPS declined from 6.68 in March 2019 to negative territory by December 2019 (-3.7), deepening further during 2020, bottoming near -8.54 in September 2020. From late 2020 onwards, EPS showed a strong recovery, turning positive again in early 2021 and reaching a peak of about 20.79 in September 2022. After this peak, EPS tapered off gradually but remained positive through mid-2023, indicating regaining profitability after a challenging period.
- Price-to-Earnings Ratio (P/E)
- The P/E ratio shows considerable fluctuations corresponding with EPS and share price movements. The ratio started relatively low at 2.53 in March 2019 and trended downward into 2020, correlating with negative EPS values when no meaningful P/E could be calculated. From early 2021, once EPS turned positive, the P/E ratio re-emerged and displayed variability, hitting a low of 1.14 in March 2022 and increasing afterward to reach above 4.0 by June 2023. This rise suggests that the market began to assign higher valuation multiples relative to earnings toward the later periods.
Overall, the financial data illustrate a period of financial distress and volatility during 2019-2020, marked by declining share prices and negative earnings. This phase was succeeded by a strong recovery in earnings and share price in 2021 and 2022, reflecting improved financial performance and market sentiment. However, recent quarters indicate some moderation in earnings growth and continued share price volatility, suggesting cautious investor outlook amid uncertain market conditions.
Price to Operating Profit (P/OP)
United States Steel Corp., historical P/OP calculation (quarterly data)
| Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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. | ||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2023 Calculation
Operating profit per share
= (Earnings (loss) before interest and income taxesQ2 2023
+ Earnings (loss) before interest and income taxesQ1 2023
+ Earnings (loss) before interest and income taxesQ4 2022
+ Earnings (loss) before interest and income taxesQ3 2022)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of United States Steel Corp. Quarterly or Annual Report.
4 Q2 2023 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals distinct trends in share price, operating profit per share, and the price-to-operating profit (P/OP) ratio over the observed periods.
- Share Price
- The share price demonstrated notable volatility throughout the observed quarters. Beginning at $16.88 in March 2019, it experienced a decline, reaching a low point around $6.66 in June 2020, likely influenced by adverse market or operational conditions during that period. Thereafter, the share price recovered substantially, achieving a peak above $30 by March 2022. Following this peak, a downward correction occurred, with prices settling in the low-to-mid $20 range by mid-2023. The fluctuations indicate sensitivity to underlying operational performance and external market factors.
- Operating Profit Per Share (OPPS)
- The operating profit per share showed a significant downward trend during the 2019 and early 2020 periods, moving from $6.37 in March 2019 into negative territory by December 2019 and persisting through much of 2020. The lowest values were recorded between mid and late 2020, indicating operational challenges or decreased demand. Starting in 2021, a robust recovery was evident, with OPPS rising sharply to a peak of $24.7 in June 2022. After this peak, operating profit per share declined but remained positive, suggesting restored profitability albeit with some recent softening in earnings.
- Price-to-Operating Profit Ratio (P/OP)
- The P/OP ratio data is incomplete for several consecutive quarters but indicates a general pattern of fluctuation consistent with the changes in share price and operating profit. Where data is available, the ratio was relatively low (below 3) in early 2019, rose dramatically in late 2019 and 2020 (though exact values are missing), then fell to lower levels during the recovery phase in 2021 and early 2022, reaching as low as 0.96 in June 2022. More recently, the ratio has increased again, exceeding 3 by mid-2023, indicating a relative increase in share price compared to operating profits or possibly a reduction in profitability relative to market valuation.
Overall, the financial metrics exhibit a significant dip coinciding with the early 2020 periods, which was followed by a marked recovery in profitability and share value through mid-2022. The subsequent quarters show some signs of stabilization with moderate declines in both operating profits and share price, while valuation ratios reflect changing market perceptions of operational performance risk and investor expectations.
Price to Sales (P/S)
United States Steel Corp., historical P/S calculation (quarterly data)
| Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Net sales (in millions) | ||||||||||||||||||||||||
| Sales per share2 | ||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/S ratio4 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||
| Freeport-McMoRan Inc. | ||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2023 Calculation
Sales per share
= (Net salesQ2 2023
+ Net salesQ1 2023
+ Net salesQ4 2022
+ Net salesQ3 2022)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of United States Steel Corp. Quarterly or Annual Report.
