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CBLCBL & Associates Properties, Inc.
$47.40$1.5B
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CBL logoCBL & Associates Properties, Inc.(CBL)Earnings, Financials & Key Ratios

CBL•NYSE•REIT / Real Estate
10.9× P/E·Price updated Jun 17, 2026
SectorReal EstateIndustryRetail REITsSub-IndustryMalls and Outlet Centers
AboutHeadquartered in Chattanooga, TN, CBL Properties owns and manages a national portfolio of market-dominant properties located in dynamic and growing communities. CBL's portfolio is comprised of 106 properties totaling 65.7 million square feet across 25 states, including 64 high quality enclosed, outlet and open-air retail centers and 8 properties managed for third parties. CBL seeks to continuously strengthen its company and portfolio through active management, aggressive leasing and profitable reinvestment in its properties.Show more
  • Revenue$578M+12.2%
  • FFO$301M+50.9%
  • FFO/Share9.76+51.5%
  • FFO Payout25.6%+1.5%
  • FFO per Share9.76+51.5%
  • NOI Margin7.56%-34.2%
  • FFO Margin52.06%+34.5%
  • ROE40.14%+119.0%
  • ROA4.97%+117.0%

CBL Key Insights

CBL & Associates Properties, Inc. (CBL) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓Excellent 3Y average ROE of 20.1%
  • ✓Strong Piotroski F-Score: 7/9
  • ✓FFO growing 17.7% TTM
  • ✓Sustainable FFO payout ratio of 25.6%
  • ✓Momentum leader: RS Rating 86 (top 14%)
  • ✓Healthy dividend yield of 5.3%

✗Weaknesses

  • ✗High debt to equity ratio of 6.0x
  • ✗Low NOI margin of 7.6%

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

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CBL Price & Volume

CBL & Associates Properties, Inc. (CBL) stock price & volume — 10-year historical chart

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CBL Growth Metrics

CBL & Associates Properties, Inc. (CBL) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years-5.83%
5 Years0.09%
3 Years0.9%
TTM10.29%

Profit CAGR

10 Years-2.04%
5 Years-
3 Years-
TTM154.89%

EPS CAGR

10 Years26.92%
5 Years-
3 Years-
TTM155.98%

Return on Capital

10 Years17.18%
5 Years4.1%
3 Years5.03%
Last Year5.52%

CBL Recent Earnings

CBL & Associates Properties, Inc. (CBL) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 6/12 qtrs (86%)●Beat Revenue 6/12 qtrs (75%)
Q2 2026Latest
May 8, 2026
Metric
Actual
Est
EPS
$1.48
—
Rev
$146M+0.0%
$146M
Q1 2026
Feb 13, 2026
Metric
Actual
Est
EPS
$1.56+358.8%
$0.34
Rev
$150M+7.4%
$140M
Q4 2025
Nov 6, 2025
Metric
Actual
Est
EPS
$2.38+1600.0%
$0.14
Rev
$139M+3.9%
$134M
Q3 2025
Aug 6, 2025
Metric
Actual
Est
EPS
$0.08-42.9%
$0.14
Rev
$141M+5.2%
$134M
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestMay 8, 2026
$1.48
$146Mvs $146M+0.0%
Q1 2026Feb 13, 2026
$1.56vs $0.34+358.8%
$150Mvs $140M+7.4%
Q4 2025Nov 6, 2025
$2.38vs $0.14+1600.0%
$139Mvs $134M+3.9%
Q3 2025Aug 6, 2025
$0.08vs $0.14-42.9%
$141Mvs $134M+5.2%
Based on last 12 quarters of dataView full earnings history →

CBL Peer Comparison

CBL & Associates Properties, Inc. (CBL) competitors in Malls and Outlet Centers — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
Institutional Holdings
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
MAC logoMACThe Macerich CompanyDirect Competitor5.98B23.00-29.8710.58%-18.18%-7.13%2.06
SKT logoSKTTanger Inc.Direct Competitor4.43B38.6838.6810.55%19.74%16.46%2.30
SPG logoSPGSimon Property Group, Inc.Product Competitor68.17B209.8614.846.72%70.4%97.99%4.35
KIM logoKIMKimco Realty CorporationProduct Competitor16.52B24.5029.525.06%28.51%5.81%0.82
REG logoREGRegency Centers CorporationProduct Competitor14.17B77.3727.443.39%37.4%9%0.83
M logoMMacy's, Inc.Supply Chain6.28B23.8910.30-1.67%2.94%14.44%1.07
URBN logoURBNUrban Outfitters, Inc.Supply Chain6.5B72.4714.3211.07%7.48%17.64%0.44
CBRE logoCBRECBRE Group, Inc.Supply Chain38.34B130.7933.9713.37%3.11%14.27%1.04

