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PBF Energy USD

PBF Energy Inc. refines petroleum into products like gasoline, diesel, jet fuel, and asphalt, and provides logistics services including rail, truck, marine terminaling, and pipeline transportation.

At a glance: strengths & risks
✓Revenue growing (+56% y/y, Q2 2026)✓Margins improving (3%→12%, Q2 2026)✗Loss-making last FY✗High leverage (3.9x EBITDA)

Sector: Oil refining

Geography: United States

COMM_PBF

Price chart

81.54 USDDay -1.76%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
81.54 USD · -1.76%
Market cap
9.4 bn USD

Growth

Δ revenue y/y
56.2%
Δ EBITDA y/y
585.3%

Multiples

P/E (LTM)
6.9x
P/B (FY)
1.8x
P/E (ann.)
2.6x
EV/EBITDA (LTM)
4.2x
EV/EBITDA (ann.)
1.9x

Cash return

Dividend yield
1.3%
FCF yield (LTM)
10.2%

Value creation

to target market cap (spot commodity model)
Upside (potential)
+76.9%
↓ details

Liquidity

Daily turnover (listing)
165.4 mln USD

Shares: yahoo_fundamentals_timeseries/PBF

Financial results

Monetary columns are in B USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueB USDOperating profitB USDD&AB USDEBITDAB USDNet profitB USDOperating CFB USDCapex + M&AB USDAssetsB USDEquityB USDROE (annualized)Net debtB USDSource
2026-06-30Q2 2026 (3M)OK11.7
y/y 56.2%
1.3
y/y 2858.4%
0.2
y/y -2.5%
1.4
y/y 585.3%
0.9
y/y —
1.6-0.114.7
y/y 13.4%
6.4
y/y 26.0%
60.8%1.6Yahoo Finance
2026-03-31Q1 2026 (3M)OK7.9
y/y 11.9%
0.3
y/y —
0.2
y/y -6.7%
0.5
y/y —
0.2
y/y —
-0.3-0.314.7
y/y 13.0%
5.5
y/y 7.9%
14.6%3.1Link
2025-12-31Q4 2025 (3M)OK7.1
y/y -2.9%
0.1
y/y 133.4%
0.2
y/y -7.8%
0.3
y/y 230.3%
0.1
y/y 127.1%
0.4-0.313.0
y/y 2.5%
5.3
y/y -4.1%
-3.0%2.4Link
2025-09-30Q3 2025 (3M)OK7.7
y/y -8.7%
0.3
y/y —
0.2
y/y 1.1%
0.5
y/y —
0.2
y/y —
0.0-0.113.0
y/y -0.7%
5.2
y/y -11.0%
4.4%2.7Link
2025-06-30Q2 2025 (3M)OK7.5
y/y -14.4%
0.0
y/y —
0.2
y/y 2.7%
0.2
y/y 139.5%
0.0
y/y —
0.2-0.213.0
y/y -7.8%
5.1
y/y -18.8%
-0.4%2.6Link
2025-03-31Q1 2025 (3M)OK7.1
y/y -18.3%
-0.5
y/y -452.3%
0.2
y/y 18.0%
-0.3
y/y -214.4%
-0.4
y/y -476.9%
-0.7-0.113.0
y/y -5.7%
5.1
y/y -20.8%
-30.2%2.6Link
2024-12-31Q4 2024 (3M)OK7.4
y/y -19.6%
-0.4
y/y -711.9%
0.2
y/y -45.5%
-0.2
y/y -183.4%
-0.3
y/y -497.7%
-0.3-0.112.7
y/y -11.7%
5.5
y/y -14.6%
-9.3%1.8Link
2024-09-30Q3 2024 (3M)OK8.4
y/y -21.9%
-0.4
y/y -135.9%
0.2
y/y 4257.9%
-0.2
y/y -120.4%
-0.3
y/y -136.4%
-0.1-0.113.1
y/y -10.6%
5.9
y/y -12.5%
-6.3%1.1Link
2024-06-30Q2 2024 (3M)OK8.7
y/y -4.6%
-0.1
y/y -105.4%
0.2
y/y 6943.5%
0.1
y/y -93.7%
-0.1
y/y -106.4%
0.4-0.114.1
y/y 0.3%
6.3
y/y 3.6%
-4.1%0.7Link
2024-03-31Q1 2024 (3M)OK8.6
y/y -7.0%
0.1
y/y -72.7%
0.1
y/y 7715.8%
0.3
y/y -45.0%
0.1
y/y -72.1%
0.0-0.113.8
y/y 5.1%
6.5
y/y 25.7%
6.6%0.7Link
2023-12-31Q4 2023 (3M)OK9.1
y/y —
0.0
y/y —
0.3
y/y —
0.3
y/y —
0.0
y/y —
0.3-0.114.4
y/y —
6.5
y/y —
32.4%0.3Link
2023-09-30Q3 2023 (3M)OK10.7
y/y —
1.1
y/y —
0.0
y/y —
1.1
y/y —
0.8
y/y —
0.5-0.114.7
y/y —
6.7
y/y —
16.4%0.2Link
2023-06-30Q2 2023 (3M)OK9.2
y/y —
1.4
y/y —
0.0
y/y —
1.4
y/y —
1.0
y/y —
0.1-0.214.0
y/y —
6.0
y/y —
73.0%0.7Link
2023-03-31Q1 2023 (3M)OK9.3
y/y —
0.5
y/y —
0.0
y/y —
0.5
y/y —
0.4
y/y —
0.4-0.213.1
y/y —
5.1
y/y —
—0.5Link

