PBF Energy Inc. PBF

EnergyOil & GasUnited States of America

Last close 78.00 USD on Nov 1, 2026, +192.9% year to date

Quant rating

Quant rating A Rank 20 of 167 in Energy

Growth C 114 of 167
Valuation A 5 of 167
Quality A 14 of 167
Revisions B 55 of 167
Momentum B 40 of 167

Wall Street consensus Hold (3.38)Average target 82.09 USD +5.2%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 9.5B
Enterprise value: 9.2B
52-week range: 25.63 – 92.08
3-year range: 14.37 – 92.08
Dividend yield: 1.67%
Beta (5 years): 0.14
Shares outstanding: 121M
Next earnings: Feb 12, 2027

About the company

PBF Energy Inc. is an independent refiner in North America, operating, through its subsidiaries, oil refineries and related facilities in California, Delaware, Louisiana, New Jersey and Ohio. The Company operates as a refiner and supplier of unbranded transportation fuels, heating oil, petrochemical feedstocks, lubricants, and other petroleum products. It operates through two segments: Refining and Logistics. The Refining segment includes the operations of its oil refineries and related facilities in Delaware City, Delaware, Paulsboro, New Jersey, Toledo, Ohio, Chalmette, Louisiana, Torrance, California and Martinez, California. The Logistics segment includes the operations of PBF Logistics LP, an indirect wholly owned subsidiary of PBF Energy and PBF LLC, which owns or leases, operates, develops, and acquires crude oil and refined petroleum products terminals, pipelines, storage facilities, and similar logistics assets.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	29,332	33,115	38,325	46,830	27,253	–
Revenue growth	−11.4%	−13.6%	−18.2%	71.8%	80.3%	14.2%
EPS (basic, normalized)	−4.13	−3.89	11.32	23.36	−2.50	–
EPS growth	–	–	−51.5%	–	–	–
Gross margin	9.2%	8.6%	14.8%	16.6%	12.6%	12.4%
Net margin	−0.5%	−1.6%	5.6%	6.1%	0.8%	2.1%
ROE	−2.9%	−8.9%	37.5%	83.9%	12.9%	24.5%

Balance sheet, last quarter
Cash & short-term investments (mil)	2,544
Current ratio	1.59x
Long-term debt (mil)	2,114
Net debt (mil)	−249
Total equity (mil)	7,956
Net debt / equity	−0.03x
Net debt / EBITDA	−1.21x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	29,332	−11.4%	0.3x	206	+181.3%	44.8x	−4.13	−6.2%	−18.9x
2026	40,998	+39.8%	0.2x	4,814	+2,242.6%	1.9x	24.24	+686.9%	3.2x
2027	37,615	−8.3%	0.2x	3,602	−25.2%	2.6x	18.19	−25.0%	4.3x
2028	35,844	−4.7%	0.3x	1,668	−53.7%	5.5x	4.30	−76.4%	18.2x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	40,998	+6.7%	+11.8%	+21.0%	24.24	+31.1%	+95.8%	+334.6%
2027	37,615	+8.8%	+11.3%	+16.3%	18.19	+74.3%	+139.6%	+342.3%
2028	35,844	+5.1%	+4.6%	+6.5%	4.30	−7.8%	−12.8%	+31.7%

Earnings surprises EPS beat in 2 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	8,646	8,736	8,382	7,351	7,066	7,475	7,651	7,140	7,904	11,678
Sales mean (mil)	8,148	8,638	8,197	7,430	6,602	6,949	7,473	7,096	7,492	9,824
Surprise	+6.1%	+1.1%	+2.3%	−1.1%	+7.0%	+7.6%	+2.4%	+0.6%	+5.5%	+18.9%
EPS reported	0.85	−0.54	−1.50	−2.82	−3.09	−1.03	−0.52	0.49	−0.88	6.22
EPS mean	0.66	−0.15	−1.41	−2.81	−3.12	−1.10	−0.67	−0.10	−0.71	4.17
Surprise	+29.4%	−260.0%	−6.5%	−0.4%	+0.9%	+6.5%	+21.8%	−613.1%	−24.4%	+49.1%

Peer comparison Oil & Gas

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
PBF PBF Energy Inc.	9.5B	−1.21x	−0.5%	1.19x	3.2x	4.3x	1.9x	2.6x
XOM Exxonmobil Holdings Corp	770.0B	0.43x	8.9%	2.97x	14.2x	15.2x	8.0x	8.1x
CVX Chevron Corporation	465.3B	0.85x	6.7%	2.45x	13.3x	14.9x	6.9x	7.5x
SHEL Shell plc	308.3B	0.73x	6.7%	1.67x	8.5x	10.6x	4.2x	4.7x
COP ConocoPhillips	185.0B	0.62x	12.8%	2.83x	13.8x	14.8x	5.9x	6.2x
MPC Marathon Petroleum Corporation	124.9B	2.65x	3.0%	6.60x	7.1x	8.5x	5.2x	6.2x
Mean		0.68x	6.3%	2.95x	10.0x	11.4x	5.4x	5.9x
Median		0.67x	6.7%	2.64x	10.9x	12.7x	5.6x	6.2x

