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Specialty industrial machinery · Industrials · Fiscal year ends Dec 31
JBT Marel reported revenue of $3.8B in the fiscal year ended Dec 2025, up 121.3% from the year before. Operating income was $189M, an operating margin of 5.0%, and net income was −$51M. Operating cash flow of $342M less capital expenditure of $104M left free cash flow of $238M. Net debt was $1.7B.
Ranks among the 34 specialty industrial machinery companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 1,401 | 1,590 | 1,664 | 1,716 | 3,798 |
| Cost of revenue | – | 1,061 | 1,079 | 1,090 | 2,464 |
| Gross profit | 220 | 255 | 586 | 627 | 1,335 |
| Research & development | 22.0 | 23.0 | 20.5 | 20.9 | 116 |
| Selling, general & admin | 351 | 390 | 410 | – | – |
| Operating incomederived: pre-tax income + interest | 126 | 133 | 165 | 118 | 189 |
| Interest expense | 11.2 | 16.3 | 24.3 | 19.4 | 114 |
| Pre-tax income | 120 | 120 | 153 | 95.3 | −62.4 |
| Income tax | 27.0 | 16.2 | 23.5 | 10.7 | −13.1 |
| Net income | 119 | 137 | 583 | 85.4 | −50.5 |
| Diluted EPS | 3.71 | 4.28 | 18.13 | 2.65 | −0.98 |
| Diluted shares | 32.1 | 32.1 | 32.1 | 32.2 | 52.0 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 78.8 | 71.7 | 483 | 1,228 | 168 |
| Receivables | 239 | 201 | 214 | 240 | 443 |
| Inventory | 229 | 264 | 239 | 233 | 644 |
| Current assets | 719 | 927 | 1,100 | 1,863 | 1,583 |
| Net PP&E | 268 | 245 | 248 | 234 | 793 |
| Goodwill | 647 | 770 | 780 | 769 | 3,428 |
| Total assets | 2,141 | 2,641 | 2,710 | 3,414 | 8,191 |
| Payables | 186 | 171 | 135 | 131 | 262 |
| Deferred revenue | 157 | 161 | 157 | 178 | 499 |
| Current liabilities | 550 | 624 | 484 | 536 | 1,622 |
| Short-term debt | 0.0 | 0.6 | 0.0 | 0.0 | 412 |
| Long-term debt | 674 | 977 | 646 | 1,252 | 1,470 |
| Total liabilities | 1,391 | 1,736 | 1,222 | 1,870 | 3,727 |
| Shareholders' equity | 787 | 905 | 1,489 | 1,544 | 4,464 |
| Backlog (remaining obligations) | 1,007 | 1,055 | 678 | 721 | 1,372 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 226 | 142 | 74.2 | 233 | 342 |
| Capital expenditure | 51.7 | 84.6 | 55.1 | 37.9 | 104 |
| Free cash flow | 174 | 57.7 | 19.1 | 195 | 238 |
| Depreciation & amortisation | 76.8 | 81.1 | 91.3 | 89.4 | 266 |
| Stock-based compensation | 5.5 | 8.9 | 11.4 | 14.7 | 23.2 |
| Acquisitions | 225 | 330 | 0.1 | 0.0 | 1,746 |
| Share buybacks | 0.0 | 7.7 | 5.1 | 0.0 | 0.0 |
| Dividends paid | 12.8 | 13.1 | 12.8 | 13.1 | 20.9 |
| Dividend per share | 0.40 | 0.40 | 0.40 | 0.40 | 0.40 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 13.5% | 4.7% | 3.1% | 121.3% |
| Operating income growth (YoY) | – | 5.6% | 24.2% | −28.1% | 60.0% |
| EPS growth (YoY) | – | 15.4% | 323.6% | −85.4% | −137.0% |
| Gross margin | 15.7% | 16.0% | 35.2% | 36.5% | 35.1% |
| Operating margin | 9.0% | 8.3% | 9.9% | 6.9% | 5.0% |
| Net margin | 8.5% | 8.6% | 35.0% | 5.0% | −1.3% |
| Return on equityBlank when equity is negative | 15.1% | 15.2% | 39.1% | 5.5% | −1.1% |
| ROCEEBIT ÷ (assets − current liabilities) | 7.9% | 6.6% | 7.4% | 4.1% | 2.9% |
| Free cash flow margin | 12.4% | 3.6% | 1.1% | 11.3% | 6.3% |
| Cash conversion (CFO ÷ net income) | 1.90x | 1.04x | 0.13x | 2.72x | −6.77x |
| Receivable days | 62 | 46 | 47 | 51 | 43 |
| Inventory days | 71 | 91 | 81 | 78 | 95 |
| Payable days | 57 | 59 | 46 | 44 | 39 |
| Interest cover | 11.2x | 8.13x | 6.78x | 6.10x | 1.66x |
| Debt ÷ equity | 0.86x | 1.08x | 0.43x | 0.81x | 0.42x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 596 | 906 | 163 | 23.7 | 1,714 |
| Current ratio | 1.31x | 1.48x | 2.27x | 3.48x | 0.98x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.