# PBF Energy Inc. (PBF)

> Source: Nexqual · https://nexqual.com/PBF · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, PBF Energy Inc. (PBF), nexqual.com/PBF" · informational, not investment advice.

**Price:** USD 79.25 (-2.81% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 81.54 · day 78.11–82.78 · 52w 25.62–92.46 · market cap $9.39B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $34.4B, net income $1.35B (3.9% margin), free cash flow $743M (SEC filings).
- Valuation: P/E 6.9x (avg 2.7x at the last 1 fiscal year-ends), EV/EBITDA 5.1x, net debt $855M.
- 1 of 80 tracked superinvestors hold PBF (13F, Q2 2026): 0 new, 0 added, 0 reduced, 1 unchanged.
- Insider open-market sales, last ~7 months: 37 Form 4 filings, $497M; 37 not under a Rule 10b5-1 plan ($497M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Hold (mean 3.29 on a 1–5 scale) (14 analysts), mean target USD 84 (range 55–113).
- Total return with dividends: 1Y +138.4% vs S&P 500 +14.9%; 5Y +471.5% vs S&P 500 +80.3%.
- Next earnings: 2026-10-29, EPS estimate USD 11.02, revenue estimate $10.8B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $27.3B | $46.8B | $38.3B | $33.1B | $29.3B | $34.4B |
| Gross profit | $887M | $4.68B | $2.40B | -$372M | -$571M | — |
| Operating income | $597M | $4.15B | $2.95B | -$699M | -$54.3M | $1.99B |
| Net income | $231M | $2.88B | $2.14B | -$534M | -$159M | $1.35B |
| EPS (diluted) | $1.90 | $22.84 | $16.52 | -$4.60 | -$1.39 | — |
| Free cash flow | $228M | $4.14B | $679M | -$348M | -$783M | $743M |
| Gross margin | 3.3% | 10.0% | 6.3% | -1.1% | -1.9% | — |
| Operating margin | 2.2% | 8.9% | 7.7% | -2.1% | -0.2% | 5.8% |
| Net margin | 0.8% | 6.1% | 5.6% | -1.6% | -0.5% | 3.9% |
| Revenue growth | +80.3% | +71.8% | -18.2% | -13.6% | -11.4% | — |
| Cash + short-term investments | $1.34B | $2.20B | $1.78B | $536M | $528M | — |
| Total debt | $4.30B | $1.43B | $1.25B | $1.46B | $2.15B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 6.9x · P/S 0.3x · EV/EBITDA 5.1x · EV/Sales 0.3x · P/FCF 12.6x · P/B 1.5x · FCF yield 7.91% · Earnings yield 14.40% · Net debt $855M · EV $10.2B
P/E at fiscal year-ends: Dec 2023 2.7x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold PBF. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Third Avenue Management |  | 0.95% | $6.0M | Unchanged |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 37 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-08 | Control Empresarial De Capitales S.A. De C.V. |  | 170,000 | $15.0M | 1.3% | No | Too little history (no open-market trades in 2023) |
| 2026-10-05 | Control Empresarial De Capitales S.A. De C.V. |  | 120,000 | $10.1M | 0.9% | No | Too little history (no open-market trades in 2023) |
| 2026-10-01 | Control Empresarial De Capitales S.A. De C.V. |  | 100,000 | $8.2M | 0.7% | No | Too little history (no open-market trades in 2023) |
| 2026-09-11 | Control Empresarial De Capitales S.A. De C.V. |  | 150,000 | $12.1M | 1.1% | No | Too little history (no open-market trades in 2023) |
| 2026-09-09…2026-09-10 | Control Empresarial De Capitales S.A. De C.V. |  | 319,270 | $24.8M | 2.3% | No | Too little history (no open-market trades in 2023) |
| 2026-09-02 | Control Empresarial De Capitales S.A. De C.V. |  | 100,000 | $7.7M | 0.7% | No | Too little history (no open-market trades in 2023) |
| 2026-08-17…2026-08-19 | Nimbley Thomas J. | Director | 341,008 | $25.4M | 30.1% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-17 | Control Empresarial De Capitales S.A. De C.V. |  | 120,000 | $9.0M | 0.8% | No | Too little history (no open-market trades in 2023) |
| 2026-08-14 | Lucey Matthew C. | CEO & President | 142,364 | $10.5M | 21.3% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-08-14 | Canty Trecia M | SVP and General Counsel | 75,000 | $5.6M | 28.1% | No | Too little history (no open-market trades in 2024) |
| 2026-08-14 | Nimbley Thomas J. | Director | 169,925 | $12.3M | 17.6% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-14 | Ho Tai Wendy | Senior Vice President, HR | 12,094 | $894K | 8.6% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-08-13…2026-08-14 | Control Empresarial De Capitales S.A. De C.V. |  | 216,356 | $15.6M | 1.5% | No | Too little history (no open-market trades in 2023) |
| 2026-08-12 | Canty Trecia M | SVP and General Counsel | 140,320 | $10.0M | 42.3% | No | Too little history (no open-market trades in 2024) |
| 2026-08-12 | Davis Paul T | Senior Vice President | 63,295 | $4.5M | 25.7% | No | Too little history (no open-market trades in 2023) |
| 2026-08-11…2026-08-12 | Control Empresarial De Capitales S.A. De C.V. |  | 370,375 | $25.7M | 2.5% | No | Too little history (no open-market trades in 2023) |
| 2026-08-11 | Nimbley Thomas J. | Director | 260,063 | $17.6M | 24.7% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-11 | Marino Joseph Daniel | SVP, Chief Financial Officer | 4,033 | $279K | 7.6% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-08-04 | Davis Paul T | Senior Vice President | 75,997 | $5.0M | 29.3% | No | Too little history (no open-market trades in 2023) |
| 2026-08-03 | Fedena James E. | Senior Vice President | 24,756 | $1.8M | 16.5% | No | Too little history (no open-market trades in 2024 or 2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 3.29 on a 1–5 scale), 14 analysts; mean target USD 84 (low 55, high 113).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-22 | TD Cowen | Target raised | Hold | $73 → $75 |
| 2026-10-09 | Goldman Sachs | Target raised | Neutral | $81 → $91 |
| 2026-10-08 | Mizuho | Target raised | Neutral | $65 → $89 |
| 2026-10-06 | Citigroup | Target raised | Neutral | $74 → $91 |
| 2026-09-14 | Morgan Stanley | Target raised | Underweight | $38 → $76 |
| 2026-08-18 | Goldman Sachs | Target raised | Neutral | $71 → $81 |
| 2026-08-04 | UBS | Target raised | Buy | $62 → $84 |
| 2026-08-04 | Mizuho | Target raised | Neutral | $57 → $65 |
| 2026-07-31 | Citigroup | Target raised | Neutral | $65 → $74 |
| 2026-07-24 | Citigroup | Target raised | Neutral | $43 → $65 |
| 2026-07-23 | Goldman Sachs | Target raised | Neutral | $51 → $71 |
| 2026-07-21 | TD Cowen | Target raised | Hold | $39 → $68 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +138.4% | +471.5% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +139.2% | +41.6% |
| Volatility (annualized) | 64.4% | 60.5% |
| Max drawdown | -34.9% (Nov 2025→Dec 2025) | -75.0% (Apr 2024→Mar 2025) |

