CBL & Associates Properties Inc (CBL) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of CBL & Associates Properties Inc $18.53, price $53.06, upside -65.1%, quality 56 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
59‑month range $15.24 – $60.05 · fair‑value band $5.87 – $20.28 · the $53.06 price screens above the $18.53 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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CBL & Associates Properties, Inc. owns and manages a national portfolio of market-dominant properties located in dynamic and growing communities.
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CBL & Associates Properties, Inc. owns and manages a national portfolio of market-dominant properties located in dynamic and growing communities. CBL's owned and managed portfolio is comprised of 88 properties totaling 55.6 million square feet across 23 states, including 56 high-quality enclosed malls, outlet centers and lifestyle retail centers as well as more than 25 open-air centers and other assets. CBL seeks to continuously strengthen its company and portfolio through active management, aggressive leasing and profitable reinvestment in its properties. CBL & Associates Properties, Inc. is headquartered in Chattanooga, TN. CBL & Associates Properties, Inc. was incorporated in 1978 in Delaware, USA.
Stock analysis
CBL & Associates Properties Inc (CBL) currently trades at $53.06, while our model-based Fair Value estimate is $18.53, implying the stock looks roughly 186.4% overvalued today.
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Valuation
Bull case: the Economic Profit group reads highest at a median of $30.90 per share, and 1 of the 12 models we run sit above the $53.06 price.
Bear case: the Asset-Based group reads lowest at $8.12, and 11 of the 12 models stay below the price. Evidence for this calculation is high.
Scenario range: $5.87 (bear) to $20.28 (bull), the price of $53.06 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 56/100 (solid quality), in the Real Estate sector.
Weak Growth: Revenue growth is weak: less than 2 % a year.
CBL & Associates Properties Inc reported revenue of $578M in FY2025 versus $577M in FY2021, a compound +0.1%/yr. Reported net income was $136M in FY2025.
Key figures
Market cap $1.6B · P/E ratio 9.6 · P/S ratio 2.25 · EPS (TTM) $5.55 · Dividend yield 3.3% · Net margin 23.5% · Return on equity 51.4% · Return on assets (EBIT) 4.0%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 32 out of 100 (low confidence).
What moves the price
The share trades about 12% below its 52-week high and 97% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −27% fair-value upside, at −65%, CBL screens richer than that median.
Fair Value models
Bear $5.87Fair Value $18.53Bull $20.28
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then ($2.78 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.40/100
Revenue growth is weak: less than 2 % a year.
Revenue growth 1 year
+12.2%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+0.9%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+0.1%
Start year 2020 (pandemic). Over 10 years: −5.8% a year
Revenue growth 21 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−1.4%
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Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
28.1% (2019) → 24.2% (2025)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+34.1%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +31.0% a year for the price.
Compare CBL & Associates Properties Inc with another stock
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.REIT - Retail · 93 stocks
Beats the industry median on 6/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score56 · Above median
Fair Value upside−66% · Bottom 25%
Profitability
Return on equity (TTM)51% · Top 25%
Return on assets4% · Above median
Net margin (TTM)30% · Below median
Operating margin (TTM)24% · Bottom 25%
Growth and dividend
Revenue growth3% · Below median
Dividend yield (TTM)3.3% · Bottom 25%
Balance sheet
Debt / equity5.79× · Highest 25%
Valuation Multiplesvs REIT - Retail median · lower = cheaper
P/E (TTM)9.6× · Cheaper than median
P/B4.44× · Priciest 25%
P/S (TTM)2.86× · Cheapest 25%
P/FCF23.2× · Priciest 25%
EV/EBITDA11.7× · Cheapest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 13
FUTURE (revenue growth)15· sector 23
PAST (return on equity)100· sector 31
HEALTH (low debt)0· sector 68
DIVIDEND (yield)66· sector 100
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Is CBL & Associates Properties Inc (CBL) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of $18.53 versus a price of $53.06, about −65% upside (overvalued).
What is the fair value of CBL?
Our model-based fair value for CBL & Associates Properties Inc is $18.53 (as of Sep 24, 2026), built from audited fundamentals. The current price: $53.06.
What is the quality score of CBL?
CBL & Associates Properties Inc has a Quality Score of 56/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for CBL & Associates Properties Inc (CBL)?
Our model-based price target is the fair value of $18.53 (as of Sep 24, 2026) from 16 valuation models. Cautious scenario $5.87, optimistic scenario $20.28. It is a calculation from audited fundamentals, not an analyst target.
What is the CBL & Associates Properties Inc stock forecast for 2026?
Our models put fair value at $18.53, about −65% upside versus a price of $53.06 (overvalued). Cautious scenario $5.87, optimistic scenario $20.28. The calculation is refreshed regularly with new filings.
What is the revenue of CBL & Associates Properties Inc (CBL)?
CBL & Associates Properties Inc reported trailing-twelve-month revenue of about $583M (latest available figure, as of Sep 24, 2026).
Does CBL & Associates Properties Inc pay a dividend?
CBL & Associates Properties Inc currently shows a dividend yield of about 3.30% relative to its recent price (as of Sep 24, 2026).
What growth is priced into CBL & Associates Properties Inc (CBL)?
For today's price to be fair in a discounted-cash-flow model, CBL & Associates Properties Inc would have to grow free cash flow by +34.1 % per year for five years (discount rate 12.5 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +0.1 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of CBL use?
Our models discount CBL & Associates Properties Inc at 12.5 %: a base by market capitalisation (small), damped by beta 1.46, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For CBL & Associates Properties Inc that is +34.1 % per year a year over ten years, using the same discount rate (12.5 %) and the same formula as our fair value.