Compare CBL vs Peers

CBL & Associates Properties, Inc. (CBL) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs MAC

Most directly comparable listed peer for CBL.

Scale Benchmark

vs SPG

Larger-name benchmark to compare CBL against a more recognizable public peer.

Peer Set

Compare Top 5

vs MAC, SKT, SPG, KIM

CBL Income Statement

CBL & Associates Properties, Inc. (CBL) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
MetricDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Revenue
927.25M858.56M768.7M575.86M576.88M563.01M535.29M515.56M578.37M582.57M
Revenue Growth %
-9.82%-7.41%-10.47%-25.09%0.18%-2.4%-4.92%-3.68%12.18%10.29%
Property Operating Expenses
858.73M823.41M746.14M617.94M604.6M704.35M568.15M456.33M534.66M443.14M
Net Operating Income (NOI)
68.52M▲ 0%
35.14M▼ 48.7%
22.55M▼ 35.8%
-42.08M▼ 286.6%
-27.73M▲ 34.1%
-141.34M▼ 409.8%
-32.86M▲ 76.7%
59.23M▲ 280.2%
43.71M▼ 26.2%
139.43M▲ 0%
NOI Margin %
7.39%4.09%2.93%-7.31%-4.81%-25.1%-6.14%11.49%7.56%23.93%
Operating Expenses
-240.62M-223.11M-193.56M-137.72M-155M-188.26M-126.22M-73.11M-96.06M-52.64M
G&A Expenses
00000000018.59M
EBITDA
608.23M543.65M473.86M310.67M335.35M303.23M283.86M272.93M304.92M273.59M
EBITDA Margin %
65.6%63.32%61.65%53.95%58.13%53.86%53.03%52.94%52.72%46.96%
Depreciation & Amortization
299.09M285.4M257.75M215.03M208.08M256.31M190.5M140.59M165.16M81.52M
D&A / Revenue %
32.26%33.24%33.53%37.34%36.07%45.52%35.59%27.27%28.56%13.99%
Operating Income
309.14M▲ 0%
258.25M▼ 16.5%
216.12M▼ 16.3%
95.64M▼ 55.7%
127.27M▲ 33.1%
46.92M▼ 63.1%
93.36M▲ 99.0%
132.34M▲ 41.8%
139.77M▲ 5.6%
192.07M▲ 0%
Operating Margin %
33.34%30.08%28.11%16.61%22.06%8.33%17.44%25.67%24.17%32.97%
Interest Expense
00206.26M200.66M0217.34M172.91M154.49M175.96M2M
Interest Coverage
--0.36x-0.74x-0.56x1.03x1.38x1.77x-
Non-Operating Income
-71.77M138.99M140.84M243.43M503.32M-73.98M-84.06M-80.92M-171.5M-139.72M
Pretax Income
162.23M▲ 0%
-100.78M▼ 162.1%
-128.48M▼ 27.5%
-346.81M▼ 169.9%
-643.95M▼ 85.7%
-96.44M▲ 85.0%
4.1M▲ 104.2%
58.17M▲ 1319.5%
135M▲ 132.1%
172.49M▲ 0%
Pretax Margin %
17.5%-11.74%-16.71%-60.22%-111.63%-17.13%0.77%11.28%23.34%29.61%
Income Tax
-1.93M-1.55M3.15M16.84M-4.81M3.08M894K1.05M475K946K
Effective Tax Rate %
-1.19%1.54%-2.45%-4.85%0.75%-3.19%21.82%1.81%0.35%0.55%
Net Income
126.12M▲ 0%
-78.57M▼ 162.3%
-108.69M▼ 38.3%
-404.09M▼ 271.8%
-622.17M▼ 54.0%
-93.48M▲ 85.0%
6.55M▲ 107.0%
58.97M▲ 800.9%
135.97M▲ 130.6%
172.58M▲ 0%
Net Margin %
13.6%-9.15%-14.14%-70.17%-107.85%-16.6%1.22%11.44%23.51%29.62%
Net Income Growth %
-26.86%-162.3%-38.33%-271.79%-53.97%84.97%107%800.86%130.57%154.89%
Funds From Operations (FFO)
425.21M▲ 0%
206.83M▼ 51.4%
149.06M▼ 27.9%
-189.06M▼ 226.8%
-414.09M▼ 119.0%
162.83M▲ 139.3%
197.05M▲ 21.0%
199.56M▲ 1.3%
301.12M▲ 50.9%
254.1M▲ 0%
FFO Margin %
45.86%24.09%19.39%-32.83%-71.78%28.92%36.81%38.71%52.06%43.62%
FFO Growth %
-8.58%-51.36%-27.93%-226.83%-119.03%139.32%21.02%1.27%50.89%76.93%
FFO per Share
2.491.200.86-0.99-2.485.426.296.459.768.28
FFO Payout Ratio %
53.19%88.33%17.42%0%0%14.66%59.93%25.23%25.6%15.73%
EPS (Diluted)
0.52▲ 0%
-0.83▼ 259.6%
-0.78▲ 6.0%
-1.76▼ 125.6%
-29.95▼ 1601.7%
-3.20▲ 89.3%
0.17▲ 105.3%
1.87▲ 1000.0%
4.34▲ 132.1%
5.63▲ 0%
EPS Growth %
-40.91%-259.62%6.02%-125.64%-1601.7%89.32%105.31%1000%132.09%155.98%
EPS (Basic)
0.52-0.83-0.78-1.76-29.95-3.200.171.874.41-
Diluted Shares Outstanding
171.07M172.49M173.44M190.28M167.11M30.05M31.3M30.96M30.84M30.68M

