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CBL Stock Analysis: Top Small-Cap Buy (Score 58.7/100) | Blank Capital Research | Blank Capital Research
CBL
CBL & ASSOCIATES PROPERTIES INC
$42.68
+0.00 (+0.00%)
Score58.7
Data as of Apr 6, 2026
CBL
CBL & ASSOCIATES PROPERTIES INC
FinancialsTrading
$42.68
+0.00 (+0.00%)
Open $42.44High $43.21Low $42.02Prev $42.68Vol ---52W: $21.10 – $38.97
Buy
Composite score
01234567890123456789.0123456789
Global rank
#25
Percentile
Top 1%
Business quality
73rd
percentile
Exceptional capital efficiency and structural profitability. This enterprise generates superior returns on invested capital compared to industry peers.
Relative valuation derived from Financials sector median benchmarks. Model weights: EV/EBITDA (40%), P/B (35%), P/S (25%). Multiples adjusted for extreme outliers and non-recurring volatility.
Auditing capital efficiency...
Quality Profile Audit
Score: 73.2GRADE B+
Composite assessment of profitability, capital efficiency, and financial strength. Top-tier entities demonstrate sustainable cash flow generation.
Return on Equity
Profit generated per dollar of shareholder equity
27.8%
Sector: 8.5%
Dividend Analysis audit
No Dividend
This company does not currently pay a dividend.
Analyst Projections
Analyst Consensus
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Based on our 6-factor quantitative model, CBL & ASSOCIATES PROPERTIES INC (CBL) receives a "Buy" rating with a composite score of 58.7/100, ranked #25 out of 4446 stocks. Key factor scores: Quality 73/100, Value 65/100, Momentum 62/100. This is quantitative analysis only — not investment advice.
CBL & ASSOCIATES PROPERTIES INC (CBL) Stock Analysis — April 2026 Rating, Price, and Forecast
Company Overview — What Does CBL & ASSOCIATES PROPERTIES INC Do?
Headquartered in Chattanooga, TN, CBL Properties owns and manages a national portfolio of market-dominant properties located in dynamic and growing communities. CBL's portfolio is comprised of 106 properties totaling 65.7 million square feet across 25 states, including 64 high quality enclosed, outlet and open-air retail centers and 8 properties managed for third parties. CBL seeks to continuously strengthen its company and portfolio through active management, aggressive leasing and profitable reinvestment in its properties. CBL & ASSOCIATES PROPERTIES INC (CBL) is classified as a small-cap stock in the Financials sector, specifically within the Trading industry. The company is led by CEO Stephen D. Lebovitz and employs approximately 460 people, headquartered in CHATTANOOGA, Tennessee. With a market capitalization of $1.2B, CBL is one of the notable companies in the Financials sector.
As of April 2026, CBL & ASSOCIATES PROPERTIES INC receives a Buy rating with a composite score of 58.7/100 and 4 out of 5 stars from the Blank Capital Research quantitative model.CBL ranks #25 out of 4,446 stocks in our coverage universe. Within the Financials sector, CBL & ASSOCIATES PROPERTIES INC ranks #15 of 891 stocks, placing it in the top 10% of its Financials peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).
CBL Stock Price and 52-Week Range
CBL & ASSOCIATES PROPERTIES INC (CBL) currently trades at $42.68. The 52-week high for CBL is $38.97, which means the stock is currently trading 9.5% from its annual peak. The 52-week low is $21.10, putting the stock 102.3% above its annual trough. Recent trading volume was 170K shares, suggesting relatively thin trading activity.
Is CBL Overvalued or Undervalued? — Valuation Analysis
CBL & ASSOCIATES PROPERTIES INC (CBL) carries a value factor score of 65/100 in the Blank Capital model, indicating fair valuation relative to historical norms. The trailing price-to-earnings ratio is 12.73x, compared to the Financials sector average of 14.88x — a discount of 14%. The price-to-book ratio stands at 3.54x, versus the sector average of 1.22x. The price-to-sales ratio is 2.36x, compared to 0.90x for the average Financials stock. On an enterprise value basis, CBL trades at 12.58x EV/EBITDA, versus 3.26x for the sector.
