PBF Energy Inc
PBF—
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PBF Energy Inc AI Insights
Informational only. Not investment advice.Snapshot
- Gross margin TTM is -2.5% vs industry median +6.4% - refining spreads collapsed below breakeven, burning cash[Gross Margin TTM]
- Trading at 0.59x book value with 44.37 tangible book/share vs 26.35 stock price - deep asset discount[P/B Ratio]
- FCF TTM of -1.3B with 3.2B total debt and only 482M cash - liquidity runway under 12 months at current burn[Free Cash Flow TTM]
Watch Triggers
- Gross Margin TTM: Turns positive (>0%) — Signals crack spread recovery - first step to FCF breakeven
- Cash and Equivalents: Falls below 300M — Would trigger liquidity crisis, likely forcing dilutive capital raise
- Dividends Paid Per Share TTM: Suspended or cut — Management preserving cash signals prolonged downturn expected
Bull Case
Trading at 0.59x tangible book with no goodwill - asset replacement cost far exceeds market cap of 3.1B for 6B of PPE
P/B RatioPPETangible Book Value
Refining is cyclical; current -2.5% gross margin is trough - reversion to 6% median adds 2.5B gross profit
Gross Margin TTMTotal Revenue TTM
Bear Case
Operating loss of -1.05B TTM with 189M interest expense - EBITDA barely covers interest at 0.7x coverage
Operating Income TTMInterest Expense TTMEBITDA TTM
FCF of -1.3B with 482M cash means 4-5 months runway before needing capital markets or asset sales
Free Cash Flow TTMCash and EquivalentsTotal Debt
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
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Forward Thesis
Refining margin recovery to industry median would flip PBF to 1B+ annual EBITDA
1-3ylow
- Crack spreads cyclically depressed
- 5.97B PPE base operational
- 2.26x asset turnover shows capacity utilization
EBITDA TTM 137M vs industry median 663MRevenue 29.5B on 13B assetsIndustry gross margin median 6.4%
Without margin recovery by mid-2026, balance sheet stress forces asset sales or dilution
3-12mmed
- FCF burn of -1.3B annually
- Net debt 1.9B vs 137M EBITDA
- Dividend still paid at 1.10/share
Cash dropped 590M to 482M YoYInterest expense 189M vs -527M net incomeDebt/equity 0.61x
Valuation Context
Caveats
PBF Fundamentals
Manufacturing → Petroleum and Coal Products Manufacturing
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$4.62B | — | ||
$7.68B | — | ||
10 | — | ||
$30.17B | -4.3% | — | |
$3.79 | — | ||
-0.79% | +3.3% | — | |
1.46% | +4.8% | — | |
$-683.9M | — | ||
8.30% | +26.3% | — | |
Beta 5Y (Monthly) | unknown | — |
PBF Dividend History
44 dividends
2026
$0.550005/14/26$0.2750
02/25/26$0.2750
2025
$1.100011/14/25$0.2750
08/14/25$0.2750
05/15/25$0.2750
02/27/25$0.2750
2024
$1.025011/13/24$0.2750
08/15/24$0.2500
05/15/24$0.2500
02/28/24$0.2500
2023
$0.850011/14/23$0.2500
08/16/23$0.2000
05/16/23$0.2000
02/28/23$0.2000
2022
$0.200011/10/22$0.2000
2020
$0.300002/24/20$0.3000
2019
$1.200011/13/19$0.3000
08/14/19$0.3000
05/14/19$0.3000
02/27/19$0.3000
2018
$1.200011/14/18$0.3000
08/14/18$0.3000
05/14/18$0.3000
02/27/18$0.3000
2017
$1.200011/10/17$0.3000
08/11/17$0.3000
05/12/17$0.3000
02/23/17$0.3000
2016
$1.200011/04/16$0.3000
08/05/16$0.3000
05/11/16$0.3000
02/18/16$0.3000
2015
$1.200011/05/15$0.3000
08/06/15$0.3000
05/07/15$0.3000
02/19/15$0.3000
2014
$1.200011/06/14$0.3000
08/07/14$0.3000
05/08/14$0.3000
02/28/14$0.3000
2013
$1.200011/13/13$0.3000
08/08/13$0.3000
05/17/13$0.3000
03/01/13$0.3000
PBF Stock Splits
No stock splits
PBF SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
04/30/26 | 03/31/26 | 10-Q | |
02/12/26 | 12/31/25 | Unknown | |
10/30/25 | 09/30/25 | 10-Q | |
07/31/25 | 06/30/25 | 10-Q | |
05/01/25 | 03/31/25 | 10-Q | |
02/13/25 | 12/31/24 | Unknown | |
10/31/24 | 09/30/24 | 10-Q | |
08/01/24 | 06/30/24 | 10-Q | |
05/02/24 | 03/31/24 | 10-Q | |
02/15/24 | 12/31/23 | 10-K | |
11/02/23 | 09/30/23 | 10-Q | |
08/03/23 | 06/30/23 | 10-Q | |
05/05/23 | 03/31/23 | 10-Q | |
02/16/23 | 12/31/22 | 10-K | |
10/27/22 | 09/30/22 | 10-Q | |
07/28/22 | 06/30/22 | 10-Q | |
04/28/22 | 03/31/22 | 10-Q | |
02/17/22 | 12/31/21 | 10-K | |
10/28/21 | 09/30/21 | 10-Q | |
07/29/21 | 06/30/21 | 10-Q | |
04/29/21 | 03/31/21 | 10-Q | |
02/18/21 | 12/31/20 | 10-K | |
10/29/20 | 09/30/20 | 10-Q | |
07/31/20 | 06/30/20 | 10-Q | |
05/15/20 | 03/31/20 | 10-Q | |
02/20/20 | 12/31/19 | 10-K | |
10/31/19 | 09/30/19 | 10-Q | |
08/01/19 | 06/30/19 | 10-Q | |
05/01/19 | 03/31/19 | 10-Q | |
02/21/19 | 12/31/18 | 10-K | |
10/31/18 | 09/30/18 | 10-Q | |
08/02/18 | 06/30/18 | 10-Q | |
05/03/18 | 03/31/18 | 10-Q | |
02/23/18 | 12/31/17 | 10-K | |
11/02/17 | 09/30/17 | 10-Q | |
08/03/17 | 06/30/17 | 10-Q | |
05/04/17 | 03/31/17 | 10-Q | |
02/24/17 | 12/31/16 | 10-K | |
11/04/16 | 09/30/16 | 10-Q | |
08/04/16 | 06/30/16 | 10-Q | |
05/05/16 | 03/31/16 | 10-Q | |
02/29/16 | 12/31/15 | 10-K | |
11/05/15 | 09/30/15 | 10-Q | |
08/06/15 | 06/30/15 | 10-Q | |
05/07/15 | 03/31/15 | 10-Q | |
02/26/15 | 12/31/14 | 10-K | |
11/07/14 | 09/30/14 | 10-Q | |
08/07/14 | 06/30/14 | 10-Q | |
05/07/14 | 03/31/14 | 10-Q | |
02/21/14 | 12/31/13 | 10-K | |
11/07/13 | 09/30/13 | 10-Q | |
08/08/13 | 06/30/13 | 10-Q | |
05/09/13 | 03/31/13 | 10-Q | |
02/28/13 | 12/31/12 | 10-K | |
12/13/12 | 09/30/12 | 424B4 | |
08/08/13 | 06/30/12 | 10-Q | |
05/09/13 | 03/31/12 | 10-Q | |
12/13/12 | 12/31/11 | 424B4 | |
09/30/11 | 09/30/11 | Unknown | -- |
11/14/11 | 06/30/11 | S-1 | |
11/14/11 | 12/31/10 | S-1 |