CBL & Associates Properties Inc is a US-listed company in the retail REITs industry. Its financial year ends in December.
Loading chart…
Third-party market data · may be delayed
~$160
Valuation models combined (2)
Base case. Range ~$40–$220. Weighted average of 2 models (funds-from-operations model, dividend discount (growing dividend)), the funds-from-operations model counting double.
No Buy/Hold/Sell rating is issued: only 2 valuation models apply; a rating needs 3.
CBL & Associates Properties Inc valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months to June 2026 was $588m, up 9.0% on a year earlier, slower than the 10.3% growth a quarter earlier.
Source: 10-Q filed August 7, 2026 on SEC EDGAR · Financials · Valuation
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
CBL & Associates Properties Inc's trailing-twelve-month revenue grew 9.0% year on year, with a free-cash-flow margin of 21.9%. Where it lags: long-term debt as % of assets of 77.1% ranks 20 of 20 retail reits companies we cover.
Current signal Free cash flow diverging from earnings: TTM free cash flow grew 121.5% while net income grew 230.7%: a 109pp divergence.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
Loading chart…
Third-party market data · may be delayed
Company announcements, filed results and changes that matter to shareholders.
The company also guided to same-center noi change of 0.00 to 1.50 for the full-year 2026; ffo, as adjusted (in millions) of $221.70m to $224.70m for the 2026.
We value CBL & Associates Properties Inc as an equity reit, with every model that fits that kind of business. Cost of equity 8%: the 10-year Treasury yield (4.9%) plus a beta of 0.69 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Funds-from-operations model Funds from operations growing 2.5% a year, discounted at 8%. | ~$220 ~$190–$270 | Primary model, counts double |
| Price-to-FFO vs peers Funds from operations per share times peers' typical (harmonic-mean) price-to-FFO. | ~$4.2 ~$110–$210 | Left out: out of range vs price (0.08x) |
| Dividend discount (growing dividend) Today's dividend growing 2.5% a year, discounted at the cost of equity. | ~$40 ~$34–$48 | Included |
| Combined value Weighted average of the models that apply: the primary model (funds-from-operations model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. | ~$160 ~$40–$220 | 2 models |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare CBL & Associates Properties Inc with equity REITs in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Strong moat
How hard CBL & Associates Properties's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.
Net income has been a median 0.8% of total assets over 10 years.
Operating margin has been a median 31.5%; its worst year was 15.4%.
Free cash flow was positive in 7 of 7 years, at a median 23.5% of revenue.
The diluted share count fell 79.3% over five years; stock-based pay has been a median 0.7% of revenue.
AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.
Next results: November 5, 2026, after the close.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | $3.24 | — | $586m | — |
Last 12 months +80.3%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $539m | $588m | +9.0% |
| Net margin | 12.2% | 37.0% | +203.3% |
| P/E multiple | 13.1x | 7.2x | −45.1% |
| Share count | 31m | 31m | −0.8% |
Biggest factor: net margin.
Last 3 years +186.9%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $552m | $588m | +6.5% |
| P/S multiple | 1.0x | 2.7x | +167.0% |
| Share count | 31m | 31m | +0.9% |
Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.
