John Bean Technologies Corporation (JBT): Business Model Canvas [Dec-2025 Updated]

You're digging into the John Bean Technologies Corporation (JBT) playbook after that huge Marel deal, and honestly, the story here isn't just about buying a competitor; it's a full-blown pivot to scale and sticky revenue. After a decade leading analysis at a major firm, I can tell you that when a company aims for $3.76 billion to $3.79 billion in 2025 revenue, you need to see the engine driving it, and for JBT, that engine is the aftermarket, which already made up over half their service revenue in the first half of the year. We need to look past the integration costs and see how their $1.4 billion backlog and focus on sustainable food tech are reshaping their entire value proposition-dive into the nine blocks below to see the whole picture.

John Bean Technologies Corporation (JBT) - Canvas Business Model: Key Partnerships

You're looking at the structure that supports John Bean Technologies Corporation (JBT) Marel's massive global footprint post-Marel acquisition. The partnerships are the scaffolding holding up the combined entity's operations across more than 30 countries.

Marel hf. (now fully integrated, the core strategic partner)

The integration of Marel hf., which closed on January 2, 2025, is the defining partnership, creating JBT Marel Corporation. The combined company reported third quarter 2025 consolidated revenue of $1.0 billion. Third quarter 2025 consolidated adjusted EBITDA was $171 million, representing a margin of 17.1 percent.

Financial institutions for managing the significant debt from the Marel acquisition

Financing the acquisition required significant capital, reflected in the debt structure. As of January 2, 2025, net debt was approximately $1.9 billion, with a leverage ratio just below 4.0x before synergies. The company forecasts its leverage ratio to be below 3.0x by year-end 2025. For the full year 2025, net interest expense is anticipated to be $105 million. This includes $12 million in M&A bridge financing fees and related costs. The company closed a private offering of $575 million aggregate principal amount of convertible senior notes due 2030 on September 9, 2025. As of September 30, 2025, the bank leverage ratio stood at 2.7x.

Strategic suppliers for specialized components and raw materials

The supply chain relies on a network of component providers. In 2023, John Bean Technologies Corporation (JBT) launched a survey reaching out to 250 suppliers to understand their sustainability priorities. The company is enhancing supplier contracts to integrate carbon reporting.

Global food and beverage producers for co-development

Co-development efforts focus on end markets where the combined entity has deep expertise. Approximately 85 percent of Marel's revenues were in protein end markets before the merger. The combined company serves segments including poultry, meat, fish, plant-based products, fresh produce, ready meals, and carbonated beverages.

Third-party logistics providers for global equipment and parts distribution

Global distribution involves numerous logistics partners. Import records show associations with entities such as GIVENS LOGISTICS LLC and RYDER INTEGRATED LOGISTICS. The combined John Bean Technologies Corporation (JBT) Marel operates sales, service, manufacturing, and sourcing operations in more than 30 countries.

Here's a look at the scale and key financial markers related to the integration and operational network as of late 2025:

The company is definitely focused on leveraging these relationships for synergy realization.

• Marel Revenue Guidance for 2025 (Pre-FX Impact)
• $1,850 - $1,885 million
• Expected Annual Run Rate Cost Synergies Exiting 2025
• $80 - $90 million
• Total Expected Realized Cost Synergies (Within Three Years)
• $150 million

You'll want to track the leverage ratio against the 3.0x target by year-end 2025. Finance: finalize the Q4 2025 debt covenant compliance projection by next Tuesday.

John Bean Technologies Corporation (JBT) - Canvas Business Model: Key Activities

You're looking at the core engine of John Bean Technologies Corporation (JBT) Marel as of late 2025, post-merger. It's all about execution on the factory floor and realizing the value of that big acquisition.

