CBL & Associates Properties, Inc.
CBL & Associates Properties, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $578.4 million, up 12.2% from fiscal 2024. In the quarter to June 2026, revenue grew 3.96%, EPS grew 1,775.0% and free cash flow grew 40.9%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
Follow CBL
CBL & Associates Properties, Inc. (CBL) Piotroski F-score
CBL & Associates Properties, Inc.'s Piotroski F-score for fiscal 2025 is 8 out of 9: 8 of nine tests of profitability, leverage and efficiency passed, unchanged from fiscal 2024.
Piotroski F-score, annual
Embed this chart
Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 8 | 0.00 |
| FY2024 | 8 | 2.00 |
| FY2023 | 6 | 0.00 |
| FY2022 | 6 | 1.00 |
| FY2021 | 5 | 1.00 |
| FY2020 | 4 | 0.00 |
| FY2019 | 4 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | 4.89% | 2.24% | Pass | 1 |
| Positive operating cash flow | 249.68m | 202.22m | Pass | 1 |
| Rising return on assets | 4.89% | 2.24% | Pass | 1 |
| Cash flow above net income | 115.80m | 144.46m | Pass | 1 |
| Falling long-term leverage | 0.00 | 0.00 | Pass | 1 |
| Rising current ratio | 0.09 | 0.08 | Pass | 1 |
| No new shares issued | 30,343,000 | 30,905,000 | Pass | 1 |
| Rising gross margin | 64.67% | 66.03% | Fail | 0 |
| Rising asset turnover | 0.21 | 0.20 | Pass | 1 |
| Piotroski F-score | Strong — most fundamentals improved | 8 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| CBL CBL & Associates Properties, Inc. | 8 |
| FCPT Four Corners Property Trust, Inc. compare | 7 |
| NTST NETSTREIT Corp. compare | 6 |
| UE Urban Edge Properties compare | 6 |
| AKR Acadia Realty Trust compare | 6 |
| IVT InvenTrust Properties Corp. compare | 6 |
| GTY Getty Realty Corporation compare | 5 |
| ALX Alexander's, Inc. compare | 5 |
| CURB Curbline Properties Corp. compare | 4 |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover