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PBF Energy
(NYSE:PBF)
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Rating:75Outperform
Price Target:
$103.00
▲(54.86% Upside)
Action:Reiterated
Date:10/14/26
The score is driven primarily by strong technical momentum and a highly positive earnings-call outlook emphasizing substantial cash generation and rapid deleveraging. Valuation also screens attractively on a low P/E. The main constraint is financial cyclicality: profitability and free cash flow have been volatile across the cycle, with regulatory/RIN and operational risks remaining meaningful.
Positive Factors
Deleveraging and Cash Generation
Strong operating cash flow and rapid debt reduction materially improve financial flexibility. A lower net-debt burden can reduce interest pressure, support maintenance spending, and leave PBF better positioned to withstand refining-cycle weakness or fund strategic needs.
Negative Factors
Highly Cyclical Profitability
PBF’s earnings and cash generation remain closely tied to refining margins, utilization, and regional supply conditions. The sharp swing from strong profits to losses and back demonstrates that current results may not persist, making returns and internal funding capacity inherently volatile.
Read all positive and negative factors
Positive Factors
Negative Factors
Deleveraging and Cash Generation
Strong operating cash flow and rapid debt reduction materially improve financial flexibility. A lower net-debt burden can reduce interest pressure, support maintenance spending, and leave PBF better positioned to withstand refining-cycle weakness or fund strategic needs.
Read all positive factors
PBF Energy (PBF) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$9.67B
Dividend Yield1.35%
Average Volume (3M)3.67M
Price to Earnings (P/E)7.1
Beta (1Y)0.45
Revenue Growth13.54%
EPS GrowthN/A
CountryUS
Employees3,678
SectorEnergy
Sector Strength52
IndustryOil & Gas Refining & Marketing
Share Statistics
EPS (TTM)11.49
Shares Outstanding118,536,835
10 Day Avg. Volume2,855,257
30 Day Avg. Volume3,667,683
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 Cap0.75
Enterprise Value/Revenue0.21
Enterprise Value/Gross Profit4.73
Enterprise Value/Ebitda3.39
Forecast
1Y Price Target
$79.50Price Target Upside19.53% Upside
Rating ConsensusHold
Number of Analyst Covering10
EPS Forecast (FY)24.35
Revenue Forecast (FY)$40.76B
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 purchasing crude oil and other feedstocks, refining them into higher-value refined products, and selling those products at market prices. The core driver of earnings is the refining margin (often referenced as the “cra...
PBF Energy Earnings Call Summary
Earnings Call Date:Jul 30, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 29, 2026
Earnings Call Sentiment Positive
The call conveyed a strongly positive operational and financial trajectory: exceptional Q2 cash generation and EBITDA, substantial deleveraging, full restart of Martinez and all refineries running, meaningful RBI efficiency gains (20% gas reduction and ~$60M/yr procurement savings), plus favorable macro tailwinds from global supply disruptions supporting elevated refining margins. Notable negatives include a few operational incidents (Chalmette, Toledo), an ongoing Martinez insurance claim and residual rebuild costs, regulatory/RINs-related cost and market uncertainty, and the incremental debt tied to the Torrance hydrogen purchase. Overall, the positives (material earnings, cash flow, balance sheet improvement, operational recovery and structural margin tailwinds) outweigh the operational and regulatory risks.Positive Updates
Strong Earnings and Cash Generation
Q2 adjusted net income of $6.22 per share and adjusted EBITDA of $1.24 billion; cash from operations of $1.6 billion (including a ~$430 million working capital benefit).
Negative Updates
Operational Incidents and Turnarounds
Chalmette loss-of-containment (May) took a pretreat and reformer offline until Q3 repairs (no material throughput reduction but higher naphtha / slight gasoline yield loss); planned Martinez hydrocracker turnaround in Q3 (finishing in October) will impact operations; Toledo experienced unplanned FCC work that reduced throughput in Q2.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Earnings and Cash Generation
Q2 adjusted net income of $6.22 per share and adjusted EBITDA of $1.24 billion; cash from operations of $1.6 billion (including a ~$430 million working capital benefit).