Overall, CBL's valuation appears roughly in line with sector benchmarks, suggesting the market is pricing the stock fairly given its current fundamentals and growth trajectory. Neither deep value nor significantly overpriced, the stock occupies a middle ground on valuation.
CBL & ASSOCIATES PROPERTIES INC (CBL) earns a quality factor score of 73/100, indicating solid business quality with consistent operational execution. The return on equity (ROE) is 27.8%, compared to the Financials sector average of 8.5%, which demonstrates strong shareholder value creation. Return on assets (ROA) comes in at 3.7% versus the sector average of 1.2%.
On a margin basis, CBL & ASSOCIATES PROPERTIES INC reports gross margins of 100.0%. The operating margin is 21.6% (sector: 21.8%). Net profit margin stands at 18.5%, versus 17.7% for the average Financials stock. Revenue growth is running at 7.4% on a trailing basis, compared to 9.4% for the sector. The overall profitability profile is adequate, though there may be room for margin expansion.
CBL Debt, Balance Sheet, and Financial Health
CBL & ASSOCIATES PROPERTIES INC has a debt-to-equity ratio of 595.0%, compared to the Financials sector average of 121.0%. This elevated leverage warrants close monitoring, as it increases the company's sensitivity to rising interest rates and economic downturns. The current ratio is 1.15x, suggesting adequate working capital coverage. Total debt on the balance sheet is $2.17B. Cash and equivalents stand at $53M.
CBL has a beta of 0.78, meaning it is less volatile than the S&P 500, making it a relatively defensive holding. The stability factor score for CBL & ASSOCIATES PROPERTIES INC is 79/100, indicating low-volatility characteristics and consistent price behavior that appeals to risk-averse investors.
CBL & ASSOCIATES PROPERTIES INC Revenue and Earnings History — Quarterly Trend
In TTM 2026, CBL & ASSOCIATES PROPERTIES INC reported revenue of $547M and earnings per share (EPS) of $4.41. Net income for the quarter was $101M. Gross margin was 100.0%. Operating income came in at $118M.
In FY 2025, CBL & ASSOCIATES PROPERTIES INC reported revenue of $578M and earnings per share (EPS) of $4.41. Net income for the quarter was $135M. Revenue grew 12.2% year-over-year compared to FY 2024. Operating income came in at $137M.
In Q3 2025, CBL & ASSOCIATES PROPERTIES INC reported revenue of $139M and earnings per share (EPS) of $2.44. Net income for the quarter was $75M. Revenue grew 11.3% year-over-year compared to Q3 2024. Operating income came in at $30M.
In Q2 2025, CBL & ASSOCIATES PROPERTIES INC reported revenue of $141M and earnings per share (EPS) of $0.08. Net income for the quarter was $2M. Revenue grew 8.7% year-over-year compared to Q2 2024. Operating income came in at $36M.
Over the past 8 quarters, CBL & ASSOCIATES PROPERTIES INC has demonstrated a growth trajectory, with revenue expanding from $130M to $547M. Investors analyzing CBL stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.
CBL Dividend Yield and Income Analysis
CBL & ASSOCIATES PROPERTIES INC (CBL) does not currently pay a dividend. This is common among smaller companies in the Trading industry that prefer to reinvest cash flows into business expansion rather than returning capital to shareholders. Income-focused investors looking for Financials dividend stocks may want to explore other Financials stocks or use the stock screener to filter by dividend yield.
CBL Momentum and Technical Analysis Profile
CBL & ASSOCIATES PROPERTIES INC (CBL) has a momentum factor score of 62/100, reflecting neutral trend characteristics. The stock is neither significantly outperforming nor underperforming the broader market on a momentum basis. The investment factor score is 30/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 6/100 signals elevated short interest, which can indicate bearish sentiment among institutional investors.
CBL vs Competitors — Financials Sector Ranking and Peer Comparison
Comparing CBL against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full CBL vs S&P 500 (SPY) comparison to assess how CBL & ASSOCIATES PROPERTIES INC stacks up against the broader market across all factor dimensions.
