Latest Ratios: P/E Ratio -50.7x · EV/EBITDA 17.6x · ROE -2.8%. (2009–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $8.3B | $3.1B | $3.1B | $5.7B | $5.2B | $1.6B | $857M | $3.8B | $3.9B | $4.0B | $2.9B |
| Enterprise Value | $10.7B | $5.5B | $4.9B | $6.0B | $5.6B | $5.3B | $4.8B | $5.4B | $5.2B | $5.7B | $4.3B |
| P/E Ratio → | -50.70 | — | — | 2.66 | 1.79 | 6.83 | — | 11.88 | 29.70 | 9.50 | 16.02 |
| P/S Ratio | 0.28 | 0.11 | 0.09 | 0.15 | 0.11 | 0.06 | 0.06 | 0.16 | 0.14 | 0.19 | 0.18 |
| P/B Ratio | 1.49 | 0.57 | 0.55 | 0.87 | 1.02 | 0.63 | 0.39 | 1.07 | 1.19 | 1.39 | 1.12 |
| P/FCF | — | — | — | 8.45 | 1.25 | 6.97 | — | 7.23 | 7.46 | 10.65 | 8.18 |
| P/OCF | — | — | 71.64 | 4.29 | 1.08 | 3.33 | — | 4.09 | 4.63 | 5.89 | 4.43 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.19 | 0.15 | 0.16 | 0.12 | 0.19 | 0.32 | 0.22 | 0.19 | 0.26 | 0.27 |
| EV / EBITDA | 17.60 | 9.02 | — | 1.69 | 1.20 | 4.87 | — | 4.93 | 7.08 | 5.48 | 5.86 |
| EV / EBIT | — | — | — | 1.98 | 1.47 | 8.16 | — | 8.45 | 13.78 | 5.93 | 8.36 |
| EV / FCF | — | — | — | 8.83 | 1.36 | 23.06 | — | 10.22 | 10.03 | 14.92 | 12.15 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | -1.9% | -1.9% | -1.1% | 6.3% | 10.0% | 3.3% | -10.8% | 3.7% | 2.2% | 4.4% | 4.3% |
| Operating Margin | -0.2% | -0.2% | -2.1% | 7.7% | 8.9% | 2.2% | -9.4% | 2.6% | 1.3% | 3.4% | 3.1% |
| Net Profit Margin | -0.5% | -0.5% | -1.6% | 5.6% | 6.1% | 0.8% | -9.2% | 1.3% | 0.5% | 1.9% | 1.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -2.8% | -2.8% | -8.7% | 36.6% | 75.8% | 9.8% | -48.1% | 9.3% | 4.2% | 15.2% | 7.3% |
| ROA | -1.2% | -1.2% | -3.9% | 15.3% | 22.8% | 2.1% | -14.2% | 3.7% | 1.6% | 5.3% | 2.5% |
| ROIC | -0.5% | -0.5% | -7.3% | 35.7% | 53.3% | 7.2% | -18.7% | 10.0% | 5.9% | 12.9% | 10.8% |
| ROCE | -0.6% | -0.6% | -7.3% | 31.9% | 51.2% | 7.5% | -19.3% | 10.4% | 6.2% | 13.0% | 9.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.53 | 0.53 | 0.41 | 0.31 | 0.52 | 1.98 | 2.53 | 0.67 | 0.60 | 0.75 | 0.84 |
| Debt / EBITDA | 4.77 | 4.77 | — | 0.58 | 0.56 | 4.64 | — | 2.18 | 2.62 | 2.12 | 2.93 |
| Net Debt / Equity | — | 0.44 | 0.31 | 0.04 | 0.09 | 1.45 | 1.80 | 0.44 | 0.41 | 0.56 | 0.55 |
| Net Debt / EBITDA | 3.90 | 3.90 | — | 0.07 | 0.09 | 3.40 | — | 1.44 | 1.82 | 1.57 | 1.91 |
| Debt / FCF | — | — | — | 0.38 | 0.11 | 16.09 | — | 2.99 | 2.57 | 4.27 | 3.97 |
| Interest Coverage | -5.05 | -5.05 | -5.24 | 21.79 | 14.34 | 2.03 | -4.16 | 4.00 | 2.23 | 6.17 | 3.42 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.21 | 1.21 | 1.25 | 1.56 | 1.26 | 1.38 | 1.58 | 1.52 | 1.52 | 1.57 | 1.66 |
| Quick Ratio | 0.51 | 0.51 | 0.54 | 0.81 | 0.73 | 0.72 | 0.89 | 0.68 | 0.64 | 0.66 | 0.75 |
| Cash Ratio | 0.14 | 0.14 | 0.15 | 0.42 | 0.42 | 0.36 | 0.66 | 0.32 | 0.28 | 0.24 | 0.38 |
| Asset Turnover | — | 2.25 | 2.61 | 2.66 | 3.46 | 2.34 | 1.44 | 2.68 | 3.40 | 2.68 | 2.09 |
| Inventory Turnover | 11.67 | 11.67 | 12.90 | 11.29 | 15.25 | 10.53 | 9.93 | 11.12 | 14.25 | 9.41 | 8.18 |
| Days Sales Outstanding | — | 14.52 | 12.84 | 12.98 | 11.35 | 17.11 | 12.38 | 12.44 | 9.64 | 15.96 | 14.22 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.6% | 4.1% | 3.9% | 1.8% | 0.5% | 2.5% | 4.2% | 3.8% | 4.9% | 4.5% | 6.0% |
| Payout Ratio | — | — | — | 4.9% | 0.9% | 17.2% | — | 44.9% | 147.5% | 43.7% | 100.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | 37.6% | 56.0% | 14.6% | — | 8.4% | 3.4% | 10.5% | 6.2% |
| FCF Yield | — | — | — | 11.8% | 80.0% | 14.3% | — | 13.8% | 13.4% | 9.4% | 12.2% |
| Buyback Yield | 0.0% | 0.0% | 10.6% | 9.3% | 3.0% | 0.0% | 0.2% | 0.1% | 0.2% | 0.0% | 0.0% |
| Total Shareholder Yield | 1.6% | 4.1% | 14.5% | 11.1% | 3.5% | 2.5% | 4.4% | 3.9% | 5.1% | 4.5% | 6.0% |
| Shares Outstanding | — | $115M | $117M | $131M | $127M | $123M | $121M | $122M | $119M | $114M | $104M |
Includes 30+ ratios · 17 years · Updated daily
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Quick answers to the most common questions about buying PBF stock.
