JBT Marel Corporation

JBTM

IndustrialsIndustrial - MachineryNYSE

$139.45

Market Cap: $7.26B

JBT Marel Corporation (JBTM) Valuation Summary

Updated May 9, 2026 09:55

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Growth Exit 5Y	—	N/A	—
Growth Exit 10Y	$52.41 – $281.35	$105.34	-24.5%
EBITDA Exit 5Y	$73.20 – $181.49	$122.87	-11.9%
EBITDA Exit 10Y	$119.40 – $322.81	$206.01	+47.7%
▸ Trading Multiples
P/E	—	N/A	—
EV/EBITDA	$32.25 – $71.68	$28.09	-79.9%
EV/Revenue	$124.84 – $225.68	$101.72	-27.1%
▸ PEG
PEG Fair Value	—	N/A	—
▸ Earnings Power Value
Earnings Power Value	$19.49 – $42.92	$29.05	-79.2%
▸ Dividend Discount
Dividend Discount	—	N/A	—

Valuation History

DCF Analysis

Fair Value

$105.34

Market Price

$139.45

Upside / Downside

-24.5%

Verdict

Overvalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project JBT Marel Corporation's cash flows over 10 years with analyst estimates for the first 3–5 years, fading toward long-term GDP growth for the remaining years with line-by-line expense modeling. Revenue is projected revenue growing from 6.2% to 7.2% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 67, DPO 52, DIO 87). At a 8.2% WACC with mid-year discounting, the terminal value (80% of enterprise value) is derived from the Gordon Growth Model on Year 11 FCFF at a 2.5% perpetual rate. After subtracting net debt, the equity value implies a fair price of $105.34 per share, suggesting JBTM is overvalued by 24.5% at the current price of $139.45.

FCFF Present Value Calculation

WACC

8.15%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Profit Before Tax	275	289	306	392	503	625	749	866	965	1,035	1,061
(−) Net Interest	58	61	65	83	107	132	159	184	205	219	225
(+) D&A	67	84	96	116	148	178	214	260	317	375	384
EBITDA	400	434	467	592	758	935	1,121	1,310	1,486	1,629	1,669

(−) Tax	43	45	48	61	79	98	117	136	151	162	166
(−) CapEx	139	146	154	198	254	316	378	437	488	523	536
(−) ΔWC	49	48	61	312	400	437	447	422	357	251	257
Free Cash Flow (FCFF)	169	195	204	20	25	85	178	314	491	693	710

Terminal Value											12,580
WACC / Discount Rate	8.2%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	163	173	168	15	18	55	107	175	252	329	5,749

Enterprise Value	7,205
Projection Period	1,456	20.2%
Terminal Value	5,749	79.8%

(−) Current Net Debt	1,695

Equity Value	5,509
(/) Outstanding Shares	52

Fair Price	$105.34

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
6.1%	$160	$179	$204	$236	$281
7.1%	$118	$129	$144	$161	$184
8.1%	$89	$96	$105	$116	$129
9.1%	$68	$73	$79	$86	$94
10.1%	$52	$56	$60	$65	$70

Current price: $139.45. Green = undervalued, Red = overvalued.

Fair Value

$122.90

Market Price

$139.45

Upside / Downside

-11.9%

Verdict

Overvalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project JBT Marel Corporation's cash flows over 5 years with line-by-line expense modeling. Revenue is projected revenue growing from 6.2% to 28.3% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 67, DPO 52, DIO 87). At a 8.2% WACC with mid-year discounting, the terminal value (93% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 14.4x to Year 6 EBITDA. After subtracting net debt, the equity value implies a fair price of $122.87 per share, suggesting JBTM is fairly valued by 11.9% at the current price of $139.45.

