JBT Marel

JBTM · NYSE · Industrials · Financials, fiscal 2016 to 2025

JBTM · Last close · November 6, 2026

$128.35

JBT Marel's revenue rose 121.3% to $3.8 billion in fiscal 2025. Its operating margin was 5.0%, down from 6.9% a year earlier. Free cash flow was $238 million, up 22.3%. It paid out $21 million in dividends and buybacks, 9% of free cash flow. The diluted share count rose 61.5%.

JBT Marel Corporation Latest fiscal year ended December 31, 2025 10-K filed March 2, 2026 · 0001433660-26-000053 Updated November 5, 2026

Revenue

$3.8B

121.3%

Operating margin

5.0%

1.9 pts

Net income

−$50M

$85M a year earlier

Free cash flow

$238M

22.3%

Return on capital

3.9%

2.7 pts

Market cap

$6.6B

Nov 6 close

P/E

34.1x

On $3.76 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. JBT Marel's fiscal 2023 and 2024 revenue, and fiscal 2023 cash from operations, are as reported in its 10-Ks; the quarters first reported add up to slightly more (for example US$1,689 million against US$1,664 million for 2023 revenue) because later filings restated some of them.

Charts show fiscal years, from the 10-K filings.

What JBT Marel does

JBT Marel designs, makes and services machines and systems for food and beverage companies. It says its products help customers raise yields, work more efficiently and improve food safety. Its customers are multinational and regional food and beverage producers.

On January 2, 2025 it completed the purchase of Marel hf., an Iceland-based maker of food processing equipment, and changed its name from John Bean Technologies to JBT Marel Corporation. After the deal it operated through two segments, JBT and Marel, made up of the former businesses of each company. Its shares trade on the New York Stock Exchange and on Nasdaq Iceland.

The company also earns revenue from aftermarket sales, meaning parts and service for equipment its customers have already installed. Its main offices are in Chicago, with a European headquarters in Iceland.

Its biggest risks, as it describes them

Losing several significant contracts could hurt its results.
Fixed-price contracts may lose money if costs run higher than planned.
Depending on growing its base of installed equipment through long-term customer relationships.
Maintaining aftermarket revenue from parts and service.
Labor shortages, turnover and rising labor costs.

From JBT Marel's annual report on Form 10-K, filed March 2, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2016 to 2024, earnings per share grew 2.0% a year and net income 3.0% a year, as new shares raised the share count by 8% and diluted each share's earnings. JBT Marel then lost money in fiscal 2025.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	79	72	483	1,228	168
Debt incl. finance leases	674	979	649	1,254	1,892
Net debt (negative means net cash)	596	907	165	26	1,724
Net debt to EBITDA	2.9x	4.2x	0.7x	0.1x	3.8x
Debt to equity	0.9x	1.1x	0.4x	0.8x	0.4x
Interest coverage	11.2x	8.1x	6.8x	6.1x	1.7x
Current ratio	1.3x	1.5x	2.3x	3.5x	1.0x
Quick ratio	0.9x	1.1x	1.8x	3.0x	0.6x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project JBT Marel's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open JBT Marel's projections

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, no insider bought JBT Marel shares on the open market, and 2 insiders sold $7.2 million, all of it under trading plans set up in advance.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
Mar 3, 2026	Brian A DeckCEO, Director	Sold plan	8,634	$150.51	$1.3 million	Form 4
Mar 2, 2026	Brian A DeckCEO, Director	Sold plan	10,000	$151.39	$1.5 million	Form 4
Dec 10, 2025	Olafur S GudmundssonDirector	Sold plan	10,000	$150.09	$1.5 million	Form 4
Nov 26, 2025	Olafur S GudmundssonDirector	Sold plan	20,000	$141.79	$2.8 million	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	7 of 9	6 of 9	4 of 9
Rule of 40	5.8%	14.4%	127.6%
Altman Z''	4.94	5.12	1.96
Accruals ratio	19.0%	−4.8%	−6.8%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Fail
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Fail	Fail
Cash from operations exceeds net income	Fail	Pass	Pass
Debt fell relative to assets	Pass	Fail	Pass
Current ratio rose	Pass	Pass	Fail
Share count didn't rise	Pass	Fail	Fail
Gross margin rose	Pass	Pass	Fail
Revenue rose relative to assets	Fail	Pass	Pass
F-score	7 of 9	6 of 9	4 of 9

Companies that report no gross profit are scored on the other eight.

