CBL & Associates Properties, Inc. (CBL) Financial Ratios
22 years of historical data (2004–2025) · Real Estate · REIT - Retail
EV/EBITDA
↓
11.46
-9% vs avg
5yr avg: 12.54
30Y Low9.1·High22.1
P/FCF
↓
19.03
↓-41% vs avg
5yr avg: 32.47
30Y Low3.3·High134.5
P/B Ratio
↓
3.73
↓-20% vs avg
5yr avg: 4.65
30Y Low1.9·High13.0
ROE
↑
40.1%
↓+307% vs avg
5yr avg: -19.4%
30Y Low-133%·High40%
Debt/EBITDA
↑
7.12
↓-2% vs avg
5yr avg: 7.23
30Y Low0.1·High15.4
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
CBL Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
CBL & Associates Properties, Inc. trades at 10.2x earnings, 82% below its 5-year average of 56.0x, sitting at the 33rd percentile of its historical range. Compared to the Real Estate sector median P/E of 24.3x, the stock trades at a discount of 58%. On a free-cash-flow basis, the stock trades at 19.0x P/FCF, 41% below the 5-year average of 32.5x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.4B | $1.1B | $911M | $764M | $693M | $5.2B | — | — | — | — | — |
| Enterprise Value | $3.5B | $3.3B | $3.1B | $2.7B | $2.8B | $7.4B | — | — | — | — | — |
| P/E Ratio → | 10.17 | 8.53 | 15.73 | 143.65 | — | — | — | — | — | — | — |
| P/S Ratio | 2.36 | 1.97 | 1.77 | 1.43 | 1.23 | 9.04 | — | — | — | — | — |
| P/B Ratio | 3.73 | 3.13 | 2.91 | 2.31 | 1.89 | 13.00 | — | — | — | — | — |
| P/FCF | 19.03 | 15.89 | 4.50 | 4.17 | 3.33 | 134.47 | — | — | — | — | — |
| P/OCF | 19.03 | 15.89 | 4.50 | 4.17 | 3.33 | 134.47 | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
CBL EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
CBL & Associates Properties, Inc.'s enterprise value stands at 11.5x EBITDA, 9% below its 5-year average of 12.5x. The Real Estate sector median is 16.7x, placing the stock at a 32% discount on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.65 | 5.98 | 5.04 | 4.90 | 12.84 | — | — | — | — | — |
| EV / EBITDA | 11.46 | 10.72 | 11.29 | 9.51 | 9.10 | 22.08 | — | — | — | — | — |
| EV / EBIT | 25.00 | 10.50 | 14.45 | 15.22 | 22.82 | — | — | — | — | — | — |
| EV / FCF | — | 45.54 | 15.24 | 14.71 | 13.25 | 190.97 | — | — | — | — | — |
CBL Profitability
Margins and return-on-capital ratios measuring operating efficiency
CBL & Associates Properties, Inc. earns an operating margin of 24.2%, roughly in line with the Real Estate sector average. Operating margins have expanded from 17.4% to 24.2% over the past 3 years, signaling improving operational efficiency. Return on equity of 40.1% is exceptionally high. ROIC of 4.2% represents below-average returns on invested capital.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 7.6% | 7.6% | 11.5% | -6.1% | -25.1% | -4.8% | -7.3% | 2.9% | 4.1% | 7.4% | 15.7% |
| Operating Margin | 24.2% | 24.2% | 25.7% | 17.4% | 8.3% | 22.1% | 16.6% | 28.1% | 30.1% | 33.3% | 36.0% |
| Net Profit Margin | 23.5% | 23.5% | 11.4% | 1.2% | -16.6% | -107.9% | -70.2% | -14.1% | -9.2% | 13.6% | 16.8% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 40.1% | 40.1% | 18.3% | 1.9% | -24.3% | -133.1% | -57.8% | -2.1% | -0.8% | 1.2% | 2.9% |
| ROA | 5.0% | 5.0% | 2.3% | 0.3% | -3.3% | -16.8% | -8.9% | -4.1% | -11.8% | 17.7% | 4.8% |
| ROIC | 4.2% | 4.2% | 4.2% | 3.0% | 1.4% | 2.8% | 1.7% | 2.4% | 2.0% | 2.3% | 3.3% |
| ROCE | 5.5% | 5.5% | 5.6% | 4.0% | 1.8% | 3.6% | 2.2% | 9.0% | 61.4% | 67.5% | 11.2% |
CBL Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
CBL & Associates Properties, Inc. carries a Debt/EBITDA ratio of 7.1x, which is highly leveraged (9% below the sector average of 7.8x). Net debt stands at $2.1B ($2.2B total debt minus $42M cash). Interest coverage of just 1.8x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 5.95 | 5.95 | 7.07 | 5.96 | 5.75 | 5.89 | 7.00 | 4.09 | 0.01 | 0.01 | 0.01 |
| Debt / EBITDA | 7.12 | 7.12 | 8.11 | 6.94 | 6.96 | 7.04 | 12.04 | 7.45 | 0.15 | 0.09 | 0.10 |
| Net Debt / Equity | — | 5.84 | 6.94 | 5.85 | 5.63 | 5.46 | 6.89 | 4.05 | 0.01 | 0.00 | 0.00 |
| Net Debt / EBITDA | 6.98 | 6.98 | 7.96 | 6.82 | 6.81 | 6.53 | 11.84 | 7.38 | 0.10 | 0.03 | 0.07 |
| Debt / FCF | — | 29.65 | 10.74 | 10.54 | 9.92 | 56.50 | — | 12.53 | 0.25 | 0.06 | 0.10 |
| Interest Coverage | 1.77 | 1.77 | 1.38 | 1.03 | 0.56 | — | -0.74 | 0.36 | — | — | — |
CBL Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
