(CBL) CBL & Associates Properties - Overview

Sector: Real Estate | Industry: REIT - Retail | Exchange: NYSE (USA) | Market Cap: 994m USD | Total Return: 54% in 12m

Stock Enclosed Malls, Outlet Centers, Lifestyle Centers, Open-Air Centers
Total Rating 62
Risk 53
Buy Signal 1.05
REIT - Retail -11.2
Real Estate Development +7.2
Market Cap: 994m
Avg Trading Vol: 5.67M USD
ATR: 2.56%
Peers RS (IBD): 92.9
Risk 5d forecast
Volatility25.9%
Rel. Tail Risk-4.32%
Reward TTM
Sharpe Ratio1.46
Alpha40.33
Character TTM
Beta0.573
Beta Downside1.342
Drawdowns 3y
Max DD29.14%
CAGR/Max DD0.79
EPS (Earnings per Share) EPS (Earnings per Share) of CBL over the last years for every Quarter: "2021-03": -0.32, "2021-06": -0.05, "2021-09": -0.21, "2021-12": -30.4, "2022-03": -1.45, "2022-06": -1.34, "2022-09": -0.47, "2022-12": 0.03, "2023-03": 1.56, "2023-06": -0.67, "2023-09": 0.41, "2023-12": 0.25, "2024-03": -0.0066, "2024-06": 0.14, "2024-09": 0.52, "2024-12": 0.39, "2025-03": 0.27, "2025-06": 0.13, "2025-09": 2.38, "2025-12": 1.5522, "2026-03": 0,
EPS CAGR: 157.09%
EPS Trend: 53.6%
Last SUE: 0.00
Qual. Beats: 0
Revenue Revenue of CBL over the last years for every Quarter: 2021-03: 133.184, 2021-06: 136.561, 2021-09: 150.375, 2021-12: 156.755, 2022-03: 140.102, 2022-06: 101.919, 2022-09: 136.28, 2022-12: 149.611, 2023-03: 136.359, 2023-06: 129.866999, 2023-09: 129.351, 2023-12: 139.709, 2024-03: 129.116999, 2024-06: 129.664999, 2024-09: 125.089, 2024-12: 131.69, 2025-03: 141.768, 2025-06: 140.905, 2025-09: 139.28, 2025-12: 156.42, 2026-03: null,
Rev. CAGR: 2.98%
Rev. Trend: 38.0%
Last SUE: 3.23
Qual. Beats: 1
Description: CBL CBL & Associates Properties February 25, 2026

CBL & Associates Properties, Inc. (NYSE: CBL) owns and manages a national portfolio of 88 retail assets-including 55 enclosed malls, outlet and lifestyle centers, plus more than 25 open-air locations-spanning 53.9 million sq ft across 22 states. Headquartered in Chattanooga, TN, the company emphasizes active management, aggressive leasing, and targeted reinvestments to maintain market-dominant positions in growing communities.

Recent metrics show the portfolio operating at a 92% weighted occupancy rate as of Q3 2024, with net operating income (NOI) of $120 million and a debt-to-EBITDA ratio of 4.5×. The broader retail sector is being shaped by modest consumer-spending growth (projected +2.3% YoY) and a gradual easing of inflation-driven interest rates, which are compressing cap rates and supporting asset valuations.

For a deeper dive into CBL’s valuation dynamics, consider exploring additional analysis on ValueRay.