4 Q2 2023 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The financial data reflect notable fluctuations in the share price, sales per share, and price-to-sales (P/S) ratio over the period analyzed. The trends suggest periods of both decline and recovery, impacted by varying market and operational factors.
- Share Price
- The share price exhibited a downward trend from the first quarter of 2019 through mid-2020, declining from $16.88 to a low of $6.66 in June 2020. This reduction may indicate adverse market conditions or company-specific challenges during that period. Subsequent quarters showed a recovery, with share price reaching peaks above $30 by early 2022 and again at the end of 2022. However, fluctuations remained evident, as the share price declined again in mid-2022 before rising slightly in the first half of 2023. The overall pattern displays volatility with phases of significant appreciation following initial declines.
- Sales per Share
- Sales per share declined steadily from $84.27 in March 2019 to a low of $37.11 in December 2020, mirroring broader industry pressures or reduced demand during that time. From 2021 onward, sales per share increased markedly, peaking at $97.42 in June 2022. This uptrend indicates a recovery in revenue generation capabilities, although sales per share slightly decreased toward the first half of 2023, suggesting some moderation in sales performance.
- Price-to-Sales (P/S) Ratio
- The P/S ratio initially stayed relatively low, around 0.10 to 0.20, during the 2019 to mid-2020 period, reflecting investor caution amid declining sales and share prices. A pronounced increase to a peak P/S ratio of 0.58 occurred in March 2021, indicating a phase where market valuations outpaced sales growth. Following this peak, the P/S ratio declined progressively through 2021 and 2022, aligning with the sales per share recovery but accompanied by share price corrections. The ratio then showed signs of modest rebound in early 2023, highlighting a revaluation of the company's sales relative to its market price.
In summary, the financial indicators show an initial period of financial strain leading to depressed sales and share prices, followed by a recovery phase marked by increasing sales and more volatile share price movements. The P/S ratio dynamics reflect shifting investor sentiment and valuation adjustments in response to operational performance and market conditions. Understanding these patterns is critical for assessing the company's financial health and investment potential over the analyzed timeframe.
Price to Book Value (P/BV)
United States Steel Corp., historical P/BV calculation (quarterly data)
| Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| 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. | ||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2023 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. Quarterly or Annual Report.
4 Q2 2023 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several key trends in the share price, book value per share (BVPS), and the price-to-book value (P/BV) ratio over the examined periods.
- Share Price Trends
- The share price experienced a notable decline from early 2019 to mid-2020, dropping from $16.88 in March 2019 to a low of $6.66 in June 2020. This decline may reflect market challenges or operational issues during this period. Subsequently, the share price rebounded sharply, reaching a peak of $30.49 by March 2022. However, this recovery was followed by moderate fluctuations, with the price adjusting downward and then stabilizing around the mid-$20 range by mid-2023.
- Book Value per Share (BVPS) Patterns
- The BVPS showed a gradual decrease from $24.57 in March 2019 to a trough of $14.42 in December 2020. This decline suggests potential asset value reductions or capital adjustments during this period. From late 2020 onward, the BVPS demonstrated a consistent upward trajectory, climbing substantially to $48.10 by June 2023. This increase indicates strengthening asset base or retained earnings accumulation, reflecting an improvement in the underlying book value.
- Price-to-Book Value (P/BV) Ratio Dynamics
- The P/BV ratio started relatively low, around 0.69 in early 2019, dipping further to a minimum of approximately 0.34 by March 2020, signaling that the market valued the shares significantly below their book value during this time. From late 2020, the ratio rose above 1.0, peaking at 1.34 in March 2021, suggesting increased market confidence and the market price exceeding book value. Following this peak, the ratio declined steadily to approximately 0.5 by mid-2023, indicating a relative decrease in market valuation compared to book value in recent quarters.
- Overall Insights
- The initial phase of the periods under review was characterized by declining share prices and book values, coinciding with a depressed market valuation relative to book value. This phase could reflect economic pressures or company-specific challenges. A subsequent recovery phase began in late 2020, with book value improving significantly and share prices increasing, though the market valuation premium (P/BV) diminished in the most recent quarters. This suggests a shift toward a more cautious or balanced investor perception despite strong book value growth.