CBL & Associates Properties, Inc. (CBL) 10-Year Financial Performance & Capital Metrics

CBL • • REIT / Real Estate

Real EstateRetail REITsMalls 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 +39.9%
FFO/Share 9.76 +40.5%
FFO Payout 0% -100.0%
FFO per Share 9.76 +40.5%
NOI Margin 7.56% -88.6%
FFO Margin 52.06% +24.7%
ROE 40.14% +119.0%
ROA 4.97% +117.0%
Debt/Assets 79.54% -1.2%
Net Debt/EBITDA 6.62 -12.1%
Book Value/Share 11.82 +17.0%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 20.1%
✓FFO growing 39.4% TTM
✓Trading near 52-week high

✗Weaknesses

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

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y-5.83%

5Y0.09%

3Y0.9%

TTM12.18%

Profit (Net Income) CAGR

10Y2.78%

5Y-

3Y-

TTM128.6%

EPS CAGR

10Y26.92%

5Y-

3Y-

TTM129.6%

ROCE

10Y Avg6.18%

5Y Avg5.2%

3Y Avg4.89%

Latest5.1%

Peer Comparison

Malls and Outlet Centers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
SKTTanger Inc.	4.27B	37.06	42.11	13.28%	19.18%	14.72%	3.67%	2.22
SPGSimon Property Group, Inc.	66.3B	203.85	14.42	6.72%	72.51%	68.82%		4.47
CBLCBL & Associates Properties, Inc.	1.15B	37.78	8.71	12.18%	23.31%	36.97%	6.27%	5.95
MACThe Macerich Company	5.25B	20.47	-26.24	10.43%	-19.44%

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Revenue+	1.03B	927.25M	858.56M	768.7M	575.86M	576.88M	563.01M	535.29M	515.56M	578.37M
Revenue Growth %	-2.54%	-9.82%	-7.41%	-10.47%	-25.09%	0.18%	-2.4%	-4.92%	-3.68%	12.18%
Property Operating Expenses	281.46M	260.55M	252.61M	230.65M	187.88M	188.45M	191.73M	187.14M	175.15M	534.66M
Net Operating Income (NOI)+	-	-	-	-	-	-	-	-	-	-
NOI Margin %	-	-	-	-	-	-	-	-	-	-
Operating Expenses+	493.17M	434.14M	61.51M	538.04M	269.41M	52.34M	324.36M	254.79M	208.07M	-96.06M
G&A Expenses	63.33M	58.47M	61.51M	64.18M	53.42M	52.34M	67.22M	64.07M	67.25M	69.04M
EBITDA+	1.03B	850.67M	502.05M	420.12M	333.6M	548.18M	324.03M	305.29M	288.59M	304.92M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization+	657.81M	618.11M	600.31M	552.58M	215.03M	212.08M	277.11M	211.93M	156.26M	165.16M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income+	370.45M	232.56M	-98.26M	-132.46M	118.57M	336.09M	46.92M	93.36M	132.34M	139.77M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense+	0	0	0	206.26M	200.66M	0	217.34M	172.91M	154.49M	175.96M
Interest Coverage	-	-	-	-0.64x	0.59x	-	0.22x	0.54x	0.86x	0.79x
Non-Operating Income	-116.82M	-76.58M	-258.25M	147.85M	236.6M	208.83M	-73.98M	-83.65M	-80.32M	-171.2M
Pretax Income+	130.05M	139.29M	-143.15M	-128.57M	-318.69M	-643.95M	-96.44M	4.1M	58.17M	135M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	2.06M	-1.93M	-570.61M	3.15M	16.84M	-4.81M	3.08M	894K	1.05M	475K
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	127.99M	120.94M	-78.57M	-108.78M	-295.08M	-622.17M	-93.48M	6.55M	58.97M	135.97M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	23.82%	-5.51%	-164.96%	-38.45%	-171.27%	-110.85%	84.97%	107%	800.86%	130.57%
Funds From Operations (FFO)+	-	-	-	-	-	-	-	-	-	-
FFO Margin %	-	-	-	-	-	-	-	-	-	-
FFO Growth %	95.98%	-5.95%	-29.4%	-14.94%	-118.04%	-412.27%	144.78%	18.98%	-1.49%	39.91%
FFO per Share+	-	-	-	-	-	-	-	-	-	-
FFO Payout Ratio %	-	-	-	-	-	-	-	-	-	-
EPS (Diluted)+	0.88	0.52	-0.83	-0.78	-1.76	-29.95	-3.20	0.17	1.87	4.34
EPS Growth %	120%	-40.91%	-259.62%	6.02%	-125.64%	-1601.7%	89.32%	105.31%	1000%	132.09%
EPS (Basic)	0.88	0.52	-0.83	-0.78	-1.76	-29.95	-3.20	0.17	1.87	4.41
Diluted Shares Outstanding	170.84M	171.07M	172.49M	173.44M	190.28M	167.11M	30.05M	31.3M	30.96M	30.84M

