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.

DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
Quarterly Data

Microsoft Excel

Decomposing ROE involves expressing net income divided by shareholders’ equity as the product of component ratios.

Two-Component Disaggregation of ROE

United States Steel Corp., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = ROA × Financial Leverage
Jun 30, 2023 12.49% = 6.60% × 1.89
Mar 31, 2023 17.87% = 9.42% × 1.90
Dec 31, 2022 24.70% = 12.97% × 1.90
Sep 30, 2022 32.76% = 17.13% × 1.91
Jun 30, 2022 48.35% = 24.83% × 1.95
Mar 31, 2022 51.20% = 25.83% × 1.98
Dec 31, 2021 46.33% = 23.43% × 1.98
Sep 30, 2021 39.84% = 18.20% × 2.19
Jun 30, 2021 15.69% = 5.71% × 2.75
Mar 31, 2021 -14.76% = -4.65% × 3.17
Dec 31, 2020 -30.77% = -9.66% × 3.19
Sep 30, 2020 -54.57% = -16.04% × 3.40
Jun 30, 2020 -47.88% = -13.80% × 3.47
Mar 31, 2020 -28.86% = -8.69% × 3.32
Dec 31, 2019 -15.40% = -5.43% × 2.84
Sep 30, 2019 15.00% = 5.77% × 2.60
Jun 30, 2019 23.31% = 8.90% × 2.62
Mar 31, 2019 27.18% = 10.32% × 2.63
Dec 31, 2018 26.53% = 10.15% × 2.61
Sep 30, 2018 — = — × 2.68
Jun 30, 2018 — = — × 2.79
Mar 31, 2018 — = — × 2.92

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 primary reason for the decrease in return on equity ratio (ROE) over Q2 2023 is the decrease in profitability measured by return on assets ratio (ROA).

Three-Component Disaggregation of ROE

United States Steel Corp., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Net Profit Margin × Asset Turnover × Financial Leverage
Jun 30, 2023 12.49% = 7.05% × 0.94 × 1.89
Mar 31, 2023 17.87% = 9.07% × 1.04 × 1.90
Dec 31, 2022 24.70% = 11.98% × 1.08 × 1.90
Sep 30, 2022 32.76% = 15.30% × 1.12 × 1.91
Jun 30, 2022 48.35% = 21.34% × 1.16 × 1.95
Mar 31, 2022 51.20% = 22.73% × 1.14 × 1.98
Dec 31, 2021 46.33% = 20.59% × 1.14 × 1.98
Sep 30, 2021 39.84% = 18.32% × 0.99 × 2.19
Jun 30, 2021 15.69% = 6.75% × 0.85 × 2.75
Mar 31, 2021 -14.76% = -6.41% × 0.73 × 3.17
Dec 31, 2020 -30.77% = -11.96% × 0.81 × 3.19
Sep 30, 2020 -54.57% = -18.81% × 0.85 × 3.40
Jun 30, 2020 -47.88% = -16.14% × 0.86 × 3.47
Mar 31, 2020 -28.86% = -8.82% × 0.99 × 3.32
Dec 31, 2019 -15.40% = -4.87% × 1.11 × 2.84
Sep 30, 2019 15.00% = 4.56% × 1.26 × 2.60
Jun 30, 2019 23.31% = 6.95% × 1.28 × 2.62
Mar 31, 2019 27.18% = 7.92% × 1.30 × 2.63
Dec 31, 2018 26.53% = 7.86% × 1.29 × 2.61
Sep 30, 2018 — = — × — × 2.68
Jun 30, 2018 — = — × — × 2.79
Mar 31, 2018 — = — × — × 2.92

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 primary reason for the decrease in return on equity ratio (ROE) over Q2 2023 is the decrease in profitability measured by net profit margin ratio.