PBF Energy Inc.'s current P/E ratio is -50.7x. The historical average is 18.8x.
PBF Energy Inc.'s current EV/EBITDA is 17.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 5.6x.
PBF Energy Inc.'s return on equity (ROE) is -2.8%. The historical average is 8.9%.
Based on historical data, PBF Energy Inc. is trading at a P/E of -50.7x. Compare with industry peers and growth rates for a complete picture.
PBF Energy Inc.'s current dividend yield is 1.56%.
PBF Energy Inc. has -1.9% gross margin and -0.2% operating margin.
PBF Energy Inc.'s Debt/EBITDA ratio is 4.8x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Refining margin volatility
Metrics are mathematically derived from official filings.
Margin Recovery After Deep Losses
Gross margin swung from -5.9% in 2025Q1 to 9.8% in 2026Q2, while net margin reached 7.8%, as reported in quarterly filings, signaling a sharp cyclical rebound.
The dramatic improvement in gross margin from negative territory to nearly 10% underscores the operating leverage inherent in refining. Operating margin of 10.9% in 2026Q2 exceeds gross margin, suggesting non-operating gains or inventory effects, which warrants scrutiny. The sustainability of these margins is questionable given historical volatility, as seen in the negative margins throughout 2024 and early 2025.
ROIC Rebound from Negative Territory
ROIC turned positive at 11.3% in 2026Q2, up from -4.9% in 2025Q1, according to financial statements, indicating a strong recovery in capital efficiency.
The swing in ROIC from -4.9% to 11.3% within five quarters highlights the cyclicality of refining returns. The improvement is driven by margin expansion rather than asset turnover, which remained relatively stable around 0.6-0.8. Investors should monitor whether this level of return is sustainable or if it reverts to the low single digits seen in prior quarters.
Working Capital Efficiency Improves
DSO improved to 15 days in 2026Q2 from 18 in 2026Q1, while DIO fell to 26 days, as per quarterly data, indicating tighter working capital management.
The reduction in DSO and DIO suggests improved collection and inventory turnover, which contributed to the strong free cash flow margin of 13.2% in 2026Q2. However, DPO data is unavailable for the latest quarter, limiting full CCC analysis. The efficiency gains appear to be a result of operational discipline during the downturn, but they may be partially offset by volatile crude prices.
Leverage Drops as Debt Repaid
D/E fell to 0.38 in 2026Q2 from 0.64 in 2026Q1, and D/EBITDA improved to 1.75, based on reported balance sheet data, reflecting rapid deleveraging.
The sharp reduction in debt from $3.6B to $2.5B in one quarter, coupled with rising EBITDA, has significantly improved coverage ratios. Interest coverage of 25.46 in 2026Q2 is robust, but it was negative in several prior quarters, highlighting the cyclicality of earnings. The company appears to be using the earnings rebound to strengthen its balance sheet, which is prudent given the volatile refining environment.
Liquidity Strengthens but Remains Thin
Current ratio improved to 1.33 in 2026Q2, with cash rising to $894M, as per quarterly filings, but quick ratio of 0.67 indicates inventory dependence.
The current ratio is adequate, but the quick ratio below 1 suggests that a significant portion of current assets is tied up in inventory, which could be vulnerable to price declines. The improvement in cash position from $542M to $894M provides a cushion, but it is still modest relative to the company's revenue scale. Under a severe margin downturn, liquidity could tighten quickly, as seen in 2025Q1 when FCF margin was -10.9%.
Misapplied Ratio: P/E on Cyclical Earnings
The trailing P/E of -47.69 is meaningless given negative earnings, while forward P/E of 4.87 may mislead investors by extrapolating peak margins, as per valuation data.
For a highly cyclical refiner, P/E ratios are often distorted by the earnings cycle. The forward P/E of 4.87 assumes current margin levels persist, which is unlikely given historical volatility. A more appropriate metric is EV/EBITDA on normalized mid-cycle earnings, or price-to-book value, which at 1.40 is more stable. Investors should adjust for the cyclicality by using mid-cycle earnings estimates rather than trailing or forward point-in-time multiples.