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Assets+	757.31M	667.72M	664.09M	4.62B	4.44B	2.95B	2.68B	2.41B	2.75B	2.73B
Asset Growth %	-88.31%	-11.83%	-0.54%	596.04%	-3.86%	-33.7%	-9.09%	-10.17%	14.19%	-0.66%
Real Estate & Other Assets+	-5.96B	-5.58B	-5.2B	63.73M	43.32M	1.77B	1.66B	1.58B	1.82B	128.85M
PP&E (Net)	5.51B	5.16B	4.75B	4.07B	3.62B	0	0	0	0	0
Investment Securities	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Total Current Assets+	177.1M	162.82M	145.6M	147.13M	232.57M	583.82M	650.13M	431.41M	500.9M	201M
Cash & Equivalents	18.95M	32.63M	25.14M	32.82M	61.78M	169.55M	44.72M	34.19M	40.79M	152.95M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	63.47M	46.64M	42.67M	39.06M	67.14M	0	97.23M	88.89M	169.01M	0
Intangible Assets	64.71M	66.79M	48.66M	38.34M	34.42M	489.39M	286.83M	315.93M	347.41M	144.05M
Total Liabilities	1.71M	1.71M	1.73M	3.76B	3.91B	2.54B	2.31B	2.08B	2.43B	2.36B
Total Debt+	64.87M	53.33M	81.47M	3.53B	3.74B	2.36B	2.11B	1.97B	2.21B	2.17B
Net Debt	45.92M	20.7M	56.33M	3.5B	3.68B	2.19B	2.07B	1.94B	2.17B	2.02B
Long-Term Debt	0	0	0	3.53B	3.74B	2.21B	2B	1.89B	2.21B	2.17B
Short-Term Borrowings	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	0	0	0	3.84M	3.33M	151.87M	110.62M	80.41M	0	0
Total Current Liabilities+	280.5M	228.65M	261.93M	227.47M	170.06M	184.4M	200.31M	186.49M	221.65M	0
Accounts Payable	199.21M	166.79M	187.51M	218.97M	164.01M	0	0	0	0	0
Deferred Revenue	-8.37B	-7.96B	-7.61B	0	0	0	0	0	0	0
Other Liabilities	0	0	0	0	0	0	0	-80.41M	0	193.64M
Total Equity+	10.58B	9.92B	9.37B	864.02M	534.03M	401.1M	367.13M	330.62M	312.86M	364.67M
Equity Growth %	642.35%	-6.19%	-5.55%	-90.78%	-38.19%	-24.89%	-8.47%	-9.95%	-5.37%	16.56%
Shareholders Equity	6.1B	5.7B	5.34B	806.31M	531.84M	396.2M	370.54M	339.32M	323.55M	374.94M
Minority Interest	4.47B	4.22B	4.03B	57.71M	2.19M	4.9M	-3.41M	-8.7M	-10.68M	-10.26M
Common Stock	1.71M	1.71M	1.73M	1.74M	1.97M	21K	32K	32K	31K	30K
Additional Paid-in Capital	1.97B	1.97B	1.97B	1.97B	1.99B	547.73M	710.5M	719.13M	694.57M	687.42M
Retained Earnings	1.23B	1.14B	964.14M	0	0	-151.54M	-338.93M	-380.45M	-371.83M	-312.96M
Preferred Stock	0	0	0	25K	25K	0	0	0	0	0
Return on Assets (ROA)	3.54%	16.97%	-11.8%	-4.12%	-6.51%	-16.84%	-3.32%	0.26%	2.29%	4.97%
Return on Equity (ROE)	2.13%	1.18%	-0.81%	-2.13%	-42.21%	-133.07%	-24.34%	1.88%	18.33%	40.14%
Debt / Assets	8.57%	7.99%	12.27%	76.39%	84.16%	80.13%	78.81%	81.85%	80.54%	79.54%
Debt / Equity	0.01x	0.01x	0.01x	4.09x	7.00x	5.89x	5.75x	5.96x	7.07x	5.95x
Net Debt / EBITDA	0.04x	0.02x	0.11x	8.33x	11.02x	4.00x	6.38x	6.34x	7.53x	6.62x
Book Value per Share	61.92	58.01	54.34	4.98	2.81	2.40	12.22	10.56	10.10	11.82