Read all positive updates
Company Guidance
Management's guidance emphasized strong cash generation and rapid deleveraging: Q2 adjusted net income was $6.22 per share with adjusted EBITDA of $1.24 billion, cash from operations of $1.6 billion (including a ~$430 million working capital benefit), ending the quarter with $894 million cash and roughly $855 million net debt (net debt-to-cap 15%) after reducing net debt by over $1.4 billion in the quarter and expecting about $1.5 billion in cash at end‑July; Q2 also included a $250 million insurance gain (bringing Martinez recoveries to $1.25 billion to date) and management expects at least one more similar payment in H2 2026. Operational and capital guidance: consolidated Q2 capex was $189 million (excluding ~$56 million Martinez rebuild), 2026 total capex guidance was lowered by ~ $75 million to about $850 million at the midpoint as several turnarounds (Toledo, Chalmette) were deferred to 2027 while Martinez hydrocracker turnaround is scheduled Q3–October and Paulsboro turnaround remains late fall; PBF agreed to buy two Torrance hydrogen plants (to be financed with a seller note, closing expected in Q3). Efficiency targets include a ~20% reduction in purchased natural gas per barrel (vs 2024 baseline) and an expected ~$60 million/year procurement savings; SBR produced ~15,100 bpd of renewable diesel in Q2, contributing $27.5 million of net income (about $40 million of EBITDA) with management citing robust RD margins and elevated RINs.PBF Energy Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
71
Positive
Cash Flow
56
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 34.37B | 29.33B | 33.12B | 38.32B | 46.83B | 27.25B |
| Gross Profit | 1.54B | -571.00M | -372.20M | 2.40B | 4.68B | 887.20M |
| EBITDA | 2.15B | -253.60M | -2.40M | 3.62B | 4.36B | 1.13B |
| Net Income | 1.35B | -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 | 894.10M | 527.90M | 536.10M | 1.78B | 2.20B | 1.34B |
| Total Debt | 2.52B | 2.90B | 2.31B | 2.04B | 2.64B | 5.01B |
| Total Liabilities | 8.17B | 7.57B | 7.02B | 7.76B | 8.49B | 9.11B |
| Stockholders Equity | 6.41B | 5.32B | 5.54B | 6.49B | 4.93B | 1.93B |
Cash Flow | ||||||
| Free Cash Flow | 742.80M | -783.20M | -347.50M | 678.90M | 4.14B | 228.20M |
| Operating Cash Flow | 1.66B | -78.00M | 43.40M | 1.34B | 4.77B | 477.30M |
| Investing Cash Flow | -615.00M | -480.20M | -1.04B | -338.60M | -1.01B | -388.50M |
| Financing Cash Flow | -739.00M | 550.00M | -250.70M | -1.42B | -2.90B | -356.80M |
PBF Energy Technical Analysis
Neutral
66.51
Price Trends
76.86
Positive
64.64
Positive
51.76
Positive
Market Momentum
2.53
Positive
51.06
Neutral
17.92
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PBF, the sentiment is Neutral. The current price of 66.51 is below the 20-day moving average (MA) of 82.13, below the 50-day MA of 76.86, and above the 200-day MA of 51.76, indicating a neutral trend. The MACD of 2.53 indicates Positive momentum. The RSI at 51.06 is Neutral, neither overbought nor oversold. The STOCH value of 17.92 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
77 Outperform | $22.28B | 11.92 | 19.86% | 1.61% | 16.26% | ― | |
75 Outperform | $9.67B | 7.10 | 24.08% | 1.35% | 13.54% | ― | |
70 Outperform | $4.24B | 4.88 | 57.75% | ― | 13.19% | ― | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
57 Neutral | $4.79B | 21.43 | 95.27% | 1.30% | 11.40% | ― | |
51 Neutral | $6.11B | 88.01 | 10.48% | 0.94% | 17.88% | ― |
* Energy Sector Average
PBF
PBF Energy
81.54
48.31
145.34%
CVI
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60.73
21.82
56.09%
DK
Delek US Holdings
78.22
41.48
112.92%
DINO
HF Sinclair Corporation
125.57
72.45
136.40%
PARR
Par Pacific Holdings
84.70
44.42
110.28%
PBF Energy Corporate Events
Business Operations and StrategyPrivate Placements and Financing
PBF Energy Announces Full Redemption of 2030 Senior Notes
Positive
Oct 14, 2026
On October 14, 2026, PBF Holding Company LLC and its wholly owned subsidiary PBF Finance Corporation issued a notice of optional full redemption for all $800 million of their outstanding 9.875% Senior Notes due 2030. The company set October 26, 20...
Business Operations and StrategyPrivate Placements and Financing
PBF Energy Expands Liquidity with New $4 Billion Facility
Positive
Oct 1, 2026
On September 30, 2026, PBF Holding Company LLC and certain wholly owned subsidiaries entered into an amended and restated asset-based revolving credit agreement with Bank of America and a syndicate of lenders, establishing a new senior secured rev...
Business Operations and StrategyPrivate Placements and Financing
PBF Energy Issues Exchangeable Notes to Reshape Capital Structure
Positive
Sep 17, 2026
On September 17, 2026, PBF Holding Company LLC and PBF Finance Corporation, subsidiaries of PBF Energy, issued $550 million of 0% Exchangeable Senior Notes due 2032 in a Rule 144A private placement, generating net proceeds of about $533.6 million....
Business Operations and StrategyPrivate Placements and Financing
PBF Energy Prices Exchangeable Notes to Refinance Debt
Positive
Sep 15, 2026
On September 14, 2026, PBF Energy announced that PBF Holding and PBF Finance priced a private offering of $500 million of 0% senior unsecured exchangeable notes due January 15, 2032, with an option for purchasers to buy an additional $50 million, ...
Business Operations and StrategyM&A TransactionsPrivate Placements and Financing
PBF Energy Announces New Exchangeable Notes and Debt Redemption
Positive
Sep 14, 2026
On September 14, 2026, PBF Energy announced that PBF Holding and PBF Finance intend to launch a private offering of $500 million of senior unsecured exchangeable notes due 2032, with proceeds and available cash earmarked to redeem in full PBF Hold...
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.