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).
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- 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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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), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
- Price to Earnings (P/E) Ratio
- The Price to Earnings ratio began at moderate levels in 2018, with usable data starting only at the end of 2018. It showed a decline from 3.56 at the end of 2018 to as low as 1.14 in the first quarter of 2023, indicating a decreasing market valuation relative to earnings. There was a notable increase in early 2021, peaking at 7.79 in the first quarter, before sharply declining again through 2022 and early 2023. This fluctuation suggests periods of varying investor optimism or earnings volatility.
- Price to Operating Profit (P/OP) Ratio
- This ratio mirrored much of the P/E ratio trends, starting data availability at the end of 2018 with 3.53 and experiencing a general downward trend through the subsequent quarters. The ratio fell to a low of 0.96 in the first quarter of 2023 but showed intermittent rises such as 5.54 in early 2021, illustrating oscillations in the valuation based on operating profit. The decline toward 2023 suggests the operating profit became more substantial relative to market prices or market prices declined relative to the profits.
- Price to Sales (P/S) Ratio
- Data beginning from late 2018 indicates a gradual decrease in the Price to Sales ratio from 0.28 to a trough around 0.10-0.14 in 2020, possibly reflecting lower sales prices or increased sales volume. From 2021 onward, there was a tendency for the ratio to rise again, peaking at 0.58 in mid-2021 before descending to around 0.26 by mid-2023. This suggests some recovery in the valuation relative to sales after a slump in 2020, possibly linked to market conditions or revenue fluctuations.
- Price to Book Value (P/BV) Ratio
- The Price to Book Value ratio demonstrated a clear declining trend from 1.66 in early 2018 to a low near 0.34 by early 2020, indicating the market value was falling below the book value of equity. There was a recovery phase beginning late 2020, peaking around 1.34 in mid-2021, followed by another decline through 2022 and early 2023 to levels around 0.50. This pattern points to periods of diminished investor confidence in the asset base followed by temporary rebounds and subsequent corrections.
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 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 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. | |||||||||||||||||||||||||||||
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), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
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 financial data reveals several significant trends over the analyzed periods. The share price experienced a general decline from early 2018 through mid-2020, dropping from around $32.37 to a low near $6.66. Following this trough, a recovery phase is evident, with the share price increasing steadily and peaking close to $30.49 by the first quarter of 2022. However, subsequent quarters showed fluctuations and a slight downward trend, with prices oscillating around the low to mid-20s towards mid-2023.
Earnings per share (EPS) were not reported prior to the first quarter of 2019. Starting at a relatively strong level of 6.44 in March 2019, EPS showed a declining trend through 2019 and into 2020, turning negative in the first quarter of 2020 and continuing to deteriorate through the end of 2020. This negative earnings performance corresponds with the period of lowest share prices. From early 2021, EPS rebounded markedly, reaching a peak of 20.79 in the fourth quarter of 2022 before declining again during the first half of 2023, indicating some volatility in profitability during the recovery phase.
The price-to-earnings (P/E) ratio data, though incomplete, suggests varied market valuation relative to earnings. In 2019, the P/E ratios ranged between approximately 2.25 and 3.57, reflecting low share prices relative to earnings. During the early recovery in 2021, the P/E ratio increased, peaking near 7.79, which could indicate heightened market optimism or revaluation of future earnings potential. The ratio then declined in subsequent quarters, with values settling generally between 1.14 and 4.1 in 2022 and 2023, suggesting fluctuating investor confidence or changing earnings expectations.
- Share Price Trend
- Declined sharply from early 2018 to mid-2020, followed by recovery and fluctuations through mid-2023.
- Earnings per Share (EPS) Trend
- Strong initially in early 2019, declining to negative values in 2020; then a robust rebound in 2021–2022 with some volatility into 2023.
- P/E Ratio Behavior
- Low and relatively stable in 2019, increased during early recovery phase in 2021, then fluctuated moderately through 2022 and 2023.
Overall, the data illustrates a period of significant financial stress and reduced market valuation in 2020, likely linked to broader economic conditions. This was followed by a marked improvement in earnings and share price starting in 2021, albeit with signs of volatility persisting in recent quarters. The patterns observed in P/E ratios confirm shifts in market sentiment, reflecting periods of both caution and optimism regarding the company's earnings prospects.
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 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 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. | |||||||||||||||||||||||||||||
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), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
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 share price exhibits considerable volatility over the observed periods, with a general downward trend from early 2018 through mid-2020, reaching a low point in June 2020 at $6.66. Following this trough, the share price recovers steadily, peaking around $30.49 at the end of the first quarter of 2022. Subsequent quarters witness fluctuations but maintain values generally above $20, indicating improved market confidence compared to the earlier phase.
Operating profit per share data begins in March 2019, showing an initial positive profitability trend with values starting at 6.49 and declining to 2.7 by December 2019. This is followed by a significant decline into negative territory throughout 2020, with the lowest point at -6.78 in December 2020, suggesting operational challenges during this period. From 2021 onward, a strong recovery is evident, with operating profit per share increasing sharply to 24.7 by December 2022, before moderating to 6.91 by June 2023. This pattern reflects a period of substantial operational turnaround and profitability improvement after 2020.