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	447.71M	377.19M	234.99M	273.41M	-69.37M	38.77M	208.23M	183.52M	202.22M	71.79M
Operating CF Growth %	-13.2%	-15.75%	-37.7%	16.35%	-125.37%	155.9%	437.05%	-11.87%	10.19%	-64.5%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	172.44M	126.12M	-78.57M	-131.72M	-404.09M	-622.17M	-99.52M	3.2M	57.12M	49.54M
Depreciation & Amortization	292.69M	299.09M	285.4M	255.94M	215.03M	208.08M	277.11M	211.93M	156.26M	41.42M
Stock-Based Compensation	5.71M	5.79M	5.39M	4.78M	0	0	11.88M	12.98M	14.93M	0
Other Non-Cash Items	583.05M	548.36M	571.23M	112.4M	169.41M	381.05M	68.63M	-24.02M	-28.53M	-19.17M
Working Capital Changes	-9.73M	-2.43M	14.54M	29.34M	-49.72M	71.82M	-51.01M	-19.3M	4.1M	0
Cash from Investing+	-97.92M	-94.4M	-52.4M	24.59M	-290.33M	87.33M	-156.69M	1.7M	65.01M	17.24M
Acquisitions (Net)	-513K	-393K	7.34M	-5.79M	692K	298K	-3.27M	-10.93M	-9.49M	0
Purchase of Investments	-291.21M	-306.39M	-145.55M	-5.79M	-299.66M	-1.27B	-741.04M	-312.78M	-360.82M	0
Sale of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0
Other Investing	9.99M	-75.81M	3.19M	11.81M	988K	1.06M	-13.07M	-30.13M	55.71M	17.24M
Cash from Financing+	-484.56M	-351.09M	-367.77M	-296.45M	209M	-158.41M	-145.8M	-204.09M	-236.5M	-91.23M
Dividends Paid	-225.85M	-226.17M	-182.71M	-59.63M	0	0	-23.87M	-118.09M	-50.36M	0
Common Dividends	-225.85M	-226.17M	-182.71M	-25.96M	0	0	-23.87M	-118.09M	-50.36M	0
Debt Issuance (Net)	-1000K	-1000K	-1000K	-1000K	1000K	-1000K	-1000K	-1000K	-1000K	0
Share Repurchases	0	-390K	-289K	0	0	0	0	-1.11M	-36.46M	0
Other Financing	-47.55M	-68.1M	-34.96M	-29.88M	-999K	-365K	-22.75M	-5.89M	-3.43M	-91.23M
Net Change in Cash+	-52.63M	13.68M	-7.49M	1.55M	28.96M	107.77M	-94.25M	-18.87M	30.73M	-2.2M
Exchange Rate Effect	1000K	1000K	1000K	0	1000K	1000K	0	0	0	0
Cash at Beginning	71.58M	18.95M	32.63M	57.51M	32.82M	61.78M	236.2M	141.95M	123.08M	31.81M
Cash at End	18.95M	32.63M	25.14M	59.06M	61.78M	169.55M	141.95M	123.08M	153.8M	29.61M
Free Cash Flow+	440.66M	360.57M	228.14M	279.19M	-69.37M	38.77M	208.23M	183.52M	202.22M	71.79M
FCF Growth %	-12.62%	-18.18%	-36.73%	22.38%	-124.85%	155.9%	437.05%	-11.87%	10.19%	-64.5%
FCF / Revenue %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
FFO per Share	4.6	4.32	3.02	2.56	-0.42	-2.45	6.11	6.98	6.95	9.76
FFO Payout Ratio	28.74%	30.6%	35.02%	5.85%	0%	0%	13%	54.05%	23.4%	0%
NOI Margin	72.63%	71.9%	70.58%	69.99%	67.37%	67.33%	65.95%	65.04%	66.03%	7.56%
Net Debt / EBITDA	0.04x	0.02x	0.11x	8.33x	11.02x	4.00x	6.38x	6.34x	7.53x	6.62x
Debt / Assets	8.57%	7.99%	12.27%	76.39%	84.16%	80.13%	78.81%	81.85%	80.54%	79.54%
Interest Coverage	-	-	-	-0.64x	0.59x	-	0.22x	0.54x	0.86x	0.79x
Book Value / Share	61.92	58.01	54.34	4.98	2.81	2.4	12.22	10.56	10.1	11.82
Revenue Growth	-2.54%	-9.82%	-7.41%	-10.47%	-25.09%	0.18%	-2.4%	-4.92%	-3.68%	12.18%

