A Business at a Glance
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PBF Energy Inc.
PBF
$7.0B
Mkt Cap
$61.63
-0.52%
PBF Energy Inc. (PBF) has a 5-year average return on invested capital (ROIC) of 21.4%. This indicates strong capital allocation and a potential competitive advantage.
PBF Energy Inc. (PBF) has a market capitalization of $7.4B. It is classified as a mid-cap stock.
Yes, PBF Energy Inc. (PBF) pays a dividend with a trailing twelve-month yield of 1.70%.
PBF Energy Inc. (PBF) operates in the Petroleum Refining industry, within the Energy sector.
PBF Energy Inc. (PBF) reported annual revenue of $29.3 billion in its most recent fiscal year, based on SEC EDGAR filings.
PBF Energy Inc. (PBF) has a net profit margin of -0.5%. The company is currently unprofitable.
PBF Energy Inc. (PBF) generated $-783 million in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
PBF Energy is one of the largest independent petroleum refiners in the United States, operating six domestic oil refineries with a combined processing capacity of approximately 1,000,000 barrels per day and a weighted-average Nelson Complexity Index of 12.8. The company refines crude oil and other feedstocks into unbranded transportation fuels, heating oil, petrochemical feedstocks, lubricants, and other petroleum products, which it distributes throughout the Northeast, Midwest, Gulf Coast, and West Coast of the United States, as well as Canada, Mexico, and other international destinations. PBF operates through two reportable segments: Refining, encompassing its six refineries located in Delaware City, Paulsboro, Toledo, Chalmette, Torrance, and Martinez, and Logistics, through its subsidiary PBFX, which owns and operates crude oil and refined products terminals, pipelines, and storage facilities that support refining operations and serve third-party customers on a fee-based model with minimum volume commitments. The company's business model centers on capturing margins between crude oil input costs and refined product prices, with unit economics dependent on crude type flexibility, refinery complexity, and operational efficiency; the logistics segment generates stable, recurring revenues from long-term commercial agreements. PBF's competitive moat derives from its high-complexity refinery fleet, geographic diversification across multiple demand regions, and integrated logistics infrastructure, positioning it to benefit from tight product balances and capacity rationalization in the industry.
【Margin expansion and operational leverage】 Management expects the near-term market landscape to be favorable, supported by global demand continuing to outstrip net refining capacity additions and anticipated further capacity rationalizations that will support tight product balances. The company achieved $230 million in annualized run-rate savings by the end of 2025 and has identified an additional $120 million of run-rate savings for a total of $350 million expected by the end of 2026, with these efficiencies now firmly embedded in the 2026 budget and expected to offset inflationary pressures including higher natural gas prices. Management plans to use periods of strength to focus on reducing both gross and net debt, with the Martinez restart completed and capital spending for the rebuild substantially behind the company, allowing for improved cash generation going forward. The company expects to continue recovering incremental insurance funds related to the Martinez fire claim through the end of the claims process, which should principally offset increases in net debt experienced during the restart period.
