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.

Enterprise Value to FCFF (EV/FCFF) 

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Free Cash Flow to The Firm (FCFF)

United States Steel Corp., FCFF calculation

US$ in millions

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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).

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.

Interest Paid, Net of Tax

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

US$ in millions

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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


Enterprise Value to FCFF Ratio, Current

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

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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. 87.32
EV/FCFF, Industry
Materials 38.22

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.


Enterprise Value to FCFF Ratio, Historical

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

Microsoft Excel
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.