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The Moat Index

JBT Marel Corporation

JBTM · Industrials · FY2025 filings · No moat ·

Doesn't clear the bar

32/ 100
No moat

The four filters

Pricing power0

Median gross margin 14.6% over 10y, variable.

Returns on capital79

Median ROIC 16.7%, above the 9% hurdle in 80% of years.

Balance-sheet safety3

Net debt/EBITDA 3.8x, interest coverage 2x.

Capital discipline39

Owner earnings +5.5%/yr, share count growing (dilution).

Margin of safety

Above valueOn sale
No price data
Owner earnings (normalized)
$137.4M
Est. intrinsic value / share
—
Recent price
$134.00
Discount to value
No price data

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

18 years of fundamentals

The business, in plain English

JBT Marel Corporation booked $3.8B of revenue in FY2025 in the Industrials sector and kept 35.1% of it as gross profit — a solid-margin business by that measure. After every other cost, −1.3% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $841.6M (FY2009) to $3.8B (FY2025) — about 9.9% a year compounded over 16 years.

It earned 2.4% on invested capital in FY2025, with a median of 28.1% across 17 filed years. The Returns on Capital filter above scores it 79/100.

The balance sheet carried $1.9B of total debt in FY2025 against $112.1M of owner earnings — roughly 16.8 years of owner earnings to retire it all. Balance-Sheet Safety scores it 3/100.

The share count rose 13.0% between FY2010 and FY2024 — existing owners have been diluted over the record. Capital Discipline scores it 39/100.

Put together: Returns on Capital is the strongest of the four filters (79/100) and Pricing Power the weakest (0/100), which is how JBTM lands at 32/100 — a None moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

FY2008–FY2025 · 18 fiscal years, normalized from JBTM’s SEC filings

RevenueSales, as filed$3.8B FY2025
$0$2B$4B2008201420202025
Gross marginRevenue kept after cost of goods35.1% FY2025
0%20%2008201420202025
Return on invested capitalOperating profit on the capital employed2.4% FY2025
0%250%500%2008201420202025
Owner earningsCash an owner could take out$112.1M FY2025
$0$250M$500M2008201420202025

Gaps in a line mean that item isn’t in JBTM’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

3 logged readings since Jul 17, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale32.0 / 100
0406080100WideNarrowShallowNo moatJul 17, 2026

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — JBTM has read No moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Industrials context

#187 of 309 scored Industrials companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #185GTLS CHART INDUSTRIES, INC.32.2No moat
  2. #186PPIH PERMA-PIPE INTERNATIONAL HOLDINGS, INC.32.1No moat
  3. #188CRS CARPENTER TECHNOLOGY CORPORATION31.8No moat
  4. #189AMRC Ameresco, Inc.31.6No moat

Compare JBTM with its nearest peers →All Industrials companies on the Index →

Common questions about JBTM

Does JBT Marel Corporation have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores JBT Marel Corporation (JBTM) 32.0 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 0, returns on capital 79, balance-sheet safety 3, capital discipline 39.
How has JBTM's Moat Score changed over time?
The record logs 3 readings since Jul 17, 2026; the latest reads 32.0 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.
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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell JBTM. See the disclaimer.

JBT Marel Corporation (JBTM) Moat Score — The Moat Index · Buy Like Buffett