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CBL & Associates Properties, Inc. (CBL) 10-Year Financial Performance & Capital Metrics

CBL • • REIT / Real Estate

Real EstateRetail REITsMalls and Outlet Centers

Revenue $578M +12.2%
FFO $301M +39.9%
FFO/Share 9.76 +40.5%
FFO Payout 0% -100.0%
FFO per Share 9.76 +40.5%
NOI Margin 7.56% -88.6%
FFO Margin 52.06% +24.7%
ROE 40.14% +119.0%
ROA 4.97% +117.0%
Debt/Assets 79.54% -1.2%
Net Debt/EBITDA 6.62 -12.1%
Book Value/Share 11.82 +17.0%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 20.1%
✓FFO growing 39.4% TTM
✓Trading near 52-week high

✗Weaknesses

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

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y-5.83%

5Y0.09%

3Y0.9%

TTM12.18%

Profit (Net Income) CAGR

10Y2.78%

5Y-

3Y-

TTM128.6%

EPS CAGR

10Y26.92%

5Y-

3Y-

TTM129.6%

ROCE

10Y Avg6.18%

5Y Avg5.2%

3Y Avg4.89%

Latest5.1%

Peer Comparison

Malls and Outlet Centers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
SKTTanger Inc.	4.27B	37.06	42.11	13.28%	19.18%	14.72%	3.67%	2.22
SPGSimon Property Group, Inc.	66.3B	203.85	14.42	6.72%	72.51%	68.82%		4.47
CBLCBL & Associates Properties, Inc.	1.15B	37.78	8.71	12.18%	23.31%	36.97%	6.27%	5.95
MACThe Macerich Company	5.25B	20.47	-26.24	10.43%	-19.44%

