Analysis of Solvency Ratios
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
Solvency Ratios (Summary)
United States Steel Corp., solvency ratios
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).
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio | A solvency ratio calculated as total debt divided by total shareholders’ equity. | United States Steel Corp. debt to equity ratio improved from 2020 to 2021 and from 2021 to 2022. |
| Debt to equity ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. | United States Steel Corp. debt to equity ratio (including operating lease liability) improved from 2020 to 2021 and from 2021 to 2022. |
| Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. | United States Steel Corp. debt to capital ratio improved from 2020 to 2021 and from 2021 to 2022. |
| Debt to capital ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. | United States Steel Corp. debt to capital ratio (including operating lease liability) improved from 2020 to 2021 and from 2021 to 2022. |
| Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | United States Steel Corp. debt to assets ratio improved from 2020 to 2021 and from 2021 to 2022. |
| Debt to assets ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. | United States Steel Corp. debt to assets ratio (including operating lease liability) improved from 2020 to 2021 and from 2021 to 2022. |
| Financial leverage ratio | A solvency ratio calculated as total assets divided by total shareholders’ equity. | United States Steel Corp. financial leverage ratio decreased from 2020 to 2021 and from 2021 to 2022. |
| Solvency ratio | Description | The company |
|---|---|---|
| Interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments. | United States Steel Corp. interest coverage ratio improved from 2020 to 2021 and from 2021 to 2022. |
| Fixed charge coverage ratio | A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. | United States Steel Corp. fixed charge coverage ratio improved from 2020 to 2021 and from 2021 to 2022. |
Debt to Equity
United States Steel Corp., debt to equity calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Short-term debt and current maturities of long-term debt | 63) | 28) | 192) | 14) | 65) | |
| Long-term debt, less unamortized discount and debt issuance costs, excluding current maturities | 3,914) | 3,863) | 4,695) | 3,627) | 2,316) | |
| Total debt | 3,977) | 3,891) | 4,887) | 3,641) | 2,381) | |
| Total United States Steel Corporation stockholders’ equity | 10,218) | 9,010) | 3,786) | 4,092) | 4,202) | |
| Solvency Ratio | ||||||
| Debt to equity1 | 0.39 | 0.43 | 1.29 | 0.89 | 0.57 | |
| Benchmarks | ||||||
| Debt to Equity, Competitors2 | ||||||
| Freeport-McMoRan Inc. | 0.68 | 0.68 | 0.95 | 1.06 | — | |
| Debt to Equity, Industry | ||||||
| Materials | 0.67 | 0.55 | 0.56 | — | — | |
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).
1 2022 Calculation
Debt to equity = Total debt ÷ Total United States Steel Corporation stockholders’ equity
= 3,977 ÷ 10,218 = 0.39
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio | A solvency ratio calculated as total debt divided by total shareholders’ equity. | United States Steel Corp. debt to equity ratio improved from 2020 to 2021 and from 2021 to 2022. |
Debt to Equity (including Operating Lease Liability)
United States Steel Corp., debt to equity (including operating lease liability) calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Short-term debt and current maturities of long-term debt | 63) | 28) | 192) | 14) | 65) | |
| Long-term debt, less unamortized discount and debt issuance costs, excluding current maturities | 3,914) | 3,863) | 4,695) | 3,627) | 2,316) | |
| Total debt | 3,977) | 3,891) | 4,887) | 3,641) | 2,381) | |
| Current operating lease liabilities | 49) | 58) | 59) | 60) | —) | |
| Noncurrent operating lease liabilities | 105) | 136) | 163) | 177) | —) | |
| Total debt (including operating lease liability) | 4,131) | 4,085) | 5,109) | 3,878) | 2,381) | |
| Total United States Steel Corporation stockholders’ equity | 10,218) | 9,010) | 3,786) | 4,092) | 4,202) | |
| Solvency Ratio | ||||||
| Debt to equity (including operating lease liability)1 | 0.40 | 0.45 | 1.35 | 0.95 | 0.57 | |
| Benchmarks | ||||||
| Debt to Equity (including Operating Lease Liability), Competitors2 | ||||||
| Freeport-McMoRan Inc. | 0.70 | 0.70 | 0.98 | 1.08 | — | |
| Debt to Equity (including Operating Lease Liability), Industry | ||||||
| Materials | 0.72 | 0.60 | 0.61 | — | — | |
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).