How much growth has CBL & Associates Properties Inc (CBL) delivered so far?
Over the past 5 years revenue at CBL & Associates Properties Inc grew +0.1 % a year. The price currently implies +34.1 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of CBL & Associates Properties Inc (CBL) growing?
The median revenue growth in the sector is +1.8 % a year. That is the yardstick for the growth priced into CBL & Associates Properties Inc (+34.1 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of CBL & Associates Properties Inc (CBL)?
The free-cash-flow yield on the price is 4.39 %: that much free cash flow CBL & Associates Properties Inc produces per unit of market value. When it exceeds the discount rate of our models (12.5 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of CBL & Associates Properties Inc (CBL)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For CBL & Associates Properties Inc it is $18.53 per share (as of Sep 24, 2026), against a price of $53.06. It is the blended result of 16 valuation models (cash flow, earnings, asset, dividend).
Is CBL & Associates Properties Inc stock overvalued or undervalued in 2026?
As of Sep 24, 2026, CBL trades above its calculated fair value: price $53.06, fair value $18.53, a gap of about −65% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of CBL?
No. The price is what the market pays today ($53.06); the fair value is what the company's own numbers justify ($18.53). For CBL & Associates Properties Inc the two are $34.53 per share apart. That gap is exactly why we show both numbers side by side.
How much is CBL & Associates Properties Inc worth?
The market values CBL & Associates Properties Inc at about $1.6B (market capitalisation, as of Sep 24, 2026). Per share that is $53.06; our models calculate a fair value of $18.53 per share.
What do the bullish and bearish scenarios say about CBL?
Our models span a range for CBL & Associates Properties Inc: cautious scenario $5.87, base $18.53, optimistic $20.28 per share (as of Sep 24, 2026, price $53.06). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of CBL?
CBL & Associates Properties Inc trades at a price-to-earnings ratio of 9.6 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $18.53 is built from several models across several years. Other multiples: P/B 4.4, P/S 2.9, EV/EBITDA 11.7.
How solid is the balance sheet of CBL & Associates Properties Inc (CBL)?
Balance-sheet figures for CBL & Associates Properties Inc (as of Sep 24, 2026): return on equity 51.4%, debt of 5.79 per unit of equity. They feed the Quality Score of 56/100, which measures business quality independently of the share price.
How far is CBL from its 52-week high?
CBL & Associates Properties Inc trades at $53.06, about 12% below its 52-week high of $60.05 and 97% above the low of $26.93 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of $18.53 is for.
Which stocks are comparable to CBL & Associates Properties Inc?
From the same area (Real Estate) we also value Simon Property Group, Realty Income Corporation, Unibail-Rodamco-Westfield SE, Kimco Realty Corporation, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is CBL & Associates Properties Inc stock attractive at the current price?
The data as of Sep 24, 2026: price $53.06, calculated fair value $18.53 (−65%), Quality Score 56/100, from 16 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of CBL calculated?
We run CBL & Associates Properties Inc through 16 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $18.53, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.1 % above its aggregate fair value. CBL & Associates Properties Inc itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of CBL & Associates Properties Inc (CBL)?
The closing price on Sep 23, 2026 was $53.06. Our model-based fair value is $18.53, about −65% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with CBL & Associates Properties Inc right now?
The price sits above even our optimistic bull case ($20.28). The favourable scenario is already priced in. The model range is unusually wide ($5.87 to $20.28). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid but not exceptional quality (56/100) and above fair value, neither a clear bargain nor a standout compounder. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Where does the earnings growth of CBL & Associates Properties Inc (CBL) come from?
Earnings per share at CBL & Associates Properties Inc grew +8.9 % a year from 2014 to 2025. Broken into its drivers: revenue per share +12.3 %, EBIT margin −5.8 %, tax rate +0.0 %, residual (interest, one-offs) +2.9 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of CBL & Associates Properties Inc
How large is the market capitalisation of CBL & Associates Properties Inc (CBL)?
The market capitalisation of CBL & Associates Properties Inc is $1.6B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of CBL & Associates Properties Inc (CBL)?
The price-to-sales ratio of CBL & Associates Properties Inc is 2.25 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of CBL & Associates Properties Inc (CBL)?
Earnings per share at CBL & Associates Properties Inc are $5.55 (price ÷ EPS = P/E 9.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of CBL & Associates Properties Inc (CBL)?
The dividend yield of CBL & Associates Properties Inc is 3.3% (payout 31.5%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of CBL & Associates Properties Inc (CBL)?
The net margin of CBL & Associates Properties Inc is 23.5% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of CBL & Associates Properties Inc (CBL)?
The return on equity (ROE) of CBL & Associates Properties Inc is 51.4% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of CBL & Associates Properties Inc (CBL)?
On an EBIT basis the return on assets of CBL & Associates Properties Inc is 4.0% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of CBL & Associates Properties Inc (CBL)?
The operating margin of CBL & Associates Properties Inc is 23.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at CBL & Associates Properties Inc (CBL)?
Revenue at CBL & Associates Properties Inc is growing +3.0% versus a year earlier (3y avg +0.9%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at CBL & Associates Properties Inc (CBL)?
Earnings per share at CBL & Associates Properties Inc are growing +449% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does CBL & Associates Properties Inc (CBL) carry?
The net debt of CBL & Associates Properties Inc is $2.1B (fiscal year 2025, ≈ 29.6 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Sep 24, 2026