Comprehensive Stock Comparison
Compare CBL & Associates Properties, Inc. (CBL) vs Realty Income Corporation (O) Stock
Analyze side-by-side fundamentals, valuation, growth, and profitability to decide which stock is the better buy.
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Quick Verdict
| Category | Winner | Why |
|---|---|---|
| Growth | CBL | 12.2% revenue growth vs O's 9.1% |
| Value | CBL | Lower P/E (41.1x vs 41.8x) |
| Quality / Margins | CBL | 23.3% net margin vs O's 18.4% |
| Stability / Safety | O | Beta 0.19 vs CBL's 0.85 |
| Dividends | Tie | Neither pays a meaningful dividend |
| Momentum (1Y) | CBL | +29.2% vs O's +23.6% |
| Efficiency (ROA) | CBL | 4.9% ROA vs O's 1.5%, ROIC 4.3% vs 2.3% |
Who Each Stock Is For
Income & stability
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
Defensive / Recession hedge
Business Model
What each company does and how it makes money
CBL & Associates Properties is a retail-focused real estate investment trust that owns and manages shopping centers across the United States. It generates revenue primarily through property leasing — collecting rent from retail tenants — with additional income from property management services for third parties. The company's moat lies in its portfolio of market-dominant properties in growing communities, which attract stable anchor tenants and benefit from strategic locations.
Realty Income is a real estate investment trust that owns and leases single-tenant commercial properties to retail and service-oriented businesses. It generates revenue primarily through long-term triple-net leases—where tenants pay rent plus property expenses—with retail clients like convenience stores and drugstores accounting for roughly 80% of its portfolio. The company's moat lies in its massive scale, diversified tenant base, and long-term lease structure that provides predictable monthly cash flow supporting its famous monthly dividend payments.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Financial Metrics Comparison
Side-by-side fundamentals across 2 stocks. BestLagging
Financial Scorecard
O leads in 3 of 6 categories (Financial Metrics, Risk & Volatility). CBL leads in 3 (Valuation Metrics, Profitability & Efficiency).
Financial Metrics (TTM)
O is the larger business by revenue, generating $5.7B annually — 9.9x CBL's $578M. Profitability is closely matched — net margins range from 23.3% (CBL) to 18.4% (O). On growth, CBL holds the edge at +18.8% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | CBLCBL & Associates … | ORealty Income Cor… |
|---|---|---|
| RevenueTrailing 12 months | $578M | $5.7B |
| EBITDAEarnings before interest/tax | $305M | $4.1B |
| Net IncomeAfter-tax profit | $135M | $1.1B |
| Free Cash FlowCash after capex | $250M | $2.8B |
| Gross MarginGross profit ÷ Revenue | +7.6% | +89.8% |
| Operating MarginEBIT ÷ Revenue | +24.2% | +28.3% |
| Net MarginNet income ÷ Revenue | +23.3% | +18.4% |
| FCF MarginFCF ÷ Revenue | +43.2% | +48.5% |
| Rev. Growth (YoY)Latest quarter vs prior year | +18.8% | +11.0% |
| EPS Growth (YoY)Latest quarter vs prior year | +27.9% | +39.1% |
Valuation Metrics
At 8.7x trailing earnings, CBL trades at a 85% valuation discount to O's 57.3x P/E. On an enterprise value basis, CBL's 10.4x EV/EBITDA is more attractive than O's 15.2x.
| Metric | CBLCBL & Associates … | ORealty Income Cor… |
|---|---|---|
| Market CapShares × price | $1.1B | $62.6B |
| Enterprise ValueMkt cap + debt − cash | $3.2B | $62.1B |
| Trailing P/EPrice ÷ TTM EPS | 8.71x | 57.27x |
| Forward P/EPrice ÷ next-FY EPS est. | 41.07x | 41.80x |
| PEG RatioP/E ÷ EPS growth rate | — | 80.25x |
| EV / EBITDAEnterprise value multiple | 10.37x | 15.16x |
| Price / SalesMarket cap ÷ Revenue | 1.98x | 10.88x |
| Price / BookPrice ÷ Book value/share | 3.20x | 1.51x |
| Price / FCFMarket cap ÷ FCF | 15.96x | 15.66x |
Profitability & Efficiency
CBL delivers a 37.0% return on equity — every $100 of shareholder capital generates $37 in annual profit, vs $3 for O. On the Piotroski fundamental quality scale (0–9), CBL scores 6/9 vs O's 5/9, reflecting solid financial health.
