PBFPBF Energy Inc.

Petroleum Refining

Revenue: $29.3B; 11% YoY
Operating margin: -0.2%; 91% YoY
EBITDA: $317M; 193% YoY
Market cap: $9.5B
Employees: 3,678; $8M revenue each
Net debt / EBITDA: -1.1×; −$358M net debt
AI in 10-K: 0.1; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
-184% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentNo
91% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$8M · 78th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.1 per 10K words · 8th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 1.1× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedNo
$9.5B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$1.0B net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$27.3B	$46.8B	$38.3B	$33.1B	$29.3B	11%
Operating income	$597M	$4.2B	$3.0B	−$699M	−$54M	92%
Net income	$231M	$2.9B	$2.1B	−$534M	−$159M	70%
Operating cash flow	$477M	$4.8B	$1.3B	$43M	−$78M	280%
Capex	$249M	$633M	$660M	$391M	$705M	80%
Stock-based comp	$36M	$54M	$52M	$44M	$39M	12%
Buybacks	$0	$156M	$533M	$329M	$0	100%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Mar 20, 2026	HELU CARLOS SLIM	SCHEDULE 13D/A	19.3%	Passive
Mar 13, 2026	HELU CARLOS SLIM	SCHEDULE 13D/A	21.2%	Passive
Mar 4, 2026	HELU CARLOS SLIM	SCHEDULE 13D/A	22.6%	Passive
Feb 11, 2026	HELU CARLOS SLIM	SCHEDULE 13D/A	24.6%	Passive
Feb 28, 2025	HELU CARLOS SLIM	SCHEDULE 13D/A	26.1%	Passive
Dec 20, 2024	HELU CARLOS SLIM	SCHEDULE 13D/A	25.0%	Passive
Dec 2, 2024	HELU CARLOS SLIM	SC 13D/A	23.9%	Passive
Nov 5, 2024	HELU CARLOS SLIM	SC 13D/A	22.8%	Passive
Oct 25, 2024	HELU CARLOS SLIM	SC 13D/A	21.3%	Passive
Oct 3, 2024	HELU CARLOS SLIM	SC 13D	20.0%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $1.0B · 147
Net: −$1.0B

Pay vs performance

No pay-versus-performance disclosure yet.