PBF Energy Inc (PBF)

Financial leverage 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
Total assets	US$ in thousands	14,387,800	14,692,800	14,034,200	13,139,100	13,549,100	13,304,300	13,975,700	12,948,300	11,641,400	11,844,200	11,654,200	11,270,100	10,499,800	10,191,300	10,073,300	9,134,100	9,132,400	8,917,400	8,809,700	9,126,100
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
Financial leverage ratio		2.22	2.19	2.32	2.56	2.75	3.15	4.44	6.78	6.04	6.85	7.00	7.01	6.39	5.27	4.30	4.69	3.00	2.96	2.97	3.09

December 31, 2023 calculation

Financial leverage ratio = Total assets ÷ Total stockholders’ equity
= $14,387,800K ÷ $6,488,300K
= 2.22

The financial leverage ratio of PBF Energy Inc has exhibited fluctuations over the past eight quarters. The ratio decreased from 2.75 in Q4 2022 to 2.22 in Q4 2023, indicating a reduction in the company's dependence on debt to finance its operations. This trend continued in Q3 2023 with a slight decrease to 2.19. However, in Q2 2023, the ratio spiked to 2.32 before rising further to 2.56 in Q1 2023, suggesting an increase in the company's reliance on debt during these periods.

The most significant shifts in the financial leverage ratio occurred in the earlier quarters, notably in Q1 and Q2 of 2022, where the ratio surged to 6.78 and 4.44, respectively, indicating a substantial increase in debt levels relative to equity. This was followed by a downward trend in subsequent quarters, signaling a potential effort by the company to deleverage and improve its financial position.

Overall, the company's financial leverage ratio has fluctuated over the analyzed period, demonstrating both increases and decreases in its leverage levels. It is essential for stakeholders to closely monitor these ratios to assess PBF Energy Inc's ability to manage its debt obligations and maintain a healthy balance between debt and equity financing.