A Business at a Glance
0 of 1 daily views used (1 remaining). Sign up free for +5 more daily views (6 total), or try AAPL for a full preview.
CBL & ASSOCIATES PROPERTIES INC
CBL
$1.8B
Mkt Cap
$57.57
+2.84%
CBL & ASSOCIATES PROPERTIES INC (CBL) has a current P/E ratio of 13.3, compared to its historical median P/E of 11.5. The stock is currently considered Fair based on its historical valuation range.
CBL & ASSOCIATES PROPERTIES INC (CBL) has a 5-year average return on invested capital (ROIC) of 2.5%. This is below average and may indicate limited pricing power.
CBL & ASSOCIATES PROPERTIES INC (CBL) has a market capitalization of $1.8B. It is classified as a small-cap stock.
Yes, CBL & ASSOCIATES PROPERTIES INC (CBL) pays a dividend with a trailing twelve-month yield of 4.34%. The company also returns capital through share buybacks, with a buyback yield of 1.02%.
Based on historical P/E analysis, CBL & ASSOCIATES PROPERTIES INC (CBL) appears fair. The current P/E of 13.3 is 15% above its historical median of 11.5. The estimated fair value CAGR (P/E method) is 83.2%.
CBL & ASSOCIATES PROPERTIES INC (CBL) operates in the Real Estate Investment Trusts industry, within the Real Estate sector.
This Annual Report on Form 10-K (this "Annual Report") is being filed by CBL & Associates Properties, Inc. (the "Company," "CBL," "we," "us" and "our"), a Delaware corporation. Unless stated otherwise or the context otherwise requires, references to the “Company,” “we,” “us” and “our” also includes our subsidiaries. The Company’s Business We are a self-managed, self-administered, fully integrated real estate investment trust ("REIT"). We own, develop, acquire, lease, manage, and operate regional shopping malls, outlet centers, lifestyle centers, open-air centers and other properties. At December 31, 2025, our properties are located in 22 states, but are primarily in the southeastern and midwestern United States. We have elected to be taxed as a REIT for federal income tax purposes. We conduct substantially all our business through CBL & Associates Limited Partnership (the "Operating Partnership"), which is a variable interest entity ("VIE").
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 578M | 578M | 516M | 535M | 563M | 468M |
| Net Income | 134M | 134M | 58M | 5.4M | -96M | -471M |
| EPS | $4.34 | $4.34 | $1.87 | $0.17 | $-3.20 | $-226.54 |
| Free Cash Flow | 64M | 64M | 202M | 141M | 165M | 77M |
| ROIC | 12.3% | 13.9% | 10.0% | 7.0% | 5.7% | -24.0% |
| Gross Margin | 63.7% | 63.7% | 65.4% | 56.7% | 46.9% | 16.9% |
| Debt/Equity | 5.80 | 5.80 | 6.84 | 5.57 | 6.56 | 4.58 |
| Dividends/Share | $2.50 | $2.50 | $1.63 | $3.70 | $0.80 | $0.00 |
| Operating Income | 310M | 310M | 213M | 179M | 124M | -395M |
| Operating Margin | 53.7% | 53.7% | 41.4% | 33.5% | 22.1% | -84.4% |
| ROE | 35.7% | 38.3% | 17.4% | 1.5% | -25.0% | -101.4% |
| Shares Outstanding | 31M | 31M | 31M | 32M | 30M | 2M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 1.1B | 1.1B | 1.0B | 927M | 859M | 769M | 576M | 468M | 563M | 535M | 516M | 578M | 578M |
| Gross Margin | N/A | N/A | N/A | 46.8% | 42.5% | 24.1% | 24.9% | 16.9% | 46.9% | 56.7% | 65.4% | 63.7% | 63.7% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 50M | 62M | 63M | 58M | 62M | 64M | 53M | 43M | 67M | 64M | 67M | 69M | 69M |