| Metric | CBLCBL & Associates … | ORealty Income Cor… |
|---|---|---|
| ROE (TTM)Return on equity | +37.0% | +2.6% |
| ROA (TTM)Return on assets | +4.9% | +1.5% |
| ROICReturn on invested capital | +4.3% | +2.3% |
| ROCEReturn on capital employed | +5.1% | +2.3% |
| Piotroski ScoreFundamental quality 0–9 | 6 | 5 |
| Debt / EquityFinancial leverage | 5.95x | — |
| Net DebtTotal debt minus cash | $2.0B | -$435M |
| Cash & Equiv.Liquid assets | $153M | $435M |
| Total DebtShort + long-term debt | $2.2B | $0 |
| Interest CoverageEBIT ÷ Interest expense | 0.79x | — |
Total Returns (with DRIP)
A $10,000 investment in CBL five years ago would be worth $15,577 today (with dividends reinvested), compared to $14,035 for O. Over the past 12 months, CBL leads with a +29.2% total return vs O's +23.6%. The 3-year compound annual growth rate (CAGR) favors CBL at 19.7% vs O's 6.3% — a key indicator of consistent wealth creation.
| Metric | CBLCBL & Associates … | ORealty Income Cor… |
|---|---|---|
| YTD ReturnYear-to-date | +2.3% | +17.9% |
| 1-Year ReturnPast 12 months | +29.2% | +23.6% |
| 3-Year ReturnCumulative with dividends | +71.4% | +19.9% |
| 5-Year ReturnCumulative with dividends | +55.8% | +40.3% |
| 10-Year ReturnCumulative with dividends | +55.8% | +67.6% |
| CAGR (3Y)Annualised 3-year return | +19.7% | +6.3% |
Risk & Volatility
O is the less volatile stock with a 0.19 beta — it tends to amplify market swings less than CBL's 0.85 beta. A beta below 1.0 means the stock typically moves less than the S&P 500.
| Metric | CBLCBL & Associates … | ORealty Income Cor… |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.85x | 0.19x |
| 52-Week HighHighest price in past year | $38.67 | $67.94 |
| 52-Week LowLowest price in past year | $21.10 | $50.71 |
| % of 52W HighCurrent price vs 52-week peak | +97.7% | +98.6% |
| RSI (14)Momentum oscillator 0–100 | 60.0 | 70.7 |
| Avg Volume (50D)Average daily shares traded | 126K | 5.4M |
Analyst Outlook
Wall Street rates CBL as "Hold" and O as "Hold".
| Metric | CBLCBL & Associates … | ORealty Income Cor… |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Hold | Hold |
| Price TargetConsensus 12-month target | — | $63.38 |
| # AnalystsCovering analysts | 22 | 33 |
| Dividend YieldAnnual dividend ÷ price | — | — |
| Dividend StreakConsecutive years of raises | 0 | 27 |
| Dividend / ShareAnnual DPS | — | — |
| Buyback YieldShare repurchases ÷ mkt cap | 0.0% | 0.0% |
Historical Charts
Charts are rendered on first load. Hover for details.
Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Nov 21 | Feb 26 | Change |
|---|---|---|---|
| CBL & Associates Pr… (CBL) | 100 | 122.3 | +22.3% |
| Realty Income Corpo… (O) | 100 | 91.82 | -8.2% |
CBL & Associates Pr… (CBL) returned +56% over 5 years vs Realty Income Corpo… (O)'s +40%. A $10,000 investment in CBL 5 years ago would be worth $15,577 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| CBL & Associates Pr… (CBL) | $1.0B | $578M | -43.8% |
| Realty Income Corpo… (O) | $1.1B | $5.7B | +421.2% |
CBL & Associates Properties, Inc.'s revenue grew from $1.0B (2016) to $578M (2025) — a -6.2% CAGR. Realty Income Corporation's revenue grew from $1.1B (2016) to $5.7B (2025) — a 20.1% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| CBL & Associates Pr… (CBL) | 12.4% | 23.5% | +88.9% |
| Realty Income Corpo… (O) | 28.6% | 18.4% | -35.6% |
CBL & Associates Properties, Inc.'s net margin went from 12% (2016) to 24% (2025). Realty Income Corporation's net margin went from 29% (2016) to 18% (2025).
