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CBL & Associates Properties, Inc.

CBL Real Estate Reit Retail

CBL & Associates Properties, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $578.4 million, up 12.2% from fiscal 2024.

Revenue
+3.96%
EPS
+1,775.0%
Free cash flow
+40.9%

Quarter to June 2026, against a year earlier

47.87 1.83 −3.68%
Market cap
$1.5B
P/E
6.8×
Fwd P/E
15.6×
Dividend yield
4.49%
F-score
8/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 122.70
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 1 — — — — 2 3 — 1 4 1 —
Insider Ownership 13.34%

Capital & Financial Ratios $m

Size
Market Cap 1,480.00
Revenue ttm 588.15
Net income ttm 216.69
Free cash flow ttm 118.05
Net debt Q (202.62)
Valuation
P/E 6.80
Forward P/E 15.60
Price / sales 2.46
Forward P/S Powerpack
Price / FCF 12.25
Price / book 3.43
Financial health
Current ratio Q 0.11
Debt / equity Q 0.00
Interest coverage Q 1.05
Growth
Revenue growth Q +3.96% (above 0%: growing)
Operating income growth Q +25.81% (above 0%: growing)
EPS, this year −25.35% (below 0%: weak)
EPS, next year A —
Revenue, next year A +1.32%
EPS, past 5 yrs —
EPS, next 5 yrs A —

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 2.1×, against a ten-year median of 1.2×; over the ten years it ranged from 0.7× in 2022 to 10.1× in 2021.
P/S against its own 10 years 87.84%
10-year low 10-year high
P/B against its own 10 years 84.90%
10-year low 10-year high
EV/Sales against its own 10 years 88.24%
10-year low 10-year high
EV/FCF against its own 10 years 84.90%
10-year low 10-year high

Dividends

Yield
4.49%
Annual rate
2.15
Payout ratio
31.2%
Growth, 2017–25
+6.92%/yr
  1. 1.00 ’17
  2. 0.75 ’18 −25
  3. 0.08 ’19 −90
  4. 0.00 ’20 −100
  5. 0.00 ’21
  6. 0.75 ’22
  7. 1.50 ’23 +100
  8. 2.00 ’24 +33
  9. 1.70 ’25 −15
  10. 2.50 ’26e +47
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 123 154 153 203
Receivables 46 48 48 44
Inventory — — — —
Other — — — —
169 202 201 246
2023 2024 2025 Q'26
Payables 186 222 194 181
ST’ Debt — — — —
Other — — — —
2,075 2,434 2,364 2,215

Compound Annual Growth %

10y 5y 3y
Sales — 0.09% 0.90%
Cash Flow — 13.36% 6.24%
Earnings — 0.00% 0.00%
Book Value — (7.35%) (0.22%)

EPS $

Mar Jun Sep Dec Year
’26 1.48 1.47 — — —
’25 0.27 0.08 2.38 1.56 4.34
’24 (0.01) 0.14 0.52 1.22 1.87
’23 0.06 (0.67) 0.41 0.37 0.17
’22 (1.45) (1.34) (0.47) 0.03 (3.20)
’21 (0.14) (0.05) (0.21) (31.22) (31.63)
’20 (0.78) (0.38) (0.23) (0.38) (1.76)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 146 146 — — —
’25 142 141 139 156 578
’24 129 130 125 132 516
’23 136 130 129 140 535
’22 140 137 136 150 563
’21 133 137 150 157 577
’20 168 124 130 154 576
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 53 80 — — —
’25 32 68 70 80 250
’24 31 64 61 46 202
’23 33 51 50 49 184
’22 42 46 66 54 208
’21 63 68 72 (38) 164
’20 39 0 21 74 133
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (3) 82 — — —
’25 84 58 (29) 68 181
’24 31 57 113 44 245
’23 31 41 43 36 150
’22 37 38 51 47 173
’21 58 64 79 (35) 166
’20 16 (11) 9 73 88
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 1,028 927 859 769 576 577 563 535 516 578 588 (6.2%) 586 586 — +0.7%
Gross margin, % 72.63 71.90 70.58 69.99 67.37 67.33 65.95 65.04 66.03 64.67 65.04 (8.0) pt
EBT 193 157 (101) (129) (319) (644) (96) 4 58 135 217 (3.9%)
EBT margin, % 18.82 16.94 (11.74) (16.73) (55.34) (111.63) (17.13) 0.77 11.28 23.34 36.84 +4.5 pt
Net income 196 159 (99) (132) (336) (639) (100) 3 57 135 217 (4.1%)
Per share, $
Per share, $ Revenue 6.02 5.42 4.98 4.43 3.03 28.55 18.74 17.10 16.68 19.06 19.46 +13.7%
Earnings 0.75 0.44 (0.72) (0.89) (1.76) (31.63) (3.20) 0.17 1.87 4.41 7.04 +21.8%
Cash flow 2.74 2.52 2.19 1.58 0.70 8.12 6.93 5.86 6.54 8.23 9.36 +13.0%
Capex (0.34) (0.42) (0.30) (0.02) (0.24) 0.08 (1.17) (1.06) 1.40 (2.27) (5.46) +23.4%
Free cash flow 2.40 2.09 1.88 1.56 0.46 8.20 5.76 4.81 7.94 5.96 3.91 +10.6%
Book value 0.00 7.23 5.98 4.97 2.81 19.85 12.22 10.56 10.12 12.02 13.97 n/m
Shares, m 171 171 172 173 190 20 30 31 31 30 30 (17.5%)
Valuation, ×
Valuation, × P/E 0.00 0.00 0.00 0.00 0.00 0.00 0.00 146.53 15.69 8.43 6.80 17.1
P/S 10.26 10.26 10.26 10.26 10.26 1.09 1.23 1.46 1.76 1.94 2.46 5.9
P/B 12.95 12.95 12.95 12.95 12.95 1.57 1.89 2.36 2.91 3.08 3.43 7.7
EV/Sales 9.80 9.80 9.80 9.80 9.80 0.80 0.98 1.23 1.46 1.68 2.12 5.5
EV/FCF 20.54 20.54 20.54 20.54 20.54 2.78 3.20 4.36 3.08 5.36 10.54 12.1
Cash, $m
Cash, $m Operating cash flow 469 430 377 273 133 164 208 184 202 250 283 (6.8%)
Capex (59) (73) (52) (4) (46) 2 (35) (33) 43 (69) (165) +1.8%
Free cash flow 410 358 325 270 88 166 173 150 245 181 118 (8.7%)
Balance, $m
Balance, $m Working capital — (4,327) (4,143) (3,635) (1,178) (2,193) (2,014) (1,906) (2,233) (2,163) (1,969) (8.3%)
Net debt (19) (33) (25) (33) (62) (170) (142) (123) (154) (153) (203) +26.1%
Shareholders’ equity — 1,236 1,032 862 534 401 367 331 313 365 422 (14.2%)
Returns, %
Returns, % ROA 2.17 2.67 (2.24) (3.08) (7.33) (16.84) (3.41) 0.21 2.24 4.89 8.16 +2.7 pt
ROIC 0.00 15.78 16.03 11.63 13.56 (4.98) 13.04 28.81 51.62 40.32 45.53 +40.3 pt
ROE 10.81 6.17 (10.88) (16.23) (47.63) (133.03) (25.00) 1.56 17.95 39.52 61.12 +28.7 pt
People
People Employees — — 650 594 474 460 472 469 477 500 — (3.7%)
Revenue/emp, $m 0.00 0.00 1.32 1.29 1.21 1.25 1.19 1.14 1.08 1.16 — n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026 · fundamentals updated 25 Oct 2026