Manufacturing and global deployment of advanced food processing systems

The activity here is building and shipping those high-value systems globally. The order book is a good proxy for this activity's health. For the third quarter of 2025, John Bean Technologies Corporation (JBT) Marel achieved quarterly orders of $946 million. That quarter-ending backlog stood at $1.3 billion. To give you a slightly broader view, the Q2 2025 orders were $938 million, with a backlog of $1.4 billion at that time. The company has about 5K employees across 6 continents supporting this global footprint as of October 2025.

Post-sale service, maintenance, and parts supply (recurring revenue focus)

This is where the steadier cash comes from, the annuity stream of the business. For the third quarter of 2025, total revenue hit $1.0 billion, and the recurring revenue component made up 49% of that total. Honestly, getting close to half of your revenue from services and parts is a solid anchor for any capital equipment business. Back in Q2 2025, more than half of the $935 million revenue was from recurring sources. Even earlier in Q1 2025, recurring revenue was over 50% of the $854 million total revenue.

Research and development (R&D) for automation and sustainable food technology

Investing in the next generation of tech is a clear key activity. For the twelve months ending September 30, 2025, JBT Marel's research and development expenses totaled $0.093B, which is $93 million. That number represents a massive 429.55% increase year-over-year, showing a serious ramp-up in R&D post-merger. That's the kind of investment that signals a commitment to automation and sustainability, which they talk about often.

Integration of Marel's global operations and realizing $40 million to $45 million in 2025 cost synergies

The integration is the single biggest activity driving financial improvement right now. JBT Marel now expects to achieve in-year realized synergy savings of $40 - $45 million for the full year 2025. They are also maintaining the forecast that by the end of 2025, the annualized run rate savings will hit $80 - $90 million. In the third quarter alone, they realized $14 million in year-over-year synergy savings. The long-term goal, which you should keep in mind, is to reach total cost savings of $150 million within three years post-close.

Strategic M&A to fill product portfolio gaps

The acquisition of Marel hf. itself was the primary strategic M&A activity, completed on January 2, 2025. That transaction valued Marel's enterprise value at approximately €3.5 billion. To support the combined entity and its financing needs, the company raised $575 million in a funding round on September 4, 2025.

Here's a quick look at the latest reported operational and synergy numbers from Q3 2025:

Finance: draft 13-week cash view by Friday.

John Bean Technologies Corporation (JBT) - Canvas Business Model: Key Resources

You're looking at the core assets John Bean Technologies Corporation (JBT) Marel Corporation relies on to run the business as of late 2025. These aren't just line items; they are the tangible and intangible engines driving future revenue.

The intellectual property foundation is significant, built over time and bolstered by recent activity. This portfolio protects the technology that keeps food processing lines running efficiently.

• Total Patent Documents Applications and Grants: 868
• Total Patent Families: 271
• Granted Patents: Data not explicitly separated from Total Documents.
• Pending Patents: Data not explicitly separated from Total Documents.

The installed base of equipment is a massive, recurring revenue driver. More than half of the revenue John Bean Technologies Corporation (JBT) Marel generates comes from keeping that installed base running.

For the second quarter of 2025, revenue totaled $935 million, with more than half coming from recurring revenue sources like parts and service.

The physical footprint supports global service and manufacturing capabilities. John Bean Technologies Corporation (JBT) Marel operates sales, service, manufacturing, and sourcing operations in over 30 countries. That's a wide net for service delivery.

The workforce is specialized, essential for maintaining complex machinery and integrating new systems. As of October 2025, the company has approximately 5K employees across 6 continents. This includes the engineers and field technicians you need to service the installed base.

Revenue visibility is strong due to the order book. The quarter-ending backlog for the second quarter of 2025 stood at $1.4 billion. That's a solid cushion.

Here's a quick view of some of the latest hard numbers you should track:

The company's history, tracing back to 1884, also represents a key resource in terms of institutional knowledge and market tenure.

John Bean Technologies Corporation (JBT) - Canvas Business Model: Value Propositions

Sustainable food production: optimizing yield and reducing waste for customers

John Bean Technologies Corporation (JBT Marel Corporation) is focused on a business scale projected to generate full-year 2025 revenue between approximately $3.65 billion and $3.725 billion for the combined entity.