FCFF Present Value Calculation

WACC

8.15%

3% – 20%

EV/EBITDA Exit Multiple

14.44x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	Terminal
Profit Before Tax	275	289	306	392	503	516
(−) Net Interest	58	61	65	83	107	109
(+) D&A	67	84	96	116	148	152
EBITDA	400	434	467	592	758	777

(−) Tax	43	45	48	61	79	—
(−) CapEx	139	146	154	198	254	—
(−) ΔWC	49	48	61	312	400	—
Free Cash Flow (FCF)	169	195	204	20	25	—

Peers' EBITDA Multiple						14.4x
Terminal Value						11,222
WACC / Discount Rate	8.15%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	163	173	168	15	18	7,586

Enterprise Value	8,123
Projection Period	537	6.6%
Terminal Value	7,586	93.4%

(−) Current Net Debt	1,695
Equity Value	6,428
(÷) Outstanding Shares	52M
Fair Price	$123	-11.9%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	10.4x	12.4x	14.4x	16.4x	18.4x
6.1%	$93	$115	$137	$159	$181
7.1%	$88	$109	$130	$151	$172
8.1%	$83	$103	$123	$143	$163
9.1%	$78	$97	$116	$135	$155
10.1%	$73	$92	$110	$128	$147

Current price: $139.45. Green = undervalued, Red = overvalued.

Based on default parameters

Fair Value

$206.06

Market Price

$139.45

Upside / Downside

+47.8%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project JBT Marel Corporation's cash flows over 10 years with analyst estimates for the first 3–5 years, fading toward long-term GDP growth for the remaining years with line-by-line expense modeling. Revenue is projected revenue growing from 6.2% to 7.2% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 67, DPO 52, DIO 87). At a 8.2% WACC with mid-year discounting, the terminal value (88% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 14.4x to Year 11 EBITDA. After subtracting net debt, the equity value implies a fair price of $206.01 per share, suggesting JBTM is undervalued by 47.7% at the current price of $139.45.

FCFF Present Value Calculation

WACC

8.15%

3% – 20%

EV/EBITDA Exit Multiple

14.44x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Profit Before Tax	275	289	306	392	503	625	749	866	965	1,035	1,061
(−) Net Interest	58	61	65	83	107	132	159	184	205	219	225
(+) D&A	67	84	96	116	148	178	214	260	317	375	384
EBITDA	400	434	467	592	758	935	1,121	1,310	1,486	1,629	1,669

(−) Tax	43	45	48	61	79	98	117	136	151	162	—
(−) CapEx	139	146	154	198	254	316	378	437	488	523	—
(−) ΔWC	49	48	61	312	400	437	447	422	357	251	—
Free Cash Flow (FCF)	169	195	204	20	25	85	178	314	491	693	—

Peers' EBITDA Multiple											14.4x
Terminal Value											24,107
WACC / Discount Rate	8.15%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	163	173	168	15	18	55	107	175	252	329	11,016

Enterprise Value	12,472
Projection Period	1,456	11.7%
Terminal Value	11,016	88.3%

(−) Current Net Debt	1,695
Equity Value	10,777
(÷) Outstanding Shares	52M
Fair Price	$206	+47.8%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	10.4x	12.4x	14.4x	16.4x	18.4x
6.1%	$182	$217	$252	$288	$323
7.1%	$164	$196	$228	$260	$292
8.1%	$148	$177	$206	$235	$264
9.1%	$133	$159	$186	$213	$239
10.1%	$119	$144	$168	$192	$217

Current price: $139.45. Green = undervalued, Red = overvalued.

Based on default parameters

Trading Multiples

Fair Value

$28.09

Market Price

$139.45

Upside / Downside

-79.9%

Verdict

Overvalued

Using the industry peer median EV/EBITDA multiple (trailing + forward), JBT Marel Corporation (JBTM) has a fair value of $28.09 based on 9 comparable companies in the Industrial - Machinery industry.

