PBF Energy vs Valero Energy
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The short version
- Valero Energy is the larger business, with $122.7B of revenue in fiscal 2025 against $29.3B for PBF Energy, about 4.2 times as much.
- Valero Energy grew revenue faster (−5.5%, against −11.4%).
- Valero Energy kept more of each dollar of sales as operating profit (2.6% operating margin, against −0.2%).
- Valero Energy earned a higher return on the capital invested in it (7.2%, against −0.6%).
- Investors pay more for each dollar of Valero Energy’s earnings: a P/E of 17.4x against 6.7x for PBF Energy.
| Latest fiscal year | PBF · FY25 | VLO · FY25 |
|---|---|---|
| Size | ||
| Market cap | $9.2B | $123.3B |
| Revenue | $29.3B | $122.7B |
| Free cash flow | −$783M | — |
| Net income | −$159M | $2.3B |
| Growth | ||
| Revenue growth | −11.4% | −5.5% |
| 5-year growth | 14.2% | 13.6% |
| Share count change | −1.9% | −4.0% |
| Profitability | ||
| Gross margin | −2.0% | 4.4% |
| Operating margin | −0.2% | 2.6% |
| Net margin | −0.5% | 1.9% |
| FCF margin | −2.7% | — |
| Return on capital | −0.6% | 7.2% |
| Return on equity | −2.9% | 9.7% |
| Balance sheet | ||
| Net debt | $1.7B | $5.9B |
| Net debt / EBITDA | 5.2x | 0.9x |
| Dividends and buybacks | $126M | $4.0B |
| Valuation & quality | ||
| P/E | 6.7x | 17.4x |
| Piotroski F-score | 4 | 6 |
Revenue
FY16
PBF $15.9B
VLO $75.7B
FY17
PBF $21.8B
VLO $94.0B
FY18
PBF $27.2B
VLO $117.0B
FY19
PBF $24.5B
VLO $108.3B
FY20
PBF $15.1B
VLO $64.9B
FY21
PBF $27.3B
VLO $114.0B
FY22
PBF $46.8B
VLO $176.4B
FY23
PBF $38.3B
VLO $144.8B
FY24
PBF $33.1B
VLO $129.9B
FY25
PBF $29.3B
VLO $122.7B
PBF
VLO
Operating margin
FY16
PBF 3.1%
VLO 4.7%
FY17
PBF 3.4%
VLO 3.8%
FY18
PBF 1.3%
VLO 3.9%
FY19
PBF 2.7%
VLO 3.5%
FY20
PBF −9.4%
VLO −2.4%
FY21
PBF 2.2%
VLO 1.9%
FY22
PBF 8.9%
VLO 8.9%
FY23
PBF 7.7%
VLO 8.2%
FY24
PBF −2.1%
VLO 2.9%
FY25
PBF −0.2%
VLO 2.6%
PBF
VLO
Free cash flow
FY16
PBF $353M
VLO $2.8B
FY17
PBF $379M
VLO $3.5B
FY18
PBF $521M
VLO $995M
FY19
PBF $529M
VLO $2.7B
FY20
PBF −$828M
VLO −$1.5B
FY21
PBF $228M
VLO $3.4B
FY22
PBF $4.1B
VLO $9.8B
FY23
PBF $679M
VLO $7.3B
FY24
PBF −$348M
VLO $4.6B
FY25
PBF −$783M
VLO —
PBF
VLO
Return on capital
FY16
PBF 8.9%
VLO 11.1%
FY17
PBF 10.4%
VLO 14.5%
FY18
PBF 6.6%
VLO 13.5%
FY19
PBF 10.8%
VLO 10.6%
FY20
PBF −22.2%
VLO −4.1%
FY21
PBF 10.7%
VLO 5.9%
FY22
PBF 67.4%
VLO 39.4%
FY23
PBF 40.6%
VLO 27.6%
FY24
PBF −8.7%
VLO 9.0%
FY25
PBF −0.6%
VLO 7.2%
PBF
VLO
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.