Financial leverage has trended upward, with total debt reaching $3.6 billion in 2026Q1 and the debt-to-equity ratio rising to 0.64 from 0.31 in 2023Q4.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|
| Total Current Assets | 5.83B | 4.45B | 4.54B | 6.6B | 6.55B | 5.2B | 3.87B | 3.82B | 3.24B | 3.8B | 3.41B | 3.02B | 2.35B | 2.2B | 2.31B | 1.95B | 580.13M | 18.85M |
| Cash & Short-Term Investments | 541.8M | 527.9M | 536.1M | 1.78B | 2.2B | 1.34B | 1.61B | 814.9M | 597.29M | 573.02M | 786.3M | 944.32M | 397.87M | 76.97M | 285.88M | 50.17M | 155.46M | 18.77M |
| Cash Only | 541.8M | 527.9M | 536.1M | 1.78B | 2.2B | 1.34B | 1.61B | 814.9M | 597.3M | 573.02M | 746.27M | 944.32M | 397.87M | 76.97M | 285.88M | 50.17M | 155.46M | 18.77M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -14K | 0 | 40.02M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 1.94B | 1.17B | 1.17B | 1.36B | 1.46B | 1.28B | 512.9M | 835M | 718.21M | 952.55M | 620.17M | 454.76M | 551.27M | 596.65M | 503.8M | 316.25M | 36.94M | 0 |
| Days Sales Outstanding | 16.95 | 14.52 | 12.84 | 12.98 | 11.35 | 17.11 | 12.38 | 12.44 | 9.64 | 15.96 | 14.22 | 12.65 | 10.15 | 11.37 | 9.13 | 7.72 | 64 | - |
| Inventory | 3.08B | 2.56B | 2.6B | 3.18B | 2.76B | 2.51B | 1.69B | 2.12B | 1.87B | 2.21B | 1.86B | 1.17B | 1.1B | 1.45B | 1.5B | 1.52B | 376.63M | 0 |
| Days Inventory Outstanding | 34.11 | 31.29 | 28.29 | 32.34 | 23.93 | 34.68 | 36.75 | 32.83 | 25.62 | 38.8 | 44.64 | 34.09 | 20.79 | 28.34 | 28.75 | 38.14 | 600.01 | - |
| Other Current Assets | 274.4M | 194.1M | 247.5M | 267.5M | 122.8M | 75M | 58.8M | 0 | -24K | 63.59M | 137.22M | 371.19M | 222.37M | 25.53M | 7.72M | 0 | 0 | 79K |
| Total Non-Current Assets | 8.89B | 8.57B | 8.16B | 7.79B | 7B | 6.44B | 6.63B | 5.31B | 4.77B | 4.32B | 4.21B | 3.08B | 2.85B | 2.21B | 1.95B | 1.67B | 694.26M | 300K |
| Property, Plant & Equipment | 6.51B | 6.28B | 5.91B | 5.77B | 6.04B | 5.62B | 5.76B | 4.35B | 3.82B | 3.48B | 3.33B | 2.36B | 1.94B | 1.78B | 1.64B | 1.51B | 639.57M | 127K |
| Fixed Asset Turnover | 4.89x | 4.67x | 5.60x | 6.65x | 7.75x | 4.85x | 2.62x | 5.63x | 7.12x | 6.26x | 4.78x | 5.57x | 10.24x | 10.75x | 12.31x | 9.88x | 0.33x | 1.80x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 226.6M | 8.6M | 236.2M | 9.6M | 10.1M | 24.3M | 25.65M | 537K | 577K | 219K | 357K | 653K | 1.08M | 1.7M | 0 | 0 |
| Long-Term Investments | 3.33B | 826.3M | 866.8M | 881M | 0 | 0 | 0 | 0 | -57K | 0 | 0 | 234.26M | 234.93M | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 1.55B | 1.46B | 1.15B | 1.13B | 726.5M | 813.3M | 862.1M | 930.6M | 873.44M | 781.65M | 506.02M | 290.49M | 332.31M | 261.83M | 196.26M | 158.96M | 54.7M | 173K |
| Total Assets | 14.72B | 13.02B | 12.7B | 14.39B | 13.55B | 11.64B | 10.5B | 9.13B | 8.01B | 8.12B | 7.62B | 6.11B | 5.2B | 4.41B | 4.25B | 3.62B | 1.27B | 19.15M |