CBL & Associates Properties, Inc.'s current ratio of 2.55x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The current ratio has improved from 2.31x to 2.55x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.55 | 2.55 | 2.26 | 2.31 | 3.25 | 3.17 | 1.37 | 0.65 | 0.56 | 0.71 | 0.63 |
| Quick Ratio | 2.55 | 2.55 | 2.26 | 2.31 | 3.25 | 3.17 | 1.37 | 0.65 | 0.56 | 0.71 | 22.25 |
| Cash Ratio | 1.73 | 1.73 | 1.28 | 1.59 | 1.68 | 1.73 | 0.36 | 0.14 | 0.10 | 0.14 | 0.07 |
| Asset Turnover | — | 0.21 | 0.19 | 0.22 | 0.21 | 0.20 | 0.13 | 0.17 | 1.29 | 1.39 | 1.36 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
CBL Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
CBL & Associates Properties, Inc. returns 7.0% to shareholders annually — split between a 5.7% dividend yield and 1.3% buyback yield. A payout ratio of 56.7% is moderate and appears sustainable, balancing shareholder returns with reinvestment capacity. The earnings yield of 9.8% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 5.7% | 6.8% | 5.5% | 15.4% | 3.4% | — | — | — | — | — | — |
| Payout Ratio | 56.7% | 56.7% | 85.4% | 1804.0% | — | — | — | — | — | 179.3% | 131.0% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 9.8% | 11.7% | 6.4% | 0.7% | — | — | — | — | — | — | — |
| FCF Yield | 5.3% | 6.3% | 22.2% | 24.0% | 30.0% | 0.7% | — | — | — | — | — |
| Buyback Yield | 1.3% | 1.6% | 4.0% | 0.1% | 0.0% | 0.0% | — | — | — | — | — |
| Total Shareholder Yield | 7.0% | 8.3% | 9.5% | 15.6% | 3.4% | 0.0% | — | — | — | — | — |
| Shares Outstanding | — | $31M | $31M | $31M | $30M | $167M | $190M | $173M | $172M | $171M | $171M |
Peer Comparison
Compare CBL with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 CBLYou | $1B | 10.2 | 11.5 | 19.0 | 7.6% | 24.2% | 40.1% | 4.2% | 7.1 |
 MAC | $6B | -28.9 | 20.5 | 18.0 | 38.2% | 16.5% | -7.3% | 1.6% | 9.8 |
 SKT | $4B | 36.9 | 18.1 | 20.8 | 17.7% | 30.2% | 16.2% | 5.8% | 5.2 |
 SPG | $67B | 14.5 | 20.6 | — | 85.7% | 49.9% | 89.6% | 7.6% | 6.4 |
 KIM | $16B | 28.7 | 17.8 | 20.8 | 54.7% | 35.2% | 5.5% | 3.0% | 6.3 |
 REG | $14B | 28.0 | 20.7 | 36.7 | 44.7% | 37.0% | 7.5% | 3.5% | 6.1 |
 M | $6B | 8.5 | 4.9 | 5.2 | 36.5% | 4.6% | 13.6% | 8.7% | 2.7 |
 URBN | $6B | 14.2 | 9.9 | 14.4 | 36.0% | 9.8% | 17.6% | 13.1% | 1.7 |
 CBRE | $43B | 37.7 | 24.6 | 35.7 | 15.0% | 3.2% | 12.3% | 6.2% | 4.8 |
 O | $60B | 54.7 | 22.5 | 15.5 | 89.8% | 28.3% | 2.7% | 1.8% | 8.0 |
 NNN | $9B | 21.6 | 15.9 | 12.8 | 38.0% | 61.5% | 8.9% | 4.8% | 5.8 |
| Real Estate Median | — | 24.3 | 16.7 | 15.7 | 50.7% | 25.0% | 3.5% | 2.6% | 7.8 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 22 years · Updated daily
See CBL's True Return
Price is only half the story. See total return with reinvested dividends.
Launch CalculatorIs CBL Undervalued?
DCF intrinsic value, peer multiples, and analyst estimates — see what the stock is really worth.
View ValuationCompare CBL vs MAC
Side-by-side business, growth, and profitability comparison vs The Macerich Company.
Start ComparisonCBL — Frequently Asked Questions
Quick answers to the most common questions about buying CBL stock.
What is CBL & Associates Properties, Inc.'s P/E ratio?
CBL & Associates Properties, Inc.'s current P/E ratio is 10.2x. The historical average is 56.0x. This places it at the 33th percentile of its historical range.
What is CBL & Associates Properties, Inc.'s EV/EBITDA?
CBL & Associates Properties, Inc.'s current EV/EBITDA is 11.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.5x.
What is CBL & Associates Properties, Inc.'s ROE?
CBL & Associates Properties, Inc.'s return on equity (ROE) is 40.1%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is -2.6%.
Is CBL stock overvalued?
Based on historical data, CBL & Associates Properties, Inc. is trading at a P/E of 10.2x. This is at the 33th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is CBL & Associates Properties, Inc.'s dividend yield?
CBL & Associates Properties, Inc.'s current dividend yield is 5.66% with a payout ratio of 56.7%.
What are CBL & Associates Properties, Inc.'s profit margins?
CBL & Associates Properties, Inc. has 7.6% gross margin and 24.2% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does CBL & Associates Properties, Inc. have?
CBL & Associates Properties, Inc.'s Debt/EBITDA ratio is 7.1x, indicating high leverage. A ratio above 4x may signal elevated financial risk.