# JBTMarel (JBTM.US)

Canonical: https://gigainvestors.com/s/JBTM

Analysis as of: 2026-10-16T07:29:28.916Z. Financial observations: FY2006–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $105.93 per share; close as of 2026-10-15.

Estimated value: low $74.91 per share, central $88.63 per share, high $103.04 per share. Buy at or below the central value $88.63 per share. Valuation as of 2026-10-16T07:29:28.916Z; scenarios are not confidence intervals.

Expected annual return: 8.8% at the stated quote. About 8.8% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 2 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 1

- Operating margin variation: 0.18×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.07×

- FY2017: 0.09×

- FY2018: 0.07×

- FY2019: 0.10×

- FY2020: 0.09×

- FY2021: 0.09×

- FY2022: 0.08×

- FY2023: 0.10×

- FY2024: 0.07×

- FY2025: 0.05×

### moat: pass

- ROIC, median of available years: 17.0%

- ROIC, second-lowest year: 11.0%

- Typical minus recent gross margin: -3.0 pp

- Typical gross margin (annual median): 32.1%

- Recent gross margin (lower of latest and 3-year median): 35.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.5%

- ROIC including acquisitions, ten-year median: 10.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 18.0%

- FY2017: 19.1%

- FY2018: 24.2%

- FY2019: 20.8%

- FY2020: 20.1%

- FY2021: 13.2%

- FY2022: 11.0%

- FY2023: 16.0%

- FY2024: 13.2%

- FY2025: 5.5%

### economics: pass

- Owner earnings / net income, 5-yr: 1.31×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $1.1B

- Net income, five-year total: $874M

- Return on incremental invested capital: 23.7%

- Working capital / revenue, annual change: 0.7 pp

- Working capital / revenue, change between three-year averages: 5.1 pp

- Working capital / revenue, final three-year average: 24.6%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.17×

- FY2022: 1.00×

- FY2023: 1.06×

- FY2024: 1.60×

- FY2025: -2.22×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 19.1% vs 13.2%

- Per-share earnings: 2.27 to 2.65 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 5.7%

- Ordinary dilution, 5-year annual growth: 10.1%

- Market cap gain: $5.3B

- Cumulative retained earnings: $1.2B

- Diluted shares, 10-year annual growth: 5.7%

- Diluted shares, 5-year annual growth: 10.1%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 2.0%

- Per-share value change: $0.38

- Per-share value, starting three-year median: $2.27

- Per-share value, ending three-year median: $2.65

- Buybacks concentrated in cheaper years (correlation): 0.75

- Average buyback yield: 0.3%

- Buyback history: 7 years

- Debt-funded buybacks: No

- Acquisition spending: $3.1B

- Cumulative net income, 10 years: $1.4B

- ROIC, first three-year median: 19.1%

- ROIC, last three-year median: 13.2%

Chart: Earnings per share; fiscal year observations.

- FY2016: $2.27

- FY2017: $2.52

- FY2018: $3.23

- FY2019: $4.03

- FY2020: $3.39

- FY2021: $3.71

- FY2022: $4.28

- FY2023: $18.15

- FY2024: $2.65

- FY2025: -$0.97

### accounting: pass

- restructuring or one-time charges in at least three of five years

- Sloan accruals: -4.8%

- Receivables to sales index (DSRI): 0.76×

- Restructuring years, last five: 5

- Stock compensation / operating cash flow: 6.8%

- Earnings backed by cash: Yes

- Accounting red flags: 1

- Goodwill and intangibles / equity: 1.24×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 0.0%

- FY2017: -1.7%

- FY2018: -3.5%

- FY2019: 1.0%

- FY2020: -7.9%

- FY2021: -4.9%

- FY2022: -0.2%

- FY2023: 20.0%

- FY2024: -4.3%

- FY2025: -4.8%

## Holders

- [Thomas Russo](https://gigainvestors.com/GR): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Andrew Adams](https://gigainvestors.com/MPF): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 33% since Nov 2021 · sales +121.3%

Story as of 2026-10-16T09:58:59.041Z; price observation 2026-10-15.

Price needs cash profits to grow 4.1% a year for ten years

- 2025-11-03: JBT Marel Corporation Reports Third Quarter 2025 Results and Raises Full Year 2025 Guidance ([finance.yahoo.com](https://finance.yahoo.com/news/jbt-marel-corporation-reports-third-211500213.html))

### Sales · FY2024–2025

sales +121.3%; source https://www.sec.gov/Archives/edgar/data/1433660/000143366026000053/jbt-20251231.htm; observed 2026-03-02.

- FY2016: $1.4B 

- FY2017: $1.6B 

- FY2018: $1.9B 

- FY2019: $1.9B 

- FY2020: $1.7B 

- FY2021: $1.4B 

- FY2022: $1.6B 

- FY2023: $1.7B 

- FY2024: $1.7B 

- FY2025: $3.8B 

### Gross margin · FY2025

gross margin 35.1%; source https://www.sec.gov/Archives/edgar/data/1433660/000143366026000053/jbt-20251231.htm; observed 2026-03-02.

- FY2016: 28.2% 

- FY2017: 28.8% 

- FY2018: 28.0% 

- FY2019: 30.7% 

- FY2020: 30.9% 

- FY2021: 34.4% 

- FY2022: 33.3% 

- FY2023: 35.2% 

- FY2024: 36.5% 

- FY2025: 35.1% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in specialty industrial machinery; annual sales are USD 3.8 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1433660/000143366026000053/jbt-20251231.htm (filed 2026-03-02); FY2025: revenue 3798200000; grossProfit 1334600000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); JBTM.US: JBT Marel Corporation provides technology solutions to food and beverage industry in the United States, Canada, Europe, the Middle East, Africa, the Asia Pacific, and Latin America. The company operates through Protein Solutions and Prepared Food and Beverage Solutions. It offers value-added processing that includes equipment, solutions, software and services, stunning, slaughtering, scalding/dehairing, chilling, mixing/grinding, separation, injecting, blending, marinating, tumbling, flattening, forming, portioning, coating, cooking, frying, freezing, extracting, pasteurizing, sterilizing, concentrating, high pressure processing, weighing, inspecting, filling, closing, sealing, end of line material handling, labeling, and packaging solutions to the food, beverage, and health market. The company also provides automated guided vehicle systems for material handling requirements in the automotive manufacturing, warehouse, and medical facilities. It serves poultry, beef, pork, seafood, ready-to-eat meals, fruits, vegetables, plant-based meat alternatives, dairy, bakery, pet foods, soups, sauces, juices, and aqua feed industries. The company markets and sells its products and solutions through direct sales force, independent distributors, sales representatives, and technical service teams. The company was formerly known as John Bean Technologies Corporation and changed its name to JBT Marel Corporation in January 2025. JBT Marel Corporation was incorporated in 1994 and is headquartered in Chicago, Illinois.

### Why customers stay

Margins ranged from 35.1% to 36.5% during 2023–25; it earns 17% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); FY2023: grossProfit / revenue = 35.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); FY2024: grossProfit / revenue = 36.5%.

- Source: https://www.sec.gov/Archives/edgar/data/1433660/000143366026000053/jbt-20251231.htm (filed 2026-03-02); FY2025: grossProfit / revenue = 35.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); 10-year return on capital observations [[2016,0.18000450797544726],[2017,0.19102799918250563],[2018,0.2424029877496452],[2019,0.20819854060662354],[2020,0.2012884754666172],[2021,0.13220255279055715],[2022,0.1101286605856937],[2023,0.15973619466238617],[2024,0.13158037160672806],[2025,0.054792002343635564]]; median 0.1698703513189167. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 33% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/1433660/000143366026000053/jbt-20251231.htm (filed 2026-03-02); Gross margin observations: [[2021,0.34416047972587094],[2022,0.33289316481167075],[2023,0.3518985820716174]]; range within 2 percentage points.

### Where the cash goes

Earns 23.7% on new investment; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); FY2016: growth capex 0; upkeep 37100000; cash acquisitions 232000000; owner earnings 69000000. Growth capex plus acquisitions / owner earnings = 3.36231884057971.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); FY2017: growth capex 0; upkeep 37900000; cash acquisitions 104200000; owner earnings 94300000. Growth capex plus acquisitions / owner earnings = 1.1049840933191941.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); FY2018: growth capex 0; upkeep 39800000; cash acquisitions 57500000; owner earnings 122000000. Growth capex plus acquisitions / owner earnings = 0.4713114754098361.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); FY2019: growth capex 0; upkeep 37900000; cash acquisitions 365900000; owner earnings 156700000. Growth capex plus acquisitions / owner earnings = 2.3350350989151245.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); FY2020: growth capex 0; upkeep 34300000; cash acquisitions 4500000; owner earnings 146300000. Growth capex plus acquisitions / owner earnings = 0.030758714969241284.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); FY2021: growth capex 0; upkeep 51700000; cash acquisitions 224500000; owner earnings 139500000. Growth capex plus acquisitions / owner earnings = 1.6093189964157706.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); FY2022: growth capex 8400000; upkeep 76200000; cash acquisitions 329700000; owner earnings 137400000. Growth capex plus acquisitions / owner earnings = 2.460698689956332.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); FY2023: growth capex 0; upkeep 55100000; cash acquisitions 100000; owner earnings 618800000. Growth capex plus acquisitions / owner earnings = 0.00016160310277957336.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); FY2024: growth capex 0; upkeep 37900000; cash acquisitions 0; owner earnings 136900000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1433660/000143366026000053/jbt-20251231.htm (filed 2026-03-02); FY2025: growth capex 0; upkeep 103600000; cash acquisitions 1746000000; owner earnings 112100000. Growth capex plus acquisitions / owner earnings = 15.575379125780554.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); Incremental return on capital 0.23674752954755635, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); Dividend observations: [[2016,11800000],[2017,12700000],[2018,13100000],[2019,12700000],[2020,12800000],[2021,12800000],[2022,13100000],[2023,12800000],[2024,13100000],[2025,20900000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 0.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); JBTM.US SharesStats.PercentInsiders = 0.698 percentage points; cache date 2026-10-16.

