PBF PBF

The price pays for

• The base refining throughput and logistics revenue, which is declining at roughly 11% year-over-year, is fully absorbed at the current 0.30x EV/Sales.
• The ongoing operational recovery from the Chalmette refinery explosion earlier in 2026, as the market prices the stock well above the pre-explosion bear targets near $48.
• The retention of significant insider ownership despite recent sales, as the price reflects confidence in the remaining 19.6 million shares held by Control Empresarial.
• The baseline cost of current biofuel mandates, since the negative market impact of the EPA ruling is already traded through and the stock remains near the top of the model range.

It declines to pay for