JBT Marel
JBTM on NYSE. JBT Marel sells food processing machines and services to food and beverage companies. Market value $5.7bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Look carefully before going further
Why it could be worth it
Read the warning sign in its own filings
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $5.50 of spare cash in the past 12 months. A savings account pays about $4.
You pay 25.0 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 6 cents a year. Above 10 is good.
Quality score: 77 of 100. Price score: 58 of 100. Our list needs 70 on quality and 60 on price.
$108.69 a share, 4% above its 1-year low
Over the past year the price has ranged from $104.45 to $170.19.
Dividend: 0.4% a year
Paid every year for at least 5 years
Payouts have jumped around in recent years, so this may not repeat.
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $1.9bn | $1.6bn | $1.7bn | $1.7bn | $3.8bn |
| Operating margin | |||||
| Operating margin | 6.7% | 8.3% | 9.9% | 6.9% | 5.0% |
| Debt to equity | |||||
| Debt to equity | 0.86 | 1.08 | 0.44 | 0.81 | 0.52 |
| Shares outstanding | |||||
| Shares outstanding | 0.03bn | 0.03bn | 0.03bn | 0.05bn | 0.05bn |
Health checks
- Free cash flow positive5 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)2 of 8 checks we could run
- Profit backed by cash (accruals)Yes
- Debt0.52× equity
- Revenue growth, five yearsStrong, 17.1% a year
- Buying back its own sharesNo, 63% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $981 million last quarter, up 5% on a year ago.
- Profit: $28 million, up 833% on a year ago.
- It keeps 7 cents of each $1 of sales as operating profit, up from 3 cents a year earlier.
- Spare cash over the past 12 months: $310 million, up from $282 million.
- About the same number of shares as a year ago.
- Debt is $1.6 billion more than cash, down from $1.8 billion a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $454m |
| December 2024 | $468m |
| March 2025 | $854m |
| June 2025 | $935m |
| September 2025 | $1.0bn |
| December 2025 | $1.0bn |
| March 2026 | $936m |
| June 2026 | $981m |
| Quarter to | Amount |
|---|---|
| September 2024 | $39m |
| December 2024 | -$7m |
| March 2025 | -$173m |
| June 2025 | $3m |
| September 2025 | $66m |
| December 2025 | $53m |
| March 2026 | $45m |
| June 2026 | $28m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 2 March 2026
- Next quarterly (estimated, 10-Q)
- 4 November 2026
Who owns it
6 long-term investors we follow own it, up from 5 last quarter. 391 funds in all.
- Royce & AssociatesChuck Royce
- Value
- $114m
- Share of fund
- 0.9%
- Gardner Russo & QuinnTom Russo
- Value
- $1m
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Royce & AssociatesChuck Royce | $114m | 0.9% | |
| First Eagle Investment ManagementMatthew McLennan | $24m | <0.1% | Added |
| Mairs & PowerAndy Adams | $10m | <0.1% | Added |
| Gotham Asset ManagementJoel Greenblatt | $2m | <0.1% | New |
| Gardner Russo & QuinnTom Russo | $1m | <0.1% | |
| GAMCO InvestorsMario Gabelli | $562,600 | <0.1% | Cut |
Largest holders overall
- BlackRock$1.2bnAdded
- Price T Rowe Associates$422mAdded
- Vanguard Portfolio Management$418mAdded
- Vanguard Capital Management$340m
- State Street$307mAdded
- T. Rowe Price Investment Management$299m
- UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS$264mAdded
- Lifeyrissjodur verzlunarmanna (Pension Fund of Commerce)$231m
- Invesco$211mAdded
- Geode Capital Management$200mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
4 investors own more than 5%.
- BlackRock, Inc.Passive investor14.5%+1.0 ptsSince 31 December 2025
- Vanguard Portfolio ManagementPassive investor5.5%Since 31 March 2026
- T. Rowe Price Associates, Inc.Passive investor5.3%Since 31 March 2026
- Vanguard Capital ManagementPassive investor5.2%Since 31 March 2026
- Eyrir Invest hf.Passive investorSold down below 5%Since 27 March 2025
What they said
Item 4 of the Schedule 13D is hereby amended and supplemented as follows: On March 27, 2025, at the annual general meeting of the shareholders of the Reporting Person, the shareholders of the Reporting Person (the "Shareholders") approved a capital reduction (the "Capital…
Read the filing - The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 14.5%+1.0 pts | 31 December 2025 | |
Vanguard Portfolio Management Passive investor | 5.5% | 31 March 2026 | |
T. Rowe Price Associates, Inc. Passive investor | 5.3% | 31 March 2026 | |
Vanguard Capital Management Passive investor | 5.2% | 31 March 2026 | |
Eyrir Invest hf. Passive investor | Sold down below 5% | 27 March 2025 | What they saidItem 4 of the Schedule 13D is hereby amended and supplemented as follows: On March 27, 2025, at the annual general meeting of the shareholders of the Reporting Person, the shareholders of the Reporting Person (the "Shareholders") approved a capital reduction (the "Capital… Read the filing |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 2 sold $7m, $7m of it under preset trading plans.
- Deck Brian ACEO, DirectorSoldunder a preset trading plan
- Date
- 3 March 2026
- Shares
- 8,634
- Price
- $150.51
- Value
- $1m
- Deck Brian ACEO, DirectorSoldunder a preset trading plan
- Date
- 2 March 2026
- Shares
- 10,000
- Price
- $151.39
- Value
- $2m
- Gudmundsson Olafur SDirectorSoldunder a preset trading plan
- Date
- 10 December 2025
- Shares
- 10,000
- Price
- $150.09
- Value
- $2m
- Gudmundsson Olafur SDirectorSoldunder a preset trading plan
- Date
- 26 November 2025
- Shares
- 20,000
- Price
- $141.79
- Value
- $3m
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 3 March 2026 | Deck Brian A CEO, Director | Sold under a preset trading plan | 8,634 | $150.51 | $1m |
| 2 March 2026 | Deck Brian A CEO, Director | Sold under a preset trading plan | 10,000 | $151.39 | $2m |
| 10 December 2025 | Gudmundsson Olafur S Director | Sold under a preset trading plan | 10,000 | $150.09 | $2m |
| 26 November 2025 | Gudmundsson Olafur S Director | Sold under a preset trading plan | 20,000 | $141.79 | $3m |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
1 serious warning sign in JBT Marel’s filings.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 2 Mar 2026, plus the 10-Q filed 5 Aug 2026 and 5 later 8-Ks.
Weak checks on its own accounts
SeriousThe company said its checks on its own accounts did not work at the end of its latest quarter. Mistakes could slip into the numbers.
“Due to the material weaknesses in internal control over financial reporting described below, the Company’s Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures were not effective as of June 30, 2026.”
Show the full paragraph
In accordance with SEC guidance, the Company recognizes the substantial overlap between a company’s disclosure controls and procedures and its internal control over financial reporting. Due to the material weaknesses in internal control over financial reporting described below, the Company’s Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures were not effective as of June 30, 2026. Notwithstanding this conclusion, in the opinion of management, including the Company’s Chief Executive Officer and Chief Financial Officer, the unaudited condensed consolidated financial statements in this Quarterly Report on Form 10-Q fairly present, in all material respects, our financial condition as reported in conformity with U.S. GAAP.
From the 10-Q filed 5 August 2026, Part I, Item 4. Controls and Procedures. Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.