PBF Energy normalized EV/EBITDA valuation

PBF Energy Inc. (PBF)
By@hypertonx
Assumptions as of 2026-08-04
USD
Updated Aug 4, 2026 · Revised 1 time
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PBF Energy normalized EV/EBITDA valuation

PBF Energy valuation using normalized EV/EBITDA. The model values the refining business on a mid-cycle adjusted EBITDA assumption rather than annualizing the latest quarter, because Q2 2026 benefited from unusually strong refining margins, Martinez insurance recoveries, and working-capital reversal. Fair value equals normalized EBITDA times the target EV/EBITDA multiple, less net debt, divided by fully-converted diluted shares.

as of 2026-08-04

Fair value
$76.18
Upside/downside
9.8%
Enterprise value ($M)
$10,080
Equity value ($M)
$9,225
Current EV / normalized EBITDA
4.4

Market

69.35$/share
Latest PBF quote · updated Aug 11, 2026 2:00 PM MDT

Valuation

2,100.00$M
4.80x

Sources

  1. PBF reported Q2 2026 adjusted EBITDA of $1,239.9M and H1 2026 adjusted EBITDA of $1,308.6M. — modeledge.ai (accessed 2026-08-04)
  2. PBF's June 30, 2026 balance sheet showed cash of $894.1M, total debt of $1,749.1M, net debt of $855.0M, and net-debt-to-capitalization of 12%. — modeledge.ai (accessed 2026-08-04)
  3. PBF reported 121.1M fully-converted diluted shares for Q2 2026. — modeledge.ai (accessed 2026-08-04)
  4. PBF said Martinez returned to full operations in May 2026, received a fifth $250M insurance installment, and had $1.25B of unallocated insurance reimbursements received to date. — modeledge.ai (accessed 2026-08-04)
  5. PBF reported Q2 2026 throughput of 887.3 thousand barrels per day, Q3 2026 throughput guidance of 900-960 thousand barrels per day, and Q2 gross refining margin excluding special items of $23.40 per barrel. — modeledge.ai (accessed 2026-08-04)
  6. On the Q2 2026 call, management said product inventories should be slow to rebuild, refining margins could stay favorable into 2027, Martinez was producing its full product slate, and another Martinez insurance payment similar to the fifth installment was expected. (accessed 2026-08-04)
  7. PBF's investor relations site listed second quarter 2026 results and the July 30, 2026 earnings event. — investors.pbfenergy.com (accessed 2026-08-04)

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