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Revenue+	1.03B	927.25M	858.56M	768.7M	575.86M	576.88M	563.01M	535.29M	515.56M	578.37M
Revenue Growth %	-2.54%	-9.82%	-7.41%	-10.47%	-25.09%	0.18%	-2.4%	-4.92%	-3.68%	12.18%
Property Operating Expenses	281.46M	260.55M	252.61M	230.65M	187.88M	188.45M	191.73M	187.14M	175.15M	534.66M
Net Operating Income (NOI)+	-	-	-	-	-	-	-	-	-	-
NOI Margin %	-	-	-	-	-	-	-	-	-	-
Operating Expenses+	493.17M	434.14M	61.51M	538.04M	269.41M	52.34M	324.36M	254.79M	208.07M	-96.06M
G&A Expenses	63.33M	58.47M	61.51M	64.18M	53.42M	52.34M	67.22M	64.07M	67.25M	69.04M
EBITDA+	1.03B	850.67M	502.05M	420.12M	333.6M	548.18M	324.03M	305.29M	288.59M	304.92M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization+	657.81M	618.11M	600.31M	552.58M	215.03M	212.08M	277.11M	211.93M	156.26M	165.16M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income+	370.45M	232.56M	-98.26M	-132.46M	118.57M	336.09M	46.92M	93.36M	132.34M	139.77M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense+	0	0	0	206.26M	200.66M	0	217.34M	172.91M	154.49M	175.96M
Interest Coverage	-	-	-	-0.64x	0.59x	-	0.22x	0.54x	0.86x	0.79x
Non-Operating Income	-116.82M	-76.58M	-258.25M	147.85M	236.6M	208.83M	-73.98M	-83.65M	-80.32M	-171.2M
Pretax Income+	130.05M	139.29M	-143.15M	-128.57M	-318.69M	-643.95M	-96.44M	4.1M	58.17M	135M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	2.06M	-1.93M	-570.61M	3.15M	16.84M	-4.81M	3.08M	894K	1.05M	475K
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	127.99M	120.94M	-78.57M	-108.78M	-295.08M	-622.17M	-93.48M	6.55M	58.97M	135.97M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	23.82%	-5.51%	-164.96%	-38.45%	-171.27%	-110.85%	84.97%	107%	800.86%	130.57%
Funds From Operations (FFO)+	-	-	-	-	-	-	-	-	-	-
FFO Margin %	-	-	-	-	-	-	-	-	-	-
FFO Growth %	95.98%	-5.95%	-29.4%	-14.94%	-118.04%	-412.27%	144.78%	18.98%	-1.49%	39.91%
FFO per Share+	-	-	-	-	-	-	-	-	-	-
FFO Payout Ratio %	-	-	-	-	-	-	-	-	-	-
EPS (Diluted)+	0.88	0.52	-0.83	-0.78	-1.76	-29.95	-3.20	0.17	1.87	4.34
EPS Growth %	120%	-40.91%	-259.62%	6.02%	-125.64%	-1601.7%	89.32%	105.31%	1000%	132.09%
EPS (Basic)	0.88	0.52	-0.83	-0.78	-1.76	-29.95	-3.20	0.17	1.87	4.41
Diluted Shares Outstanding	170.84M	171.07M	172.49M	173.44M	190.28M	167.11M	30.05M	31.3M	30.96M	30.84M

