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1. Company Snapshot

1.a. Company Description

PBF Energy Inc., together with its subsidiaries, engages in refining and supplying petroleum products.The company operates in two segments, Refining and Logistics.It produces gasoline, ultra-low-sulfur diesel, heating oil, diesel fuel, jet fuel, lubricants, petrochemicals, and asphalt, as well as unbranded transportation fuels, petrochemical feedstocks, blending components, and other petroleum products.


The company sells its products in Northeast, Midwest, Gulf Coast, and West Coast of the United States, as well as in other regions of the United States, Canada, and Mexico.It also offers various rail, truck, and marine terminaling services, as well as pipeline transportation and storage services.As of December 31, 2021, the company owned and operated six oil refineries and related assets.


PBF Energy Inc.was founded in 2008 and is based in Parsippany, New Jersey.

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1.b. Last Insights on PBF

Breaking News: PBF Energy Inc recently navigated a volatile market as oil prices surged. The company's operations are influenced by global events. Oil prices topped $100 due to supply risks. Brent hit $119 and WTI neared $119 amid concerns over a near-halt through the Strait of Hormuz and strikes on eastern oil facilities. Analysts at Goldman Sachs recommend a buy. Meanwhile, recent airline warnings on fuel costs could impact PBF Energy's refining business. The company faces challenges from rising crude prices. PBF Energy's ability to manage these costs will be crucial.

1.c. Company Highlights

2. PBF Energy's Strong Q4 2025 Earnings: A Resilient Refining Business

PBF Energy Inc. reported a robust fourth-quarter 2025, with adjusted net income of $0.49 per share, significantly beating estimates of -$0.15. The company's adjusted EBITDA was $258 million, showcasing a strong refining performance. The actual EPS came in at $0.49, a substantial beat from the expected loss. Revenue growth for the next year is estimated at 4.2% by analysts.

Publication Date: Feb -14

📋 Highlights
  • Strong Q4 2025 Financial Performance:: Adjusted net income of $0.49/share and adjusted EBITDA of $258 million, driven by improved crude differentials and higher throughput of heavy/medium sour crudes (55-60% of capacity).
  • RBI Program Cost Savings:: Achieved $230 million in annualized run-rate savings by 2025 end, with an additional $120 million expected by 2026, totaling $350 million in efficiency gains.
  • Martinez Refinery Restart Progress:: Construction completed on February 16, 2026, with methodical restart expected by early March 2026, supported by $394 million insurance recoveries for property and business interruption.
  • Net Debt and Liquidity Position:: Ended Q4 with $528 million cash and $1.6 billion net debt (28% net debt-to-cap), planning to use cash flows for debt reduction and shareholder returns (dividend of $0.275/share).
  • 2026 Market Outlook:: Tight refining balances and limited transportation fuel capacity additions expected to support refining fundamentals, with RBI savings embedded in guidance to offset inflation and higher natural gas prices.

Operational Highlights and Refining Margins

The company's refining system saw improved crude differentials, with a significant increase in heavy and medium sour crudes, which comprise 55-60% of its total throughput capacity. The West Coast margin improved significantly in the fourth quarter, driven by reliable and efficient operations and lower crude costs. The restart of the Martinez refinery is near completion, with construction work finishing on February 16, and a methodical restart expected to be completed by early March.

Cost Savings and RBI Program

PBF Energy achieved $230 million in annualized run-rate savings through its RBI program by the end of 2025, with an additional $120 million in savings expected by the end of 2026, totaling $350 million. The RBI savings are embedded in the 2026 guidance and are net of inflation, providing a cushion against higher natural gas prices and increased throughput. The company is targeting to reduce its net debt, currently at $1.6 billion, as it enters a strong market period.

Valuation and Debt Metrics

With a P/E Ratio of -25.42 and an EV/EBITDA of 59.47, the market is pricing in significant growth expectations. The company's net debt-to-cap is 28%, and it ended the quarter with $528 million in cash and approximately $1.6 billion of net debt. The plan is to use generated cash to pay down debt and then return capital to shareholders. The Dividend Yield is 3.18%, indicating an attractive return for income investors.

Market Outlook and Product Dynamics

The market landscape for 2026 looks promising, with refining fundamentals supported by tight refining balances, demand growth, and limited transportation fuel capacity additions. The company sees strength in distillate and weakness in gasoline but expects the market to tighten, particularly on the West Coast, due to imports and changing dynamics.

Insurance Proceeds and Capital Expenditures

The company has captured insurance proceeds related to the Martinez fire, with a $394 million gain reported. The insurance proceeds are being accounted for according to a specific convention, but the final allocation will be determined when the claim is settled. Capital expenditures are expected to be higher this year due to turnarounds, but costs are only up 10% despite 28% more man-hours, showing benefits from the RBI program.

3. NewsRoom

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First Look: Oil Shock, Global Selloff, Airlines Warn on Fuel

Mar -09

Source: gurufocus.com

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Paul Davis Sells 50,000 Shares of PBF Energy (NYSE:PBF) Stock

Mar -08

Source: defenseworld.net

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Insider Selling: PBF Energy (NYSE:PBF) Insider Sells $4,599,600.00 in Stock

Mar -07

Source: defenseworld.net

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PBF Energy (NYSE:PBF) Insider Sells $3,992,670.00 in Stock

Mar -07

Source: defenseworld.net

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4 High Yield Refiners Built for Exactly These Spiking Oil Prices and Geopolitical Swings

Mar -06

Source: 247wallst.com

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Stock Traders Purchase Large Volume of Call Options on PBF Energy (NYSE:PBF)

Mar -05

Source: defenseworld.net

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Control Empresarial De Capital Sells 250,000 Shares of PBF Energy (NYSE:PBF) Stock

Feb -28

Source: defenseworld.net

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Counterpoint Mutual Funds LLC Makes New Investment in PBF Energy Inc. $PBF

Feb -25

Source: defenseworld.net

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (3.84%)

6. Segments

Refining

Expected Growth: 3.83%

PBF Energy's refining segment growth of 3.83% is driven by increased throughput volumes, improved refining margins, and strategic acquisitions. Additionally, the company's focus on cost optimization, operational efficiency, and investments in high-return projects contribute to its growth. Furthermore, favorable market conditions, including strong demand for refined products and a competitive pricing environment, also support the segment's growth.

Logistics

Expected Growth: 4.65%

PBF Energy Inc.'s Logistics segment growth of 4.65% is driven by increased demand for refined products, strategic acquisitions, and expansion of existing infrastructure. Additionally, optimization of transportation networks, improved operational efficiency, and favorable market conditions contribute to the segment's growth.

Eliminations

Expected Growth: 4.0%

PBF Energy Inc.'s 4.0% growth is driven by increased refining throughput, improved product yields, and higher crude oil prices. Additionally, the company's strategic acquisitions, such as the buyout of Shell's Martinez refinery, have expanded its refining capacity and diversified its product offerings, contributing to its growth momentum.

7. Detailed Products

Refined Products

PBF Energy Inc. refines crude oil into various petroleum products, including gasoline, diesel fuel, jet fuel, lubricants, and asphalt.

Petrochemicals

PBF Energy Inc. produces petrochemicals, such as propylene, butadiene, and benzene, used as feedstocks for the production of plastics, fibers, and other chemicals.

Lubricants

PBF Energy Inc. produces a range of lubricants, including motor oils, transmission fluids, and industrial lubricants.

Asphalt

PBF Energy Inc. produces asphalt, a thick, sticky liquid used for road construction and maintenance.

Heavy Fuel Oils

PBF Energy Inc. produces heavy fuel oils, used as a fuel for power generation, industrial processes, and marine transportation.

Sulfur

PBF Energy Inc. produces sulfur, used in the production of sulfuric acid, fertilizers, and other chemicals.

8. PBF Energy Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

PBF Energy Inc. operates in the refining and logistics industry, where substitutes are limited. However, the company faces some threat from alternative energy sources and changing consumer preferences.

Bargaining Power Of Customers

PBF Energy Inc. has a diverse customer base, which reduces the bargaining power of individual customers. Additionally, the company's products are essential to its customers, giving it an upper hand in negotiations.

Bargaining Power Of Suppliers

PBF Energy Inc. relies on a few large suppliers for its crude oil and other raw materials. While the company has some bargaining power due to its size, suppliers also have some leverage due to the specialized nature of their products.

Threat Of New Entrants

The refining and logistics industry has high barriers to entry, including significant capital requirements and regulatory hurdles. This limits the threat of new entrants to PBF Energy Inc.'s business.

Intensity Of Rivalry

The refining and logistics industry is highly competitive, with several large players competing for market share. PBF Energy Inc. faces intense rivalry from its peers, which can lead to pricing pressure and reduced margins.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 17.64%
Debt Cost 6.66%
Equity Weight 82.36%
Equity Cost 12.66%
WACC 11.60%
Leverage 21.41%

11. Quality Control: PBF Energy Inc. passed 6 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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International Seaways

A-Score: 7.0/10

Value: 6.3

Growth: 8.2

Quality: 6.9

Yield: 10.0

Momentum: 4.5

Volatility: 6.0

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Alliance Resource Partners

A-Score: 6.6/10

Value: 7.4

Growth: 4.7

Quality: 5.9

Yield: 10.0

Momentum: 2.5

Volatility: 9.0

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HF Sinclair

A-Score: 6.5/10

Value: 7.4

Growth: 4.0

Quality: 5.0

Yield: 7.0

Momentum: 9.0

Volatility: 6.3

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Sunoco

A-Score: 6.4/10

Value: 6.6

Growth: 4.0

Quality: 3.2

Yield: 10.0

Momentum: 5.5

Volatility: 9.0

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PBF Energy

A-Score: 5.0/10

Value: 8.0

Growth: 1.8

Quality: 3.0

Yield: 6.0

Momentum: 8.5

Volatility: 2.7

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Valvoline

A-Score: 4.1/10

Value: 3.4

Growth: 5.3

Quality: 5.8

Yield: 0.0

Momentum: 3.0

Volatility: 7.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

39.65$

Current Price

39.65$

Potential

-0.00%

Expected Cash-Flows