PBF Energy Inc (PBF)

Debt-to-capital ratio

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Long-term debt	US$ in thousands	1,245,900	1,434,900	4,295,800	4,653,600	2,064,900
Total stockholders’ equity	US$ in thousands	6,488,300	4,929,200	1,926,200	1,642,800	3,039,600
Debt-to-capital ratio		0.16	0.23	0.69	0.74	0.40

December 31, 2023 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $1,245,900K ÷ ($1,245,900K + $6,488,300K)
= 0.16

The debt-to-capital ratio of PBF Energy Inc has exhibited significant fluctuations over the past five years. In 2023, the ratio decreased to 0.17 from 0.29 in 2022, indicating a lower level of debt relative to the company's total capital structure. This suggests that PBF Energy Inc has reduced its reliance on debt financing compared to the previous year.

Looking further back, the ratio was substantially higher in 2021 and 2020 at 0.69 and 0.74, respectively, reflecting a higher proportion of debt in the company's capital mix during those years. This could indicate a period of increased borrowing or capital restructuring.

However, the ratio dropped to 0.41 in 2019, suggesting a lower debt proportion relative to total capital that year. Overall, the decreasing trend in the debt-to-capital ratio from 2020 to 2023 indicates a potential improvement in the company's leverage position and financial stability. It is essential for investors and analysts to monitor these trends to assess PBF Energy Inc's capital structure and financial risk profile over time.