## Peers (Oil & Gas Refining & Marketing)
UGP (Ultrapar Participacoes S.A. (Ne) USD 7.8 -2.13% · CVI (CVR Energy Inc.) USD 58.63 -3.46% · DK (Delek US Holdings, Inc.) USD 75.79 -3.11% · IEP (Icahn Enterprises L.P. - Deposi) USD 6.13 -0.33% · DINO (HF Sinclair Corporation) USD 122.32 -2.59% · PARR (Par Pacific Holdings, Inc. Comm) USD 80.18 -5.34%

## More
Full page: https://nexqual.com/PBF · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in PBF's own 10-K filed 2026-02-12 (https://www.sec.gov/Archives/edgar/data/1534504/000153450426000010/pbf-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Shell (SHEL) | "For the years ended December 31, 2025 and December 31, 2024 only one customer, Shell plc ("Shell"), accounted for 10% or more of our revenues (approximately 13% and 13%, respectively)." |
| Partner | Eni | "On June 27, 2023, together with our partner, Eni, we closed on the jointly held investment in SBR, which owns the Renewable Diesel Facility." |
| Partner | Bernard Renewables | "On June 27, 2023, together with our partner, Eni, we closed on the jointly held investment in SBR, which owns the Renewable Diesel Facility." |
| Partner | Sunoco LP (SUN) | "We have an agreement with Sunoco whereby Sunoco purchases gasoline and distillate products representing approximately one-third of the Toledo refinery's gasoline and distillates production." |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Prior to elimination | $11.77B | 100.8% | +55.6% | — | — |
| Refining Group | $11.68B | 100.0% | +56.4% | $1.34B | 11.5% |
| PBF Logistics LP | $94.9M | 0.8% | -3.2% | — | — |
| PBF Logistics LP | $94.9M | 0.8% | -3.2% | $53.0M | 55.8% |
| Total revenue | $11.68B | 100% | — | $1.27B | 10.9% |
The lines above cover 202.4% of total revenue.

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Gasoline & Distillate | $10.27B | 87.9% | +55.9% |
| Asphaltand Residual Oil | $604.7M | 5.2% | +45.7% |
| Other Refiningand Marketing | $486.7M | 4.2% | +102.2% |
| Chemicals | $221.0M | 1.9% | +61.9% |
| Lubricants | $98.9M | 0.8% | +12.6% |
| Total revenue | $11.68B | 100% | — |

## Customer concentration

Period ended 2025-12-31: 13% of revenue from unnamed direct customers (10-K, filed 2026-02-12).

## Company outlook (8-K filed 2026-07-30)

- "In 2025, the RBI program generated in excess of $230 million of run-rate cost improvements and that total is expected to grow to more than $350 million of run-rate cost improvements by year-end 2026."
- "PBF's initial turnaround planning guidance for 2026 included five major turnarounds across our system."
- "As a result, we are reducing our 2026 capital expenditure guidance to $825-$875 million for the year, excluding capital related to the Martinez rebuild."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $11.02 | $5.44 | +102.5% | $10.78B | 13 |
| Next quarter (ends 2026-12-31) | $7.75 | $2.15 | +260.2% | $10.27B | 4 |
| Current fiscal year (ends 2026-12-31) | $24.51 | $10.90 | +124.8% | $41.00B | 14 |
| Next fiscal year (ends 2027-12-31) | $18.56 | $7.74 | +139.7% | $37.91B | 4 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-10-29): ±18.0%; last 8 reports averaged ±5.9%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 79.7% | ±18.0% |
| 2026-12-18 | 56 | 73.7% | ±23.2% |
| 2027-01-15 | 84 | 71.7% | ±27.5% |
| 2027-03-19 | 147 | 69.9% | ±35.1% |
| 2027-05-21 | 210 | 71.5% | ±42.4% |
| 2027-06-17 | 237 | 69.1% | ±43.5% |
| 2027-08-20 | 301 | 69.2% | ±48.6% |
| 2027-11-19 | 392 | 67.2% | ±53.4% |