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RoboticsPublic

JBT Marel

catalyst in 2dNo base rate yet — JBTM has 0 graded prints on the record, and the bar is 3.Website
Ticker
JBTM
Beat
robotics
Size
Public Company
Revenue
$981M
as of Jun 2026
Cash
$168M
as of Dec 2025
Researched · Fresh
9 days ago

A newly-merged global #1 in food-processing automation, ~17% off its March high, mid-cycle on a real integration story — the bull case is synergy-and-deleveraging math the market half-believes; the bear case is two unremediated Marel control weaknesses and a $5.4B goodwill/intangible stack sitting on a still-cyclical protein-capex book.

Orbit · who it trades with and competes with
1 on the rings · 0 trade · 1 rival
1 mentions across our dossiers
Focus · Robotics
JBT Marel
JBTM · public
No published house view
Competes with
Next prints in its web
Links · 1 company · 0 trade · 1 rival
“The index has no robotics peers and Middleby has no true single comp — it straddles commercial-foodservice equipment (Rational, Hoshizaki, ITW/Hobart, Ali Group-private, Welbilt-now-Ali) and diversified food-processing/industrials (GEA, JB…”Middleby · RIVAL · from Middleby’s dossier
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Price

Weekly closes

JBTM · weekly close
109.17 USD+0.5%
Friday 30 Oct 2026 · last 52 Fridays 104.24–168.55
pick a pin
Every pin is a dated row
Solid: filed with the SEC, settled at FINRA, or a recorded split. Hollow: the scheduled print, past the last close, never a price.
Height is the close · the ribbon is the stored record, a missing week a missing point · a pin stands on its Friday
  1. Short interest: 4,143,584 sh · 7.17 days to cover, FINRA · settled 30 Sept 2026
  2. Next print: in 2 days, Scheduled · 2 Nov 2026, scheduled
109.17USD+0.5%robotics -1.6%JBTM · 112 weekly closes to 2026-10-30

Who is buying

Shares sold shortFINRA · settled 30 Sept 2026
4,143,584 shares
Days to unwind the shortFINRA · settled 30 Sept 2026
7.17
see the whole series
Financials

The reported figures

Revenue · quarterly
$981M
latest, Q2 ’26 · 12 periods stored
Filed · primary
Q2 ’26
$981M USD
as of 30 Jun 2026
Source: sec.gov
Solid = filed (primary) · hollow dashed = estimate · a dashed floor tick is a period with no figure held · quarterly and annual never share an axis
JBT Marel, quarterly figures held, Q3 ’23 to Q2 ’26
PeriodAs ofRevenueOperating marginCashShares outstandingGradingSource
Q3 ’2330 Sept 2023$454M USD8.1% share of revenue—31.8M sharesFiled · primarysec.gov
Q4 ’2331 Dec 2023$445M USD12.4% share of revenue$483M USD—Filed · primarysec.gov
Q1 ’2431 Mar 2024$392M USD7.4% share of revenue—31.8M sharesFiled · primarysec.gov
Q2 ’2430 Jun 2024$421M USD6.4% share of revenue—31.8M sharesFiled · primarysec.gov
Q3 ’2430 Sept 2024$454M USD10.3% share of revenue—31.8M sharesFiled · primarysec.gov
Q4 ’2431 Dec 2024$468M USD3.4% share of revenue$1.2B USD—Filed · primarysec.gov
Q1 ’2531 Mar 2025$854M USD-3.9% share of revenue—52.0M sharesFiled · primarysec.gov
Q2 ’2530 Jun 2025$935M USD5.1% share of revenue—52.0M sharesFiled · primarysec.gov
Q3 ’2530 Sept 2025$1.0B USD10.2% share of revenue—52.0M sharesFiled · primarysec.gov
Q4 ’2531 Dec 2025$1.0B USD7.2% share of revenue$168M USD—Filed · primarysec.gov
Q1 ’2631 Mar 2026$936M USD7.3% share of revenue—52.1M sharesFiled · primarysec.gov
Q2 ’2630 Jun 2026$981M USD4.7% share of revenue—51.9M sharesFiled · primarysec.gov

JBT Marel’s figures as the company reported them in its filings. Quarters are calendar quarters, so a company whose year ends in January shows each fiscal quarter under the calendar quarter it falls in. An empty slot is a quarter we hold no figure for.

