CBL & Associates Properties, Inc. CBL

Real EstateResidential & Commercial REITsUnited States of America

Last close 50.41 USD on Nov 1, 2026, +42.4% year to date

Quant rating

Quant rating D Rank 129 of 175 in Real Estate

Growth D 149 of 175
Valuation A 5 of 175
Quality C 116 of 175
Revisions D 143 of 175
Momentum B 51 of 175

Wall Street consensus Strong Buy (1.50)Average target 63.00 USD +25.0%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 1.6B
Enterprise value: 3.5B
52-week range: 29.10 – 60.24
3-year range: 20.21 – 60.24
Dividend yield: 4.61%
Beta (5 years): 1.37
Shares outstanding: 30.9M
Next earnings: Nov 9, 2026

About the company

CBL & Associates Properties, Inc. is a self-managed, self-administered, fully integrated real estate investment trust (REIT). The Company is engaged in the ownership, development, acquisition, leasing, management and operation of regional shopping malls, outlet centers, lifestyle centers, open-air centers and other properties. The Company's segments include Malls, Lifestyle centers, Outlet centers, Open-air centers, and All Other. The Company owns and manages a portfolio comprised of over 87 properties totaling 55.1 million square feet across 23 states, including 55 high-quality enclosed malls, outlet centers and lifestyle retail centers as well as more than 20 open-air centers and other assets. The Company's portfolio includes The Courtyard at Hickory Hollow, Ashland Town Center, Mesa Mall, Paddock Mall, Southgate Mall, Parkdale Mall, Parkdale Crossing, Eastland Mall, Kirkwood Mall, Harford Mall Annex, Alamance Crossing West, Sunrise Mall, Sunrise Commons, Gateway Mall, among others.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	578	516	535	563	577	–
Revenue growth	12.2%	−3.7%	−4.9%	−2.4%	0.2%	0.1%
EPS (basic, normalized)	–	1.87	–	–	–	–
EPS growth	–	–	–	–	–	–
Gross margin	64.7%	66.0%	65.0%	65.9%	67.3%	65.8%
Net margin	23.1%	11.2%	1.0%	−17.1%	−107.9%	−17.9%
ROE	38.9%	17.8%	1.8%	−24.4%	−134.1%	−20.0%

Balance sheet, last quarter
Cash & short-term investments (mil)	101
Current ratio	–
Long-term debt (mil)	2,034
Net debt (mil)	1,928
Total equity (mil)	427
Net debt / equity	4.51x
Net debt / EBITDA	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	578	+12.2%	6.0x	–	–	–	–	–	–

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	–	–	–	–	–	–	–	–
2027	–	–	–	–	–	–	–	–
2028	–	–	–	–	–	–	–	–

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	FQ-9	FQ-8	FQ-7	Dec 2024	FQ-5	FQ-4	FQ-3	FQ-2	Mar 2026	Jun 2026
Sales reported (mil)	–	–	–	132	–	–	–	–	146	146
Sales mean (mil)	–	–	–	128	–	–	–	–	–	–
Surprise	–	–	–	+2.9%	–	–	–	–	–	–
EPS reported	–	–	–	1.22	–	–	–	–	0.33	1.27
EPS mean	–	–	–	0.36	–	–	–	–	–	–
Surprise	–	–	–	+238.9%	–	–	–	–	–	–

Peer comparison Residential & Commercial REITs

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
CBL CBL & Associates Properties, Inc.	1.6B	–	23.1%	3.65x	–	–	–	–
SPG Simon Property Group Inc	70.5B	6.33x	72.7%	15.89x	33.1x	30.8x	19.1x	18.2x
DLR Digital Realty Trust, Inc.	67.0B	6.45x	20.7%	2.41x	64.8x	65.6x	23.2x	20.3x
O Realty Income Corporation	53.9B	6.26x	18.4%	1.36x	36.5x	32.0x	15.5x	14.2x
VMRK Vivmark Residential	47.9B	4.55x	36.2%	2.21x	47.2x	38.9x	21.5x	14.6x
ESS Essex Property Trust, Inc.	17.0B	4.95x	35.5%	3.21x	46.6x	42.1x	18.6x	17.7x
Mean		5.71x	34.4%	4.79x	45.6x	41.9x	19.6x	17.0x
Median		6.26x	29.3%	2.81x	46.6x	38.9x	19.1x	17.7x