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Assets+	757.31M	667.72M	664.09M	4.62B	4.44B	2.95B	2.68B	2.41B	2.75B	2.73B
Asset Growth %	-88.31%	-11.83%	-0.54%	596.04%	-3.86%	-33.7%	-9.09%	-10.17%	14.19%	-0.66%
Real Estate & Other Assets+	-5.96B	-5.58B	-5.2B	63.73M	43.32M	1.77B	1.66B	1.58B	1.82B	128.85M
PP&E (Net)	5.51B	5.16B	4.75B	4.07B	3.62B	0	0	0	0	0
Investment Securities	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Total Current Assets+	177.1M	162.82M	145.6M	147.13M	232.57M	583.82M	650.13M	431.41M	500.9M	201M
Cash & Equivalents	18.95M	32.63M	25.14M	32.82M	61.78M	169.55M	44.72M	34.19M	40.79M	152.95M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	63.47M	46.64M	42.67M	39.06M	67.14M	0	97.23M	88.89M	169.01M	0
Intangible Assets	64.71M	66.79M	48.66M	38.34M	34.42M	489.39M	286.83M	315.93M	347.41M	144.05M
Total Liabilities	1.71M	1.71M	1.73M	3.76B	3.91B	2.54B	2.31B	2.08B	2.43B	2.36B
Total Debt+	64.87M	53.33M	81.47M	3.53B	3.74B	2.36B	2.11B	1.97B	2.21B	2.17B
Net Debt	45.92M	20.7M	56.33M	3.5B	3.68B	2.19B	2.07B	1.94B	2.17B	2.02B
Long-Term Debt	0	0	0	3.53B	3.74B	2.21B	2B	1.89B	2.21B	2.17B
Short-Term Borrowings	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	0	0	0	3.84M	3.33M	151.87M	110.62M	80.41M	0	0
Total Current Liabilities+	280.5M	228.65M	261.93M	227.47M	170.06M	184.4M	200.31M	186.49M	221.65M	0
Accounts Payable	199.21M	166.79M	187.51M	218.97M	164.01M	0	0	0	0	0
Deferred Revenue	-8.37B	-7.96B	-7.61B	0	0	0	0	0	0	0
Other Liabilities	0	0	0	0	0	0	0	-80.41M	0	193.64M
Total Equity+	10.58B	9.92B	9.37B	864.02M	534.03M	401.1M	367.13M	330.62M	312.86M	364.67M
Equity Growth %	642.35%	-6.19%	-5.55%	-90.78%	-38.19%	-24.89%	-8.47%	-9.95%	-5.37%	16.56%
Shareholders Equity	6.1B	5.7B	5.34B	806.31M	531.84M	396.2M	370.54M	339.32M	323.55M	374.94M
Minority Interest	4.47B	4.22B	4.03B	57.71M	2.19M	4.9M	-3.41M	-8.7M	-10.68M	-10.26M
Common Stock	1.71M	1.71M	1.73M	1.74M	1.97M	21K	32K	32K	31K	30K
Additional Paid-in Capital	1.97B	1.97B	1.97B	1.97B	1.99B	547.73M	710.5M	719.13M	694.57M	687.42M
Retained Earnings	1.23B	1.14B	964.14M	0	0	-151.54M	-338.93M	-380.45M	-371.83M	-312.96M
Preferred Stock	0	0	0	25K	25K	0	0	0	0	0
Return on Assets (ROA)	3.54%	16.97%	-11.8%	-4.12%	-6.51%	-16.84%	-3.32%	0.26%	2.29%	4.97%
Return on Equity (ROE)	2.13%	1.18%	-0.81%	-2.13%	-42.21%	-133.07%	-24.34%	1.88%	18.33%	40.14%
Debt / Assets	8.57%	7.99%	12.27%	76.39%	84.16%	80.13%	78.81%	81.85%	80.54%	79.54%
Debt / Equity	0.01x	0.01x	0.01x	4.09x	7.00x	5.89x	5.75x	5.96x	7.07x	5.95x
Net Debt / EBITDA	0.04x	0.02x	0.11x	8.33x	11.02x	4.00x	6.38x	6.34x	7.53x	6.62x
Book Value per Share	61.92	58.01	54.34	4.98	2.81	2.40	12.22	10.56	10.10	11.82