| Calendar year | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|
| Return | |||||
| CBL | −18% | +13% | +29% | +37% | +42% |
| Industry peers (median) | −11% | +6% | +15% | −3% | +11% |
| S&P 500 | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | |||||
| CBL | 33% | 33% | 58% | 67% | 64% |
| S&P 500 | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | |||||
| CBL | −34% | −22% | −15% | −29% | −19% |
| S&P 500 | −25% | −10% | −8% | −19% | −9% |
Worst fall since November 2, 2021: 34% from April 1, 2022 to May 10, 2022. Getting back needed a 52% gain, reached on October 16, 2024, 890 days after the low.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| August 7, 2026 | +2.6% | +0.6% | +7.0% | +2.1% |
| May 8, 2026 | +5.6% | +1.1% | +6.0% | +13.2% |
| February 13, 2026 | +1.5% | +0.2% | +4.1% | +4.7% |
| November 7, 2025 | +2.0% | +1.7% | +3.2% | +15.2% |
| August 6, 2025 | +0.6% | +0.7% | +8.4% | +14.5% |
| May 5, 2025 | −1.9% | −1.4% | +3.9% | +1.3% |
| February 14, 2025 | +0.2% | +0.3% | −1.8% | −10.7% |
| November 12, 2024 | −1.7% | −0.3% | +1.7% | +13.2% |
| August 9, 2024 | +2.1% | +0.5% | +3.1% | +2.4% |
| May 10, 2024 | −1.2% | +0.1% | +0.1% | +1.4% |
| February 12, 2024 | −4.7% | −1.4% | −1.5% | −5.6% |
| November 9, 2023 | +1.5% | +0.8% | +5.3% | +10.3% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY23 Q3 | $545.2M |
| FY23 Q4 | $535.3M |
| FY24 Q1 | $528M |
| FY24 Q2 | $527.8M |
| FY24 Q3 | $523.6M |
| FY24 Q4 | $515.6M |
| FY25 Q1 | $528.2M |
| FY25 Q2 | $539.5M |
| FY25 Q3 | $553.6M |
| FY25 Q4 | $578.4M |
| FY26 Q1 | $582.6M |
| FY26 Q2 | $588.1M |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY21 Q3 | -6.1% |
| FY23 Q4 | -4.9% |
| FY24 Q1 | -5.6% |
| FY24 Q2 | -4.4% |
| FY24 Q3 | -4.0% |
| FY24 Q4 | -3.7% |
| FY25 Q1 | 0.0% |
| FY25 Q2 | 2.2% |
| FY25 Q3 | 5.7% |
| FY25 Q4 | 12.2% |
| FY26 Q1 | 10.3% |
| FY26 Q2 | 9.0% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY15 Q4 | 26.3% |
| FY16 Q1 | 24.3% |
| FY16 Q2 | 20.7% |
| FY16 Q3 | 15.4% |
| FY16 Q4 | 24.7% |
| FY17 Q1 | 26.6% |
| FY17 Q2 | 24.3% |
| FY17 Q3 | 26.4% |
| FY17 Q4 | 25.1% |
| FY18 Q1 | 21.9% |
| FY18 Q2 | 21.3% |
| FY18 Q3 | 20.9% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY23 Q3 | 25.8% |
| FY23 Q4 | 26.4% |
| FY24 Q1 | 26.6% |
| FY24 Q2 | 28.9% |
| FY24 Q3 | 31.0% |
| FY24 Q4 | 12.0% |
| FY25 Q1 | 10.4% |
| FY25 Q2 | 10.8% |
| FY25 Q3 | 10.7% |
| FY25 Q4 | 14.6% |
| FY26 Q1 | 19.4% |
| FY26 Q2 | 21.9% |
| Fiscal year | 2008 Dec 2008 | 2009 Dec 2009 | 2010 Dec 2010 | 2011 Dec 2011 | 2012 Dec 2012 | 2013 Dec 2013 | 2014 Dec 2014 | 2015 Dec 2015 | 2016 Dec 2016 | 2017 Dec 2017 | 2018 Dec 2018 | 2019 Dec 2019 | 2020 Dec 2020 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 | LTM Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income | ||||||||||||||||||
| Revenue | 1,132 | 1,073 | 1,046 | 1,051 | 1,003 | 1,054 | 1,061 | 1,055 | 1,028 | 927 | 859 | 769 | 576 | 563 | 535 | 516 | 578 | 588 |
| EBITDA | 706 | 587 | 682 | 630 | 625 | 610 | 666 | 577 | 546 | 532 | — | — | — | — | — | — | — | — |