### What could break it

US import tariffs could raise product costs.

- Source: https://www.sec.gov/Archives/edgar/data/1433660/000143366026000053/jbt-20251231.htm (filed 2026-03-02); evenue in 2025 increased $2,082.2 million or 121.3% compared to 2024. The acquisition of Marel provided additional revenue of $1,966.0 million, which is inclusive of a favorable foreign currency translation impact of $50.5 million. Organic revenue grew by $39.8 million and foreign currency translation was favorable by $76.5 million compared to the prior year. The increase in organic revenue was primarily the result of an increase in volume for recurring revenue.

Gross profit margin

Gross profit margin decreased 140 bps to 35.1% compared to 36.5% in 2024. The decrease was driven primarily by tariff impacts and operating inefficiencies on select projects within our Prepared Food and Beverage Solutions segment. This decrease was partially offset by synergy savings and an increased mix of recurring revenue compared to the prior year, which tends to have higher margins than non-recurring revenue.

41

Selling, general and administrative expense

Selling, general and administrative expense increased $609.2 million compared to the prior year. This increase was primarily driven by the acquisition of Marel and higher costs associated with the integration. Selling, general and administrative expense as a percentage of revenue was flat compared to 2024.

Pension expense, other than service cost

Pension expense, other than service cost increased $121.2 million compared to the prior year. This increase was primarily due to the settlement charge of $146.9 million recognized in the first quarter of 2025 upon the termination of the U.S. qualified defined benefit pension plan, compared to $23.3 million of settlement charges recognized in 2024 as part of the partial termination of this plan.

Interest income, interest expense, and other income

Interest income decreased $12.6 million compared to 2024. This decrease was due to the Company having lower cash balances on hand to invest after funding the Marel Transaction in the first quarter of 2025.

Interest expense increased $95.0 million compared to 2024. This increase was driven by a higher average debt balance on additional borrowings to fund the Marel Transaction in the first quarter of 2025, partially offset by a benefit from our cross-currency swap derivative instruments designated as net investment hedges. Additional borrowing was drawn from our revolving credit facility and Term Loan B that was executed on January 2, 2025.

Other income of $10.6 million recognized during 2025 relates to our cross-currency swap agreements that, for a portion of our Term Loan B debt, synthetically swap a higher interest expense based on the SOFR interest rate with a lower interest expense based on the EURIBOR interest rate and a credit spread.

Income tax (benefit) provision

The tax rate on the loss from continuing operations was 21.0% for the year ended December 31, 2025. The tax benefit for the year ended December 31, 202

### What the price says

The price assumes cash profits grow 4.1% yearly over ten years; actual growth was 1.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); Ten-year compound average after fade. Initial solved rate 0.046151332759261296. Price 105.93; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.8758389261744965 → FY2025 2.1557692307692307. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $79.85 per share