EV/EBITDA Valuation — Industrial - Machinery

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/EBITDA	Forward EV/EBITDA
JBT Marel CorporationJBTM	7,293	29.8x	65.2x
TFI International Inc.TFII	11,368	9.2x	12.8x
SPX Technologies, Inc.SPXC	10,277	20.7x	20.8x
Ryder System, Inc.R	9,356	5.4x	5.3x
The Toro CompanyTTC	9,298	18.1x	17.2x
Flowserve CorporationFLS	9,091	14.4x	14.3x
The Middleby CorporationMIDD	7,677	14.3x	13.7x
Federal Signal CorporationFSS	7,218	18.5x	21.5x
Gates Industrial Corporation plcGTES	6,624	11.2x	11.3x
ESAB CorporationESAB	6,145	15.0x	15.8x
Industry Median		14.4x	14.3x
(*) EBITDA		302	138
= Enterprise Value		4,354	1,975
(-) Net Debt		1,695	1,695
Equity Value		2,659	279
(/) Outstanding shares		52	52
Fair Price		$51	$5

Selected Fair Value (avg of trailing + forward)

$28.09

-79.9%

Fair Value

$101.72

Market Price

$139.45

Upside / Downside

-27.1%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), JBT Marel Corporation (JBTM) has a fair value of $101.72 based on 10 comparable companies in the Industrial - Machinery industry.

EV/Revenue Valuation — Industrial - Machinery

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
JBT Marel CorporationJBTM	7,293	2.4x	5.2x
TFI International Inc.TFII	11,368	1.3x	1.9x
SPX Technologies, Inc.SPXC	10,277	4.6x	4.6x
Ryder System, Inc.R	9,356	1.4x	1.4x
The Toro CompanyTTC	9,298	2.2x	2.1x
Flowserve CorporationFLS	9,091	2.2x	2.1x
The Middleby CorporationMIDD	7,677	3.0x	2.9x
Federal Signal CorporationFSS	7,218	3.6x	4.1x
Gates Industrial Corporation plcGTES	6,624	2.4x	2.4x
ESAB CorporationESAB	6,145	2.6x	2.7x
Pony AI Inc. American Depositary SharesPONY	3,394	34.5x	23.4x
Industry Median		2.5x	2.6x
(*) Revenue		3,798	1,737
= Enterprise Value		9,529	4,502
(-) Net Debt		1,695	1,695
Equity Value		7,833	2,806
(/) Outstanding shares		52	52
Fair Price		$150	$54

Selected Fair Value (avg of trailing + forward)

$101.72

-27.1%

Earnings Power Value

Fair Value

$29.05

Market Price

$139.45

Upside / Downside

-79.2%

Verdict

Overvalued

Using the Earnings Power Value framework with a WACC of 8.1% and normalized earnings of $261.9M, the company has a fair value of $29.05 per share. The EPV range is $19.49 – $42.92 based on WACC sensitivity (6.6% – 9.6%).

Currency: USD Millions

	Low	Selected	High
Normalized Earnings	262	262	262
(/) WACC	9.6%	8.1%	6.6%
Enterprise Value	2,715	3,215	3,940
(-) Net debt	1,695	1,695	1,695
Equity Value	1,019	1,519	2,245
(/) Outstanding shares	52	52	52
Fair Price	$19.49	$29.05	$42.92

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

JBT Marel Corporation (JBTM) Valuation Summary

Updated May 9, 2026 09:55

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Growth Exit 5Y	—	N/A	—
Growth Exit 10Y	$52.41 – $281.35	$105.34	-24.5%
EBITDA Exit 5Y	$73.20 – $181.49	$122.87	-11.9%
EBITDA Exit 10Y	$119.40 – $322.81	$206.01	+47.7%
▸ Trading Multiples
P/E	—	N/A	—
EV/EBITDA	$32.25 – $71.68	$28.09	-79.9%
EV/Revenue	$124.84 – $225.68	$101.72	-27.1%
▸ PEG
PEG Fair Value	—	N/A	—
▸ Earnings Power Value
Earnings Power Value	$19.49 – $42.92	$29.05	-79.2%
▸ Dividend Discount
Dividend Discount	—	N/A	—

Valuation History

DCF Analysis

Fair Value

$105.34

Market Price

$139.45

Upside / Downside

-24.5%

Verdict

Overvalued

FCFF Present Value Calculation

WACC

8.15%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Profit Before Tax	275	289	306	392	503	625	749	866	965	1,035	1,061
(−) Net Interest	58	61	65	83	107	132	159	184	205	219	225
(+) D&A	67	84	96	116	148	178	214	260	317	375	384
EBITDA	400	434	467	592	758	935	1,121	1,310	1,486	1,629	1,669

