Forensic Analysis · Machinery & Fabricated Metal Products · as of Nov 8, 2026
Jbt Marel Corp (JBTM)
A forensic read on Jbt Marel Corp built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Grey Zone
Financial health
2.0
Distress distance
Watch
Earnings quality
3
Forensic signals
-1.7%
ROE
121.3%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Jbt Marel Corp earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 2.0, placing it in the Grey zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
3.5%
FY2025
Return on invested capital.Return on invested capital is 3.5% in the latest fiscal year and slipping across FY2023–FY2025 from 8.0%. After-tax operating profit was $139M in FY2023 and $150M in FY2025, with operating income at 9.9% of revenue in FY2023, 6.9% in FY2024 and 5.0% in FY2025. The capital base behind it grew +143% across FY2023–FY2025, from $1.7B to $4.2B, while the return fell 4.5 points, so the dollars added over that window earned less than the 8.0% the older base was already earning. FY2025's operating profit carried a $29M restructuring charge that alone took about 0.5 points off that year's return, so about 0.5 of the 4.5-point fall across FY2023–FY2025 is that charge landing in the latest year rather than the capital earning less.
+27.3%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +62% over the last 2 years to FY2025 (+27.3%/yr). The count is growing — 32.1M shares in FY2023, 52.0M in FY2025: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~27.3% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~38%.
0.6% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 0.6% of revenue and 10% of free cash flow in FY2025 — about $0.45 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 27.3% a year across FY2023–FY2025 and that rate is not falling, so total profit has to grow by that much annually before any of it reaches a share. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
Key fundamentals
Latest Revenue$3.80B
Revenue Growth YoY+121.3%
Revenue CAGR (2yr)+51.1%
Net Margin-1.3%
Free Cash Flow$238.1M
Return on Equity-1.7%
Debt / Equity0.42x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Jbt Marel Corp's actual 10-K/10-Q/8-K filings?