Latest Ratios: P/E Ratio 12.3x · EV/EBITDA 12.4x · ROE 40.1%. (2004–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.7B | $1.1B | $911M | $764M | $693M | $5.2B | — | — | — | — | — |
| Enterprise Value | $3.8B | $3.3B | $3.1B | $2.7B | $2.8B | $7.4B | — | — | — | — | — |
| P/E Ratio → | 12.33 | 8.53 | 15.73 | 143.65 | — | — | — | — | — | — | — |
| P/S Ratio | 2.86 | 1.97 | 1.77 | 1.43 | 1.23 | 9.04 | — | — | — | — | — |
| P/B Ratio | 4.53 | 3.13 | 2.91 | 2.31 | 1.89 | 13.00 | — | — | — | — | — |
| P/FCF | 23.07 | 15.89 | 4.50 | 4.17 | 3.33 | 134.47 | — | — | — | — | — |
| P/OCF | 23.07 | 15.89 | 4.50 | 4.17 | 3.33 | 134.47 | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.65 | 5.98 | 5.04 | 4.90 | 12.84 | — | — | — | — | — |
| EV / EBITDA | 12.41 | 10.72 | 11.29 | 9.51 | 9.10 | 22.08 | — | — | — | — | — |
| EV / EBIT | 27.08 | 10.50 | 14.45 | 15.22 | 22.82 | — | — | — | — | — | — |
| EV / FCF | — | 45.54 | 15.24 | 14.71 | 13.25 | 190.97 | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 7.6% | 7.6% | 11.5% | -6.1% | -25.1% | -4.8% | -7.3% | 2.9% | 4.1% | 7.4% | 15.7% |
| Operating Margin | 24.2% | 24.2% | 25.7% | 17.4% | 8.3% | 22.1% | 16.6% | 28.1% | 30.1% | 33.3% | 36.0% |
| Net Profit Margin | 23.5% | 23.5% | 11.4% | 1.2% | -16.6% | -107.9% | -70.2% | -14.1% | -9.2% | 13.6% | 16.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 40.1% | 40.1% | 18.3% | 1.9% | -24.3% | -133.1% | -57.8% | -2.1% | -0.8% | 1.2% | 2.9% |
| ROA | 5.0% | 5.0% | 2.3% | 0.3% | -3.3% | -16.8% | -8.9% | -4.1% | -11.8% | 17.7% | 4.8% |
| ROIC | 4.2% | 4.2% | 4.2% | 3.0% | 1.4% | 2.8% | 1.7% | 2.4% | 2.0% | 2.3% | 3.3% |
| ROCE | 5.5% | 5.5% | 5.6% | 4.0% | 1.8% | 3.6% | 2.2% | 9.0% | 61.4% | 67.5% | 11.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 5.95 | 5.95 | 7.07 | 5.96 | 5.75 | 5.89 | 7.00 | 4.09 | 0.01 | 0.01 | 0.01 |
| Debt / EBITDA | 7.12 | 7.12 | 8.11 | 6.94 | 6.96 | 7.04 | 12.04 | 7.45 | 0.15 | 0.09 | 0.10 |
| Net Debt / Equity | — | 5.84 | 6.94 | 5.85 | 5.63 | 5.46 | 6.89 | 4.05 | 0.01 | 0.00 | 0.00 |
| Net Debt / EBITDA | 6.98 | 6.98 | 7.96 | 6.82 | 6.81 | 6.53 | 11.84 | 7.38 | 0.10 | 0.03 | 0.07 |
| Debt / FCF | — | 29.65 | 10.74 | 10.54 | 9.92 | 56.50 | — | 12.53 | 0.25 | 0.06 | 0.10 |
| Interest Coverage | 1.77 | 1.77 | 1.38 | 1.03 | 0.56 | — | -0.74 | 0.36 | — | — | — |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.55 | 2.55 | 2.26 | 2.31 | 3.25 | 3.17 | 1.37 | 0.65 | 0.56 | 0.71 | 0.63 |
| Quick Ratio | 2.55 | 2.55 | 2.26 | 2.31 | 3.25 | 3.17 | 1.37 | 0.65 | 0.56 | 0.71 | 22.25 |
| Cash Ratio | 1.73 | 1.73 | 1.28 | 1.59 | 1.68 | 1.73 | 0.36 | 0.14 | 0.10 | 0.14 | 0.07 |
| Asset Turnover | — | 0.21 | 0.19 | 0.22 | 0.21 | 0.20 | 0.13 | 0.17 | 1.29 | 1.39 | 1.36 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 4.7% | 6.8% | 5.5% | 15.4% | 3.4% | — | — | — | — | — | — |
| Payout Ratio | 56.7% | 56.7% | 85.4% | 1804.0% | — | — | — | — | — | 179.3% | 131.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 8.1% | 11.7% | 6.4% | 0.7% | — | — | — | — | — | — | — |
| FCF Yield | 4.3% | 6.3% | 22.2% | 24.0% | 30.0% | 0.7% | — | — | — | — | — |
| Buyback Yield | 1.1% | 1.6% | 4.0% | 0.1% | 0.0% | 0.0% | — | — | — | — | — |
| Total Shareholder Yield | 5.8% | 8.3% | 9.5% | 15.6% | 3.4% | 0.0% | — | — | — | — | — |
| Shares Outstanding | — | $31M | $31M | $31M | $30M | $167M | $190M | $173M | $172M | $171M | $171M |
High tenant bankruptcy exposure
Based on recent market data, CBL trades at a P/FFO multiple of 12.63x as of 2026Q1, a valuation level that appears to incorporate a significant discount relative to broader retail REITs, reflecting investor skepticism regarding the long-term terminal value of its secondary market mall portfolio.
