PBF Energy Inc.

PBF

EnergyOil & Gas Refining & MarketingNYSE

$42.52

Market Cap: $5.03B

PBF Energy Inc. (PBF) Valuation Summary

Updated Apr 6, 2026 22:28

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$148.10 – $2,205.03	$638.69	+1277.4%
Revenue DCF 10Y	$185.84 – $2,234.64	$676.53	+1359.0%
▸ Trading Multiples
EV/Revenue	$662.53 – $1,102.23	$783.74	+1590.2%

Valuation History

DCF Analysis

PBF Energy Inc. (PBF) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$676.53

Market Price

$42.52

Upside / Downside

+1491.1%

Verdict

Undervalued

Using a Revenue DCF model with operating margin convergence from -0.2% to a target of 15.8% over 5 years, discounted at a WACC of 6.9%, PBF Energy Inc. (PBF) has an intrinsic value of $676.53 per share (range: $185.84 – $2,234.64).

Key Assumptions

Current Operating Margin

-0.2%

Target Operating Margin

15.8%

WACC

6.9%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

1.5%

Target CapEx/Rev

6.0%

D&A/Revenue

1.7%

Tax Rate

15.1%

Operating margin fades linearly from the current level to the industry target over the 5-year projection. CapEx intensity fades from the historical average to a maintenance level (D&A × 1.5). Tax is only applied when operating income is positive (NOL shield).

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	30,213	3.0%	3.0%	907	770	523	(593)	-137	838	810
2027	30,654	1.5%	6.2%	1,897	1,611	531	(739)	41	1,362	1,232
2028	31,213	1.8%	9.4%	2,927	2,485	541	(893)	52	2,082	1,761
2029	38,684	23.9%	12.6%	4,860	4,128	670	(1,280)	690	2,827	2,237
2030	41,455	7.2%	15.8%	6,529	5,545	718	(1,558)	256	4,450	3,293
2031	42,303	2.0%	15.8%	6,663	5,659	733	(1,779)	78	4,534	3,138
2032	43,249	2.2%	15.8%	6,812	5,785	749	(2,013)	87	4,434	2,870
2033	44,299	2.4%	15.8%	6,977	5,926	767	(2,261)	97	4,336	2,624
2034	45,459	2.6%	15.8%	7,160	6,081	787	(2,524)	107	4,237	2,399
2035	46,736	2.8%	15.8%	7,361	6,252	809	(2,804)	118	4,139	2,192

Enterprise Value Bridge

Sum of PV(FCFF)22,556

Terminal Value (Gordon Growth at 3.0%)108,709

PV of Terminal Value57,562

Enterprise Value80,118

(–) Net Debt2,374

Equity Value77,744

(÷) Shares Outstanding115

Fair Value per Share$676.53

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	9.8%	12.8%	15.8%	18.8%	21.8%
4.9%	$607	$1014	$1421	$1828	$2235
5.9%	$394	$658	$921	$1185	$1449
6.9%	$290	$483	$677	$870	$1063
7.9%	$227	$379	$531	$683	$835
8.9%	$186	$310	$435	$559	$684

Current price: $42.52. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 9.2% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

PBF Energy Inc. (PBF) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$638.69

Market Price

$42.52

Upside / Downside

+1402.1%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-0.2%

Target Operating Margin

15.8%

WACC

6.9%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

1.5%

Target CapEx/Rev

6.0%

D&A/Revenue

1.7%

Tax Rate

15.1%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	30,213	3.0%	3.0%	907	770	523	(729)	-137	702	679
2027	30,654	1.5%	6.2%	1,897	1,611	531	(1,014)	41	1,087	983
2028	31,213	1.8%	9.4%	2,927	2,485	541	(1,313)	52	1,662	1,406
2029	38,684	23.9%	12.6%	4,860	4,128	670	(1,974)	690	2,133	1,688
2030	41,455	7.2%	15.8%	6,529	5,545	718	(2,487)	256	3,520	2,605

Enterprise Value Bridge

Sum of PV(FCFF)7,361

Terminal Value (Gordon Growth at 3.0%)92,450

PV of Terminal Value68,408

Enterprise Value75,769

(–) Net Debt2,374

Equity Value73,395

(÷) Shares Outstanding115

Fair Value per Share$638.69

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	9.8%	12.8%	15.8%	18.8%	21.8%
4.9%	$535	$952	$1370	$1787	$2205
5.9%	$338	$609	$879	$1149	$1419
6.9%	$242	$441	$639	$837	$1035
7.9%	$186	$341	$496	$652	$807
8.9%	$148	$275	$403	$530	$657

Current price: $42.52. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 9.2% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$842.55

Market Price

$42.52

Upside / Downside

+1881.5%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), PBF Energy Inc. (PBF) has a fair value of $842.55 based on 9 comparable companies in the Oil & Gas Refining & Marketing industry.

