CBL & Associates Properties Inc. Common Stock (CBL)

FairStock Score: 81/100 — HIGH CONVICTION

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I am looking at CBL as a retail REIT, and the first thing a Graham-style investor notices is that the right REIT yardsticks—FFO and AFFO—are not in this data. Depreciation distorts EPS and P/E, so I lean on dividend yield, leverage, revenue trend, and price-to-book. At the 2026-10-13 close of $48.06, the FairStock figures show a 4.60% dividend yield, a 3.48 price-to-book, and a 19.0% trailing free-cash-flow yield. The company owns 85 properties and 54.8 million square feet, including 54 enclosed malls, outlet centers and lifestyle centers, which can create local dominance but not an e-commerce-proof moat. The computed Lynch category is TURNAROUND—returned to profit after a loss within the last three years—and the filed numbers support recovery: FY2023 net income was $6.5M, FY2024 $59.0M, and FY2025 $136.0M; in fiscal Q2 2026, the quarter ended 2026-06-30, net income was $46.4M and diluted EPS $1.47, versus $2.8M and $0.08 in fiscal Q2 2025. However, filed revenue has not grown: FY2023 $18.9M, FY2024 $18.6M, FY2025 $16.2M, and fiscal Q2 2026 $4.0M versus $3.9M in fiscal Q2 2025. The balance sheet demands caution: D/E is 4.82, Altman Z is 0.50, ROCE is 3.86%, and P/B is 3.48. Piotroski is 9/9 and FCF is $282.9M, but the debt load means the equity is a leveraged bet on continued mall cash flow. I would not call it a bargain without FFO/AFFO and clearer revenue stability.

In plain English: CBL owns and manages malls and shopping centers across the U.S. The business has swung back to solid profits and pays a meaningful dividend, but it carries a lot of debt and its filed revenue has not been growing. At $48.06, the price looks inexpensive compared with the cash it produces but expensive compared with the value of its assets on the books, so it is not a clear-cut cheap stock.

The full AI analysis, bull and bear case and key monitorables are in FairStock Pro.

Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer