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CBL & ASSOCIATES PROPERTIES INC

CBLdata completeness 88%17 fiscal years on file
The thesis, from the filings

CBL & ASSOCIATES PROPERTIES INC earns about -5% on equity, but has diluted owners by 16108% over 5 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $65.18 a share. Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2020FY 2022FY 2023FY 2024FY 2025
Revenue$18.5M1$17.9M2$18.9M3$18.6M3$16.2M3
Net income−$295.1M4−$93.5M5$6.55M6$59M6$136M6
Operating cash flow$133.4M7$208.2M8$183.5M9$202.2M9$249.7M9
Capital expenditure$42.1M10$42.9M11$42.3M11——
Free cash flow (derived)$91.3M7,10$165.3M8,11$141.3M9,11——
Total debt$1.18B12$2B13$1.89B14$2.21B15$2.17B15
Cash & equivalents$61.8M16$44.7M17$34.2M18$40.8M18$42.3M18
Diluted shares190,27730.0M31.3M31.0M30.8M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$121.57
your share of equity
Profit it earned you last year
$44.09
Free cash flow it threw off
—
Debt you’d be carrying
$703.86

10 shares is a claim on $121.57 of net worth that earned you $44.09 last year, against $703.86 of debt.

iii. Is this a good business?
Moat signal · return on equity
-5% avg · 5y
FY20 -55%FY22 -25%FY23 2%FY24 18%FY25 36%

It earned an average -5% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+16108% shares · 5y

Share count is up 16108% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 83% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.6.0
DCF · Growth Exit 10Y
not applicable
REIT — real-estate depreciation is an accounting charge on assets that generally appreciate, so it inflates free cash flow and depresses reported earnings and book value at the same time. Every model here reads one of those, and none is a fair base. FFO/AFFO is the applicable measure — see the FFO capitalisation model, which values REITs from it.
DCF · Growth Exit 5Y
not applicable
REIT — real-estate depreciation is an accounting charge on assets that generally appreciate, so it inflates free cash flow and depresses reported earnings and book value at the same time. Every model here reads one of those, and none is a fair base. FFO/AFFO is the applicable measure — see the FFO capitalisation model, which values REITs from it.
Earnings Power Value
not applicable
REIT — real-estate depreciation is an accounting charge on assets that generally appreciate, so it inflates free cash flow and depresses reported earnings and book value at the same time. Every model here reads one of those, and none is a fair base. FFO/AFFO is the applicable measure — see the FFO capitalisation model, which values REITs from it.
FFO · Capitalized
$65.18
assumptions (8)
  • Risk-free rate (10Y Treasury)5.00%
  • Equity risk premium5.00%
  • Beta (β)1.00
  • Equity share of capital85.0%
  • Debt spread over risk-free1.50%
  • Tax rate21.0%
  • Normalized FFO$201M
  • Growth assumed0.0%
Graham Number
not applicable
REIT — real-estate depreciation is an accounting charge on assets that generally appreciate, so it inflates free cash flow and depresses reported earnings and book value at the same time. Every model here reads one of those, and none is a fair base. FFO/AFFO is the applicable measure — see the FFO capitalisation model, which values REITs from it.

Different models answer different questions — which to trust when →

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Sources — the receipts
  1. 10-K filed 2023-03-01 · period ending 2020-12-31 · accession 0000950170-23-005470 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K filed 2025-03-03 · period ending 2022-12-31 · accession 0000950170-25-030677 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K filed 2026-03-03 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001193125-26-087049 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K filed 2023-03-01 · period ending 2020-12-31 · accession 0000950170-23-005470 (NetIncomeLoss)
  5. 10-K filed 2025-03-03 · period ending 2022-12-31 · accession 0000950170-25-030677 (NetIncomeLoss)
  6. 10-K filed 2026-03-03 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001193125-26-087049 (NetIncomeLoss)
  7. 10-K filed 2023-03-01 · period ending 2020-12-31 · accession 0000950170-23-005470 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K filed 2025-03-03 · period ending 2022-12-31 · accession 0000950170-25-030677 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K filed 2026-03-03 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001193125-26-087049 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K filed 2023-03-01 · period ending 2020-12-31 · accession 0000950170-23-005470 (PaymentsForCapitalImprovements)
  11. 10-K filed 2024-02-29 · periods ending 2022-12-31, 2023-12-31 · accession 0000950170-24-023267 (PaymentsForCapitalImprovements)
  12. 10-K filed 2022-03-31 · period ending 2020-12-31 · accession 0001564590-22-013053 (LongTermDebt)
  13. 10-K filed 2023-03-01 · period ending 2022-12-31 · accession 0000950170-23-005470 (LongTermDebt)
  14. 10-K filed 2025-03-03 · period ending 2023-12-31 · accession 0000950170-25-030677 (LongTermDebt)
  15. 10-K filed 2026-03-03 · periods ending 2024-12-31, 2025-12-31 · accession 0001193125-26-087049 (LongTermDebt)
  16. 10-K filed 2023-03-01 · period ending 2020-12-31 · accession 0000950170-23-005470 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K filed 2025-03-03 · period ending 2022-12-31 · accession 0000950170-25-030677 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K filed 2026-03-03 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001193125-26-087049 (CashAndCashEquivalentsAtCarryingValue)