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	447.71M	377.19M	234.99M	273.41M	-69.37M	38.77M	208.23M	183.52M	202.22M	71.79M
Operating CF Growth %	-13.2%	-15.75%	-37.7%	16.35%	-125.37%	155.9%	437.05%	-11.87%	10.19%	-64.5%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	172.44M	126.12M	-78.57M	-131.72M	-404.09M	-622.17M	-99.52M	3.2M	57.12M	49.54M
Depreciation & Amortization	292.69M	299.09M	285.4M	255.94M	215.03M	208.08M	277.11M	211.93M	156.26M	41.42M
Stock-Based Compensation	5.71M	5.79M	5.39M	4.78M	0	0	11.88M	12.98M	14.93M	0
Other Non-Cash Items	583.05M	548.36M	571.23M	112.4M	169.41M	381.05M	68.63M	-24.02M	-28.53M	-19.17M
Working Capital Changes	-9.73M	-2.43M	14.54M	29.34M	-49.72M	71.82M	-51.01M	-19.3M	4.1M	0
Cash from Investing+	-97.92M	-94.4M	-52.4M	24.59M	-290.33M	87.33M	-156.69M	1.7M	65.01M	17.24M
Acquisitions (Net)	-513K	-393K	7.34M	-5.79M	692K	298K	-3.27M	-10.93M	-9.49M	0
Purchase of Investments	-291.21M	-306.39M	-145.55M	-5.79M	-299.66M	-1.27B	-741.04M	-312.78M	-360.82M	0
Sale of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0
Other Investing	9.99M	-75.81M	3.19M	11.81M	988K	1.06M	-13.07M	-30.13M	55.71M	17.24M
Cash from Financing+	-484.56M	-351.09M	-367.77M	-296.45M	209M	-158.41M	-145.8M	-204.09M	-236.5M	-91.23M
Dividends Paid	-225.85M	-226.17M	-182.71M	-59.63M	0	0	-23.87M	-118.09M	-50.36M	0
Common Dividends	-225.85M	-226.17M	-182.71M	-25.96M	0	0	-23.87M	-118.09M	-50.36M	0
Debt Issuance (Net)	-1000K	-1000K	-1000K	-1000K	1000K	-1000K	-1000K	-1000K	-1000K	0
Share Repurchases	0	-390K	-289K	0	0	0	0	-1.11M	-36.46M	0
Other Financing	-47.55M	-68.1M	-34.96M	-29.88M	-999K	-365K	-22.75M	-5.89M	-3.43M	-91.23M
Net Change in Cash+	-52.63M	13.68M	-7.49M	1.55M	28.96M	107.77M	-94.25M	-18.87M	30.73M	-2.2M
Exchange Rate Effect	1000K	1000K	1000K	0	1000K	1000K	0	0	0	0
Cash at Beginning	71.58M	18.95M	32.63M	57.51M	32.82M	61.78M	236.2M	141.95M	123.08M	31.81M
Cash at End	18.95M	32.63M	25.14M	59.06M	61.78M	169.55M	141.95M	123.08M	153.8M	29.61M
Free Cash Flow+	440.66M	360.57M	228.14M	279.19M	-69.37M	38.77M	208.23M	183.52M	202.22M	71.79M
FCF Growth %	-12.62%	-18.18%	-36.73%	22.38%	-124.85%	155.9%	437.05%	-11.87%	10.19%	-64.5%
FCF / Revenue %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
FFO per Share	4.6	4.32	3.02	2.56	-0.42	-2.45	6.11	6.98	6.95	9.76
FFO Payout Ratio	28.74%	30.6%	35.02%	5.85%	0%	0%	13%	54.05%	23.4%	0%
NOI Margin	72.63%	71.9%	70.58%	69.99%	67.37%	67.33%	65.95%	65.04%	66.03%	7.56%
Net Debt / EBITDA	0.04x	0.02x	0.11x	8.33x	11.02x	4.00x	6.38x	6.34x	7.53x	6.62x
Debt / Assets	8.57%	7.99%	12.27%	76.39%	84.16%	80.13%	78.81%	81.85%	80.54%	79.54%
Interest Coverage	-	-	-	-0.64x	0.59x	-	0.22x	0.54x	0.86x	0.79x
Book Value / Share	61.92	58.01	54.34	4.98	2.81	2.4	12.22	10.56	10.1	11.82
Revenue Growth	-2.54%	-9.82%	-7.41%	-10.47%	-25.09%	0.18%	-2.4%	-4.92%	-3.68%	12.18%

CBL & Associates Properties, Inc. (CBL) 10-Year Financial Performance & Capital Metrics

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CBL & Associates Properties, Inc. (CBL) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare CBL vs Peers

vs SPG

vs MAC

Compare Top 4

Profit & Loss

Balance Sheet

Cash Flow

Key Ratios

Deep Dive Analysis

Valuation Overview

Total Return Calculator

Dividend History

Earnings History

Price History

Revenue History

Financial Ratios