United States Net Worth
United States Net Worth Breakdown | X |
United States Net Worth Analysis
United States' net worth analysis, or its valuation, is the process of determining the total value of the company. This involves assessing a range of factors, including United States' financial performance, assets, liabilities, and potential for growth. The ultimate goal is to provide a clear understanding of United States' overall worth, which can help investors make informed investment decisions. There are several methods that can be used to perform United States' net worth analysis. One common approach is to calculate United States' market capitalization.Another approach is to use the price-to-earnings ratio (P/E ratio), which compares United States' stock price to its earnings per share (EPS). Discounted cash flow (DCF) analysis is another popular method for assessing United States' net worth. This approach calculates the present value of United States' future cash flows, taking into account factors such as growth rate, profitability, and risk. By comparing the present value of United States' cash flows to its current stock price, investors can gain a better understanding of the company's overall value. Finally, investors may use comparable company analysis to evaluate United States' net worth. This involves comparing United States' financial metrics to similar companies in the same industry. By identifying companies with similar financial characteristics, investors can gain insight into United States' net worth relative to its peers.
Enterprise Value |
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To determine if United States is a good investment, evaluating the company's potential for future growth is also very important. This may include expanding into new markets, launching new products or services, or improving operational efficiency. Companies with strong growth prospects can be more attractive investments. This aspect of the research should be conducted in the context of the overall market and industry in which the company operates and should include an analysis of growth potential, competitive landscape, and any regulatory or economic factors that could impact the business. Some of the essential points regarding United States' net worth research are outlined below:
| United States Steel had very high historical volatility over the last 90 days | |
| United States Steel has a strong financial position based on the latest SEC filings | |
| Over 94.0% of the company outstanding shares are owned by institutional investors | |
| Latest headline from japantimes.co.jp: Nippon Steel exec heads to U.S. to prepare for talks with Trump |
United States uses earnings reports to provide investors with an update of all three financial statements, including the income statement, the balance sheet, and the cash flow statement. Therefore, it is also crucial when considering investing in United States Steel. Every quarterly earnings report provides investors with an overview of sales, expenses, and net income for the most recent period. It also may provide a comparison to United States' previous reporting period. The quarterly earnings reports are usually disseminated to the public via Form 10-Q, which is a legal document filed with the Securities and Exchange Commission every quarter.
| 1st of February 2024 Upcoming Quarterly Report | View | |
| 25th of April 2024 Next Financial Report | View | |
| 31st of December 2023 Next Fiscal Quarter End | View | |
| 1st of February 2024 Next Fiscal Year End | View | |
| 30th of September 2023 Last Quarter Report | View | |
| 31st of December 2022 Last Financial Announcement | View |
United States Target Price Consensus
United target price is determined by taking all analyst projections and averaging them out. There is no one specific way to measure analysts' performance other than comparing it to past results via a very sophisticated attribution analysis. United States' target price projections below should be used in combination with other traditional price prediction techniques such as stock price forecasting, investor sentiment analysis, technical analysis, earnings estimate, and various momentum models.
| 10 | Buy |
Most United analysts issue ratings four times a year, at intervals of three months. Ratings are usually accompanied by a target price to help potential investors understand United stock's fair price compared to its market value. Analysts arrive at stock ratings after researching the public financial statements of United States Steel, talking to its executives and customers, or listening to those companies' conference calls.
Macroaxis Advice Exposure ValuationUnited States Target Price Projection
United States' current and average target prices are 38.43 and 39.94, respectively. The current price of United States is the price at which United States Steel is currently trading. On the other hand, United States' target price is what analysts think the stock is worth or could sell for in the future. The more significant the discrepancy between the two prices, the more it stimulates investors to act.Current Price
United States Market Quote on 16th of February 2025
Target Price
Analyst Consensus On United States Target Price
Know United States' Top Institutional Investors
Have you ever been surprised when a price of an equity instrument such as United States is soaring high without any particular reason? This is usually happening because many institutional investors are aggressively trading United States Steel backward and forwards among themselves. United States' institutional investor refers to the entity that pools money to purchase United States' securities or originate loans. Institutional investors include commercial and private banks, credit unions, insurance companies, pension funds, hedge funds, endowments, and mutual funds. Operating companies that invest excess capital in these types of assets may also be included in the term and may influence corporate governance by exercising voting rights in their investments.
