CBL & Associates Properties, Inc. (CBL) Key Metrics
CBL valuation today
Trailing 12 months · as of October 17, 2026- Market cap
- $1.53B
- Enterprise value
- $3.37B
- P/E (TTM)
- 7.2 10-yr median 15.4
- Forward P/E
- —
- PEG ratio
- —
- Price / sales
- 2.6 10-yr median 1.6
- Price / book
- 3.9 10-yr median 2.5
- EV / EBITDA
- 6.3 10-yr median 6.5
- Dividend yield
- 5.05% $2.50 a year
- Beta
- 1.41
CBL key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsCBL valuation Price multiples at each fiscal year-end price.
CBL returns How much profit the business earns on the capital it uses.
CBL per-share figures Results divided by the shares outstanding at year-end.
CBL financial health Debt, liquidity and how easily interest is covered.
CBL efficiency & capital use Working capital cycle and where the cash goes.
CBL valuation history
CBL returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
CBL debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
CBL cash returned to shareholders
CBL price vs earnings per share
CBL key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $1.14B | $910.6M | $764.4M | $693.5M | — | — | — | — | — | — |
| Enterprise value | $2.98B | $2.84B | $2.44B | $2.68B | — | — | — | — | — | — |
| P/E ratio | 8.4 | 15.4 | 116.8 | — | — | — | — | — | — | — |
| Price / sales | 2.0 | 1.8 | 1.4 | 1.2 | — | — | — | — | — | — |
| Price / book | 3.0 | 2.8 | 2.3 | 1.9 | — | — | — | — | — | — |
| Price / free cash flow | 4.6 | 4.5 | 4.1 | 3.3 | — | — | — | — | — | — |
| Price / operating cash flow | 4.6 | 4.5 | 4.0 | 3.3 | — | — | — | — | — | — |
| EV / sales | 5.1 | 5.5 | 4.6 | 4.8 | — | — | — | — | — | — |
| EV / EBITDA | 6.1 | 8.0 | 6.3 | 6.7 | — | — | — | — | — | — |
| EV / free cash flow | 11.9 | 14.0 | 13.1 | 12.9 | — | — | — | — | — | — |
| Earnings yield | 11.9% | 6.5% | 0.9% | −13.5% | — | — | — | — | — | — |
| Free cash flow yield | 21.9% | 22.2% | 24.4% | 30.0% | — | — | — | — | — | — |
| Dividend yield | 6.8% | 5.5% | 15.4% | 3.4% | — | — | — | — | — | — |
| Shareholder yield (dividends + buybacks) | 8.3% | 9.5% | 16.0% | 3.4% | — | — | — | — | — | — |
| Share price at fiscal year-end | $37.00 | $29.41 | $24.42 | $23.08 | $31.20 | — | — | — | — | — |
| Per share | ||||||||||
| Revenue per share | $18.75 | $16.65 | $17.10 | $18.74 | — | — | — | — | — | — |
| Earnings per share | $4.41 | $1.90 | $0.21 | −$3.11 | — | — | — | — | — | — |
| Operating cash flow per share | $8.10 | $6.53 | $6.03 | $6.93 | — | — | — | — | — | — |
| Free cash flow per share | $8.10 | $6.53 | $5.95 | $6.93 | — | — | — | — | — | — |
| Cash per share | $10.87 | $9.17 | $9.47 | $11.22 | — | — | — | — | — | — |
| Book value per share | $12.16 | $10.45 | $10.84 | $12.22 | — | — | — | — | — | — |
| Tangible book value per share | $3.31 | −$0.77 | $0.75 | $7.67 | — | — | — | — | — | — |
| Dividends per share | $2.50 | $1.63 | $3.77 | $0.79 | — | — | — | — | — | — |
| Capex per share | $7.71 | $1.17 | $0.09 | $0.19 | — | — | — | — | — | — |
| Debt per share | $70.39 | $71.46 | $62.91 | $77.28 | — | — | — | — | — | — |
| Shares outstanding | 30.8M | 31.0M | 31.3M | 30.0M | — | — | — | — | — | — |
| Change in shares outstanding | −0.4% | −1.1% | +4.2% | — | — | — | — | — | — | — |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 38.9% | 17.8% | 1.9% | −24.3% | −133.4% | −107.4% | −3.9% | −1.4% | 2.1% | 4.7% |
| Return on invested capital (ROIC) | 6.2% | 6.1% | 3.3% | 1.5% | 2.9% | 1.3% | 2.8% | 3.7% | 5.2% | 6.1% |
