22 years of historical data (2004–2025) · Real Estate · REIT - Retail
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
CBL & Associates Properties, Inc. trades at 8.7x earnings, 84% 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 23.4x, the stock trades at a discount of 63%. On a free-cash-flow basis, the stock trades at 16.0x P/FCF, 51% 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 | $1.1B | $1.1B | $911M | $764M | $693M | $5.2B | — | — | — | — | — |
| Enterprise Value | $3.2B | $3.2B | $3.1B | $2.7B | $2.8B | $7.4B | — | — | — | — | — |
| P/E Ratio → | 8.71 | 8.53 | 15.73 | 143.65 | — | — | — | — | — | — | — |
| P/S Ratio | 1.98 | 1.97 | 1.77 | 1.43 | 1.23 | 9.04 | — | — | — | — | — |
| P/B Ratio | 3.20 | 3.13 | 2.91 | 2.31 | 1.89 | 13.00 | — | — | — | — | — |
| P/FCF | 15.96 | 15.89 | 4.50 | 4.17 | 3.33 | 134.47 | — | — | — | — | — |
| P/OCF | 15.96 | 15.89 | 4.50 | 4.17 | 3.33 | 134.47 | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
CBL & Associates Properties, Inc.'s enterprise value stands at 10.4x EBITDA, roughly in line with its 5-year average of 10.4x. The Real Estate sector median is 13.6x, placing the stock at a 24% 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 | — | 5.46 | 5.98 | 5.04 | 4.90 | 12.84 | — | — | — | — | — |
| EV / EBITDA | 10.37 | 10.36 | 10.68 | 8.84 | 8.52 | 13.51 | — | — | — | — | — |
| EV / EBIT | 22.63 | 10.16 | 14.50 | 15.25 | 22.82 | 58.18 | — | — | — | — | — |
| EV / FCF | — | 44.00 | 15.24 | 14.71 | 13.25 | 190.97 | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
CBL & Associates Properties, Inc. earns an operating margin of 24.2%, above the Real Estate sector average of 22.0%. 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 4.3% represents below-average returns on invested capital.
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% | 66.0% | 65.0% | 65.9% | 67.3% | 67.4% | 85.8% | 70.6% | 71.9% | 72.6% |
| Operating Margin | 24.2% | 24.2% | 25.7% | 17.4% | 8.3% | 58.3% | 20.6% | -17.2% | -11.4% | 25.1% | 36.0% |
| Net Profit Margin | 23.5% | 23.5% | 11.4% | 1.2% | -16.6% | -107.9% | -51.2% | -14.2% | -9.2% | 13.0% | 12.4% |
| 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% | -42.2% | -2.1% | -0.8% | 1.2% | 2.1% |
| ROA | 5.0% | 5.0% | 2.3% | 0.3% | -3.3% | -16.8% | -6.5% | -4.1% | -11.8% | 17.0% | 3.5% |
| ROIC | 4.3% | 4.3% | 4.2% | 3.0% | 1.4% | 7.4% | 2.1% | -1.4% | -0.8% | 1.7% | 3.3% |
| ROCE | 5.1% | 5.1% | 5.6% | 4.0% | 1.8% | 9.6% | 2.7% | -5.5% | -23.4% | 50.8% | 11.2% |
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 (6% above the sector average of 6.7x). Net debt stands at $2.0B ($2.2B total debt minus $153M cash). Interest coverage of just 0.8x 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 | 7.67 | 6.45 | 6.51 | 4.31 | 11.21 | 8.40 | 0.16 | 0.06 | 0.06 |
| Net Debt / Equity | — | 5.53 | 6.94 | 5.85 | 5.63 | 5.46 | 6.89 | 4.05 | 0.01 | 0.00 | 0.00 |
| Net Debt / EBITDA | 6.62 | 6.62 | 7.53 | 6.34 | 6.38 | 4.00 | 11.02 | 8.33 | 0.11 | 0.02 | 0.04 |
| Debt / FCF | — | 28.11 | 10.74 | 10.54 | 9.92 | 56.50 | — | 12.53 | 0.25 | 0.06 | 0.10 |
| Interest Coverage | 0.79 | 0.79 | 0.86 | 0.54 | 0.22 | — | 0.59 | -0.64 | — | — | — |
Short-term solvency ratios and asset-utilisation metrics
The current ratio has declined from 2.31x to 2.26x 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 | — | — | 2.26 | 2.31 | 3.25 | 3.17 | 1.37 | 0.65 | 0.56 | 0.71 | 0.63 |
| Quick Ratio | — | — | 2.26 | 2.31 | 3.25 | 3.17 | 1.37 | 0.65 | 0.56 | 0.71 | 22.25 |
| Cash Ratio | 1.28 | — | 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 | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
CBL & Associates Properties, Inc. does not currently pay a dividend and has no material buyback yield, reinvesting earnings back into the business. The earnings yield of 11.5% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
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 | — | — | 5.5% | 15.4% | 3.4% | — | — | — | — | — | — |
| Payout Ratio | — | — | 85.4% | 1804.0% | — | — | — | — | — | 187.0% | 176.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 11.5% | 11.7% | 6.4% | 0.7% | — | — | — | — | — | — | — |
| FCF Yield | 6.3% | 6.3% | 22.2% | 24.0% | 30.0% | 0.7% | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 4.0% | 0.1% | 0.0% | 0.0% | — | — | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 9.5% | 15.6% | 3.4% | 0.0% | — | — | — | — | — |
| Shares Outstanding | — | $31M | $31M | $31M | $30M | $167M | $190M | $173M | $172M | $171M | $171M |
Compare CBL with 3 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 | 8.7 | 10.4 | 16.0 | 7.6% | 24.2% | 40.1% | 4.3% | 7.1 |
| SPG | $66B | 14.4 | 20.5 | — | 85.7% | 49.9% | 89.6% | 7.6% | 6.4 |
| MAC | $5B | -26.2 | 5.0 | — | 95.4% | 67.8% | — | 20.9% | — |
| SKT | $4B | 42.1 | 19.8 | 27.3 | 69.8% | 28.6% | 15.5% | 5.3% | 5.2 |
| Real Estate Median | — | 23.4 | 13.6 | 13.7 | 60.4% | 22.0% | 3.3% | 2.6% | 6.7 |
Peers based on L4 peer group classification. Compare multiple stocks →
Includes 30+ ratios · 22 years · Updated daily
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Start ComparisonCBL & Associates Properties, Inc.'s current P/E ratio is 8.7x. The historical average is 56.0x. This places it at the 33th percentile of its historical range.
CBL & Associates Properties, Inc.'s current EV/EBITDA is 10.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.4x.
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 -3.4%.
Based on historical data, CBL & Associates Properties, Inc. is trading at a P/E of 8.7x. This is at the 33th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
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.
CBL & Associates Properties, Inc.'s Debt/EBITDA ratio is 7.1x, indicating high leverage. A ratio above 4x may signal elevated financial risk.