Cash flow quality remains opaque, as evidenced by the extreme FFO/NI ratio divergence reaching over 600.0x in 2024Q1 and the concerning absence of reported capital expenditures across all periods.
| 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 |
|---|
| Cash from Operations | 276.37M | 71.79M | 202.22M | 183.52M | 208.23M | 38.77M | -69.37M | 273.41M | 234.99M | 377.19M | 447.71M | 515.82M | 468.06M | 464.75M | 481.51M | 441.84M | 429.79M | 431.64M | 419.09M | 470.28M | 388.91M | 389.57M | 339.2M |
| Operating CF Growth % | 172.58% | -64.5% | 10.19% | -11.87% | 437.05% | 155.9% | -125.37% | 16.35% | -37.7% | -15.75% | -13.2% | 10.2% | 0.71% | -3.48% | 8.98% | 2.8% | -0.43% | 2.99% | -10.88% | 20.92% | -0.17% | 14.85% | - |
| Operating CF / Revenue % | 47.44% | 12.41% | 39.22% | 34.28% | 36.99% | 6.72% | -12.05% | 35.57% | 27.37% | 40.68% | 43.54% | 48.89% | 44.13% | 44.02% | 44.6% | 41.4% | 40.1% | 39.62% | 36.82% | 45.19% | 38.81% | 42.93% | 43.41% |
| Net Income | 172.58M | 49.54M | 57.12M | 3.2M | -99.52M | -622.17M | -404.09M | -131.72M | -78.57M | 126.12M | 172.44M | 71.14M | 219.15M | 85.2M | 131.6M | 184.99M | 98.17M | -7.07M | 7.47M | 0 | 0 | 0 | 0 |
| Depreciation & Amortization | 95.22M | 41.42M | 156.26M | 211.93M | 277.11M | 208.08M | 215.03M | 255.94M | 285.4M | 299.09M | 292.69M | -297.58M | 291.64M | 278.97M | 254.2M | 275.46M | 290.39M | 313.11M | 332.09M | 252.09M | 237.86M | 191.04M | 150.48M |
| Stock-Based Compensation | 15.22M | 0 | 14.93M | 12.98M | 11.88M | 0 | 0 | 4.78M | 5.39M | 5.79M | 5.71M | 5.22M | 3.98M | 2.73M | 3.74M | 1.78M | 2.31M | 3.16M | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 23.03M | -18.76M | -28.53M | -24.02M | 68.63M | 381.05M | 169.41M | 112.4M | 571.23M | 548.36M | 583.05M | 127.62M | -43.76M | 104.28M | 95.72M | 28.08M | 42.49M | 6.82B | 11.87M | -7.16B | 96.6M | 337.43M | 261.81M |
| Working Capital Changes | 16.55M | -413K | 4.1M | -19.3M | -51.01M | 71.82M | -49.72M | 29.34M | 14.54M | -2.43M | -9.73M | 3.99M | -2.95M | -6.43M | -2.15M | -42.79M | -5.6M | -6.7B | 70.11M | 7.38B | 60.2M | -138.9M | -73.1M |
| Cash from Investing | -88.04M | 17.24M | 65.01M | 1.7M | -156.69M | 87.33M | -290.33M | 24.59M | -52.4M | -94.4M | -97.92M | -280.23M | -234.85M | -125.69M | -246.67M | -266.7M | -5.56M | -157.85M | -454.18M | -1.56B | -474.36M | -1.2B | -722.22M |
| Acquisitions (Net) | -4.63M | 0 | -9.49M | -10.93M | -3.27M | 298K | 692K | -5.79M | 7.34M | -393K | -513K | -192M | -225.49M | -41M | -96M | -12M | 0 | -66.82M | 0 | -376M | 0 | -427M | 0 |
| Purchase of Investments | -153.51M | 0 | -360.82M | -312.78M | -741.04M | -1.27B | -299.66M | -5.79M | -145.55M | -306.39M | -291.21M | -426.37M | -34.06M | -34.06M | -8.81M | -35.5M | -9.61M | -91.03M | 0 | -239.53M | -33.81M | -28.7M | -36.34M |
| Sale of Investments | 27.36M | 0 | 379.61M | 355.54M | 600.7M | 1.36B | 8.91M | 18.56M | 89.47M | 229M | 200.86M | 159.16M | 15.88M | 11M | -353.94M | -231.2M | 0 | 25.03M | 0 | 4.62M | 2.73M | 13.17M | 17.59M |