| Metric | Target | Period |
|---|---|---|
| Annualized run-rate savings | $350 million | By end of 2026 |
Annualized run-rate savings (By end of 2026): “We have identified an additional $120 million of run rate savings for a total of $350 million that we expect to achieve by the end of this year.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 30.2B | 29.3B | 33.1B | 38.3B | 46.8B | 27.3B |
| Net Income | 442M | -159M | -534M | 2.1B | 2.9B | 231M |
| EPS | $3.75 | $-1.39 | $-4.60 | $16.52 | $22.84 | $1.90 |
| Free Cash Flow | -684M | -783M | -348M | 679M | 4.1B | 228M |
| ROIC | 7.6% | -2.2% | -7.2% | 37.2% | 68.2% | 11.3% |
| Gross Margin | - | 2.8% | -1.3% | 9.6% | 11.0% | 5.1% |
| Debt/Equity | 0.51 | 0.54 | 0.41 | 0.39 | 0.52 | 2.56 |
| Dividends/Share | $1.04 | $1.10 | $1.03 | $0.82 | $0.20 | $0.00 |
| Operating Income | 757M | -54M | -699M | 3.0B | 4.2B | 597M |
| Operating Margin | 2.5% | -0.2% | -2.1% | 7.7% | 8.9% | 2.2% |
| ROE | 8.0% | -2.9% | -8.9% | 37.5% | 83.9% | 12.9% |
| Shares Outstanding | 121M | 114M | 116M | 130M | 126M | 122M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 19.8B | 13.1B | 15.9B | 21.8B | 27.2B | 24.5B | 15.1B | 27.3B | 46.8B | 38.3B | 33.1B | 29.3B | 30.2B |
| Gross Margin | 2.5% | 5.7% | 6.0% | 6.0% | 3.7% | 5.5% | -7.7% | 5.1% | 11.0% | 9.6% | -1.3% | 2.8% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 147M | 181M | 166M | 215M | 277M | 284M | 249M | 247M | 469M | 363M | 260M | 332M | 352M |
| EBIT | 148M | 360M | 499M | 732M | 358M | 649M | -1.4B | 597M | 4.2B | 3.0B | -699M | -54M | 757M |
| Op. Margin | 0.7% | 2.7% | 3.1% | 3.4% | 1.3% | 2.6% | -9.4% | 2.2% | 8.9% | 7.7% | -2.1% | -0.2% | 2.5% |
| Net Income | -38M | 146M | 171M | 415M | 128M | 319M | -1.4B | 231M | 2.9B | 2.1B | -534M | -159M | 442M |
| Net Margin | -0.2% | 1.1% | 1.1% | 1.9% | 0.5% | 1.3% | -9.2% | 0.8% | 6.1% | 5.6% | -1.6% | -0.5% | 1.5% |
| Non-Recurring | 691M | 428M | 510M | -1.5M | 43M | 30M | 577M | 3.0M | -900K | 1.3M | -400K | 93M | 93M |
| Returns on Capital | |||||||||||||
| ROIC | 95.8% | 18.7% | 10.5% | 12.1% | 7.6% | 11.8% | -24.4% | 11.3% | 68.2% | 37.2% | -7.2% | -2.2% | 7.6% |
| ROE | -4.1% | 10.2% | 9.3% | 19.0% | 5.1% | 11.2% | -59.5% | 12.9% | 83.9% | 37.5% | -8.9% | -2.9% | 8.0% |
| ROA | -0.8% | 2.6% | 2.5% | 5.3% | 1.6% | 3.7% | -14.2% | 2.1% | 22.8% | 15.3% | -3.9% | -1.2% | 3.0% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 456M | 560M | 652M | 686M | 838M | 934M | -632M | 477M | 4.8B | 1.3B | 43M | -78M | 260M |
| Free Cash Flow | -20M | 206M | 353M | 379M | 521M | 529M | -828M | 228M | 4.1B | 679M | -348M | -783M | -684M |
| Owner Earnings | 347M | 441M | 485M | 451M | 604M | 638M | -992M | 221M | 4.5B | 973M | -359M | -489M | -343M |
| CapEx | 476M | 354M | 299M | 307M | 318M | 405M | 196M | 249M | 633M | 660M | 391M | 705M | 944M |
| Maint. CapEx | 103M | 106M | 144M | 208M | 208M | 258M | 326M | 221M | 262M | 314M | 358M | 372M | 566M |
| Growth CapEx | 374M | 248M | 155M | 99M | 110M | 147M | 0 | 28M | 371M | 345M | 33M | 334M | 377M |