(−) Tax	43	45	48	61	79	98	117	136	151	162	166
(−) CapEx	139	146	154	198	254	316	378	437	488	523	536
(−) ΔWC	49	48	61	312	400	437	447	422	357	251	257
Free Cash Flow (FCFF)	169	195	204	20	25	85	178	314	491	693	710

Terminal Value											12,580
WACC / Discount Rate	8.2%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	163	173	168	15	18	55	107	175	252	329	5,749

Enterprise Value	7,205
Projection Period	1,456	20.2%
Terminal Value	5,749	79.8%

(−) Current Net Debt	1,695

Equity Value	5,509
(/) Outstanding Shares	52

Fair Price	$105.34

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
6.1%	$160	$179	$204	$236	$281
7.1%	$118	$129	$144	$161	$184
8.1%	$89	$96	$105	$116	$129
9.1%	$68	$73	$79	$86	$94
10.1%	$52	$56	$60	$65	$70

Current price: $139.45. Green = undervalued, Red = overvalued.

Fair Value

$122.90

Market Price

$139.45

Upside / Downside

-11.9%

Verdict

Overvalued

FCFF Present Value Calculation

WACC

8.15%

3% – 20%

EV/EBITDA Exit Multiple

14.44x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	Terminal
Profit Before Tax	275	289	306	392	503	516
(−) Net Interest	58	61	65	83	107	109
(+) D&A	67	84	96	116	148	152
EBITDA	400	434	467	592	758	777

(−) Tax	43	45	48	61	79	—
(−) CapEx	139	146	154	198	254	—
(−) ΔWC	49	48	61	312	400	—
Free Cash Flow (FCF)	169	195	204	20	25	—

Peers' EBITDA Multiple						14.4x
Terminal Value						11,222
WACC / Discount Rate	8.15%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	163	173	168	15	18	7,586

Enterprise Value	8,123
Projection Period	537	6.6%
Terminal Value	7,586	93.4%

(−) Current Net Debt	1,695
Equity Value	6,428
(÷) Outstanding Shares	52M
Fair Price	$123	-11.9%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	10.4x	12.4x	14.4x	16.4x	18.4x
6.1%	$93	$115	$137	$159	$181
7.1%	$88	$109	$130	$151	$172
8.1%	$83	$103	$123	$143	$163
9.1%	$78	$97	$116	$135	$155
10.1%	$73	$92	$110	$128	$147

Current price: $139.45. Green = undervalued, Red = overvalued.

Based on default parameters

Fair Value

$206.06

Market Price

$139.45

Upside / Downside

+47.8%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project JBT Marel Corporation's cash flows over 10 years with analyst estimates for the first 3–5 years, fading toward long-term GDP growth for the remaining years with line-by-line expense modeling. Revenue is projected revenue growing from 6.2% to 7.2% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 67, DPO 52, DIO 87). At a 8.2% WACC with mid-year discounting, the terminal value (88% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 14.4x to Year 11 EBITDA. After subtracting net debt, the equity value implies a fair price of $206.01 per share, suggesting JBTM is undervalued by 47.7% at the current price of $139.45.

FCFF Present Value Calculation

WACC

8.15%

3% – 20%

EV/EBITDA Exit Multiple

14.44x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Profit Before Tax	275	289	306	392	503	625	749	866	965	1,035	1,061
(−) Net Interest	58	61	65	83	107	132	159	184	205	219	225
(+) D&A	67	84	96	116	148	178	214	260	317	375	384
EBITDA	400	434	467	592	758	935	1,121	1,310	1,486	1,629	1,669

(−) Tax	43	45	48	61	79	98	117	136	151	162	—
(−) CapEx	139	146	154	198	254	316	378	437	488	523	—
(−) ΔWC	49	48	61	312	400	437	447	422	357	251	—
Free Cash Flow (FCF)	169	195	204	20	25	85	178	314	491	693	—