CBL Balance Sheet

CBL & Associates Properties, Inc. (CBL) balance sheet — assets, liabilities & shareholders' equity

MetricDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Total Assets
667.72M664.09M4.62B4.44B2.95B2.68B2.41B2.75B2.73B487.55M
Asset Growth %
-11.83%-0.54%596.04%-3.86%-33.7%-9.09%-10.17%14.19%-0.66%-48.5%
Real Estate & Other Assets
-5.58B-5.2B63.73M43.32M1.77B1.66B1.58B1.82B1.88B0
PP&E (Net)
5.16B4.75B4.07B3.62B000000
Investment Securities
1000K1000K1000K1000K1000K1000K1000K1000K1000K1000K
Total Current Assets
162.82M145.6M147.13M232.57M583.82M650.13M431.41M500.9M494.09M283.01M
Cash & Equivalents
32.63M25.14M32.82M61.78M169.55M44.72M34.19M40.79M42.29M122.74M
Receivables
1000K1000K1000K1000K1000K1000K1000K1000K1000K0
Other Current Assets
46.64M42.67M39.06M67.14M097.23M88.89M169.01M110.67M0
Intangible Assets
66.79M48.66M38.34M34.42M489.39M286.83M315.93M347.41M272.89M121.03M
Total Liabilities
1.71M1.73M3.76B3.91B2.54B2.31B2.08B2.43B2.36B2.26B
Total Debt
53.33M81.47M3.53B3.74B2.36B2.11B1.97B2.21B2.17B0
Net Debt
20.7M56.33M3.5B3.68B2.19B2.07B1.94B2.17B2.13B-122.74M
Long-Term Debt
003.53B3.74B2.21B2B1.89B2.21B2.17B0
Short-Term Borrowings
0000000000
Capital Lease Obligations
003.84M3.33M151.87M110.62M80.41M000
Total Current Liabilities
228.65M261.93M227.47M170.06M184.4M200.31M186.49M221.65M193.64M0
Accounts Payable
166.79M187.51M218.97M164.01M000000
Deferred Revenue
-7.96B-7.61B00000000
Other Liabilities
000000-80.41M000
Total Equity
9.92B▲ 0%
9.37B▼ 5.6%
864.02M▼ 90.8%
534.03M▼ 38.2%
401.1M▼ 24.9%
367.13M▼ 8.5%
330.62M▼ 9.9%
312.86M▼ 5.4%
364.67M▲ 16.6%
387.34M▲ 0%
Equity Growth %
-6.19%-5.55%-90.78%-38.19%-24.89%-8.47%-9.95%-5.37%16.56%60.12%
Shareholders Equity
5.7B5.34B806.31M531.84M396.2M370.54M339.32M323.55M374.94M397.98M
Minority Interest
4.22B4.03B57.71M2.19M4.9M-3.41M-8.7M-10.68M-10.26M-10.64M
Common Stock
1.71M1.73M1.74M1.97M21K32K32K31K30K31K
Additional Paid-in Capital
1.97B1.97B1.97B1.99B547.73M710.5M719.13M694.57M687.42M0
Retained Earnings
1.14B964.14M00-151.54M-338.93M-380.45M-371.83M-312.96M-285.81M
Preferred Stock
0025K25K000000
Return on Assets (ROA)
17.7%-11.8%-4.11%-8.91%-16.84%-3.32%0.26%2.29%4.97%8.07%
Return on Equity (ROE)
1.23%-0.81%-2.12%-57.81%-133.07%-24.34%1.88%18.33%40.14%50.39%
Debt / Assets
7.99%12.27%76.39%84.16%80.13%78.81%81.85%80.54%79.54%0%
Debt / Equity
0.01x0.01x4.09x7.00x5.89x5.75x5.96x7.07x5.95x0.00x
Net Debt / EBITDA
0.03x0.10x7.38x11.84x6.53x6.81x6.82x7.96x6.98x-0.45x
Book Value per Share
58.0154.344.982.812.4012.2210.5610.1011.8212.63

