The business behind the dividend
| Measure | PBF | Median | Formula |
|---|---|---|---|
| Return on equity | -3.0% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | -0.7% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | $-492.10m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-783.20m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | -0.2% | 14.3% | Operating income ÷ revenue |
| Net margin | -0.5% | 10.1% | Net income ÷ revenue |
| Debt to equity | 0.40x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | -0.30x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 1.21x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 2.75x | 1.88x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
| Accruals | -0.6% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Cash conversion — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | -3.0% | -9.6% | 33.0% | 58.4% | 12.0% | -84.8% | 10.5% | 4.8% | 17.8% | 8.4% | 8.4% |
| Return on capital employed | -0.7% | -10.0% | 38.2% | 65.3% | 9.6% | -22.5% | 12.7% | 7.8% | 16.2% | 12.1% | 9.6% |
| Operating margin | -0.2% | -2.1% | 7.7% | 8.9% | 2.2% | -9.4% | 2.6% | 1.3% | 3.4% | 3.1% | 2.2% |
| Net margin | -0.5% | -1.6% | 5.6% | 6.1% | 0.8% | -9.2% | 1.3% | 0.5% | 1.9% | 1.1% | 0.8% |
| Debt to equity | 0.40x | 0.26x | 0.19x | 0.29x | 2.23x | 2.83x | 0.68x | 0.72x | 0.93x | 1.04x | 0.68x |
| Current ratio | 1.21x | 1.25x | 1.56x | 1.26x | 1.38x | 1.58x | 1.52x | 1.52x | 1.57x | 1.66x | 1.52x |
| Cash conversion | — | — | 0.63x | 1.66x | 2.07x | — | 2.92x | 6.53x | 1.65x | 3.82x | 2.07x |