CBL Fundamental Analysis - CBL & ASSOCIATES PROPERTIES

Fundamental Rating

CBL gets a fundamental rating of 4 out of 10. The analysis compared the fundamentals against 129 industry peers in the Diversified REITs industry. While CBL is still in line with the averages on profitability rating, there are concerns on its financial health. CBL is valued correctly, but it does not seem to be growing.

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1. Profitability

1.1 Basic Checks

In the past year CBL was profitable.

In the past year CBL had a positive cash flow from operations.

In multiple years CBL reported negative net income over the last 5 years.

CBL had a positive operating cash flow in each of the past 5 years.

1.2 Ratios

The Return On Assets of CBL (2.47%) is better than 69.77% of its industry peers.

The Return On Equity of CBL (22.21%) is better than 95.35% of its industry peers.

CBL has a better Return On Invested Capital (4.71%) than 87.60% of its industry peers.

The Average Return On Invested Capital over the past 3 years for CBL is in line with the industry average of 3.06%.

The last Return On Invested Capital (4.71%) for CBL is above the 3 year average (3.30%), which is a sign of increasing profitability.

		Industry Rank	Sector Rank
ROA	2.47%
ROE	22.21%
ROIC	4.71%

ROA(3y)-0.42%

ROA(5y)-5.97%

ROE(3y)-2.15%

ROE(5y)-45.2%

ROIC(3y)3.3%

ROIC(5y)3.42%

1.3 Margins

CBL has a Profit Margin of 11.91%. This is in the better half of the industry: CBL outperforms 63.57% of its industry peers.

CBL has a Operating Margin of 23.92%. This is comparable to the rest of the industry: CBL outperforms 55.04% of its industry peers.

CBL's Operating Margin has declined in the last couple of years.

With a Gross Margin value of 64.18%, CBL perfoms like the industry average, outperforming 40.31% of the companies in the same industry.

CBL's Gross Margin has been stable in the last couple of years.

		Industry Rank	Sector Rank
OM	23.92%
PM (TTM)	11.91%
GM	64.18%

OM growth 3Y4.98%

OM growth 5Y-1.8%

PM growth 3YN/A

PM growth 5YN/A

GM growth 3Y-0.65%

GM growth 5Y-1.16%

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ROA

ROE

ROIC

Operating and Profit Margin

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2. Health

2.1 Basic Checks

The Return on Invested Capital (ROIC) is below the Cost of Capital (WACC), so CBL is destroying value.

The number of shares outstanding for CBL has been reduced compared to 1 year ago.

Compared to 5 years ago, CBL has less shares outstanding

The debt/assets ratio for CBL is higher compared to a year ago.

2.2 Solvency

CBL has an Altman-Z score of 0.38. This is a bad value and indicates that CBL is not financially healthy and even has some risk of bankruptcy.

CBL has a Altman-Z score of 0.38. This is comparable to the rest of the industry: CBL outperforms 41.09% of its industry peers.

CBL has a debt to FCF ratio of 14.21. This is a negative value and a sign of low solvency as CBL would need 14.21 years to pay back of all of its debts.

CBL has a Debt to FCF ratio of 14.21. This is amongst the best in the industry. CBL outperforms 84.50% of its industry peers.

CBL has a Debt/Equity ratio of 7.39. This is a high value indicating a heavy dependency on external financing.

Looking at the Debt to Equity ratio, with a value of 7.39, CBL is doing worse than 89.92% of the companies in the same industry.

		Industry Rank	Sector Rank
Debt/Equity	7.39
Debt/FCF	14.21
Altman-Z	0.38

ROIC/WACC0.58

WACC8.14%

2.3 Liquidity

A Current Ratio of 0.74 indicates that CBL may have some problems paying its short term obligations.

The Current ratio of CBL (0.74) is worse than 60.47% of its industry peers.

CBL has a Quick Ratio of 0.74. This is a bad value and indicates that CBL is not financially healthy enough and could expect problems in meeting its short term obligations.

CBL has a Quick ratio (0.74) which is comparable to the rest of the industry.

		Industry Rank	Sector Rank
Current Ratio	0.74
Quick Ratio	0.74

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WACC

Debt/Equity

How to determine the health of a company

Altman-Z score

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3. Growth

3.1 Past

CBL shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 129.75%, which is quite impressive.

CBL shows a small growth in Revenue. In the last year, the Revenue has grown by 2.19%.

Measured over the past years, CBL shows a decrease in Revenue. The Revenue has been decreasing by -7.68% on average per year.

