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Cbl & Associates Properties Inc

CBL NYSE Real Estate Investment Trusts Financials FY2015–FY2025

Revenue Total sales reported in the income statement.
$578M
12.2% vs prior year
Operating margin Operating income as a share of revenue.
—
Net income Profit after all expenses, interest and tax.
$136M
130.6%
Free cash flow Cash from operations minus capital spending.
—
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap Last close times the latest diluted share count, so it is approximate.
—
P/E Last close divided by diluted earnings per share over the last four quarters.
—
On $6.94 EPS (TTM)

What Cbl & Associates Properties Inc does

No business description yet.

Legal name
CBL & ASSOCIATES PROPERTIES INC
Fiscal year ends
December 31, 2025
Latest annual report
10-K · Mar 3, 2026
Accession · CIK
0001193125-26-087049
0000910612

Revenue and margins

Cbl & Associates Properties Inc had $578M of revenue in fiscal 2025, up 12.2% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2015 to 2025, diluted EPS grew 32.7% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was — in fiscal 2025, — of revenue. Cash from operations minus capital spending.

Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Cbl & Associates Properties Inc returned $95.2M to shareholders in fiscal 2025. The diluted share count fell 0.4%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Balance sheet

Cash, debt and the ratios that show how comfortably Cbl & Associates Properties Inc can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY20FY22FY23FY24FY25
Cash and short-term investments $61.8M$44.7M$34.2M$40.8M$42.3M
Debt incl. finance leases $1.2B$2.0B$1.9B$2.2B$2.2B
Debt / equity 2.2x5.4x5.6x6.8x5.8x
Total assets $4.4B$2.7B$2.4B$2.7B$2.7B
Total liabilities $3.9B$2.3B$2.1B$2.4B$2.4B
Shareholders' equity $532M$371M$339M$324M$375M
Net debt (− = net cash) $1.1B$2.0B$1.9B$2.2B$2.1B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$0.0M

0 insiders

Of sales under plans

—

$0.0M

No open-market insider trades in the last 12 months.

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY15FY16FY17FY18FY19FY20FY23FY24FY25
Net income is positive ✓ ✓ ✓ ✕ ✕ ✕ ✓ ✓ ✓
Cash from operations is positive — — ✓ ✓ ✓ ✓ ✓ ✓ ✓
Return on assets rose — ✓ ✕ ✕ ✕ ✕ — ✓ ✓
Cash from operations exceeds net income — — ✓ ✓ ✓ ✓ ✓ ✓ ✓
Debt fell relative to assets — ✕ ✕ ✕ ✕ ✓ ✕ ✕ ✓
Current ratio rose — — — — — — — — —
Share count didn't rise — — — ✕ ✕ ✕ — ✓ ✓
Gross margin rose — — — — — — — — —
Revenue rose relative to assets — ✓ ✕ ✕ ✓ ✕ — ✕ ✓
F-score — / 1— / 4— / 62 / 73 / 73 / 7— / 45 / 77 / 7
Accruals ratio ——−5.2%−8.3%−7.7%−9.5%−7.0%−5.6%−4.2%
Altman Z'' —————————

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

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Fiscal yearFY15FY16FY17FY18FY19FY20FY22FY23FY24FY25
Income statement
Revenue $1.1B $1.0B $927M $859M $769M $576M — $535M $516M $578M
Operating income $278M $254M $233M — — — — — — —
Interest expense $229M $216M $219M $220M $206M $201M — $173M $154M $176M
Pretax income — — $157M — — — — — — —
Income tax $2.9M −$2.1M −$1.9M −$1.6M $3.2M $16.8M — $0.9M $1.1M $0.5M
Net income $103M $173M $121M −$78.6M −$109M −$295M — $6.5M $59.0M $136M
Net income to common $58.5M $128M $76.0M −$123M −$154M −$332M — $5.4M $57.8M $134M
Diluted EPS $0.34 $0.75 $0.44 −$0.72 −$0.89 −$1.75 — $0.17 $1.87 $4.34
Diluted shares — — 0.00B 0.00B 0.00B 0.00B — 0.03B 0.03B 0.03B
Cash flow
Cash from operations — — $430M $377M $273M $133M — $184M $202M $250M
Depreciation and amortization $299M $293M $299M $285M $258M $215M — $191M $141M $165M
Stock-based compensation $4.3M $4.7M $5.8M $5.4M $4.8M $5.8M — $13.0M $14.9M $16.7M
Share buybacks — — — — — — — $1.1M $36.5M $18.1M
Dividends paid — — $181M $138M $26.0M — — $118M $50.4M $77.1M
Dividends and buybacks — — $181M $138M $26.0M — — $119M $86.8M $95.2M
Balance sheet
Cash and short-term investments $36.9M $19.0M $32.6M $25.1M $32.8M $61.8M $44.7M $34.2M $40.8M $42.3M
Total debt $4.7B $4.5B $4.2B $4.0B $3.5B $1.2B $2.0B $1.9B $2.2B $2.2B
Total assets $6.5B $6.1B $5.7B $5.3B $4.6B $4.4B $2.7B $2.4B $2.7B $2.7B
Total liabilities $5.1B $4.7B $4.5B $4.3B $3.8B $3.9B $2.3B $2.1B $2.4B $2.4B
Shareholders' equity $1.3B $1.2B $1.1B $964M $806M $532M $371M $339M $324M $375M
Margins
Operating margin 26.3% 24.7% 25.1% — — — — — — —
EBITDA margin 54.7% 53.1% 57.3% — — — — — — —
Net margin 9.8% 16.8% 13.0% −9.2% −14.2% −51.2% — 1.2% 11.4% 23.5%
Returns
Return on capital 3.7% 3.5% 4.4% — — — — — — —
Return on equity 8.0% 13.8% 10.2% −7.5% −12.3% −44.1% — 1.8% 17.8% 38.9%
Return on assets 1.6% 2.7% 2.0% −1.4% −2.2% −6.5% — 0.3% 2.3% 5.0%
Return on tangible equity 4.6% 10.4% 6.7% −12.8% −19.1% −62.5% — 1.6% 17.9% 35.7%
Growth
Revenue growth — −2.5% −9.8% −7.4% −10.5% −25.1% — — −3.7% 12.2%
Net income growth — 67.2% −30.0% −165.0% — — — — 800.9% 130.6%
EPS growth — 120.6% −41.3% −263.6% — — — — 1,000.0% 132.1%
Share count change — — — 0.8% 0.5% 9.7% — — −1.1% −0.4%
Financial health
Net debt / EBITDA 8.1x 8.1x 7.9x — — — — — — —
Debt / equity 3.7x 3.6x 3.7x 4.2x 4.4x 2.2x 5.4x 5.6x 6.8x 5.8x
Interest coverage 1.2x 1.2x 1.1x — — — — — — —
Capital allocation
Stock comp / revenue 0.4% 0.5% 0.6% 0.6% 0.6% 1.0% — 2.4% 2.9% 2.9%
Quality scores
Piotroski F-score — — — 2.0 3.0 3.0 — — 5.0 7.0
Accruals ratio — — −5.2% −8.3% −7.7% −9.5% — −7.0% −5.6% −4.2%

Source: SEC EDGAR XBRL filings (CIK 0000910612). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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