Overview Dividends

(CBL) CBL & Associates Properties - Ratings and Ratios

Exchange: NYSE • Country: United States • Currency: USD • Type: Common Stock • ISIN: US1248308785

Enclosed Malls, Outlet Centers, Lifestyle Retail, Open-Air Centers

Real Estate Development
Market Cap in USD: 994m

IPO / Inception: 2021-11-02
Return 12m vs S&P 500: 16.1%

EPS (Earnings per Share)

EPS CAGR: 483.53%
EPS Trend: 68.4%

Last SUE: 3.58
Qual. Beats: 1

Revenue

Rev. CAGR: -3.10%
Rev. Trend: -36.6%

Last SUE: 0.81
Qual. Beats: 0

Dividends

Dividend Yield	6.61%
Yield on Cost 5y	11.63%
Yield CAGR 5y	-5.37%
Payout Consistency	89.7%
Payout Ratio	78.9%

Risk via 5d forecast
Volatility	22.5%
Value at Risk 5%th	35.2%
Relative Tail Risk	-4.79%

Reward TTM
Sharpe Ratio	1.02
Alpha	20.90
CAGR/Max DD	0.94

Character TTM
Hurst Exponent	0.418
Beta	0.840
Beta Downside	1.232

Drawdowns 3y
Max DD	29.14%
Mean DD	9.29%
Median DD	8.26%

Description: CBL CBL & Associates Properties November 17, 2025

CBL & Associates Properties Inc. (NYSE: CBL) is a Chattanooga-based REIT that owns and manages 89 retail assets-55 enclosed malls, outlet and lifestyle centers plus more than 30 open-air venues-covering roughly 55.4 million sq ft across 22 U.S. states. The company’s strategy emphasizes active asset management, aggressive leasing, and targeted reinvestments to preserve market-dominant positions in “dynamic and growing” communities.

Key operating metrics that investors typically watch include an occupancy rate of about 92 % (Q2 2024) and an average lease-up cost of ~ $12 / sq ft, both of which are modestly above industry averages but reflect the higher capital intensity of mall refurbishments. CBL’s leverage remains elevated at ~ 6.5× net debt/EBITDA, making the REIT sensitive to rising interest rates-a macro driver that has pressured the broader retail-property sector. Additionally, consumer confidence and disposable-income trends, especially in secondary-tier markets where many of CBL’s centers are located, are critical determinants of foot traffic and same-store sales growth.

For a deeper quantitative view of CBL’s valuation metrics and scenario analysis, the ValueRay platform provides a useful starting point.

Piotroski VR‑10 (Strict, 0-10) 3.0

Net Income (123.8m TTM) > 0 and > 6% of Revenue (6% = 33.2m TTM)

FCFTA 0.08 (>2.0%) and ΔFCFTA -1.22pp (YES ≥ +1.0pp, WARN ≥ +0.5pp)

NWC/Revenue 45.56% (prev 47.95%; Δ -2.39pp) (YES ≤20% & Δ≤-1pp; WARN ≤25% & Δ≤0 oder ≤40% & Δ≤-3pp)

CFO/TA 0.08 (>3.0%) and CFO 215.7m > Net Income 123.8m (YES >=105%, WARN >=100%)

Net Debt (2.13b) to EBITDA (450.8m) ratio: 4.72 <= 3.0 (WARN <= 3.5)

Current Ratio 2.21 (target 1.5–3.0; WARN 1.2–<1.5 or >3.0–5.0; CFO/TA gate active)

Outstanding Shares last Quarter (31.3m) change vs 12m ago 1.81% (target <= -2.0% for YES)

Gross Margin 64.30% (prev 66.23%; Δ -1.93pp) >=18% & Δ>=+0.5pp (WARN >=15% & Δ>=0)

Asset Turnover 22.25% (prev 23.29%; Δ -1.05pp) >=50% & Δ>=+2pp (WARN >=35% & Δ>=0)

Interest Coverage Ratio 1.64 (EBITDA TTM 450.8m / Interest Expense TTM 169.4m) >= 6 (WARN >= 3)

Altman Z'' 0.79

(A) 0.09 = (Total Current Assets 460.8m - Total Current Liabilities 208.6m) / Total Assets 2.73b

(B) -0.13 = Retained Earnings (Balance) -348.2m / Total Assets 2.73b

(D) -0.15 = Book Value of Equity -347.8m / Total Liabilities 2.39b

Total Rating: 0.79 = (6.56 * A) + (3.26 * B) + (6.72 * C) + (1.05 * D)

ValueRay F-Score (Strict, 0-100) 65.81

1. Piotroski 3.0pt

2. FCF Yield 6.91%

3. FCF Margin 38.96%

4. Debt/Equity 6.21

5. Debt/Ebitda 4.72

6. ROIC - WACC (= 6.95)%

7. RoE 39.32%

8. Rev. Trend -36.61%

9. EPS Trend 68.36%

What is the price of CBL shares?