| Return on assets (ROA) | 5.0% | 2.3% | 0.3% | −3.3% | −16.8% | −17.3% | −24.5% | −11.8% | 17.7% | 4.8% |
| Return on tangible assets | 5.5% | 2.5% | 0.3% | −3.7% | −21.9% | −9.2% | −30.2% | −12.2% | 19.1% | 22.9% |
| Free cash flow margin | 43.2% | 39.2% | 34.8% | 37.0% | 23.1% | −12.0% | 36.3% | 26.6% | 38.9% | 42.9% |
| Income quality (OCF / net income) | 1.84 | 3.43 | 28.84 | — | — | — | — | — | 2.99 | 2.60 |
| Financial health | ||||||||||
| Total debt | $2.17B | $2.21B | $1.97B | $2.32B | $2.63B | $3.74B | $6.83B | $81.5M | $53.3M | $64.9M |
| Cash & short-term investments | $335.4M | $283.9M | $296.3M | $337.1M | $319.6M | $61.8M | $32.8M | $25.1M | $32.6M | $19.0M |
| Net debt | $1.84B | $1.93B | $1.67B | $1.98B | $2.31B | $3.68B | $6.80B | $56.3M | $20.7M | $45.9M |
| Debt / equity | 5.79 | 6.84 | 5.80 | 6.32 | 6.55 | 7.03 | 30.97 | 0.02 | 0.01 | 0.01 |
| Debt / assets | 0.80 | 0.81 | 0.82 | 0.87 | 0.89 | 0.84 | 30.72 | 0.12 | 0.08 | 0.09 |
| Net debt / EBITDA | 3.74 | 5.45 | 4.30 | 4.99 | — | 54.69 | 20.42 | 0.14 | 0.03 | 0.07 |
| Current ratio | 2.55 | 2.26 | 2.31 | 4.00 | 5.25 | 1.37 | 0.65 | 0.56 | 0.71 | 0.63 |
| Quick ratio | 2.55 | 2.26 | 2.31 | 4.00 | 4.17 | 0.36 | 20.86 | 0.56 | 0.71 | 22.25 |
| Interest coverage | 0.8 | 0.9 | 0.5 | 0.2 | 0.5 | 0.5 | 1.0 | 1.2 | 1.4 | 1.7 |
| Working capital | $300.4M | $279.3M | $244.9M | $600.1M | $784.1M | $62.5M | −$80.3M | −$116.3M | −$65.8M | −$103.4M |
| Invested capital | $2.21B | $2.25B | $2.01B | $2.35B | $2.71B | $4.21B | $7.02B | $5.40B | $5.73B | $6.15B |
| Tangible asset value | $91.8M | −$34.5M | $14.7M | $230.6M | $296.4M | $499.6M | $358.2M | $642.2M | $658.9M | $749.8M |
| Net current asset value | −$1.87B | −$1.93B | −$1.64B | −$1.51B | −$1.58B | −$3.68B | $145.4M | $143.9M | $161.1M | $175.4M |
| Graham number | $34.73 | $21.16 | $7.14 | — | — | — | — | — | — | — |
| Graham net-net per share | −$64.62 | −$68.29 | −$55.72 | −$54.13 | — | — | — | — | — | — |
| Capital allocation | ||||||||||
| Dividends paid | $77.1M | $50.4M | $118.1M | $23.9M | $151.5M | $87,000 | $59.6M | $182.7M | $226.2M | $225.9M |
| Share buybacks (net) | $18.1M | $36.5M | $4.3M | $0 | $11,000 | $87,000 | $0 | $289,000 | $390,000 | $0 |
| Dividend payout ratio | 56.7% | 85.4% | — | — | — | — | — | — | 179.3% | 131.0% |
| Dividends + buybacks / free cash flow | 38.1% | 42.9% | 65.7% | 11.5% | 113.6% | — | 21.4% | 80.2% | 62.8% | 51.3% |
| Capex / revenue | 41.1% | 7.0% | 0.5% | 1.0% | 5.5% | 0.2% | 0.8% | 0.8% | 1.8% | 0.7% |
| Capex / operating cash flow | 95.2% | 17.9% | 1.4% | 2.8% | 23.7% | — | 2.1% | 2.9% | 4.4% | 1.6% |
| Capex / depreciation | 1.32 | 0.26 | 0.01 | 0.02 | — | 0.01 | 0.02 | 0.02 | 0.06 | 0.02 |
| Stock-based compensation / revenue | 2.9% | 2.9% | 2.4% | 2.1% | 1.0% | 1.0% | 0.6% | 0.6% | 0.6% | 0.6% |
| R&D / revenue | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| SG&A / revenue | 11.9% | 13.0% | 12.0% | 11.9% | 9.1% | 9.3% | 8.3% | 7.2% | 6.3% | 6.2% |
| Efficiency | ||||||||||
| Days sales outstanding | 30.3 | 33.3 | 173.7 | 360.5 | 238.1 | 61.6 | 40.0 | 34.3 | 35.1 | 32.3 |
| Days of inventory on hand | — | — | — | 51.7 | 112.0 | -1,307.6 | -1,124.8 | 0.0 | -1,288.8 | -1,284.3 |
| Days payables outstanding | — | 84.8 | 98.4 | 99.7 | 105.2 | 113.1 | 99.4 | 78.5 | 77.8 | 95.6 |
| Cash conversion cycle (days) | — | -51.5 | 75.3 | 312.5 | 244.9 | -1,359.1 | -1,184.2 | -44.2 | -1,331.5 | -1,347.6 |
| Receivables turnover | 12.05 | 10.95 | 2.10 | 1.01 | 1.53 | 5.93 | 9.12 | 10.64 | 10.41 | 11.30 |
