Latest Ratios: P/E Ratio -34.9x · EV/EBITDA 13.3x · 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 | $5.7B | $3.1B | $3.1B | $5.7B | $5.2B | $1.6B | $857M | $3.8B | $3.9B | $4.0B | $2.9B |
| Enterprise Value | $8.1B | $5.5B | $4.9B | $6.0B | $5.6B | $5.3B | $4.8B | $5.4B | $5.2B | $5.7B | $4.3B |
| P/E Ratio → | -34.86 | — | — | 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 | 1.02 | 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 | 13.32 | 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 | 2.3% | 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 | 2.3% | 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 |
Regional Regulatory Margin Compression
According to current market data, PBF trades at a forward P/E of 6.06, which suggests that investors are heavily discounting the company's future earnings potential compared to more diversified peers like Valero, likely due to concerns regarding regional regulatory exposure and the volatility of refining margins.
The low forward multiple indicates that the market is pricing PBF as a cyclical value play rather than a long-term compounder. This valuation appears to reflect a significant risk premium associated with the company's geographic concentration in high-cost, high-regulatory-risk corridors, which may limit multiple expansion until management demonstrates consistent, through-cycle profitability.
Based on reported financial statements, PBF's ROIC has struggled to maintain positive momentum, fluctuating from a peak of 3.6% in 2026Q1 to a low of -4.9% in 2025Q1, which highlights the difficulty of generating sustainable returns on invested capital within a high-fixed-cost refining business model.
The erratic nature of these returns suggests that the company's asset base is highly sensitive to external commodity price cycles and maintenance-related downtime. Investors should monitor whether the recent uptick in ROIC is a sustainable recovery or merely a temporary byproduct of favorable crack spread timing.
As indicated by recent quarterly filings, PBF's cash conversion cycle has remained relatively tight at 42 days in 2026Q1, yet the underlying components reveal significant volatility in inventory management and supplier payment terms that complicate the company's ability to maintain a consistent liquidity buffer.
The fluctuation in the cash conversion cycle suggests that PBF is frequently forced to adjust its working capital strategy in response to shifting feedstock costs and RIN credit obligations. This operational sensitivity implies that the company lacks the structural leverage over its supply chain that larger, more integrated peers might possess.
According to the company's latest balance sheet data, the debt-to-equity ratio has climbed to 0.64 in 2026Q1, reflecting a notable increase from the 0.31 level observed in 2023Q4, which warrants further investigation into the company's long-term ability to service debt during periods of margin contraction.
The rising leverage profile, combined with the volatility of interest coverage ratios, suggests that PBF's balance sheet is becoming increasingly vulnerable to sector-specific downturns. Investors should be cautious, as the current debt load may limit the company's flexibility to fund necessary environmental upgrades or navigate prolonged periods of negative free cash flow.
The P/E ratio is frequently misapplied to PBF, as it obscures the massive non-cash volatility caused by inventory accounting adjustments and the cyclical nature of refining margins, which often render trailing earnings figures poor indicators of the company's true underlying cash-generating capacity.
Analysts should instead prioritize EV/EBITDA or P/FCF metrics, as these provide a clearer view of the company's operational performance before the distorting effects of accounting conventions and capital structure. Relying on P/E in this context risks misinterpreting a temporary earnings trough as a permanent valuation floor.
Includes 30+ ratios · 17 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying PBF stock.
PBF Energy Inc.'s current P/E ratio is -34.9x. The historical average is 18.8x.
PBF Energy Inc.'s current EV/EBITDA is 13.3x. 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 -34.9x. Compare with industry peers and growth rates for a complete picture.
PBF Energy Inc.'s current dividend yield is 2.27%.
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.