Net debt structure (leases included, IFRS 16) 2026-06-30

Short-term debt (incl. ST leases)188
Long-term debt (incl. LT leases)2 327
− Cash & equivalents894
Net debt1 621

Net debt / LTM EBITDA: 0.6x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

-2 50002 5005 0007 50010 00012 5002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-400%-200%0%200%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

Operating and investing cash flow (OCF + ICF) ($ mln)

-1 000-50005001 0001 5002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

01 0002 0003 0004 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Worth a look
In a typical year of 2021–2025 operating cash flow came to 1.66x of reported net profit; after capex, 0.99x. Loss years (2024, 2025) are left out of the ratio.
year20212022202320242025
cash flow / profit2.07x1.66x0.62x——
accruals, % of assets-2.1%-14.0%5.6%-4.5%-0.6%
Last twelve months (to 2025-Q3): 1.23x of profit came back as operating cash flow.
net debt / EBITDA 3.9x · EBIT covers interest -0.3x · capex 1.2x of depreciation · dividends 10% of free cash flow · share count -1.6% a year
● Net debt / EBITDA 3.9x at the last full year.
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Key-commodity price — US Crack Spread (oil refining)

Current 58spot vs LTM +35%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: +76.9% ▲ +3.1 pp 1d

Main driver: US Crack Spread (oil refining) +75% vs LTM; revenue ×1.75 vs costs ×1.70; EBITDA 2 633→4 724; at 4.1× EV/EBITDA → +77%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
US Crack Spread (oil refining) (rev)+100%58.4533.3431.97+75%-4%
US Crack Spread (oil refining) (cost)-92%58.4533.3431.97+75%-4%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue34 373
LTM EBITDA2 633
LTM cash costs (revenue − EBITDA)31 741
2 · Revenue projection
Revenue multiplier — spot×1.753 (+75%)
= Spot revenue60 267
Revenue multiplier — 3y price×0.959 (-4%)
= 3-year-price revenue32 961
3 · Costs projection
Cost multiplier — spot×1.699 (+70%)
= Spot cash costs53 921
Cost multiplier — 3y price×0.965 (-3%)
= 3-year-price cash costs30 633
4 · EBITDA projection (revenue − costs)
= Spot EBITDA7 012
= 3-year-price EBITDA2 436
Conservative EBITDA = min(spot, avg)4 724
5 · Valuation → target market cap
Historical EV/EBITDA (75th pct)4.1x
Target EV = EV/EBITDA × conservative EBITDA19 510
Net debt1 621
Target market cap = EV − net debt17 856
Current market cap10 094

Upside = target market cap ÷ current − 1 = +76.9%

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2023 Q310 73410 611+1.2%1 0811 134-4.7%
2023 Q49 1396 543+39.7%96436-77.9%
2024 Q18 6468 317+4.0%294568-48.3%
2024 Q28 7368 429+3.6%87554-84.2%
2024 Q38 3826 868+22.0%-22191—
2024 Q47 3516 046+21.6%-216-175—
2025 Q17 0667 623-7.3%-336-79—
2025 Q27 4759 375-20.3%209-103—
2025 Q37 6519 295-17.7%453-53—
2025 Q47 1408 344-14.4%28290—
2026 Q17 9049 354-15.5%463332+39.7%
2026 Q211 67814 138-17.4%1 4341 126+27.3%