| D&A | 103M | 106M | 144M | 208M | 208M | 258M | 326M | 221M | 262M | 314M | 358M | 372M | 566M |
| CapEx/OCF | 104.4% | 63.2% | 45.8% | 44.7% | 37.9% | 43.4% | N/A | 52.2% | 13.3% | 49.3% | 900.7% | N/A | 363.3% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 89M | 107M | 117M | 132M | 139M | 144M | 36M | 0 | 25M | 106M | 119M | 126M | 126M |
| Dividend Yield | 6.1% | 5.3% | 5.8% | 5.9% | 3.5% | 4.6% | 2.8% | N/A | 0.7% | 2.1% | 2.6% | 4.4% | 1.7% |
| Share Buybacks | 143M | 8.1M | 743K | 1.0M | 8.2M | 4.9M | 1.6M | 0 | 156M | 533M | 329M | 0 | 0 |
| Buyback Yield | 10.0% | 0.3% | 0.0% | 0.0% | 0.3% | 0.1% | 0.2% | N/A | 3.5% | 10.0% | 11.8% | N/A | 0.0% |
| Stock-Based Comp | 7.2M | 13M | 23M | 27M | 26M | 37M | 34M | 36M | 54M | 52M | 44M | 39M | 36M |
| Debt Repayment | 65M | 700K | 195M | 0 | 0 | 0 | 12M | 18M | 11M | 666M | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | -1.1B | 892M | 1.4B | 1.6B | 1.3B | 1.6B | 3.9B | 3.6B | 369M | 727M | 1.7B | 2.4B | 2.3B |
| Cash & Equiv. | 398M | 944M | 746M | 573M | 597M | 815M | 1.6B | 1.3B | 2.2B | 1.8B | 536M | 528M | 542M |
| Long-Term Debt | 1.2B | 1.8B | 2.1B | 2.2B | 1.9B | 2.1B | 4.7B | 4.3B | 1.4B | 1.2B | 1.5B | 2.1B | 2.8B |
| Debt/Equity | 1.00 | 1.11 | 1.06 | 0.94 | 0.72 | 0.78 | 3.35 | 2.56 | 0.52 | 0.39 | 0.41 | 0.54 | 0.51 |
| Interest Coverage | 1.5 | 3.4 | 3.3 | 4.7 | 2.1 | 4.1 | -5.5 | 1.9 | 16.9 | 46.3 | -9.7 | -0.3 | 4.0 |
| Equity | 1.2B | 1.6B | 2.0B | 2.3B | 2.7B | 3.0B | 1.6B | 1.9B | 4.9B | 6.5B | 5.5B | 5.3B | 5.5B |
| Total Assets | 5.2B | 6.1B | 7.6B | 8.1B | 8.0B | 9.1B | 10.5B | 11.6B | 13.5B | 14.4B | 12.7B | 13.0B | 14.7B |
| Total Liabilities | 3.5B | 4.0B | 5.1B | 5.2B | 4.8B | 5.5B | 8.3B | 9.1B | 8.5B | 7.8B | 7.0B | 7.6B | 9.1B |
| Intangibles | 357K | 219K | 577K | 537K | 26M | 24M | 10M | 9.6M | 9.1M | 8.6M | 8.1M | N/A | N/A |
| Retained Earnings | -123M | -83M | -45M | 237M | 226M | 401M | -1.0B | -796M | 2.1B | 4.1B | 3.4B | 3.1B | 3.3B |
| Working Capital | 804M | 1.5B | 1.4B | 1.4B | 1.1B | 1.3B | 1.4B | 1.4B | 1.3B | 2.4B | 918M | 783M | 1.4B |
| Current Assets | 2.3B | 3.0B | 3.4B | 3.8B | 3.2B | 3.8B | 3.9B | 5.2B | 6.5B | 6.6B | 4.5B | 4.5B | 5.8B |
| Current Liabilities | 1.5B | 1.5B | 2.1B | 2.4B | 2.1B | 2.5B | 2.5B | 3.8B | 5.2B | 4.2B | 3.6B | 3.7B | 4.4B |
| Per Share Data | |||||||||||||
| EPS | -0.51 | 1.65 | 1.74 | 3.73 | 1.10 | 2.64 | -11.64 | 1.90 | 22.84 | 16.52 | -4.60 | -1.39 | 3.75 |
| Owner EPS | 4.62 | 4.97 | 4.94 | 4.06 | 5.21 | 5.28 | -8.29 | 1.81 | 35.38 | 7.51 | -3.09 | -4.28 | -2.84 |
| Book Value | 16.25 | 18.57 | 20.63 | 21.02 | 23.07 | 25.16 | 13.73 | 15.84 | 39.13 | 50.08 | 47.77 | 46.62 | 45.78 |
| Cash Flow/Share | 6.09 | 6.32 | 6.64 | 6.17 | 7.22 | 7.73 | -5.28 | 3.93 | 37.89 | 10.33 | 0.37 | -0.68 | 8.36 |
| Dividends/Share | 1.20 | 1.20 | 1.20 | 1.20 | 1.20 | 1.19 | 0.30 | 0.00 | 0.20 | 0.82 | 1.03 | 1.10 | 1.04 |
| Shares Out. | 75.0M | 88.7M | 98.2M | 111.2M | 116.0M | 120.8M | 119.6M | 121.6M | 126.0M | 129.6M | 116.1M | 114.1M | 120.6M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | 16.4 | 12.6 | 7.9 | 24.8 | 10.5 | N/A | 6.2 | 1.6 | 2.5 | N/A | N/A | 16.4 |