CBL Cash Flow Statement

CBL & Associates Properties, Inc. (CBL) cash flow — operating, investing & free cash flow history

MetricDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Cash from Operations
377.19M234.99M273.41M-69.37M38.77M208.23M183.52M202.22M71.79M276.37M
Operating CF Growth %
-15.75%-37.7%16.35%-125.37%155.9%437.05%-11.87%10.19%-64.5%172.58%
Operating CF / Revenue %
40.68%27.37%35.57%-12.05%6.72%36.99%34.28%39.22%12.41%47.44%
Net Income
126.12M-78.57M-131.72M-404.09M-622.17M-99.52M3.2M57.12M49.54M172.58M
Depreciation & Amortization
299.09M285.4M255.94M215.03M208.08M277.11M211.93M156.26M41.42M95.22M
Stock-Based Compensation
5.79M5.39M4.78M0011.88M12.98M14.93M015.22M
Other Non-Cash Items
548.36M571.23M112.4M169.41M381.05M68.63M-24.02M-28.53M-18.76M23.03M
Working Capital Changes
-2.43M14.54M29.34M-49.72M71.82M-51.01M-19.3M4.1M-413K16.55M
Cash from Investing
-94.4M-52.4M24.59M-290.33M87.33M-156.69M1.7M65.01M17.24M-88.04M
Acquisitions (Net)
-393K7.34M-5.79M692K298K-3.27M-10.93M-9.49M0-4.63M
Purchase of Investments
-306.39M-145.55M-5.79M-299.66M-1.27B-741.04M-312.78M-360.82M0-153.51M
Sale of Investments
229M89.47M18.56M8.91M1.36B600.7M355.54M379.61M027.36M
Other Investing
-75.81M3.19M11.81M988K1.06M-13.07M-30.13M55.71M17.24M42.74M
Cash from Financing
-351.09M-367.77M-296.45M209M-158.41M-145.8M-204.09M-236.5M-91.23M-98.75M
Dividends Paid
-226.17M-182.71M-59.63M00-23.87M-118.09M-50.36M-77.09M-39.97M
Common Dividends
-226.17M-182.71M-25.96M00-23.87M-118.09M-50.36M-77.09M-39.97M
Debt Issuance (Net)
-1000K-1000K-1000K1000K-1000K-1000K-1000K-1000K-1000K-3M
Share Repurchases
-390K-289K0000-1.11M-36.46M-18.06M-18.12M
Other Financing
-68.1M-34.96M-29.88M-999K-365K-22.75M-5.89M-3.43M40.21M105.96M
Net Change in Cash
13.68M▲ 0%
-7.49M▼ 154.8%
1.55M▲ 120.6%
28.96M▲ 1773.5%
107.77M▲ 272.1%
-94.25M▼ 187.5%
-18.87M▲ 80.0%
30.73M▲ 262.8%
-2.2M▼ 107.2%
89.58M▲ 0%
Exchange Rate Effect
1.29B672.88M0179.66M140.08M0000-1K
Cash at Beginning
18.95M32.63M57.51M32.82M61.78M236.2M141.95M123.08M31.81M152.95M
Cash at End
32.63M25.14M59.06M61.78M169.55M141.95M123.08M153.8M29.61M212.72M
Free Cash Flow
360.57M▲ 0%
228.14M▼ 36.7%
279.19M▲ 22.4%
-69.37M▼ 124.8%
38.77M▲ 155.9%
208.23M▲ 437.0%
183.52M▼ 11.9%
202.22M▲ 10.2%
71.79M▼ 64.5%
276.37M▲ 0%
FCF Growth %
-18.18%-36.73%22.38%-124.85%155.9%437.05%-11.87%10.19%-64.5%36.03%
FCF / Revenue %
38.89%26.57%36.32%-12.05%6.72%36.99%34.28%39.22%12.41%47.44%