The company expects to realize in-year cost synergies of $35 million to $40 million in 2025.

Annualized run-rate synergy savings are targeted to reach $80 million to $90 million exiting 2025.

For the second quarter of 2025, the company realized $8 million in year-over-year synergy savings from integration efforts related to operating expense and supply chain.

The JBT segment revenue for the second quarter of 2025 increased 13% year-over-year.

Enhanced food safety and quality through advanced processing and sterilization

The combined entity aims to create better outcomes for customers by improving food safety and quality.

The company's full-year 2025 Adjusted EBITDA Margin guidance is in the range of 15.25% to 16%.

Second quarter 2025 consolidated Adjusted EBITDA was $156 million, representing a margin of 16.7 percent.

High equipment uptime and efficiency via digital solutions and proactive maintenance

For the second quarter of 2025, revenue totaled $935 million, with more than half generated from recurring revenue.

The digital performance optimization platform, iOPS, supports planning preventative maintenance ahead of time.

Full-year 2025 Adjusted Earnings Per Share (EPS) is projected to be between $5.45 and $6.15.

The company's bank leverage ratio was 2.8x as of June 30, 2025, which includes the benefit of certain run-rate synergies.

Full-line solutions for protein, liquid foods, and automated systems (post-Marel scale)

The scale of the business is reflected in the projected 2025 revenue guidance midpoint of approximately $3.78 billion for the combined John Bean Technologies Corporation and Marel.

The projected 2025 revenue for the JBT portion is between $1.80 billion and $1.84 billion.

The projected 2025 revenue for the Marel portion is between $1.85 billion and $1.885 billion.

Second quarter 2025 orders totaled $938 million, with a quarter-ending backlog of $1.4 billion.

The company expects to contribute $3.2 million to its pension and other post-retirement benefit plans in 2025.

Critical ground support and gate equipment for the air transportation industry (AeroTech, pre-divestiture)

The AeroTech business was sold in an all-cash transaction valued at $800 million.

The AeroTech segment generated 27% of John Bean Technologies Corporation's 2022 revenues.

The sale of AeroTech was completed on August 1, 2023.

The purchase price equated to a multiple of around 14.7x AeroTech's reported adjusted EBITDA over the trailing four quarters as of March 31, 2023.

The Aerospace Ground Support Equipment (GSE) Market is projected to grow from almost $10 billion in 2025 to $11.5 billion by 2030.

The following table summarizes key financial metrics for the combined JBT Marel Corporation as of late 2025 reporting periods:

The company's focus areas for value creation include:

• Achieving synergy savings of $80 million to $90 million run-rate exiting 2025.
• Generating Adjusted EPS between $5.45 and $6.15 for the full year 2025.
• Maintaining a bank leverage ratio below 3.4x as of June 30, 2025.
• Delivering Adjusted EBITDA Margin guidance between 15.25% and 16% for 2025.
• Securing orders of $938 million in the second quarter of 2025.

Finance: review the impact of the $3.2 million expected 2025 pension contribution on Q4 cash flow by next Tuesday.

John Bean Technologies Corporation (JBT) - Canvas Business Model: Customer Relationships

You're looking at the relationships John Bean Technologies Corporation (JBT), now operating as JBT Marel Corporation (JBTM) following the January 2, 2025, combination, maintains with its key customers. This isn't about transactional sales; it's about deep, embedded partnerships, especially within the food processing sector.

Dedicated, long-term B2B relationships with multinational food processors form the bedrock of the business. The focus is heavily weighted toward the food and beverage industry, with the Marel side of the business historically generating approximately 85% of its revenues from protein end markets, a key area of long-term demand growth. These relationships are sustained by a commitment to providing technology solutions across proteins, beverages, fruits, and vegetables.

The sales approach for large-scale projects is inherently high-touch and consultative, necessary for delivering complex, integrated system solutions. This consultative nature directly supports the focus on long-term value rather than just initial equipment sale.

