JBT Marel (JBTM) has just put fresh numbers on the table for Q1 2026, coming off Q4 2025 revenue of about US$1.0 billion and basic EPS of US$1.02, against a trailing twelve month picture that includes a basic EPS loss of US$0.96 on US$3.8 billion of revenue. Over the past few quarters, the company has seen quarterly revenue move from US$453.8 million in Q3 2024 to US$854.1 million in Q1 2025 and then to roughly US$1.0 billion by Q4 2025. EPS swung from US$1.19 in Q3 2024 to a loss of US$3.35 in Q1 2025 before returning to positive territory, setting up an earnings season where the key question is whether those margin swings are starting to stabilise.

See our full analysis for JBT Marel.

With the latest results on the board, the next step is to see how this earnings profile lines up with the most widely followed narratives around JBT Marel's growth, risks, and profitability.

Losses still visible on the last 12 months

• On a trailing 12 month basis, JBT Marel recorded US$3.8b of revenue and a net income loss of US$49.7 million, with basic EPS for that period at a loss of US$0.96.
• Bears focus on the 34.4% annualized increase in losses over five years and argue that this track record questions how durable any recent profitability is, even with Q3 and Q4 2025 showing positive EPS of US$1.28 and US$1.02 respectively.
  • Critics highlight that trailing 12 month net income has been negative across 2025, including a loss of US$138.4 million at the Q2 2025 checkpoint, as evidence that the business is still working through a difficult profit phase.
  • This history of widening losses is used to challenge the idea that one or two profitable quarters are enough to support a smoother earnings profile in the near term.

Revenue near US$1b, margins swing hard

• Quarterly revenue has moved from US$467.6 million in Q4 2024 to US$934.8 million in Q2 2025 and then about US$1.0b in Q4 2025. Net income in that Q4 period was US$53.1 million compared with a loss of US$173 million in Q1 2025.
• Bulls argue that integration progress and demand for automation can support stronger margins over time. The shift from a Q1 2025 loss of US$3.35 per share to positive EPS in Q2, Q3 and Q4 2025 is cited to support that view.
  • Supporters point to the run of positive net income from Q2 to Q4 2025, even though the trailing 12 month line is still a loss, as evidence that cost and pricing actions are starting to show up in the quarterly figures.
  • At the same time, the earlier Q1 2025 loss of US$173 million sits alongside later profits, which creates a mixed picture that bullish investors need to factor into their expectations for how smooth margin progress might be.

Have a closer look at how supporters frame the long term upside case around these swings in profitability and revenue visibility 🐂 JBT Marel Bull Case

“Cheap” P/S and DCF versus a loss history

• JBT Marel trades on a P/S of 1.8x, below both the US Machinery industry average of 2.0x and peer average of 3.2x. The supplied DCF fair value of US$202.74 sits above the current share price of US$131.29 and implies about 35.2% upside to that estimate.
• Bears counter that this apparent discount sits alongside a five year pattern of losses worsening at 34.4% a year and fresh insider selling in the past three months. They question how much weight to give the DCF fair value when profitability has not yet been consistently restored.
  • Critics point to the trailing 12 month loss of US$49.7 million and the ongoing unprofitable status as a reason to be cautious about anchoring too heavily on the US$202.74 DCF fair value or the 183.50 analyst target.
  • Recent insider selling activity is also raised by cautious investors as a concrete data point that sits uncomfortably next to the idea that the stock simply trades at a discount to intrinsic value.

If you are weighing that valuation gap against the bearish concerns on profitability and insider selling, it can help to see how skeptics frame the downside case in more detail 🐻 JBT Marel Bear Case

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for JBT Marel on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

The mix of upside potential and clear risks in this story is hard to ignore, so it makes sense to look through the numbers yourself and decide how comfortable you are with both sides of it. Then, round out your view by checking the 1 key reward and 2 important warning signs.

See What Else Is Out There

JBT Marel still carries a trailing 12 month net income loss of US$49.7 million and a five year pattern of losses worsening at 34.4% a year.

If those profit swings leave you uneasy, you can quickly compare this story with companies that have steadier financial profiles by checking the 72 resilient stocks with low risk scores.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.