CBL Next Earnings Date
No upcoming earnings date has been announced for CBL & ASSOCIATES PROPERTIES INC (CBL) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.
Should You Buy CBL? — Investment Thesis Summary
The bull case for CBL & ASSOCIATES PROPERTIES INC rests on several quantitative strengths. The quality score of 73/100 indicates above-average profitability and business fundamentals. The value score of 65/100 suggests attractive pricing relative to fundamentals. Price momentum is positive at 62/100, suggesting the trend favors buyers. Low volatility (stability score 79/100) reduces downside risk.
In summary, CBL & ASSOCIATES PROPERTIES INC (CBL) earns a Buy rating with a composite score of 58.7/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on CBL stock.
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Institutional Research Dossier
CBL & ASSOCIATES PROPERTIES INC (CBL) Deep Dive Analysis
Published on March 24, 2026
Action RatingBuy
Sections
Executive Summary
CBL & Associates Properties Inc. (CBL) is a Buy-rated stock with a Composite Score of 57.1/100, ranking #33 out of 4,446 stocks in the BCR Quant Model. The company's strong profitability, stability, and value characteristics support the positive rating, despite some concerns around its capital allocation and growth prospects. The key takeaway is that CBL appears to be an undervalued REIT with a solid operating track record, but faces headwinds related to the broader retail industry trends.
Business Strategy & Overview
CBL & Associates Properties Inc. is a real estate investment trust (REIT) that owns and manages a portfolio of market-dominant retail properties across the United States. The company's portfolio consists of 106 properties totaling 65.7 million square feet, primarily comprising high-quality enclosed malls, outlet centers, and open-air shopping centers. CBL's strategy is to continuously strengthen its portfolio through active management, aggressive leasing, and profitable reinvestment in its properties.
The company generates revenue primarily by leasing space to retail tenants, including national chains, regional operators, and local merchants. CBL's properties are located in dynamic and growing communities, targeting markets with strong demographics and growth potential. The REIT seeks to maintain a diverse tenant mix and long-term relationships with its retail partners to drive occupancy and stable cash flows.
CBL's investment thesis is predicated on the company's ability to adapt to the evolving retail landscape, leveraging its market-leading positions and carefully managing its portfolio. The REIT has undertaken strategic initiatives to reposition its assets, including redeveloping properties, introducing new tenant categories, and enhancing the experiential offerings at its shopping centers.
Execution Benchmarks audit
Revenue Growth
YOY expansion rate
7.4%
Sector: 9.4%
-21% VS SCTR
Economic Moat Analysis
CBL's economic moat can be characterized as narrow, primarily derived from its portfolio of market-dominant retail properties. The company's focus on high-quality, well-located assets provides it with a degree of competitive advantage, as its properties tend to be the dominant shopping destinations within their respective markets. This positioning allows CBL to command higher rents and maintain relatively stable occupancy levels, even in the face of broader retail industry challenges.
However, the REIT's moat is not impenetrable, as it faces ongoing competition from e-commerce, shifting consumer preferences, and the broader consolidation within the retail sector. The company's ability to effectively reposition and adapt its properties to meet the evolving needs of retailers and consumers will be critical in maintaining its competitive edge.
CBL's intangible assets, in the form of its established relationships with national and regional retailers, also contribute to its narrow moat. These relationships, built over decades of operating experience, provide the REIT with access to high-quality tenants and facilitate its leasing activities. Additionally, the significant capital required to develop and operate large-scale retail properties creates a barrier to entry for potential competitors, further strengthening CBL's position.
Financial Health & Profitability
CBL's financial health is characterized by a mixed picture, with both positive and concerning aspects. On the positive side, the company has demonstrated strong profitability, with a TTM gross margin of 100% and an operating margin of 21.6%, both of which are significantly higher than the sector averages. This underscores CBL's ability to generate robust cash flows from its portfolio of retail properties.
