United States Steel Corp., FCFE 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)
Capital expenditures	(1,769)	(863)	(725)	(1,252)	(1,001)
Issuance of short-term debt, net of financing costs	—)	—)	240)	—)	—)
Repayment of short-term debt	—)	(180)	(70)	—)	—)
Revolving credit facilities, borrowings, net of financing costs	—)	50)	1,402)	860)	228)
Revolving credit facilities, repayments	—)	(911)	(1,621)	(100)	—)
Issuance of long-term debt, net of financing costs	343)	864)	1,148)	702)	640)
Repayment of long-term debt	(382)	(3,183)	(13)	(155)	(1,299)
Free cash flow to equity (FCFE)	1,697)	(133)	499)	737)	(494)

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
FCFE	Free cash flow to equity is the cash flow available to United States Steel Corp. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	United States Steel Corp. FCFE decreased from 2020 to 2021 but then increased from 2021 to 2022 exceeding 2020 level.

United States Steel Corp., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	222,963,794
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)	1,697)
FCFE per share	7.61
Current share price (P)	24.67
Valuation Ratio
P/FCFE	3.24
Benchmarks
P/FCFE, Competitors¹
Freeport-McMoRan Inc.	—
P/FCFE, Industry
Materials	22.57

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

¹ Click competitor name to see calculations.

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

United States Steel Corp., historical P/FCFE calculation, comparison to benchmarks

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
No. shares of common stock outstanding¹	226,603,781	260,930,638	262,471,855	170,047,076	173,222,678
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)²	1,697)	(133)	499)	737)	(494)
FCFE per share³	7.49	-0.51	1.90	4.33	-2.85
Share price^1, 4	30.05	23.68	16.50	8.79	22.92
Valuation Ratio
P/FCFE⁵	4.01	—	8.68	2.03	—
Benchmarks
P/FCFE, Competitors⁶
Freeport-McMoRan Inc.	20.95	11.90	55.60	—	—
P/FCFE, Industry
Materials	18.95	19.23	27.42	88,121.39	—

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 Data adjusted for splits and stock dividends.

² See details »

³ 2022 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 1,697,000,000 ÷ 226,603,781 = 7.49

⁴ Closing price as at the filing date of United States Steel Corp. Annual Report.

⁵ 2022 Calculation
P/FCFE = Share price ÷ FCFE per share
= 30.05 ÷ 7.49 = 4.01

⁶ Click competitor name to see calculations.

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United States Steel Corp. (NYSE:X)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical