Comprehensive Stock Comparison
Compare CBL & Associates Properties, Inc. (CBL) vs Simon Property Group, Inc. (SPG) 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 SPG's 6.7% |
| Value | SPG | Lower P/E (30.4x vs 41.1x) |
| Quality / Margins | SPG | 72.5% net margin vs CBL's 23.3% |
| Stability / Safety | CBL | Beta 0.85 vs SPG's 0.86 |
| Dividends | Tie | Neither pays a meaningful dividend |
| Momentum (1Y) | CBL | +29.2% vs SPG's +14.1% |
| Efficiency (ROA) | SPG | 11.4% ROA vs CBL's 4.9%, ROIC 7.6% vs 4.3% |
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.
Simon Property Group is a real estate investment trust that owns and operates premier shopping malls, outlets, and mixed-use destinations across North America, Europe, and Asia. It generates revenue primarily through tenant leases—collecting base rents, percentage rents based on tenant sales, and common area maintenance charges—with retail properties contributing over 90% of its income. The company's moat lies in its portfolio of high-quality, dominant regional malls in prime locations that attract premium tenants and shoppers, creating a network effect that's difficult to replicate.
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
SPG leads in 4 of 6 categories (Financial Metrics, Profitability & Efficiency). CBL leads in 1 (Valuation Metrics). 1 tied.
Financial Metrics (TTM)
SPG is the larger business by revenue, generating $6.4B annually — 11.0x CBL's $578M. SPG is the more profitable business, keeping 72.5% of every revenue dollar as net income compared to CBL's 23.3%. On growth, CBL holds the edge at +18.8% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | CBLCBL & Associates … | SPGSimon Property Gr… |
|---|---|---|
| RevenueTrailing 12 months | $578M | $6.4B |
| EBITDAEarnings before interest/tax | $305M | $4.7B |
| Net IncomeAfter-tax profit | $135M | $4.6B |
| Free Cash FlowCash after capex | $250M | $2.3B |
| Gross MarginGross profit ÷ Revenue | +7.6% | +85.7% |
| Operating MarginEBIT ÷ Revenue | +24.2% | +49.9% |
| Net MarginNet income ÷ Revenue | +23.3% | +72.5% |
| FCF MarginFCF ÷ Revenue | +43.2% | +35.4% |
| Rev. Growth (YoY)Latest quarter vs prior year | +18.8% | +13.2% |
| EPS Growth (YoY)Latest quarter vs prior year | +27.9% | +3.6% |
Valuation Metrics
At 8.7x trailing earnings, CBL trades at a 40% valuation discount to SPG's 14.4x P/E. On an enterprise value basis, CBL's 10.4x EV/EBITDA is more attractive than SPG's 20.5x.
| Metric | CBLCBL & Associates … | SPGSimon Property Gr… |
|---|---|---|
| Market CapShares × price | $1.1B | $66.3B |
| Enterprise ValueMkt cap + debt − cash | $3.2B | $95.4B |
| Trailing P/EPrice ÷ TTM EPS | 8.71x | 14.42x |
| Forward P/EPrice ÷ next-FY EPS est. | 41.07x | 30.39x |
| PEG RatioP/E ÷ EPS growth rate | — | 0.46x |
| EV / EBITDAEnterprise value multiple | 10.37x | 20.48x |
| Price / SalesMarket cap ÷ Revenue | 1.98x | 10.42x |
| Price / BookPrice ÷ Book value/share | 3.20x | 9.91x |
| Price / FCFMarket cap ÷ FCF | 15.96x | — |
Profitability & Efficiency
SPG delivers a 68.8% return on equity — every $100 of shareholder capital generates $69 in annual profit, vs $37 for CBL. SPG carries lower financial leverage with a 4.47x debt-to-equity ratio, signaling a more conservative balance sheet compared to CBL's 5.95x. On the Piotroski fundamental quality scale (0–9), CBL scores 6/9 vs SPG's 5/9, reflecting solid financial health.
| Metric | CBLCBL & Associates … | SPGSimon Property Gr… |
|---|---|---|
| ROE (TTM)Return on equity | +37.0% | +68.8% |
| ROA (TTM)Return on assets | +4.9% | +11.4% |
| ROICReturn on invested capital | +4.3% | +7.6% |
| ROCEReturn on capital employed | +5.1% | +9.1% |
| Piotroski ScoreFundamental quality 0–9 | 6 | 5 |
| Debt / EquityFinancial leverage | 5.95x | 4.47x |
| Net DebtTotal debt minus cash | $2.0B | $29.1B |
| Cash & Equiv.Liquid assets | $153M | $823M |
| Total DebtShort + long-term debt | $2.2B | $29.9B |
| Interest CoverageEBIT ÷ Interest expense | 0.79x | 3.26x |
Total Returns (with DRIP)
A $10,000 investment in SPG five years ago would be worth $21,129 today (with dividends reinvested), compared to $15,577 for CBL. Over the past 12 months, CBL leads with a +29.2% total return vs SPG's +14.1%. The 3-year compound annual growth rate (CAGR) favors SPG at 23.1% vs CBL's 19.7% — a key indicator of consistent wealth creation.
| Metric | CBLCBL & Associates … | SPGSimon Property Gr… |
|---|---|---|
| YTD ReturnYear-to-date | +2.3% | +10.8% |
| 1-Year ReturnPast 12 months | +29.2% | +14.1% |
| 3-Year ReturnCumulative with dividends | +71.4% | +86.7% |
| 5-Year ReturnCumulative with dividends | +55.8% | +111.3% |
| 10-Year ReturnCumulative with dividends | +55.8% | +44.9% |
| CAGR (3Y)Annualised 3-year return | +19.7% | +23.1% |
Risk & Volatility
CBL is the less volatile stock with a 0.85 beta — it tends to amplify market swings less than SPG's 0.86 beta. A beta below 1.0 means the stock typically moves less than the S&P 500.