| EBIT | 375M | 278M | 254M | 233M | 95M | 56M | -115M | -395M | 124M | 179M | 213M | 310M | 310M |
| Op. Margin | 35.4% | 26.3% | 24.7% | 25.1% | 11.1% | 7.3% | -20.0% | -84.4% | 22.1% | 33.5% | 41.4% | 53.7% | 53.7% |
| Net Income | 174M | 58M | 128M | 76M | -123M | -154M | -332M | -471M | -96M | 5.4M | 58M | 134M | 134M |
| Net Margin | 16.4% | 5.5% | 12.4% | 8.2% | -14.4% | -20.0% | -57.7% | -100.6% | -17.1% | 1.0% | 11.2% | 23.1% | 23.1% |
| Non-Recurring | 18M | 106M | 117M | 71M | 1K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 7.2% | 5.3% | 4.7% | 4.2% | 1.8% | 1.2% | -11.0% | -24.0% | 5.7% | 7.0% | 10.0% | 13.9% | 12.3% |
| ROE | 49.4% | 18.0% | 15.5% | 5.9% | -11.2% | -17.4% | -49.7% | -101.4% | -25.0% | 1.5% | 17.4% | 38.3% | 35.7% |
| ROA | 2.6% | 0.9% | 2.0% | 1.3% | -2.2% | -3.1% | -7.3% | -12.7% | -3.4% | 0.2% | 2.2% | 4.9% | 4.9% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 0 | 0 | 0 | 430M | 377M | 273M | 133M | 107M | 208M | 184M | 202M | 250M | 250M |
| Free Cash Flow | N/A | N/A | N/A | 227M | 232M | 132M | 91M | 77M | 165M | 141M | 202M | 64M | 64M |
| Owner Earnings | -295M | -303M | -297M | 126M | 86M | 11M | -87M | -53M | -60M | -20M | 47M | 68M | 68M |
| CapEx | 0 | 0 | 0 | 203M | 145M | 142M | 42M | 31M | 43M | 42M | 0 | 186M | 186M |
| Maint. CapEx | 291M | 299M | 293M | 299M | 285M | 258M | 215M | 159M | 256M | 191M | 141M | 165M | 165M |
| Growth CapEx | N/A | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | N/A | 21M | 21M |
| D&A | 291M | 299M | 293M | 299M | 285M | 258M | 215M | 159M | 256M | 191M | 141M | 165M | 165M |
| CapEx/OCF | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 20.6% | N/A | N/A | 74.5% | 74.5% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 181M | 138M | 26M | 0 | 0 | 24M | 118M | 50M | 77M | 77M |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 3.8% | 19.2% | 7.4% | 9.0% | 4.3% |
| Share Buybacks | 4.9M | 4.9M | 12M | 656K | 2.2M | 96K | 0 | 0 | 0 | 1.1M | 36M | 18M | 18M |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.2% | 4.3% | 1.6% | 1.0% |
| Stock-Based Comp | 3.4M | 4.3M | 4.7M | 5.8M | 5.4M | 4.8M | 5.8M | 1.2M | 12M | 13M | 15M | 17M | 17M |
| Debt Repayment | 0 | 0 | 292M | 427M | 17M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | 4.6B | 4.7B | 4.4B | 4.2B | 4.0B | 3.5B | 890M | 1.5B | 2.1B | 1.6B | 1.9B | 1.8B | 2.1B |
| Cash & Equiv. | 123M | -434K | 65M | 33M | 25M | 33M | 62M | 170M | 45M | 34M | 41M | 42M | 42M |
| Long-Term Debt | 4.7B | 4.7B | 4.5B | 4.2B | 4.0B | 3.5B | 1.2B | 1.8B | 2.0B | 1.9B | 2.2B | 2.2B | 2.2B |
| Debt/Equity | 13.86 | 15.15 | 3.33 | 3.42 | 4.19 | 4.37 | 2.23 | 4.58 | 6.56 | 5.57 | 6.84 | 5.80 | 5.80 |
| Interest Coverage | 1.6 | 1.2 | 1.2 | 1.1 | 0.4 | 0.3 | -0.6 | -5.5 | 0.6 | 1.0 | 1.4 | 1.8 | 1.8 |
| Equity | 338M | 311M | 1.3B | 1.2B | 964M | 806M | 532M | 396M | 371M | 339M | 324M | 375M | 375M |
| Total Assets | 6.6B | 6.5B | 6.1B | 5.7B | 5.3B | 4.6B | 4.4B | 2.9B | 2.7B | 2.4B | 2.7B | 2.7B | 2.7B |
| Total Liabilities | 6.3B | 6.2B | 1.3B | 1.3B | 4.3B | 3.8B | 3.9B | 2.5B | 2.3B | 2.1B | 2.4B | 2.4B | 2.4B |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | N/A | N/A | N/A | N/A | -1.0B | -1.2B | -1.5B | -152M | -339M | -380M | -372M | -313M | -313M |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | 218M | 231M | 167M | 184M | 200M | 186M | 222M | 194M | 194M |