| Operating income | 376 | 283 | 402 | 359 | 370 | 331 | 375 | 278 | 254 | 233 | — | — | — | — | — | — | — | — |
| Net income | 32 | −15 | 62 | 134 | 132 | 85 | 219 | 103 | 173 | 121 | −79 | −109 | −295 | −93 | 7 | 59 | 136 | 217 |
| Diluted EPS | $0.15 | −$0.35 | $0.21 | $0.62 | $0.54 | $0.24 | $1.02 | $0.34 | $0.75 | $0.44 | −$0.72 | −$0.89 | −$1.75 | −$3.20 | $0.17 | $1.87 | $4.34 | $7.04 |
| Growth (year on year) | ||||||||||||||||||
| Revenue | — | −5.2% | −2.5% | +0.5% | −4.6% | +5.1% | +0.7% | −0.5% | −2.5% | −9.8% | −7.4% | −10.5% | −25.1% | −2.2% | −4.9% | −3.7% | +12.2% | +9.0% |
| EBITDA | — | −16.8% | +16.2% | −7.6% | −0.8% | −2.5% | +9.3% | −13.5% | −5.3% | −2.7% | — | — | — | — | — | — | — | — |
| Operating income | — | −24.7% | +41.8% | −10.7% | +3.1% | −10.6% | +13.4% | −26.0% | −8.6% | −8.3% | — | — | — | — | — | — | — | — |
| Net income | — | −147.5% | — | +115.5% | −1.7% | −35.3% | +157.2% | −52.8% | +67.2% | −30.0% | −165.0% | — | — | — | — | — | +130.6% | +230.7% |
| Diluted EPS | — | −333.3% | — | +195.2% | −12.9% | −55.6% | +325.0% | −66.7% | +120.6% | −41.3% | −263.6% | — | — | — | — | — | +132.1% | +228.2% |
| Margins | ||||||||||||||||||
| EBITDA margin | 62.4% | 54.7% | 65.2% | 59.9% | 62.4% | 57.9% | 62.8% | 54.7% | 53.1% | 57.3% | — | — | — | — | — | — | — | — |
| Operating margin | 33.2% | 26.4% | 38.4% | 34.1% | 36.9% | 31.4% | 35.4% | 26.3% | 24.7% | 25.1% | — | — | — | — | — | — | — | — |
| Net margin | 2.8% | −1.4% | 5.9% | 12.7% | 13.1% | 8.1% | 20.7% | 9.8% | 16.8% | 13.0% | −9.2% | −14.2% | −51.2% | −16.6% | 1.2% | 11.4% | 23.5% | 37.0% |
| Free-cash-flow margin | — | — | — | — | — | — | — | — | — | — | 27.1% | 17.2% | 15.8% | 29.4% | 26.4% | 39.2% | 43.2% | 48.1% |
| Cash flow | ||||||||||||||||||
| Cash from operations | 419 | 432 | 430 | 442 | 482 | — | — | — | — | 430 | 377 | 273 | 133 | 208 | 184 | 202 | 250 | 283 |
| Capital spending | — | — | — | — | — | — | — | — | — | — | 145 | 142 | 42 | 43 | 42 | 0 | 0 | 0 |
| Free cash flow | — | — | — | — | — | — | — | — | — | — | 232 | 132 | 91 | 165 | 141 | 202 | 250 | 283 |
| Stock-based pay | 5 | 3 | 2 | 2 | 4 | 3 | 3 | 4 | 5 | 6 | 5 | 5 | 6 | 12 | 13 | 15 | 17 | 13 |
| Free cash flow after stock pay | — | — | — | — | — | — | — | — | — | — | 227 | 127 | 85 | 153 | 128 | 187 | 233 | 270 |
| Balance sheet | ||||||||||||||||||
| Cash | 51 | 48 | 51 | 56 | 78 | 66 | 38 | 37 | 19 | 33 | 25 | 33 | 62 | 45 | 34 | 41 | 42 | 101 |
| Total debt | 0 | 5,616 | 5,210 | 4,489 | 4,746 | 4,858 | 4,697 | 4,726 | 4,465 | 4,231 | 4,043 | 3,527 | 3,616 | 2,071 | 1,889 | 2,213 | 2,171 | 2,034 |
| Net debt (negative = net cash) | −51 | 5,568 | 5,159 | 4,433 | 4,667 | 4,792 | 4,659 | 4,689 | 4,446 | 4,198 | 4,018 | 3,494 | 3,555 | 2,026 | 1,855 | 2,172 | 2,128 | 1,933 |
| Diluted shares | — | 106m | 138m | 148m | 155m | — | — | — | — | 171m | 172m | 173m | 190m | 30m | 31m | 31m | 31m | 31m |
| Returned to shareholders | ||||||||||||||||||
| Dividends | 145 | 56 | 90 | 123 | 134 | — | — | — | — | 181 | 138 | 26 | — | 24 | 118 | 50 | 77 | 66 |
| Buybacks | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 1 | 36 | 18 | 19 |