CBL & Associates Properties, Inc. vs peers in Reit Retail (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
UE Urban Edge Properties $2.8B 24.5× 38.3× −0.47% (below 0%: shrinking) +255.33% (above 0%: growing) −33.79% (below 0%: shrinking) 69.37% 31.85% Compare
AKR Acadia Realty Trust $2.8B 73.2× 40.9× −5.96% (below 0%: shrinking) n/m −369.83% (below 0%: shrinking) 72.23% 10.76% Compare
FCPT Four Corners Property Trust, Inc. $2.6B 21.6× 20.4× +12.86% (above 0%: growing) −5.82% (below 0%: shrinking) +24.85% (above 0%: growing) 85.95% 55.51% Compare
IVT InvenTrust Properties Corp. $2.5B 85.4× 242× +16.99% (above 0%: growing) +211.25% (above 0%: growing) +118.86% (above 0%: growing) 72.94% 17.51% Compare
NTST NETSTREIT Corp. $2.4B 87.2× 55.6× +37.17% (above 0%: growing) +981.08% (above 0%: growing) −47.21% (below 0%: shrinking) 91.03% 35.20% Compare
GTY Getty Realty Corporation $1.9B 17.5× 18.3× +13.31% (above 0%: growing) 0.00% −1,107.74% (below 0%: shrinking) 95.96% 61.69% Compare
CBL CBL & Associates Properties, Inc. $1.5B 6.8× 15.6× +3.96% (above 0%: growing) +1,775.00% (above 0%: growing) +40.87% (above 0%: growing) 65.39% 30.53%
ALX Alexander's, Inc. $1.3B 6.7× — (loss-making) +34.88% (above 0%: growing) +359.66% (above 0%: growing) +202.17% (above 0%: growing) 64.08% 48.86% Compare
BFS Saul Centers, Inc. $712.1M 31.3× 57.9× +8.91% (above 0%: growing) −15.62% (below 0%: shrinking) −563.94% (below 0%: shrinking) 71.13% 16.05% Compare
Median of peers $2.4B 27.9× 40.9× +13.09% +211.25% −40.50% 72.59% 33.53%

All 26 Reit Retail stocks →

Pay and ownership Proxy statement filed 22 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 4.60m 9.86m 169.96
2024 4.39m 9.21m 123.87
2023 4.78m 5.89m 96.38
2022 11.21m 7.92m 85.32
2021 10.36m 11.36m 104.00
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Read the proxy statement

CBL & Associates Properties, Inc. (CBL) Latest News

5 Nov

Impact 3 · · Business Wire
Impact 3 ·

19 Oct

Impact 4 · · Simply Wall St.

8 Oct

Impact 4 · · Business Wire

30 Sep

Impact 4 · · Business Wire

22 Sep

Impact 4 ·

21 Sep

Impact 3 · · Simply Wall St.

6 Aug

Impact 3 ·

18 Jun

Impact 3 ·

4 Jun

Impact 3 · · Business Wire

14 May

Impact 4 · · Zacks

8 May

Impact 3 · · Business Wire

7 May

Impact 4 · · Business Wire

1 May

Impact 3 · · Business Wire

3 Apr

Impact 4 · · Simply Wall St.

30 Mar

Impact 4 · · Business Wire

27 Mar

Impact 4 · · Business Wire

13 Mar

Impact 4 · · Business Wire

7 Mar

Impact 5 · · Simply Wall St.

5 Mar

Impact 4 · · Business Wire

19 Feb

Impact 4 · · Zacks

14 Feb

Impact 3 · · Simply Wall St.MT NewswiresSimply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.

13 Feb

Impact 4 ·

15 Jan

Impact 3 · · Zacks

14 Jan

Impact 3 · · Simply Wall St.

4 Dec

Impact 4 · · Investor's Business Daily

11 Nov

Impact 4 · · Zacks

7 Nov

Impact 4 · · Simply Wall St.

6 Nov

Impact 4 · · Business Wire
Impact 3 · · Business Wire
stockrow.com/CBL · Data as of Oct 25, 2026 · For information only; not investment advice. · © 2026 stockrow.com