United States Steel Corp., FCFF 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)
Net earnings attributable to noncontrolling interests	—)	—)	—)	—)	—)
Net noncash charges	1,057)	655)	830)	1,119)	276)
Changes in assets and liabilities	(76)	(739)	473)	193)	(453)
Net cash provided by operating activities	3,505)	4,090)	138)	682)	938)
Interest and other financial costs paid, net of amount capitalized, net of tax¹	125)	307)	221)	119)	164)
Interest capitalized, net of tax²	46)	28)	23)	16)	6)
Capital expenditures	(1,769)	(863)	(725)	(1,252)	(1,001)
Capital expenditures funded by finance lease borrowings	(52)	(18)	(31)	(46)	—)
Free cash flow to the firm (FCFF)	1,854)	3,543)	(374)	(481)	106)

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).

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Item	Description	The company
FCFF	Free cash flow to the firm is the cash flow available to the United States Steel Corp. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made.	United States Steel Corp. FCFF increased from 2020 to 2021 but then slightly decreased from 2021 to 2022.

United States Steel Corp., interest paid, net of tax calculation

US$ in millions

12 months ended:	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Effective Income Tax Rate (EITR)
EITR¹	22.55%	3.91%	10.86%	21.00%	21.00%
Interest Paid, Net of Tax
Interest and other financial costs paid, net of amount capitalized, before tax	161)	319)	248)	151)	207)
Less: Interest and other financial costs paid, net of amount capitalized, tax²	36)	12)	27)	32)	43)
Interest and other financial costs paid, net of amount capitalized, net of tax	125)	307)	221)	119)	164)
Interest Costs Capitalized, Net of Tax
Interest capitalized, before tax	59)	29)	26)	20)	7)
Less: Interest capitalized, tax³	13)	1)	3)	4)	1)
Interest capitalized, net of tax	46)	28)	23)	16)	6)

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 See details »

² 2022 Calculation
Interest and other financial costs paid, net of amount capitalized, tax = Interest and other financial costs paid, net of amount capitalized × EITR
= 161 × 22.55% = 36

³ 2022 Calculation
Interest capitalized, tax = Interest capitalized × EITR
= 59 × 22.55% = 13

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

Selected Financial Data (US$ in millions)
Enterprise value (EV)	6,067)
Free cash flow to the firm (FCFF)	1,854)
Valuation Ratio
EV/FCFF	3.27
Benchmarks
EV/FCFF, Competitors¹
Freeport-McMoRan Inc.	92.49
EV/FCFF, Industry
Materials	39.54

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

¹ Click competitor name to see calculations.

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

United States Steel Corp., historical EV/FCFF 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)
Free cash flow to the firm (FCFF)²	1,854)	3,543)	(374)	(481)	106)
Valuation Ratio
EV/FCFF³	3.98	2.16	—	—	50.46
Benchmarks
EV/FCFF, Competitors⁴
Freeport-McMoRan Inc.	35.32	12.13	46.43	—	—
EV/FCFF, Industry
Materials	32.52	18.19	36.43	79.74	—

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 See details »

² See details »

³ 2022 Calculation
EV/FCFF = EV ÷ FCFF
= 7,375 ÷ 1,854 = 3.98

⁴ Click competitor name to see calculations.

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United States Steel Corp. (NYSE:X)

Enterprise Value to FCFF (EV/FCFF)

Free Cash Flow to The Firm (FCFF)

Interest Paid, Net of Tax

Enterprise Value to FCFF Ratio, Current

Enterprise Value to FCFF Ratio, Historical