| Asset Turnover | 2.24x | 2.25x | 2.61x | 2.66x | 3.46x | 2.34x | 1.44x | 2.68x | 3.40x | 2.68x | 2.09x | 2.15x | 3.82x | 4.34x | 4.73x | 4.13x | 0.17x | 0.01x |
| Asset Growth % | 7.01% | 2.49% | -11.71% | 6.19% | 16.39% | 10.87% | 14.97% | 14.08% | -1.39% | 6.51% | 24.84% | 17.49% | 17.73% | 3.76% | 17.47% | 184.14% | 6554.79% | - |
| Total Current Liabilities | 4.44B | 3.67B | 3.63B | 4.22B | 5.2B | 3.76B | 2.45B | 2.51B | 2.13B | 2.42B | 2.06B | 1.5B | 1.54B | 1.64B | 1.6B | 1.66B | 470.41M | 75K |
| Accounts Payable | 862.4M | 801.2M | 735.6M | 959M | 854.6M | 911.7M | 407M | 601.4M | 488.43M | 578.55M | 535.91M | 315.65M | 335.27M | 402.29M | 360.06M | 286.07M | 36.3M | 75K |
| Days Payables Outstanding | 10.44 | 9.78 | 8.02 | 9.74 | 7.4 | 12.62 | 8.87 | 9.3 | 6.71 | 10.14 | 12.84 | 9.16 | 6.32 | 7.89 | 6.91 | 7.19 | 57.83 | - |
| Short-Term Debt | 0 | 0 | 0 | 0 | 524.2M | 0 | 7.4M | 0 | 2.38M | 16.61M | 39.66M | 0 | 0 | 12.03M | 0 | 4.01M | 1.25M | 0 |
| Deferred Revenue (Current) | 154.3M | 20.8M | 43.8M | 64.1M | 40.6M | 42.7M | 47.2M | 21.9M | 25.7M | 8.93M | 22.51M | 24.44M | 1.23M | 31.39M | 210.54M | 248.25M | 66.34M | 0 |
| Other Current Liabilities | 10.1M | 9.7M | 285.8M | 2.86B | 3.52B | 2.67B | 785M | 12.8M | 35.54M | 1.75B | 330.83M | 335.87M | 1.15B | 1.19B | 1.02B | 0 | 0 | 0 |
| Current Ratio | 1.31x | 1.21x | 1.25x | 1.56x | 1.26x | 1.38x | 1.58x | 1.52x | 1.52x | 1.57x | 1.66x | 2.02x | 1.52x | 1.34x | 1.44x | 1.17x | 1.23x | 251.33x |
| Quick Ratio | 0.62x | 0.51x | 0.54x | 0.81x | 0.73x | 0.72x | 0.89x | 0.68x | 0.64x | 0.66x | 0.75x | 1.24x | 0.81x | 0.46x | 0.51x | 0.26x | 0.43x | 251.33x |
| Cash Conversion Cycle | 40.62 | 36.02 | 33.11 | 35.57 | 27.88 | 39.17 | 40.27 | 35.96 | 28.55 | 44.62 | 46.02 | 37.57 | 24.61 | 31.83 | 30.97 | 38.66 | 606.18 | - |
| Total Non-Current Liabilities | 4.63B | 3.9B | 3.4B | 3.54B | 3.29B | 5.35B | 5.85B | 3.04B | 2.62B | 2.8B | 2.99B | 2.51B | 1.96B | 1.05B | 927.08M | 853.37M | 345.33M | 381K |
| Long-Term Debt | 2.8B | 2.15B | 1.46B | 1.25B | 1.43B | 4.24B | 4.55B | 2.02B | 1.93B | 2.18B | 2.11B | 1.81B | 1.19B | 735.55M | 686.54M | 800.85M | 323.81M | 0 |
| Capital Lease Obligations | 2.36B | 568.8M | 657.6M | 654.9M | 610.6M | 699.4M | 926.8M | 299.1M | 0 | 48.06M | 0 | 31.8M | 36.56M | 0 | 43.44M | 0 | 0 | 0 |
| Deferred Tax Liabilities | 3.03B | 763.6M | 836M | 1.07B | 535.4M | 111.4M | 99.6M | 96.9M | 40.37M | 33.16M | 45.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 417.6M | 420M | 447.6M | 565.1M | 711.5M | 300.7M | 268.5M | 624.4M | 650.72M | 539.84M | 840.43M | 673.41M | 732.08M | 318.5M | 197.1M | 52.52M | 21.51M | 381K |
| Total Liabilities | 9.07B | 7.57B | 7.02B | 7.76B | 8.49B | 9.11B | 8.3B | 5.55B | 4.76B | 5.22B | 5.05B | 4.01B | 3.5B | 2.7B | 2.53B | 2.51B | 815.73M | 456K |