The emphasis on recurring revenue streams highlights the importance of service contracts and digital platforms. These elements are crucial for remote monitoring and predictive maintenance, which feed directly into the customer's operational uptime.

Here's a look at the financial weight of these service-oriented relationships:

Account management is clearly geared toward demonstrating the Total Cost of Ownership (TCO) benefit and driving measurable operational efficiency for the customer. The company's success is tied to continued innovation and applying proprietary technologies to meet these needs. The focus on synergy realization post-merger also implies a strong internal drive to improve efficiency, which is then passed on as a benefit to the customer base.

For the segment that services aviation, the relationship model involves direct sales and service teams for global airport and airline customers. While the primary financial focus post-combination is FoodTech, the legacy structure included this segment, relying on direct interaction for critical equipment and services.

The commitment to ongoing support is evident in the financial results, where recurring revenue streams are a significant and growing component of the overall business. For instance, in Q3 2025, recurring revenue contributed an amount equivalent to 49 percent of the quarter's $1.0 billion revenue.

Key elements underpinning these relationships include:

• Continuous, proactive service fulfillment.
• Preventative maintenance agreements, such as PRoCARE®.
• Consulting services offerings.
• Full service operating leases on certain high-capacity extractors.

John Bean Technologies Corporation (JBT) - Canvas Business Model: Channels

You're looking at how John Bean Technologies Corporation (JBT) gets its equipment and services to customers globally as of late 2025. The structure is clearly built around a high-touch, direct engagement model, supported by a significant installed base that drives recurring revenue.

Direct global sales force and regional offices for equipment and systems

John Bean Technologies Corporation (JBT) relies on a substantial direct sales presence to move its capital equipment and integrated systems. The scale of this effort is reflected in the company's overall workforce, with John Bean Technologies Corporation (JBT) Marel having 12,200 total employees as of late 2025. The company maintains sales, service, manufacturing, and sourcing operations in more than 30 countries, indicating a wide geographic spread for its direct sales teams and regional offices serving key markets.

Global network of field service technicians for aftermarket support

The aftermarket support channel is critical, as evidenced by the revenue mix. For the third quarter of 2025, 49% of the $1.0 billion in consolidated revenue came from recurring products and services. This high percentage underscores the importance of the field service network that maintains and services installed equipment. For context on the scale of service activities, the full year 2024 aftermarket revenue for the Marel standalone business was €821 million.

The channels supporting this recurring revenue stream are extensive:

• Field service technicians support operations across more than 30 countries.
• Recurring revenue accounted for more than half of the $935 million second quarter 2025 revenue.
• The company is focused on optimizing food yield through its technology and service offerings.

E-commerce and digital platforms for parts ordering and service scheduling

While specific digital platform usage statistics aren't public, the focus on recurring revenue implies digital enablement for parts and service is active. The company provides integrated solutions offerings that include software. The ability to drive recurring revenue, which was 49% of Q3 2025 revenue, is heavily reliant on efficient parts ordering and service scheduling, likely channeled through digital means.

Manufacturing and assembly sites serving as regional distribution hubs

John Bean Technologies Corporation (JBT) utilizes its manufacturing footprint to support regional distribution. The company operates manufacturing operations in more than 30 countries. The overall TTM revenue for John Bean Technologies Corporation (JBT) Marel as of September 30, 2025, was $3.258 Billion USD, which flows through these production and distribution points.

Here's a look at the scale of operations feeding these channels:

Strategic distributors and agents in select international markets

The channel mix is supplemented by strategic partners. John Bean Technologies Corporation (JBT) Marel's structure includes operating in international markets via distributors and agents, complementing the direct sales force in those regions. This structure helps manage the complexity of global sales and service delivery outside of their core operational hubs.