| Per Share Data | |||||||||||||
| EPS | 10.20 | 3.40 | 7.50 | 4.40 | -7.20 | -8.90 | -17.50 | -226.54 | -3.20 | 0.17 | 1.87 | 4.34 | 4.34 |
| Owner EPS | -17.25 | -17.64 | -17.43 | 7.26 | 5.04 | 0.63 | -4.60 | -25.37 | -2.00 | -0.62 | 1.51 | 2.20 | 2.20 |
| Book Value | 19.77 | 18.08 | 78.57 | 71.54 | 56.23 | 46.70 | 27.99 | 190.71 | 12.35 | 10.62 | 10.47 | 12.15 | 12.15 |
| Cash Flow/Share | N/A | N/A | N/A | 24.90 | 22.00 | 15.83 | 7.02 | 51.53 | 6.94 | 5.74 | 6.55 | 8.09 | 9.69 |
| Dividends/Share | 2.65 | 2.65 | 2.65 | 10.49 | 6.75 | 1.50 | 0.00 | 0.00 | 0.80 | 3.70 | 1.63 | 2.50 | 2.50 |
| Shares Out. | 17.1M | 17.2M | 17.1M | 17.3M | 17.1M | 17.3M | 19.0M | 2.1M | 30.0M | 32.0M | 30.9M | 30.8M | 30.8M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 125.1 | 14.6 | 8.5 | 13.3 |
| P/FCF | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.6 | 3.3 | 4.8 | 4.2 | 17.8 | 27.9 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 9.6 | 12.6 |
| Price/Book | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 1.1 | 1.5 | 2.0 | 2.6 | 3.0 | 4.7 |
| Price/Sales | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 4.2 | 1.1 | 1.1 | 1.3 | 1.5 | 3.1 |
| FCF Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 16.8% | 30.1% | 20.8% | 24.0% | 5.6% | 3.6% |
| Market Cap | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 455M | 549M | 680M | 843M | 1.1B | 1.8B |
| Avg. Price | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 21.92 | 20.67 | 19.21 | 22.03 | 27.83 | 57.57 |
| Year-End Price | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 21.88 | 18.29 | 21.27 | 27.28 | 36.76 | 57.57 |
CBL & ASSOCIATES PROPERTIES INC passes 3 of 9 quality checks, indicating weak fundamentals.
CBL & ASSOCIATES PROPERTIES INC trades at 13.3x trailing earnings, compared to its 15-year median P/E of 11.5x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 28.0x vs a median of 4.2x. The company's 5-year average ROIC is 2.5% with a gross margin of 49.9%. Total shareholder yield (dividends + buybacks) is 5.4%. At current prices, the estimated annualized return to fair value is +9.2%.
CBL & ASSOCIATES PROPERTIES INC (CBL) reported annual revenue of $578 million in its most recent fiscal year, based on SEC EDGAR filings.
CBL & ASSOCIATES PROPERTIES INC (CBL) has a net profit margin of 23.1%. This is a strong margin indicating high profitability.
CBL & ASSOCIATES PROPERTIES INC (CBL) generated $64 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
CBL & ASSOCIATES PROPERTIES INC (CBL) has a debt-to-equity ratio of 5.80. This indicates higher leverage, which may increase financial risk.
CBL & ASSOCIATES PROPERTIES INC (CBL) reported earnings per share (EPS) of $4.34 in its most recent fiscal year.
CBL & ASSOCIATES PROPERTIES INC (CBL) has a return on equity (ROE) of 38.3%. This indicates the company generates strong returns for shareholders.
CBL & ASSOCIATES PROPERTIES INC (CBL) has a 5-year average gross margin of 49.9%. This indicates decent pricing power.
The Ledger Terminal provides 18 years of financial data for CBL & ASSOCIATES PROPERTIES INC (CBL), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
CBL & ASSOCIATES PROPERTIES INC (CBL) has a book value per share of $12.15, based on its most recent annual SEC filing.
No recent press releases.