| Other Investing | 42.74M | 17.24M | 55.71M | -30.13M | -13.07M | 1.06M | 988K | 11.81M | 3.19M | -75.81M | 9.99M | -1.49M | -234.85M | -125.69M | -246.67M | 228.88M | 4.05M | 204.7M | 437.76M | 1.18B | 483.46M | 1.23B | 825.29M |
| Cash from Financing | -98.75M | -91.23M | -236.5M | -204.09M | -145.8M | -158.41M | 209M | -296.45M | -367.77M | -351.09M | -484.56M | -236.64M | -260.77M | -351.81M | -212.69M | -2.34B | 0 | -963.1M | -1.7B | -684.55M | -1.05B | -620.82M | -537.19M |
| Dividends Paid | -39.97M | -77.09M | -50.36M | -118.09M | -23.87M | 0 | 0 | -59.63M | -182.71M | -226.17M | -225.85M | -225.55M | -211.7M | -196.25M | -177.48M | 0 | 0 | 0 | -21.82M | -26.14M | -30.57M | 0 | 0 |
| Common Dividends | -39.97M | -77.09M | -50.36M | -118.09M | -23.87M | 0 | 0 | -25.96M | -182.71M | -226.17M | -225.85M | -225.55M | -211.7M | -196.25M | -177.48M | -165.42M | 0 | -78.28M | -166.32M | -158.71M | -153.44M | -133.74M | -106.86M |
| Debt Issuance (Net) | -3M | -1000K | -1000K | -1000K | -1000K | -1000K | 1000K | -1000K | -1000K | -1000K | -1000K | 1000K | 1000K | 1000K | -1000K | -1000K | 0 | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Share Repurchases | -18.12M | -18.06M | -36.46M | -1.11M | 0 | 0 | 0 | 0 | -289K | -390K | 0 | 0 | 0 | 0 | -115M | 0 | 0 | 0 | 0 | -105.17M | -6.71M | -48.29M | 0 |
| Other Financing | 105.96M | 40.21M | -3.43M | -5.89M | -22.75M | -365K | -999K | -29.88M | -34.96M | -68.1M | -47.55M | -54.29M | -60.35M | -274.13M | -68.38M | -73.39M | 0 | -87.11M | -144.91M | -123.91M | -121.93M | -99.58M | -90.47M |
| Net Change in Cash | 89.58M | -2.2M | 30.73M | -18.87M | -94.25M | 107.77M | 28.96M | 1.55M | -7.49M | 13.68M | -52.63M | 33.64M | -27.56M | -12.75M | 22.16M | 5.2M | 424.23M | -3.17M | -14.6M | 37.13M | -138K | 3.07M | 5.43M |
| Exchange Rate Effect | -1K | 0 | 0 | 0 | 0 | 140.08M | 179.66M | 0 | 672.88M | 1.29B | 1.24B | 1.56B | 1.07B | 2.32B | 2.16B | 2.17B | 0 | 65K | -1.58M | 1.81B | 1.13B | 1.44B | 925.64M |
| Cash at Beginning | 152.95M | 31.81M | 123.08M | 141.95M | 236.2M | 61.78M | 32.82M | 57.51M | 32.63M | 18.95M | 71.58M | 37.94M | 65.5M | 78.25M | 56.09M | 50.9M | 0 | 51.23M | 65.83M | 28.7M | 28.84M | 25.77M | 20.33M |
| Cash at End | 212.72M | 29.61M | 153.8M | 123.08M | 141.95M | 169.55M | 61.78M | 59.06M | 25.14M | 32.63M | 18.95M | 71.58M | 37.94M | 65.5M | 78.25M | 56.09M | 424.23M | 48.06M | 51.23M | 65.83M | 28.7M | 28.84M | 25.77M |
| Free Cash Flow | 276.37M | 71.79M | 202.22M | 183.52M | 208.23M | 38.77M | -69.37M | 279.19M | 228.14M | 360.57M | 440.66M | 504.29M | 206.95M | 349.16M | 244.54M | 224.96M | 429.79M | 201.91M | -18.67M | -94.44M | -63.47M | -398.25M | -467.35M |
| FCF Growth % | 36.03% | -64.5% | 10.19% | -11.87% | 437.05% | 155.9% | -124.85% | 22.38% | -36.73% | -18.18% | -12.62% | 143.68% | -40.73% | 42.78% | 8.7% | -47.66% | 112.87% | 1181.33% | 80.23% | -48.79% | 84.06% | 14.79% | - |
| FCF / Revenue % | 47.44% | 12.41% | 39.22% | 34.28% | 36.99% | 6.72% | -12.05% | 36.32% | 26.57% | 38.89% | 42.86% | 47.8% | 19.51% | 33.07% | 22.65% | 21.08% | 40.1% | 18.53% | -1.64% | -9.08% | -6.33% | -43.89% | -59.81% |
High tenant bankruptcy exposure