However, the REIT's balance sheet is a source of concern, with a debt-to-equity ratio of 595%, which is significantly higher than the sector average of 115%. This high leverage exposes CBL to increased financial risk and sensitivity to changes in interest rates or economic conditions. The company's recent history of negative free cash flow further exacerbates these balance sheet concerns, as it may limit its ability to reinvest in its properties or pursue growth opportunities.
Looking at the quarterly financial performance, CBL has demonstrated a mixed trend, with revenue growth and profitability metrics fluctuating over the past few years. While the company has reported strong results in some quarters, such as Q3 FY2025, it has also experienced periods of weaker performance, particularly in Q2 FY2023. This volatility in financial results could be a potential source of risk for investors.
Valuation Assessment
CBL's current valuation appears attractive relative to its historical levels and the broader sector. The company's P/E ratio of 8.4x is significantly lower than the sector average of 15.5x, while its EV/EBITDA multiple of 2.8x is also below the sector's 3.5x. This suggests that the stock may be undervalued, offering a potential opportunity for investors.
However, it's important to note that CBL's valuation metrics should be considered in the context of the REIT's growth prospects and financial health. The company's recent history of negative free cash flow and high leverage could limit its ability to reinvest in its properties and drive future growth, potentially warranting a lower valuation compared to its peers.
Nonetheless, the significant discount to the sector average valuations, coupled with CBL's strong profitability and market-leading positions, suggests that the stock may be offering an attractive risk-reward proposition for investors willing to take on the REIT's financial and operational challenges.
Risk & Uncertainty
The primary risks and uncertainties facing CBL & Associates Properties Inc. are closely tied to the broader challenges in the retail industry. The company's heavy exposure to traditional enclosed malls and shopping centers makes it particularly vulnerable to the ongoing shift in consumer preferences towards e-commerce and experiential retail.
CBL's high leverage, as reflected in its debt-to-equity ratio of 595%, also represents a significant risk factor. This elevated level of debt makes the REIT more susceptible to changes in interest rates and could limit its financial flexibility to reinvest in its properties or pursue growth opportunities.
Furthermore, the concentration of CBL's portfolio in certain geographic regions, such as the Southeast and Midwest, exposes the company to potential economic and demographic changes in these markets. Any adverse developments in these local economies could have a disproportionate impact on the REIT's performance.
Bulls Say / Bears Say
The Bull Case
BULL VIEWCBL's portfolio of market-dominant retail properties provides the REIT with a competitive advantage, allowing it to command higher rents and maintain occupancy levels despite the broader challenges in the retail sector.
BULL VIEWThe company's focus on strategic redevelopment and repositioning of its assets demonstrates its ability to adapt to the evolving retail landscape, positioning it for potential future growth.
The Bear Case
BEAR VIEWCBL's high leverage and negative free cash flow pose significant risks to the REIT's financial health, potentially limiting its ability to reinvest in its properties or pursue growth opportunities.
BEAR VIEWThe company's heavy exposure to traditional enclosed malls and shopping centers makes it particularly vulnerable to the ongoing shift in consumer preferences towards e-commerce and experiential retail, which could erode its competitive position.
About the Author
Marques Blank
Founder & Chief Investment Officer, Blank Capital
Marques brings 15 years of institutional finance and investing experience, having overseen financial planning for a $1.6B defense business unit. He developed the proprietary 6-factor quantitative model used to score CBL and 4,400+ other equities.
CBL & ASSOCIATES PROPERTIES INC exhibits a 156% valuation premium relative to institutional benchmarks. This represents a potential valuation overextension based on current multiples.
Return on Assets
Efficiency of asset utilization
3.7%
Sector: 1.2%
Gross Margin
Pricing power and cost efficiency
100.0%
Sector: 0.0%
Operating Margin
Core business profitability
21.6%
Sector: 21.8%
Net Margin
Bottom-line profitability
18.5%
Sector: 17.7%
Factor Methodology
The Quality factor evaluates the persistence and magnitude of cash flows. Companies with scores >70 exhibit superior competitive moats and financial resilience through economic cycles.