Five-Component Disaggregation of ROE

United States Steel Corp., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Financial Leverage
Jun 30, 2023 12.49% = 0.77 × 0.94 × 9.76% × 0.94 × 1.89
Mar 31, 2023 17.87% = 0.77 × 0.95 × 12.40% × 1.04 × 1.90
Dec 31, 2022 24.70% = 0.77 × 0.95 × 16.23% × 1.08 × 1.90
Sep 30, 2022 32.76% = 0.84 × 0.96 × 18.96% × 1.12 × 1.91
Jun 30, 2022 48.35% = 0.87 × 0.96 × 25.50% × 1.16 × 1.95
Mar 31, 2022 51.20% = 0.92 × 0.95 × 25.87% × 1.14 × 1.98
Dec 31, 2021 46.33% = 0.96 × 0.93 × 22.97% × 1.14 × 1.98
Sep 30, 2021 39.84% = 0.96 × 0.91 × 21.01% × 0.99 × 2.19
Jun 30, 2021 15.69% = 1.20 × 0.69 × 8.14% × 0.85 × 2.75
Mar 31, 2021 -14.76% = — × — × -4.53% × 0.73 × 3.17
Dec 31, 2020 -30.77% = — × — × -10.54% × 0.81 × 3.19
Sep 30, 2020 -54.57% = — × — × -14.66% × 0.85 × 3.40
Jun 30, 2020 -47.88% = — × — × -12.93% × 0.86 × 3.47
Mar 31, 2020 -28.86% = — × — × -6.29% × 0.99 × 3.32
Dec 31, 2019 -15.40% = — × — × -2.40% × 1.11 × 2.84
Sep 30, 2019 15.00% = 2.54 × 0.65 × 2.75% × 1.26 × 2.60
Jun 30, 2019 23.31% = 1.46 × 0.83 × 5.74% × 1.28 × 2.62
Mar 31, 2019 27.18% = 1.35 × 0.85 × 6.93% × 1.30 × 2.63
Dec 31, 2018 26.53% = 1.37 × 0.83 × 6.91% × 1.29 × 2.61
Sep 30, 2018 — = — × — × — × — × 2.68
Jun 30, 2018 — = — × — × — × — × 2.79
Mar 31, 2018 — = — × — × — × — × 2.92

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 primary reason for the decrease in return on equity ratio (ROE) over Q2 2023 is the decrease in operating profitability measured by EBIT margin ratio.

Two-Component Disaggregation of ROA

United States Steel Corp., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Net Profit Margin × Asset Turnover
Jun 30, 2023 6.60% = 7.05% × 0.94
Mar 31, 2023 9.42% = 9.07% × 1.04
Dec 31, 2022 12.97% = 11.98% × 1.08
Sep 30, 2022 17.13% = 15.30% × 1.12
Jun 30, 2022 24.83% = 21.34% × 1.16
Mar 31, 2022 25.83% = 22.73% × 1.14
Dec 31, 2021 23.43% = 20.59% × 1.14
Sep 30, 2021 18.20% = 18.32% × 0.99
Jun 30, 2021 5.71% = 6.75% × 0.85
Mar 31, 2021 -4.65% = -6.41% × 0.73
Dec 31, 2020 -9.66% = -11.96% × 0.81
Sep 30, 2020 -16.04% = -18.81% × 0.85
Jun 30, 2020 -13.80% = -16.14% × 0.86
Mar 31, 2020 -8.69% = -8.82% × 0.99
Dec 31, 2019 -5.43% = -4.87% × 1.11
Sep 30, 2019 5.77% = 4.56% × 1.26
Jun 30, 2019 8.90% = 6.95% × 1.28
Mar 31, 2019 10.32% = 7.92% × 1.30
Dec 31, 2018 10.15% = 7.86% × 1.29
Sep 30, 2018 — = — × —
Jun 30, 2018 — = — × —
Mar 31, 2018 — = — × —

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 primary reason for the decrease in return on assets ratio (ROA) over Q2 2023 is the decrease in profitability measured by net profit margin ratio.

