John Bean Technologies Corporation (JBT) | Investment Case

1. Company Snapshot

1.a. Company Description

John Bean Technologies Corporation provides technology solutions to food and beverage industry and equipment and services to air transportation industries.The company operates through two segments: JBT FoodTech and JBT AeroTech.It offers poultry processing, mixing/grinding, injecting, marinating, tumbling, portioning, packaging, coating, cooking, frying, freezing, weighing, X-ray food inspection, and food safety solutions.

The company also provides processing solutions for extracting, mixing, blending, pasteurizing, sterilizing, concentrating, high pressure processing, filling, closing, sealing, and final packaging, as well as processing equipment; and packaging systems for poultry, beef, pork, seafood, ready-to-eat meals, fruits, vegetables, dairy, bakery, pet foods, soups, sauces, and juices.In addition, it offers automated guided vehicle systems for material movement in the manufacturing, warehouse, and medical facilities.Further, the company provides mobile air transportation equipment, such as commercial and defense cargo loading, aircraft deicing, aircraft towing, and aircraft ground power and cooling systems; and fixed equipment for passenger boarding.

Additionally, it offers airport equipment, systems, and facilities maintenance services to domestic and international airport authorities, passenger airlines, airfreight and ground handling companies, defense forces, and defense contractors.The company markets and sells its products and solutions through direct sales force, independent distributors, and sales representatives.John Bean Technologies Corporation was incorporated in 1994 and is headquartered in Chicago, Illinois.

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1.b. Last Insights on JBT

John Bean Technologies Corporation's recent stock performance has been positively driven by the nearing completion of its pending combination with Marel, expected to boost growth in January 2025. The company's receipt of all regulatory clearances and satisfaction of the minimum acceptance condition have cleared the way for the acquisition. Additionally, JBT Corporation's declaration of a quarterly dividend of $0.10 per share has provided a positive catalyst. The company's webcast to discuss the combination and the settlement of its voluntary takeover offer have also contributed to the positive sentiment.

1.c. Company Highlights

Last Price	125.32
Change Percentage	-1.40%
Open	128
Previous Close	127.1
Market Cap ( Millions)	3991
Volume	503315
Year High	132.69
Year Low	82.64
M A 50	122.88
M A 200	101.72

FCF Yield	2.96%
Dividend Yield	0.28%
ROE	-3.06%
Debt / Equity	43.13%
Net Debt / EBIDTA	832.23%
Price To Book	1.66
Price Earnings Ratio	-66.29
Price To FCF	33.8
Price To sales	2.25
EV / EBITDA	42.36

2. JBT Marel's Q3 Earnings Exceed Expectations

The company's third-quarter 2025 financial performance was impressive, with total revenue reaching approximately $1 billion, a 7% sequential increase. Adjusted EBITDA margin of 17.1% exceeded expectations by about 140 basis points, driven by favorable mix, synergy savings, and foreign exchange translation impact. Earnings per share (EPS) came in at $1.4, below the estimated $1.85. Revenue exceeded expectations by approximately $65 million, driven by excellent manufacturing and supply chain productivity.

Publication Date: Nov -11

                                    📋 Highlights
                                    Q3 Revenue & EBITDA Overperformance::
                                                Revenue reached $1 billion, exceeding expectations by $65 million; adjusted EBITDA margin hit 17.1%, surpassing guidance by 140 basis points.
Full-Year Guidance Raised::
                                                2025 revenue now projected at $3.76–$3.79 billion, including $70–$85 million in favorable forex effects, with EBITDA margin guidance at 15.75–16%.
Backlog & Order Growth::
                                                Ended Q3 with $1.3 billion in backlog and $946 million in orders (up 7% YoY), driven by poultry industry equipment investments and a strong project pipeline.
Deleveraging Progress::
                                                Financial leverage reduced to 3.1x by Q3-end, with target of below 3x by year-end, aided by $575 million in low-coupon convertible notes issued.
2026 Growth Visibility::
                                                70%+ visibility to 2026 revenue, with cross-selling and automation opportunities expanding beyond poultry to pork, fish, and fruit/vegetable markets.

                                

Revenue and Margin Drivers

The primary drivers of the company's outperformance were higher backlog to revenue conversion, a favorable equipment mix, and an acceleration of synergy savings. The poultry industry, JBT Marel's largest end market, continued to invest in equipment, and the pipeline for poultry-related projects is expected to provide support well into next year. The company's backlog stood at $1.3 billion at the end of the quarter.

Guidance and Outlook

JBT Marel raised its guidance for full-year 2025, expecting revenue between $3.76 billion to $3.79 billion, including approximately $70 million to $85 million in favorable year-over-year foreign exchange translation effect. The company is forecasting full-year adjusted EBITDA margin to be 15.75% to 16% and adjusted EPS of $6.10 to $6.40. Analysts estimate next year's revenue growth at 4.6%.

Valuation Metrics

Using the current price, the company's P/E Ratio stands at -66.88, EV/EBITDA at 42.66, and P/S Ratio at 2.27. The Net Debt / EBITDA ratio is 8.32, and ROIC is 1.75%. These metrics indicate that the market is pricing in significant growth expectations, but the current valuation may be challenging given the company's current financial performance.

Operational Highlights

The company is making progress in its integration, with quantifiable benefits in terms of supply chain and operating expense savings. The account management model has allowed the sales force to sell the entire portfolio, leading to discovery of new opportunities and cross-selling. The company is expecting a growth year in 2026, driven by a strong backlog and order pipeline, with visibility above 70% to the 2026 revenue.

