Forensic Analysis · Energy / Oil & Gas · as of Aug 11, 2026
Pbf Energy Inc. (PBF)
A forensic read on Pbf Energy Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Grey Zone
Financial health
2.2
Distress distance
Clean
Earnings quality
4
Forensic signals
5.4
P / E (ttm)
-3.0%
ROE
$7.8B
Market cap
1.80%
Dividend yield
-11.4%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Pbf Energy Inc. earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 2.2, placing it in the Grey zone. 4 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-0.5%
FY2025
Return on invested capital.Return on invested capital is -0.5% in the latest fiscal year and slipping from 52% — well below its ~8% cost of capital, so reinvested dollars may be destroying value, not building it.
FCF ($783M)
FY2025
Shareholder returns.Returned $900,000 to shareholders (buybacks + dividends) in FY2025, but free cash flow was ($783M) after capex — there was no free cash flow to fund the payout from at all, and operating cash flow itself was negative or zero that year too. The entire return is coming from debt or cash reserves, not cash the business itself generated — a harder case than returns merely running ahead of free cash flow, since here there was none to run ahead of.
0.90×
FY2023–FY2025
Cash conversion.Over FY2023–FY2025, operating cash flow was 0.90× cumulative net income. Cash is lagging reported profit. The shortfall is profit tied up in working capital rather than collected — the accrual and receivables lines below show where.
-100%
FY2019→FY2020
Dividend — cut.The payout was CUT ~100% in FY2020 (from FY2019) and hasn't been restored since. It still returns some cash, but it is NOT the dependable, rising dividend an unbroken streak implies. Measured on total dividend dollars rather than per share: the reported share count steps sharply around FY2014, a stock-split seam between filing vintages rather than a change in the payout, and a split leaves the dollars paid untouched.
Key fundamentals
Latest Revenue$29.33B
Revenue Growth YoY-11.4%
Net Margin-0.5%
Free Cash Flow-$783.2M
Return on Equity-3.0%
Debt / Equity0.40x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Pbf Energy Inc.'s actual 10-K/10-Q/8-K filings?