Revenue · quarterlyQ3 ’23 – Q2 ’26
$981M+4.9% vs Q2 ’25

Q2 ’26 · as of Jun 2026

Revenue Q3 ’23: $454M, as of Sep 2023Revenue Q4 ’23: $445M, as of Dec 2023Revenue Q1 ’24: $392M, as of Mar 2024Revenue Q2 ’24: $421M, as of Jun 2024Revenue Q3 ’24: $454M, as of Sep 2024Revenue Q4 ’24: $468M, as of Dec 2024Revenue Q1 ’25: $854M, as of Mar 2025Revenue Q2 ’25: $935M, as of Jun 2025Revenue Q3 ’25: $1.0B, as of Sep 2025Revenue Q4 ’25: $1.0B, as of Dec 2025Revenue Q1 ’26: $936M, as of Mar 2026Revenue Q2 ’26: $981M, as of Jun 2026
Operating margin · quarterlyQ3 ’23 – Q2 ’26
4.7%-0.4 pts vs Q2 ’25

Q2 ’26 · as of Jun 2026

Operating margin Q3 ’23: 8.1%, as of Sep 2023Operating margin Q4 ’23: 12.4%, as of Dec 2023Operating margin Q1 ’24: 7.4%, as of Mar 2024Operating margin Q2 ’24: 6.4%, as of Jun 2024Operating margin Q3 ’24: 10.3%, as of Sep 2024Operating margin Q4 ’24: 3.4%, as of Dec 2024Operating margin Q1 ’25: -3.9%, as of Mar 2025Operating margin Q2 ’25: 5.1%, as of Jun 2025Operating margin Q3 ’25: 10.2%, as of Sep 2025Operating margin Q4 ’25: 7.2%, as of Dec 2025Operating margin Q1 ’26: 7.3%, as of Mar 2026Operating margin Q2 ’26: 4.7%, as of Jun 2026
Free cash flow · annualFY21 – FY25
$238M

FY25 · as of Dec 2025

Free cash flow FY21: $174M, as of Dec 2021Free cash flow FY22: $57.7M, as of Dec 2022Free cash flow FY23: $19.1M, as of Dec 2023Free cash flow FY24: $195M, as of Dec 2024Free cash flow FY25: $238M, as of Dec 2025

Operating cash flow minus capital spending.

Cash · annualFY21 – FY25
$168Mdebt $1.9B

FY25 · as of Dec 2025

Cash FY21: $76.9M, as of Dec 2021Cash FY22: $71.7M, as of Dec 2022Cash FY23: $483M, as of Dec 2023Cash FY24: $1.2B, as of Dec 2024Cash FY25: $168M, as of Dec 2025Debt FY21: $674M, as of Dec 2021Debt FY22: $977M, as of Dec 2022Debt FY23: $646M, as of Dec 2023Debt FY24: $1.3B, as of Dec 2024Debt FY25: $1.9B, as of Dec 2025

CashDebt

Shares outstanding · quarterlyQ3 ’23 – Q2 ’26
51.9M+63% since Q3 ’23

Q2 ’26 · as of Jun 2026

Shares outstanding Q3 ’23: 31.8M, as of Sep 2023Shares outstanding Q1 ’24: 31.8M, as of Mar 2024Shares outstanding Q2 ’24: 31.8M, as of Jun 2024Shares outstanding Q3 ’24: 31.8M, as of Sep 2024Shares outstanding Q1 ’25: 52.0M, as of Mar 2025Shares outstanding Q2 ’25: 52.0M, as of Jun 2025Shares outstanding Q3 ’25: 52.0M, as of Sep 2025Shares outstanding Q1 ’26: 52.1M, as of Mar 2026Shares outstanding Q2 ’26: 51.9M, as of Jun 2026

A rising count is dilution: each existing share owns less of the company.

