CBL & Associates Properties, Inc. (CBL) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+12.0%

$56.45

vs $50.41 price

Levered DCF

$7.93

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

1.16

Distress zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	8.39×	15.73×	143.65×	-7.21×	-1.04×	-17.05×	-38.46×	-36.14×
P/B	2.99×	2.81×	2.25×	1.87×	13.16×	9.53×	6.45×	0.97×
P/S	1.94×	1.76×	1.43×	1.23×	9.04×	8.8×	6.77×	6.03×
EV / EBITDA	6.62×	8.71×	6.93×	6.93×	-44.08×	130.02×	26.27×	12.93×
Gross margin	7.6%	11.5%	-6.1%	-25.1%	-4.8%	-7.3%	2.9%	4.1%
Operating margin	24.2%	25.7%	17.4%	8.3%	22.1%	16.6%	28.1%	30.1%
Net margin	23.5%	11.4%	1.2%	-16.6%	-107.9%	-70.2%	-14.1%	-9.2%
Current ratio	2.55×	2.26×	2.31×	3.25×	3.17×	1.37×	0.65×	0.56×
Debt / equity	5.79×	6.84×	5.8×	5.7×	5.96×	7.03×	4.38×	0.02×
Interest coverage	0.79×	0.86×	0.54×	0.22×	0.48×	0.48×	1.05×	0×
Dividend yield	6.9%	5.5%	15.4%	3.4%	0.0%	0.0%	1.1%	3.5%
Payout ratio	56.7%	85.4%	1804.0%	-25.5%	0.0%	0.0%	-54.9%	-232.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	36.3%	18.2%	1.9%	-25.2%	-157.0%	-76.0%	-13.5%	-1.5%
Return on invested capital	5.5%	5.1%	3.3%	1.9%	4.6%	2.2%	4.9%	5.0%
Return on assets	5.0%	2.1%	0.3%	-3.5%	-21.1%	-9.1%	-2.4%	-11.8%
Free cash flow yield	22.2%	22.2%	24.0%	30.0%	0.7%	-1.4%	5.4%	4.4%
Earnings yield	12.1%	6.5%	0.9%	-13.5%	-11.9%	-8.0%	-2.1%	-1.5%
Enterprise value	$3.3B	$3.1B	$2.7B	$2.8B	$7.4B	$8.7B	$8.7B	$5.2B
Net debt / EBITDA	4.33×	6.14×	4.97×	5.19×	-13.04×	54.69×	10.56×	0.14×
Cash conversion cycle (days)	30	34	31	140	167	-31	-71	-50