| Total returned | 145 | 56 | 90 | 123 | 134 | — | — | — | — | 181 | 138 | 26 | — | 24 | 119 | 87 | 95 | 86 |
| Quarter | 2024 Q3 Sept 2024 | 2024 Q4 Dec 2024 | 2025 Q1 Mar 2025 | 2025 Q2 Jun 2025 | 2025 Q3 Sept 2025 | 2025 Q4 Dec 2025 | 2026 Q1 Mar 2026 | 2026 Q2 Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 125 | 132 | 142 | 141 | 139 | 156 | 146 | 146 |
| Net income | 16 | 38 | 9 | 3 | 75 | 49 | 46 | 46 |
| Diluted EPS | $0.52 | $1.22 | $0.27 | $0.08 | $2.38 | $1.56 | $1.48 | $1.47 |
| Growth (year on year) | ||||||||
| Revenue | −3.3% | −5.7% | +9.8% | +8.7% | +11.3% | +18.8% | +3.0% | +4.0% |
| Net income | +22.1% | +221.5% | — | −41.8% | +365.7% | +29.0% | +428.9% | — |
| Diluted EPS | +26.8% | +238.9% | — | −42.9% | +357.7% | +27.9% | +448.1% | — |
| Margins | ||||||||
| Net margin | 12.9% | 28.8% | 6.2% | 2.0% | 54.2% | 31.3% | 31.8% | 31.7% |
| Free-cash-flow margin | 36.8% | — | 22.3% | 48.4% | 50.0% | 51.2% | 36.3% | 54.8% |
| Cash flow | ||||||||
| Cash from operations | 61 | 46 | 32 | 68 | 70 | 80 | 53 | 80 |
| Capital spending | 15 | — | 0 | 0 | 0 | 0 | 0 | 0 |
| Free cash flow | 46 | — | 32 | 68 | 70 | 80 | 53 | 80 |
| Stock-based pay | 4 | 4 | 4 | 4 | 4 | 4 | 2 | 2 |
| Free cash flow after stock pay | 42 | — | 28 | 64 | 65 | 76 | 51 | 78 |
| Last 12 months unless stated | CBL | EPRT | PECO | AAT | KRG | ADC | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $588m | $639m | $761m | $444m | $792m | $810m | $516m |
| Revenue growth, last 12 months | 9.0% | 20.4% | 7.0% | 1.1% | −7.0% | 17.7% | 8.5% |
| Revenue growth, 3-year average | 2.1% | 23.9% | 8.2% | 0.7% | −1.4% | 16.7% | 8.2% |
| Revenue growth, latest quarter | 4.0% | 16.4% | 5.7% | 4.3% | −7.2% | 16.7% | 7.1% |
| Operating margin | 20.9% | 60.6% | 6.5% | 23.6% | 14.7% | 48.9% | 44.2% |
| Operating margin, 3-year average | 20.9% | 62.1% | −3.3% | 28.8% | 16.1% | 48.4% | 35.7% |
| Net margin | 37.0% | 41.0% | 23.9% | 4.8% | 42.9% | 29.8% | 26.8% |
| Cash from operations / revenue | 48.1% | 67.8% | 46.6% | 38.3% | 48.8% | 70.6% | 48.6% |
| Free-cash-flow margin | 21.9% | 41.4% | 11.8% | 16.9% | 29.8% | 37.1% | 20.3% |
| Free-cash-flow margin, 3-year average | 20.5% | 42.2% | 11.0% | 22.6% | 22.0% | 8.8% | 20.1% |
| Stock pay / revenue | 2.3% | 2.3% | 1.6% | 1.6% | 1.5% | 1.8% | 1.7% |
| Change in share count | 0.8% | 10.1% | 0.8% | 0.2% | −6.3% | 10.7% | 2.6% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | 9.0% | 8.7% | 11 of 24 |
| Change in growth rate Growth | -1.3pp | -0.3pp | 16 of 24 |
| Net margin Profitability | 37.0% | 29.8% | 7 of 24 |
| Stock pay as % of revenue Cash generation | 2.3% | 1.8% | 13 of 21 |
| Long-term debt as % of assets Balance sheet | 77.1% | 46.6% | 20 of 20 |
| Change in share count Balance sheet | 0.8% | 4.1% | 8 of 22 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Line of business | Revenue | YoY |
|---|---|---|
| Malls | $478M | ▲ 7.3% |
| Open-Air Centers | $65.2M | ▼ 6.8% |
| Lifestyle Centers | $50.9M | ▲ 2.0% |
| Outlet Centers | $35.4M | ▲ 2.1% |
| All Other | $31.9M | ▼ 12.6% |
These categories overlap or exclude eliminations, so shares aren't shown.
