CBL & Associates Properties, Inc. (CBL) vs Curbline Properties Corp. (CURB)

CBL & Associates Properties, Inc. and Curbline Properties Corp. are both Reit Retail companies. Curbline Properties Corp. is the larger, with a market value of $3.1B against $1.5B — 2.0× the size. CBL & Associates Properties, Inc. trades at the lower P/E: 7.0× against 98.2×. Curbline Properties Corp. grew revenue faster over the last twelve months: 54.8% against 9.03%. CBL & Associates Properties, Inc. has the higher net margin (36.4% vs 13.1%) and the higher return on invested capital (45.5% vs 0.96%). Both pay a dividend; CBL & Associates Properties, Inc. yields more (4.35% vs 2.64%). Across the 20 metrics below, CBL & Associates Properties, Inc. leads on 15 and Curbline Properties Corp. on 5.

Valuation

Metric CBL CURB Reit Retail median
P/E 7.03 98.22 25.89
P/S 2.54 12.59 6.86
P/B 3.54 1.35 1.73
Price to free cash flow 12.66 n/m 14.23
EV/EBITDA 3.65 24.19 15.33
EV/Sales 2.20 14.56 10.49
Earnings yield 14.23% 1.02% 3.87%
Free cash flow yield 7.90% (32.20%) 2.98%

Profitability

Metric CBL CURB Reit Retail median
Gross margin 65.04% 86.66% 71.78%
Operating margin 27.20% 17.28% 34.62%
Net margin 36.36% 13.10% 27.14%
Free cash flow margin 20.07% (405.51%) 18.82%
Return on equity 61.12% 1.46% 7.05%
Return on assets 8.16% 1.18% 3.40%
Return on invested capital 45.53% 0.96% 3.18%

Growth

Metric CBL CURB Reit Retail median
Revenue growth (TTM) 9.03% 54.77% 8.49%
EPS growth (last fiscal year) 132.09% 311.11% 16.00%
Revenue growth, 5-year CAGR 0.09% — 8.62%
Net income growth, 5-year CAGR 0.00% — 1.85%

Health

Metric CBL CURB Reit Retail median
Debt to equity 0.00 0.28 0.94
Current ratio 0.11 0.63 1.62
Net debt to EBITDA (0.44) 1.28 5.40

Dividend

Metric CBL CURB Reit Retail median
Dividend yield 4.35% 2.64% 4.45%
Payout ratio 0.31 2.59 1.21

Size

Metric CBL CURB Reit Retail median
Market cap 1.51b 3.06b 3.56b

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