Latest Ratios: P/E Ratio 3.0x · EV/EBITDA 2.3x · 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 | $8.0B | $3.1B | $3.1B | $5.7B | $5.2B | $1.6B | $857M | $3.8B | $3.9B | $4.0B | $2.9B |
| Enterprise Value | $10.3B | $5.5B | $4.9B | $6.0B | $5.6B | $5.3B | $4.8B | $5.4B | $5.2B | $5.7B | $4.3B |
| P/E Ratio → | 3.04 | — | — | 2.66 | 1.79 | 6.83 | — | 11.88 | 29.70 | 9.50 | 16.02 |
| P/S Ratio | 0.20 | 0.11 | 0.09 | 0.15 | 0.11 | 0.06 | 0.06 | 0.16 | 0.14 | 0.19 | 0.18 |
| P/B Ratio | 1.42 | 0.57 | 0.55 | 0.87 | 1.02 | 0.63 | 0.39 | 1.07 | 1.19 | 1.39 | 1.12 |
| P/FCF | 3.11 | — | — | 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 | 2.27 | 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 | 10.02 | 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 | 1.81 | 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 | 32.8% | — | — | 37.6% | 56.0% | 14.6% | — | 8.4% | 3.4% | 10.5% | 6.2% |
| FCF Yield | 32.1% | — | — | 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 3.0x. The historical average is 18.8x. This places it at the 22th percentile of its historical range.
PBF Energy Inc.'s current EV/EBITDA is 2.3x. 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 3.0x. This is at the 22th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
PBF Energy Inc.'s current dividend yield is 1.64%.
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 cyclicality exposure
Metrics are mathematically derived from official filings.
Trailing Multiples Distorted by Cycle Trough
Based on reported figures, PBF trades at a trailing P/E of -49.19 but a forward P/E of only 2.77, a gap that suggests the market is pricing in sustained earnings recovery rather than the trailing loss profile.
The negative trailing P/E reflects losses booked during the 2025 downturn and is not meaningful for valuation comparison. The forward P/E of 2.77 and forward EV/EBITDA of 2.18 are markedly below the peer group, where Valero and Marathon trade near 14-16x EV/EBITDA on trailing figures, which may indicate the market is discounting the durability of current refining margins. Investors should monitor whether the 2026Q3 operating margin of 17.3% holds, since forward multiples are only as reliable as the earnings base they capitalize.
Margins Recovered Sharply From Negative Territory
Based on reported figures, PBF's gross margin rose from negative 5.9% in 2025Q1 to 17.9% in 2026Q3, a swing that suggests earnings are driven primarily by crack spread conditions rather than structural cost advantages.
The net margin moved from -5.7% to 12.6% over the same period, and the magnitude of that move points to high operating leverage on a largely fixed cost base. Compared with its own 2024 range of roughly negative 4% to flat, the current 2026Q3 profitability sits far above history, which warrants caution in treating it as a run-rate. Peer net margins of 1.9% to 4.9% for VLO, MPC, PSX and PARR show PBF's latest quarter is an outlier even within a cyclically strong sector.
Returns Compounding From a Low Base
As reported in financial statements, PBF's ROIC climbed from negative 4.9% in 2025Q1 to 19.2% in 2026Q3, indicating rapid improvement in capital productivity although the trajectory rests on a single strong quarter.
ROE of 20.9% in 2026Q3 compares with the 2024 range of roughly negative 5% to negative 1%, showing a decisive turn, yet the ROIC of 19.2% is well above the 11.3% reported in 2026Q2, suggesting high sensitivity to margin conditions. Peer ROIC figures of 5.3% to 15.6% indicate PBF's latest quarter exceeds most of the group, which may reflect temporary cyclical peak economics rather than a durable compounding trend. Investors should monitor whether ROIC can hold above the low double digits across multiple quarters.
Debt Burden Falls to Multi-Year Lows
Based on PBF's reported figures, debt-to-equity declined from 0.65 in 2025Q2 to 0.33 in 2026Q3, and interest coverage improved to 47.7x, suggesting debt service has become substantially more comfortable.
Net debt to EBITDA of 1.19x in 2026Q3 sits well below the 6.5x to 16x range seen in 2025 quarters, reflecting both lower debt and higher earnings. Peer D/E ratios of 0.44 to 6.13 show PBF's current leverage is at the conservative end of the group, though Delek and CVR carry materially higher leverage. Refinancing risk appears limited on reported figures, but investors should note that the interest coverage ratio is inflated by recent earnings and could compress quickly in a downturn.
Liquidity Buffer Widens With Cash Build
According to recent SEC filings, PBF's current ratio improved to 1.59 and quick ratio to 0.96 in 2026Q3, with cash rising to $2.5B, indicating a meaningfully larger cushion against working capital swings.
The quick ratio of 0.96 shows reasonable reliance on non-inventory assets to cover current liabilities, which is important for a refiner carrying substantial crude and product inventory. Inventory days of 15 are low and suggest efficient throughput, yet a sharp fall in product prices could still compress the liquidity position quickly. Under severe stress, the cash balance provides the primary buffer, and investors should monitor whether the current ratio holds above 1.2x through the next cyclical downturn.
Peak-Cycle Economics May Not Persist
Based on reported figures, the 2026Q3 operating margin of 17.3% sits far above the 2024 range of negative 4.6% to 0.1%, a gap that suggests current ratios may reflect a temporary cyclical peak rather than a durable earnings base.
Most ratio-based comparisons, including the trailing and forward multiples, treat the latest quarter as representative, yet the rapid swing from losses to a 17.3% operating margin implies the denominators of ROIC, ROE and interest coverage are being inflated by crack spread conditions. The asset turnover ratio on a trailing basis is distorted by the sharp revenue rebound, so the most commonly misapplied ratio here is EV/EBITDA on peak-quarter earnings. Investors should consider normalized mid-cycle EBITDA and through-cycle ROIC, which may materially lower the apparent valuation discount and the implied returns.