As reported in quarterly financial statements, the divergence between GAAP operating cash flow and FFO is extreme, with FFO/NI ratios fluctuating wildly from 1.17 to over 600.0x, suggesting that non-cash accounting adjustments continue to distort the true underlying cash-generating capacity of the REIT's core operations.
The massive variance in FFO relative to net income indicates that GAAP metrics are largely decoupled from the actual cash flow available to the business. Investors should monitor this instability, as it suggests that core earnings are highly sensitive to non-cash items rather than consistent property-level performance.
Based on the provided financial data, the absence of reported AFFO figures makes it impossible to calculate a true dividend payout ratio, though the dividend-to-FFO relationship shows significant quarterly volatility, ranging from 0.12 to 0.68, which warrants extreme caution regarding the sustainability of current distributions.
Without clear AFFO reporting, the true free cash flow available for shareholders remains opaque. The erratic nature of dividend coverage suggests that management may be prioritizing distributions over the necessary reinvestment required to modernize aging assets in secondary markets.
According to the company's reported figures, the persistent gap between net income and FFO underscores the massive impact of non-cash depreciation charges, which continue to render GAAP net income an unreliable metric for evaluating the REIT's actual economic performance and long-term viability in the retail sector.
The reliance on FFO as a primary performance metric is essential, yet the volatility in these figures suggests that the underlying asset base is not producing stable cash flows. This distortion complicates the assessment of whether the company is truly profitable on a cash-basis or merely accounting for asset decay.
Financial statements reveal that reported capital expenditures are consistently zero, which appears to contradict the operational reality of maintaining aging regional malls, suggesting that significant maintenance costs may be capitalized or deferred, potentially creating a future liquidity trap for the REIT's balance sheet.
The lack of reported maintenance capex is a significant red flag that warrants further investigation into how the company is funding necessary tenant improvements and building repairs. If these costs are being deferred, the company may face a sudden, material cash outflow requirement to prevent further asset obsolescence.
Quick answers to the most common questions about buying CBL stock.
CBL & Associates Properties, Inc. (CBL) generated $71.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
CBL & Associates Properties, Inc. (CBL) generated $71.8M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
CBL & Associates Properties, Inc. (CBL) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, CBL & Associates Properties, Inc. (CBL) returned $77.1M to shareholders via cash dividends and spent $18.1M on share repurchases. This shows the company's commitment to returning capital to its equity investors.