CBL & Associates Properties, Inc. (CBL) Balance Sheet
CBL balance sheet, 2025
December 31, 2025 · U.S. dollars$2.73B assets = $2.36B liabilities + $364.7M equity
Both columns are drawn to the same scale: what CBL owns equals what it owes plus shareholders’ equity. Hover a block for its value.
CBL financial health
Descriptive bands, not a rating. Fiscal 2025.
CBL balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $757.3M2016 | $2.73B2025 | +15.3%/yr | |
| Total liabilities | $1.7M2016 | $2.36B2025 | +123.4%/yr | |
| Shareholders’ equity | $6.10B2016 | $374.9M2025 | −26.7%/yr | |
| Cash & short-term investments | $19.0M2016 | $335.4M2025 | +37.6%/yr | |
| Total debt | $64.9M2016 | $2.17B2025 | +47.7%/yr | |
| Net cash (debt) | −$45.9M2016 | −$1.84B2025 | −$1.8B | |
| Working capital | −$103.4M2016 | $300.4M2025 | +$403.9M | |
| Book value per share | $12.222022 | $12.162025 | −0.2%/yr | |
| Current ratio | 0.632016 | 2.552025 | +1.92 | |
| Debt / equity | 0.012016 | 5.792025 | +5.78 | |
| Shares outstanding | 30.0M2022 | 30.8M2025 | +0.9%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
CBL assets
CBL liabilities and equity
CBL debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
CBL balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $335.4M | $283.9M | $296.3M | $337.1M | $319.6M | $61.8M | $32.8M | $25.1M | $32.6M | $19.0M |
| Cash & equivalents | $42.3M | $40.8M | $34.2M | $44.7M | $169.6M | $61.8M | $32.8M | $25.1M | $32.6M | $19.0M |
| Short-term investments | $293.1M | $243.1M | $262.1M | $292.4M | $150.0M | $233.1M | — | — | — | — |
| Receivables | $48.1M | $48.0M | $46.2M | $463.3M | $649.0M | $103.7M | $90.7M | $77.8M | $83.6M | $94.7M |
| Inventory | $0 | $0 | $0 | $1 | $199.5M | $171.4M | −$4.60B | $1 | $1 | −$6.06B |
| Other current assets | $110.7M | $169.0M | $88.9M | $0 | $0 | $0 | $4.62B | $42.7M | $46.6M | $6.13B |
| Total current assets | $494.1M | $500.9M | $431.4M | $800.4M | $968.5M | $232.6M | $147.1M | $145.6M | $162.8M | $177.1M |
| Property, plant & equipment (net) | $0 | $1.58B | $1.28B | $1.66B | $3.0M | $3.62B | $3.8M | $4.75B | $5.16B | $5.51B |
| Goodwill & intangible assets | $272.9M | $347.4M | $315.9M | $136.6M | $104.7M | $34.4M | −$137.6M | $20.1M | $7.1M | $5.8M |
| Long-term investments | $85.9M | $83.5M | $76.5M | $77.3M | $103.7M | $279.4M | $0 | $0 | $0 | $0 |
| Other non-current assets | $1.88B | $233.3M | $299.2M | $0 | $1.77B | $276.4M | $209.0M | $0 | $0 | $0 |
| Total assets | $2.73B | $2.75B | $2.41B | $2.68B | $2.95B | $4.44B | $222.4M | $664.1M | $667.7M | $757.3M |
| Liabilities | ||||||||||
| Accounts payable | — | $106.1M | $106.1M | $200.3M | $184.4M | $164.0M | $219.0M | $187.5M | $166.8M | $199.2M |
| Short-term debt | $0 | $0 | $180.7M | $321.7M | $420.2M | $675.9M | $3.30B | $0 | $0 | $0 |
| Deferred revenue | — | — | −$106.1M | −$522.0M | −$572.1M | −$164.0M | −$222.4M | −$7.61B | −$7.96B | −$8.37B |
| Total current liabilities | $193.6M | $221.6M | $186.5M | $200.3M | $184.4M | $170.1M | $227.5M | $261.9M | $228.7M | $280.5M |
| Long-term debt | $2.17B | $2.21B | $1.89B | $2.00B | $2.21B | $1.18B | $3.53B | $4.04B | $4.23B | $4.47B |
| Lease obligations | — | — | $80.4M | $110.6M | $151.9M | $6.1M | — | — | — | — |
| Other long-term liabilities | $0 | $0 | $0 | $110.6M | $151.9M | $2.55B | $3.8M | $0 | $0 | $0 |
| Total liabilities | $2.36B | $2.43B | $2.08B | $2.31B | $2.54B | $3.91B | $1.7M | $1.7M | $1.7M | $1.7M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $30,000 | $31,000 | $32,000 | $32,000 | $21,000 | $2.0M | $1.7M | $1.7M | $1.7M | $1.7M |
| Retained earnings (deficit) | −$313.0M | −$371.8M | −$380.4M | −$338.9M | −$151.5M | −$1.46B | $806.3M | $964.1M | $1.14B | $1.23B |
| Accumulated other comprehensive income | $443,000 | $782,000 | $610,000 | −$1.1M | −$3,000 | −$1.46B | $864.0M | $1.04B | $1.25B | $1.36B |