| P/FCF | N/A | 11.6 | 6.1 | 8.6 | 6.1 | 6.3 | N/A | 6.2 | 1.1 | 7.8 | N/A | N/A | N/A |
| EV/EBIT | 13.6 | 9.1 | 7.1 | 5.9 | 10.9 | 5.8 | N/A | 5.1 | 0.6 | 1.0 | N/A | N/A | 12.8 |
| Price/Book | 1.2 | 1.5 | 1.1 | 1.4 | 1.2 | 1.1 | 0.4 | 0.7 | 0.9 | 0.8 | 0.5 | 0.6 | 1.3 |
| Price/Sales | 0.1 | 0.2 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.2 |
| FCF Yield | -1.4% | 8.6% | 16.4% | 11.6% | 16.4% | 15.8% | -112.1% | 16.0% | 91.4% | 12.8% | -12.4% | -26.5% | -9.2% |
| Market Cap | 1.4B | 2.4B | 2.2B | 3.3B | 3.2B | 3.4B | 738M | 1.4B | 4.5B | 5.3B | 2.8B | 3.0B | 7.4B |
| Avg. Price | 19.22 | 22.62 | 20.72 | 20.07 | 34.21 | 26.10 | 10.74 | 11.55 | 27.58 | 39.61 | 38.98 | 24.90 | 61.63 |
| Year-End Price | 19.02 | 27.05 | 21.95 | 29.34 | 27.26 | 27.73 | 6.17 | 11.72 | 35.94 | 40.92 | 24.11 | 25.95 | 61.63 |
PBF Energy Inc. passes 4 of 9 quality checks, suggesting mixed fundamentals.
The company's 5-year average ROIC is 21.4% with a gross margin of 5.4%. Total shareholder yield (dividends) is 1.7%. At current prices, the estimated annualized return to fair value is +14.8%.
PBF Energy Inc. (PBF) has a debt-to-equity ratio of 0.54. This indicates moderate leverage.
PBF Energy Inc. (PBF) reported earnings per share (EPS) of $-1.39 in its most recent fiscal year.
PBF Energy Inc. (PBF) has a return on equity (ROE) of -2.9%. A negative ROE may indicate losses or negative equity.
PBF Energy Inc. (PBF) has a 5-year average gross margin of 5.4%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 15 years of financial data for PBF Energy Inc. (PBF), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
PBF Energy Inc. (PBF) has a book value per share of $46.62, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects the near-term market landscape to be favorable, supported by global demand continuing to outstrip net refining capacity additions and anticipated further capacity rationalizations that will support tight product balances. The company achieved $230 million in annualized run-rate savings by the end of 2025 and has identified an additional $120 million of run-rate savings for a total of $350 million expected by the end of 2026, with these efficiencies now firmly embedded in the 2026 budget and expected to offset inflationary pressures including higher natural gas prices. Management plans to use periods of strength to focus on reducing both gross and net debt, with the Martinez restart completed and capital spending for the rebuild substantially behind the company, allowing for improved cash generation going forward. The company expects to continue recovering incremental insurance funds related to the Martinez fire claim through the end of the claims process, which should principally offset increases in net debt experienced during the restart period.
Based on recent SEC filings and earnings calls, PBF Energy Inc. (PBF) has provided the following forward guidance: Annualized run-rate savings: $350 million (By end of 2026).