Technical analysis

1M−3.7%
3M−15.1%
1Y+81.5%
3Y+219.2%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, CBL & Associates Properties, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	578	516	535	563	577	576
Cost of revenue	204	175	187	192	188	188
Gross profit	374	340	348	371	388	388
Selling, general & administrative expenses	69.0	67.3	64.1	67.2	52.3	20.9
Research & development	–	–	–	–	–	–
Depreciation/amortization	165	141	191	256	208	215
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	−30.4	−25.0	−53.5	−43.1	509	266
Other operating expenses	0.1	0.2	0.2	0	0	0
Operating income	170	157	147	90.9	−381	−114
Net interest income (expense)	−109	−116	−148	−193	−275	−209
Gain (loss) on sale of assets	74.2	16.7	5.1	5.3	12.2	4.7
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	135	58.2	4.1	−96.4	−644	−319
Provision for taxes	0.5	1.1	0.9	3.1	−4.8	16.8
Minority interest	1.4	1.9	3.3	6.0	17.0	40.4
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	136	59.0	6.5	−93.5	−622	−295
Extraordinary items	–	–	–	–	–	–
Net income	136	59.0	6.5	−93.5	−622	−295
EBIT, normalized	104	130	96.9	52.9	136	158
EBITDA, normalized	269	271	287	309	345	373
Basic EPS, normalized	–	1.87	–	–	–	–

Balance sheet in millions of USD, fiscal years

Balance sheet, CBL & Associates Properties, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	42.3	40.8	34.2	44.7	170	61.8
Receivables	48.1	48.0	46.2	44.5	29.6	110
Total inventory	–	–	–	–	–	–
Prepaid expenses	–	–	–	–	–	–
Other current assets	–	–	–	–	–	–
Total current assets	–	–	–	–	–	–
Property, plant & equipment	1,876	1,871	1,582	1,664	1,769	3,618
Goodwill	–	–	–	–	–	–
Intangibles	146	189	279	421	619	34.4
Long-term investments	379	327	339	370	254	512
Note receivable	–	–	–	–	0.4	2.3
Other long-term assets	327	360	206	223	304	277
Total assets	2,729	2,747	2,406	2,678	2,946	4,444
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	194	222	106	200	184	167
Accrued expenses	–	–	–	–	–	–
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	–	–	–	–
Other current liabilities	–	–	–	–	–	–
Total current liabilities	–	–	–	–	–	–
Long-term debt	2,171	2,213	1,889	2,000	2,209	1,185
Minority interest	−10.3	−10.7	−8.7	−3.4	4.9	2.2
Other liabilities	194	222	186	311	336	2,725
Total liabilities	2,354	2,424	2,067	2,308	2,550	3,912
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0	0	0	0	0	2.0
Additional paid-in capital	687	695	719	710	548	1,986
Retained earnings (accumulated deficit)	−313	−372	−380	−339	−152	−1,456
Treasury stock	–	–	–	–	–	–
Other equity	0.4	0.8	0.6	−1.1	0	0
Total equity	375	324	339	371	396	532
Total liabilities & shareholders' equity	2,729	2,747	2,406	2,678	2,946	4,444

Cash flow statement in millions of USD, fiscal years

Cash flow statement, CBL & Associates Properties, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	135	57.1	3.2	−99.5	−639	−336
Depreciation, depletion & amortization	165	141	191	256	208	215
Deferred taxes	0	−1.6	−1.3	1.1	−10.9	14.6
Non-cash items	−93.9	−18.6	−8.0	77.4	516	279
Changes in working capital	43.9	24.8	−0.9	−27.1	90.4	−39.6
Cash from operations	250	202	184	208	164	133
Investing activities
Capital expenditures	−238	−36.2	−42.9	−44.8	−31.6	−53.5
Other investing cash flows	123	101	44.6	−112	140	−227
Cash from investing	−115	65.0	1.7	−157	108	−280
Financing activities
Financing cash flow items	−9.0	−3.4	−5.9	−22.8	−2.2	−0.9
Cash dividends paid	−77.1	−50.4	−118	−23.9	–	0
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−49.4	−183	−80.1	−99.2	−156	211
Cash from financing	−135	−237	−204	−146	−158	210
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	−0.9	30.7	−18.9	−94.2	114	62.7
Free cash flow	11.9	166	141	163	132	79.9

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.