Latest filing: sec.gov

The record

What happened

What happened
DateTypeWhat happenedSource
2026-10-22editorial noteSources added: 0 → 2The dossier's cited-link count grew from 0 to 2 (deep-dive-2026-06-18.md → deep-dive-2026-10-22.md).dossier
2026-10-22editorial noteMargin figure revised: 21.7% → 2.9%Margin moved from 21.7% (deep-dive-2026-06-18.md) to 2.9% (deep-dive-2026-10-22.md).dossier
2026-10-22editorial noteRevenue figure revised: 50% → $981MRevenue moved from 50% (deep-dive-2026-06-18.md) to $981M (deep-dive-2026-10-22.md).dossier
dossier age
9 days
researched 22 Oct 2026 · ring fills at 180
pick a section
Each column is a section of the dossier
Its height is how many times the section names a filing: 23 mentions across 2 sections. A dashed foot names none.
Primary sources
0 of 2 sections name no filing · Enter steps through them
  1. The dossier: Refresh delta (since 2026-06-18), 533 words, 18 filing mentions
  2. The dossier: What held, 77 words, 5 filing mentions
Research

The JBT Marel dossier

The verdict

A newly-merged global #1 in food-processing automation, ~17% off its March high, mid-cycle on a real integration story — the bull case is synergy-and-deleveraging math the market half-believes; the bear case is two unremediated Marel control weaknesses and a $5.4B goodwill/intangible stack sitting on a still-cyclical protein-capex book.

Primary sources

SEC filings

Source documents — open to read in full

Refresh delta (since 2026-06-18)