| Total Debt | 3.6B | 2.9B | 2.31B | 2.04B | 2.64B | 5.01B | 5.58B | 2.4B | 1.93B | 2.19B | 2.15B | 1.84B | 1.23B | 747.58M | 729.98M | 804.87M | 325.06M | 0 |
| Net Debt | 3.06B | 2.37B | 1.78B | 260.7M | 438.3M | 3.67B | 3.97B | 1.58B | 1.34B | 1.62B | 1.4B | 896.03M | 830.2M | 670.61M | 444.1M | 754.7M | 169.61M | -18.77M |
| Debt / Equity | 0.64x | 0.53x | 0.41x | 0.31x | 0.52x | 1.98x | 2.53x | 0.67x | 0.60x | 0.75x | 0.84x | 0.88x | 0.73x | 0.44x | 0.42x | 0.73x | 0.71x | - |
| Debt / EBITDA | 2.42x | 4.77x | - | 0.58x | 0.56x | 4.64x | - | 2.18x | 2.62x | 2.12x | 2.93x | 3.25x | 3.66x | 1.67x | 0.72x | 2.22x | - | - |
| Net Debt / EBITDA | 2.06x | 3.90x | - | 0.07x | 0.09x | 3.40x | - | 1.44x | 1.82x | 1.57x | 1.91x | 1.58x | 2.47x | 1.50x | 0.44x | 2.08x | - | -3.05x |
| Interest Coverage | 1.41x | -5.05x | -5.24x | 21.79x | 14.34x | 2.03x | -4.16x | 4.00x | 2.23x | 6.17x | 3.42x | 3.66x | 1.57x | 3.46x | 8.41x | 4.73x | -30.96x | -611.00x |
| Total Equity | 5.65B | 5.45B | 5.68B | 6.63B | 5.06B | 2.53B | 2.2B | 3.59B | 3.25B | 2.9B | 2.57B | 2.1B | 1.69B | 1.72B | 1.72B | 1.11B | 458.66M | 18.69M |
| Equity Growth % | -25.71% | -4.03% | -14.37% | 31.16% | 99.62% | 15.01% | -38.58% | 10.37% | 11.9% | 12.93% | 22.66% | 23.77% | -1.28% | -0.48% | 55.61% | 141.49% | 2353.52% | - |
| Book Value per Share | 46.88 | 47.43 | 48.49 | 50.81 | 39.85 | 20.65 | 18.25 | 29.42 | 27.35 | 25.49 | 24.81 | 22.26 | 22.74 | 20.13 | 17.73 | 54.03 | 22.37 | 0.91 |
| Total Shareholders' Equity | 5.52B | 5.32B | 5.54B | 6.49B | 4.93B | 1.93B | 1.64B | 3.04B | 2.68B | 2.34B | 2.03B | 1.65B | 1.22B | 654.13M | 419.75M | 1.11B | 458.66M | -1.97M |
| Common Stock | 100K | 100K | 100K | 100K | 100K | 100K | 100K | 100K | 105K | 95K | 94K | 93K | 88K | 40K | 24K | 0 | 0 | 10.38M |
| Retained Earnings | 3.32B | 3.15B | 3.44B | 4.09B | 2.06B | -796.1M | -1.03B | 401.2M | 225.84M | 236.79M | -44.85M | -83.45M | -123.27M | 3.58M | 1.96M | 186.15M | -56.52M | -12.33M |
| Treasury Stock | -1.25B | -1.24B | -1.22B | -868.2M | -327M | -169.1M | -167.3M | -165.7M | -160.8M | -152.59M | -151.55M | -150.8M | -142.73M | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 9.9M | 9.8M | -8M | -12.3M | -1.5M | 17.3M | -9.1M | -8.3M | -22.4M | -25.38M | -24.44M | -23.29M | -24.3M | -6.99M | -61K | -2.38M | -1.05M | -18K |
| Minority Interest | 132.1M | 130.4M | 134.4M | 143M | 126.8M | 606.6M | 559.5M | 545.9M | 572.01M | 566.29M | 545.64M | 448.56M | 475.1M | 1.06B | 1.3B | 0 | 0 | 20.66M |
Regional Regulatory Margin Compression
As reported in recent financial filings, PBF's total assets have fluctuated significantly, reaching $14.7 billion in 2026Q1, while the equity base has shown signs of erosion, dropping from a peak of $6.5 billion in 2024Q1 to $5.5 billion in the most recent quarter.
