Stock Analysis on Net
Stock Analysis on Net

United States Steel Corp. (NYSE:X)

$22.49

This company has been moved to the archive! The financial data has not been updated since July 28, 2023.

Analysis of Income Taxes

Microsoft Excel

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Income Tax Expense (Benefit)

United States Steel Corp., income tax expense (benefit), continuing operations

US$ in millions

Microsoft Excel
12 months ended: Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Federal
State and local
Foreign
Current
Federal
State and local
Foreign
Deferred
Income tax provision (benefit)

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).

Item Description The company
Current Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations. United States Steel Corp. current increased from 2020 to 2021 and from 2021 to 2022.
Deferred Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations. United States Steel Corp. deferred increased from 2020 to 2021 and from 2021 to 2022.
Income tax provision (benefit) Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. United States Steel Corp. income tax provision (benefit) increased from 2020 to 2021 and from 2021 to 2022.

Effective Income Tax Rate (EITR)

United States Steel Corp., effective income tax rate (EITR) reconciliation

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Federal statutory tax rate
Effective income tax rate

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).

Item Description The company
Effective income tax rate Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. United States Steel Corp. effective income tax rate decreased from 2020 to 2021 but then increased from 2021 to 2022 exceeding 2020 level.

Components of Deferred Tax Assets and Liabilities

United States Steel Corp., components of deferred tax assets and liabilities

US$ in millions

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Federal tax loss carryforwards
Federal capital loss carryforwards
State tax credit carryforwards
State tax loss carryforwards
State capital loss carryforwards
Minimum tax credit carryforwards
General business credit carryforwards
Foreign tax loss and credit carryforwards
Employee benefits
Contingencies and accrued liabilities
Operating lease liabilities
Capitalized research and development
Receivables, payables and debt
Investments in subsidiaries and equity investees
Inventory
Other temporary differences
Deferred tax assets, before valuation allowance
Valuation allowance
Deferred tax assets
Property, plant and equipment
Operating right-of-use assets
Investments in subsidiaries and equity investees
Inventory
Employee benefits
Receivables, payables and debt
Indefinite-lived intangible assets
Other temporary differences
Deferred tax liabilities
Net deferred tax asset (liability)

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).

Item Description The company
Deferred tax assets, before valuation allowance Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. United States Steel Corp. deferred tax assets, before valuation allowance decreased from 2020 to 2021 and from 2021 to 2022.
Deferred tax assets Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. United States Steel Corp. deferred tax assets increased from 2020 to 2021 but then decreased significantly from 2021 to 2022.
Net deferred tax asset (liability) Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, without jurisdictional netting. United States Steel Corp. net deferred tax asset (liability) decreased from 2020 to 2021 and from 2021 to 2022.

Deferred Tax Assets and Liabilities, Classification

United States Steel Corp., deferred tax assets and liabilities, classification

US$ in millions

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Deferred income tax benefits
Deferred income tax liabilities

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).

Item Description The company
Deferred income tax benefits Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, with jurisdictional netting and classified as noncurrent. United States Steel Corp. deferred income tax benefits increased from 2020 to 2021 but then decreased significantly from 2021 to 2022.
Deferred income tax liabilities Amount, after deferred tax asset, of deferred tax liability attributable to taxable differences, with jurisdictional netting and classified as noncurrent. United States Steel Corp. deferred income tax liabilities increased from 2020 to 2021 and from 2021 to 2022.

Adjustments to Financial Statements: Removal of Deferred Taxes

United States Steel Corp., adjustments to financial statements

US$ in millions

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Adjustment to Total Assets
Total assets (as reported)
Less: Noncurrent deferred tax assets, net
Total assets (adjusted)
Adjustment to Total Liabilities
Total liabilities (as reported)
Less: Noncurrent deferred tax liabilities, net
Total liabilities (adjusted)
Adjustment to Total United States Steel Corporation Stockholders’ Equity
Total United States Steel Corporation stockholders’ equity (as reported)
Less: Net deferred tax assets (liabilities)
Total United States Steel Corporation stockholders’ equity (adjusted)
Adjustment to Net Earnings (loss) Attributable To United States Steel Corporation
Net earnings (loss) attributable to United States Steel Corporation (as reported)
Add: Deferred income tax expense (benefit)
Net earnings (loss) attributable to United States Steel Corporation (adjusted)

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).

United States Steel Corp., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)

United States Steel Corp., adjusted financial ratios

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Net Profit Margin
Reported net profit margin
Adjusted net profit margin
Total Asset Turnover
Reported total asset turnover
Adjusted total asset turnover
Financial Leverage
Reported financial leverage
Adjusted financial leverage
Return on Equity (ROE)
Reported ROE
Adjusted ROE
Return on Assets (ROA)
Reported ROA
Adjusted ROA

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).

Financial ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. United States Steel Corp. adjusted net profit margin ratio improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022.
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. United States Steel Corp. adjusted total asset turnover ratio improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 United States Steel Corp. adjusted financial leverage ratio decreased from 2020 to 2021 and from 2021 to 2022.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity. United States Steel Corp. adjusted ROE improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. United States Steel Corp. adjusted ROA improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022.

United States Steel Corp., Financial Ratios: Reported vs. Adjusted

Adjusted Net Profit Margin

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
As Reported
Selected Financial Data (US$ in millions)
Net earnings (loss) attributable to United States Steel Corporation
Net sales
Profitability Ratio
Net profit margin1
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net earnings (loss) attributable to United States Steel Corporation
Net sales
Profitability Ratio
Adjusted net profit margin2

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).

2022 Calculations

1 Net profit margin = 100 × Net earnings (loss) attributable to United States Steel Corporation ÷ Net sales
= 100 × ÷ =

2 Adjusted net profit margin = 100 × Adjusted net earnings (loss) attributable to United States Steel Corporation ÷ Net sales
= 100 × ÷ =

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. United States Steel Corp. adjusted net profit margin ratio improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022.

Adjusted Total Asset Turnover

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
As Reported
Selected Financial Data (US$ in millions)
Net sales
Total assets
Activity Ratio
Total asset turnover1
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Net sales
Adjusted total assets
Activity Ratio
Adjusted total asset turnover2

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).

2022 Calculations

1 Total asset turnover = Net sales ÷ Total assets
= ÷ =

2 Adjusted total asset turnover = Net sales ÷ Adjusted total assets
= ÷ =

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. United States Steel Corp. adjusted total asset turnover ratio improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022.

Adjusted Financial Leverage

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
As Reported
Selected Financial Data (US$ in millions)
Total assets
Total United States Steel Corporation stockholders’ equity
Solvency Ratio
Financial leverage1
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted total assets
Adjusted total United States Steel Corporation stockholders’ equity
Solvency Ratio
Adjusted financial leverage2

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).

2022 Calculations

1 Financial leverage = Total assets ÷ Total United States Steel Corporation stockholders’ equity
= ÷ =

2 Adjusted financial leverage = Adjusted total assets ÷ Adjusted total United States Steel Corporation stockholders’ equity
= ÷ =

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 United States Steel Corp. adjusted financial leverage ratio decreased from 2020 to 2021 and from 2021 to 2022.

Adjusted Return on Equity (ROE)

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
As Reported
Selected Financial Data (US$ in millions)
Net earnings (loss) attributable to United States Steel Corporation
Total United States Steel Corporation stockholders’ equity
Profitability Ratio
ROE1
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net earnings (loss) attributable to United States Steel Corporation
Adjusted total United States Steel Corporation stockholders’ equity
Profitability Ratio
Adjusted ROE2

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).

2022 Calculations

1 ROE = 100 × Net earnings (loss) attributable to United States Steel Corporation ÷ Total United States Steel Corporation stockholders’ equity
= 100 × ÷ =

2 Adjusted ROE = 100 × Adjusted net earnings (loss) attributable to United States Steel Corporation ÷ Adjusted total United States Steel Corporation stockholders’ equity
= 100 × ÷ =

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity. United States Steel Corp. adjusted ROE improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022.

Adjusted Return on Assets (ROA)

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
As Reported
Selected Financial Data (US$ in millions)
Net earnings (loss) attributable to United States Steel Corporation
Total assets
Profitability Ratio
ROA1
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net earnings (loss) attributable to United States Steel Corporation
Adjusted total assets
Profitability Ratio
Adjusted ROA2

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).

2022 Calculations

1 ROA = 100 × Net earnings (loss) attributable to United States Steel Corporation ÷ Total assets
= 100 × ÷ =

2 Adjusted ROA = 100 × Adjusted net earnings (loss) attributable to United States Steel Corporation ÷ Adjusted total assets
= 100 × ÷ =

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. United States Steel Corp. adjusted ROA improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022.