| Line of business | Revenue | YoY |
|---|---|---|
| Operating Expense Reimbursements | $7.7M | ▼ 2.9% |
| Management Development and Leasing Fees | $5.1M | ▼ 32.8% |
| Marketing | $3.4M | ▲ 13.1% |
| Other | $3.1M | ▲ 1.1% |
These categories overlap or exclude eliminations, so shares aren't shown.
From CBL & Associates Properties Inc's 10-K filed March 3, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Canyon Capital Advisors LLC | $394M | 7.4M | 30.2% | ▼ 12.4% |
| Blackrock, Inc. | $109M | 2.1M | 8.4% | ▲ 14.7% |
| Vanguard Portfolio Management LLC | $47.3M | 891K | 3.6% | ▲ 12.5% |
| Vanguard Capital Management LLC | $41.8M | 788K | 3.2% | ▲ 16.8% |
| State Street Corp | $34.7M | 654K | 2.7% | ▲ 2.2% |
| Taconic Capital Advisors LP | $31.8M | 598K | 2.4% | ▼ 1.6% |
| Geode Capital Management, LLC | $30.3M | 571K | 2.3% | ▲ 15.7% |
| Charles Schwab Investment Management Inc | $24.1M | 454K | 1.8% | ▲ 32.5% |
| LSV Asset Management | $24M | 452K | 1.8% | ▲ 492.6% |
| Mirae Asset Global Etfs Holdings Ltd. | $22.4M | 422K | 1.7% | ▲ 4.0% |
| Arrowstreet Capital, Limited Partnership | $21.9M | 413K | 1.7% | ▼ 0.4% |
| Prudential Financial Inc | $20.6M | 388K | 1.6% | ▲ 236.6% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not CBL & Associates Properties Inc's complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Canyon Capital Advisors Llc 10% owner | October 6, 2026 | Sell | 1,307,500 | $52.19 | $68.2M |
| Cope Jennifer EVP Ops Services & Risk Mgmt | September 24, 2026 | Sell | 6,763 | $52.00 | $351,676 |
| Khalili Joseph EVP Financial Planning & Anlys | September 22, 2026 | Sell | 6,763 | $54.21 | $366,622 |
| Lebovitz Stephen D CEO | September 16, 2026 | Sell | 6,867 | $53.47 | $367,178 |
| Lebovitz Stephen D CEO | September 16, 2026 | Sell | 43,133 | $52.73 | $2.3M |
| Curry Jeffery V. Chief Legal Officer & Sec. | September 3, 2026 | Sell | 681 | $55.10 | $37,523 |
| Reinsmidt Kathryn A. EVP - Chief Operating Officer | August 18, 2026 | Sell | 17,515 | $57.10 | $1M |
| Grody Howard B. Exec VP-Leasing | June 18, 2026 | Sell | 1,000 | $47.92 | $47,920 |
| Grody Howard B. Exec VP-Leasing | June 18, 2026 | Sell | 4,728 | $48.06 | $227,228 |
| Fields David Michael Director | June 5, 2026 | Sell | 3,592 | $47.97 | $172,308 |
| Jaenicke Benjamin W EVP - Chief Financial Officer | June 2, 2026 | Sell | 5,974 | $48.45 | $289,440 |
| Jaenicke Benjamin W EVP - Chief Financial Officer | June 2, 2026 | Sell | 526 | $48.57 | $25,548 |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
No trades in CBL & Associates Properties Inc disclosed in the last 12 months; 5 earlier trades on record.
Next expected around November 6, 2026 estimated from the company's past filing pattern, not announced
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
New research on the companies we cover arrives in the weekly email. Free, one email a week.