3. NewsRoom

JBT Marel's Surge Doesn't Justify Renewed Optimism

Nov -05

Source: seekingalpha.com

JBT Marel Corporation (JBTM) Q3 2025 Earnings Call Transcript

Nov -04

Source: seekingalpha.com

Envestnet Asset Management Inc. Acquires Shares of 248,407 JBT Marel Corporation $JBTM

Nov -03

Source: defenseworld.net

JBT Marel Corporation Announces Third Quarter 2025 Earnings Release and Conference Call Schedule

Oct -21

Source: businesswire.com

JBT Marel Launches New Fresh'n Squeeze® 1800 Citrus Juicer

Oct -16

Source: businesswire.com

JBT Marel Unveils 2024 Sustainability Report, Showcasing Dedication to Positive Environmental and Social Impact

Sep -18

Source: businesswire.com

JBT and Marel Marks First Joint Pack Expo Debut, Introduces New Cleaning System

Sep -17

Source: businesswire.com

Gladstone Commercial Executes Extension Lease With JBT Marel

Sep -11

Source: zacks.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.40%)

6. Segments

Food and Beverage Solutions

Expected Growth: 4.5%

JBT Corporation's Food and Beverage Solutions segment growth of 4.5% is driven by increasing demand for automated food processing and packaging solutions, expansion in emerging markets, and strategic acquisitions. Additionally, growing consumer preferences for convenience, sustainability, and food safety are fueling demand for JBT's innovative solutions, such as its sterilization and pasteurization technologies.

Service

Expected Growth: 3.5%

John Bean Technologies Corporation's 3.5% growth in service segment is driven by increasing demand for food processing and sterilization equipment, expansion into emerging markets, and growing need for equipment maintenance and aftermarket services. Additionally, the company's strategic acquisitions and investments in digital technologies have enhanced its service offerings, contributing to the growth.

7. Detailed Products

Protein Processing Equipment

John Bean Technologies Corporation provides a range of protein processing equipment for the meat, poultry, and seafood industries, including cooking, chilling, and freezing systems.

Bakery Equipment

JBT offers a variety of bakery equipment, including ovens, proofers, and cooling systems, designed to improve efficiency and product quality in the baking industry.

Liquid Foods Processing Equipment

JBT provides equipment for the processing of liquid foods, including aseptic filling, pasteurization, and sterilization systems, for the dairy, juice, and beverage industries.

Automated Systems

JBT offers automated systems for material handling, packaging, and processing, designed to increase efficiency, reduce labor costs, and improve product quality.

8. John Bean Technologies Corporation's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for John Bean Technologies Corporation is medium due to the availability of alternative products and services in the food processing industry.

Bargaining Power Of Customers

The bargaining power of customers for John Bean Technologies Corporation is high due to the concentration of large food processing companies that have significant purchasing power.

Bargaining Power Of Suppliers

The bargaining power of suppliers for John Bean Technologies Corporation is low due to the availability of multiple suppliers of raw materials and components.

Threat Of New Entrants

The threat of new entrants for John Bean Technologies Corporation is low due to the high barriers to entry in the food processing industry, including significant capital requirements and regulatory hurdles.

Intensity Of Rivalry

The intensity of rivalry for John Bean Technologies Corporation is high due to the competitive nature of the food processing industry, with multiple players competing for market share.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	30.67%
Debt Cost	4.44%
Equity Weight	69.33%
Equity Cost	10.41%
WACC	8.58%
Leverage	44.23%

11. Quality Control: John Bean Technologies Corporation passed 4 out of 9 key points

Strong Liquidity

Low Debt

Strong Interest Coverage

Healthy Cash Flow

Operating Inefficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

EnPro

A-Score: 4.8/10

Value: 1.8

Growth: 4.6

Quality: 6.3

Yield: 1.0

Momentum: 8.5

Volatility: 6.7

1-Year Total Return ->

John Bean Technologies

A-Score: 4.4/10

Value: 4.4

Growth: 5.1

Quality: 3.0

Yield: 0.0

Momentum: 8.0

Volatility: 6.0

1-Year Total Return ->

SPX Technologies

A-Score: 4.3/10

Value: 1.4

Growth: 6.0

Quality: 6.2

Yield: 0.0

Momentum: 6.0

Volatility: 6.0

1-Year Total Return ->

Mirion Technologies

A-Score: 4.1/10

Value: 1.1

Growth: 4.4

Quality: 5.4

Yield: 0.0

Momentum: 10.0

Volatility: 4.0

1-Year Total Return ->

Generac

A-Score: 4.1/10

Value: 2.8

Growth: 6.7

Quality: 6.2

Yield: 0.0

Momentum: 4.5

Volatility: 4.3

1-Year Total Return ->

Regal Rexnord

A-Score: 3.8/10

Value: 5.1

Growth: 4.0

Quality: 4.8

Yield: 2.0

Momentum: 2.0

Volatility: 4.7

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

10.33%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

8.58%

John Bean Technologies Corporation - US4778391049

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on JBT

1.c. Company Highlights

Better Quality

Weak Momentum

Average Yield

Earnings Beats

Stable Momentum

Earnings Miss

Revenues Miss

Revenues Beats

Average Quality

Expensive

Fairly Valued

Strong Momentum

Less Volatile

Lower Quality

2. JBT Marel's Q3 Earnings Exceed Expectations

Revenue and Margin Drivers

Guidance and Outlook

Valuation Metrics

Operational Highlights

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.40%)

6. Segments

Food and Beverage Solutions

Expected Growth: 4.5%

Service

Expected Growth: 3.5%

7. Detailed Products

Protein Processing Equipment

Bakery Equipment

Liquid Foods Processing Equipment

Automated Systems

8. John Bean Technologies Corporation's Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: John Bean Technologies Corporation passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

125.32$

Current Price

125.32$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA