The company's capital structure remains vulnerable, with a debt-to-equity ratio of 5.95x as of 2025Q4, reflecting a heavy reliance on leverage despite post-bankruptcy stabilization efforts.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 |
|---|
| Total Assets | 487.55M | 2.73B | 2.75B | 2.41B | 2.68B | 2.95B | 4.44B | 4.62B | 664.09M | 667.72M | 757.31M | 6.48B | 6.6B | 6.79B | 7.09B | 6.72B | 495.91M | 7.73B | 8.03B | 8.11B | 5.96B | 5.74B | 4.64B |
| Asset Growth % | -48.5% | -0.66% | 14.19% | -10.17% | -9.09% | -33.7% | -3.86% | 596.04% | -0.54% | -11.83% | -88.31% | -1.81% | -2.75% | -4.28% | 5.51% | 1254.96% | -93.58% | -3.8% | -0.87% | 36.01% | 3.77% | 23.82% | - |
| Real Estate & Other Assets | 0 | 1.88B | 1.82B | 1.58B | 1.66B | 1.77B | 43.32M | 63.73M | -5.2B | -5.58B | -5.96B | 36.66M | 74.8M | 101.79M | -6.71B | 267.2M | 0 | 504.68M | -7.02B | -7.4B | -78.83M | -5.94B | -4.89B |
| PP&E (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 3.62B | 4.07B | 4.75B | 5.16B | 5.51B | 5.86B | 5.95B | 6.07B | 6.3B | 6.01B | 0 | 7.1B | 7.32B | 7.4B | 6.09B | 5.94B | 4.89B |
| Investment Securities | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 0 |
| Total Current Assets | 283.01M | 494.09M | 500.9M | 431.41M | 650.13M | 583.82M | 232.57M | 147.13M | 145.6M | 162.82M | 177.1M | 187.28M | 192.52M | 226.3M | 215.14M | 141.84M | 50.9M | 129.39M | 7.73B | 7.83B | 109.93M | 90.13M | 77.88M |
| Cash & Equivalents | 122.74M | 42.29M | 40.79M | 34.19M | 44.72M | 169.55M | 61.78M | 32.82M | 25.14M | 32.63M | 18.95M | 36.89M | 37.94M | 65.5M | 78.25M | 56.09M | 50.9M | 48.06M | 51.22M | 65.83M | 28.7M | 28.84M | 25.77M |
| Receivables | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Other Current Assets | 0 | 110.67M | 169.01M | 88.89M | 97.23M | 0 | 67.14M | 39.06M | 42.67M | 46.64M | 63.47M | 63.1M | 73.24M | 80.9M | 57.93M | 0 | 0 | 0 | 7.59B | 7.54B | 0 | 0 | 0 |
| Intangible Assets | 121.03M | 272.89M | 347.41M | 315.93M | 286.83M | 489.39M | 34.42M | 38.34M | 48.66M | 66.79M | 64.71M | 80.6M | 82.72M | 99.61M | 127.3M | 232.97M | 265.61M | 279.95M | 305.8M | 276.43M | 0 | 0 | 0 |
| Total Liabilities | 2.26B | 2.36B | 2.43B | 2.08B | 2.31B | 2.54B | 3.91B | 3.76B | 1.73M | 1.71M | 1.71M | 5.06B | 5.01B | 5.19B | 5.1B | 4.79B | 0 | 6.31B | 6.43B | 6.26B | 4.87B | 4.66B | 3.58B |
| Total Debt | 0 | 2.17B | 2.21B | 1.97B | 2.11B | 2.36B | 3.74B | 3.53B | 81.47M | 53.33M | 64.87M | 4.71B | 4.69B | 4.86B | 4.75B | 4.49B | 0 | 5.62B | 6.1B | 6.01B | 4.56B | 4.34B | 3.37B |
| Net Debt | -122.74M | 2.13B | 2.17B | 1.94B | 2.07B | 2.19B | 3.68B | 3.5B | 56.33M | 20.7M | 45.92M | 4.67B | 4.65B | 4.8B | 4.67B | 4.43B | -50.9M | 5.57B | 6.04B | 5.95B | 4.54B | 4.31B | 3.35B |
| Long-Term Debt | 0 | 2.17B | 2.21B | 1.89B | 2B | 2.21B | 3.74B | 3.53B | 0 | 0 | 0 | 4.71B | 4.69B | 4.86B | 4.75B | 3.46B | 0 | 4.58B | 4.45B | 5.87B | 4.56B | 4.34B | 3.37B |
| Short-Term Borrowings | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.03B | 0 | 1.04B | 0 | 1.11B | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | 0 | 0 | 80.41M | 110.62M | 151.87M | 3.33M | 3.84M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 0 | 193.64M | 221.65M | 186.49M | 200.31M | 184.4M | 170.06M | 227.47M | 261.93M | 228.65M | 280.5M | 344.43M | 326.13M | 329.87M | 353.07M | 303.58M | 0 | 248.33M | 1.15B | 1.32B | 869.5M | 929.7M | 790.8M |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 | 0 | 164.01M | 218.97M | 187.51M | 166.79M | 199.21M | 254.66M | 240.63M | 279.35M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -7.61B | -7.96B | -8.37B | -595.81M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 0 | 0 | 0 | -80.41M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -4.75B | 1.03B | 0 | 1.48B | 1.64B | -5.87B | -4.56B | 45K | -12.18M |