| Shares | Morgan Stanley - Brokerage Accounts | 2024-09-30 | 2.8 M | Millennium Management Llc | 2024-09-30 | 2.8 M | Ubs Group Ag | 2024-09-30 | 2.7 M | Charles Schwab Investment Management Inc | 2024-12-31 | 2.6 M | Castle Hook Partners Lp | 2024-09-30 | 2.6 M | Eckert Corp | 2024-09-30 | 2.5 M | Westchester Capital Management Llc | 2024-09-30 | 2.4 M | Franklin Resources Inc | 2024-09-30 | 2.2 M | Marshall Wace Asset Management Ltd | 2024-09-30 | 2.2 M | Blackrock Inc | 2024-09-30 | 24.5 M | Vanguard Group Inc | 2024-09-30 | 20.4 M |
Follow United States' market capitalization trends
The company currently falls under 'Mid-Cap' category with a current capitalization of 8.74 B.Market Cap |
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Project United States' profitablity
| Last Reported | Projected for Next Year | ||
| Return On Tangible Assets | 0.02 | 0.02 | |
| Return On Capital Employed | 0.01 | 0.01 | |
| Return On Assets | 0.02 | 0.02 | |
| Return On Equity | 0.03 | 0.04 |
When accessing United States' net worth, it's important to look at multiple sources and consider different scenarios. For example, gross profit margin measures United States' profitability after accounting for the cost of goods sold, while net profit margin measures profitability after accounting for all expenses. Other important metrics include return on assets, return on equity, and free cash flow. By reviewing multiple sources and metrics, you can gain a complete picture of United States' profitability and make more informed investment decisions.
Please note, the imprecision that can be found in United States' accounting process means that the reasonable investor should take a skeptical approach toward the financial statement analysis of United States Steel. Check United States' Beneish M Score to see the likelihood of United States' management manipulating its earnings.
Evaluate United States' management efficiency
At this time, United States' Return On Tangible Assets are fairly stable compared to the past year. Return On Assets is likely to rise to 0.02 in 2025, whereas Return On Capital Employed is likely to drop 0.01 in 2025. At this time, United States' Non Currrent Assets Other are fairly stable compared to the past year. Other Current Assets is likely to rise to about 1.8 B in 2025, whereas Total Assets are likely to drop slightly above 12.2 B in 2025. United States' management efficiency ratios could be used to measure how well United States manages its routine affairs as well as how well it operates its assets and liabilities.| Last Reported | Projected for Next Year | ||
| Book Value Per Share | 50.89 | 53.43 | |
| Tangible Book Value Per Share | 44.94 | 47.19 | |
| Enterprise Value Over EBITDA | 4.69 | 4.32 | |
| Price Book Value Ratio | 0.67 | 0.64 | |
| Enterprise Value Multiple | 4.69 | 4.32 | |
| Price Fair Value | 0.67 | 0.64 | |
| Enterprise Value | 7 B | 3.9 B |
The management strategies employed by United States' are designed to enhance shareholder value and ensure long-term growth. We assess the effectiveness of these strategies in our stock analysis.
Enterprise Value Revenue 0.7435 | Revenue | Quarterly Revenue Growth (0.15) | Revenue Per Share | Return On Equity |
Some recent studies suggest that insider trading raises the cost of capital for securities issuers and decreases overall economic growth. Trading by specific United States insiders, such as employees or executives, is commonly permitted as long as it does not rely on United States' material information that is not in the public domain. Local jurisdictions usually require such trading to be reported in order to monitor insider transactions. In many U.S. states, trading conducted by corporate officers, key employees, directors, or significant shareholders must be reported to the regulator or publicly disclosed, usually within a few business days of the trade. In these cases United States insiders are required to file a Form 4 with the U.S. Securities and Exchange Commission (SEC) when buying or selling shares of their own companies.