| Metric | CBLCBL & Associates … | SPGSimon Property Gr… |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.85x | 0.86x |
| 52-Week HighHighest price in past year | $38.67 | $205.12 |
| 52-Week LowLowest price in past year | $21.10 | $136.34 |
| % of 52W HighCurrent price vs 52-week peak | +97.7% | +99.4% |
| RSI (14)Momentum oscillator 0–100 | 60.0 | 67.1 |
| Avg Volume (50D)Average daily shares traded | 126K | 1.3M |
Analyst Outlook
Wall Street rates CBL as "Hold" and SPG as "Hold".
| Metric | CBLCBL & Associates … | SPGSimon Property Gr… |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Hold | Hold |
| Price TargetConsensus 12-month target | — | $194.60 |
| # AnalystsCovering analysts | 22 | 37 |
| Dividend YieldAnnual dividend ÷ price | — | — |
| Dividend StreakConsecutive years of raises | 0 | 2 |
| 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% |
| Simon Property Grou… (SPG) | 100 | 129.45 | +29.4% |
Simon Property Grou… (SPG) returned +111% over 5 years vs CBL & Associates Pr… (CBL)'s +56%. A $10,000 investment in SPG 5 years ago would be worth $21,129 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| CBL & Associates Pr… (CBL) | $1.0B | $578M | -43.8% |
| Simon Property Grou… (SPG) | $5.4B | $6.4B | +17.1% |
CBL & Associates Properties, Inc.'s revenue grew from $1.0B (2016) to $578M (2025) — a -6.2% CAGR. Simon Property Group, Inc.'s revenue grew from $5.4B (2016) to $6.4B (2025) — a 1.8% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| CBL & Associates Pr… (CBL) | 12.4% | 23.5% | +88.9% |
| Simon Property Grou… (SPG) | 33.8% | 72.5% | +114.3% |
CBL & Associates Properties, Inc.'s net margin went from 12% (2016) to 24% (2025). Simon Property Group, Inc.'s net margin went from 34% (2016) to 73% (2025).
Chart 4P/E Ratio History — 9 Years
| Stock | 2017 | 2025 | Change |
|---|---|---|---|
| CBL & Associates Pr… (CBL) | 143.6 | 8.5 | -94.1% |
| Simon Property Grou… (SPG) | 27.5 | 13.1 | -52.4% |
CBL & Associates Properties, Inc. has traded in a 9x–144x P/E range over 3 years; current trailing P/E is ~9x. Simon Property Group, Inc. has traded in a 13x–28x P/E range over 9 years; current trailing P/E is ~14x.
Chart 5EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| CBL & Associates Pr… (CBL) | 0.88 | 4.34 | +393.2% |
| Simon Property Grou… (SPG) | 5.87 | 14.14 | +140.9% |
CBL & Associates Properties, Inc.'s EPS grew from $0.88 (2016) to $4.34 (2025) — a 19% CAGR. Simon Property Group, Inc.'s EPS grew from $5.87 (2016) to $14.14 (2025) — a 10% CAGR.
Chart 6Free Cash Flow — 5 Years
CBL & Associates Properties, Inc. generated $72M FCF in 2025 (+85% vs 2021). Simon Property Group, Inc. generated $0M FCF in 2025 (-100% vs 2021).
CBL vs SPG: Frequently Asked Questions
9 questions · data-driven answers · updated daily
01Is CBL or SPG 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 SPG?
On trailing P/E, CBL & Associates Properties, Inc. (CBL) is the cheapest at 8.7x versus Simon Property Group, Inc. at 14.4x. On forward P/E, Simon Property Group, Inc. is actually cheaper at 30.4x — notably different from the trailing picture, reflecting expected earnings growth.
03Which is the better long-term investment — CBL or SPG?
Over the past 5 years, Simon Property Group, Inc. (SPG) delivered a total return of +111.3%, compared to +55.8% for CBL & Associates Properties, Inc. (CBL). A $10,000 investment in SPG five years ago would be worth approximately $21K today (assuming dividends reinvested). Over 10 years, the gap is even starker: CBL returned +55.8% versus SPG's +44.9%. 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 SPG?
By beta (market sensitivity over 5 years), CBL & Associates Properties, Inc. (CBL) is the lower-risk stock at 0.85β versus Simon Property Group, Inc.'s 0.86β — meaning SPG is approximately 1% more volatile than CBL relative to the S&P 500. On balance sheet safety, Simon Property Group, Inc. (SPG) carries a lower debt/equity ratio of 4% versus 6% for CBL & Associates Properties, Inc. — giving it more financial flexibility in a downturn.
05Which has better profit margins — CBL or SPG?
Simon Property Group, Inc. (SPG) is the more profitable company, earning 72.5% net margin versus 23.5% for CBL & Associates Properties, Inc. — meaning it keeps 72.5% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: SPG leads at 49.9% versus 24.2% for CBL. At the gross margin level — before operating expenses — SPG leads at 85.7%, 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 SPG more undervalued right now?
On forward earnings alone, Simon Property Group, Inc. (SPG) trades at 30.4x forward P/E versus 41.1x for CBL & Associates Properties, Inc. — 10.7x cheaper on a one-year earnings basis.
07Which pays a better dividend — CBL or SPG?
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 SPG better for a retirement portfolio?
For long-horizon retirement investors, CBL & Associates Properties, Inc. (CBL) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.85)). Both have compounded well over 10 years (CBL: +55.8%, SPG: +44.9%), 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 SPG?
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. 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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