EPS 1Y (TTM)129.75%

EPS 3YN/A

EPS 5YN/A

EPS Q2Q%-41.97%

Revenue 1Y (TTM)2.19%

Revenue growth 3Y-3.68%

Revenue growth 5Y-7.68%

Sales Q2Q%8.67%

3.2 Future

No EPS estimates are available, so we could not analyze the future EPS growth and evolution.

No Revenue estimates are available, so we could not analyze the future revenue growth and evolution.

EPS Next YN/A

EPS Next 2YN/A

EPS Next 3YN/A

EPS Next 5YN/A

Revenue Next YearN/A

Revenue Next 2YN/A

Revenue Next 3YN/A

Revenue Next 5YN/A

3.3 Evolution

No EPS estimates are available, so we could not analyze the future EPS growth and evolution.

No Revenue estimates are available, so we could not analyze the future revenue growth and evolution.

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4. Valuation

4.1 Price/Earnings Ratio

Based on the Price/Earnings ratio of 15.17, the valuation of CBL can be described as correct.

CBL's Price/Earnings ratio is rather cheap when compared to the industry. CBL is cheaper than 92.25% of the companies in the same industry.

CBL is valuated rather cheaply when we compare the Price/Earnings ratio to 27.08, which is the current average of the S&P500 Index.

		Industry Rank	Sector Rank
PE	15.17
Fwd PE	N/A

4.2 Price Multiples

80.62% of the companies in the same industry are more expensive than CBL, based on the Enterprise Value to EBITDA ratio.

97.67% of the companies in the same industry are more expensive than CBL, based on the Price/Free Cash Flow ratio.

		Industry Rank	Sector Rank
P/FCF	6.54
EV/EBITDA	10.86

4.3 Compensation for Growth

The decent profitability rating of CBL may justify a higher PE ratio.

PEG (NY)N/A

PEG (5Y)N/A

EPS Next 2YN/A

EPS Next 3YN/A

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5. Dividend

5.1 Amount

With a Yearly Dividend Yield of 5.96%, CBL is a good candidate for dividend investing.

CBL's Dividend Yield is comparable with the industry average which is at 6.31.

Compared to an average S&P500 Dividend Yield of 2.34, CBL pays a better dividend.

		Industry Rank	Sector Rank
Dividend Yield	5.96%

5.2 History

The dividend of CBL is nicely growing with an annual growth rate of 8.62%!

CBL has been paying a dividend for at least 10 years, so it has a reliable track record.

CBL has decreased its dividend recently.

Dividend Growth(5Y)8.62%

Div Incr Years1

Div Non Decr Years1

5.3 Sustainability

115.63% of the earnings are spent on dividend by CBL. This is not a sustainable payout ratio.

DP115.63%

EPS Next 2YN/A

EPS Next 3YN/A

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CBL & ASSOCIATES PROPERTIES

NYSE:CBL (8/29/2025, 8:10:05 PM)

After market: 31.85 0 (0%)

31.85

+0.11 (+0.35%)

Chartmill FA Rating

GICS SectorReal Estate

GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)

GICS IndustryDiversified REITs

Earnings (Last)N/A N/A

Earnings (Next)11-10 2025-11-10

Inst Owners77.11%

Inst Owner Change0.15%

Ins Owners11.74%

Ins Owner Change-0.24%

Market Cap985.12M

Analysts80

Price Target36.72 (15.29%)

Short Float %4.43%

Short Ratio8.06

Dividend

		Industry Rank	Sector Rank
Dividend Yield	5.96%

Yearly Dividend1.61

Dividend Growth(5Y)8.62%

DP115.63%

Div Incr Years1

Div Non Decr Years1

Ex-Date09-15 2025-09-15 (0.45)

Surprises & Revisions

EPS beat(2)N/A

Avg EPS beat(2)N/A

Min EPS beat(2)N/A

Max EPS beat(2)N/A

EPS beat(4)N/A

Avg EPS beat(4)N/A

Min EPS beat(4)N/A

Max EPS beat(4)N/A

EPS beat(8)N/A

Avg EPS beat(8)N/A

EPS beat(12)N/A

Avg EPS beat(12)N/A

EPS beat(16)N/A

Avg EPS beat(16)N/A

Revenue beat(2)N/A

Avg Revenue beat(2)N/A

Min Revenue beat(2)N/A

Max Revenue beat(2)N/A

Revenue beat(4)N/A

Avg Revenue beat(4)N/A

Min Revenue beat(4)N/A

Max Revenue beat(4)N/A

Revenue beat(8)N/A

Avg Revenue beat(8)N/A

Revenue beat(12)N/A

Avg Revenue beat(12)N/A

Revenue beat(16)N/A

Avg Revenue beat(16)N/A

PT rev (1m)0%

PT rev (3m)0%

EPS NQ rev (1m)N/A

EPS NQ rev (3m)N/A

EPS NY rev (1m)N/A

EPS NY rev (3m)N/A

Revenue NQ rev (1m)N/A

Revenue NQ rev (3m)N/A

Revenue NY rev (1m)N/A

Revenue NY rev (3m)N/A

Valuation

		Industry Rank	Sector Rank
PE	15.17
Fwd PE	N/A
P/S	1.83
P/FCF	6.54
P/OCF	4.75
P/B	3.4
P/tB	7
EV/EBITDA	10.86

EPS(TTM)2.1

EY6.59%

EPS(NY)N/A

Fwd EYN/A

FCF(TTM)4.87

FCFY15.28%

OCF(TTM)6.7

OCFY21.03%

SpS17.44

BVpS9.36

TBVpS4.55

PEG (NY)N/A

PEG (5Y)N/A

Profitability

		Industry Rank	Sector Rank
ROA	2.47%
ROE	22.21%
ROCE	5.34%
ROIC	4.71%
ROICexc	4.91%
ROICexgc	5.63%
OM	23.92%
PM (TTM)	11.91%
GM	64.18%
FCFM	27.9%

ROA(3y)-0.42%

ROA(5y)-5.97%

ROE(3y)-2.15%

ROE(5y)-45.2%

ROIC(3y)3.3%

ROIC(5y)3.42%

ROICexc(3y)3.35%

ROICexc(5y)3.52%

ROICexgc(3y)3.94%

ROICexgc(5y)4.18%

ROCE(3y)3.74%

ROCE(5y)3.88%

ROICexcg growth 3Y-2.18%

ROICexcg growth 5Y4.08%

ROICexc growth 3Y2.55%

ROICexc growth 5Y1.48%

OM growth 3Y4.98%

OM growth 5Y-1.8%

PM growth 3YN/A

PM growth 5YN/A

GM growth 3Y-0.65%

GM growth 5Y-1.16%

F-Score5

Asset Turnover0.21

Health

		Industry Rank	Sector Rank
Debt/Equity	7.39
Debt/FCF	14.21
Debt/EBITDA	7.69
Cap/Depr	38%
Cap/Sales	10.51%
Interest Coverage	0.99
Cash Conversion	74.48%
Profit Quality	234.23%
Current Ratio	0.74
Quick Ratio	0.74
Altman-Z	0.38

F-Score5

WACC8.14%

ROIC/WACC0.58

Cap/Depr(3y)21.91%

Cap/Depr(5y)21.16%

Cap/Sales(3y)7.66%

Cap/Sales(5y)7.55%

Profit Quality(3y)N/A

Profit Quality(5y)N/A

High Growth Momentum

Growth

EPS 1Y (TTM)129.75%

EPS 3YN/A

EPS 5YN/A

EPS Q2Q%-41.97%

EPS Next YN/A

EPS Next 2YN/A

EPS Next 3YN/A

EPS Next 5YN/A

Revenue 1Y (TTM)2.19%

Revenue growth 3Y-3.68%

Revenue growth 5Y-7.68%

Sales Q2Q%8.67%

Revenue Next YearN/A

Revenue Next 2YN/A

Revenue Next 3YN/A

Revenue Next 5YN/A

EBIT growth 1Y4.65%

EBIT growth 3Y1.12%

EBIT growth 5Y-9.34%

EBIT Next YearN/A

EBIT Next 3YN/A

EBIT Next 5YN/A

FCF growth 1Y-3.94%

FCF growth 3Y7.81%

FCF growth 5Y3.53%

OCF growth 1Y1.42%

OCF growth 3Y7.21%

OCF growth 5Y-5.85%

CBL & ASSOCIATES PROPERTIES (CBL) Stock Fundamental Analysis

1. Profitability

1.1 Basic Checks

1.2 Ratios

1.3 Margins

More info and screens

2. Health

2.1 Basic Checks

2.2 Solvency

2.3 Liquidity

More info and screens

3. Growth

3.1 Past

3.2 Future

3.3 Evolution

More info and screens

4. Valuation

4.1 Price/Earnings Ratio

4.2 Price Multiples

4.3 Compensation for Growth

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5. Dividend

5.1 Amount

5.2 History

5.3 Sustainability

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