| Total Equity | 387.34M | 364.67M | 312.86M | 330.62M | 367.13M | 401.1M | 534.03M | 864.02M | 9.37B | 9.92B | 10.58B | 1.42B | 1.59B | 1.59B | 1.99B | 1.3B | 1.33B | 1.14B | 793.66M | 920.55M | 1.08B | 1.08B | 1.05B |
| Equity Growth % | 60.12% | 16.56% | -5.37% | -9.95% | -8.47% | -24.89% | -38.19% | -90.78% | -5.55% | -6.19% | 642.35% | -10.24% | -0.44% | -19.68% | 53.23% | -2.93% | 17.02% | 43.71% | -13.78% | -15.15% | 0.31% | 2.6% | - |
| Shareholders Equity | 397.98M | 374.94M | 323.55M | 339.32M | 370.54M | 396.2M | 531.84M | 806.31M | 5.34B | 5.7B | 6.1B | 1.28B | 1.41B | 1.4B | 1.33B | 1.26B | 1.3B | 1.12B | 793.66M | 920.55M | 1.08B | 1.08B | 1.05B |
| Minority Interest | -10.64M | -10.26M | -10.68M | -8.7M | -3.41M | 4.9M | 2.19M | 57.71M | 4.03B | 4.22B | 4.47B | 139.96M | 180.94M | 189.66M | 656.49M | 32.27M | 34.38M | 22.69M | 0 | 0 | 0 | 0 | 0 |
| Common Stock | 31K | 30K | 31K | 32K | 32K | 21K | 1.97M | 1.74M | 1.73M | 1.71M | 1.71M | 1.71M | 1.7M | 1.7M | 1.61M | 1.48M | 1.48M | 1.38M | 664K | 662K | 654K | 625K | 313K |
| Additional Paid-in Capital | 0 | 687.42M | 694.57M | 719.13M | 710.5M | 547.73M | 1.99B | 1.97B | 1.97B | 1.97B | 1.97B | 1.97B | 1.96B | 1.97B | 1.77B | 0 | 0 | 0 | 810.89M | 600.06M | 684.48M | 647.8M | 635.51M |
| Retained Earnings | -285.81M | -312.96M | -371.83M | -380.45M | -338.93M | -151.54M | 0 | 0 | 964.14M | 1.14B | 1.23B | -689.03M | -566.78M | -570.78M | -453.56M | -399.58M | -366.53M | -283.64M | -193.31M | -70.15M | 9.7M | 51.71M | 31.09M |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 25K | 25K | 0 | 0 | 0 | 25K | 25K | 25K | 25K | 5K | 5K | 5K | 5K | 5K | 20K | 0 | 0 |
| Return on Assets (ROA) | 8.07% | 4.97% | 2.29% | 0.26% | -3.32% | -16.84% | -8.91% | -4.11% | -11.8% | 17.7% | 4.77% | 2.55% | 2.61% | 1.21% | 1.89% | 3.71% | 1.5% | -0.19% | 0.32% | 1.16% | 1.82% | 3.11% | 2.59% |
| Return on Equity (ROE) | 50.39% | 40.14% | 18.33% | 1.88% | -24.34% | -133.07% | -57.81% | -2.12% | -0.81% | 1.23% | 2.87% | 11.09% | 10.97% | 4.7% | 7.97% | 10.18% | 4.99% | -1.56% | 3.03% | 8.14% | 9.82% | 15.14% | 11.41% |
| Debt / Assets | 0% | 79.54% | 80.54% | 81.85% | 78.81% | 80.13% | 84.16% | 76.39% | 12.27% | 7.99% | 8.57% | 72.69% | 71% | 71.64% | 66.94% | 66.81% | - | 72.66% | 75.87% | 74.17% | 76.59% | 75.59% | 72.7% |
| Debt / Equity | 0.00x | 5.95x | 7.07x | 5.96x | 5.75x | 5.89x | 7.00x | 4.09x | 0.01x | 0.01x | 0.01x | 3.31x | 2.95x | 3.05x | 2.39x | 3.47x | - | 4.92x | 7.68x | 6.53x | 4.21x | 4.01x | 3.20x |
| Net Debt / EBITDA | -0.45x | 6.98x | 7.96x | 6.82x | 6.81x | 6.53x | 11.84x | 7.38x | 0.10x | 0.03x | 0.07x | 6.59x | 6.49x | 10.45x | 9.82x | 10.55x | -0.12x | 13.42x | 8.41x | 15.28x | 11.41x | 11.21x | 10.48x |
| Book Value per Share | 12.63 | 11.82 | 10.10 | 10.56 | 12.22 | 2.40 | 2.81 | 4.98 | 54.34 | 58.01 | 61.92 | 8.36 | 9.32 | 9.55 | 12.82 | 8.73 | 9.64 | 10.72 | 12.00 | 13.97 | 16.62 | 16.67 | 16.47 |
High leverage and obsolescence
As reported in recent financial statements, CBL's debt-to-equity ratio reached 5.95x in 2025Q4, reflecting a capital structure that remains heavily reliant on debt financing despite the company's prior emergence from Chapter 11 bankruptcy proceedings and subsequent efforts to stabilize its core property-level obligations.
The reported debt levels suggest that the company remains highly sensitive to interest rate volatility, which may constrain its ability to refinance maturing obligations on favorable terms. Investors should monitor whether the current debt load limits the capital available for necessary property-level reinvestment, as high leverage in secondary retail markets often exacerbates the risk of asset devaluation.
Based on the 2026Q1 balance sheet, the company maintains $283.0 million in cash, a figure that appears to be declining from the $335.4 million reported in 2025Q4, suggesting that liquidity is being utilized to manage ongoing operational requirements or debt service obligations.
The reduction in cash reserves warrants further investigation into the company's burn rate and its ability to fund essential capital expenditures without accessing external financing. Given the capital-intensive nature of maintaining aging regional malls, a shrinking cash position may indicate limited flexibility to address unexpected tenant departures or necessary facility upgrades.
According to the provided data, the reported net property, plant, and equipment value remains at zero across all periods, which suggests that the company's accounting treatment of its real estate assets may be obscuring the true economic value of its regional mall portfolio.
This lack of reported asset value on the balance sheet makes it difficult to assess the underlying quality or the potential for asset-level financing. It appears that the company's portfolio may be heavily depreciated or subject to accounting adjustments that mask the actual condition of the physical assets, complicating the evaluation of long-term portfolio viability.
As indicated by the absence of reported capital expenditures in the provided financial data, there is a significant risk that necessary maintenance costs are being deferred or capitalized, potentially creating a future liquidity trap for the REIT's balance sheet as assets age.
The lack of transparency regarding maintenance spending suggests that the company may be under-investing in its properties to preserve short-term cash flow. This strategy appears unsustainable, as the failure to modernize secondary market malls often leads to a permanent loss of tenant demand and long-term erosion of the property's competitive position.
Quick answers to the most common questions about buying CBL stock.
As of 2025, CBL & Associates Properties, Inc. (CBL) had total assets of $2.73B including $494.1M in current assets.
CBL & Associates Properties, Inc. (CBL) carries total debt of $2.17B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
CBL & Associates Properties, Inc. (CBL) has total shareholders' equity (book value) of $374.9M ($11.82 book value per share). Book value represents the net worth of the company belonging to common stock holders.
CBL & Associates Properties, Inc. (CBL) reported a current ratio of 2.55x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.