The trajectory of the balance sheet appears increasingly unstable, characterized by a cyclical expansion and contraction of asset values that mirrors the volatility of the refining sector. Investors should monitor whether this trend indicates a structural weakening of the company's net worth or merely the impact of periodic inventory valuation adjustments.
Based on the company's latest balance sheet data, total debt has climbed to $3.6 billion in 2026Q1, pushing the debt-to-equity ratio to 0.64, a notable increase from the 0.31 level observed in 2023Q4 as reported in historical financial statements.
The rising debt load suggests a reliance on external financing to bridge gaps created by inconsistent operating cash flows and high maintenance capital requirements. This trend warrants investigation, as increasing leverage in a capital-intensive, cyclical industry may limit the company's flexibility during future downturns in crack spreads.
According to quarterly disclosures, PBF's cash position has declined sharply from $1.8 billion in 2023Q4 to $541.8 million in 2026Q1, while the current ratio has tightened to 1.31, reflecting a reduced margin of safety against short-term operational shocks.
The rapid depletion of cash reserves appears to be a direct consequence of the company's recent negative free cash flow and ongoing capital expenditure commitments. This narrowing liquidity buffer may leave the firm vulnerable to unexpected disruptions in regional product demand or sudden spikes in feedstock costs.
As indicated by the balance sheet, the absence of significant goodwill—which stood at zero for most of the last ten quarters—suggests that the company's asset base is primarily composed of tangible PPE, yet this concentration exposes the firm to potential impairment risks from regulatory shifts.
While the lack of goodwill avoids the risk of massive write-downs, the heavy reliance on physical refinery assets in high-regulatory-risk corridors like California may mask long-term obsolescence risks. Investors should consider whether the book value of these assets accurately reflects their potential utility under increasingly stringent environmental compliance mandates.
Quick answers to the most common questions about buying PBF stock.
As of 2025, PBF Energy Inc. (PBF) had total assets of $13.02B including $4.45B in current assets.
PBF Energy Inc. (PBF) carries total debt of $2.90B, offset by $527.9M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
PBF Energy Inc. (PBF) has total shareholders' equity (book value) of $5.32B ($47.43 book value per share). Book value represents the net worth of the company belonging to common stock holders.
PBF Energy Inc. (PBF) reported a current ratio of 1.21x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.