Four-Component Disaggregation of ROA

United States Steel Corp., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover
Jun 30, 2023 6.60% = 0.77 × 0.94 × 9.76% × 0.94
Mar 31, 2023 9.42% = 0.77 × 0.95 × 12.40% × 1.04
Dec 31, 2022 12.97% = 0.77 × 0.95 × 16.23% × 1.08
Sep 30, 2022 17.13% = 0.84 × 0.96 × 18.96% × 1.12
Jun 30, 2022 24.83% = 0.87 × 0.96 × 25.50% × 1.16
Mar 31, 2022 25.83% = 0.92 × 0.95 × 25.87% × 1.14
Dec 31, 2021 23.43% = 0.96 × 0.93 × 22.97% × 1.14
Sep 30, 2021 18.20% = 0.96 × 0.91 × 21.01% × 0.99
Jun 30, 2021 5.71% = 1.20 × 0.69 × 8.14% × 0.85
Mar 31, 2021 -4.65% = — × — × -4.53% × 0.73
Dec 31, 2020 -9.66% = — × — × -10.54% × 0.81
Sep 30, 2020 -16.04% = — × — × -14.66% × 0.85
Jun 30, 2020 -13.80% = — × — × -12.93% × 0.86
Mar 31, 2020 -8.69% = — × — × -6.29% × 0.99
Dec 31, 2019 -5.43% = — × — × -2.40% × 1.11
Sep 30, 2019 5.77% = 2.54 × 0.65 × 2.75% × 1.26
Jun 30, 2019 8.90% = 1.46 × 0.83 × 5.74% × 1.28
Mar 31, 2019 10.32% = 1.35 × 0.85 × 6.93% × 1.30
Dec 31, 2018 10.15% = 1.37 × 0.83 × 6.91% × 1.29
Sep 30, 2018 — = — × — × — × —
Jun 30, 2018 — = — × — × — × —
Mar 31, 2018 — = — × — × — × —

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 primary reason for the decrease in return on assets ratio (ROA) over Q2 2023 is the decrease in operating profitability measured by EBIT margin ratio.

Disaggregation of Net Profit Margin

United States Steel Corp., decomposition of net profit margin ratio (quarterly data)

Microsoft Excel
Net Profit Margin = Tax Burden × Interest Burden × EBIT Margin
Jun 30, 2023 7.05% = 0.77 × 0.94 × 9.76%
Mar 31, 2023 9.07% = 0.77 × 0.95 × 12.40%
Dec 31, 2022 11.98% = 0.77 × 0.95 × 16.23%
Sep 30, 2022 15.30% = 0.84 × 0.96 × 18.96%
Jun 30, 2022 21.34% = 0.87 × 0.96 × 25.50%
Mar 31, 2022 22.73% = 0.92 × 0.95 × 25.87%
Dec 31, 2021 20.59% = 0.96 × 0.93 × 22.97%
Sep 30, 2021 18.32% = 0.96 × 0.91 × 21.01%
Jun 30, 2021 6.75% = 1.20 × 0.69 × 8.14%
Mar 31, 2021 -6.41% = — × — × -4.53%
Dec 31, 2020 -11.96% = — × — × -10.54%
Sep 30, 2020 -18.81% = — × — × -14.66%
Jun 30, 2020 -16.14% = — × — × -12.93%
Mar 31, 2020 -8.82% = — × — × -6.29%
Dec 31, 2019 -4.87% = — × — × -2.40%
Sep 30, 2019 4.56% = 2.54 × 0.65 × 2.75%
Jun 30, 2019 6.95% = 1.46 × 0.83 × 5.74%
Mar 31, 2019 7.92% = 1.35 × 0.85 × 6.93%
Dec 31, 2018 7.86% = 1.37 × 0.83 × 6.91%
Sep 30, 2018 — = — × — × —
Jun 30, 2018 — = — × — × —
Mar 31, 2018 — = — × — × —

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 primary reason for the decrease in net profit margin ratio over Q2 2023 is the decrease in operating profitability measured by EBIT margin ratio.