DK vs PBF: Which Is the Better Buy in 2026?

Same yardstick, side by side (as of August 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

Reading it: PBF is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. DK and PBF share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined DK and PBF exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

Delek US Holdings is an integrated downstream energy company operating in two segments: Refining and Logistics. It owns and operates four inland refineries with combined crude throughput of roughly 302,000 barrels per day (Tyler, Texas; El Dorado, Arkansas; Big Spring, Texas; and Krotz Springs, Louisiana), and it holds a controlling interest in Delek Logistics Partners (NYSE: DKL), a midstream MLP that gathers, transports, and stores crude and refined products, increasingly for third parties. Around the refining and logistics core sit asphalt, renewable and biodiesel operations, marketing and supply, and a retail fuel and convenience footprint.

Full DK guide

PBF Energy (NYSE: PBF) is one of the largest independent petroleum refiners in the United States, operating a fleet of refineries across California, Delaware, New Jersey, Ohio, and Louisiana with roughly one million barrels per day of combined crude processing capacity. It converts crude oil into transportation fuels (gasoline, diesel, jet fuel), heating oil, petrochemical feedstocks, and lubricants, selling largely into the spot market and short-term contracts across the Northeast, Midwest, Gulf Coast, and West Coast. PBF also holds a 50% interest in St. Bernard Renewables, a renewable diesel joint venture, giving it a foothold in lower-carbon fuels.

Full PBF guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• DK drivers: Enterprise Optimization Plan; Delek Logistics (DKL) midstream value.
• PBF drivers: Refining margin cycle; Martinez restart and reliability.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: Independent refining is one of the most cyclical corners of energy, and DK's earnings can swing from profit to loss quarter to quarter as crack spreads and crude differentials move. For PBF, pBF's biggest risk is the sheer cyclicality of refining margins, which can collapse on a demand slowdown or a supply glut (the IEA has flagged a possible global oil oversupply into 2026).

Pick DK if you believe its drivers more; PBF if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the DK and PBF guides.

DK. DK trades as a small-cap refiner with trailing-twelve-month revenue near $10.7B but a net loss in early 2026, so headline earnings multiples are distorted by the loss and by refining cyclicality. Many investors instead frame valuation on mid-cycle earnings power, free cash flow in strong-margin years, and a sum-of-the-parts view that credits the Delek Logistics (DKL) stake. Figures are approximate and move with crack spreads and quarterly results.

PBF. PBF trades at a low headline valuation typical of merchant refiners, reflecting the volatility of its earnings rather than a discount to fair value. Q1 2026 net income of about $200 million (roughly $1.65 per share) marked a sharp swing from a large year-earlier loss, but it included a net non-cash benefit of roughly $2.53 per share from inventory and insurance items, so underlying operating earnings were more modest. Revenue tracks crude and product prices as much as volumes, so top-line growth is a weak guide to profitability.

Headline figures (approximate, JULY 2026): DK shows revenue (ttm) ~$10.7B, q1 2026 revenue ~$2.65B, q1 2026 net loss ~$201M, market cap ~$3.3B; PBF shows revenue (ttm) ~$30B, q1 2026 revenue ~$7.9B, q1 2026 net income ~$200M (~$1.65 EPS), market cap ~$5.7B.

DK and PBF are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined DK and PBF exposure against your real portfolio. It is not an investment adviser.