Daniel Brown over three weeks ago Acquisition by Daniel Brown of 3164 shares of United States subject to Rule 16b-3 | ||
Patricia Tracey over two months ago Acquisition by Patricia Tracey of 8177 shares of United States subject to Rule 16b-3 | ||
Kenneth Jaycox over three months ago Acquisition by Kenneth Jaycox of 33156 shares of United States subject to Rule 16b-3 | ||
English Aron R. over six months ago Acquisition by English Aron R. of 2621 shares of United States at 5.1732 subject to Rule 16b-3 | ||
Daniel Brown over six months ago Acquisition by Daniel Brown of 4628 shares of United States subject to Rule 16b-3 | ||
Tracy Atkinson over six months ago Acquisition by Tracy Atkinson of 4498 shares of United States subject to Rule 16b-3 | ||
James Bruno over six months ago Acquisition by James Bruno of 5024 shares of United States subject to Rule 16b-3 | ||
Michael Williams over a year ago Payment of 1751 shares by Michael Williams of United States subject to Rule 16b-3 |
United States Corporate Filings
| 10th of February 2025 Other Reports | ViewVerify | |
F4 | 5th of February 2025 The report filed by a party regarding the acquisition or disposition of a company's common stock, as well as derivative securities such as options, warrants, and convertible securities | ViewVerify |
10K | 31st of January 2025 Annual report required by the U.S. Securities and Exchange Commission (SEC) of a company financial performance | ViewVerify |
8K | 30th of January 2025 Report filed with the SEC to announce major events that shareholders should know about | ViewVerify |
United States Earnings Estimation Breakdown
The calculation of United States' earning per share is based on the data from the past 12 consecutive months, used for reporting the company's financial figures. The next projected EPS of United States is estimated to be -0.3014 with the future projection ranging from a low of -0.41 to a high of -0.17. Please be aware that this consensus of annual earnings estimates for United States Steel is based on EPS before non-recurring items and includes expenses related to employee stock options.Last Reported EPS
-0.41 Lowest | Expected EPS | -0.17 Highest |
United States Earnings Projection Consensus
Suppose the current estimates of United States' value are higher than the current market price of the United States stock. In this case, investors may conclude that United States is overpriced and will exhibit bullish sentiment. On the other hand, if the present value is lower than the stock price, analysts may conclude that the market undervalues the equity. These scenarios may suggest that the market is not as efficient as it should be at the estimation time, and United States' stock will quickly adjusts to the new information provided by the consensus estimate.
| Number of Analysts | Historical Accuracy | Last Reported EPS | Estimated EPS for 31st of March 2025 | Current EPS (TTM) | |
| 10 | 77.18% | -0.13 | -0.3014 | 1.55 |
United States Earnings per Share Projection vs Actual
Actual Earning per Share of United States refers to what the company shows during its earnings calls or quarterly reports. The Expected EPS is what analysts covering United States Steel predict the company's earnings will be in the future. The higher the earnings per share of United States, the better is its profitability. While calculating the Earning per Share, we use the weighted ratio, as the number of shares outstanding can change over time.United States Estimated Months Earnings per Share
For an investor who is primarily interested in generating an income out of investing in entities such as United States, the EPS ratio can tell if the company is intending to increase its current dividend. Although EPS is an essential tool for investors, it should not be used in isolation. EPS of United States should always be considered in relation to other companies to make a more educated investment decision.United Quarterly Analyst Estimates and Surprise Metrics
Earnings surprises can significantly impact United States' stock price both in the short term and over time. Negative earnings surprises usually result in a price decline. However, it has been seen that positive earnings surprises lead to an immediate rise in a stock's price and a gradual increase over time. This is why we often hear news about some companies beating earning projections. Financial analysts spend a large amount of time predicting earnings per share (EPS) along with other important future indicators. Many analysts use forecasting models, management guidance, and additional fundamental information to derive an EPS estimate.
| Reported | Fiscal Date | Estimated EPS | Reported EPS | Surprise | |||
|---|---|---|---|---|---|---|---|
2025-01-30 | 2024-12-31 | 0.29 | -0.13 | -0.42 | 144 | ||
2024-10-31 | 2024-09-30 | 0.47 | 0.56 | 0.09 | 19 | ||
2024-08-01 | 2024-06-30 | 0.77 | 0.84 | 0.07 | 9 | ||
2024-05-02 | 2024-03-31 | 0.83 | 0.82 | -0.01 | 1 | ||
2024-02-01 | 2023-12-31 | 0.26 | 0.67 | 0.41 | 157 | ||
2023-10-26 | 2023-09-30 | 1.15 | 1.4 | 0.25 | 21 | ||
2023-07-27 | 2023-06-30 | 1.8 | 1.92 | 0.12 | 6 | ||
2023-04-28 | 2023-03-31 | 0.64 | 0.77 | 0.13 | 20 | ||
2023-02-02 | 2022-12-31 | 0.63 | 0.87 | 0.24 | 38 | ||
2022-10-27 | 2022-09-30 | 1.93 | 1.95 | 0.02 | 1 | ||
2022-07-28 | 2022-06-30 | 3.86 | 3.86 | 0.0 | 0 | ||
2022-04-28 | 2022-03-31 | 2.95 | 3.05 | 0.1 | 3 | ||
2022-01-27 | 2021-12-31 | 4.41 | 3.64 | -0.77 | 17 | ||
2021-10-28 | 2021-09-30 | 4.85 | 5.36 | 0.51 | 10 | ||
2021-07-29 | 2021-06-30 | 3.08 | 3.37 | 0.29 | 9 | ||
2021-04-29 | 2021-03-31 | 0.91 | 1.08 | 0.17 | 18 | ||
2021-01-28 | 2020-12-31 | -0.68 | -0.27 | 0.41 | 60 | ||
2020-10-29 | 2020-09-30 | -1.45 | -1.21 | 0.24 | 16 | ||
2020-07-30 | 2020-06-30 | -2.82 | -2.67 | 0.15 | 5 | ||
2020-04-30 | 2020-03-31 | -0.88 | -0.73 | 0.15 | 17 | ||
2020-01-30 | 2019-12-31 | -1.11 | -0.64 | 0.47 | 42 | ||
2019-10-31 | 2019-09-30 | -0.29 | -0.21 | 0.08 | 27 | ||
2019-08-01 | 2019-06-30 | 0.39 | 0.45 | 0.06 | 15 | ||
2019-05-02 | 2019-03-31 | 0.22 | 0.47 | 0.25 | 113 | ||
2019-01-30 | 2018-12-31 | 1.84 | 1.82 | -0.02 | 1 | ||
2018-11-01 | 2018-09-30 | 1.74 | 1.79 | 0.05 | 2 | ||
2018-08-01 | 2018-06-30 | 1.13 | 1.46 | 0.33 | 29 | ||
2018-04-26 | 2018-03-31 | 0.29 | 0.32 | 0.03 | 10 | ||
2018-01-31 | 2017-12-31 | 0.67 | 0.76 | 0.09 | 13 | ||
2017-10-31 | 2017-09-30 | 0.71 | 0.92 | 0.21 | 29 | ||
2017-07-25 | 2017-06-30 | 0.34 | 1.07 | 0.73 | 214 | ||
2017-04-25 | 2017-03-31 | 0.34 | -0.83 | -1.17 | 344 | ||
2017-01-31 | 2016-12-31 | 0.01 | 0.27 | 0.26 | 2600 | ||
2016-11-01 | 2016-09-30 | 0.8 | 0.4 | -0.4 | 50 | ||
2016-07-26 | 2016-06-30 | -0.49 | -0.31 | 0.18 | 36 | ||
2016-04-26 | 2016-03-31 | -1.23 | -2.06 | -0.83 | 67 | ||
2016-01-26 | 2015-12-31 | -0.83 | -0.23 | 0.6 | 72 | ||
2015-11-03 | 2015-09-30 | -0.2 | -0.7 | -0.5 | 250 | ||
2015-07-28 | 2015-06-30 | -0.65 | -0.79 | -0.14 | 21 | ||
2015-04-28 | 2015-03-31 | 0.12 | -0.07 | -0.19 | 158 | ||
2015-01-27 | 2014-12-31 | 0.87 | 1.82 | 0.95 | 109 | ||
2014-10-28 | 2014-09-30 | 1.17 | 2.16 | 0.99 | 84 | ||
2014-07-29 | 2014-06-30 | -0.29 | -0.12 | 0.17 | 58 | ||
2014-04-29 | 2014-03-31 | 0.31 | 0.34 | 0.03 | 9 | ||
2014-01-27 | 2013-12-31 | -0.25 | 0.27 | 0.52 | 208 | ||
2013-10-28 | 2013-09-30 | -0.43 | -0.14 | 0.29 | 67 | ||
2013-07-29 | 2013-06-30 | -0.78 | -0.54 | 0.24 | 30 | ||
2013-04-30 | 2013-03-31 | -0.19 | -0.35 | -0.16 | 84 | ||