Headlines to Watch Out For
  • Mall occupancy rates directly impact rental income
  • Retail bankruptcies increase vacancy and reduce revenue
  • Interest rate hikes raise borrowing costs for debt
  • E-commerce growth shifts consumer spending from physical stores
  • Economic downturns reduce consumer discretionary spending
Piotroski VR‑10 (Strict, 0-10) 4.0
Net Income: 136.0m TTM > 0 and > 6% of Revenue
FCF/TA: 0.09 > 0.02 and ΔFCF/TA 1.99 > 1.0
NWC/Revenue: 1.27% < 20% (prev 54.17%; Δ -52.89% < -1%)
CFO/TA 0.09 > 3% & CFO 255.1m > Net Income 136.0m
Net Debt (2.02b) to EBITDA (476.4m): 4.24 < 3
Current Ratio: 1.04 > 1.5 & < 3
Outstanding Shares: last quarter (31.1m) vs 12m ago 0.42% < -2%
Gross Margin: 7.56% > 18% (prev 0.11%; Δ 744.2% > 0.5%)
Asset Turnover: 21.12% > 50% (prev 18.77%; Δ 2.36% > 0%)
Interest Coverage Ratio: 1.77 > 6 (EBITDA TTM 476.4m / Interest Expense TTM 176.0m)
Altman Z'' 0.27
A: 0.00 (Total Current Assets 201.0m - Total Current Liabilities 193.6m) / Total Assets 2.73b
B: -0.11 (Retained Earnings -313.0m / Total Assets 2.73b)
C: 0.11 (EBIT TTM 311.3m / Avg Total Assets 2.74b)
D: -0.13 (Book Value of Equity -312.5m / Total Liabilities 2.36b)
Altman-Z'' Score: 0.27 = B
Beneish M -2.61
DSRI: 0.89 (Receivables 48.1m/48.0m, Revenue 578.4m/515.6m)
GMI: 1.52 (GM 7.56% / 11.49%)
AQI: 0.99 (AQ_t 0.24 / AQ_t-1 0.24)
SGI: 1.12 (Revenue 578.4m / 515.6m)
TATA: -0.04 (NI 136.0m - CFO 255.1m) / TA 2.73b)
Beneish M-Score: -2.61 (Cap -4..+1) = A
What is the price of CBL shares? As of April 02, 2026, the stock is trading at USD 38.43 with a total of 243,636 shares traded.
Over the past week, the price has changed by +5.27%, over one month by +5.10%, over three months by +7.92% and over the past year by +54.03%.
Is CBL a buy, sell or hold? CBL & Associates Properties has received a consensus analysts rating of 5.00. Therefore, it is recommended to buy CBL.
  • StrongBuy: 1
  • Buy: 0
  • Hold: 0
  • Sell: 0
  • StrongSell: 0
What are the forecasts/targets for the CBL price?
ISSUER TARGET UP/DOWN
Wallstreet Target Price 36 -6.3%
Analysts Target Price 36 -6.3%
CBL Fundamental Data Overview March 31, 2026
P/E Trailing = 8.095
P/S = 2.0079
P/B = 3.0692
Revenue TTM = 578.4m USD
EBIT TTM = 311.3m USD
EBITDA TTM = 476.4m USD
Long Term Debt = 2.17b USD (from longTermDebt, last quarter)
Short Term Debt = 683.1m USD (from shortTermDebt, two quarters ago)
Debt = 2.17b USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 2.02b USD (from netDebt column, last quarter)
Enterprise Value = 3.12b USD (993.5m + Debt 2.17b - CCE 42.3m)
Interest Coverage Ratio = 1.77 (Ebit TTM 311.3m / Interest Expense TTM 176.0m)
EV/FCF = 12.24x (Enterprise Value 3.12b / FCF TTM 255.1m)
FCF Yield = 8.17% (FCF TTM 255.1m / Enterprise Value 3.12b)
FCF Margin = 44.11% (FCF TTM 255.1m / Revenue TTM 578.4m)
Net Margin = 23.51% (Net Income TTM 136.0m / Revenue TTM 578.4m)
Gross Margin = 7.56% ((Revenue TTM 578.4m - Cost of Revenue TTM 534.7m) / Revenue TTM)
Gross Margin QoQ = 16.65% (prev 6.84%)
Tobins Q-Ratio = 1.14 (Enterprise Value 3.12b / Total Assets 2.73b)
Interest Expense / Debt = 1.98% (Interest Expense 43.0m / Debt 2.17b)
Taxrate = 1.07% (529k / 49.5m)
NOPAT = 307.9m (EBIT 311.3m * (1 - 1.07%))
Current Ratio = 1.04 (Total Current Assets 201.0m / Total Current Liabilities 193.6m)
Debt / Equity = 5.79 (Debt 2.17b / totalStockholderEquity, last quarter 374.9m)
Debt / EBITDA = 4.24 (Net Debt 2.02b / EBITDA 476.4m)
Debt / FCF = 7.91 (Net Debt 2.02b / FCF TTM 255.1m)
Total Stockholder Equity = 327.7m (last 4 quarters mean from totalStockholderEquity)
RoA = 4.97% (Net Income 136.0m / Total Assets 2.73b)
RoE = 41.49% (Net Income TTM 136.0m / Total Stockholder Equity 327.7m)
RoCE = 12.46% (EBIT 311.3m / Capital Employed (Equity 327.7m + L.T.Debt 2.17b))
RoIC = 12.38% (NOPAT 307.9m / Invested Capital 2.49b)
WACC = 3.86% (E(993.5m)/V(3.16b) * Re(8.0%) + D(2.17b)/V(3.16b) * Rd(1.98%) * (1-Tc(0.01)))
Discount Rate = 8.0% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: -33.33 | Cagr: -0.32%
[DCF] Terminal Value 87.97% ; FCFF base≈234.0m ; Y1≈274.2m ; Y5≈415.8m
[DCF] Fair Price = 329.5 (EV 12.13b - Net Debt 2.02b = Equity 10.11b / Shares 30.7m; r=6.0% [WACC]; 5y FCF grow 18.32% → 3.0% )
EPS Correlation: 53.64 | EPS CAGR: 157.1% | SUE: 0.0 | # QB: 0
Revenue Correlation: 38.03 | Revenue CAGR: 2.98% | SUE: 3.23 | # QB: 1
Additional Sources for CBL Stock Fund Manager Positions: Dataroma · Stockcircle