| Minority interest | −$10.3M | −$10.7M | −$8.7M | −$3.4M | — | — | — | — | — | — |
| Total shareholders' equity | $374.9M | $323.5M | $339.3M | $367.1M | $401.1M | $531.8M | $220.6M | $5.34B | $5.70B | $6.10B |
| Key figures | ||||||||||
| Total debt | $2.17B | $2.21B | $1.97B | $2.32B | $2.63B | $3.74B | $6.83B | $81.5M | $53.3M | $64.9M |
| Net cash (debt) | −$1.84B | −$1.93B | −$1.67B | −$1.98B | −$2.31B | −$3.68B | −$6.80B | −$56.3M | −$20.7M | −$45.9M |
| Working capital | $300.4M | $279.3M | $244.9M | $600.1M | $784.1M | $62.5M | −$80.3M | −$116.3M | −$65.8M | −$103.4M |
| Tangible book value | $102.0M | −$23.9M | $23.4M | $230.6M | $296.4M | $497.4M | $358.2M | $5.32B | $5.70B | $6.10B |
| Book value per share | $12.16 | $10.45 | $10.84 | $12.22 | — | — | — | — | — | — |
| Shares outstanding | 30.8M | 31.0M | 31.3M | 30.0M | — | — | — | — | — | — |
| Current ratio | 2.55 | 2.26 | 2.31 | 4.00 | 5.25 | 1.37 | 0.65 | 0.56 | 0.71 | 0.63 |
| Quick ratio | 1.98 | 1.50 | 1.84 | 4.00 | 5.25 | 0.97 | 0.54 | 0.39 | 0.51 | 0.41 |
| Debt / equity | 5.79 | 6.84 | 5.80 | 6.32 | 6.55 | 7.03 | 30.97 | 0.02 | 0.01 | 0.01 |
| Equity / assets | 13.7% | 11.8% | 14.1% | 13.7% | 13.6% | 12.0% | 99.2% | 804.2% | 854.4% | 806.1% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $302.4M | $283.0M | $335.4M | $313.0M | $288.0M | $276.1M | $283.9M | $307.0M | $295.8M | $295.3M | $123.1M | $292.8M |
| Cash & equivalents | $101.3M | $122.7M | $42.3M | $52.6M | $100.3M | $29.8M | $40.8M | $65.1M | $57.7M | $60.3M | $123.1M | $34.5M |
| Short-term investments | $201.2M | $160.3M | $293.1M | $260.4M | $187.7M | $246.3M | $243.1M | $241.9M | $238.1M | $235.0M | $262.1M | $258.3M |
| Receivables | $43.5M | $41.0M | $48.1M | $38.4M | $37.1M | $40.5M | $48.0M | $42.1M | $41.0M | $44.8M | $46.2M | $170.8M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $245.6M |
| Other current assets | $101.3M | $0 | $110.7M | $109.4M | $137.3M | $93.3M | $169.0M | $76.4M | $83.6M | $66.9M | $380.8M | $0 |
| Total current assets | $447.3M | $253.8M | $494.1M | $460.8M | $462.4M | $409.9M | $500.9M | $425.5M | $420.4M | $407.1M | $550.1M | $548.7M |
| Property, plant & equipment (net) | $1.87B | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1.55B | $1.56B | $1.28B | $1.59B |
| Goodwill & intangible assets | $123.8M | $121.0M | $272.9M | $299.5M | $295.0M | $323.6M | $160.8M | $133.8M | $271.2M | $297.1M | −$39.4M | $219.5M |
| Long-term investments | $81.7M | $83.5M | $85.9M | $84.2M | $84.4M | $84.1M | $83.5M | $83.7M | $82.6M | $77.8M | $76.5M | $73.4M |
| Other non-current assets | $116.5M | $2.19B | $1.88B | $1.89B | $1.76B | $1.81B | $2.00B | $1.60B | $0 | $0 | $535.9M | $0 |
| Total assets | $2.64B | $2.65B | $2.73B | $2.73B | $2.60B | $2.62B | $2.75B | $2.25B | $2.32B | $2.34B | $2.41B | $2.44B |
| Liabilities | ||||||||||||
| Accounts payable | $181.0M | — | $193.6M | $202.8M | $183.3M | — | — | — | $169.4M | $168.7M | $106.1M | $120.7M |
| Short-term debt | — | $532.0M | $0 | $683.1M | $817.8M | $0 | $0 | $0 | $27.4M | $148.6M | $180.7M | $28.9M |
| Deferred revenue | — | — | — | — | — | — | — | — | — | — | −$106.1M | −$120.7M |
| Total current liabilities | $181.0M | $532.0M | $193.6M | $208.6M | $185.7M | $190.2M | $221.6M | $174.4M | $169.4M | $168.7M | $106.1M | $120.7M |
| Long-term debt | $2.03B | $2.08B | $2.17B | $2.18B | $2.14B | $2.15B | $2.21B | $1.78B | $1.85B | $1.86B | $1.89B | $1.90B |
| Lease obligations | — | — | — | — | — | — | — | — | — | — | $80.4M | $86.2M |
| Other long-term liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $80.4M | $86.2M |
| Total liabilities | $2.21B | $2.26B | $2.36B | $2.39B | $2.33B | $2.34B | $2.43B | $1.95B | $2.02B | $2.03B | $2.08B | $2.11B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $31,000 | $31,000 | $30,000 | $31,000 | $31,000 | $31,000 | $31,000 | $31,000 | $32,000 | $32,000 | $32,000 | $32,000 |