Revenue growth & acceleration

Growth steady →
Last-year revenue growth -11% vs -14% the year before — a +2.2 pp move. 3-year CAGR -14%.
revenue growth by year: 2023 -18% · 2024 -14% · 2025 -11%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — daily history

Current 4.5x · 3-year 75th pct 12.9x

EV/EBITDA3-year 75th pct

Peer comparison

Group: Oil refining. Each peer is shown as it trades and re-priced onto this company's market (global) by the ratio of our coverage medians.

CompanyMarketCap, $bnEV/EBITDAEV/EBITDA, adjusted
Par Pacificglobal4.34.0x4.0x
REX American Resourcesglobal1.35.5x5.5x
Delek USglobal4.77.2x7.2x
S-OilKorea12.56.7x7.4x
Sunoco LPglobal10.18.2x8.2x
CrossAmerica Partnersglobal0.88.8x8.8x
CVR Energyglobal6.28.9x8.9x
Marathon Petroleumglobal145.49.8x9.8x
Valero Energyglobal133.910.4x10.4x
Valvolineglobal4.014.1x14.1x
Phillips 66global116.718.0x18.0x
Calumetglobal4.933.0x33.0x
Group median8.9x8.9x
Group average11.2x11.3x
This companyglobal9.54.2x4.2x

Group median 8.9x as traded, 8.9x adjusted; this company 4.2x — a 53% discount.

Group average 11.2x as traded, 11.3x adjusted; against the average this company is at a 63% discount. The average sits 27% above the median: Calumet (33.0x) skews the group.

At the adjusted group median the market cap would be +141% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 20.7x, Russia 3.9x, South Africa 5.1x, Kazakhstan 4.6x, India 18.8x, Indonesia 4.9x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-21; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-08-140.275 USDEx-dividend: 0.275 USD per sharePaidYahoo Finance (ex-div)
2026-05-140.275 USDEx-dividend: 0.275 USD per sharePaidYahoo Finance (ex-div)
2026-02-250.275 USDEx-dividend: 0.275 USD per sharePaidYahoo Finance (ex-div)
2025-11-140.275 USDEx-dividend: 0.275 USD per sharePaidYahoo Finance (ex-div)
2025-08-140.275 USDEx-dividend: 0.275 USD per sharePaidYahoo Finance (ex-div)
2025-05-150.275 USDEx-dividend: 0.275 USD per sharePaidYahoo Finance (ex-div)
2025-02-270.275 USDEx-dividend: 0.275 USD per sharePaidYahoo Finance (ex-div)
2024-11-130.275 USDEx-dividend: 0.275 USD per sharePaidYahoo Finance (ex-div)
2024-08-150.25 USDEx-dividend: 0.25 USD per sharePaidYahoo Finance (ex-div)
2024-05-150.25 USDEx-dividend: 0.25 USD per sharePaidYahoo Finance (ex-div)
2024-02-280.25 USDEx-dividend: 0.25 USD per sharePaidYahoo Finance (ex-div)
2023-11-140.25 USDEx-dividend: 0.25 USD per sharePaidYahoo Finance (ex-div)
2023-08-160.2 USDEx-dividend: 0.2 USD per sharePaidYahoo Finance (ex-div)
2023-05-160.2 USDEx-dividend: 0.2 USD per sharePaidYahoo Finance (ex-div)
2023-02-280.2 USDEx-dividend: 0.2 USD per sharePaidYahoo Finance (ex-div)
2022-11-100.2 USDEx-dividend: 0.2 USD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of PBF Energy — from primary filings.

Frequently asked questions

What is PBF Energy's P/E ratio?
PBF Energy trades at a P/E of 6.9x (price to trailing 12-month earnings).
What is PBF Energy's EV/EBITDA?
PBF Energy trades at 4.2x EV/EBITDA.
What is PBF Energy's P/B ratio?
PBF Energy trades at a P/B of 1.8x.
What is PBF Energy's dividend yield?
PBF Energy's trailing 12-month dividend yield is 1.3%.
What is PBF Energy's return on equity (ROE)?
PBF Energy's ROE is 60.8%.
What is PBF Energy's market capitalization?
PBF Energy's market cap is 9.4 bn USD.

See also: The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map