Does PBF ENERGY INC. have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores PBF ENERGY INC. (PBF) 31.9 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 0, returns on capital 60, balance-sheet safety 28, capital discipline 41.

Is PBF stock trading below its intrinsic value?

Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $30.23 per share versus a recent price of $62.75 — 108% above value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has PBF's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 31.9 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

PBF ENERGY INC.

PBF · Energy · $5.3B mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

No moat

The four filters

Pricing power0

Median gross margin 3.5% over 10y, variable.

Returns on capital60

Median ROIC 13.2%, above the 9% hurdle in 70% of years.

Balance-sheet safety28

Net debt/EBITDA n/ax, interest coverage -0x.

Capital discipline41

Owner earnings trend unclear, share count growing (dilution).

Margin of safety

Above valueOn sale

108% above value

Owner earnings (normalized): $231.0M
Est. intrinsic value / share: $30.23
Recent price: $62.75
Discount to value: 108% above value

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

16 years of fundamentals

The business, in plain English

PBF ENERGY INC. booked $29.3B of revenue in FY2025 in the Energy sector and kept −1.9% of it as gross profit — a thin-margin business by that measure. After every other cost, −0.5% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $20.1B (FY2012) to $29.3B (FY2025) — about 2.9% a year compounded over 13 years.

It earned −0.9% on invested capital in FY2025, with a median of 22.8% across 15 filed years. The Returns on Capital filter above scores it 60/100.

The balance sheet carried $2.2B of total debt in FY2017. Balance-Sheet Safety scores it 28/100.

Put together: Returns on Capital is the strongest of the four filters (60/100) and Pricing Power the weakest (0/100), which is how PBF lands at 32/100 — a None moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$29.3B FY2025

Gross marginRevenue kept after cost of goods−1.9% FY2025

Return on invested capitalOperating profit on the capital employed−0.9% FY2025

Owner earningsCash an owner could take out−$158.5M FY2025

Gaps in a line mean that item isn’t in PBF’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale31.9 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — PBF has read No moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Energy context

#5 of 7 scored Energy companies, ranked by Moat Score.

Nearest peers by Moat Score

#3MPC MARATHON PETROLEUM CORPORATION37.1 out of 100, No moatNo moat
#4CVI CVR ENERGY, INC32.7 out of 100, No moatNo moat
#6KWR QUAKER CHEMICAL CORPORATION28.2 out of 100, No moatNo moat
#7DK DELEK US HOLDINGS, INC.22.7 out of 100, No moatNo moat

Compare PBF with its nearest peers →All Energy companies on the Index →

Common questions about PBF

Does PBF ENERGY INC. have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores PBF ENERGY INC. (PBF) 31.9 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 0, returns on capital 60, balance-sheet safety 28, capital discipline 41.
Is PBF stock trading below its intrinsic value?: Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $30.23 per share versus a recent price of $62.75 — 108% above value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has PBF's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 31.9 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

Embed this score on your site

One iframe, no script. The badge shows PBF’s live Moat Score, updates itself as new filings are scored, and links back here. How it works.

<iframe
  src="https://buylikebuffett.com/embed/PBF"
  width="340" height="150" style="border:0"
  title="PBF Moat Score — The Moat Index"
  loading="lazy"></iframe>

Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell PBF. See the disclaimer.