Stock Analysis on Net
Stock Analysis on Net

United States Steel Corp. (NYSE:X)

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

Common-Size Income Statement
Quarterly Data

United States Steel Corp., common-size consolidated income statement (quarterly data)

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3 months ended: 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
Net sales 90.26 87.52 88.04 89.70 92.11 92.53 94.06 94.28 93.21 91.95 89.62 88.55 95.65 87.23 88.70 88.04 89.56 89.28 90.60 89.86 89.83 89.58
Net sales to related parties 9.74 12.48 11.96 10.30 7.89 7.47 5.94 5.72 6.79 8.05 10.38 11.45 4.35 12.77 11.30 11.96 10.44 10.72 9.40 10.14 10.17 10.42
Net sales 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Cost of sales -83.09 -88.43 -90.69 -83.78 -74.10 -73.04 -69.26 -65.07 -73.19 -84.06 -93.05 -98.08 -108.75 -94.80 -98.48 -94.56 -91.03 -90.65 -86.81 -85.06 -86.48 -89.17
Gross profit (loss) 16.91% 11.57% 9.31% 16.22% 25.90% 26.96% 30.74% 34.93% 26.81% 15.94% 6.95% 1.92% -8.75% 5.20% 1.52% 5.44% 8.97% 9.35% 13.19% 14.94% 13.52% 10.83%
Selling, general and administrative expenses -2.06 -2.21 -2.26 -1.83 -1.78 -2.24 -2.06 -1.81 -2.11 -2.62 -2.93 -2.78 -2.97 -2.62 -2.34 -2.05 -2.31 -2.23 -2.30 -2.17 -2.55 -2.48
Depreciation, depletion and amortization -4.47 -4.94 -4.54 -3.81 -3.15 -3.78 -3.63 -3.29 -4.02 -5.16 -6.32 -6.92 -7.60 -5.82 -5.74 -5.25 -4.23 -4.09 -3.71 -3.38 -3.60 -4.06
Earnings (loss) from investees 0.76 -0.29 0.95 1.36 1.51 0.69 1.14 0.96 0.70 0.38 -1.52 -1.32 -1.87 -0.29 0.39 1.01 0.79 0.26 0.60 0.46 0.53 0.10
Gain on sale of Transtar 0.00 0.00 0.00 0.00 0.00 0.00 0.00 8.48 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Asset impairment charges 0.00 -0.09 -0.28 0.00 -2.40 0.00 -4.36 0.00 -0.56 0.00 0.00 0.00 0.00 -9.57 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Gain on equity investee transactions 0.00 0.00 0.14 0.00 0.00 0.00 0.00 0.00 0.00 3.03 0.00 0.00 0.00 1.13 0.00 0.00 0.00 0.00 0.54 0.00 0.50 0.00
Restructuring and other charges -0.04 -0.02 0.21 -0.44 -0.27 -0.32 -1.62 0.00 -0.62 -0.16 -0.31 0.00 -4.26 -1.49 -7.83 -1.76 0.00 0.00 0.00 0.00 0.00 0.00
Net gain (loss) on sale of assets 0.00 0.00 0.05 0.12 0.03 0.04 -0.02 -0.12 0.30 0.00 5.74 0.09 0.00 0.00 0.14 0.03 0.00 -0.11 0.08 0.13 -0.03 -0.03
Other gains (losses), net 0.16 0.22 0.44 0.17 0.10 0.02 0.18 0.12 0.08 0.19 0.08 0.00 0.00 -0.18 0.53 -0.03 0.03 0.00 0.08 0.03 -0.03 0.00
Earnings (loss) before interest and income taxes 11.26% 4.23% 4.01% 11.80% 19.94% 21.36% 20.37% 39.27% 20.58% 11.60% 1.68% -9.02% -25.44% -13.65% -13.31% -2.61% 3.24% 3.17% 8.48% 10.00% 8.34% 4.35%
Interest expense -0.40 -0.60 -0.74 -0.73 -0.62 -0.96 -1.10 -1.26 -1.67 -2.51 -3.20 -3.59 -3.06 -1.82 -1.59 -1.04 -0.87 -0.97 -0.92 -1.10 -1.19 -1.59
Interest income 0.68 0.67 0.55 0.29 0.06 0.02 0.02 0.02 0.02 0.03 0.04 0.04 0.05 0.15 0.14 0.10 0.14 0.14 0.19 0.16 0.14 0.16
Gain (loss) on debt extinguishment 0.00 0.00 0.00 0.04 -0.03 0.00 -0.18 -0.44 -0.02 -6.96 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.57 -0.08 -0.78 -1.46
Other financial benefits (costs) -0.12 -0.13 -0.12 -0.17 -0.25 -0.04 -0.12 -0.29 -0.08 -0.49 -0.39 1.28 -0.33 0.11 -0.28 0.13 -0.14 0.09 0.11 -0.05 0.22 -0.32
Net periodic benefit income (costs) 0.82 0.94 1.48 1.15 0.97 1.17 -0.92 0.62 0.58 0.85 0.12 0.26 0.38 0.29 -0.78 -0.75 -0.65 -0.66 -0.43 -0.51 -0.47 -0.54
Net gain from investments related to active employee benefits 0.16 0.49 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net interest and other financial benefits (costs) 1.14% 1.36% 1.18% 0.58% 0.13% 0.19% -2.31% -1.34% -1.17% -9.09% -3.43% -2.01% -2.97% -1.27% -2.51% -1.56% -1.52% -1.40% -1.63% -1.58% -2.08% -3.75%
Earnings (loss) before income taxes 12.40% 5.59% 5.19% 12.38% 20.06% 21.55% 18.05% 37.93% 19.40% 2.51% -1.76% -11.03% -28.41% -14.92% -15.83% -4.17% 1.72% 1.77% 6.85% 8.42% 6.26% 0.60%
Income tax (expense) benefit -2.88 -1.14 -1.18 -2.96 -4.52 -4.70 0.96 -4.36 0.74 -0.03 3.67 1.03 0.24 0.69 -7.83 1.43 0.20 -0.23 9.18 -0.62 -0.33 -0.03
Net earnings (loss) 9.52% 4.45% 4.01% 9.42% 15.55% 16.85% 19.01% 33.57% 20.14% 2.48% 1.91% -10.00% -28.17% -14.23% -23.65% -2.74% 1.92% 1.54% 16.04% 7.80% 5.93% 0.57%
Net earnings attributable to noncontrolling interests 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net earnings (loss) attributable to United States Steel Corporation 9.52% 4.45% 4.01% 9.42% 15.55% 16.85% 19.01% 33.57% 20.14% 2.48% 1.91% -10.00% -28.17% -14.23% -23.65% -2.74% 1.92% 1.54% 16.04% 7.80% 5.93% 0.57%

