Tearsheet

CBL & Associates Properties (CBL)


Market Price (11/7/2025): $32.88 | Market Cap: $1.0 Bil
Sector: Real Estate | Industry: Retail REITs

CBL & Associates Properties (CBL)


Market Price (11/7/2025): $32.2
Market Cap: $980.7 Mil
Sector: Real Estate
Industry: Retail REITs

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow


0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 15%, Dividend Yield is 7.8%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 10%, FCF Yield is 22%
Trading close to highs
Dist 52W High is -3.2%, Dist 3Y High is -3.2%
Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 193%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 38%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 38%
Weak multi-year price returns
3Y Excs Rtn is -29%
Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -1.4%
2 Low stock price volatility
Vol 12M is 29%
  
0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 15%, Dividend Yield is 7.8%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 10%, FCF Yield is 22%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 38%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 38%
2 Low stock price volatility
Vol 12M is 29%
3 Trading close to highs
Dist 52W High is -3.2%, Dist 3Y High is -3.2%
4 Weak multi-year price returns
3Y Excs Rtn is -29%
5 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 193%
6 Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -1.4%

Market Valuation & Key Metrics

CBL Stock


Return vs. Risk


Price Returns Compared

 202020212022202320242025Total [1]
Returns
CBL Return---18%13%29%15%37%
Peers Return-26%48%-8%11%13%0%27%
S&P 500 Return16%27%-19%24%23%14%108%

Monthly Win Rates [3]
CBL Win Rate-100%33%33%58%60% 
Peers Win Rate42%75%47%50%57%56% 
S&P 500 Win Rate58%75%42%67%75%70% 

Max Drawdowns [4]
CBL Max Drawdown---30%-9%-12%-20% 
Peers Max Drawdown-54%-5%-27%-17%-8%-14% 
S&P 500 Max Drawdown-31%-1%-25%-1%-2%-15% 


[1] Cumulative total returns since the beginning of 2020
[2] Peers: O, FRT, GTY, WSR, SPG.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 11/6/2025 (YTD)

How Low Can It Go

Unique KeyEventCBLS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-34.0%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven51.6%34.1%
2022 Inflation ShockTime to BreakevenTime to BreakevenNot Fully Recovered days464 days

Compare to O, FRT, GTY, WSR, SPG


In The Past

CBL & Associates Properties's stock fell -34.0% during the 2022 Inflation Shock from a high on 4/1/2022. A -34.0% loss requires a 51.6% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About CBL & Associates Properties (CBL)

Better Bets than CBL & Associates Properties (CBL)

Trade Ideas

Select past ideas related to CBL. For more, see Trefis Trade Ideas.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
MPW_10312025_Short_Squeeze10312025MPWMedical Properties TrustSpecialShort Squeeze PotentialShort Squeeze Potential
Has potential for a short squeeze. High short interest, rising short interest and high debt.
-2.5%-2.5%-5.8%
Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
MPW_10312025_Short_Squeeze10312025MPWMedical Properties TrustSpecialShort Squeeze PotentialShort Squeeze Potential
Has potential for a short squeeze. High short interest, rising short interest and high debt.
-2.5%-2.5%-5.8%

Recent Active Movers

Recent Active Movers

More From Trefis

Peer Comparisons for CBL & Associates Properties

Financials

CBLOFRTGTYWSRSPGMedian
NameCBL & As.Realty I.Federal .Getty Re.Whitesto.Simon Pr. 
Mkt Price31.4556.3395.8826.9113.26180.7443.89
Mkt Cap1.051.58.21.50.759.04.9
Rev LTM5395,6121,2542141596,155897
Op Inc LTM1292,564451114553,120290
FCF LTM2073,763336129533,121271
FCF 3Y Avg2023,318276118513,066239
CFO LTM2073,763597130534,018402
CFO 3Y Avg2023,318572118513,870387

Growth & Margins

CBLOFRTGTYWSRSPGMedian
NameCBL & As.Realty I.Federal .Getty Re.Whitesto.Simon Pr. 
Rev Chg LTM2.2%14.7%6.0%8.2%4.4%4.2%5.2%
Rev Chg 3Y Avg-1.4%21.5%6.2%9.8%4.8%5.7%5.9%
Rev Chg Q8.7%9.1%6.1%8.0%5.5%8.2%8.1%
QoQ Delta Rev Chg LTM2.1%2.1%1.5%2.0%1.4%2.0%2.0%
Op Mgn LTM23.9%45.7%36.0%53.2%34.4%50.7%40.8%
Op Mgn 3Y Avg19.7%42.6%35.1%52.7%33.3%50.4%38.9%
QoQ Delta Op Mgn LTM0.2%1.1%-0.2%2.6%0.3%-0.3%0.2%
CFO/Rev LTM38.4%67.1%47.6%60.8%33.4%65.3%54.2%
CFO/Rev 3Y Avg37.4%69.5%48.2%59.6%33.2%66.1%53.9%
FCF/Rev LTM38.4%67.1%26.8%60.4%33.4%50.7%44.6%
FCF/Rev 3Y Avg37.4%69.5%23.1%59.4%33.2%52.3%44.9%