EV/Revenue Valuation — Oil & Gas Refining & Marketing

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
PBF Energy Inc.PBF	4,886	0.2x	0.2x
Valaris LimitedVAL	6,746	3.1x	3.1x
California Resources CorporationCRC	5,999	2.0x	2.0x
Murphy Oil CorporationMUR	5,953	2.9x	2.8x
Transocean Ltd.RIG	5,952	2.7x	3.0x
Golar LNG LimitedGLNG	5,674	18.4x	18.2x
Magnolia Oil & Gas CorporationMGY	5,618	4.4x	4.1x
Energy Fuels Inc.UUUU	4,308	74.6x	28.9x
Valvoline Inc.VVV	4,296	3.5x	3.7x
CVR Energy, Inc.CVI	3,271	0.6x	0.6x
Industry Median		3.1x	3.1x
(*) Revenue		29,332	34,555
= Enterprise Value		90,828	107,564
(-) Net Debt		2,374	2,374
Equity Value		88,455	105,190
(/) Outstanding shares		115	115
Fair Price		$770	$915

Selected Fair Value (avg of trailing + forward)

$842.55

+1881.5%

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

Model

Range

Fair Value

Upside

▸ Discounted Cash Flow

Revenue DCF 5Y

$148.10 – $2,205.03

$638.69

+1277.4%

Revenue DCF 10Y

$185.84 – $2,234.64

$676.53

+1359.0%

▸ Trading Multiples

EV/Revenue

$662.53 – $1,102.23

$783.74

+1590.2%

DCF Analysis

PBF Energy Inc. (PBF) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$676.53

Market Price

$42.52

Upside / Downside

+1491.1%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-0.2%

Target Operating Margin

15.8%

WACC

6.9%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

1.5%

Target CapEx/Rev

6.0%

D&A/Revenue

1.7%

Tax Rate

15.1%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	30,213	3.0%	3.0%	907	770	523	(593)	-137	838	810
2027	30,654	1.5%	6.2%	1,897	1,611	531	(739)	41	1,362	1,232
2028	31,213	1.8%	9.4%	2,927	2,485	541	(893)	52	2,082	1,761
2029	38,684	23.9%	12.6%	4,860	4,128	670	(1,280)	690	2,827	2,237
2030	41,455	7.2%	15.8%	6,529	5,545	718	(1,558)	256	4,450	3,293
2031	42,303	2.0%	15.8%	6,663	5,659	733	(1,779)	78	4,534	3,138
2032	43,249	2.2%	15.8%	6,812	5,785	749	(2,013)	87	4,434	2,870
2033	44,299	2.4%	15.8%	6,977	5,926	767	(2,261)	97	4,336	2,624
2034	45,459	2.6%	15.8%	7,160	6,081	787	(2,524)	107	4,237	2,399
2035	46,736	2.8%	15.8%	7,361	6,252	809	(2,804)	118	4,139	2,192

Enterprise Value Bridge

Sum of PV(FCFF)22,556

Terminal Value (Gordon Growth at 3.0%)108,709

PV of Terminal Value57,562

Enterprise Value80,118

(–) Net Debt2,374

Equity Value77,744

(÷) Shares Outstanding115

Fair Value per Share$676.53

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	9.8%	12.8%	15.8%	18.8%	21.8%
4.9%	$607	$1014	$1421	$1828	$2235
5.9%	$394	$658	$921	$1185	$1449
6.9%	$290	$483	$677	$870	$1063
7.9%	$227	$379	$531	$683	$835
8.9%	$186	$310	$435	$559	$684

Current price: $42.52. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 9.2% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$842.55

Market Price

$42.52

Upside / Downside

+1881.5%

Verdict

Undervalued

EV/Revenue Valuation — Oil & Gas Refining & Marketing

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
PBF Energy Inc.PBF	4,886	0.2x	0.2x
Valaris LimitedVAL	6,746	3.1x	3.1x
California Resources CorporationCRC	5,999	2.0x	2.0x
Murphy Oil CorporationMUR	5,953	2.9x	2.8x
Transocean Ltd.RIG	5,952	2.7x	3.0x
Golar LNG LimitedGLNG	5,674	18.4x	18.2x
Magnolia Oil & Gas CorporationMGY	5,618	4.4x	4.1x
Energy Fuels Inc.UUUU	4,308	74.6x	28.9x
Valvoline Inc.VVV	4,296	3.5x	3.7x
CVR Energy, Inc.CVI	3,271	0.6x	0.6x
Industry Median		3.1x	3.1x
(*) Revenue		29,332	34,555
= Enterprise Value		90,828	107,564
(-) Net Debt		2,374	2,374
Equity Value		88,455	105,190
(/) Outstanding shares		115	115
Fair Price		$770	$915

Selected Fair Value (avg of trailing + forward)

$842.55

+1881.5%