Comprehensive Stock Comparison
Compare CBL & Associates Properties, Inc. (CBL) vs Welltower Inc. (WELL) 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 | WELL | 38.0% revenue growth vs CBL's 12.2% |
| Value | CBL | Lower P/E (41.1x vs 73.3x) |
| Quality / Margins | CBL | 23.3% net margin vs WELL's 8.6% |
| Stability / Safety | WELL | Beta 0.29 vs CBL's 0.85, lower leverage |
| Dividends | Tie | Neither pays a meaningful dividend |
| Momentum (1Y) | WELL | +36.8% vs CBL's +29.2% |
| Efficiency (ROA) | CBL | 4.9% ROA vs WELL's 1.4%, ROIC 4.3% vs 0.9% |
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.
Welltower is a healthcare-focused real estate investment trust that owns and invests in seniors housing communities, post-acute care facilities, and outpatient medical properties. It generates revenue primarily through rental income from its healthcare real estate portfolio — with seniors housing contributing roughly 60% of net operating income, outpatient medical properties about 25%, and post-acute care facilities the remainder. The company's competitive advantage lies in its scale and strategic partnerships with leading healthcare operators, creating a diversified portfolio concentrated in high-growth markets across the U.S., Canada, and the U.K.
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
CBL leads in 3 of 6 categories (Financial Metrics, Valuation Metrics). WELL leads in 2 (Total Returns, Analyst Outlook). 1 tied.
Financial Metrics (TTM)
WELL is the larger business by revenue, generating $10.8B annually — 18.7x CBL's $578M. CBL is the more profitable business, keeping 23.3% of every revenue dollar as net income compared to WELL's 8.6%. On growth, WELL holds the edge at +46.3% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | CBLCBL & Associates … | WELLWelltower Inc. |
|---|---|---|
| RevenueTrailing 12 months | $578M | $10.8B |
| EBITDAEarnings before interest/tax | $305M | $2.6B |
| Net IncomeAfter-tax profit | $135M | $934M |
| Free Cash FlowCash after capex | $250M | $2.1B |
| Gross MarginGross profit ÷ Revenue | +7.6% | +20.9% |
| Operating MarginEBIT ÷ Revenue | +24.2% | +4.9% |
| Net MarginNet income ÷ Revenue | +23.3% | +8.6% |
| FCF MarginFCF ÷ Revenue | +43.2% | +19.4% |
| Rev. Growth (YoY)Latest quarter vs prior year | +18.8% | +46.3% |
| EPS Growth (YoY)Latest quarter vs prior year | +27.9% | -26.3% |
Valuation Metrics
At 8.7x trailing earnings, CBL trades at a 94% valuation discount to WELL's 149.0x P/E. On an enterprise value basis, CBL's 10.4x EV/EBITDA is more attractive than WELL's 54.4x.
| Metric | CBLCBL & Associates … | WELLWelltower Inc. |
|---|---|---|
| Market CapShares × price | $1.1B | $144.3B |
| Enterprise ValueMkt cap + debt − cash | $3.2B | $142.0B |
| Trailing P/EPrice ÷ TTM EPS | 8.71x | 149.01x |
| Forward P/EPrice ÷ next-FY EPS est. | 41.07x | 73.28x |
| PEG RatioP/E ÷ EPS growth rate | — | — |
| EV / EBITDAEnterprise value multiple | 10.37x | 54.40x |
| Price / SalesMarket cap ÷ Revenue | 1.98x | 13.31x |
| Price / BookPrice ÷ Book value/share | 3.20x | 3.26x |
| Price / FCFMarket cap ÷ FCF | 15.96x | 50.06x |
Profitability & Efficiency
CBL delivers a 37.0% return on equity — every $100 of shareholder capital generates $37 in annual profit, vs $2 for WELL. WELL carries lower financial leverage with a 0.07x 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 WELL's 5/9, reflecting solid financial health.
| Metric | CBLCBL & Associates … | WELLWelltower Inc. |
|---|---|---|
| ROE (TTM)Return on equity | +37.0% | +2.2% |
| ROA (TTM)Return on assets | +4.9% | +1.4% |
| ROICReturn on invested capital | +4.3% | +0.9% |
| ROCEReturn on capital employed | +5.1% | +0.9% |
| Piotroski ScoreFundamental quality 0–9 | 6 | 5 |
| Debt / EquityFinancial leverage | 5.95x | 0.07x |
| Net DebtTotal debt minus cash | $2.0B | -$2.2B |
| Cash & Equiv.Liquid assets | $153M | $5.0B |
| Total DebtShort + long-term debt | $2.2B | $2.8B |
| Interest CoverageEBIT ÷ Interest expense | 0.79x | 0.81x |
Total Returns (with DRIP)
A $10,000 investment in WELL five years ago would be worth $32,119 today (with dividends reinvested), compared to $15,577 for CBL. Over the past 12 months, WELL leads with a +36.8% total return vs CBL's +29.2%. The 3-year compound annual growth rate (CAGR) favors WELL at 42.6% vs CBL's 19.7% — a key indicator of consistent wealth creation.
| Metric | CBLCBL & Associates … | WELLWelltower Inc. |
|---|---|---|
| YTD ReturnYear-to-date | +2.3% | +11.2% |
| 1-Year ReturnPast 12 months | +29.2% | +36.8% |
| 3-Year ReturnCumulative with dividends | +71.4% | +190.2% |
| 5-Year ReturnCumulative with dividends | +55.8% | +221.2% |
| 10-Year ReturnCumulative with dividends | +55.8% | +270.5% |
| CAGR (3Y)Annualised 3-year return | +19.7% | +42.6% |
Risk & Volatility
WELL is the less volatile stock with a 0.29 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 … | WELLWelltower Inc. |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.85x | 0.29x |
| 52-Week HighHighest price in past year | $38.67 | $215.56 |
| 52-Week LowLowest price in past year | $21.10 | $130.29 |
| % of 52W HighCurrent price vs 52-week peak | +97.7% | +96.1% |
| RSI (14)Momentum oscillator 0–100 | 60.0 | 69.0 |
| Avg Volume (50D)Average daily shares traded | 126K | 2.5M |
Analyst Outlook
Wall Street rates CBL as "Hold" and WELL as "Buy".
| Metric | CBLCBL & Associates … | WELLWelltower Inc. |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Hold | Buy |
| Price TargetConsensus 12-month target | — | $221.45 |
| # AnalystsCovering analysts | 22 | 34 |
| Dividend YieldAnnual dividend ÷ price | — | — |
| Dividend StreakConsecutive years of raises | 0 | 1 |
| 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% |
| Welltower Inc. (WELL) | 100 | 236.18 | +136.2% |
Welltower Inc. (WELL) returned +221% over 5 years vs CBL & Associates Pr… (CBL)'s +56%. A $10,000 investment in WELL 5 years ago would be worth $32,119 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| CBL & Associates Pr… (CBL) | $1.0B | $578M | -43.8% |
| Welltower Inc. (WELL) | $4.3B | $10.8B | +154.9% |
CBL & Associates Properties, Inc.'s revenue grew from $1.0B (2016) to $578M (2025) — a -6.2% CAGR. Welltower Inc.'s revenue grew from $4.3B (2016) to $10.8B (2025) — a 11.0% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| CBL & Associates Pr… (CBL) | 12.4% | 23.5% | +88.9% |
| Welltower Inc. (WELL) | 25.4% | 8.6% | -65.9% |
CBL & Associates Properties, Inc.'s net margin went from 12% (2016) to 24% (2025). Welltower Inc.'s net margin went from 25% (2016) to 9% (2025).
Chart 4P/E Ratio History — 9 Years
| Stock | 2017 | 2025 | Change |
|---|---|---|---|
| CBL & Associates Pr… (CBL) | 143.6 | 8.5 | -94.1% |
| Welltower Inc. (WELL) | 50.6 | 133.5 | +163.8% |
CBL & Associates Properties, Inc. has traded in a 9x–144x P/E range over 3 years; current trailing P/E is ~9x. Welltower Inc. has traded in a 27x–219x P/E range over 9 years; current trailing P/E is ~149x.
Chart 5EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| CBL & Associates Pr… (CBL) | 0.88 | 4.34 | +393.2% |
| Welltower Inc. (WELL) | 2.81 | 1.39 | -50.5% |
CBL & Associates Properties, Inc.'s EPS grew from $0.88 (2016) to $4.34 (2025) — a 19% CAGR. Welltower Inc.'s EPS grew from $2.81 (2016) to $1.39 (2025) — a -8% CAGR.
Chart 6Free Cash Flow — 5 Years
CBL & Associates Properties, Inc. generated $72M FCF in 2025 (+85% vs 2021). Welltower Inc. generated $3B FCF in 2025 (+129% vs 2021).
CBL vs WELL: Frequently Asked Questions
9 questions · data-driven answers · updated daily
01Is CBL or WELL 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 Welltower Inc. (WELL) a "Buy" — based on 34 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 WELL?
On trailing P/E, CBL & Associates Properties, Inc. (CBL) is the cheapest at 8.7x versus Welltower Inc. at 149.0x. On forward P/E, CBL & Associates Properties, Inc. is actually cheaper at 41.1x.
03Which is the better long-term investment — CBL or WELL?
Over the past 5 years, Welltower Inc. (WELL) delivered a total return of +221.2%, compared to +55.8% for CBL & Associates Properties, Inc. (CBL). A $10,000 investment in WELL five years ago would be worth approximately $32K today (assuming dividends reinvested). Over 10 years, the gap is even starker: WELL returned +270.5% 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 WELL?
By beta (market sensitivity over 5 years), Welltower Inc. (WELL) is the lower-risk stock at 0.29β versus CBL & Associates Properties, Inc.'s 0.85β — meaning CBL is approximately 195% more volatile than WELL relative to the S&P 500. On balance sheet safety, Welltower Inc. (WELL) carries a lower debt/equity ratio of 7% versus 6% for CBL & Associates Properties, Inc. — giving it more financial flexibility in a downturn.
05Which has better profit margins — CBL or WELL?
CBL & Associates Properties, Inc. (CBL) is the more profitable company, earning 23.5% net margin versus 8.6% for Welltower Inc. — meaning it keeps 23.5% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: CBL leads at 24.2% versus 4.9% for WELL. At the gross margin level — before operating expenses — WELL leads at 20.9%, 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 WELL more undervalued right now?
On forward earnings alone, CBL & Associates Properties, Inc. (CBL) trades at 41.1x forward P/E versus 73.3x for Welltower Inc. — 32.2x cheaper on a one-year earnings basis.
07Which pays a better dividend — CBL or WELL?
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 WELL better for a retirement portfolio?
For long-horizon retirement investors, Welltower Inc. (WELL) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.29), +270.5% 10Y return). Both have compounded well over 10 years (WELL: +270.5%, 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 WELL?
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; WELL 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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