Par Pacific vs PBF Energy
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The short version
- PBF Energy is the larger business, with $29.3B of revenue in fiscal 2025 against $7.5B for Par Pacific, about 3.9 times as much.
- Par Pacific grew revenue faster (−6.4%, against −11.4%).
- Par Pacific kept more of each dollar of sales as operating profit (7.2% operating margin, against −0.2%).
- Par Pacific turned more of its sales into free cash flow (4.0% FCF margin, against −2.7%).
- Par Pacific earned a higher return on the capital invested in it (19.3%, against −0.6%).
- Investors pay more for each dollar of PBF Energy’s earnings: a P/E of 6.7x against 4.5x for Par Pacific.
| Latest fiscal year | PARR · FY25 | PBF · FY25 |
|---|---|---|
| Size | ||
| Market cap | $3.8B | $9.2B |
| Revenue | $7.5B | $29.3B |
| Free cash flow | $296M | −$783M |
| Net income | $369M | −$159M |
| Growth | ||
| Revenue growth | −6.4% | −11.4% |
| 5-year growth | 19.0% | 14.2% |
| Share count change | −9.1% | −1.9% |
| Profitability | ||
| Gross margin | — | −2.0% |
| Operating margin | 7.2% | −0.2% |
| Net margin | 5.0% | −0.5% |
| FCF margin | 4.0% | −2.7% |
| Return on capital | 19.3% | −0.6% |
| Return on equity | 27.3% | −2.9% |
| Balance sheet | ||
| Net debt | $653M | $1.7B |
| Net debt / EBITDA | 1.0x | 5.2x |
| Dividends and buybacks | $125M | $126M |
| Valuation & quality | ||
| P/E | 4.5x | 6.7x |
| Piotroski F-score | 6 | 4 |
Revenue
FY16
PARR $1.9B
PBF $15.9B
FY17
PARR $2.4B
PBF $21.8B
FY18
PARR $3.4B
PBF $27.2B
FY19
PARR $5.4B
PBF $24.5B
FY20
PARR $3.1B
PBF $15.1B
FY21
PARR $4.7B
PBF $27.3B
FY22
PARR $7.3B
PBF $46.8B
FY23
PARR $8.2B
PBF $38.3B
FY24
PARR $8.0B
PBF $33.1B
FY25
PARR $7.5B
PBF $29.3B
PARR
PBF
Operating margin
FY16
PARR −1.1%
PBF 3.1%
FY17
PARR 3.9%
PBF 3.4%
FY18
PARR 2.4%
PBF 1.3%
FY19
PARR 2.7%
PBF 2.7%
FY20
PARR −10.2%
PBF −9.4%
FY21
PARR −0.2%
PBF 2.2%
FY22
PARR 6.0%
PBF 8.9%
FY23
PARR 8.3%
PBF 7.7%
FY24
PARR 0.6%
PBF −2.1%
FY25
PARR 7.2%
PBF −0.2%
PARR
PBF
Free cash flow
FY16
PARR −$48.2M
PBF $353M
FY17
PARR $74.8M
PBF $379M
FY18
PARR $42.2M
PBF $521M
FY19
PARR $21.7M
PBF $529M
FY20
PARR −$101M
PBF −$828M
FY21
PARR −$57.2M
PBF $228M
FY22
PARR $400M
PBF $4.1B
FY23
PARR $497M
PBF $679M
FY24
PARR −$51.8M
PBF −$348M
FY25
PARR $296M
PBF −$783M
PARR
PBF
Return on capital
FY16
PARR −3.0%
PBF 8.9%
FY17
PARR 13.4%
PBF 10.4%
FY18
PARR 10.5%
PBF 6.6%
FY19
PARR 11.9%
PBF 10.8%
FY20
PARR −24.7%
PBF −22.2%
FY21
PARR −0.7%
PBF 10.7%
FY22
PARR 62.7%
PBF 67.4%
FY23
PARR 56.9%
PBF 40.6%
FY24
PARR 2.0%
PBF −8.7%
FY25
PARR 19.3%
PBF −0.6%
PARR
PBF
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.