Peers' EBITDA Multiple											14.4x
Terminal Value											24,107
WACC / Discount Rate	8.15%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	163	173	168	15	18	55	107	175	252	329	11,016

Enterprise Value	12,472
Projection Period	1,456	11.7%
Terminal Value	11,016	88.3%

(−) Current Net Debt	1,695
Equity Value	10,777
(÷) Outstanding Shares	52M
Fair Price	$206	+47.8%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	10.4x	12.4x	14.4x	16.4x	18.4x
6.1%	$182	$217	$252	$288	$323
7.1%	$164	$196	$228	$260	$292
8.1%	$148	$177	$206	$235	$264
9.1%	$133	$159	$186	$213	$239
10.1%	$119	$144	$168	$192	$217

Current price: $139.45. Green = undervalued, Red = overvalued.

Based on default parameters

Trading Multiples

Fair Value

$28.09

Market Price

$139.45

Upside / Downside

-79.9%

Verdict

Overvalued

Using the industry peer median EV/EBITDA multiple (trailing + forward), JBT Marel Corporation (JBTM) has a fair value of $28.09 based on 9 comparable companies in the Industrial - Machinery industry.

EV/EBITDA Valuation — Industrial - Machinery

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/EBITDA	Forward EV/EBITDA
JBT Marel CorporationJBTM	7,293	29.8x	65.2x
TFI International Inc.TFII	11,368	9.2x	12.8x
SPX Technologies, Inc.SPXC	10,277	20.7x	20.8x
Ryder System, Inc.R	9,356	5.4x	5.3x
The Toro CompanyTTC	9,298	18.1x	17.2x
Flowserve CorporationFLS	9,091	14.4x	14.3x
The Middleby CorporationMIDD	7,677	14.3x	13.7x
Federal Signal CorporationFSS	7,218	18.5x	21.5x
Gates Industrial Corporation plcGTES	6,624	11.2x	11.3x
ESAB CorporationESAB	6,145	15.0x	15.8x
Industry Median		14.4x	14.3x
(*) EBITDA		302	138
= Enterprise Value		4,354	1,975
(-) Net Debt		1,695	1,695
Equity Value		2,659	279
(/) Outstanding shares		52	52
Fair Price		$51	$5

Selected Fair Value (avg of trailing + forward)

$28.09

-79.9%

Fair Value

$101.72

Market Price

$139.45

Upside / Downside

-27.1%

Verdict

Overvalued

EV/Revenue Valuation — Industrial - Machinery

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
JBT Marel CorporationJBTM	7,293	2.4x	5.2x
TFI International Inc.TFII	11,368	1.3x	1.9x
SPX Technologies, Inc.SPXC	10,277	4.6x	4.6x
Ryder System, Inc.R	9,356	1.4x	1.4x
The Toro CompanyTTC	9,298	2.2x	2.1x
Flowserve CorporationFLS	9,091	2.2x	2.1x
The Middleby CorporationMIDD	7,677	3.0x	2.9x
Federal Signal CorporationFSS	7,218	3.6x	4.1x
Gates Industrial Corporation plcGTES	6,624	2.4x	2.4x
ESAB CorporationESAB	6,145	2.6x	2.7x
Pony AI Inc. American Depositary SharesPONY	3,394	34.5x	23.4x
Industry Median		2.5x	2.6x
(*) Revenue		3,798	1,737
= Enterprise Value		9,529	4,502
(-) Net Debt		1,695	1,695
Equity Value		7,833	2,806
(/) Outstanding shares		52	52
Fair Price		$150	$54

Selected Fair Value (avg of trailing + forward)

$101.72

-27.1%

Earnings Power Value

Fair Value

$29.05

Market Price

$139.45

Upside / Downside

-79.2%

Verdict

Overvalued

Currency: USD Millions

	Low	Selected	High
Normalized Earnings	262	262	262
(/) WACC	9.6%	8.1%	6.6%
Enterprise Value	2,715	3,215	3,940
(-) Net debt	1,695	1,695	1,695
Equity Value	1,019	1,519	2,245
(/) Outstanding shares	52	52	52
Fair Price	$19.49	$29.05	$42.92