2013-01-29 | 2012-12-31 | -0.75 | -0.41 | 0.34 | 45 | ||
2012-07-31 | 2012-06-30 | 0.47 | 0.69 | 0.22 | 46 | ||
2012-04-24 | 2012-03-31 | 0.45 | 0.67 | 0.22 | 48 | ||
2012-01-31 | 2011-12-31 | -0.86 | -1.14 | -0.28 | 32 | ||
2011-10-25 | 2011-09-30 | 0.52 | 0.72 | 0.2 | 38 | ||
2011-07-25 | 2011-06-30 | 1.21 | 1.12 | -0.09 | 7 | ||
2011-04-26 | 2011-03-31 | -0.36 | -1.16 | -0.8 | 222 | ||
2011-01-25 | 2010-12-31 | -1.12 | -1.22 | -0.1 | 8 | ||
2010-10-26 | 2010-09-30 | 0.22 | -1.2 | -1.42 | 645 | ||
2010-07-27 | 2010-06-30 | 0.63 | 0.45 | -0.18 | 28 | ||
2010-05-12 | 2010-03-31 | -1.35 | 0.64 | 1.99 | 147 | ||
2010-01-26 | 2009-12-31 | -1.43 | -1.83 | -0.4 | 27 | ||
2009-10-27 | 2009-09-30 | -2.87 | -2.11 | 0.76 | 26 | ||
2009-07-28 | 2009-06-30 | -3.45 | -3.28 | 0.17 | 4 | ||
2009-04-27 | 2009-03-31 | -1.69 | -3.84 | -2.15 | 127 | ||
2009-01-27 | 2008-12-31 | 0.75 | 2.0 | 1.25 | 166 | ||
2008-10-28 | 2008-09-30 | 7.04 | 8.79 | 1.75 | 24 | ||
2008-07-29 | 2008-06-30 | 3.91 | 5.68 | 1.77 | 45 | ||
2008-04-29 | 2008-03-31 | 1.81 | 1.77 | -0.04 | 2 | ||
2008-01-29 | 2007-12-31 | 2.19 | 1.27 | -0.92 | 42 | ||
2007-10-30 | 2007-09-30 | 2.63 | 2.5 | -0.13 | 4 | ||
2007-07-24 | 2007-06-30 | 2.35 | 2.66 | 0.31 | 13 | ||
2007-04-24 | 2007-03-31 | 1.85 | 2.32 | 0.47 | 25 | ||
2007-01-29 | 2006-12-31 | 2.21 | 2.78 | 0.57 | 25 | ||
2006-10-31 | 2006-09-30 | 3.23 | 3.59 | 0.36 | 11 | ||
2006-07-25 | 2006-06-30 | 2.38 | 3.1 | 0.72 | 30 | ||
2006-04-25 | 2006-03-31 | 1.48 | 2.08 | 0.6 | 40 | ||
2006-01-30 | 2005-12-31 | 1.06 | 1.15 | 0.09 | 8 | ||
2005-10-25 | 2005-09-30 | 0.77 | 0.82 | 0.05 | 6 | ||
2005-07-26 | 2005-06-30 | 2.19 | 1.88 | -0.31 | 14 | ||
2005-04-26 | 2005-03-31 | 2.37 | 3.03 | 0.66 | 27 | ||
2005-01-24 | 2004-12-31 | 2.71 | 3.44 | 0.73 | 26 | ||
2004-10-26 | 2004-09-30 | 2.05 | 2.56 | 0.51 | 24 | ||
2004-07-27 | 2004-06-30 | 1.53 | 1.79 | 0.26 | 16 | ||
2004-04-27 | 2004-03-31 | 0.36 | 0.39 | 0.03 | 8 | ||
2004-01-30 | 2003-12-31 | -0.37 | -0.26 | 0.11 | 29 | ||
2003-10-28 | 2003-09-30 | -0.07 | -0.32 | -0.25 | 357 | ||
2003-08-04 | 2003-06-30 | -0.06 | -0.23 | -0.17 | 283 | ||
2003-04-29 | 2003-03-31 | -0.28 | -0.19 | 0.09 | 32 | ||
2003-01-28 | 2002-12-31 | 0.56 | 0.44 | -0.12 | 21 | ||
2002-10-21 | 2002-09-30 | 0.55 | 1.0 | 0.45 | 81 | ||
2002-07-22 | 2002-06-30 | -0.07 | -0.02 | 0.05 | 71 | ||
2002-04-26 | 2002-03-31 | -0.81 | -1.07 | -0.26 | 32 | ||
2002-01-29 | 2001-12-31 | -0.91 | -1.36 | -0.45 | 49 | ||
2001-10-22 | 2001-09-30 | -0.43 | -0.22 | 0.21 | 48 | ||
2001-07-23 | 2001-06-30 | -0.61 | -0.36 | 0.25 | 40 | ||
2001-04-19 | 2001-03-31 | -0.97 | -1.12 | -0.15 | 15 | ||
2001-01-24 | 2000-12-31 | -0.24 | -0.67 | -0.43 | 179 | ||
2000-10-19 | 2000-09-30 | 0.4 | 0.26 | -0.14 | 35 | ||
2000-07-21 | 2000-06-30 | 0.62 | 0.72 | 0.1 | 16 | ||
2000-04-19 | 2000-03-31 | 0.4 | 0.45 | 0.05 | 12 | ||
2000-01-24 | 1999-12-31 | 0.44 | 0.42 | -0.02 | 4 | ||
1999-10-21 | 1999-09-30 | 0.14 | 0.07 | -0.07 | 50 | ||
1999-07-22 | 1999-06-30 | 0.46 | 0.34 | -0.12 | 26 | ||
1999-01-22 | 1998-12-31 | 0.33 | 0.63 | 0.3 | 90 | ||
1998-10-22 | 1998-09-30 | 0.47 | 0.71 | 0.24 | 51 | ||
1998-07-23 | 1998-06-30 | 1.14 | 1.16 | 0.02 | 1 | ||
1998-04-23 | 1998-03-31 | 0.93 | 0.95 | 0.02 | 2 | ||
1998-01-22 | 1997-12-31 | 1.3 | 1.52 | 0.22 | 16 | ||
1997-10-22 | 1997-09-30 | 1.02 | 1.25 | 0.23 | 22 | ||
1997-07-23 | 1997-06-30 | 1.15 | 1.2 | 0.05 | 4 | ||
1997-04-24 | 1997-03-31 | 0.72 | 0.79 | 0.07 | 9 | ||
1997-01-23 | 1996-12-31 | 1.16 | 1.36 | 0.2 | 17 | ||
1996-10-29 | 1996-09-30 | 0.68 | 0.75 | 0.07 | 10 | ||
1996-07-25 | 1996-06-30 | -0.1 | 0.05 | 0.15 | 150 | ||
1996-04-25 | 1996-03-31 | 0.61 | 0.48 | -0.13 | 21 | ||
1996-01-24 | 1995-12-31 | 0.81 | 0.98 | 0.17 | 20 | ||
1995-10-25 | 1995-09-30 | 0.96 | 0.95 | -0.01 | 1 |
United States Corporate Directors
| Michael McGarry | Independent Director | Profile | |
| Patricia Dennis | Independent Director | Profile | |
| Eric Linn | DirectorofInvestor Relations | Profile | |
| Patricia Tracey | Independent Director | Profile |
Already Invested in United States Steel?
The danger of trading United States Steel is mainly related to its market volatility and Company specific events. As an investor, you must understand the concept of risk-adjusted return before you start trading. The most common way to measure the risk of United States is by using the Sharpe ratio. The ratio expresses how much excess return you acquire for the extra volatility you endure for holding a more risker asset than United States. The Sharpe ratio is calculated by using standard deviation and excess return to determine reward per unit of risk. To understand how volatile United States Steel is, you must compare it to a benchmark. Traditionally, the risk-free rate of return is the rate of return on the shortest-dated U.S. Treasury, such as a 3-year bond.
Additional Tools for United Stock Analysis
When running United States' price analysis, check to measure United States' market volatility, profitability, liquidity, solvency, efficiency, growth potential, financial leverage, and other vital indicators. We have many different tools that can be utilized to determine how healthy United States is operating at the current time. Most of United States' value examination focuses on studying past and present price action to predict the probability of United States' future price movements. You can analyze the entity against its peers and the financial market as a whole to determine factors that move United States' price. Additionally, you may evaluate how the addition of United States to your portfolios can decrease your overall portfolio volatility.