PBF Energy (PBF)
NYSE:PBF
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PBF Energy
(NYSE:PBF)
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Rating:56Neutral
Price Target:
$44.00
▲(18.41% Upside)
Action:Reiterated
Date:05/27/26
The score is held back primarily by weak cash flow (negative free cash flow) and soft technical momentum. These are partially offset by attractive valuation (low P/E and a dividend) and a neutral earnings-call backdrop that includes operational restart progress and cost-savings execution, but also meaningful near-term earnings and working-capital headwinds.
Positive Factors
Manageable leverage
A materially improved capital structure with ~0.65 debt-to-equity provides durable financial flexibility. Lower leverage versus prior years reduces near-term refinancing pressure, supports funding of restart/capex needs, and improves the company’s ability to withstand cyclical margin troughs.
Negative Factors
Weak cash generation
Persistent negative free cash flow forces reliance on external financing or asset sales to fund capex, working capital, and debt reduction. Over a multi-quarter horizon this limits self-funded growth, constrains returns to shareholders, and raises refinancing and liquidity risk if margins remain weak.
Read all positive and negative factors
Positive Factors
Negative Factors
Manageable leverage
A materially improved capital structure with ~0.65 debt-to-equity provides durable financial flexibility. Lower leverage versus prior years reduces near-term refinancing pressure, supports funding of restart/capex needs, and improves the company’s ability to withstand cyclical margin troughs.
Read all positive factors
PBF Energy (PBF) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.77B
Dividend Yield4.14%
Average Volume (3M)2.99M
Price to Earnings (P/E)10.7
Beta (1Y)0.66
Revenue Growth-4.33%
EPS GrowthN/A
CountryUS
Employees3,855
SectorEnergy
Sector Strength52
IndustryOil & Gas Refining & Marketing
Share Statistics
EPS (TTM)3.78
Shares Outstanding118,308,460
10 Day Avg. Volume2,610,904
30 Day Avg. Volume2,990,295
Financial Highlights & Ratios
PEG Ratio0.28
Price to Book (P/B)0.58
Price to Sales (P/S)0.11
P/FCF Ratio-3.95
Enterprise Value/Market Cap1.65
Enterprise Value/Revenue0.26
Enterprise Value/Gross Profit23.67
Enterprise Value/Ebitda7.91
Forecast
1Y Price Target
$44.20Price Target Upside18.95% Upside
Rating ConsensusHold
Number of Analyst Covering11
EPS Forecast (FY)6.58
Revenue Forecast (FY)$36.33B
PBF Energy Business Overview & Revenue Model
Company Description
PBF Energy Inc., operating through its subsidiaries, primarily focuses on the refinement and distribution of various petroleum products. Its business is structured into two core segments: Refining and Logistics. The company's extensive product por...
How the Company Makes Money
PBF primarily makes money by refining crude oil into higher-value refined products and selling those products, earning the difference between product sales prices and input/feedstock and operating costs (often referred to as refining margin). Its ...
PBF Energy Earnings Call Summary
Earnings Call Date:Apr 30, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 30, 2026
Earnings Call Sentiment Neutral
Balanced. The call highlighted several operational and financial positives: the near-complete restart of Martinez, achievement of $230 million in RBI savings with a path to $350 million, $1.0 billion of insurance recoveries to date, renewable diesel production (~16.7k bpd) and solid liquidity with a plan to delever. Offsetting these strengths were a Q1 adjusted net loss of $0.88/sh, modest adjusted EBITDA ($68.7M), large derivative mark-to-market losses (> $200M, ~ $100M unrealized), a $313M LCM inventory charge, substantial working capital draw (~$340M) and lingering restart-related costs and uncertainties. Given the roughly balanced list of material positives and negatives, sentiment is neutral.Positive Updates
Martinez Restart Progress
Martinez refinery rebuild completed in February; cat feed hydrotreater and alkylation unit are up and running and the FCC expected to be producing finished products within days (management indicated 'this weekend'). The bulk of rebuild capital spending is behind the company.
Negative Updates
First Quarter Financial Performance
Excluding special items, reported adjusted net loss of $0.88 per share and adjusted EBITDA of $68.7 million for Q1, reflecting a weak quarter operationally and commercially.
Read all updates
Q1-2026 Updates
Positive
Negative
Martinez Restart Progress
Martinez refinery rebuild completed in February; cat feed hydrotreater and alkylation unit are up and running and the FCC expected to be producing finished products within days (management indicated 'this weekend'). The bulk of rebuild capital spending is behind the company.
Read all positive updates
Company Guidance
The company guided that Martinez is imminently returning to service (cat‑feed hydrotreater and alkylation already online, FCC expected to make finished products this weekend) with full California supply shortly, Torrance turnaround complete and the Martinez hydrocracker work likely pushed toward end‑of‑Q3; operationally they expect working capital to normalize as Martinez ramps and to continue prioritizing safe, reliable operations. Financially, Q1 results (ex‑special items) included an adjusted net loss of $0.88 per share and adjusted EBITDA of $68.7 million, Q1 mark‑to‑market derivative losses were a little over $200 million (about $100 million unrealized at quarter‑end), cash used in operations was $324 million (including a ~$340 million working‑capital draw), consolidated Q1 capex was $320 million (excluding ~ $189 million of Martinez‑related cash), and quarter‑end liquidity/capital metrics were $542 million cash, ~$2.3 billion net debt, ~36% net debt‑to‑capital and ~$2.4 billion total liquidity. They reiterated they achieved $230 million of annualized run‑rate RBI savings for 2025 (≈$160 million of OpEx reductions vs. 2024), are on track to hit the ~$350 million target by year‑end 2026, FCR averaged ~16,700 bpd of renewable diesel in Q1, insurance recoveries totaled ~$106.5 million in Q1 and ~$1 billion to date (net), and management said excess cash will first be used to delever the balance sheet.PBF Energy Financial Statement Overview
Summary
Income Statement
52
Neutral
Balance Sheet
63
Positive
Cash Flow
33
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 30.17B | 29.33B | 33.12B | 38.32B | 46.83B | 27.25B |
| Gross Profit | 332.70M | -571.00M | -372.20M | 2.40B | 4.68B | 887.20M |
| EBITDA | 995.60M | -253.60M | -2.40M | 3.62B | 4.36B | 1.13B |
| Net Income | 441.60M | -158.50M | -533.80M | 2.14B | 2.88B | 231.00M |
Balance Sheet | ||||||
| Total Assets | 14.72B | 13.02B | 12.70B | 14.39B | 13.55B | 11.64B |
| Cash, Cash Equivalents and Short-Term Investments | 541.80M | 527.90M | 536.10M | 1.78B | 2.20B | 1.34B |
| Total Debt | 3.60B | 2.90B | 2.31B | 2.04B | 2.64B | 5.01B |
| Total Liabilities | 9.07B | 7.57B | 7.02B | 7.76B | 8.49B | 9.11B |
| Stockholders Equity | 5.52B | 5.32B | 5.54B | 6.49B | 4.93B | 1.93B |
Cash Flow | ||||||
| Free Cash Flow | -683.90M | -783.20M | -347.50M | 678.90M | 4.14B | 228.20M |
| Operating Cash Flow | 259.70M | -78.00M | 43.40M | 1.34B | 4.77B | 477.30M |
| Investing Cash Flow | -664.50M | -480.20M | -1.04B | -338.60M | -1.01B | -388.50M |
| Financing Cash Flow | 478.00M | 550.00M | -250.70M | -1.42B | -2.90B | -356.80M |
PBF Energy Technical Analysis
Negative
37.16
Price Trends
41.83
Negative
39.83
Positive
35.17
Positive
Market Momentum
0.04
Negative
45.73
Neutral
59.38
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PBF, the sentiment is Negative. The current price of 37.16 is below the 20-day moving average (MA) of 41.24, below the 50-day MA of 41.83, and above the 200-day MA of 35.17, indicating a neutral trend. The MACD of 0.04 indicates Negative momentum. The RSI at 45.73 is Neutral, neither overbought nor oversold. The STOCH value of 59.38 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for PBF.
PBF Energy Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $12.55B | 10.22 | 13.11% | 4.26% | -1.08% | ― | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
64 Neutral | $5.31B | 9.02 | 18.56% | 8.03% | 10.20% | 37.86% | |
64 Neutral | $2.74B | 5.82 | 32.61% | ― | -2.52% | ― | |
56 Neutral | $4.77B | 10.71 | 8.35% | 4.14% | -4.33% | ― | |
55 Neutral | $2.85B | -54.58 | -37.66% | 3.42% | -6.49% | 93.38% | |
50 Neutral | $3.15B | -75.09 | -6.53% | 10.50% | 1.38% | 78.79% |
* Energy Sector Average
PBF
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PBF Energy Corporate Events
Business Operations and StrategyPrivate Placements and Financing
PBF Energy Issues New Senior Notes to Refinance Debt
Neutral
May 28, 2026
On May 28, 2026, PBF Holding Company LLC and PBF Finance Corporation, subsidiaries of PBF Energy, issued $500 million of 7.250% senior notes due 2034 in a Rule 144A/Reg S private placement, generating net proceeds of about $492.7 million. The comp...
Business Operations and StrategyPrivate Placements and Financing
PBF Energy Prices New Notes to Refinance 2028 Debt
Positive
May 27, 2026
On May 26, 2026, PBF Energy announced that indirect subsidiary PBF Holding Company LLC and its unit PBF Finance Corporation had priced a $500 million private offering of 7.25% senior unsecured notes due 2034, with closing expected on May 28, 2026,...
Business Operations and StrategyPrivate Placements and Financing
PBF Energy Launches New Notes Offering, Redeems 2028 Debt
Positive
May 26, 2026
On May 26, 2026, PBF Energy’s PBF Holding unit and its subsidiary PBF Finance launched a private $500 million senior unsecured notes offering due 2034, with plans to use the proceeds and available cash to redeem in full $801.6 million of 6.0...
Executive/Board ChangesShareholder Meetings
PBF Energy Shareholders Back Board, Pay and Incentive Plan
Positive
Apr 30, 2026
At its Annual Meeting of Stockholders held on April 28, 2026, PBF Energy shareholders re-elected all 11 nominees to the board of directors, with each director receiving strong majority support despite some variation in opposition levels. This cont...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.