Technical analysis

1M+4.9%
3M+28.4%
1Y+144.1%
3Y+85.9%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, PBF Energy Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	29,332	33,115	38,325	46,830	27,253	15,116
Cost of revenue	26,627	30,267	32,671	39,049	23,827	14,276
Gross profit	2,705	2,849	5,654	7,781	3,427	840
Selling, general & administrative expenses	303	260	362	469	247	236
Research & development	–	–	–	–	–	–
Depreciation/amortization	645	628	572	511	467	563
Interest expense (income), operating	62.2	56.1	−880	–	–	–
Unusual expense (income)	−896	0.4	4.4	67.0	−82.9	−344
Other operating expenses	2,646	2,603	2,649	2,647	2,118	1,825
Operating income	−54.3	−699	2,946	4,087	677	−1,439
Net interest income (expense)	−182	−72.0	−62.7	−248	−309	−270
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	1.3	2.4	2.7	−282	−40.5	378
Net income before taxes	−235	−769	2,886	3,558	328	−1,331
Provision for taxes	−74.1	−228	724	585	12.1	2.1
Minority interest	2.0	6.4	−21.5	−96.0	−84.5	−59.1
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−158	−534	2,140	2,877	231	−1,392
Extraordinary items	–	–	–	–	–	–
Net income	−158	−534	2,140	2,877	231	−1,392
EBIT, normalized	−416	−537	2,070	4,154	594	−1,753
EBITDA, normalized	247	106	2,662	4,688	1,078	−1,172
Basic EPS, normalized	−4.13	−3.89	11.32	23.36	−2.50	–

Balance sheet in millions of USD, fiscal years

Balance sheet, PBF Energy Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	528	536	1,784	2,204	1,342	1,610
Receivables	1,167	1,165	1,362	1,456	1,278	513
Total inventory	2,563	2,595	3,183	2,764	2,505	1,686
Prepaid expenses	194	248	268	123	75.0	58.8
Other current assets	0	0	0	0	0	0
Total current assets	4,452	4,544	6,597	6,546	5,199	3,867
Property, plant & equipment	6,278	5,913	5,767	6,040	5,619	5,760
Goodwill	–	–	–	–	–	–
Intangibles	–	8.1	8.6	9.1	9.6	10.1
Long-term investments	826	867	881	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	1,464	1,371	1,134	954	813	862
Total assets	13,020	12,703	14,388	13,549	11,641	10,500
Liabilities
Accounts payable	801	736	959	855	912	407
Payable/accrued	–	–	–	–	–	–
Accrued expenses	2,835	2,710	3,139	3,770	2,791	1,972
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	12.2	11.2	12.2	536	11.1	21.8
Other current liabilities	20.8	169	107	40.6	46.2	51.2
Total current liabilities	3,669	3,626	4,217	5,201	3,760	2,452
Long-term debt	2,174	1,493	1,292	1,493	4,366	4,722
Minority interest	130	134	143	127	607	560
Other liabilities	1,727	1,906	2,247	1,800	983	1,124
Total liabilities	7,700	7,159	7,900	8,620	9,715	8,857
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0.1	0.1	0.1	0.1	0.1	0.1
Additional paid-in capital	3,397	3,339	3,279	3,202	2,874	2,846
Retained earnings (accumulated deficit)	3,150	3,436	4,090	2,056	−796	−1,027
Treasury stock	−1,238	−1,223	−868	−327	−169	−167
Other equity	9.8	−8.0	−12.3	−1.5	17.3	−9.1
Total equity	5,320	5,544	6,488	4,929	1,926	1,643
Total liabilities & shareholders' equity	13,020	12,703	14,388	13,549	11,641	10,500

Cash flow statement in millions of USD, fiscal years

Cash flow statement, PBF Energy Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−160	−540	2,162	2,973	316	−1,333
Depreciation, depletion & amortization	663	643	592	534	484	581
Deferred taxes	−77.9	−239	537	420	11.7	1.6
Non-cash items	−98.2	149	−825	504	−602	−467
Changes in working capital	−404	30.4	−1,127	341	269	586
Cash from operations	−78.0	43.4	1,338	4,772	477	−632
Investing activities
Capital expenditures	−782	−432	−700	−699	−278	−205
Other investing cash flows	302	−610	362	−312	−110	−821
Cash from investing	−480	−1,042	−339	−1,011	−388	−1,026
Financing activities
Financing cash flow items	−1.7	11.0	−69.9	−13.4	−53.1	−83.4
Cash dividends paid	−126	−119	−106	−24.7	0	−35.9
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	677	−141	−1,244	−2,861	−304	2,572
Cash from financing	550	−249	−1,420	−2,899	−357	2,453
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	−8.2	−1,247	−420	862	−268	795
Free cash flow	−860	−388	638	4,073	199	−837

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.