PBF Energy (PBF)
NYSEEnergyOil & Gas Refining & MarketingSnapshot 2026-09-04
$74.34-1.31%
Close 2026-09-04 · 1-day change
NYSEEnergyOil & Gas Refining & MarketingSnapshot 2026-09-04
QuarterlyIQ Insights · PBF
How strong the business is — where it ranks within its sector on capital efficiency and cash generation, and how well management has been executing.
How this business ranks within energy on a research-validated quality screen. As of 2026-09-04.
The screen ranks PBF against its sector on four durable signals: share dilution, return on capital, free-cash-flow yield, and FCF margin. Historically the highest-quality names tended toward better typical outcomes and fewer bad years over multi-year holds (strongest at three years, modest at one), and that pattern showed up even before the price moved. It characterizes business quality, not price direction.
Each leg is a sector-relative percentile (higher is better); 4 of 4 legs were available for this name. The composite is built from these four; the raw value follows each percentile for context.
A forward quality tilt, not a price prediction, and context for your own research rather than a recommendation. Not investment advice.
How management runs the business: capital, margins, balance sheet, and how reliably they guide and deliver.
Each factor is a parallel diagnostic with a clear read of what it shows and how names like it have historically fared. Never aggregated into a single score.
Operating income rose in 2 of the last 3 quarter-over-quarter moves. Historically, Energy names rated strong grew net income 53% of the time over the next year (vs 58% for the rest of the cohort, n=1735).
Not investment advice. Scores describe historical and current data; they are not forecasts of future returns. Consult a licensed advisor before making investment decisions.
A guidance track record builds as the company issues and delivers on guidance.
Priorities management has stated in recent disclosures, with status and evidence drawn from earnings calls, filings, and press releases.
Continue the Refining Business Improvement (RBI) program to improve reliability, efficiency, and cost structure with a target of $350 million run-rate savings by end of 2026.
Stated as a priority in 4 of last 4 quarters. Management reported the RBI program generated over $230 million in run-rate cost improvements in 2025 and expects to increase this to more than $350 million by year-end 2026. The trajectory is delivering consistent progress toward the stated cost improvement target.
“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.”
“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.”
“In 2025, the RBI program generated in excess of [$230] million of run-rate cost improvements, expected to be fully realized in 2026. We expect to achieve run-rate cost improvements of [$350] million…”
“We expect to generate greater than $230 million of annualized, run-rate sustainable operating, capital and turnaround and corporate expense savings by year-end 2025 and greater than $350 million by y…”
Complete the restart and return the Martinez refinery to full operational status following the February 2025 fire, with ongoing maintenance and turnarounds planned.
Stated as a priority in 4 of last 4 quarters. Management completed construction activities by February 2026 and reported the Martinez refinery returned to full operations in May 2026, running at planned rates. The trajectory shows successful restoration and ongoing operation as planned.
“Martinez refinery restart completed in May 2026. All units affected by the Martinez fire have returned to operational status and are running at planned rates.”
Maintain disciplined capital spending with a 2026 guidance range reduced to $825-$875 million, excluding capital related to the Martinez rebuild.
Stated as a priority in 2 of last 2 quarters. Capital expenditure guidance was initially $750-$775 million in 2026-Q1 and was revised upward to $825-$875 million in 2026-Q2, excluding Martinez rebuild capital. The trajectory shows management adjusting guidance with a disciplined capital allocation focus.
“We are reducing our 2026 capital expenditure guidance to $825-$875 million for the year, excluding capital related to the Martinez rebuild.”
Grow renewable diesel production with a target of approximately 15,000-16,000 barrels per day in Q2 2026 and increase to 18,000-20,000 barrels per day in Q3 2026.
Stated as a priority in 2 of last 2 quarters. Renewable diesel production averaged about 16,700 barrels per day in 2026-Q1 and approximately 15,100 barrels per day in 2026-Q2, with guidance to increase to 18,000-20,000 barrels per day in 2026-Q3. The trajectory shows some fluctuation but an expected increase in production.
“Renewable diesel production for the second quarter is expected to average approximately 15,000 to 16,000 barrels per day.”
Reduce gross and net debt through refinancing and repayments, including issuance of $500 million senior notes and paying down asset-backed lending facility.
Stated as a priority in 2 of last 2 quarters. Management reduced gross debt from $2.8 billion in 2026-Q1 to $1.75 billion in 2026-Q2, a reduction of over $1 billion, and net debt declined from approximately $2.3 billion to $855 million. The trajectory shows strong delivery on debt reduction and balance sheet strengthening.
“PBF reduced gross debt by over $1 billion in the second quarter, fully paying down its asset-backed lending facility and refinancing approximately $802 million of senior notes due 2028.”
Over the trailing year it converted 4.57x of net income into operating cash flow.
Most sensitive to long-term interest rates.
Not enough signal to read sensitivity to the US dollar, the broad stock market, real (inflation-adjusted) rates, Fed net liquidity (low R² over the window).
12 material management or governance events in the past 24 months, led by capital-allocation actions. Historically, Energy names rated neutral grew net income 58% of the time over the next year (vs 56% for the rest of the cohort, n=807).
Not investment advice. As of 2026-09-04.
“Martinez refinery restart progressing with full planned rates expected in early May.”
“Construction activities to rebuild the units affected by the Martinez refinery fire were completed in February 2026, and the affected assets were transferred to refinery operations for commissioning…”
“Martinez refinery restart on schedule with commissioning and sequential startup underway following the February 2025 fire.”
“We expect full-year capital expenditures in the $750 to $775 million range.”
“SBR averaged approximately 16,700 barrels per day of renewable diesel production in the first quarter.”
“At quarter-end, we had approximately $542 million of cash and approximately $2.3 billion of net debt.”