The P/OP ratio, representing the price to operating profit per share, starts being reported in March 2019 and fluctuates throughout the timeline. Early ratios range from 2.65 to 4.89, indicating moderate valuation multiples. The ratio spikes to 5.54 in March 2021, possibly reflecting increased share price relative to operating profit at that point. Following this peak, the ratio falls below 2 by September 2021 and remains relatively low through 2022, suggesting that share price growth was aligned more strongly with improvements in operating profit. The ratio increases again to above 3 by June 2023, indicating a potential revaluation or slowing profit growth relative to share price.
In summary, the data reveals a challenging period between late 2019 and 2020 marked by declining share prices and negative operating profits, possibly linked to broader economic or industry factors. A strong recovery phase begins in 2021 with significant gains in operating profitability and corresponding share price improvements. The P/OP ratio trends reflect shifting market valuations in response to these operational changes, with more conservative multiples during profitability growth periods and higher ratios during times of price strength relative to profits.
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 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 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. | |||||||||||||||||||||||||||||
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), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
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.
- Share Price Trends
- The share price exhibited a declining trend from the first quarter of 2018 through mid-2020, falling from $32.37 to a low of $6.66 in June 2020. This decline was followed by a substantial recovery, with the price rising steadily through 2021 to peak near $30.49 in the first quarter of 2022. However, after this peak, the share price showed increased volatility and a downward tendency through late 2022, dipping to $20.51 by September 2022, before rising again towards the first half of 2023, ending at $24.67 in June 2023.
- Sales Per Share Behavior
- Sales per share data, available from the first quarter of 2019, reveals a general pattern of fluctuation over the observed period. Starting at $81.85 in March 2019, it decreased steadily to $37.11 in December 2020, indicating a contraction in sales performance during this interval. Following this decline, sales per share experienced a recovery and growth phase through 2021 and into early 2022, reaching a high of $97.42 in September 2022. In the closing quarters analyzed, there was a slight decline, with sales per share reducing to $85.30 by June 2023.
- Price-to-Sales Ratio (P/S) Analysis
- The price-to-sales (P/S) ratio, which reflects the market valuation relative to sales generated, started at 0.28 in March 2019 before declining to a low of 0.10 in June 2020, consistent with the period of depressed share price and sales figures. Subsequently, the ratio increased sharply to 0.58 in June 2021, signaling improving market sentiment and/or valuation premium relative to sales. Following this peak, the ratio trended downward towards 0.21 by September 2022, suggesting a reduction in valuation multiples despite robust sales per share figures at that time. In 2023, the ratio stabilized somewhat between 0.26 and 0.29.
- Overall Insights
- The data reflects a period of significant volatility and recovery. The sharp decline in share price through mid-2020 aligns with a decrease in sales per share and P/S ratio, indicating stress or unfavorable market conditions. The subsequent recovery in both sales and share price from mid-2020 to early 2022 suggests business improvement and positive market response. The decoupling of valuation in late 2022, where sales per share peaked but the P/S ratio fell, may imply cautious investor sentiment or sector-specific pressures diminishing market multiples. The slight rebound in share price and stabilization of valuation multiples in the first half of 2023 could indicate resumed confidence or normalization.
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 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 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. | |||||||||||||||||||||||||||||
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), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
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 data indicates notable fluctuations in the share price over the examined periods, revealing several distinct phases. Initially, the share price demonstrated a downward trajectory from $32.37 at the end of March 2018 to a low of $6.66 by June 2020. This significant decline suggests a period of considerable market undervaluation or challenges faced by the company. Following this trough, there is a marked recovery, with the share price rising to a peak of $30.49 at the end of March 2022, before experiencing further fluctuations to $24.67 by June 2023.
Book value per share (BVPS) exhibits a generally consistent upward trend throughout the timeframe, increasing from $19.45 in March 2018 to $48.10 by June 2023. This steady growth in BVPS suggests an accumulation of equity and potential strengthening of the company's net asset base over the years, despite short-term volatility in market valuation.
The price-to-book value ratio (P/BV) reflects the interaction between share price and book value per share. The ratio starts above 1.5 in early 2018, indicating the market valued the shares significantly above their book value. Over the course of the next two years, the P/BV decreases steadily, reaching a trough of around 0.34 in March 2020, signifying the shares were considerably undervalued relative to the book value during the downturn. After this period, the ratio experiences partial recovery with a peak of 1.34 in June 2021, followed by a decline and fluctuating values around 0.5 towards mid-2023.
- Share Price
- Displayed a substantial decline from 2018 through mid-2020, indicating potential market pessimism or company challenges during that period.
- Experienced a recovery phase in 2020 and 2021, with peaks in early 2021 and 2022, suggesting improved market sentiment or operational performance.
- Showed volatility in 2022 and early 2023, without clear directional movement.
- Book Value per Share (BVPS)
- Consistently increased over the entire period, rising more than twofold from 2018 to mid-2023, reflecting strengthening underlying equity value.
- Price-to-Book Ratio (P/BV)
- Started above 1.5, indicating strong market confidence relative to book value.
- Declined sharply to below 0.4 by March 2020, reflecting market undervaluation or increased risk perception.
- Recovered to above 1.3 in mid-2021, then decreased again to around 0.5 by mid-2023, suggesting fluctuating market confidence despite growing book value.
Overall, the trends suggest that while the company has been building its equity base steadily, market valuation as reflected in share price and P/BV ratio has been volatile, influenced by external conditions or company-specific events leading to fluctuating investor sentiment. The persistent undervaluation in some periods, particularly around 2020, points to times when the market price did not fully reflect the company's growing book value.