Enterprise Value to EBITDA (EV/EBITDA)

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
EV to EBITDA Ratio, Current
EV to EBITDA Ratio, Historical

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)

United States Steel Corp., EBITDA calculation

US$ in millions

12 months ended:	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
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)
Earnings before tax (EBT)	3,259)	4,344)	(1,307)	(452)	812)
Add: Interest expense	159)	313)	280)	142)	168)
Earnings before interest and tax (EBIT)	3,418)	4,657)	(1,027)	(310)	980)
Add: Depreciation, depletion and amortization	791)	791)	643)	616)	521)
Earnings before interest, tax, depreciation and amortization (EBITDA)	4,209)	5,448)	(384)	306)	1,501)

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).

Download chart

Item	Description	The company
EBITDA	To calculate EBITDA analysts start with net earnings. To that earnings number, interest, taxes, depreciation, and amortization are added. EBITDA as a pre-interest number is a flow to all providers of capital.	United States Steel Corp. EBITDA increased from 2020 to 2021 but then slightly decreased from 2021 to 2022.

Enterprise Value to EBITDA Ratio, Current

United States Steel Corp., current EV/EBITDA calculation, comparison to benchmarks

Selected Financial Data (US$ in millions)
Enterprise value (EV)	6,067)
Earnings before interest, tax, depreciation and amortization (EBITDA)	4,209)
Valuation Ratio
EV/EBITDA	1.44
Benchmarks
EV/EBITDA, Competitors¹
Freeport-McMoRan Inc.	8.92
EV/EBITDA, Industry
Materials	18.17

Based on: 10-K (reporting date: 2022-12-31).

¹ Click competitor name to see calculations.

If the company EV/EBITDA is lower then the EV/EBITDA of benchmark then company is relatively undervalued.
Otherwise, if the company EV/EBITDA is higher then the EV/EBITDA of benchmark then company is relatively overvalued.

Enterprise Value to EBITDA Ratio, Historical

United States Steel Corp., historical EV/EBITDA 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)
Enterprise value (EV)¹	7,375)	7,641)	7,326)	4,388)	5,352)
Earnings before interest, tax, depreciation and amortization (EBITDA)²	4,209)	5,448)	(384)	306)	1,501)
Valuation Ratio
EV/EBITDA³	1.75	1.40	—	14.34	3.57
Benchmarks
EV/EBITDA, Competitors⁴
Freeport-McMoRan Inc.	7.74	7.20	15.89	14.35	—
EV/EBITDA, Industry
Materials	14.17	13.46	17.97	16.34	—