The current P/FFO multiple suggests that the market is pricing in substantial execution risk regarding the company's de-malling and redevelopment strategy. Investors should monitor whether this discount narrows as the company demonstrates sustained FFO stability, or if it persists as a permanent reflection of the asset quality gap compared to primary market peers.
As reported in quarterly financial statements, the NOI margin has exhibited extreme fluctuations, ranging from a negative 3.1% in 2025Q1 to a peak of 62.6% in 2026Q1, which suggests that property-level profitability remains highly sensitive to non-recurring items and inconsistent operational cost management across the portfolio.
This erratic margin performance complicates the assessment of organic growth, as it remains unclear how much of the recent improvement is driven by core rent increases versus accounting adjustments. The high sensitivity of these margins to re-tenanting costs warrants further investigation into whether the company can achieve sustainable, long-term margin expansion.
According to the company's reported figures, the FFO payout ratio has fluctuated significantly between 12.0% and 68.3% over the last ten quarters, indicating that dividend distributions are currently managed without a consistent payout policy, which may pose risks to income-focused investors in periods of earnings volatility.
The absence of reported AFFO figures makes it difficult to determine the true cash-flow coverage of the dividend, as FFO fails to account for necessary maintenance capital expenditures. Investors should monitor the payout ratio closely, as any sustained decline in FFO per share could force management to reconsider the current distribution level.
Based on the company's reported financial data, the debt-to-equity ratio reached 5.95x in 2025Q4, a figure that appears to be heavily influenced by post-bankruptcy accounting adjustments rather than a traditional low-leverage profile, suggesting that the balance sheet remains susceptible to interest rate volatility and property valuation shifts.
The interest coverage ratio, which has hovered between 0.99x and 2.68x, indicates that the company's ability to service its debt obligations remains tight. Any further increase in interest rates or a decline in property-level cash flow could rapidly strain the company's liquidity, necessitating a more conservative approach to capital allocation.
As noted in financial analysis, the most commonly misapplied metric for CBL is the standard P/E ratio, which fails to account for the massive non-cash depreciation charges inherent in real estate ownership, thereby obscuring the company's true economic performance and cash-generating capacity for shareholders.
Using P/E instead of P/FFO or P/AFFO leads to a fundamental misunderstanding of the REIT's valuation, as it treats depreciation as a cash expense rather than a non-cash accounting entry. Analysts should prioritize FFO-based multiples to properly evaluate the company's ability to generate distributable cash flow from its underlying retail assets.
Includes 30+ ratios · 22 years · Updated daily
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Quick answers to the most common questions about buying CBL stock.
CBL & Associates Properties, Inc.'s current P/E ratio is 12.3x. The historical average is 56.0x. This places it at the 33th percentile of its historical range.
CBL & Associates Properties, Inc.'s current EV/EBITDA is 12.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.5x.
CBL & Associates Properties, Inc.'s return on equity (ROE) is 40.1%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is -2.6%.
Based on historical data, CBL & Associates Properties, Inc. is trading at a P/E of 12.3x. This is at the 33th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
CBL & Associates Properties, Inc.'s current dividend yield is 4.67% with a payout ratio of 56.7%.
CBL & Associates Properties, Inc. has 7.6% gross margin and 24.2% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
CBL & Associates Properties, Inc.'s Debt/EBITDA ratio is 7.1x, indicating high leverage. A ratio above 4x may signal elevated financial risk.