CBL Key Ratios

CBL & Associates Properties, Inc. (CBL) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric201720182019202020212022202320242025TTM
FFO per Share
2.491.20.86-0.99-2.485.426.296.459.768.28
FFO Payout Ratio
53.19%88.33%17.42%0%0%14.66%59.93%25.23%25.6%15.73%
NOI Margin
7.39%4.09%2.93%-7.31%-4.81%-25.1%-6.14%11.49%7.56%23.93%
Net Debt / EBITDA
0.03x0.10x7.38x11.84x6.53x6.81x6.82x7.96x6.98x-0.45x
Debt / Assets
7.99%12.27%76.39%84.16%80.13%78.81%81.85%80.54%79.54%0%
Interest Coverage
--0.36x-0.74x-0.56x1.03x1.38x1.77x-
Book Value / Share
58.0154.344.982.812.412.2210.5610.111.8212.63
Revenue Growth
-9.82%-7.41%-10.47%-25.09%0.18%-2.4%-4.92%-3.68%12.18%10.29%
Related:CBL Dividend History·CBL Revenue History·CBL Price History·CBL P/E History·CBL Financial Ratios·CBL Institutional Holders

CBL SEC Filings & Documents

CBL & Associates Properties, Inc. (CBL) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

May 8, 2026·SEC

Material company update

Apr 2, 2026·SEC

Material company update

Mar 19, 2026·SEC

10-K Annual Reports

3
FY 2026

Mar 3, 2026·SEC

FY 2025

Mar 3, 2025·SEC

FY 2024

Feb 29, 2024·SEC

10-Q Quarterly Reports

6
FY 2026

May 8, 2026·SEC

FY 2025

Nov 7, 2025·SEC

FY 2025

Aug 6, 2025·SEC

CBL Frequently Asked Questions

CBL & Associates Properties, Inc. (CBL) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

CBL & Associates Properties, Inc. (CBL) reported $582.6M in revenue for fiscal year 2025. This represents a 25% decrease from $781.4M in 2004.

CBL & Associates Properties, Inc. (CBL) grew revenue by 12.2% over the past year. This is steady growth.

Yes, CBL & Associates Properties, Inc. (CBL) is profitable, generating $172.6M in net income for fiscal year 2025 (23.5% net margin).

Dividend & Returns

Yes, CBL & Associates Properties, Inc. (CBL) pays a dividend with a yield of 5.29%. This makes it attractive for income-focused investors.

CBL & Associates Properties, Inc. (CBL) has a return on equity (ROE) of 40.1%. This is excellent, indicating efficient use of shareholder capital.

Industry Metrics

CBL & Associates Properties, Inc. (CBL) generated Funds From Operations (FFO) of $254.1M in the trailing twelve months. FFO is the primary profitability metric for REITs.

CBL & Associates Properties, Inc. (CBL) offers a 5.29% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

What if you invested $1,000 in CBL back in 2004?

Total return calculator · dividends reinvested · 22+ years of data

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How much would $100/month in CBL be worth today?

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