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).

The financial performance from March 2018 through June 2023 is characterized by significant cyclical volatility, particularly regarding gross margins and net earnings. A period of severe contraction occurred during 2019 and 2020, followed by a sharp recovery and peak in profitability throughout 2021, before stabilizing in a moderate positive range through mid-2023.

Gross Margin and Cost of Sales Trends
Cost of sales showed extreme fluctuations as a percentage of net sales, reaching a peak cost of 108.75% in June 2020, which resulted in a negative gross profit of -8.75%. This trend reversed sharply starting in early 2021, with cost of sales dropping to a low of 65.07% by September 2021. Consequently, gross profit surged from near-zero or negative levels in 2020 to a peak of 34.93% in September 2021, before gradually normalizing toward 16.91% by June 2023.
Operating Expense Stability
Selling, general and administrative expenses remained relatively stable throughout the analyzed period, generally fluctuating between 1.78% and 2.97% of net sales. Depreciation, depletion, and amortization expenses showed more variation, peaking at 7.60% in June 2020 during the period of lowest sales efficiency and declining to 3.15% in June 2022, indicating that these fixed costs became a smaller portion of revenue during high-margin periods.
Earnings Before Interest and Taxes (EBIT) and Net Income
Operating profitability experienced a dramatic swing. Earnings before interest and income taxes fell to a nadir of -25.44% in June 2020, coinciding with the spike in cost of sales. A rapid recovery followed, with EBIT peaking at 39.27% in September 2021, bolstered by a one-time gain on the sale of Transtar (8.48%). Net earnings mirrored this volatility, moving from a significant loss of -28.17% in June 2020 to a peak net profit of 33.57% in September 2021. By the second quarter of 2023, net earnings had settled at 9.52% of net sales.
Financial Costs and Interest Obligations
Interest expense as a percentage of net sales demonstrated a consistent downward trend over the long term. Starting at 1.59% in March 2018 and peaking at 3.59% in September 2020, it steadily declined to 0.40% by June 2023. This reduction suggests either a decrease in total debt levels or a significant increase in revenue scale relative to interest obligations. Additionally, net periodic benefit income shifted from a cost center (averaging -0.5% to -0.7% in 2018-2019) to a benefit provider, peaking at 1.48% in December 2022.
Revenue Composition
Sales to related parties remained a consistent component of total revenue, typically ranging between 6% and 12%. A notable dip occurred in June 2020, where related party sales fell to 4.35% of net sales, representing the lowest point of dependency on related party transactions within the analyzed timeframe.

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