John Bean Technologies Corporation (JBT) - Canvas Business Model: Customer Segments

You're looking at the customer base for John Bean Technologies Corporation (JBT), which, as of early 2025, is operating as JBT Marel Corporation (JBTM) following the merger with Marel hf.. This shift means the primary focus is now squarely on the food and beverage processing industry, though we must account for the segments you listed, even those recently divested.

The former AeroTech business, which served commercial airlines, air-freight carriers, airports, and defense/military organizations, was sold to Oshkosh Corporation in 2023. So, while these were once key segments, they now fall under Oshkosh's umbrella. For context, the successor business, Oshkosh AeroTech, has an estimated revenue range between $100 million and $1 billion.

The current, core customer segments for JBT Marel Corporation are deeply embedded in the global food supply chain. The company is a technology solutions provider for high-value segments of the food and beverage industry. The sheer scale of the combined entity is evident in the 2025 projections; the full-year revenue guidance is set between $3.76 billion and $3.79 billion.

The largest customer concentration is within the food processing side. Specifically, Marel's historical strength means that approximately 85% of the combined entity's revenues are concentrated in protein end markets. This tells you that large multinational protein processors-think major poultry, beef, and seafood producers-are your most critical customer group. Regional processors and emerging food technology companies form the next tier, often serving as early adopters for new, integrated processing lines.

Here's a breakdown mapping the required segments to the current reality and showing the financial weight of the continuing operations as of late 2025. We'll focus the hard numbers on the FoodTech/Marel side, which drives the 2025 financial results.

The strength of the current customer base is reflected in the order book and backlog. As of the end of the third quarter of 2025, the quarter-ending backlog stood at $1.3 billion. This backlog, combined with Q3 orders of $946 million, shows that demand remains high for JBT Marel's sophisticated products and systems. To be fair, the high concentration in protein means that a downturn in that specific sector could pose a risk, but the recurring revenue stream helps stabilize things; more than half of Q2 2025 revenue was recurring.

You can see the focus on large-scale food producers in the margin performance. The third quarter of 2025 delivered a consolidated adjusted EBITDA margin of 17.1%, which management attributed to higher volume flow-through and a favorable mix of equipment revenue. This flow-through only happens when you are servicing large, continuous-operation facilities typical of multinational processors.

The customer relationship is also supported by a commitment to service and parts, which is a key part of the value proposition for these large industrial clients. The company is focused on maintaining that installed base, as evidenced by the fact that recurring revenue made up 49% of the Q3 2025 revenue total.

For your planning, you should track the synergy realization as a proxy for successful integration with the Marel customer base. For Q3 2025 alone, JBT Marel realized $14 million in year-over-year synergy savings, and they are on track for $40 million to $45 million in realized savings for the full year 2025.

• Large processors demand high-throughput, integrated systems.
• Recurring revenue streams are critical, hitting 49% in Q3 2025.
• Protein segment concentration is approximately 85%.
• Backlog provides near-term revenue visibility at $1.3 billion.

Finance: draft the 13-week cash view by Friday, incorporating the Q3 2025 free cash flow of $163 million.

John Bean Technologies Corporation (JBT) - Canvas Business Model: Cost Structure

The Cost Structure for John Bean Technologies Corporation, now operating as JBT Marel Corporation effective January 2, 2025, is heavily influenced by the scale of its global manufacturing footprint and the significant financial commitments related to the Marel acquisition.

High fixed costs related to global manufacturing and R&D infrastructure are evident in the significant non-cash charges associated with the combined entity. For the full year 2025, total depreciation and amortization is estimated to be approximately $240 million. This large figure reflects the asset base required to support global operations in food and beverage technology solutions.

Significant cost of goods sold (COGS) for complex machinery production is a major component, given the nature of the equipment sold. For context on the scale of operations, JBT Standalone Full Year 2024 revenue was $1,716.0 million, while Marel Standalone Full Year 2024 revenue was €1,643 million.