1 2022 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Total United States Steel Corporation stockholders’ equity
= 4,131 ÷ 10,218 = 0.40
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. | United States Steel Corp. debt to equity ratio (including operating lease liability) improved from 2020 to 2021 and from 2021 to 2022. |
Debt to Capital
United States Steel Corp., debt to capital calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Short-term debt and current maturities of long-term debt | 63) | 28) | 192) | 14) | 65) | |
| Long-term debt, less unamortized discount and debt issuance costs, excluding current maturities | 3,914) | 3,863) | 4,695) | 3,627) | 2,316) | |
| Total debt | 3,977) | 3,891) | 4,887) | 3,641) | 2,381) | |
| Total United States Steel Corporation stockholders’ equity | 10,218) | 9,010) | 3,786) | 4,092) | 4,202) | |
| Total capital | 14,195) | 12,901) | 8,673) | 7,733) | 6,583) | |
| Solvency Ratio | ||||||
| Debt to capital1 | 0.28 | 0.30 | 0.56 | 0.47 | 0.36 | |
| Benchmarks | ||||||
| Debt to Capital, Competitors2 | ||||||
| Freeport-McMoRan Inc. | 0.41 | 0.40 | 0.49 | 0.51 | — | |
| Debt to Capital, Industry | ||||||
| Materials | 0.40 | 0.36 | 0.36 | — | — | |
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).
1 2022 Calculation
Debt to capital = Total debt ÷ Total capital
= 3,977 ÷ 14,195 = 0.28
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. | United States Steel Corp. debt to capital ratio improved from 2020 to 2021 and from 2021 to 2022. |
Debt to Capital (including Operating Lease Liability)
United States Steel Corp., debt to capital (including operating lease liability) calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Short-term debt and current maturities of long-term debt | 63) | 28) | 192) | 14) | 65) | |
| Long-term debt, less unamortized discount and debt issuance costs, excluding current maturities | 3,914) | 3,863) | 4,695) | 3,627) | 2,316) | |
| Total debt | 3,977) | 3,891) | 4,887) | 3,641) | 2,381) | |
| Current operating lease liabilities | 49) | 58) | 59) | 60) | —) | |
| Noncurrent operating lease liabilities | 105) | 136) | 163) | 177) | —) | |
| Total debt (including operating lease liability) | 4,131) | 4,085) | 5,109) | 3,878) | 2,381) | |
| Total United States Steel Corporation stockholders’ equity | 10,218) | 9,010) | 3,786) | 4,092) | 4,202) | |
| Total capital (including operating lease liability) | 14,349) | 13,095) | 8,895) | 7,970) | 6,583) | |
| Solvency Ratio | ||||||
| Debt to capital (including operating lease liability)1 | 0.29 | 0.31 | 0.57 | 0.49 | 0.36 | |
| Benchmarks | ||||||
| Debt to Capital (including Operating Lease Liability), Competitors2 | ||||||
| Freeport-McMoRan Inc. | 0.41 | 0.41 | 0.49 | 0.52 | — | |
| Debt to Capital (including Operating Lease Liability), Industry | ||||||
| Materials | 0.42 | 0.38 | 0.38 | — | — | |
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).
1 2022 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 4,131 ÷ 14,349 = 0.29
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to capital ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. | United States Steel Corp. debt to capital ratio (including operating lease liability) improved from 2020 to 2021 and from 2021 to 2022. |
Debt to Assets
United States Steel Corp., debt to assets calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Short-term debt and current maturities of long-term debt | 63) | 28) | 192) | 14) | 65) | |
| Long-term debt, less unamortized discount and debt issuance costs, excluding current maturities | 3,914) | 3,863) | 4,695) | 3,627) | 2,316) | |
| Total debt | 3,977) | 3,891) | 4,887) | 3,641) | 2,381) | |
| Total assets | 19,458) | 17,816) | 12,059) | 11,608) | 10,982) | |
| Solvency Ratio | ||||||
| Debt to assets1 | 0.20 | 0.22 | 0.41 | 0.31 | 0.22 | |
| Benchmarks | ||||||
| Debt to Assets, Competitors2 | ||||||
| Freeport-McMoRan Inc. | 0.21 | 0.20 | 0.23 | 0.24 | — | |
| Debt to Assets, Industry | ||||||
| Materials | 0.26 | 0.22 | 0.23 | — | — | |
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).
1 2022 Calculation
Debt to assets = Total debt ÷ Total assets
= 3,977 ÷ 19,458 = 0.20
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | United States Steel Corp. debt to assets ratio improved from 2020 to 2021 and from 2021 to 2022. |
Debt to Assets (including Operating Lease Liability)
United States Steel Corp., debt to assets (including operating lease liability) calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Short-term debt and current maturities of long-term debt | 63) | 28) | 192) | 14) | 65) | |
| Long-term debt, less unamortized discount and debt issuance costs, excluding current maturities | 3,914) | 3,863) | 4,695) | 3,627) | 2,316) | |
| Total debt | 3,977) | 3,891) | 4,887) | 3,641) | 2,381) | |
| Current operating lease liabilities | 49) | 58) | 59) | 60) | —) | |
| Noncurrent operating lease liabilities | 105) | 136) | 163) | 177) | —) | |
| Total debt (including operating lease liability) | 4,131) | 4,085) | 5,109) | 3,878) | 2,381) | |
| Total assets | 19,458) | 17,816) | 12,059) | 11,608) | 10,982) | |
| Solvency Ratio | ||||||
| Debt to assets (including operating lease liability)1 | 0.21 | 0.23 | 0.42 | 0.33 | 0.22 | |
| Benchmarks | ||||||
| Debt to Assets (including Operating Lease Liability), Competitors2 | ||||||
| Freeport-McMoRan Inc. | 0.21 | 0.20 | 0.24 | 0.25 | — | |
| Debt to Assets (including Operating Lease Liability), Industry | ||||||
| Materials | 0.28 | 0.24 | 0.25 | — | — | |
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).