- 2016-11: $90.20 per share

- 2016-12: $85.95 per share

- 2017-01: $86.35 per share

- 2017-02: $89.40 per share

- 2017-03: $87.95 per share

- 2017-04: $88.65 per share

- 2017-05: $86.30 per share

- 2017-06: $98.00 per share

- 2017-07: $92.40 per share

- 2017-08: $88.70 per share

- 2017-09: $101.10 per share

- 2017-10: $106.90 per share

- 2017-11: $119.75 per share

- 2017-12: $110.80 per share

- 2018-01: $113.75 per share

- 2018-02: $110.75 per share

- 2018-03: $113.40 per share

- 2018-04: $107.75 per share

- 2018-05: $88.30 per share

- 2018-06: $88.90 per share

- 2018-07: $110.60 per share

- 2018-08: $118.30 per share

- 2018-09: $119.30 per share

- 2018-10: $103.97 per share

- 2018-11: $82.54 per share

- 2018-12: $71.81 per share

- 2019-01: $79.44 per share

- 2019-02: $93.70 per share

- 2019-03: $91.89 per share

- 2019-04: $109.79 per share

- 2019-05: $102.55 per share

- 2019-06: $121.13 per share

- 2019-07: $118.66 per share

- 2019-08: $102.32 per share

- 2019-09: $99.43 per share

- 2019-10: $102.77 per share

- 2019-11: $109.55 per share

- 2019-12: $112.66 per share

- 2020-01: $112.99 per share

- 2020-02: $96.86 per share

- 2020-03: $74.27 per share

- 2020-04: $76.74 per share

- 2020-05: $82.15 per share

- 2020-06: $86.02 per share

- 2020-07: $93.76 per share

- 2020-08: $102.51 per share

- 2020-09: $91.89 per share

- 2020-10: $83.97 per share

- 2020-11: $110.56 per share

- 2020-12: $113.87 per share

- 2021-01: $115.88 per share

- 2021-02: $147.57 per share

- 2021-03: $133.34 per share

- 2021-04: $145.38 per share

- 2021-05: $144.03 per share

- 2021-06: $142.62 per share

- 2021-07: $146.58 per share

- 2021-08: $145.89 per share

- 2021-09: $140.55 per share

- 2021-10: $147.75 per share

- 2021-11: $157.77 per share

- 2021-12: $153.56 per share

- 2022-01: $135.00 per share

- 2022-02: $113.37 per share

- 2022-03: $118.47 per share

- 2022-04: $117.89 per share

- 2022-05: $121.75 per share

- 2022-06: $110.42 per share

- 2022-07: $112.31 per share

- 2022-08: $103.26 per share

- 2022-09: $86.00 per share

- 2022-10: $91.20 per share

- 2022-11: $91.86 per share

- 2022-12: $91.33 per share

- 2023-01: $111.73 per share

- 2023-02: $110.89 per share

- 2023-03: $109.29 per share

- 2023-04: $108.71 per share

- 2023-05: $106.61 per share

- 2023-06: $121.30 per share

- 2023-07: $123.61 per share

- 2023-08: $109.91 per share

- 2023-09: $105.14 per share

- 2023-10: $104.02 per share

- 2023-11: $103.30 per share

- 2023-12: $99.45 per share

- 2024-01: $98.76 per share

- 2024-02: $101.48 per share

- 2024-03: $104.89 per share

- 2024-04: $89.09 per share

- 2024-05: $95.53 per share

- 2024-06: $94.97 per share

- 2024-07: $98.38 per share

- 2024-08: $89.84 per share

- 2024-09: $98.51 per share

- 2024-10: $111.42 per share

- 2024-11: $126.02 per share

- 2024-12: $127.10 per share

- 2025-01: $133.00 per share

- 2025-02: $132.00 per share

- 2025-03: $122.20 per share

- 2025-04: $105.26 per share

- 2025-05: $114.81 per share

- 2025-06: $120.26 per share

- 2025-07: $137.80 per share

- 2025-08: $143.29 per share

- 2025-09: $140.45 per share

- 2025-10: $126.10 per share

- 2025-11: $140.53 per share

- 2025-12: $150.67 per share

- 2026-01: $157.31 per share

- 2026-02: $154.00 per share

- 2026-03: $127.87 per share

- 2026-04: $118.10 per share

- 2026-05: $134.39 per share

- 2026-06: $145.00 per share

- 2026-07: $138.47 per share

- 2026-08: $116.87 per share

- 2026-09: $105.59 per share

- 2026-10: $105.93 per share

## Annual estimated value (USD per share)

- FY2016: low $20.70 per share, central $24.46 per share, high $28.47 per share

- FY2017: low $29.41 per share, central $34.82 per share, high $40.52 per share

- FY2018: low $34.98 per share, central $41.71 per share, high $48.54 per share

- FY2019: low $40.81 per share, central $49.57 per share, high $57.77 per share

- FY2020: low $39.46 per share, central $46.93 per share, high $54.56 per share

- FY2021: low $40.00 per share, central $45.29 per share, high $52.34 per share

- FY2022: low $47.09 per share, central $53.42 per share, high $61.83 per share

- FY2023: low $62.98 per share, central $69.74 per share, high $78.72 per share

- FY2024: low $90.78 per share, central $102.48 per share, high $113.31 per share

- FY2025: low $73.80 per share, central $87.03 per share, high $100.95 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1433660/000143366026000053/jbt-20251231.htm); period 2025-12-31, filed 2026-03-02.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.