Valuation

CBLOFRTGTYWSRSPGMedian
NameCBL & As.Realty I.Federal .Getty Re.Whitesto.Simon Pr. 
Mkt Cap1.051.58.21.50.759.04.9
P/S1.89.26.67.14.39.66.8
P/EBIT4.524.015.312.88.616.714.1
P/E14.653.523.820.515.226.322.1
P/CFO4.613.713.811.712.814.713.2
Total Yield14.6%7.4%4.2%11.8%10.5%4.5%9.0%
Dividend Yield7.8%5.6%0.0%7.0%4.0%0.7%4.8%
FCF Yield 3Y Avg27.7%6.9%3.2%7.6%8.6%6.4%7.3%
D/E2.20.60.60.60.90.40.6
Net D/E1.90.60.60.60.90.40.6

Returns

CBLOFRTGTYWSRSPGMedian
NameCBL & As.Realty I.Federal .Getty Re.Whitesto.Simon Pr. 
1M Rtn7.9%-5.1%-1.8%2.4%13.9%1.0%1.7%
3M Rtn13.4%0.0%5.0%-3.6%10.8%9.9%7.5%
6M Rtn33.3%3.0%3.0%-1.6%7.0%13.7%5.0%
12M Rtn23.7%4.5%-11.4%-8.4%-3.5%9.3%0.5%
3Y Rtn43.2%5.1%5.0%1.5%65.0%82.4%24.1%
1M Excs Rtn9.1%-3.6%-1.2%3.9%14.0%1.9%2.9%
3M Excs Rtn7.8%-5.8%1.0%-9.1%6.8%5.7%3.4%
6M Excs Rtn14.6%-15.7%-15.6%-20.2%-11.6%-5.0%-13.6%
12M Excs Rtn10.7%-17.1%-27.7%-26.3%-18.7%-7.4%-17.9%
3Y Excs Rtn-29.0%-67.6%-66.0%-72.7%-13.0%13.0%-47.5%

Financials

Price Behavior

Short Interest

Short Interest: As Of Date10152025
Short Interest: Shares Quantity934,003
Short Interest: % Change Since 93020250.3%
Average Daily Volume109,800
Days-to-Cover Short Interest8.51
Basic Shares Quantity30,456,000
Short % of Basic Shares3.1%

Earnings Returns History

Expand for More

 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/6/20250.0%6.2%12.8%
5/5/2025-1.4%-0.6%1.6%
2/14/20253.4%-2.0%-10.4%
11/12/2024-1.0%2.4%13.9%
8/9/20240.7%2.6%1.6%
5/10/2024-0.1%-0.6%1.5%
2/12/20240.4%-2.7%-5.3%
11/9/20231.9%5.7%10.7%
...
SUMMARY STATS   
# Positive747
# Negative151815
Median Positive0.9%4.1%2.4%
Median Negative-1.0%-2.7%-6.3%
Max Positive3.4%6.2%13.9%
Max Negative-3.6%-4.3%-13.9%

SEC Filings

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Report DateFiling DateFiling
6302025806202510-Q 6/30/2025
3312025505202510-Q 3/31/2025
12312024303202510-K 12/31/2024
93020241112202410-Q 9/30/2024
6302024809202410-Q 6/30/2024
3312024510202410-Q 3/31/2024
12312023229202410-K 12/31/2023
93020231109202310-Q 9/30/2023
6302023809202310-Q 6/30/2023
3312023510202310-Q 3/31/2023
12312022301202310-K 12/31/2022
93020221114202210-Q 9/30/2022
6302022815202210-Q 6/30/2022
3312022516202210-Q 3/31/2022
93020211115202110-Q 9/30/2021
12312019331202210-K 12/31/2019

Insider Activity

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 OwnerTitleFiling DateActionPriceSharesTransacted
Value
Value of
Held Shares
Form
0Cobb Andrew FranklinExec VP-Accounting10142025Sell28.356,917196,0991,133,700Form