JBTMJBT MAREL Corp

Special Industry Machinery (no Metalworking Machinery)

Revenue: $3.8B; 121% YoY
Operating margin: 5.0%; 28% YoY
EBITDA: $456M; 119% YoY
Market cap: $5.7B
Employees: 11,500; $330K revenue each
Net debt / EBITDA: 3.3×; $1.5B net debt
AI in 10-K: 2.1; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 1 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
6% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyYes
42% of assets
Over 40% of assets
Shareholder dissentNo
93% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$330K · 29th pct
Bottom quartile of its SIC industry
Quiet on AINo
2.1 per 10K words · 56th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
3.3× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$5.7B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$7M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.4B	$1.6B	$1.7B	$1.7B	$3.8B	121%
Operating income	$126M	$133M	$165M	$118M	$189M	60%
Net income	$119M	$137M	$583M	$85M	−$51M	159%
Operating cash flow	$226M	$142M	$74M	$233M	$342M	47%
Capex	$52M	$85M	$55M	$38M	$104M	173%
Stock-based comp	$6M	$9M	$11M	$15M	$23M	58%
Buybacks	$0	$8M	$5M	$0	$0
Dividends	$13M	$13M	$13M	$13M	$21M	60%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Mar 28, 2025	Eyrir Invest hf.	SCHEDULE 13D/A	0.5%	Passive
Jan 10, 2025	Eyrir Invest hf.	SCHEDULE 13D	9.8%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $7M · 5
Net: −$7M

Pay vs performance

No pay-versus-performance disclosure yet.