| Payables turnover | — | 4.30 | 3.71 | 3.66 | 3.47 | 3.23 | 3.67 | 4.65 | 4.69 | 3.82 |
| Inventory turnover | — | — | — | 7.06 | 3.26 | — | — | 823,414,000.00 | — | — |
| Asset turnover | 0.21 | 0.20 | 0.21 | 0.20 | 0.16 | 0.25 | 1.73 | 1.29 | 1.30 | 0.28 |
| Average receivables | $48.0M | $47.1M | $254.7M | $556.1M | $376.3M | $97.2M | $84.2M | $80.7M | $89.1M | $91.0M |
| Average payables | — | $106.1M | $153.2M | $192.4M | $174.2M | $191.5M | $203.2M | $177.2M | $183.0M | $226.9M |
| Average inventory | — | — | — | $99.8M | $185.5M | −$2.21B | −$2.30B | $1 | −$3.03B | −$3.05B |
| Intangibles / total assets | 10.0% | 12.6% | 13.1% | 5.1% | 3.6% | 0.8% | −61.9% | 3.0% | 1.1% | 0.8% |
Computed from CBL's annual financial statements (latest annual report filed March 3, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
CBL valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), CBL & Associates Properties traded at 8.4 times earnings, against a 10-year median of 15.4. Based on the latest twelve months, the trailing P/E is 7.2. CBL & Associates Properties earned a return on equity of 38.9% and a return on invested capital of 6.2% in fiscal 2025. It ended the year with $2.2 billion of debt and $335.4 million in cash and short-term investments, net debt of $1.8 billion. It returned $95.2 million to shareholders: $77.1 million in dividends and $18.1 million in share buybacks, 38% of free cash flow.
See the CBL income statement, the CBL chart for price history, or the CBL stock overview for the latest quote and news.
CBL key metrics FAQ
What is CBL & Associates Properties's P/E ratio?
CBL & Associates Properties's trailing P/E ratio is 7.2 based on the last twelve months of earnings (as of October 17, 2026). At the end of fiscal 2025 it was 8.4, compared with a 10-year median of 15.4.
What is CBL & Associates Properties's EV/EBITDA?
CBL & Associates Properties's enterprise value was 6.1 times EBITDA at the end of fiscal 2025 (enterprise value $3.0 billion, EBITDA $491.1 million); the current EV/EBITDA is 6.3.
What is CBL & Associates Properties's return on equity?
CBL & Associates Properties's return on equity (ROE) was 38.9% in fiscal 2025: net income of $136.0 million on average shareholders' equity of $349.2 million.
What is CBL & Associates Properties's ROIC?
CBL & Associates Properties's return on invested capital was 6.2% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does CBL & Associates Properties have?
CBL & Associates Properties had total debt of $2.2 billion at the end of fiscal 2025, a debt-to-equity ratio of 5.79 and $1.8 billion of net debt (3.74 times EBITDA).
What is CBL & Associates Properties's dividend yield?
CBL & Associates Properties's forward dividend yield is 5.05%. CBL & Associates Properties paid $77.1 million in dividends in fiscal 2025 ($2.50 per share), a payout ratio of 56.7%.
Does CBL & Associates Properties buy back its shares?
Yes. CBL & Associates Properties spent $18.1 million on net share repurchases in fiscal 2025 Shares outstanding changed −0.4% over the year, to 30.8M..
What is CBL & Associates Properties's free cash flow yield?
CBL & Associates Properties generated $249.7 million of free cash flow in fiscal 2025, a free cash flow yield of 21.9% on its market value at year-end ($1.1 billion).
What is CBL & Associates Properties's current ratio?
CBL & Associates Properties's current ratio was 2.55 at the end of fiscal 2025: current assets were 2.55 times current liabilities.