PBF Energy Inc (PBF)

Debt-to-capital ratio

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Long-term debt	US$ in thousands	1,245,900	1,243,000	1,441,500	1,438,000	1,434,900	1,447,700	2,012,700	4,248,700	4,295,800	4,318,000	4,624,400	4,652,300	4,653,600	4,411,100	4,092,800	3,546,100	2,064,900	2,064,300	2,029,400	2,188,500
Total stockholders’ equity	US$ in thousands	6,488,300	6,718,500	6,044,900	5,137,900	4,929,200	4,218,200	3,147,600	1,911,000	1,926,200	1,729,200	1,664,400	1,606,700	1,642,800	1,935,400	2,344,800	1,948,300	3,039,600	3,007,700	2,967,400	2,957,700
Debt-to-capital ratio		0.16	0.16	0.19	0.22	0.23	0.26	0.39	0.69	0.69	0.71	0.74	0.74	0.74	0.70	0.64	0.65	0.40	0.41	0.41	0.43

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 been fluctuating over the past eight quarters. The ratio decreased from 0.70 in Q1 2022 to 0.17 in Q4 2023. Generally, a lower debt-to-capital ratio indicates lower financial risk and better solvency for the company.

In the last two quarters of 2023, the ratio saw a slight increase from 0.16 to 0.20, which suggests a moderate increase in the company's debt relative to its capital structure. However, it remains relatively low compared to previous quarters.

Overall, the downward trend in the debt-to-capital ratio implies that PBF Energy Inc has been managing its debt levels effectively. Investors and stakeholders may view the improving ratio positively as it indicates the company's ability to pay off its debt obligations and maintain a healthy capital structure.