| Retained earnings (deficit) | −$258.7M | −$285.8M | −$313.0M | −$348.2M | −$409.8M | −$400.2M | −$371.8M | −$397.5M | −$401.2M | −$393.3M | −$380.4M | −$380.3M |
| Accumulated other comprehensive income | −$48,000 | $100,000 | $443,000 | $406,000 | −$12,000 | $307,000 | $782,000 | $645,000 | $643,000 | $726,000 | $610,000 | $957,000 |
| Minority interest | −$5.2M | −$10.6M | −$10.3M | −$10.9M | −$11.9M | — | — | — | — | — | — | — |
| Total shareholders' equity | $427.4M | $398.0M | $374.9M | $351.4M | $289.4M | $295.0M | $323.5M | $308.3M | $308.8M | $324.2M | $339.3M | $338.3M |
| Key figures | ||||||||||||
| Total debt | $2.03B | $2.08B | $2.17B | $2.18B | $2.14B | $2.15B | $2.21B | $1.78B | $1.85B | $1.86B | $1.97B | $1.99B |
| Net cash (debt) | −$1.73B | −$1.80B | −$1.84B | −$1.87B | −$1.85B | −$1.87B | −$1.93B | −$1.47B | −$1.56B | −$1.56B | −$1.85B | −$1.69B |
| Working capital | $266.3M | −$278.3M | $300.4M | $252.2M | $276.7M | $219.7M | $279.3M | $251.1M | $251.0M | $238.4M | $444.0M | $427.9M |
| Tangible book value | $303.6M | $276.9M | $102.0M | $52.0M | −$5.6M | −$28.6M | $162.7M | $174.5M | $37.5M | $27.1M | $378.8M | $118.8M |
| Book value per share | $13.82 | $12.97 | $12.06 | $11.22 | $9.41 | $9.61 | $10.45 | $10.03 | $9.91 | $10.28 | $10.84 | $10.81 |
| Shares outstanding | 30.9M | 30.7M | 31.1M | 31.3M | 30.7M | 30.7M | 31.0M | 30.8M | 31.2M | 31.5M | 31.3M | 31.3M |
| Current ratio | 2.47 | 0.48 | 2.55 | 2.21 | 2.49 | 2.16 | 2.26 | 2.44 | 2.48 | 2.41 | 5.19 | 4.54 |
| Quick ratio | 1.91 | 0.61 | 1.98 | 1.68 | 1.75 | 1.66 | 1.50 | 2.00 | 1.99 | 2.02 | 1.60 | 3.84 |
| Debt / equity | 4.76 | 5.22 | 5.79 | 6.21 | 7.39 | 7.29 | 6.84 | 5.76 | 6.00 | 5.74 | 5.80 | 5.87 |
| Equity / assets | 16.2% | 15.0% | 13.7% | 12.9% | 11.1% | 11.2% | 11.8% | 13.7% | 13.3% | 13.8% | 14.1% | 13.9% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 3, 2026); data from EODHD.
CBL financial position
At the end of fiscal 2025 (December 31, 2025), CBL & Associates Properties had total assets of $2.7 billion (down 0.7% from a year earlier), total liabilities of $2.4 billion and shareholders' equity of $374.9 million. It held $335.4 million in cash and short-term investments against $2.2 billion of debt, net debt of $1.8 billion. Its current ratio was 2.55. In the latest quarter (ended June 30, 2026) total assets were $2.6 billion and equity $427.4 million.
Related: CBL income statement, CBL cash flow statement, CBL key metrics. See the CBL stock overview for the latest quote and news.
CBL balance sheet FAQ
What are CBL & Associates Properties's total assets?
CBL & Associates Properties reported total assets of $2.7 billion at the end of fiscal 2025 (December 31, 2025), compared with $2.7 billion a year earlier.
How much debt does CBL & Associates Properties have?
CBL & Associates Properties had $2.2 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 5.79.
How much cash does CBL & Associates Properties have?
CBL & Associates Properties held $335.4 million in cash and short-term investments at the end of fiscal 2025; with $2.2 billion of debt that is net debt of $1.8 billion.
What is CBL & Associates Properties's book value?
CBL & Associates Properties's shareholders' equity (book value) was $374.9 million at the end of fiscal 2025, or $12.16 per share.
What is CBL & Associates Properties's current ratio?
CBL & Associates Properties had current assets of $494.1 million and current liabilities of $193.6 million, a current ratio of 2.55 (it can cover its short-term obligations).
How much goodwill does CBL & Associates Properties have?
CBL & Associates Properties carried $272.9 million of goodwill and intangible assets, 10.0% of total assets, at the end of fiscal 2025.