Integration costs for the Marel acquisition, offset by synergy realization, represent a substantial, though temporary, cost factor. JBT Marel Corporation is forecasting full year 2025 realized cost synergies in the range of $35 - $40 million. By the end of 2025, the company expects to achieve annual run rate cost synergies between $80 - $90 million. Conversely, the company expects to incur significant one-time costs in 2025, including $120 million in M&A related costs (transaction costs, integration costs, and inventory step up) and $30 million in restructuring costs. In the second quarter of 2025, the company realized $8 million in year-over-year synergy savings from integration efforts.

The following table summarizes key financial figures related to the acquisition and related expenses for the full year 2025 guidance and recent actuals:

Substantial investment in field service personnel and global supply chain logistics is embedded within operating expenses, though specific personnel costs aren't itemized here. However, the focus on supply chain cost savings is a recurring theme. JBT Standalone Full Year 2024 adjusted EBITDA margin of 17.2 percent increased 80 basis points, driven by supply chain cost savings. The company expects margin improvement in 2024 driven by strategic sourcing actions flowing through.

Interest expense on debt used to finance the Marel transaction is a significant ongoing cost, despite some periods showing a net benefit. For the full year 2025, interest expense is anticipated to be $110 million, which includes $15 million in interest from bridge financing fees and related costs that were capitalized and are now being expensed/amortized. In contrast, JBT Standalone Full Year 2024 interest expense decreased by $4.9 million compared to 2023 due to lower average debt balance and lower weighted average interest rate. For Q2 2025, income from continuing operations included a $9 million net interest expense benefit.

• Financing costs recognized in 2024 related to the Marel transaction financing included $7.1 million for the Bridge Credit Agreement and $11.3 million for the Term Loan B.
• The new Term Loan B, funded in January 2025, has an initial applicable margin of 200 to 225 basis points dependent on the leverage ratio.

John Bean Technologies Corporation (JBT) - Canvas Business Model: Revenue Streams

You're looking at how John Bean Technologies Corporation-now JBT Marel Corporation-brings in cash from its specialized equipment and services. It's a mix of big upfront sales and the steady income that keeps the lights on.

The primary engine is equipment sales for food processing and air transportation systems. This is the capital expenditure side of the business. We saw strong order intake in the first half of 2025, with orders hitting $916 million in Q1 2025 and $938 million in Q2 2025, before ticking up to $946 million in Q3 2025. These orders feed the revenue pipeline for new machinery.

A critical component is the recurring aftermarket revenue from parts, service, and maintenance contracts. This stream is the foundation of stability. For the first quarter of 2025, this recurring revenue accounted for over half of the total revenue, which was $854 million. In Q2 2025, revenue totaled $935 million, and again, more than half came from these recurring sources. To be fair, in Q3 2025, recurring revenue was reported at 49% of the $1.0 billion in revenue, showing a slight shift in mix toward equipment in that quarter.

Here's a quick look at the top-line revenue performance through the first three quarters of 2025:

The business model also relies on generating revenue from the large installed base through rebuilds and modernization projects. While specific dollar amounts for this category aren't broken out separately in the high-level reports, these activities are inherently part of the aftermarket service offering that helps secure that recurring revenue stream.

For software and digital service subscriptions for equipment monitoring and optimization, this is part of the ongoing service and digital offering that supports the installed base. The outperformance in recurring revenue in Q2 2025 was explicitly noted as being better than expected, which suggests strong uptake in these service and software components.

Regarding the overall outlook, following the solid Q3 2025 performance, John Bean Technologies Corporation raised its full-year 2025 guidance. The initial guidance established in February 2025 projected combined revenue in the range of $3,650 million to $3,725 million before foreign exchange impacts, but the latest update confirmed guidance was raised given clarity on tariffs and backlog strength.

You can see the revenue composition trends below:

• Q1 2025 Adjusted EBITDA Margin: 13.1%.
• Q2 2025 Adjusted EBITDA: $156 million.
• Q3 2025 Adjusted EBITDA Margin: 17.1%.
• Synergy savings realized year-over-year in Q3 2025: $14 million.

Finance: draft 13-week cash view by Friday.