Cbl & Associates Properties, Inc. (CBL)
NYSE:CBL
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CBL & Associates Properties
(NYSE:CBL)
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Rating:66Neutral
Price Target:
$51.00
▲(34.49% Upside)
Action:Reiterated
Date:05/09/26
The score is held back most by elevated balance-sheet risk despite improved profitability and cash flow. Technicals are supportive but appear stretched (high RSI), while valuation is a key positive with a low P/E and a solid yield. Recent refinancing and dividend actions add support by improving maturity runway and expected free cash flow.
Positive Factors
Refinancing & maturity extension
CBL completed $425M fixed and $176M floating non‑recourse financings that replace a prior secured term loan, pushing major maturities to 2031. This structurally reduces near-term rollover risk, cuts amortization and adds ~ $30M recurring free cash flow to fund dividends, reinvestment, or de‑leveraging.
Negative Factors
High historical leverage
Multi-year elevated leverage materially limits balance-sheet flexibility and increases vulnerability to revenue shocks or rising rates. Although recent transactions improve the maturity profile, the historical debt intensity means weaker operating periods could force asset sales or restrict capital allocation, raising long-term risk.
Read all positive and negative factors
Positive Factors
Negative Factors
Refinancing & maturity extension
CBL completed $425M fixed and $176M floating non‑recourse financings that replace a prior secured term loan, pushing major maturities to 2031. This structurally reduces near-term rollover risk, cuts amortization and adds ~ $30M recurring free cash flow to fund dividends, reinvestment, or de‑leveraging.
Read all positive factors
CBL & Associates Properties (CBL) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.43B
Dividend Yield6.79%
Average Volume (3M)206.15K
Price to Earnings (P/E)6.2
Beta (1Y)0.79
Revenue Growth10.29%
EPS Growth160.54%
CountryUS
Employees390
SectorReal Estate
Sector Strength53
IndustryREIT - Retail
Share Statistics
EPS (TTM)5.62
Shares Outstanding30,944,757
10 Day Avg. Volume214,778
30 Day Avg. Volume206,146
Financial Highlights & Ratios
PEG Ratio0.06
Price to Book (P/B)2.99
Price to Sales (P/S)1.94
P/FCF Ratio15.64
Enterprise Value/Market Cap2.40
Enterprise Value/Revenue5.89
Enterprise Value/Gross Profit54.28
Enterprise Value/Ebitda6.84
Forecast
1Y Price Target
$52.00Price Target Upside37.13% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
CBL & Associates Properties Business Overview & Revenue Model
Company Description
Headquartered in Chattanooga, TN, CBL Properties owns and manages a national portfolio of market-dominant properties located in dynamic and growing communities. CBL's portfolio is comprised of 106 properties totaling 65.7 million square feet acros...
How the Company Makes Money
CBL primarily makes money through real estate rental revenues generated by leasing space in its malls and shopping centers. Its key revenue streams typically include: (1) Base rent from long-term leases with retail, dining, and entertainment tenan...
CBL & Associates Properties Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
38
Negative
Cash Flow
67
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 582.57M | 578.37M | 515.56M | 535.29M | 563.01M | 576.88M |
| Gross Profit | 63.24M | 43.71M | 59.23M | -32.86M | -141.34M | -27.73M |
| EBITDA | 501.84M | 476.42M | 353.85M | 367.92M | 377.22M | -167.97M |
| Net Income | 173.66M | 135.97M | 58.97M | 6.55M | -93.48M | -622.17M |
Balance Sheet | ||||||
| Total Assets | 2.65B | 2.73B | 2.75B | 2.41B | 2.68B | 2.95B |
| Cash, Cash Equivalents and Short-Term Investments | 283.01M | 335.37M | 283.94M | 296.33M | 337.14M | 319.55M |
| Total Debt | 2.08B | 2.17B | 2.21B | 1.97B | 2.11B | 2.36B |
| Total Liabilities | 2.26B | 2.36B | 2.43B | 2.08B | 2.31B | 2.54B |
| Stockholders Equity | 397.98M | 374.94M | 323.55M | 339.32M | 370.54M | 396.20M |
Cash Flow | ||||||
| Free Cash Flow | 276.37M | 71.79M | 202.22M | 183.52M | 208.23M | 38.77M |
| Operating Cash Flow | 276.37M | 71.79M | 202.22M | 183.52M | 208.23M | 38.77M |
| Investing Cash Flow | -88.04M | 17.24M | 65.01M | 1.70M | -156.69M | 87.33M |
| Financing Cash Flow | -98.75M | -91.23M | -236.50M | -204.09M | -145.80M | -158.41M |
CBL & Associates Properties Technical Analysis
Positive
37.92
Price Trends
41.83
Positive
39.06
Positive
34.83
Positive
Market Momentum
1.22
Positive
61.80
Neutral
56.86
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CBL, the sentiment is Positive. The current price of 37.92 is below the 20-day moving average (MA) of 45.21, below the 50-day MA of 41.83, and above the 200-day MA of 34.83, indicating a bullish trend. The MACD of 1.22 indicates Positive momentum. The RSI at 61.80 is Neutral, neither overbought nor oversold. The STOCH value of 56.86 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CBL.
CBL & Associates Properties Risk Analysis
CBL & Associates Properties disclosed 50 risk factors in its most recent earnings report. CBL & Associates Properties reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
CBL & Associates Properties Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | $1.99B | 17.87 | 8.76% | 6.77% | 8.23% | 24.98% | |
69 Neutral | $1.95B | 50.09 | 11.26% | 3.97% | 5.91% | 59.55% | |
67 Neutral | $823.17M | 21.62 | 11.80% | 7.89% | 8.31% | -28.42% | |
66 Neutral | $1.43B | 6.24 | 49.14% | 6.79% | 10.29% | 160.54% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
54 Neutral | $1.21B | 65.05 | 17.37% | 8.39% | -3.73% | -48.13% | |
52 Neutral | $285.99M | 75.48 | 47.95% | ― | -67.13% | -68.06% |
* Real Estate Sector Average
CBL
CBL & Associates Properties
46.14
22.65
96.39%
ALX
Alexander's
247.08
45.27
22.43%
SITC
SITE Centers
5.50
-0.40
-6.73%
GTY
Getty Realty
33.60
6.92
25.92%
BFS
Saul Centers
33.91
3.32
10.85%
WSR
Whitestone REIT
18.98
7.13
60.16%
CBL & Associates Properties Corporate Events
Executive/Board ChangesDividendsPrivate Placements and Financing
CBL & Associates Completes Major Refinancing, Boosts Dividend
Positive
Apr 2, 2026
On March 27, 2026, CBL Associates Limited Partnership closed a $176 million floating‑rate, non‑recourse loan with Beal Bank USA, secured mainly by Mayfaire Town Center, Pearland Town Center, Southaven Town Center and East Towne Mall, ...
Business Operations and StrategyPrivate Placements and Financing
CBL & Associates Announces New $425 Million Loan
Positive
Mar 19, 2026
On March 13, 2026, CBL Associates’ operating partnership and certain subsidiaries entered into a new $425 million non-recourse loan with Goldman Sachs Bank USA, secured by a pool of primarily mall properties that had previously collateraliz...
Business Operations and StrategyExecutive/Board Changes
CBL Updates Executive Pay, Incentive and Retention Programs
Positive
Feb 17, 2026
On February 11, 2026, CBL Associates Properties’ board compensation committee approved updated executive employment agreements for its named executive officers, resetting 2026 base salaries, tying severance to target bonus levels, standardi...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.