  1. Q2-2026 revenue $981M, up 5% on $935M, with about 2 points from foreign exchange. Six-month revenue $1,917M against $1,789M. [sec.gov: Form 8-KA filing for something that happened between reports and matters enough to tell shareholders now. filed 2026-08-03, exhibit 99.1, https://www.sec.gov/Archives/edgar/data/1433660/000162828026051894/a2026q2earningsexhibit9918k.htm; quarter ended 2026-06-30]
  2. Earnings. Net income $28M (margin 2.9%), diluted EPS $0.54 against $0.07. Adjusted EBITDA $168M (17.1% margin, +40bps), adjusted EPS $1.95 against $1.49. Net income includes a $33M non-cash impairment of acquired intangibles in Protein Solutions ($27M customer relationships, $6M patents and technology), booked in SG&A. [sec.gov: 8-K filed 2026-08-03, same URL; Form 10-QThe quarterly version of the annual report. Lighter, and not audited. filed 2026-08-05, https://www.sec.gov/Archives/edgar/data/1433660/000162828026053548/jbt-20260630.htm]
  3. Orders and backlog. Orders $1.03B, Book-to-billNew orders divided by orders filled. Above 1 means the backlog is growing; below 1 means the company is working through it faster than it is replacing it. 1.05x, backlog $1.54B at 2026-06-30. [sec.gov: 8-K filed 2026-08-03, same URL]
  4. Segments, Q2-2026. Protein Solutions revenue $467M (+11%), adjusted EBITDA $112M, margin 24.0% (+350bps, against 20.5%). Prepared Food and Beverage Solutions revenue $514M (flat), adjusted EBITDA $90M, margin 17.5% (-70bps). The company says Prepared Food and Beverage came in below its expectations on logistics constraints and productivity inefficiencies. [sec.gov: 8-K filed 2026-08-03, same URL; 10-Q filed 2026-08-05, same URL]
  5. Gross margin and tariffs. Q2 gross margin 36.6% against 35.8%. The 10-Q says net tariff impact contributed 62bps to the year-over-year gain, including tariff recoveries recognised in Q2. [sec.gov: 10-Q filed 2026-08-05, same URL]
  6. FY2026 guidance changed in EPS only. Revenue ($3,990M-$4,065M) and adjusted EBITDA margin (17.0%-17.5%) are reiterated. Adjusted EPS is now $7.85-$8.35 and GAAP diluted EPS $4.20-$4.70; net income margin is 5.5%-6.0%. The previous dossier records $8.00-$8.50 adjusted EPS and $4.70-$5.15 GAAP EPS. The company attributes the change to depreciation and amortisation and tax-rate assumptions and to the impairment. [sec.gov: 8-K filed 2026-08-03, same URL]
  7. Cash and leverage. Year-to-date operating cash flow $221M and Free cash flowCash left after paying to run and maintain the business. Unlike profit, it is hard to flatter with accounting choices. $179M. Net debt to trailing-twelve-month adjusted EBITDA was 2.47x at 2026-06-30, inside the 2.0x-2.5x target range (the previous dossier cites about 2.6x at Q1-2026 ). Cash was $93M at 2026-06-30 against $168M at 2025-12-31. [sec.gov: 8-K filed 2026-08-03, same URL; 10-Q filed 2026-08-05, same URL]
  8. Debt and buyback. The 2026 convertible notes ($403M at 2025-12-31) show a nil balance at 2026-06-30, and the May 15, 2026 maturity date is the one the 10-Q lists. Term Loan B fell to $691M from $893M. A $200M share repurchase programme runs from 2026-05-18 to 2029-05-31, and about 200,000 shares were bought for $26M in Q2. [sec.gov: 10-Q filed 2026-08-05, same URL; 8-K filed 2026-08-03, same URL]
  9. Marel control weaknesses remain unremediated at 2026-06-30. The 10-Q lists the Marel IT general controls and journal-entry controls weaknesses as unremediated and says remediation design is substantially complete but the controls have not yet operated long enough to be tested. Management concluded disclosure controls were not effective. [sec.gov: 10-Q filed 2026-08-05, same URL]
  10. Synergies. Management expects $60M of in-year realised savings in 2026. [sec.gov: 8-K filed 2026-08-03, same URL]
  11. Where the new filings meet the carried view (stated as fact, no line changed). The carried seed catalyst "Q2-2026 print" has occurred (items 1-7). The carried seed names "two unremediated Marel control weaknesses" and "Prepared-Food organic decline"; the 10-Q reports both weaknesses still unremediated, and Prepared Food and Beverage revenue flat with margin down 70bps. The carried "2026 Convertible Notes maturity / refinancing" catalyst is reflected as a nil balance (item 8).

What held

  • Protein Solutions continued to carry the margin story: revenue +11%, margin 24.0%. [sec.gov: 8-K filed 2026-08-03, same URL]
  • Full-year revenue and adjusted EBITDA margin guidance are unchanged. [sec.gov: 8-K filed 2026-08-03, same URL]
  • Leverage kept falling and sits inside the 2.0x-2.5x range. [sec.gov: 8-K filed 2026-08-03, same URL]
  • The Marel material weaknesses are the same two items as before; no new weakness is reported in the 10-Q. [sec.gov: 10-Q filed 2026-08-05, same URL]

How our view changed

2 dossiers

Every dossier we have written on JBT Marel, newest first.

  1. current

    A newly-merged global #1 in food-processing automation, ~17% off its March high, mid-cycle on a real integration story

  2. A newly-merged global #1 in food-processing automation, ~17% off its March high, mid-cycle on a real integration story

Company details

IndustryRobotics
SizePublic Company
WebsiteVisit JBT Marel

Others in robotics

5 names

Where JBT Marel sits against the other names we cover on this beat. Each line is that company’s verdict, not a summary of it.