Cbl & Associates Properties, Inc. (CBL)
NYSE:CBL
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CBL & Associates Properties
(NYSE:CBL)
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Rating:63Neutral
Price Target:
$42.00
▲(10.76% Upside)
Action:ReiteratedDate:04/03/26
The score is held back primarily by below-average financial performance quality driven by high leverage, a sharp gross margin drop, and weaker 2025 cash flow. Offsetting this are constructive technical momentum, attractive valuation (low P/E and solid yield), and positive refinancing/dividend corporate actions that improve the near-term liquidity and cash flow outlook.
Positive Factors
Refinancing extends maturities
Extending secured term debt to 2031 and completing multiple non‑recourse financings materially lowers near‑term refinancing risk, boosts liquidity (estimated cash >$291M) and improves annual free cash flow by >$30M, supporting longer‑term debt service capacity and capital allocation flexibility.
Negative Factors
Very high leverage
Debt levels many times equity leave the REIT structurally sensitive to cash flow shocks, asset valuation moves and rate changes. High leverage limits flexibility for capex, redevelopment and acquisitions, raising refinancing and covenant risk if operating performance weakens over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Refinancing extends maturities
Extending secured term debt to 2031 and completing multiple non‑recourse financings materially lowers near‑term refinancing risk, boosts liquidity (estimated cash >$291M) and improves annual free cash flow by >$30M, supporting longer‑term debt service capacity and capital allocation flexibility.
Read all positive factors
CBL & Associates Properties (CBL) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.27B
Dividend Yield6.79%
Average Volume (3M)162.57K
Price to Earnings (P/E)8.3
Beta (1Y)0.75
Revenue Growth5.74%
EPS Growth294.33%
CountryUS
Employees390
SectorReal Estate
Sector Strength53
IndustryREIT - Retail
Share Statistics
EPS (TTM)1.56
Shares Outstanding30,975,887
10 Day Avg. Volume202,378
30 Day Avg. Volume162,567
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 Cap2.68
Enterprise Value/Revenue5.88
Enterprise Value/Gross Profit77.75
Enterprise Value/Ebitda7.13
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
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
62
Positive
Balance Sheet
38
Negative
Cash Flow
44
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 578.37M | 515.56M | 535.29M | 563.01M | 576.88M |
| Gross Profit | 43.71M | 59.23M | -32.86M | -141.34M | -27.73M |
| EBITDA | 476.42M | 353.85M | 367.92M | 377.22M | -167.97M |
| Net Income | 135.97M | 58.97M | 6.55M | -93.48M | -622.17M |
Balance Sheet | |||||
| Total Assets | 2.73B | 2.75B | 2.41B | 2.68B | 2.95B |
| Cash, Cash Equivalents and Short-Term Investments | 335.37M | 283.94M | 296.33M | 337.14M | 319.55M |
| Total Debt | 2.17B | 2.21B | 1.97B | 2.11B | 2.36B |
| Total Liabilities | 2.36B | 2.43B | 2.08B | 2.31B | 2.54B |
| Stockholders Equity | 374.94M | 323.55M | 339.32M | 370.54M | 396.20M |
Cash Flow | |||||
| Free Cash Flow | 71.79M | 202.22M | 183.52M | 208.23M | 38.77M |
| Operating Cash Flow | 71.79M | 202.22M | 183.52M | 208.23M | 38.77M |
| Investing Cash Flow | 17.24M | 65.01M | 1.70M | -156.69M | 87.33M |
| Financing Cash Flow | -91.23M | -236.50M | -204.09M | -145.80M | -158.41M |
CBL & Associates Properties Technical Analysis
Positive
37.92
Price Trends
36.93
Positive
35.98
Positive
32.01
Positive
Market Momentum
0.77
Negative
70.54
Negative
93.70
Negative
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 37.95, above the 50-day MA of 36.93, and above the 200-day MA of 32.01, indicating a bullish trend. The MACD of 0.77 indicates Negative momentum. The RSI at 70.54 is Negative, neither overbought nor oversold. The STOCH value of 93.70 is Negative, 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 |
|---|---|---|---|---|---|---|---|
74 Outperform | $1.95B | 19.46 | 7.86% | 6.77% | 8.17% | 9.96% | |
71 Outperform | $1.70B | 14.09 | 11.37% | 3.97% | 4.44% | 107.23% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
63 Neutral | $1.27B | 8.26 | 41.49% | 6.79% | 5.74% | 294.33% | |
63 Neutral | $809.10M | 29.33 | 11.77% | 7.89% | 5.75% | -37.69% | |
62 Neutral | $283.82M | 1.89 | 43.13% | ― | -69.63% | -95.99% | |
51 Neutral | $1.17B | 39.65 | 20.68% | 8.39% | -7.52% | -22.75% |
* Real Estate Sector Average
CBL
CBL & Associates Properties
41.01
19.81
93.46%
ALX
Alexander's
228.26
49.73
27.86%
SITC
SITE Centers
5.41
0.04
0.78%
GTY
Getty Realty
32.57
6.82
26.49%
BFS
Saul Centers
33.03
3.07
10.26%
WSR
Whitestone REIT
16.55
4.32
35.28%
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.