Chart 4P/E Ratio History — 9 Years
| Stock | 2017 | 2025 | Change |
|---|---|---|---|
| CBL & Associates Pr… (CBL) | 143.6 | 8.5 | -94.1% |
| Realty Income Corpo… (O) | 50.2 | 48.2 | -4.0% |
CBL & Associates Properties, Inc. has traded in a 9x–144x P/E range over 3 years; current trailing P/E is ~9x. Realty Income Corporation has traded in a 45x–82x P/E range over 9 years; current trailing P/E is ~57x.
Chart 5EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| CBL & Associates Pr… (CBL) | 0.88 | 4.34 | +393.2% |
| Realty Income Corpo… (O) | 1.13 | 1.17 | +3.5% |
CBL & Associates Properties, Inc.'s EPS grew from $0.88 (2016) to $4.34 (2025) — a 19% CAGR. Realty Income Corporation's EPS grew from $1.13 (2016) to $1.17 (2025) — a 0% CAGR.
Chart 6Free Cash Flow — 5 Years
CBL & Associates Properties, Inc. generated $72M FCF in 2025 (+85% vs 2021). Realty Income Corporation generated $4B FCF in 2025 (+207% vs 2021).
CBL vs O: Frequently Asked Questions
9 questions · data-driven answers · updated daily
01Is CBL or O a better buy right now?
CBL & Associates Properties, Inc. (CBL) offers the better valuation at 8.7x trailing P/E (41.1x forward), making it the more compelling value choice. Analysts rate CBL & Associates Properties, Inc. (CBL) a "Hold" — based on 22 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — CBL or O?
On trailing P/E, CBL & Associates Properties, Inc. (CBL) is the cheapest at 8.7x versus Realty Income Corporation at 57.3x. On forward P/E, CBL & Associates Properties, Inc. is actually cheaper at 41.1x.
03Which is the better long-term investment — CBL or O?
Over the past 5 years, CBL & Associates Properties, Inc. (CBL) delivered a total return of +55.8%, compared to +40.3% for Realty Income Corporation (O). A $10,000 investment in CBL five years ago would be worth approximately $16K today (assuming dividends reinvested). Over 10 years, the gap is even starker: O returned +67.6% versus CBL's +55.8%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — CBL or O?
By beta (market sensitivity over 5 years), Realty Income Corporation (O) is the lower-risk stock at 0.19β versus CBL & Associates Properties, Inc.'s 0.85β — meaning CBL is approximately 350% more volatile than O relative to the S&P 500.
05Which has better profit margins — CBL or O?
CBL & Associates Properties, Inc. (CBL) is the more profitable company, earning 23.5% net margin versus 18.4% for Realty Income Corporation — meaning it keeps 23.5% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: O leads at 28.3% versus 24.2% for CBL. At the gross margin level — before operating expenses — O leads at 89.8%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
06Is CBL or O more undervalued right now?
On forward earnings alone, CBL & Associates Properties, Inc. (CBL) trades at 41.1x forward P/E versus 41.8x for Realty Income Corporation — 0.7x cheaper on a one-year earnings basis.
07Which pays a better dividend — CBL or O?
None of the stocks in this comparison currently pay a material dividend. All are effectively zero-yield and should be held for capital appreciation rather than income.
08Is CBL or O better for a retirement portfolio?
For long-horizon retirement investors, Realty Income Corporation (O) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.19)). Both have compounded well over 10 years (O: +67.6%, CBL: +55.8%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
09What are the main differences between CBL and O?
Both stocks operate in the Real Estate sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both. In terms of investment character: CBL is a small-cap deep-value stock; O is a mid-cap quality compounder stock. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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