Compare

Put JBT Marel side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
JBT Marel	FY25	121.3%	5.0%	6.3%	3.9%	3.8x	4
Donaldson	FY26	5.3%	15.4%	11.0%	19.4%	1.5x	7	Compare
ITT	FY25	8.5%	17.4%	13.9%	16.8%	−1.2x	7	Compare
Valmont Industries	FY25	0.7%	10.1%	7.6%	17.9%	1.2x	7	Compare
Fortive	FY25	1.9%	17.3%	23.5%	5.7%	2.4x	5	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	1,350	1,635	1,920	1,946	1,728	1,868	1,590	1,664	1,716	3,798
Revenue growth	22.0%	21.1%	17.4%	1.4%	−11.2%	8.1%	−14.9%	4.7%	3.1%	121.3%
Gross profit	158	190	234	264	224	220	255	586	626	1,335
Research and development	24	29	27	28	29	22	23	20	21	116
Operating income	101	144	144	188	163	126	133	165	118	189
Net income	68	80	104	129	109	119	137	583	85	−50
Diluted EPS (US$)	2.27	2.53	3.23	4.02	3.39	3.71	4.28	18.13	2.65	−0.98
Diluted shares (millions)	30	32	32	32	32	32	32	32	32	52
Cash flow
Cash from operations	67	105	154	110	252	226	142	74	233	342
Capital expenditure	37	38	40	38	34	52	85	55	38	104
Free cash flow	30	67	114	72	218	174	58	19	195	238
Dividends paid	12	13	13	13	13	13	13	13	13	21
Share buybacks	4	5	20	0	0	0	8	5	0	0
Acquisitions	232	104	58	366	4	224	330	0	0	1,746
Stock-based compensation	10	9	10	9	2	6	9	11	15	23
Balance sheet at fiscal year end
Cash and short-term investments	33	34	43	40	48	79	72	483	1,228	168
Debt incl. finance leases	497	376	387	698	522	674	979	649	1,254	1,892
Total assets	1,187	1,391	1,442	1,915	1,806	2,141	2,641	2,710	3,414	8,191
Total liabilities	1,008	950	986	1,345	1,169	1,391	1,736	1,222	1,870	3,727
Shareholders' equity	180	442	457	570	672	786	905	1,489	1,544	4,464
Margins and ratios
Gross margin	11.7%	11.6%	12.2%	13.6%	12.9%	11.8%	16.0%	35.2%	36.5%	35.1%
Operating margin	7.5%	8.8%	7.5%	9.7%	9.4%	6.7%	8.3%	9.9%	6.9%	5.0%
Net margin	5.0%	4.9%	5.4%	6.6%	6.3%	6.4%	8.6%	35.0%	5.0%	−1.3%
Free cash flow margin	2.2%	4.1%	5.9%	3.7%	12.6%	9.3%	3.6%	1.1%	11.3%	6.3%
Rule of 40 (growth + FCF margin)	24.2%	25.1%	23.4%	5.1%	1.4%	17.4%	−11.2%	5.8%	14.4%	127.6%
Return on capital	14.4%	12.5%	14.7%	14.4%	10.4%	7.9%	7.3%	8.0%	6.5%	3.9%
Return on equity	43.7%	25.9%	23.2%	25.1%	17.5%	16.3%	16.2%	48.7%	5.6%	−1.7%
Return on assets	6.5%	6.2%	7.3%	7.7%	5.8%	6.0%	5.8%	21.8%	2.8%	−0.9%
Net debt to EBITDA	3.3x	1.8x	1.7x	2.6x	2.0x	2.9x	4.2x	0.7x	0.1x	3.8x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: JBT Marel's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with JBT Marel.