As of January 07, 2026, the stock is trading at USD 37.82 with a total of 153,954 shares traded.
Over the past week, the price has changed by +2.05%, over one month by +7.02%, over three months by +31.96% and over the past year by +36.45%.

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.

Strong Buy: 1
Buy: 0
Hold: 0
Sell: 0
Strong Sell: 0

What are the forecasts/targets for the CBL price?

Issuer	Target	Up/Down from current
Wallstreet Target Price	36	-4.8%
Analysts Target Price	36	-4.8%
ValueRay Target Price	46.1	21.8%

CBL Fundamental Data Overview January 03, 2026

Market Cap USD = 993.5m (993.5m USD * 1.0 USD.USD)
P/E Trailing = 8.095
P/S = 2.0673
P/B = 3.2303
Beta = 1.533
Revenue TTM = 553.6m USD
EBIT TTM = 278.4m USD
EBITDA TTM = 450.8m USD
Long Term Debt = 2.18b USD (from longTermDebt, last quarter)
Short Term Debt = 817.8m USD (from shortTermDebt, two quarters ago)
Debt = 2.18b USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 2.13b USD (from netDebt column, last quarter)
Enterprise Value = 3.12b USD (993.5m + Debt 2.18b - CCE 52.6m)
Interest Coverage Ratio = 1.64 (Ebit TTM 278.4m / Interest Expense TTM 169.4m)
FCF Yield = 6.91% (FCF TTM 215.7m / Enterprise Value 3.12b)
FCF Margin = 38.96% (FCF TTM 215.7m / Revenue TTM 553.6m)
Net Margin = 22.36% (Net Income TTM 123.8m / Revenue TTM 553.6m)
Gross Margin = 64.30% ((Revenue TTM 553.6m - Cost of Revenue TTM 197.7m) / Revenue TTM)
Gross Margin QoQ = 64.14% (prev 65.24%)
Tobins Q-Ratio = 1.14 (Enterprise Value 3.12b / Total Assets 2.73b)
Interest Expense / Debt = 2.05% (Interest Expense 44.8m / Debt 2.18b)
Taxrate = -0.06% (negative due to tax credits) (-48.0k / 74.2m)
NOPAT = 278.6m (EBIT 278.4m * (1 - -0.06%)) [negative tax rate / tax credits]
Current Ratio = 2.21 (Total Current Assets 460.8m / Total Current Liabilities 208.6m)
Debt / Equity = 6.21 (Debt 2.18b / totalStockholderEquity, last quarter 351.4m)
Debt / EBITDA = 4.72 (Net Debt 2.13b / EBITDA 450.8m)
Debt / FCF = 9.87 (Net Debt 2.13b / FCF TTM 215.7m)
Total Stockholder Equity = 314.9m (last 4 quarters mean from totalStockholderEquity)
RoA = 4.53% (Net Income 123.8m / Total Assets 2.73b)
RoE = 39.32% (Net Income TTM 123.8m / Total Stockholder Equity 314.9m)
RoCE = 11.16% (EBIT 278.4m / Capital Employed (Equity 314.9m + L.T.Debt 2.18b))
RoIC = 11.21% (NOPAT 278.6m / Invested Capital 2.49b)
WACC = 4.26% (E(993.5m)/V(3.17b) * Re(9.11%) + D(2.18b)/V(3.17b) * Rd(2.05%) * (1-Tc(-0.00)))
Discount Rate = 9.11% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 33.33 | Cagr: 0.04%
[DCF Debug] Terminal Value 77.25% ; FCFE base≈211.4m ; Y1≈247.8m ; Y5≈375.7m
Fair Price DCF = 172.8 (DCF Value 5.30b / Shares Outstanding 30.7m; 5y FCF grow 18.32% → 3.0% )
EPS Correlation: 68.36 | EPS CAGR: 483.5% | SUE: 3.58 | # QB: 1
Revenue Correlation: -36.61 | Revenue CAGR: -3.10% | SUE: 0.81 | # QB: 0

Additional Sources for CBL Stock

News: Wall Street Journal | Benzinga | Yahoo Finance
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Fund Manager Positions: Dataroma | Stockcircle