PBF Energy (PBF)
NYSE:PBF
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PBF Energy
(NYSE:PBF)
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Rating:57Neutral
Price Target:
$45.00
▲(21.10% Upside)
Action:Reiterated
Date:05/03/26
The score is held back primarily by weak cash generation and negative free cash flow despite a return to profitability, with earnings-call items reinforcing near-term cash/volatility risks. Offsetting factors include a broadly constructive price trend and attractive valuation (low P/E with a moderate dividend).
Positive Factors
Coastal complex positioning
PBF’s coastal, complex refineries are structurally better placed to capture higher product spreads when seaborne flows tighten. That structural market access and complexity supports durable margin capture versus simpler inland peers, improving long-term earnings resilience if supply tightness persists.
Negative Factors
Weak free cash flow
Consistent negative free cash flow constrains the company's ability to invest, pay down debt, or return capital. Reliance on liquidity and favorable market cycles increases funding risk and limits strategic optionality if margins soften or unexpected cash needs arise over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Coastal complex positioning
PBF’s coastal, complex refineries are structurally better placed to capture higher product spreads when seaborne flows tighten. That structural market access and complexity supports durable margin capture versus simpler inland peers, improving long-term earnings resilience if supply tightness persists.
Read all positive factors
PBF Energy (PBF) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.99B
Dividend Yield4.14%
Average Volume (3M)3.27M
Price to Earnings (P/E)7.0
Beta (1Y)0.73
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. Volume3,029,328
30 Day Avg. Volume3,269,305
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 Cap1.63
Enterprise Value/Revenue0.27
Enterprise Value/Gross Profit24.40
Enterprise Value/Ebitda8.15
Forecast
1Y Price Target
$43.70Price Target Upside17.60% Upside
Rating ConsensusHold
Number of Analyst Covering11
EPS Forecast (FY)6
Revenue Forecast (FY)$35.35B
PBF Energy Business Overview & Revenue Model
Company Description
PBF Energy Inc., together with its subsidiaries, engages in refining and supplying petroleum products. The company operates in two segments, Refining and Logistics. It produces gasoline, ultra-low-sulfur diesel, heating oil, diesel fuel, jet fuel,...
How the Company Makes Money
PBF Energy primarily makes money by refining crude oil and other feedstocks into higher-value refined petroleum products and selling those products. Its core revenue stream is the sale of refined products (including gasoline, diesel, jet fuel, and...
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
Positive
37.16
Price Trends
43.21
Negative
38.12
Positive
33.85
Positive
Market Momentum
-0.03
Negative
52.76
Neutral
64.66
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PBF, the sentiment is Positive. The current price of 37.16 is below the 20-day moving average (MA) of 41.88, below the 50-day MA of 43.21, and above the 200-day MA of 33.85, indicating a neutral trend. The MACD of -0.03 indicates Negative momentum. The RSI at 52.76 is Neutral, neither overbought nor oversold. The STOCH value of 64.66 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 | $12.67B | 4.35 | 13.11% | 4.26% | -1.08% | ― | |
69 Neutral | $6.31B | 9.39 | 18.56% | 8.03% | 10.20% | 37.86% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
64 Neutral | $2.95B | 13.92 | 32.61% | ― | -2.52% | ― | |
57 Neutral | $4.99B | 7.04 | 8.35% | 4.14% | -4.33% | ― | |
55 Neutral | $2.78B | -3.37 | -37.66% | 3.42% | -6.49% | 93.38% | |
52 Neutral | $3.47B | -4.40 | -6.53% | 10.50% | 1.38% | 78.79% |
* Energy Sector Average
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PBF Energy Corporate Events
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.