A Business at a Glance
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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 | $-2.39 |
| Free Cash Flow | 64M | 64M | 196M | 141M | 165M | 77M |
| ROIC | 0.0% | - | - | - | - | - |
| Gross Margin | 53.8% | 53.8% | 55.3% | 47.4% | 46.9% | 16.9% |
| Debt/Equity | 5.80 | 5.80 | 6.84 | 6.63 | 6.56 | 4.58 |
| Dividends/Share | $2.50 | $2.50 | $1.63 | $3.70 | $0.00 | $0.00 |
| Operating Income | 0 | - | - | - | - | - |
| Operating Margin | 0.0% | - | - | - | - | - |
| ROE | 35.7% | 38.3% | 17.9% | 1.6% | -25.0% | -101.4% |
| Shares Outstanding | 31M | 31M | 31M | 32M | 30M | 21M |
CBL & ASSOCIATES PROPERTIES INC passes 4 of 9 quality checks, suggesting mixed fundamentals.
CBL & ASSOCIATES PROPERTIES INC trades at 9.6x 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 20.4x vs a median of 4.8x. The company's 5-year average gross margin is 44.1%. Total shareholder yield (dividends + buybacks) is 7.4%. At current prices, the estimated annualized return to fair value is +9.9%.
CBL & ASSOCIATES PROPERTIES INC (CBL) has a current P/E ratio of 9.6, 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 market capitalization of $1.3B. It is classified as a small-cap stock.
Yes, CBL & ASSOCIATES PROPERTIES INC (CBL) pays a dividend with a trailing twelve-month yield of 5.97%. The company also returns capital through share buybacks, with a buyback yield of 1.40%.
Based on historical P/E analysis, CBL & ASSOCIATES PROPERTIES INC (CBL) appears fair. The current P/E of 9.6 is 16% below its historical median of 11.5. The estimated fair value CAGR (P/E method) is 101.8%.
CBL & ASSOCIATES PROPERTIES INC (CBL) operates in the Real Estate Investment Trusts industry, within the Real Estate sector.
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 44.1%. 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.