1 2022 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 4,131 ÷ 19,458 = 0.21
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to assets ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. | United States Steel Corp. debt to assets ratio (including operating lease liability) improved from 2020 to 2021 and from 2021 to 2022. |
Financial Leverage
United States Steel Corp., financial leverage calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Total assets | 19,458) | 17,816) | 12,059) | 11,608) | 10,982) | |
| Total United States Steel Corporation stockholders’ equity | 10,218) | 9,010) | 3,786) | 4,092) | 4,202) | |
| Solvency Ratio | ||||||
| Financial leverage1 | 1.90 | 1.98 | 3.19 | 2.84 | 2.61 | |
| Benchmarks | ||||||
| Financial Leverage, Competitors2 | ||||||
| Freeport-McMoRan Inc. | 3.28 | 3.44 | 4.14 | 4.39 | — | |
| Financial Leverage, Industry | ||||||
| Materials | 2.61 | 2.49 | 2.47 | — | — | |
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).
1 2022 Calculation
Financial leverage = Total assets ÷ Total United States Steel Corporation stockholders’ equity
= 19,458 ÷ 10,218 = 1.90
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Financial leverage ratio | A solvency ratio calculated as total assets divided by total shareholders’ equity. | United States Steel Corp. financial leverage ratio decreased from 2020 to 2021 and from 2021 to 2022. |
Interest Coverage
United States Steel Corp., interest coverage calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net earnings (loss) attributable to United States Steel Corporation | 2,524) | 4,174) | (1,165) | (630) | 1,115) | |
| Add: Net income attributable to noncontrolling interest | —) | —) | —) | —) | —) | |
| Add: Income tax expense | 735) | 170) | (142) | 178) | (303) | |
| Add: Interest expense | 159) | 313) | 280) | 142) | 168) | |
| Earnings before interest and tax (EBIT) | 3,418) | 4,657) | (1,027) | (310) | 980) | |
| Solvency Ratio | ||||||
| Interest coverage1 | 21.50 | 14.88 | -3.67 | -2.18 | 5.83 | |
| Benchmarks | ||||||
| Interest Coverage, Competitors2 | ||||||
| Freeport-McMoRan Inc. | 13.05 | 13.73 | 4.03 | 1.51 | — | |
| Interest Coverage, Industry | ||||||
| Materials | 14.30 | 15.36 | 8.03 | — | — | |
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).
1 2022 Calculation
Interest coverage = EBIT ÷ Interest expense
= 3,418 ÷ 159 = 21.50
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments. | United States Steel Corp. interest coverage ratio improved from 2020 to 2021 and from 2021 to 2022. |
Fixed Charge Coverage
United States Steel Corp., fixed charge coverage calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net earnings (loss) attributable to United States Steel Corporation | 2,524) | 4,174) | (1,165) | (630) | 1,115) | |
| Add: Net income attributable to noncontrolling interest | —) | —) | —) | —) | —) | |
| Add: Income tax expense | 735) | 170) | (142) | 178) | (303) | |
| Add: Interest expense | 159) | 313) | 280) | 142) | 168) | |
| Earnings before interest and tax (EBIT) | 3,418) | 4,657) | (1,027) | (310) | 980) | |
| Add: Operating lease cost | 79) | 83) | 81) | 92) | 133) | |
| Earnings before fixed charges and tax | 3,497) | 4,740) | (946) | (218) | 1,113) | |
| Interest expense | 159) | 313) | 280) | 142) | 168) | |
| Operating lease cost | 79) | 83) | 81) | 92) | 133) | |
| Fixed charges | 238) | 396) | 361) | 234) | 301) | |
| Solvency Ratio | ||||||
| Fixed charge coverage1 | 14.69 | 11.97 | -2.62 | -0.93 | 3.70 | |
| Benchmarks | ||||||
| Fixed Charge Coverage, Competitors2 | ||||||
| Freeport-McMoRan Inc. | 12.13 | 11.86 | 3.53 | 1.42 | — | |
| Fixed Charge Coverage, Industry | ||||||
| Materials | 8.68 | 8.75 | 4.84 | — | — | |
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).
1 2022 Calculation
Fixed charge coverage = Earnings before fixed charges and tax ÷ Fixed charges
= 3,497 ÷ 238 = 14.69
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Fixed charge coverage ratio | A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. | United States Steel Corp. fixed charge coverage ratio improved from 2020 to 2021 and from 2021 to 2022. |